WHITEBOX ADVISORS LLC

Filed: 8/14/2025ACC: 0002073679-25-000003

📋 What this filing means

WHITEBOX ADVISORS LLC filed this quarterly 13F‑HR report disclosing 375 equity positions with a total reported market value of $4.71B. This filing provides a transparent view of the manager's long equity holdings as of the quarter end.

375

Positions

$4.71B

Total AUM (reported)

2.19B

Total Shares

Allocation by class

TR UNIT$648.74M13.8%

COM$589.67M12.5%

NOTE 3.000%11/1$290.61M6.2%

NOTE 2.250% 6/1$239.33M5.1%

NOTE 3.000% 6/0$214.14M4.5%

COM SER C$136.22M2.9%

CL A$134.05M2.8%

Portfolio Concentration

Top 3$1.18B25.0%

4–10$778.82M16.5%

11–25$910.48M19.3%

Rest$1.84B39.1%

Top 3 weight

25.0%

Top 10 weight

41.6%

Voting Authority Distribution

Total shares with voting rights: 2.17B

Sole

Full voting authority

2.17B

% 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)

Sole375

Shared0

Other0

Dominant voting typeSole · 100.0% of voting shares

Institutional Holdings375

Rows:

SPDR S&P 500 ETF TR

SOLE

TR UNIT

Shares1.05M

TypeSH

Market value$648.74M

13.77%

Sole

850K

Shared

0.00

None

0.00

WESTERN DIGITAL CORP

SOLE

NOTE 3.000%11/1

Shares161.90M

TypePRN

Market value$290.61M

6.17%

Sole

161.90M

Shared

0.00

None

0.00

MICROSTRATEGY INC

SOLE

NOTE 2.250% 6/1

Shares111.50M

TypePRN

Market value$239.33M

5.08%

Sole

111.50M

Shared

0.00

None

0.00

LIBERTY BROADBAND CORP

SOLE

COM SER C

Shares1.38M

TypeSH

Market value$136.22M

2.89%

Sole

1.38M

Shared

0.00

None

0.00

BLOOM ENERGY CORP

SOLE

NOTE 3.000% 6/0

Shares89.78M

TypePRN

Market value$127.09M

2.70%

Sole

89.78M

Shared

0.00

None

0.00

ISHARES BITCOIN TRUST ETF

SOLE

SHS BEN INT

Shares2M

TypeSH

Market value$122.42M

2.60%

Sole

Shared

0.00

None

0.00

VANECK ETF TRUST

SOLE

OIL SERVICES ETF

Shares490K

TypeSH

Market value$112.84M

2.40%

Sole

490K

Shared

0.00

None

0.00

COINBASE GLOBAL INC

SOLE

NOTE 0.250% 4/0

Shares78.75M

TypePRN

Market value$102.80M

2.18%

Sole

78.75M

Shared

0.00

None

0.00

SPHERE ENTERTAINMENT CO

SOLE

NOTE 3.500%12/0

Shares64.50M

TypePRN

Market value$90.40M

1.92%

Sole

64.50M

Shared

0.00

None

0.00

BLOOM ENERGY CORP

SOLE

NOTE 3.000% 6/0

Shares58.86M

TypePRN

Market value$87.06M

1.85%

Sole

58.86M

Shared

0.00

None

0.00

CHAMPIONX CORPORATION

SOLE

COM

Shares3.27M

TypeSH

Market value$81.26M

1.73%

Sole

3.27M

Shared

0.00

None

0.00

LUMENTUM HLDGS INC

SOLE

NOTE 1.500%12/1

Shares49.44M

TypePRN

Market value$75.82M

1.61%

Sole

49.44M

Shared

0.00

None

0.00

ISHARES TR

SOLE

RUSSELL 2000 ETF

Shares350K

TypeSH

Market value$75.53M

1.60%

Sole

350K

Shared

0.00

None

0.00

MR COOPER GROUP INC

SOLE

COM

Shares484.85K

TypeSH

Market value$72.34M

1.54%

Sole

484.85K

Shared

0.00

None

0.00

APPLE INC

SOLE

COM

Shares340K

TypeSH

Market value$69.76M

1.48%

Sole

340K

Shared

0.00

None

0.00

SEA LTD

SOLE

NOTE 2.375%12/0

Shares36.09M

TypePRN

Market value$64.11M

1.36%

Sole

36.09M

Shared

0.00

None

0.00

AZEK CO INC

SOLE

CL A

Shares1.07M

TypeSH

Market value$58.34M

1.24%

Sole

1.07M

Shared

0.00

None

0.00

AMERICAN AIRLINES GROUP INC

SOLE

NOTE 6.500% 7/0

Shares57.49M

TypePRN

Market value$57.43M

1.22%

Sole

57.49M

Shared

0.00

None

0.00

TRIPLE FLAG PRECIOUS METAL

SOLE

COM

Shares2.41M

TypeSH

Market value$57.10M

1.21%

Sole

2.41M

Shared

0.00

None

0.00

RIVIAN AUTOMOTIVE INC

SOLE

NOTE 3.625%10/1

Shares59.74M

TypePRN

Market value$53.55M

1.14%

Sole

59.74M

Shared

0.00

None

0.00

FRESHPET INC

SOLE

NOTE 3.000% 4/0

Shares41.23M

TypePRN

Market value$51.21M

1.09%

Sole

41.23M

Shared

0.00

None

0.00

WAYFAIR INC

SOLE

NOTE 3.500%11/1

Shares37.05M

TypePRN

Market value$50.05M

1.06%

Sole

37.05M

Shared

0.00

None

0.00

INFORMATICA INC

SOLE

COM CL A

Shares2.05M

TypeSH

Market value$49.92M

1.06%

Sole

2.05M

Shared

0.00

None

0.00

ENCORE CAP GROUP INC

SOLE

NOTE 4.000% 3/1

Shares50.51M

TypePRN

Market value$47.42M

1.01%

Sole

50.51M

Shared

0.00

None

0.00

ECHOSTAR CORP

SOLE

NOTE 3.875%11/3

Shares39.61M

TypePRN

Market value$46.63M

0.99%

Sole

39.61M

Shared

0.00

None

0.00

Issuer	Class	Shares	Type	Value / Portfolio %	Voting — Sole
SPDR S&P 500 ETF TRSOLE	TR UNIT	1.05M	SH	$648.74M 13.77%	850K
WESTERN DIGITAL CORPSOLE	NOTE 3.000%11/1	161.90M	PRN	$290.61M 6.17%	161.90M
MICROSTRATEGY INCSOLE	NOTE 2.250% 6/1	111.50M	PRN	$239.33M 5.08%	111.50M
LIBERTY BROADBAND CORPSOLE	COM SER C	1.38M	SH	$136.22M 2.89%	1.38M
BLOOM ENERGY CORPSOLE	NOTE 3.000% 6/0	89.78M	PRN	$127.09M 2.70%	89.78M
ISHARES BITCOIN TRUST ETFSOLE	SHS BEN INT	2M	SH	$122.42M 2.60%	2M
VANECK ETF TRUSTSOLE	OIL SERVICES ETF	490K	SH	$112.84M 2.40%	490K
COINBASE GLOBAL INCSOLE	NOTE 0.250% 4/0	78.75M	PRN	$102.80M 2.18%	78.75M
SPHERE ENTERTAINMENT COSOLE	NOTE 3.500%12/0	64.50M	PRN	$90.40M 1.92%	64.50M
BLOOM ENERGY CORPSOLE	NOTE 3.000% 6/0	58.86M	PRN	$87.06M 1.85%	58.86M
CHAMPIONX CORPORATIONSOLE	COM	3.27M	SH	$81.26M 1.73%	3.27M
LUMENTUM HLDGS INCSOLE	NOTE 1.500%12/1	49.44M	PRN	$75.82M 1.61%	49.44M
ISHARES TRSOLE	RUSSELL 2000 ETF	350K	SH	$75.53M 1.60%	350K
MR COOPER GROUP INCSOLE	COM	484.85K	SH	$72.34M 1.54%	484.85K
APPLE INCSOLE	COM	340K	SH	$69.76M 1.48%	340K
SEA LTDSOLE	NOTE 2.375%12/0	36.09M	PRN	$64.11M 1.36%	36.09M
AZEK CO INCSOLE	CL A	1.07M	SH	$58.34M 1.24%	1.07M
AMERICAN AIRLINES GROUP INCSOLE	NOTE 6.500% 7/0	57.49M	PRN	$57.43M 1.22%	57.49M
TRIPLE FLAG PRECIOUS METALSOLE	COM	2.41M	SH	$57.10M 1.21%	2.41M
RIVIAN AUTOMOTIVE INCSOLE	NOTE 3.625%10/1	59.74M	PRN	$53.55M 1.14%	59.74M
FRESHPET INCSOLE	NOTE 3.000% 4/0	41.23M	PRN	$51.21M 1.09%	41.23M
WAYFAIR INCSOLE	NOTE 3.500%11/1	37.05M	PRN	$50.05M 1.06%	37.05M
INFORMATICA INCSOLE	COM CL A	2.05M	SH	$49.92M 1.06%	2.05M
ENCORE CAP GROUP INCSOLE	NOTE 4.000% 3/1	50.51M	PRN	$47.42M 1.01%	50.51M
ECHOSTAR CORPSOLE	NOTE 3.875%11/3	39.61M	PRN	$46.63M 0.99%	39.61M

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