ZAZOVE ASSOCIATES LLC Q4 2025 Filing
Filed February 18, 2026
Portfolio Value
$1.2T
Holdings
160
Report Date
Q4 2025
Filing Type
13F-HR
All Holdings (160 positions)
| # | Stock | Shares | Value | % Portfolio | Type |
|---|---|---|---|---|---|
| 1 | DUK 4.125 04/15/26DUKE ENERGY CORP NEW | 61,110,000 | $63.0B | 5.43% | |
| 2 | TTEK 2.25 08/15/28TETRA TECH INC NEW | 56,880,000 | $61.8B | 5.32% | |
| 3 | TYL 0.25 03/15/26TYLER TEX INDPT SCH DIST | 60,945,000 | $61.8B | 5.32% | |
| 4 | PSN 2.625 03/01/29PARSONS CORP DEL | 59,237,000 | $61.2B | 5.27% | |
| 5 | VTR 3.75 06/01/26VENTAS RLTY LTD PARTNERSHIP | 42,175,000 | $59.8B | 5.15% | |
| 6 | SPOT 0 03/15/26SPOTIFY USA INC | 49,276,000 | $56.1B | 4.83% | |
| 7 | MKSI 1.25 06/01/30MKS INC. | 41,180,000 | $52.7B | 4.54% | |
| 8 | FLR 1.125 08/15/29FLUOR CORP | 39,930,000 | $45.7B | 3.93% | |
| 9 | NTNX 0.25 10/01/27NUTANIX INC | 30,975,000 | $34.9B | 3.00% | |
| 10 | ITRI 1.375 07/15/30ITRON INC | 33,865,000 | $34.3B | 2.96% | |
| 11 | JAZZ 3.125 09/15/30JAZZ INVESTMENTS I LTD | 23,135,000 | $30.9B | 2.66% | |
| 12 | PPL 2.875 03/15/28PPL CAP FDG INC | 27,880,000 | $30.6B | 2.64% | |
| 13 | SO 4.5 06/15/27SOUTHERN CO | 28,550,000 | $30.5B | 2.63% | |
| 14 | RGEN 1 12/15/28REPLIGEN CORP | 26,300,000 | $28.9B | 2.49% | |
| 15 | SSRMCN 2.5 04/01/39SSR MINING IN | 21,755,000 | $28.6B | 2.46% | |
| 16 | GWRE 1.25 11/01/29GUIDEWIRE SOFTWARE INC | 25,305,000 | $27.9B | 2.40% | |
| 17 | VRNS 1 09/15/29VARONIS SYS INC | 23,985,000 | $22.3B | 1.92% | |
| 18 | HAE 2.5 06/01/29HAEMONETICS CORP MASS | 21,275,000 | $22.1B | 1.91% | |
| 19 | AVAV 0 07/15/30AEROVIRONMENT INC | 19,815,000 | $21.6B | 1.86% | |
| 20 | EVRG 4.5 12/15/27EVERGY INC | 17,265,000 | $21.1B | 1.82% | |
| 21 | BAC 0.6 05/25/27 MTNBOFA FIN LLC | 18,942,000 | $20.6B | 1.77% | |
| 22 | BKD 2 10/15/26BROOKDALE SR LIVING INC | 14,350,000 | $19.7B | 1.70% | |
| 23 | ITGR 2.125 02/15/28INTEGER HLDGS CORP | 15,445,000 | $17.5B | 1.50% | |
| 24 | BHR 4.5 06/01/26BRAEMAR HOTELS & RESORTS INC | 17,450,000 | $17.2B | 1.48% | |
| 25 | GPN 1.5 03/01/31GLOBAL PMTS INC | 16,960,000 | $15.3B | 1.31% | |
| 26 | GVA 3.25 06/15/30GRANITE CONSTR INC | 8,175,000 | $13.1B | 1.12% | |
| 27 | NOG 3.625 04/15/29NORTHERN OIL & GAS INC | 13,401,000 | $13.0B | 1.12% | |
| 28 | LYV 2.875 01/15/30LIVE NATION ENTERTAINMENT IN | 11,190,000 | $11.8B | 1.02% | |
| 29 | F 0 03/15/26FORD MTR CO | 10,685,000 | $11.1B | 0.96% | |
| 30 | BTU 3.25 03/01/28PEABODY ENGR CORP | 6,000,000 | $10.1B | 0.87% | |
| 31 | BAC 7.25 PERP LBANK AMERICA CORP | 7,817 | $9.8B | 0.84% | |
| 32 | EXPE 0 02/15/26EXPEDIA GROUP INC | 8,297,000 | $9.3B | 0.80% | |
| 33 | ENOV 3.875 10/15/28ENOVIS CORPORATION | 9,055,000 | $8.9B | 0.76% | |
| 34 | AWK 3.625 06/15/26AMERICAN WTR CAP CORP | 8,555,000 | $8.5B | 0.73% | |
| 35 | OPK 3.75 01/15/29OPKO HEALTH INC | 5,918,000 | $7.9B | 0.68% | |
| 36 | VERX 0.75 05/01/29VERTEX INC | 8,095,000 | $7.7B | 0.66% | |
| 37 | BHRBRAEMAR HOTELS & RESORTS INC | 2,432,460 | $7.0B | 0.60% | |
| 38 | FRPT 3 04/01/28FRESHPET INC | 5,770,000 | $6.8B | 0.58% | |
| 39 | PCG 4.25 12/01/27PG&E CORP | 6,000,000 | $6.2B | 0.53% | |
| 40 | WKC 3.25 07/01/28WORLD KINECT CORPORATION | 5,095,000 | $5.4B | 0.46% | |
| 41 | LNT 3.875 03/15/26ALLIANT ENERGY CORP | 5,000,000 | $5.2B | 0.45% | |
| 42 | KYNKAYNE ANDERSON ENERGY INFRST | 414,961 | $5.1B | 0.44% | |
| 43 | RIVN 4.625 03/15/29RIVIAN AUTOMOTIVE INC | 4,000,000 | $5.0B | 0.43% | |
| 44 | AFRM 0.75 12/15/29AFFIRM HLDGS INC | 4,500,000 | $5.0B | 0.43% | |
| 45 | VUSBVANGUARD BD INDEX FDS | 100,000 | $5.0B | 0.43% | |
| 46 | SNOW 0 10/01/29SNOWFLAKE INC | 2,965,000 | $4.6B | 0.40% | |
| 47 | UONEURBAN ONE INC | 5,083,163 | $4.3B | 0.37% | |
| 48 | LYFT 0.625 03/01/29LYFT INC | 3,500,000 | $4.2B | 0.36% | |
| 49 | MTH 1.75 05/15/28MERITAGE HOMES CORP | 4,150,000 | $4.1B | 0.35% | |
| 50 | UANCVR PARTNERS LP | 39,345 | $4.0B | 0.35% | |
| 51 | ON 0.5 03/01/29ON SEMICONDUCTOR CORP | 4,000,000 | $3.8B | 0.33% | |
| 52 | TMDX 1.5 06/01/28TRANSMEDICS GROUP INC | 2,500,000 | $3.7B | 0.32% | |
| 53 | FWONK 2.25 08/15/27LIBERTY MEDIA CORP DEL | 2,920,000 | $3.7B | 0.32% | |
| 54 | SIRI 3.75 03/15/28LIBERTY MEDIA CORP DEL | 3,300,000 | $3.3B | 0.29% | |
| 55 | GRNTGRANITE RIDGE RESOURCES INC | 683,056 | $3.2B | 0.28% | |
| 56 | AGCN 0.375 01/15/27FIRST MAJESTIC SILVER CORP | 2,600,000 | $3.2B | 0.28% | |
| 57 | CCOCLEAR CHANNEL OUTDOOR HLDGS | 1,360,000 | $3.0B | 0.26% | |
| 58 | LNTH 2.625 12/15/27LANTHEUS HLDGS INC | 2,500,000 | $2.9B | 0.25% | |
| 59 | KOS 3.125 03/15/30KOSMOS ENERGY LTD | 6,525,000 | $2.8B | 0.24% | |
| 60 | DDOG 0 12/01/29DATADOG INC | 2,800,000 | $2.8B | 0.24% | |
| 61 | FLNC 2.25 06/15/30FLUENCE ENERGY INC | 2,000,000 | $2.4B | 0.21% | |
| 62 | WESTWESTROCK COFFEE CO | 593,726 | $2.4B | 0.21% | |
| 63 | CMS 3.375 05/01/28CMS ENERGY CORP | 2,105,000 | $2.3B | 0.19% | |
| 64 | UPST 1 11/15/30UPSTART HLDGS INC | 2,500,000 | $2.2B | 0.19% | |
| 65 | RUMBWRUMBLE INC | 1,129,943 | $2.2B | 0.19% | |
| 66 | BHR 5.5 PERP bBRAEMAR HOTELS & RESORTS INC | 144,113 | $2.1B | 0.18% | |
| 67 | JD 0.25 06/01/29JD.COM INC | 2,130,000 | $2.1B | 0.18% | |
| 68 | GRPN 6.25 03/15/27 *GROUPON INC | 2,000,000 | $2.1B | 0.18% | |
| 69 | ASAASA GOLD AND PRECIOUS MTLS L | 31,655 | $1.9B | 0.16% | |
| 70 | LUXELUXEXPERIENCE BV | 200,374 | $1.7B | 0.14% | |
| 71 | NCLH 2.5 02/15/27NCL CORP LTD | 1,500,000 | $1.5B | 0.13% | |
| 72 | MNTNMNTN INC | 126,601 | $1.5B | 0.13% | |
| 73 | REALTHE REALREAL INC | 95,000 | $1.5B | 0.13% | |
| 74 | ASND 2.25 04/01/28ASCENDIS PHARMA A/S | 1,050,000 | $1.5B | 0.13% | |
| 75 | B7SBROOKDALE SR LIVING INC | 130,000 | $1.4B | 0.12% | |
| 76 | OPFI/WSOPPFI INC | 909,467 | $1.4B | 0.12% | |
| 77 | GROYGOLD ROYALTY CORP | 335,000 | $1.4B | 0.12% | |
| 78 | BTGB2GOLD CORP | 934,200 | $1.2B | 0.11% | |
| 79 | NNAVWNEXTNAV INC | 170,655 | $1.2B | 0.11% | |
| 80 | ACHR/WSARCHER AVIATION INC | 997,040 | $1.1B | 0.10% | |
| 81 | NCLH 1.125 02/15/27NCL CORP LTD | 1,095,000 | $1.1B | 0.09% | |
| 82 | SOYSUNOPTA INC | 275,000 | $1.0B | 0.09% | |
| 83 | GDLGDL FD | 120,522 | $1.0B | 0.09% | |
| 84 | NCMINATIONAL CINEMEDIA INC | 257,375 | $1.0B | 0.09% | |
| 85 | ODVOSISKO DEVELOPMENT CORP | 260,000 | $907.0M | 0.08% | |
| 86 | PL/WSPLANET LABS PBC | 95,000 | $815.0M | 0.07% | |
| 87 | NPWR/WSNET POWER INC | 1,538,612 | $807.0M | 0.07% | |
| 88 | BRCCBRC INC | 539,454 | $598.0M | 0.05% | |
| 89 | FOUR 0.5 08/01/27SHIFT4 PMTS INC | 600,000 | $579.0M | 0.05% | |
| 90 | THCHTH INTERNATIONAL LIMITED | 228,387 | $568.0M | 0.05% | |
| 91 | BAND 0.5 04/01/28BANDWIDTH INC | 630,000 | $554.0M | 0.05% | |
| 92 | PCTTWPURECYCLE TECHNOLOGIES INC | 575,464 | $552.0M | 0.05% | |
| 93 | IRWD 1.5 06/15/26IRONWOOD PHARMACEUTICALS INC | 550,000 | $522.0M | 0.04% | |
| 94 | SZ7AMERICAS GOLD AND SILVER COR | 100,000 | $511.0M | 0.04% | |
| 95 | —RYDER SYS INC | 25,600 | $464.0M | 0.04% | |
| 96 | LARCN 1.75 01/15/27LITHIUM ARGENTINA AG | 500,000 | $454.0M | 0.04% | |
| 97 | UONEEURURBAN ONE INC | 431,816 | $449.0M | 0.04% | |
| 98 | ARRY 1 12/01/28ARRAY TECHNOLOGIES INC | 495,000 | $448.0M | 0.04% | |
| 99 | GELGENESIS ENERGY L P | 133,800 | $441.0M | 0.04% | |
| 100 | SNAP 0.125 03/01/28SNAP INC | 460,000 | $419.0M | 0.04% |
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