WHITEBOX ADVISORS LLC
CIK: 0001257391Latest portfolio: $7.0B · Q4 2025
Holdings
486
Total Value
$7.0B
New Positions
78
Closed Positions
46
Top Holdings
View All 486 Holdings →| # | Stock | Shares | Value | % Portfolio | Change | Type |
|---|---|---|---|---|---|---|
| 1 | WDC 3 11/15/28WESTERN DIGITAL CORP | 204,400,000 | $936.9M | 13.29% | — | |
| 2 | LITE 1.5 12/15/29LUMENTUM HLDGS INC | 71,025,000 | $377.3M | 5.35% | +4.6M | |
| 3 | SPYSPDR S&P 500 ETF TR | 450,000 | $306.9M | 4.35% | -200,000 | Put |
| 4 | BABA 0.5 06/01/31ALIBABA GROUP HLDG LTD | 149,900,000 | $232.8M | 3.30% | +79.2M | |
| 5 | SNOW 0 10/01/27SNOWFLAKE INC | 134,950,000 | $200.5M | 2.84% | +4.0M | |
| 6 | SNOW 0 10/01/29SNOWFLAKE INC | 125,307,000 | $193.5M | 2.75% | +41.1M | |
| 7 | NVDANVIDIA CORPORATION | 1,000,000 | $186.5M | 2.65% | +800K | Put |
| 8 | SATS 3.875 11/30/30ECHOSTAR CORP | 54,937,086 | $183.5M | 2.60% | +12.7M | |
| 9 | SPHR 3.5 12/01/28SPHERE ENTERTAINMENT CO | 66,618,000 | $182.5M | 2.59% | — | |
| 10 | APLD 2.75 06/01/30APPLIED DIGITAL CORP | 60,800,000 | $163.9M | 2.33% | NEW | |
| 11 | IBITISHARES BITCOIN TRUST ETF | 3,000,000 | $148.9M | 2.11% | +1.0M | Put |
| 12 | TCOM 0.75 06/15/29TRIP COM GROUP LTD | 117,832,000 | $144.9M | 2.06% | +11.8M | |
| 13 | LITE 0.5 12/15/26LUMENTUM HLDGS INC | 35,780,000 | $132.7M | 1.88% | +10.0M | |
| 14 | CADECADENCE BANK | 3,000,001 | $128.5M | 1.82% | NEW | |
| 15 | MSTR 2.25 06/15/32STRATEGY INC | 111,500,000 | $123.3M | 1.75% | — | |
| 16 | LEU 2.25 11/01/30CENTRUS ENERGY CORP | 45,600,000 | $122.2M | 1.73% | NEW | |
| 17 | GTLSCHART INDS INC | 560,001 | $115.5M | 1.64% | +242K | |
| 18 | CMACOMERICA INC | 1,250,001 | $108.7M | 1.54% | NEW | |
| 19 | COIN 0.25 04/01/30COINBASE GLOBAL INC | 90,042,000 | $92.1M | 1.31% | -21,728,000 | |
| 20 | UPST 2 10/01/29UPSTART HLDGS INC | 70,000,000 | $88.2M | 1.25% | NEW | |
| 21 | JBLU 2.5 09/01/29JETBLUE AIRWAYS CORP | 85,071,000 | $82.3M | 1.17% | -9,229,000 | |
| 22 | WOLFWOLFSPEED INC | 4,600,000 | $80.1M | 1.14% | -124,348 | Put |
| 23 | CYBRCYBERARK SOFTWARE LTD | 171,001 | $76.3M | 1.08% | +33K | |
| 24 | RIVN 3.625 10/15/30RIVIAN AUTOMOTIVE INC | 64,737,000 | $72.5M | 1.03% | +8.0M | |
| 25 | LBRDKLIBERTY BROADBAND CORP | 1,476,741 | $71.8M | 1.02% | +25K |
Quarterly Changes
New Positions
Closed Positions
- BE 3 06/01/29CLOSED$413.5B
- BE 3 06/01/28CLOSED$292.0B
- VRNACLOSED$167.2B
- IWMCLOSED$121.0B
- AAPLCLOSED$101.9B
- 07WACLOSED$66.4B
- WNS HLDGS LTDCLOSED$59.5B
- KELCLOSED$44.9B
- TSLACLOSED$44.5B
- SEALTD 2.375 12/01/25CLOSED$39.7B
Increased Positions
| Name | Shares | Change |
|---|---|---|
| COIN 0.5 06/01/26 | 61.0M | +32.3M |
| SATS 3.875 11/30/30 | 54.9M | +12.7M |
| TCOM 0.75 06/15/29 | 117.8M | +11.8M |
| LITE 0.5 12/15/26 | 35.8M | +10.0M |
| ELBM | 8.6M | +8.3M |
| RIVN 3.625 10/15/30 | 64.7M | +8.0M |
| MARA 2.125 09/01/31 | 42.0M | +6.0M |
| LITE 1.5 12/15/29 | 71.0M | +4.6M |
| SNOW 0 10/01/27 | 134.9M | +4.0M |
| HLF 4.25 06/15/28 | 32.3M | +2.8M |
Decreased Positions
| Name | Shares | Change |
|---|---|---|
| COLL 2.875 02/15/29 | 10.7M | -25500000 |
| TYL 0.25 03/15/26 | 12.4M | -13500000 |
| RUN 4 03/01/30 | 29.6M | -13000000 |
| PNW 4.75 06/15/27 | 11.3M | -10000000 |
| JBLU 2.5 09/01/29 | 85.1M | -9229000 |
| ON 0 05/01/27 | 12.5M | -6500000 |
| VERI 1.75 11/15/26 | 1.6M | -6400000 |
| NIO 4.625 10/15/30 | 10.0M | -4000000 |
| EVH 4.5 08/15/31 | 11.5M | -4000000 |
| WT 3.25 08/15/29 | 20.0M | -3950000 |
Sector Breakdown
UnknownNaN% ($InfinityT)
Financial ServicesNaN% ($InfinityT)
Technology0.0% ($1.8650080086762766e+153T)
Communication Services0.0% ($7.176933721336612e+61T)
Consumer Cyclical0.0% ($6.5336287031043765e+41T)
Industrials0.0% ($1.1548931487207918e+32T)
Healthcare0.0% ($3.1179245101744815e+30T)
Basic Materials0.0% ($5.0718941869271353e+23T)
Energy0.0% ($467201771016173387776.0T)
Utilities0.0% ($4584.7T)
Consumer Defensive0.0% ($1250.4T)
Real Estate0.0% ($1.2M)
Filing History
| Quarter | Filing Date | Portfolio Value | Holdings |
|---|---|---|---|
| Q4 2025 | Feb 17, 2026 | $7.0B | 492 |
| Q3 2025 | Nov 14, 2025 | $6.5T | 427 |
| Q2 2025 | Aug 14, 2025 | $4.7T | 382 |
| Q1 2025 | May 15, 2025 | $3.9T | 312 |
| Q4 2024 | Feb 14, 2025 | $3.5T | 270 |
| Q3 2024 | Nov 14, 2024 | $3668.2T | 321 |
| Q2 2024 | Aug 14, 2024 | $3496.7T | 349 |
| Q1 2024 | May 15, 2024 | $4027.5T | 340 |
| Q4 2023 | Feb 14, 2024 | $3648.8T | 332 |
| Q3 2023 | Nov 14, 2023 | $3161.1T | 385 |
| Q2 2023 | Aug 14, 2023 | $3685.3T | 438 |
| Q1 2023 | May 15, 2023 | $2916.2T | 569 |
| Q4 2022 | Feb 14, 2023 | $3616.4T | 771 |
| Q3 2022 | Nov 14, 2022 | $3.6T | 949 |
| Q2 2022 | Aug 15, 2022 | $3.2T | 913 |
| Q1 2022 | May 16, 2022 | $5.0T | 941 |
| Q4 2021 | Feb 14, 2022 | $4.9T | 819 |
| Q3 2021 | Nov 15, 2021 | $4.8T | 645 |
| Q2 2021 | Aug 16, 2021 | $4.9T | 538 |
| Q1 2021 | May 14, 2021 | $3.1T | 381 |
| Q4 2020 | Feb 16, 2021 | $3.2T | 149 |
| Q3 2020 | Nov 13, 2020 | $2.4T | 95 |
| Q2 2020 | Aug 14, 2020 | $1.8T | 72 |
| Q1 2020 | May 15, 2020 | $2.0T | 79 |
| Q4 2019 | Feb 14, 2020 | $3.0T | 89 |
| Q3 2019 | Nov 14, 2019 | $2.8T | 97 |
| Q2 2019 | Aug 14, 2019 | $2.8T | 98 |
| Q1 2019 | May 15, 2019 | $3.3T | 89 |
| Q4 2018 | Feb 14, 2019 | $2.2T | 96 |
| Q3 2018 | Nov 14, 2018 | $3.3T | 99 |
| Q2 2018 | Aug 14, 2018 | $3.1T | 99 |
| Q1 2018 | May 15, 2018 | $3.4T | 92 |
| Q4 2017 | Feb 14, 2018 | $3.6T | 91 |
| Q3 2017 | Nov 14, 2017 | $3.4T | 93 |
| Q2 2017 | Aug 14, 2017 | $2.5T | 91 |
| Q1 2017 | May 15, 2017 | $2.6T | 75 |
| Q4 2016 | Jan 30, 2017 | $2.5T | 76 |
| Q3 2016 | Nov 1, 2016 | $2.4T | 79 |
| Q2 2016 | Jul 27, 2016 | $3.8T | 90 |
| Q1 2016 | May 3, 2016 | $3.4T | 88 |
Fund Information
WHITEBOX ADVISORS LLC is an institutional investment manager that files 13F reports with the SEC. As of the Q4 2025 filing, the fund reported a portfolio valued at $7.0B across 486 holdings. The largest position is WESTERN DIGITAL CORP (WDC 3 11/15/28), representing 13.3% of the portfolio. Compared to the previous quarter, the fund opened 137 new positions and closed 73 positions. 13F filings are required quarterly disclosures that provide transparency into the holdings of institutional investment managers with at least $100 million in qualifying assets.