PenderFund Capital Management Ltd. Q4 2025 Filing

Filed February 17, 2026

Portfolio Value

$634.7M

Holdings

219

Report Date

Q4 2025

Filing Type

13F-HR

All Holdings (219 positions)

#	Stock	Shares	Value	% Portfolio
101	VCICVINE HILL CAP INVT CORP.	25,000	$269K	0.04%
102	BLFYBLUE FOUNDRY BANCORP	21,600	$268K	0.04%
103	CSGSCSG SYS INTL INC	3,500	$268K	0.04%
104	ALEXALEXANDER & BALDWIN INC NEW	12,400	$255K	0.04%
105	DHILDIAMOND HILL INVT GROUP INC	1,500	$254K	0.04%
106	VCICVINE HILL CAP INVTS CORP II	25,000	$250K	0.04%
107	GDOTGREEN DOT CORP	19,500	$249K	0.04%
108	CPACOPA HOLDINGS SA	2,048	$247K	0.04%
109	ISPOINSPIRATO INCORPORATED	59,100	$246K	0.04%
110	BELFABEL FUSE INC	1,600	$242K	0.04%
111	RTACRENATUS TACTICAL ACQUIS	22,500	$240K	0.04%
112	CGCTCARTESIAN GROWTH CORP III	22,700	$233K	0.04%
113	BLUWBLUE WTR ACQUISITION CORP. I	22,500	$232K	0.04%
114	IMXIINTERNATIONAL MNY EXPRESS IN	15,100	$231K	0.04%
115	GDENGOLDEN ENTMT INC	8,500	$231K	0.04%
116	PRAPROASSURANCE CORP	9,401	$227K	0.04%
117	5TCTRUECAR INC	97,100	$219K	0.03%
118	DECKDECKERS OUTDOOR CORP	2,110	$218K	0.03%
119	SIMASIM ACQUISITION CORP. I	20,400	$216K	0.03%
120	SEMRSEMRUSH HLDGS INC	18,023	$214K	0.03%
121	CMACOMERICA INC	2,397	$208K	0.03%
122	KWKENNEDY-WILSON HOLDINGS INC	21,200	$205K	0.03%
123	ASTLALGOMA STL GROUP INC	50,000	$205K	0.03%
124	FTWEQV VENTURES AC CORP. II	20,000	$200K	0.03%
125	CDTXCIDARA THERAPEUTICS INC	900	$198K	0.03%
126	BHFBRIGHTHOUSE FINL INC	2,900	$187K	0.03%
127	NWENORTHWESTERN ENERGY GROUP IN	2,900	$187K	0.03%
128	WRNWESTERN COPPER & GOLD CORP	68,500	$183K	0.03%
129	HVMCHIGHVIEW MERGER CORP	18,000	$182K	0.03%
130	MKLYMCKINLEY ACQUISITION CORP	18,000	$181K	0.03%
131	LYTSLSI INDS INC OHIO	9,730	$178K	0.03%
132	WENNWEN ACQUISITION CORP	17,600	$177K	0.03%
133	—RANGE CAP ACQUISITION CORP I	17,320	$176K	0.03%
134	PLYMPLYMOUTH INDL REIT INC	8,000	$175K	0.03%
135	PACHPIONEER ACQUISITION I CORP	17,400	$175K	0.03%
136	JAMFJAMF HLDG CORP	13,300	$173K	0.03%
137	AVDLAVADEL PHARMACEUTICALS PLC	8,004	$172K	0.03%
138	CWANCLEARWATER ANALYTICS HLDGS I	7,100	$171K	0.03%
139	AM6AMICUS THERAPEUTICS INC	11,900	$169K	0.03%
140	JHGJANUS HENDERSON GROUP PLC	3,500	$166K	0.03%
141	EMSMART SH GLOBAL LTD	131,500	$153K	0.02%
142	ONTFON24 INC	18,900	$150K	0.02%
143	FONRFONAR CORP	8,100	$150K	0.02%
144	GIFIGULF IS FABRICATION INC	12,522	$149K	0.02%
145	FNFFIDELITY NATIONAL FINANCIAL	2,694	$147K	0.02%
146	NPACNEW PROVIDENCE ACQUISITION C	13,765	$141K	0.02%
147	MOFGMIDWESTONE FINL GROUP INC NE	3,305	$127K	0.02%
148	HOUSANYWHERE REAL ESTATE INC	8,500	$120K	0.02%
149	BSAABEST SPAC I ACQUISITION CORP	11,800	$119K	0.02%
150	MSOSADVISORSHARES TR	23,100	$109K	0.02%
151	RDAGREPUBLIC DIGITAL ACQUISITION	10,600	$107K	0.02%
152	GRAFGRAF GLOBAL CORP	10,000	$107K	0.02%
153	MBVIM3-BRIGADE ACQUISITION VI CO	10,387	$104K	0.02%
154	FERAFIFTH ERA ACQUISITION CORP I	10,100	$103K	0.02%
155	AHLASPEN INSURANCE HOLDINGS LTD	2,800	$103K	0.02%
156	CEPFCANTOR EQUITY PARTNERS IV IN	10,000	$102K	0.02%
157	BLZRTRAILBLAZER ACQUISITION CORP	10,000	$102K	0.02%
158	FRGEFORGE GLOBAL HOLDINGS INC	2,300	$102K	0.02%
159	LWACLIGHTWAVE ACQUISITION CORP	10,196	$102K	0.02%
160	CHECCHENGHE ACQUISITION III CO	10,000	$100K	0.02%
161	LATAGALATA ACQUISITION CORP II	10,000	$100K	0.02%
162	ITHAITHAX ACQUISITION CORP III	10,000	$99K	0.02%
163	AMWDAMERICAN WOODMARK CORPORATIO	1,800	$97K	0.02%
164	FROGJFROG LTD	1,500	$93K	0.01%
165	OBAOXLEY BRIDGE ACQ LTD	9,100	$91K	0.01%
166	FIGXUFIGX CAP ACQUISITION CORP.	9,000	$90K	0.01%
167	TGNATEGNA INC	4,500	$87K	0.01%
168	VACHVOYAGER ACQUISITION CORP	7,900	$84K	0.01%
169	ONLORION PROPERTIES INC	37,000	$83K	0.01%
170	PMTRPERIMETER ACQUISITION CORP I	8,000	$82K	0.01%
171	GTLBGITLAB INC	2,100	$78K	0.01%
172	CEPFCANTOR EQUITY PARTNERS III I	7,200	$73K	0.01%
173	PRNPROFOUND MED CORP	9,400	$73K	0.01%
174	HCMAHCM III ACQUISITION CORP	7,200	$72K	0.01%
175	FCRSFUTURECREST ACQUISITION CORP	5,000	$51K	0.01%
176	CEPFCANTOR EQUITY PARTNERS V INC	5,000	$51K	0.01%
177	ONCH1RT ACQUISITION CORP.	5,000	$51K	0.01%
178	LFACLEAPFROG ACQUISITION CORP	5,000	$50K	0.01%
179	IPCXINFLECTION PT ACQUISITION CO	5,000	$50K	0.01%
180	—SOCIAL COMM PARTNERS CORP	5,000	$50K	0.01%
181	CRANUCRANE HBR ACQUISITION CORP I	5,000	$50K	0.01%
182	IRHOUIRON HORSE ACQUISIT CORP II	5,000	$49K	0.01%
183	LPCVLAUNCHPAD CADENZA ACQUISITIO	5,000	$49K	0.01%
184	GOOSCANADA GOOSE HLDGS INC	3,300	$42K	0.01%
185	LNKBLINKBANCORP INC	5,175	$42K	0.01%
186	U6ZURANIUM ENERGY CORP	3,300	$38K	0.01%
187	ELLAUDER ESTEE COS INC	355	$37K	0.01%
188	GGENPACT LIMITED	811	$37K	0.01%
189	MCYMERCURY GENL CORP NEW	390	$36K	0.01%
190	MJAMPLIFY ETF TR	1,200	$35K	0.01%
191	EEFTEURONET WORLDWIDE INC	440	$33K	0.01%
192	BBUBROOKFIELD BUSINESS PARTNERS	925	$32K	0.01%
193	VRSNVERISIGN INC	135	$32K	0.01%
194	ITRIITRON INC	340	$31K	0.00%
195	BAHBOOZ ALLEN HAMILTON HLDG COR	350	$29K	0.00%
196	ARANTERO RESOURCES CORP	800	$27K	0.00%
197	CARTMAPLEBEAR INC	595	$26K	0.00%
198	CCXIUCHURCHILL CAP CORP XI	2,500	$25K	0.00%
199	OTGAOTG ACQUISITION CORP. I	2,500	$25K	0.00%
200	COOCOOPER COS INC	300	$24K	0.00%

PreviousPage 2 of 3Next