WHITEBOX ADVISORS LLC

Q3 2025 13F-HR Holdings

Location
Minneapolis, MN
Holdings as of
9/30/2025
Date filed
11/14/2025
Form type
13F-HR
Num holdings
427
Total value ($000)
$6,463,850
Net value change ($000)
+1,753,419 (37.2%)
New positions
69
Sold out positions
50
Turnover %
67.2%
Sector allocation + QoQ delta (equities-only)
Prev filing: 8/14/2025 Next filing: 2/17/2026 SEC filing

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)
VRNA 167,161 NEW
CYBR 66,675 NEW
GTLS 63,569 NEW
WNS 59,459 NEW
GPOR 27,483 123.7%
FOXA 24,187 NEW
CIVI 13,000 NEW
GLIBA 12,754 NEW
UAA 11,237 NEW
NWSA 8,612 NEW
Top Reduces (Value $000, Stocks/ETFs)
CHX -81,260 -100.0%
AZEK -58,345 -100.0%
LBRDA -44,004 -32.3%
BPMC -39,736 -100.0%
SpringWorks Therapeutics, Inc. -37,366 -100.0%
INFA -27,240 -54.6%
SB -13,263 -100.0%
LBRDA -12,005 -35.3%
AHC -11,592 -100.0%
NE -9,693 -100.0%
Instrument mix + QoQ Δ (ex-options)
Derivatives reported exposure ($000): 1,273,236 (19.7% 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.
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Instrument:
Issuer Name Ticker Sector Industry Class History Value ($000) % Shares Shares Δ Shares Δ% Value Δ ($000) Value Δ% Principal Option Type