HEIGHTS CAPITAL MANAGEMENT, INC

Q3 2025 13F-HR Detailed Holdings

Location

San Francisco, CA

Holdings as of

9/30/2025

Date filed

11/18/2025

Form type

13F-HR - RESTATEMENT

Num holdings

182

Total value ($000)

$351,004

Net value change ($000)

-23,703 (-6.3%)

New positions

Sold out positions

Turnover %

73.3%

Sector allocation + QoQ delta (equities-only)

Holdings broken out by other managers reported in the original SEC filing. View aggregated holdings

You are on the SEC detailed breakdown page. Rows are shown as reported in the filing (including other manager, discretion, and voting authority fields), and are not merged like the standard holdings view. Switch to aggregated holdings.

Snapshot: Change Analysis

Compared to Q2 2025

Methodology: sector metrics are equities-only; instrument mix chart is ex-options; options exposure is shown separately. Why this matters.

Top Adds (Value $000, Stocks/ETFs)

IBRX	16,152	NEW
DFDV	8,976	NEW
EMPD	7,520	NEW
ABSI	6,081	NEW
MBAV	5,275	NEW
DMII	5,165	NEW
KCHV	5,015	NEW
NMP	4,550	NEW
AVX	4,225	NEW
EMIS	3,493	NEW

Top Reduces (Value $000, Stocks/ETFs)

ACHR	-25,088	-100.0%
NA	-12,763	-95.5%
AMSC	-12,478	-100.0%
ALVO	-9,947	-100.0%
FLUT	-9,343	-11.1%
ONDS	-7,383	-100.0%
ADCT	-6,285	-82.8%
KCHV	-5,088	-100.0%
BMEA	-4,007	-58.0%
KTOS	-3,484	-100.0%

Instrument mix + QoQ Δ (ex-options)

Derivatives reported exposure ($000): 36,408 (10.4% of total reported value)

How this table is calculated: SEC VALUE ($000) is used as reported. For derivatives (PUT/CALL/WARRANT/RIGHT), SEC value represents reported underlying exposure, not premium cash paid/received. Column % is bucket-based: non-options share is calculated inside non-option total, options share is calculated inside options total. Details.

Filter:

Instrument:

Issuer Name	Ticker	Sector	Industry	Class	History	Value ($000)	%	Shares	Shares Δ	Shares Δ%	Value Δ ($000)	Value Δ%	Principal	Option Type	Discretion	Other Manager	Sole	Shared	None

Other Managers

Num	Name	File Number
12	CVI Investments, Inc.	028-17822