Warberg Asset Management LLC Q3 2025 Filing

Filed November 6, 2025

Portfolio Value

$626.9M

Holdings

188

Report Date

Q3 2025

Filing Type

13F-HR

All Holdings (188 positions)

#	Stock	Shares	Value	% Portfolio	Type
1	SPYSPDR S&P 500 ETF TR	294,000	$195.9M	31.24%	Put
2	QQQINVESCO QQQ TR	51,000	$30.6M	4.88%	Put
3	STX 3.5 06/01/28SEAGATE HDD CAYMAN	9,091,000	$26.2M	4.18%
4	SEALTD 2.375 12/01/25SEA LTD	12,103,000	$23.9M	3.81%
5	WDC 3 11/15/28WESTERN DIGITAL CORP	7,038,000	$22.6M	3.60%
6	CNX 2.25 05/01/26CNX RES CORP	7,976,000	$20.0M	3.18%
7	AXON 0.5 12/15/27AXON ENTERPRISE INC	6,280,000	$19.7M	3.15%
8	LYV 3.125 01/15/29LIVE NATION ENTERTAINMENT IN	10,564,000	$17.1M	2.73%
9	MCHP 1.625 02/15/27MICROCHIP TECHNOLOGY INC.	9,096,000	$16.7M	2.67%
10	BOX 0 01/15/26BOX INC	11,302,000	$14.1M	2.25%
11	ITGR 2.125 02/15/28INTEGER HLDGS CORP	10,405,000	$13.6M	2.16%
12	OXY/WSOCCIDENTAL PETE CORP	449,311	$11.4M	1.82%
13	MTSI 0.25 03/15/26MACOM TECH SOLUTIONS HLDGS I	7,174,000	$10.9M	1.74%
14	LRN 1.125 09/01/27STRIDE INC	3,537,000	$10.0M	1.59%
15	WK 1.125 08/15/26WORKIVA INC	8,170,000	$9.6M	1.54%
16	POST 2.5 08/15/27POST HLDGS INC	8,390,000	$9.4M	1.50%
17	VTR 3.75 06/01/26VENTAS RLTY LTD PARTNERSHIP	6,696,000	$8.6M	1.38%
18	SPOT 0 03/15/26SPOTIFY USA INC	6,091,000	$8.3M	1.33%
19	RGTIWRIGETTI COMPUTING INC	449,224	$8.2M	1.31%
20	HALO 1 08/15/28HALOZYME THERAPEUTICS INC	5,142,000	$7.2M	1.16%
21	TYL 0.25 03/15/26TYLER TEX INDPT SCH DIST	6,044,000	$6.6M	1.06%
22	PRGSPROGRESS SOFTWARE CORP	6,606,000	$6.6M	1.05%
23	WT 3.25 06/15/26WISDOMTREE INC	5,000,000	$6.4M	1.03%
24	PLTRPALANTIR TECHNOLOGIES INC	35,000	$6.4M	1.02%	Put
25	TLTISHARES TR	60,000	$5.4M	0.86%	Put
26	SO 3.875 12/15/25SOUTHERN CO	4,747,000	$5.4M	0.85%
27	ALNY 1 09/15/27ALNYLAM PHARMACEUTICALS INC	3,000,000	$4.9M	0.79%
28	PRCH 9 05/15/30PORCH GROUP INC	3,000,000	$4.5M	0.72%
29	F 0 03/15/26FORD MTR CO	4,058,000	$4.1M	0.66%
30	EPR 5.75 PERP CEPR PPTYS	142,350	$3.6M	0.58%
31	CNP 4.25 08/15/26CENTERPOINT ENERGY INC	3,000,000	$3.3M	0.53%
32	RJR1STEREOTAXIS INC	1,049,867	$3.3M	0.53%
33	WT 3.25 08/15/29WISDOMTREE INC	2,500,000	$3.3M	0.52%
34	CTLPCANTALOUPE INC	276,300	$2.9M	0.47%	Put
35	EXPE 0 02/15/26EXPEDIA GROUP INC	2,782,000	$2.8M	0.45%
36	AWK 3.625 06/15/26AMERICAN WTR CAP CORP	2,541,000	$2.5M	0.41%
37	AAPLAPPLE INC	10,000	$2.5M	0.41%	Put
38	AQLTISHARES TR	30,000	$2.4M	0.39%	Put
39	GTLS 6.75 12/15/25 BCHART INDS INC	33,343	$2.4M	0.38%
40	EQIXEQUINIX INC	3,000	$2.3M	0.37%	Put
41	CORZWCORE SCIENTIFIC INC NEW	192,550	$2.2M	0.36%
42	IBITISHARES BITCOIN TRUST ETF	32,000	$2.1M	0.33%	Put
43	NVDANVIDIA CORPORATION	10,000	$1.9M	0.30%	Call
44	NVDANVIDIA CORPORATION	10,000	$1.9M	0.30%	Put
45	ITRI 0 03/15/26ITRON INC	1,513,000	$1.6M	0.26%
46	—VANECK ETF TRUST	21,000	$1.6M	0.26%	Call
47	GBX 2.875 04/15/28GREENBRIER COS INC	1,451,000	$1.6M	0.25%
48	LEUCENTRUS ENERGY CORP	5,000	$1.6M	0.25%	Put
49	BCARD. BORAL ARC ACQ I CORP.	140,000	$1.4M	0.22%
50	VNMEVENDOME ACQUISITION CORP I	138,500	$1.4M	0.22%
51	RGTIRIGETTI COMPUTING INC	39,800	$1.2M	0.19%	Put
52	TAVITAVIA ACQUISITION CORP	107,360	$1.1M	0.18%
53	NTNX 0.25 10/01/27NUTANIX INC	757,000	$1.0M	0.17%
54	MSFTMICROSOFT CORP	2,000	$1.0M	0.17%	Put
55	CHARCHARLTON ARIA ACQUISITION CO	98,665	$1.0M	0.16%
56	—ROBINHOOD MKTS INC	7,000	$1.0M	0.16%	Call
57	FWONK 2.25 08/15/27LIBERTY MEDIA CORP DEL	719,000	$955K	0.15%
58	DMIIDRUGS MADE IN AMER ACQUTN CO	92,055	$945K	0.15%
59	FORLFOUR LEAF ACQUISITION CORP	75,932	$873K	0.14%
60	SLVISHARES SILVER TR	20,000	$847K	0.14%	Call
61	—ORIGIN INVT CORP I	83,610	$840K	0.13%
62	NENNEW ENGLAND RLTY ASSOC LTD P	11,414	$826K	0.13%
63	BKHABLACK HAWK ACQUISITION CORP	74,230	$825K	0.13%
64	—INNOVATIVE INDL PPTYS INC	15,000	$804K	0.13%	Put
65	PGACPANTAGES CAPITAL ACQUISITION	76,190	$782K	0.12%
66	KCHVKOCHAV DEFENSE ACQUI CO	77,200	$774K	0.12%
67	TDACWTRANSLATIONAL DEV ACQUISITIO	73,422	$759K	0.12%
68	CVNACARVANA CO	2,000	$754K	0.12%	Put
69	DADSTIDAL TRUST I	30,000	$750K	0.12%	Put
70	PCGPG&E CORP	49,000	$739K	0.12%	Call
71	YCYAA MISSION ACQUISITION CORP	67,196	$707K	0.11%
72	PPL 2.875 03/15/28PPL CAP FDG INC	606,000	$692K	0.11%
73	STZCONSTELLATION BRANDS INC	5,000	$673K	0.11%	Put
74	CRCLCIRCLE INTERNET GROUP INC	5,000	$663K	0.11%	Put
75	MSTRSTRATEGY INC	2,000	$644K	0.10%	Put
76	EVRG 4.5 12/15/27EVERGY INC	505,000	$635K	0.10%
77	—NUSCALE PWR CORP	17,000	$612K	0.10%	Put
78	SLNOSOLENO THERAPEUTICS INC	9,000	$608K	0.10%	Put
79	TLNCUTALON CAP CORP	60,000	$603K	0.10%
80	EPR 9 PERP EEPR PPTYS	18,417	$589K	0.09%
81	—OKLO INC	5,000	$558K	0.09%	Put
82	KVACKEEN VISION ACQUISITION CORP	45,988	$533K	0.09%
83	BA 6 10/15/27BOEING CO	7,399	$516K	0.08%
84	PELIPELICAN ACQUISITION CORP	50,000	$503K	0.08%
85	NEOVWNEOVOLTA INC	249,740	$499K	0.08%
86	CRAQCAL REDWOOD ACQUISITION CORP	49,900	$499K	0.08%
87	OAKUOAK WOODS ACQUISITION CORP	41,308	$496K	0.08%
88	UBER 0.875 12/01/28 2028UBER TECHNOLOGIES INC	331,000	$487K	0.08%
89	RDACRISING DRAGON ACQUISITION CO	45,979	$479K	0.08%
90	NEENEXTERA ENERGY CAP HLDGS INC	394,000	$466K	0.07%
91	TVAITHAYER VENTURES ACQ CORP II	44,699	$449K	0.07%
92	INACINDIGO ACQUISITION CORP	44,612	$445K	0.07%
93	OTGAOTG ACQUISITION CORP. I	44,000	$443K	0.07%
94	IONQIONQ INC	7,000	$431K	0.07%	Put
95	QUMSQUANTUMSPHERE ACQUISITION CO	41,421	$420K	0.07%
96	RFAIRF ACQUISITION CORP II	38,000	$408K	0.07%
97	NENOBLE CORP PLC	47,198	$385K	0.06%
98	GTERAGLOBA TERRA ACQUISITION COR	36,300	$362K	0.06%
99	GCMGWGCM GROSVENOR INC	592,488	$354K	0.06%
100	—ACM RESH INC	9,000	$352K	0.06%	Call

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