Graham Capital Management, L.P.
CIK 1315421 · Holdings on Dec 31, 2025 · First reported Feb 17, 2026
Top ten holdings
Q4 2025- 038169AB45.91%
- IBIT2.65%
- 86771WAD72.58%
- 74623VAB92.37%
- 76954AAD52.31%
- 393222AM62.11%
- 88688TAC42.09%
- 88339PAJ02.07%
- 399473AK32.00%
- AMZN1.96%
Share classes counted separately26.05%
Portfolio value by quarter
What changed this quarter?
Within preview · weight change- IBITWeight decreased · -2.92 pp5.57% → 2.65%Shares -764.56K (-33.06%)
- EWCWeight increased · +1.26 pp0.24% → 1.50%Shares +677.85K (+525.46%)
- 88339PAJ0Weight increased · +1.11 pp0.96% → 2.07%Shares +15.37M (+76.39%)
Weight = security value ÷ total reported holdings value. Changes are in percentage points; price moves also affect weights, so they are not trade sizes.
Top 10 holdings 25
USD · B = billion · M = million; expand a row for exact values| # | Security | Value | Weight | Quantity | Weight / quantity change | Activity | |
|---|---|---|---|---|---|---|---|
| 01 | 038169AB4APPLIED DIGITAL CORPNOTE 2.750% 6/0 View history and evidence | $171.70M | 5.91% | 63.74M principal (USD) | Prior unavailable +63.74M | New | ↗▾ |
| 02 | IBITISHARES BITCOIN TRUST ETFSHS BEN INT View history and evidence | $76.85M | 2.65% | 1.55M shares | 5.57% → 2.65%-2.92 pp -764.56K (-33.06%) | Reduced | ↗▾ |
| 03 | 86771WAD7SUNRUN INCNOTE 4.000% 3/0 View history and evidence | $74.93M | 2.58% | 52.94M principal (USD) | 2.35% → 2.58%+0.23 pp +5.88M (+12.50%) | Added | ↗▾ |
| 04 | 74623VAB9PURECYCLE TECHNOLOGIESNOTE 7.250% 8/1 View history and evidence | $68.90M | 2.37% | 68.17M principal (USD) | 2.79% → 2.37%-0.42 pp +5.60M (+8.95%) | Added | ↗▾ |
| 05 | 76954AAD5RIVIAN AUTO INCNOTE 3.625%10/1 View history and evidence | $67.11M | 2.31% | 59.79M principal (USD) | 2.04% → 2.31%+0.27 pp 0 (0.00%) | Unchanged | ↗▾ |
| 06 | 393222AM6GREEN PLAINS INCNOTE 5.250%11/0 View history and evidence | $61.40M | 2.11% | 58.31M principal (USD) | Prior unavailable +58.31M | New | ↗▾ |
| 07 | 88688TAC4TILRAY BRANDS INCNOTE 5.200% 6/1 View history and evidence | $60.85M | 2.09% | 59.50M principal (USD) | 2.54% → 2.09%-0.45 pp +1.00M (+1.71%) | Added | ↗▾ |
| 08 | 88339PAJ0THE REALREAL INCDEBT 4.000% 2/1 View history and evidence | $60.25M | 2.07% | 35.50M principal (USD) | 0.96% → 2.07%+1.11 pp +15.37M (+76.39%) | Added | ↗▾ |
| 09 | 399473AK3GROUPON INCNOTE 4.875% 6/3 View history and evidence | $58.21M | 2.00% | 65.47M principal (USD) | 1.45% → 2.00%+0.55 pp +23.38M (+55.56%) | Added | ↗▾ |
| 10 | AMZNAMAZON.COM INC View history and evidence | $56.98M | 1.96% | 246.87K shares | 1.36% → 1.96%+0.60 pp +80.17K (+48.10%) | Added | ↗▾ |
Options overlay 28
$1.27B notionalPut and Call positions are separate. Notional is based on underlying securities, not option premium, market value or net exposure. Quantities are underlying shares.
| Security | Put / Call | Underlying shares | Notional | Quantity change | |
|---|---|---|---|---|---|
MSTRSTRATEGY INCCL A NEW View history and evidence | Put | 4.16M | $632.20M | -76.60K (-1.81%) | ▾ |
QQQINVESCO QQQ TRUST SERIES 1UNIT SER 1 View history and evidence | Put | 190.00K | $116.72M | -10.00K (-5.00%) | ▾ |
IBITISHARES BITCOIN TRUST ETFSHS BEN INT View history and evidence | Put | 2.16M | $107.33M | -215.90K (-9.08%) | ▾ |
3 / 28 options · preview only
Exited positions 469
| Security | Type | Shares out | Value out | Previous filing | This filing |
|---|---|---|---|---|---|
| IWM ISHARES RUSSELL 2000 ETF | Put | -3,897,000 | -$942.92M | SEC filing ↗ | SEC filing ↗ |
| 093712AM9 BLOOM ENERGY CORP | Non-derivative | -51,510,000 | -$213.72M | SEC filing ↗ | SEC filing ↗ |
| IWM ISHARES RUSSELL 2000 ETF | Call | -588,200 | -$142.32M | SEC filing ↗ | SEC filing ↗ |
3 / 469 preview exits. Up to 30 exit records are previewed. Exit means absent from the current filing; execution date, price and proceeds are unknown.
Every number has a source.
CIK 1315421 · Period 2025-12-31
Data loaded 2026-09-23 · First reported 2026-02-17
Amendments and versions
{
"amendments_merged": null,
"prior_versions": null,
"cover_table_value": 4178760475
}Research all 1,189 reported holdings.
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