WHITEBOX ADVISORS LLC

Filed: 5/15/2025ACC: 0001257391-25-000006

📋 What this filing means

WHITEBOX ADVISORS LLC filed this quarterly 13F‑HR report disclosing 301 equity positions with a total reported market value of $3.87B. This filing provides a transparent view of the manager's long equity holdings as of the quarter end.

301

Positions

$3.87B

Total AUM (reported)

1.98B

Total Shares

Allocation by class

COM$717.71M18.5%

TR UNIT$579.53M15.0%

NOTE 3.000%11/1$155.67M4.0%

NOTE 3.875%11/3$133.53M3.4%

OIL SERVICES ETF$117.95M3.0%

NOTE 0.750% 6/0$104.50M2.7%

CL A$87.87M2.3%

Portfolio Concentration

Top 3$877.46M22.7%

4–10$712.44M18.4%

11–25$804.17M20.8%

Rest$1.48B38.2%

Top 3 weight

22.7%

Top 10 weight

41.1%

Voting Authority Distribution

Total shares with voting rights: 1.97B

Sole

Full voting authority

1.97B

% 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)

Sole301

Shared0

Other0

Dominant voting typeSole · 100.0% of voting shares

Institutional Holdings301

Rows:

SPDR S&P 500 ETF TR

SOLE

TR UNIT

Shares1.04M

TypeSH

Market value$579.53M

14.97%

Sole

836K

Shared

0.00

None

0.00

WESTERN DIGITAL CORP

SOLE

NOTE 3.000%11/1

Shares121.05M

TypePRN

Market value$155.67M

4.02%

Sole

121.05M

Shared

0.00

None

0.00

BERRY GLOBAL GROUP INC

SOLE

COM

Shares2.04M

TypeSH

Market value$142.26M

3.67%

Sole

2.04M

Shared

0.00

None

0.00

ECHOSTAR CORP

SOLE

NOTE 3.875%11/3

Shares119.63M

TypePRN

Market value$133.53M

3.45%

Sole

119.63M

Shared

0.00

None

0.00

VANECK ETF TRUST

SOLE

OIL SERVICES ETF

Shares450K

TypeSH

Market value$117.95M

3.05%

Sole

450K

Shared

0.00

None

0.00

INSMED INC

SOLE

NOTE 0.750% 6/0

Shares44.08M

TypePRN

Market value$104.50M

2.70%

Sole

44.08M

Shared

0.00

None

0.00

INTRA-CELLULAR THERAPIES INC

SOLE

COM

Shares725.10K

TypeSH

Market value$95.66M

2.47%

Sole

475K

Shared

0.00

None

0.00

APPLE INC

SOLE

COM

Shares420K

TypeSH

Market value$93.29M

2.41%

Sole

420K

Shared

0.00

None

0.00

LIBERTY BROADBAND CORP

SOLE

COM SER C

Shares998.62K

TypeSH

Market value$84.93M

2.19%

Sole

998.62K

Shared

0.00

None

0.00

SEA LTD

SOLE

NOTE 2.375%12/0

Shares56.09M

TypePRN

Market value$82.57M

2.13%

Sole

56.09M

Shared

0.00

None

0.00

BLOOM ENERGY CORP

SOLE

NOTE 3.000% 6/0

Shares55.11M

TypePRN

Market value$72.00M

1.86%

Sole

55.11M

Shared

0.00

None

0.00

COINBASE GLOBAL INC

SOLE

NOTE 0.250% 4/0

Shares77.45M

TypePRN

Market value$71.60M

1.85%

Sole

77.45M

Shared

0.00

None

0.00

CINEMARK HLDGS INC

SOLE

NOTE 4.500% 8/1

Shares36.98M

TypePRN

Market value$64.48M

1.67%

Sole

36.98M

Shared

0.00

None

0.00

CHAMPIONX CORPORATION

SOLE

COM

Shares2.09M

TypeSH

Market value$62.27M

1.61%

Sole

2.09M

Shared

0.00

None

0.00

FRESHPET INC

SOLE

NOTE 3.000% 4/0

Shares43.68M

TypePRN

Market value$61.74M

1.59%

Sole

43.68M

Shared

0.00

None

0.00

SPHERE ENTERTAINMENT CO

SOLE

NOTE 3.500%12/0

Shares51M

TypePRN

Market value$61.38M

1.59%

Sole

51M

Shared

0.00

None

0.00

AMERICAN AIRLINES GROUP INC

SOLE

NOTE 6.500% 7/0

Shares57.49M

TypePRN

Market value$57.49M

1.48%

Sole

57.49M

Shared

0.00

None

0.00

RIVIAN AUTOMOTIVE INC

SOLE

NOTE 3.625%10/1

Shares57.74M

TypePRN

Market value$50.00M

1.29%

Sole

57.74M

Shared

0.00

None

0.00

LUMENTUM HLDGS INC

SOLE

NOTE 1.500%12/1

Shares42.44M

TypePRN

Market value$49.87M

1.29%

Sole

42.44M

Shared

0.00

None

0.00

TRIPLE FLAG PRECIOUS METAL

SOLE

COM

Shares2.53M

TypeSH

Market value$48.50M

1.25%

Sole

2.53M

Shared

0.00

None

0.00

SPDR SER TR

SOLE

S&P OILGAS EXP

Shares350K

TypeSH

Market value$46.10M

1.19%

Sole

350K

Shared

0.00

None

0.00

ENCORE CAP GROUP INC

SOLE

NOTE 4.000% 3/1

Shares50.51M

TypePRN

Market value$45.71M

1.18%

Sole

50.51M

Shared

0.00

None

0.00

WAYFAIR INC

SOLE

NOTE 3.500%11/1

Shares36.25M

TypePRN

Market value$38.80M

1.00%

Sole

36.25M

Shared

0.00

None

0.00

ON SEMICONDUCTOR CORP

SOLE

NOTE 5/0

Shares36.50M

TypePRN

Market value$38.55M

1.00%

Sole

36.50M

Shared

0.00

None

0.00

COLLEGIUM PHARMACEUTICAL INC

SOLE

NOTE 2.875% 2/1

Shares33.20M

TypePRN

Market value$35.67M

0.92%

Sole

33.20M

Shared

0.00

None

0.00

Issuer	Class	Shares	Type	Value / Portfolio %	Voting — Sole
SPDR S&P 500 ETF TRSOLE	TR UNIT	1.04M	SH	$579.53M 14.97%	836K
WESTERN DIGITAL CORPSOLE	NOTE 3.000%11/1	121.05M	PRN	$155.67M 4.02%	121.05M
BERRY GLOBAL GROUP INCSOLE	COM	2.04M	SH	$142.26M 3.67%	2.04M
ECHOSTAR CORPSOLE	NOTE 3.875%11/3	119.63M	PRN	$133.53M 3.45%	119.63M
VANECK ETF TRUSTSOLE	OIL SERVICES ETF	450K	SH	$117.95M 3.05%	450K
INSMED INCSOLE	NOTE 0.750% 6/0	44.08M	PRN	$104.50M 2.70%	44.08M
INTRA-CELLULAR THERAPIES INCSOLE	COM	725.10K	SH	$95.66M 2.47%	475K
APPLE INCSOLE	COM	420K	SH	$93.29M 2.41%	420K
LIBERTY BROADBAND CORPSOLE	COM SER C	998.62K	SH	$84.93M 2.19%	998.62K
SEA LTDSOLE	NOTE 2.375%12/0	56.09M	PRN	$82.57M 2.13%	56.09M
BLOOM ENERGY CORPSOLE	NOTE 3.000% 6/0	55.11M	PRN	$72.00M 1.86%	55.11M
COINBASE GLOBAL INCSOLE	NOTE 0.250% 4/0	77.45M	PRN	$71.60M 1.85%	77.45M
CINEMARK HLDGS INCSOLE	NOTE 4.500% 8/1	36.98M	PRN	$64.48M 1.67%	36.98M
CHAMPIONX CORPORATIONSOLE	COM	2.09M	SH	$62.27M 1.61%	2.09M
FRESHPET INCSOLE	NOTE 3.000% 4/0	43.68M	PRN	$61.74M 1.59%	43.68M
SPHERE ENTERTAINMENT COSOLE	NOTE 3.500%12/0	51M	PRN	$61.38M 1.59%	51M
AMERICAN AIRLINES GROUP INCSOLE	NOTE 6.500% 7/0	57.49M	PRN	$57.49M 1.48%	57.49M
RIVIAN AUTOMOTIVE INCSOLE	NOTE 3.625%10/1	57.74M	PRN	$50.00M 1.29%	57.74M
LUMENTUM HLDGS INCSOLE	NOTE 1.500%12/1	42.44M	PRN	$49.87M 1.29%	42.44M
TRIPLE FLAG PRECIOUS METALSOLE	COM	2.53M	SH	$48.50M 1.25%	2.53M
SPDR SER TRSOLE	S&P OILGAS EXP	350K	SH	$46.10M 1.19%	350K
ENCORE CAP GROUP INCSOLE	NOTE 4.000% 3/1	50.51M	PRN	$45.71M 1.18%	50.51M
WAYFAIR INCSOLE	NOTE 3.500%11/1	36.25M	PRN	$38.80M 1.00%	36.25M
ON SEMICONDUCTOR CORPSOLE	NOTE 5/0	36.50M	PRN	$38.55M 1.00%	36.50M
COLLEGIUM PHARMACEUTICAL INCSOLE	NOTE 2.875% 2/1	33.20M	PRN	$35.67M 0.92%	33.20M

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