WHITEBOX ADVISORS LLC Q4 2025 Filing

Filed February 17, 2026

Portfolio Value

$7.0B

Holdings

486

Report Date

Q4 2025

Filing Type

13F-HR

All Holdings (486 positions)

#	Stock	Shares	Value	% Portfolio
301	EWZISHARES INC	20,987	$666.0M	9.45%
302	ODVOSISKO DEVELOPMENT CORP	166,074	$579.0M	8.22%
303	PSKYPARAMOUNT SKYDANCE CORP	43,067	$577.0M	8.19%
304	VSCOVICTORIAS SECRET AND CO	10,140	$549.0M	7.79%
305	PNWPINNACLE WEST CAP CORP	5,974	$529.0M	7.51%
306	IHRTIHEARTMEDIA INC	125,000	$520.0M	7.38%
307	CEPFCANTOR EQUITY PARTNERS V INC	50,000	$512.0M	7.26%
308	NEXMNEXMETALS MINING CORP.	254,377	$496.0M	7.04%
309	MUCBLACKROCK MUNIHOLDINGS QUALI	46,481	$466.0M	6.61%
310	NWAX/UNEW AMER ACQUISITION I CORP	35,000	$364.0M	5.16%
311	KYIVKYIVSTAR GROUP LTD	100,000	$354.0M	5.02%
312	GIGGIGCAPITAL7 CORP	804,500	$329.0M	4.67%
313	KLXEKLX ENERGY SERVICS HOLDNGS I	170,235	$321.0M	4.55%
314	FERAFIFTH ERA ACQUISITION CORP I	750,000	$299.0M	4.24%
315	GIWGIGCAPITAL8 CORP	800,000	$248.0M	3.52%
316	PCGPG&E CORP	15,000	$241.0M	3.42%
317	VCICVINE HILL CAP INVT CORP.	132,500	$238.0M	3.38%
318	CGCTCARTESIAN GROWTH CORP III	275,000	$217.0M	3.08%
319	SWSMURFIT WESTROCK PLC	5,348	$206.0M	2.92%
320	CRMLCRITICAL METALS CORP	69,750	$190.0M	2.70%
321	BULLWEBULL CORP	64,397	$184.0M	2.61%
322	—CRANE HBR ACQUISITION CORP	225,000	$180.0M	2.55%
323	UCFICN HEALTHY FOOD TECH GROUP C	30,000	$165.0M	2.34%
324	BEAGBOLD EAGLE ACQUISITION CORP	400,000	$128.0M	1.82%
325	TACHTITAN ACQUISITION CORP	400,000	$126.0M	1.79%
326	DRDBROMAN DBDR ACQUISITION CORP	200,000	$120.0M	1.70%
327	HPPHUDSON PAC PPTYS INC	11,003	$119.0M	1.69%
328	BCARD. BORAL ARC ACQ I CORP.	325,000	$118.0M	1.67%
329	—INFLECTION PT ACQUISITION CO	300,000	$113.0M	1.60%
330	SOULSOULPOWER ACQUISITION CORP	650,000	$113.0M	1.60%
331	—RANGE CAP ACQUISITION CORP	250,000	$112.0M	1.59%
332	LKSPLAKE SUPERIOR ACQUISITION CO	57,871	$112.0M	1.59%
333	—ALDEL FINL II INC	200,000	$110.0M	1.56%
334	VWAVWVISIONWAVE HOLDINGS INC	93,000	$108.0M	1.53%
335	RAAQREAL ASSET ACQUISITION CORP	250,000	$107.0M	1.52%
336	SZZLSIZZLE ACQUISITION CORP. II	650,000	$104.0M	1.48%
337	VNMEVENDOME ACQUISITION CORP I	412,500	$103.0M	1.46%
338	BACQINFLECTION POINT ACQU CORP V	125,000	$100.0M	1.42%
339	ALISCALISA ACQUISITION CORP	200,000	$97.0M	1.38%
340	WENNWEN ACQUISITION CORP	300,000	$93.0M	1.32%
341	RACRITHM ACQUISITION CORP	133,333	$91.0M	1.29%
342	IPODDUNE ACQUISITION CORP II	300,000	$89.0M	1.26%
343	XRPNARMADA ACQUISITION CORP II	100,000	$89.0M	1.26%
344	RDAGREPUBLIC DIGITAL ACQUISITION	150,000	$87.0M	1.23%
345	NOEMRCO2 ENERGY TRANSITION CORP	390,000	$86.0M	1.22%
346	NPACNEW PROVIDENCE ACQUISITION C	166,666	$84.0M	1.19%
347	BZAIWBLAIZE HLDGS INC	209,250	$83.0M	1.18%
348	KOYNDIGITAL ASSET ACQUISITION CO	200,000	$80.0M	1.14%
349	—RANGE CAP ACQUISITION CORP I	250,000	$80.0M	1.14%
350	YCYAA MISSION ACQUISITION CORP	475,000	$80.0M	1.14%
351	CHARCHARLTON ARIA ACQUISITION CO	399,000	$75.0M	1.06%
352	DMIIDRUGS MADE IN AMER ACQUTN CO	400,000	$74.0M	1.05%
353	MLACMOUNTAIN LAKE ACQUISITION CO	300,000	$72.0M	1.02%
354	ATIIARCHIMEDES TECH SPAC PARTNER	125,000	$68.0M	0.96%
355	TAVITAVIA ACQUISITION CORP	300,000	$68.0M	0.96%
356	GSHRGESHER ACQUISITION CORP. II	150,000	$67.0M	0.95%
357	—BLUE WTR ACQUISITION CORP. I	125,000	$66.0M	0.94%
358	—STELLAR V CAP CORP	200,000	$65.0M	0.92%
359	—M3BRIGADE ACQUISITION V CORP	75,000	$65.0M	0.92%
360	NOEMWCO2 ENERGY TRANSITION CORP	390,000	$65.0M	0.92%
361	DMIIDRUGS MADE IN AMER ACQ II CO	450,000	$63.0M	0.89%
362	LPAALAUNCH ONE ACQUISITION CORP	255,571	$63.0M	0.89%
363	EMISEMMIS ACQUISITION CORP.	400,000	$60.0M	0.85%
364	SPEGSILVER PEGASUS ACQUISITION C	250,000	$60.0M	0.85%
365	PAIIPYROPHYTE ACQUISITION CORP.	150,000	$60.0M	0.85%
366	—TALON CAP CORP	100,000	$59.0M	0.84%
367	GRAFGRAF GLOBAL CORP	125,000	$56.0M	0.79%
368	OTGAOTG ACQUISITION CORP. I	175,000	$56.0M	0.79%
369	BACCBLUE ACQUISITION CORP.	175,000	$56.0M	0.79%
370	—NEWHOLD INVT CORP III	125,000	$56.0M	0.79%
371	—HENNESSY CAP INVT CORP VII	200,000	$55.0M	0.78%
372	LPBBLAUNCH TWO ACQUISITION CORP.	175,000	$55.0M	0.78%
373	YCYAA MISSION ACQUISITION CORP	250,000	$54.0M	0.77%
374	LCCCLAKESHORE ACQUISITION III CO	218,500	$54.0M	0.77%
375	SIMASIM ACQUISITION CORP. I	250,000	$53.0M	0.75%
376	BRRWWPROCAP FINL INC	75,000	$52.0M	0.74%
377	COLACOLUMBUS ACQUISITION CORP	150,000	$50.0M	0.71%
378	OYSEOYSTER ENTERPRISES II ACQUIS	250,000	$50.0M	0.71%
379	APADA PARADISE ACQUISITION CORP	200,000	$50.0M	0.71%
380	EVACEQV VENTURES ACQUISITION COR	99,997	$48.0M	0.68%
381	CRAQCAL REDWOOD ACQUISITION CORP	150,000	$48.0M	0.68%
382	IGACINVEST GREEN ACQUISITION COR	250,000	$47.0M	0.67%
383	—NEWBURY STR II ACQUISITION C	187,500	$47.0M	0.67%
384	—TRANSLATIONAL DEV ACQUISITIO	152,500	$47.0M	0.67%
385	DRTSALPHA TAU MEDICAL LTD	136,018	$46.0M	0.65%
386	FTWEQV VENTURES AC CORP. II	133,333	$46.0M	0.65%
387	WSTNWESTIN ACQUISITION CORP	250,000	$45.0M	0.64%
388	JACSJACKSON ACQUISITION CO II	175,000	$43.0M	0.61%
389	FACTFACT II ACQUISITION CORP	125,000	$43.0M	0.61%
390	RZLVREZOLVE AI PLC	46,500	$42.0M	0.60%
391	TVAITHAYER VENTURES ACQ CORP II	200,000	$42.0M	0.60%
392	—APEX TREAS CORP	150,000	$41.0M	0.58%
393	VACHVOYAGER ACQUISITION CORP	193,612	$39.0M	0.55%
394	AIRJWAIRJOULE TECHNOLOGIES CORP	46,500	$39.0M	0.55%
395	PACHPIONEER ACQUISITION I CORP	150,000	$39.0M	0.55%
396	COPLCOPLEY ACQUISITION CORP	150,000	$38.0M	0.54%
397	EGHAEGH ACQUISITION CORP.	150,000	$37.0M	0.53%
398	ONCH1RT ACQUISITION CORP.	65,000	$37.0M	0.53%
399	AXINAXIOM INTELLIGENCE AC CORP 1	175,000	$36.0M	0.51%
400	VACIVIKING ACQUISITION CORP I	83,333	$35.0M	0.50%

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