WHITEBOX ADVISORS LLC

Filed: 2/14/2025ACC: 0001257391-25-000002

📋 What this filing means

WHITEBOX ADVISORS LLC filed this quarterly 13F‑HR report disclosing 267 equity positions with a total reported market value of $3.47B. This filing provides a transparent view of the manager's long equity holdings as of the quarter end.

267

Positions

$3.47B

Total AUM (reported)

1.95B

Total Shares

Allocation by class

TR UNIT$410.26M11.8%

COM$319.77M9.2%

NOTE 2/1$208.05M6.0%

NOTE 3.000%11/1$153.77M4.4%

NOTE 0.750% 6/0$144.31M4.2%

NOTE 3.000% 4/0$121.83M3.5%

COM NEW$90.72M2.6%

Portfolio Concentration

Top 3$772.07M22.3%

4–10$630.25M18.2%

11–25$766.74M22.1%

Rest$1.30B37.4%

Top 3 weight

22.3%

Top 10 weight

40.5%

Voting Authority Distribution

Total shares with voting rights: 1.94B

Sole

Full voting authority

1.94B

% of voting shares100.0%

Shared

Joint voting authority

0.00

% of voting shares0.0%

None

No voting authority

0.00

% of voting shares0.0%

Investment Discretion (by position count)

Sole267

Shared0

Other0

Dominant voting typeSole · 100.0% of voting shares

Institutional Holdings267

Rows:

SPDR S&P 500 ETF TR

SOLE

TR UNIT

Shares700K

TypeSH

Market value$410.26M

11.84%

Sole

700K

Shared

0.00

None

0.00

MICROSTRATEGY INC

SOLE

NOTE 2/1

Shares100.72M

TypePRN

Market value$208.05M

6.00%

Sole

100.72M

Shared

0.00

None

0.00

WESTERN DIGITAL CORP

SOLE

NOTE 3.000%11/1

Shares116.05M

TypePRN

Market value$153.77M

4.44%

Sole

116.05M

Shared

0.00

None

0.00

INSMED INC

SOLE

NOTE 0.750% 6/0

Shares66.58M

TypePRN

Market value$144.31M

4.16%

Sole

66.58M

Shared

0.00

None

0.00

FRESHPET INC

SOLE

NOTE 3.000% 4/0

Shares55.10M

TypePRN

Market value$121.83M

3.52%

Sole

55.10M

Shared

0.00

None

0.00

AMERICAN AIRLINES GROUP INC

SOLE

NOTE 6.500% 7/0

Shares67.49M

TypePRN

Market value$78.84M

2.27%

Sole

67.49M

Shared

0.00

None

0.00

SEA LTD

SOLE

NOTE 2.375%12/0

Shares58.59M

TypePRN

Market value$74.15M

2.14%

Sole

58.59M

Shared

0.00

None

0.00

SPDR SER TR

SOLE

S&P OILGAS EXP

Shares550K

TypeSH

Market value$72.80M

2.10%

Sole

550K

Shared

0.00

None

0.00

SPHERE ENTERTAINMENT CO

SOLE

NOTE 3.500%12/0

Shares51M

TypePRN

Market value$69.51M

2.01%

Sole

51M

Shared

0.00

None

0.00

BLOOM ENERGY CORP

SOLE

NOTE 3.000% 6/0

Shares49.86M

TypePRN

Market value$68.81M

1.99%

Sole

49.86M

Shared

0.00

None

0.00

LIBERTY BROADBAND CORP

SOLE

COM SER C

Shares894.70K

TypeSH

Market value$66.89M

1.93%

Sole

894.70K

Shared

0.00

None

0.00

KKR & CO INC

SOLE

COM

Shares450K

TypeSH

Market value$66.56M

1.92%

Sole

450K

Shared

0.00

None

0.00

SEMTECH CORP

SOLE

NOTE 1.625%11/0

Shares35.50M

TypePRN

Market value$62.68M

1.81%

Sole

35.50M

Shared

0.00

None

0.00

CINEMARK HLDGS INC

SOLE

NOTE 4.500% 8/1

Shares27.48M

TypePRN

Market value$59.65M

1.72%

Sole

27.48M

Shared

0.00

None

0.00

RIVIAN AUTOMOTIVE INC

SOLE

NOTE 3.625%10/1

Shares62.74M

TypePRN

Market value$56.02M

1.62%

Sole

62.74M

Shared

0.00

None

0.00

LUMENTUM HLDGS INC

SOLE

NOTE 1.500%12/1

Shares39.44M

TypePRN

Market value$54.90M

1.58%

Sole

39.44M

Shared

0.00

None

0.00

ENCORE CAP GROUP INC

SOLE

NOTE 4.000% 3/1

Shares53.20M

TypePRN

Market value$53.69M

1.55%

Sole

53.20M

Shared

0.00

None

0.00

ON SEMICONDUCTOR CORP

SOLE

NOTE 5/0

Shares36.50M

TypePRN

Market value$47.78M

1.38%

Sole

36.50M

Shared

0.00

None

0.00

ECHOSTAR CORP

SOLE

NOTE 3.875%11/3

Shares43.33M

TypePRN

Market value$45.72M

1.32%

Sole

43.33M

Shared

0.00

None

0.00

ARRAY TECHNOLOGIES INC

SOLE

NOTE 1.000%12/0

Shares61.29M

TypePRN

Market value$44.59M

1.29%

Sole

61.29M

Shared

0.00

None

0.00

WAYFAIR INC

SOLE

NOTE 3.500%11/1

Shares35.75M

TypePRN

Market value$44.51M

1.28%

Sole

35.75M

Shared

0.00

None

0.00

SUNNOVA ENERGY INTL INC.

SOLE

NOTE 0.250%12/0

Shares72.65M

TypePRN

Market value$42.98M

1.24%

Sole

72.65M

Shared

0.00

None

0.00

VANECK ETF TRUST

SOLE

OIL SERVICES ETF

Shares150K

TypeSH

Market value$40.68M

1.17%

Sole

150K

Shared

0.00

None

0.00

IAC INC

SOLE

COM NEW

Shares939.26K

TypeSH

Market value$40.52M

1.17%

Sole

939.26K

Shared

0.00

None

0.00

BOEING CO

SOLE

DEP CONV PFD A

Shares650K

TypeSH

Market value$39.58M

1.14%

Sole

650K

Shared

0.00

None

0.00

Issuer	Class	Shares	Type	Value / Portfolio %	Voting — Sole
SPDR S&P 500 ETF TRSOLE	TR UNIT	700K	SH	$410.26M 11.84%	700K
MICROSTRATEGY INCSOLE	NOTE 2/1	100.72M	PRN	$208.05M 6.00%	100.72M
WESTERN DIGITAL CORPSOLE	NOTE 3.000%11/1	116.05M	PRN	$153.77M 4.44%	116.05M
INSMED INCSOLE	NOTE 0.750% 6/0	66.58M	PRN	$144.31M 4.16%	66.58M
FRESHPET INCSOLE	NOTE 3.000% 4/0	55.10M	PRN	$121.83M 3.52%	55.10M
AMERICAN AIRLINES GROUP INCSOLE	NOTE 6.500% 7/0	67.49M	PRN	$78.84M 2.27%	67.49M
SEA LTDSOLE	NOTE 2.375%12/0	58.59M	PRN	$74.15M 2.14%	58.59M
SPDR SER TRSOLE	S&P OILGAS EXP	550K	SH	$72.80M 2.10%	550K
SPHERE ENTERTAINMENT COSOLE	NOTE 3.500%12/0	51M	PRN	$69.51M 2.01%	51M
BLOOM ENERGY CORPSOLE	NOTE 3.000% 6/0	49.86M	PRN	$68.81M 1.99%	49.86M
LIBERTY BROADBAND CORPSOLE	COM SER C	894.70K	SH	$66.89M 1.93%	894.70K
KKR & CO INCSOLE	COM	450K	SH	$66.56M 1.92%	450K
SEMTECH CORPSOLE	NOTE 1.625%11/0	35.50M	PRN	$62.68M 1.81%	35.50M
CINEMARK HLDGS INCSOLE	NOTE 4.500% 8/1	27.48M	PRN	$59.65M 1.72%	27.48M
RIVIAN AUTOMOTIVE INCSOLE	NOTE 3.625%10/1	62.74M	PRN	$56.02M 1.62%	62.74M
LUMENTUM HLDGS INCSOLE	NOTE 1.500%12/1	39.44M	PRN	$54.90M 1.58%	39.44M
ENCORE CAP GROUP INCSOLE	NOTE 4.000% 3/1	53.20M	PRN	$53.69M 1.55%	53.20M
ON SEMICONDUCTOR CORPSOLE	NOTE 5/0	36.50M	PRN	$47.78M 1.38%	36.50M
ECHOSTAR CORPSOLE	NOTE 3.875%11/3	43.33M	PRN	$45.72M 1.32%	43.33M
ARRAY TECHNOLOGIES INCSOLE	NOTE 1.000%12/0	61.29M	PRN	$44.59M 1.29%	61.29M
WAYFAIR INCSOLE	NOTE 3.500%11/1	35.75M	PRN	$44.51M 1.28%	35.75M
SUNNOVA ENERGY INTL INC.SOLE	NOTE 0.250%12/0	72.65M	PRN	$42.98M 1.24%	72.65M
VANECK ETF TRUSTSOLE	OIL SERVICES ETF	150K	SH	$40.68M 1.17%	150K
IAC INCSOLE	COM NEW	939.26K	SH	$40.52M 1.17%	939.26K
BOEING COSOLE	DEP CONV PFD A	650K	SH	$39.58M 1.14%	650K

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