SONA ASSET MANAGEMENT (US) LLC Q4 2025 Filing

Filed February 17, 2026

Portfolio Value

$4.4B

Holdings

134

Report Date

Q4 2025

Filing Type

13F-HR

All Holdings (134 positions)

#	Stock	Shares	Value	% Portfolio	Type
1	LQDISHARES TR	7,011,298	$772.6M	17.59%
2	NDQINVESCO QQQ TR	552,000	$339.1M	7.72%	Put
3	INTCINTEL CORP	4,015,000	$148.2M	3.37%	Call
4	ON 0.5 03/01/29ON SEMICONDUCTOR CORP	152,175,000	$144.6M	3.29%
5	SPYSPDR S&P 500 ETF TR	200,000	$136.4M	3.10%	Call
6	NSCNORFOLK SOUTHN CORP	444,247	$128.3M	2.92%
7	RSPINVESCO EXCHANGE TRADED FD T	644,782	$123.5M	2.81%	Call
8	ETSY 0.125 10/01/26ETSY INC	119,222,000	$120.8M	2.75%
9	IGSBISHARES TR	2,270,000	$120.0M	2.73%
10	ITRI 0 03/15/26ITRON INC	110,965,000	$110.1M	2.51%
11	TXNMTXNM ENERGY INC	1,834,874	$108.0M	2.46%
12	AKAM 0.375 09/01/27AKAMAI TECHNOLOGIES INC	105,002,000	$105.7M	2.41%
13	EWZISHARES INC	3,300,000	$104.8M	2.39%	Call
14	TLTISHARES TR	1,200,000	$104.6M	2.38%	Put
15	IWMISHARES TR	400,000	$98.5M	2.24%	Put
16	KMBKIMBERLY-CLARK CORP	875,500	$88.3M	2.01%	Call
17	TCOM 0.75 06/15/29TRIP COM GROUP LTD	65,000,000	$80.0M	1.82%
18	KYIVKYIVSTAR GROUP LTD	5,971,388	$77.5M	1.76%	Call
19	JAZZ 2 06/15/26JAZZ INVESTMENTS I LTD	64,300,000	$74.5M	1.70%
20	BILL 0 04/01/30BILL HOLDINGS INC	80,150,000	$74.0M	1.68%
21	MCHP 0.75 06/01/30MICROCHIP TECHNOLOGY INC.	69,563,000	$68.3M	1.55%
22	APO 6.75 07/31/26APOLLO GLOBAL MGMT INC	900,000	$67.9M	1.55%
23	AKAM 1.125 02/15/29AKAMAI TECHNOLOGIES INC	46,318,000	$45.8M	1.04%
24	F 0 03/15/26FORD MTR CO	42,500,000	$44.1M	1.00%
25	DXCM 0.375 05/15/28DEXCOM INC	47,500,000	$43.8M	1.00%
26	NVDANVIDIA CORPORATION	225,000	$42.0M	0.96%	Put
27	COIN 0.25 04/01/30COINBASE GLOBAL INC	40,000,000	$41.1M	0.93%
28	HTHT 3 05/01/26H WORLD GROUP LTD	30,000,000	$38.3M	0.87%
29	TYL 0.25 03/15/26TYLER TEX INDPT SCH DIST	37,000,000	$37.4M	0.85%
30	ALB 7.25 03/01/27ALBEMARLE CORP	600,000	$35.4M	0.81%
31	HPE 7.625 09/01/27HEWLETT PACKARD ENTERPRISE C	525,000	$34.8M	0.79%
32	DBX 0 03/01/26DROPBOX INC	34,500,000	$34.2M	0.78%
33	DCHAMERICAN AXLE & MFG HLDGS IN	5,237,937	$33.6M	0.76%	Call
34	SATSECHOSTAR CORP	304,650	$33.1M	0.75%
35	LI 0.25 05/01/28LI AUTO INC	31,500,000	$31.8M	0.72%
36	MIGASTRATEGY INC	200,000	$30.4M	0.69%	Put
37	SPOT 0 03/15/26SPOTIFY USA INC	26,500,000	$30.2M	0.69%
38	DKNG 0 03/15/28DRAFTKINGS INC NEW	32,900,000	$30.1M	0.69%
39	WBDWARNER BROS DISCOVERY INC	1,000,000	$28.8M	0.66%
40	COIN 0.5 06/01/26COINBASE GLOBAL INC	25,024,000	$25.0M	0.57%
41	DBX 0 03/01/28DROPBOX INC	24,500,000	$24.7M	0.56%
42	BBIO 2.25 02/01/29BRIDGEBIO PHARMA INC	21,730,000	$24.5M	0.56%
43	REAL 4 02/15/31THE REALREAL INC	13,897,000	$23.6M	0.54%
44	BACCBLUE ACQUISITION CORP.	1,960,185	$20.0M	0.46%
45	CCCHEMOURS CO	1,651,275	$19.5M	0.44%
46	ITBISHARES TR	200,000	$19.3M	0.44%	Call
47	COGTCOGENT BIOSCIENCES INC	16,000,000	$18.7M	0.43%
48	IBITISHARES BITCOIN TRUST ETF	370,800	$18.4M	0.42%	Put
49	PSN 2.625 03/01/29PARSONS CORP DEL	16,877,000	$17.4M	0.40%
50	ARKKARK ETF TR	200,000	$15.4M	0.35%	Put
51	EXAS 0.375 03/15/27EXACT SCIENCES CORP	13,811,000	$14.4M	0.33%
52	UNHUNITEDHEALTH GROUP INC	43,600	$14.4M	0.33%
53	W 1 08/15/26WAYFAIR INC	14,095,000	$14.1M	0.32%
54	BORRBORR DRILLING LTD	3,205,564	$12.9M	0.29%
55	RKTROCKET COS INC	663,000	$12.8M	0.29%	Call
56	PRGSPROGRESS SOFTWARE CORP	11,670,000	$11.6M	0.26%
57	IHSIHS HOLDING LIMITED	1,552,674	$11.6M	0.26%
58	MSTR 0 12/01/29STRATEGY INC	12,500,000	$10.3M	0.23%
59	BTDRBITDEER TECHNOLOGIES GROUP	874,003	$9.8M	0.22%	Call
60	XLUSELECT SECTOR SPDR TR	221,000	$9.4M	0.21%
61	CLSKCLEANSPARK INC	919,500	$9.3M	0.21%
62	SNDKSANDISK CORP	39,000	$9.3M	0.21%	Call
63	EXAS 0.375 03/01/28EXACT SCIENCES CORP	8,611,000	$8.8M	0.20%
64	CORZCORE SCIENTIFIC INC NEW	600,000	$8.7M	0.20%	Call
65	BABAALIBABA GROUP HLDG LTD	59,486	$8.7M	0.20%
66	MUMICRON TECHNOLOGY INC	30,000	$8.6M	0.19%
67	HYGISHARES TR	87,011	$7.0M	0.16%
68	IHRTIHEARTMEDIA INC	1,623,571	$6.8M	0.15%
69	CMCSACOMCAST CORP NEW	225,000	$6.7M	0.15%
70	BKLNINVESCO EXCH TRADED FD TR II	319,787	$6.7M	0.15%
71	VSH 2.25 09/15/30VISHAY INTERTECHNOLOGY INC	7,000,000	$6.3M	0.14%
72	KK0NEXTNAV INC	378,128	$6.3M	0.14%
73	JPXAEROVIRONMENT INC	25,500	$6.2M	0.14%
74	FMCFMC CORP	400,000	$5.5M	0.13%
75	EWYISHARES INC	53,000	$5.2M	0.12%
76	EWWISHARES INC	74,000	$5.1M	0.12%
77	FCXFREEPORT-MCMORAN INC	100,000	$5.1M	0.12%	Call
78	GPN 1.5 03/01/31GLOBAL PMTS INC	5,612,000	$5.0M	0.11%
79	EWJISHARES INC	61,500	$5.0M	0.11%
80	URAGLOBAL X FDS	115,000	$4.9M	0.11%
81	TERTERADYNE INC	25,000	$4.8M	0.11%
82	BABA 0.5 06/01/31ALIBABA GROUP HLDG LTD	2,801,000	$4.3M	0.10%
83	KWEBKRANESHARES TRUST	125,000	$4.3M	0.10%
84	COHRCOHERENT CORP	21,000	$3.9M	0.09%
85	COGTCOGENT BIOSCIENCES INC	105,000	$3.7M	0.08%
86	GSATGLOBALSTAR INC	60,000	$3.7M	0.08%
87	ZTSZOETIS INC	27,700	$3.5M	0.08%
88	AVGOBROADCOM INC	10,000	$3.5M	0.08%
89	VISNCOMMSCOPE HLDG CO INC	188,715	$3.4M	0.08%
90	HPPHUDSON PAC PPTYS INC	310,989	$3.4M	0.08%
91	EQTEQT CORP	60,000	$3.2M	0.07%
92	TICTIC SOLUTIONS INC	300,000	$3.0M	0.07%
93	DMIIDRUGS MADE IN AMER ACQ II CO	300,000	$3.0M	0.07%
94	CZRCAESARS ENTERTAINMENT INC NE	125,000	$2.9M	0.07%
95	HTZHERTZ GLOBAL HLDGS INC	556,956	$2.9M	0.07%
96	CHTRCHARTER COMMUNICATIONS INC N	13,500	$2.8M	0.06%
97	DGDOLLAR GEN CORP NEW	20,000	$2.7M	0.06%
98	HIIHUNTINGTON INGALLS INDS INC	7,500	$2.5M	0.06%
99	TACTRANSALTA CORP	200,000	$2.5M	0.06%
100	MPMP MATERIALS CORP	50,000	$2.5M	0.06%

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