Q4 2025 · 13F-HR
SILVERBACK ASSET MANAGEMENT LLCholdings as filed
Filed 2026-02-17 · accession 0001398344-26-003233
$683.8M
Reported value
56
Positions
2025-12-31
Period end
The Brief · SILVERBACK ASSET MANAGEMENT LLC · Q4 2025
AI · grounded in 13F
Silverback Asset Management LLC closed its position in HYG, reducing exposure by $211.1M. The fund also exited positions in ASTS and [[stock:WDC 3 11/15/28]], totaling losses of $43.6M and $34.3M respectively. On the buy side, the fund established a new position in [[stock:VRNS 1 09/15/29]] for $21.3M and added EZPW with a $17.7M investment.
Holdings as filed
| CUSIP | Ticker | Issuer | Value | % port. | Shares | Class | Voting |
|---|---|---|---|---|---|---|---|
| 81180WBL4 | STX 3.5 06/01/28 | SEAGATE HDD CAYMAN | $51.9M | 7.59% | 15,438,000 | Common | SOLE |
| 19260QAB3 | COIN 0.5 06/01/26 | COINBASE GLOBAL INC | $32.9M | 4.81% | 32,977,000 | Common | SOLE |
| 44932FAA5 | — | IAC 0.875 06/15/26 CVT | $31.0M | 4.53% | 31,603,000 | Common | SOLE |
| 10806XAD4 | BBIO 2.25 02/01/29 | BRIDGEBIO PHARMA INC | $30.4M | 4.44% | 26,950,000 | Common | SOLE |
| 902252AB1 | TYL 0.25 03/15/26 | TYLER TEX INDPT SCH DIST | $28.6M | 4.18% | 28,206,000 | Common | SOLE |
| 682189AS4 | ON 0 05/01/27 | ON SEMICONDUCTOR CORP | $28.1M | 4.11% | 23,571,000 | Common | SOLE |
| 477839AB0 | JBTM 0.25 05/15/26 | JBT MAREL CORPORATION | $28.0M | 4.09% | 27,300,000 | Common | SOLE |
| 928298AR9 | VSH 2.25 09/15/30 | VISHAY INTERTECHNOLOGY INC | $26.9M | 3.93% | 29,833,000 | Common | SOLE |
| 19459JAC8 | COLL 2.875 02/15/29 | COLLEGIUM PHARMACEUTICAL INC | $25.8M | 3.78% | 18,300,000 | Common | SOLE |
| 90353TAM2 | UBER 0.875 12/01/28 2028 | UBER TECHNOLOGIES INC | $24.7M | 3.61% | 19,000,000 | Common | SOLE |
| 30034WAD8 | EVRG 4.5 12/15/27 | EVERGY INC | $24.5M | 3.58% | 20,096,000 | Common | SOLE |
| 922280AD4 | VRNS 1 09/15/29 | VARONIS SYS INC | $21.3M | 3.12% | 22,955,000 | Common | SOLE |
| 733245AD6 | PRCH 9 05/15/30 | PORCH GROUP INC | $19.9M | 2.90% | 17,500,000 | Common | SOLE |
| 302301AG1 | — | EZPW 3.750 12/15/29 CVT | $17.7M | 2.59% | 9,500,000 | Common | SOLE |
| 816850AF8 | SMTC 1.625 11/01/27 | SEMTECH CORP | $15.7M | 2.29% | 7,700,000 | Common | SOLE |
| 83205YAE4 | PENG 2 08/15/30 | PENGUIN SOLUTIONS INC | $15.5M | 2.27% | 15,135,000 | Common | SOLE |
| 67059NAH1 | NTNX 0.25 10/01/27 | NUTANIX INC | $14.1M | 2.06% | 12,500,000 | Common | SOLE |
| 30063PAC9 | EXAS 0.375 03/01/28 | EXACT SCIENCES CORP | $13.9M | 2.03% | 13,500,000 | Common | SOLE |
| 733245AC8 | — | PRCH 6.750 10/01/28 '26 CVT | $13.2M | 1.93% | 13,213,000 | Common | SOLE |
| 977852AP7 | WOLF 2.5 06/15/31 | WOLFSPEED INC | $12.6M | 1.85% | 8,465,000 | Common | SOLE |
| 695127AJ9 | — | PACIRA BIOSCIENCES INC | $12.4M | 1.81% | 12,275,000 | Common | SOLE |
| 007973AE0 | AEIS 2.5 09/15/28 | ADVANCED ENERGY INDS | $12.3M | 1.80% | 7,500,000 | Common | SOLE |
| 00971TAL5 | AKAM 0.375 09/01/27 | AKAMAI TECHNOLOGIES INC | $12.1M | 1.77% | 12,000,000 | Common | SOLE |
| 02043QAC1 | — | ALNY 09/15/28 CVT | $12.1M | 1.76% | 12,500,000 | Common | SOLE |
| 68213NAF6 | OMCL 1 12/01/29 | OMNICELL COM | $11.9M | 1.74% | 11,000,000 | Common | SOLE |
| 70614WAD2 | PTON 5.5 12/01/29 | PELOTON INTERACTIVE INC | $11.8M | 1.73% | 7,120,000 | Common | SOLE |
| 549498202 | LCID | LUCID GROUP INC | $11.6M | 1.69% | 1,094,700 | PUT | SOLE |
| 40637HAD1 | HALO 0.25 03/01/27 | HALOZYME THERAPEUTICS INC | $10.6M | 1.55% | 9,819,000 | Common | SOLE |
| 30050BAH4 | EVH 3.5 12/01/29 | EVOLENT HEALTH INC | $10.4M | 1.52% | 15,500,000 | Common | SOLE |
| 338307AF8 | FIVN 1 03/15/29 | FIVE9 INC | $10.4M | 1.52% | 11,530,000 | Common | SOLE |
| 05988JAD5 | BAND 0.5 04/01/28 | BANDWIDTH INC | $9.2M | 1.35% | 10,500,000 | Common | SOLE |
| 92918V307 | VRM | VROOM INC | $8.5M | 1.24% | 425,488 | Common | SOLE |
| 03209RAB9 | AMPH 2 03/15/29 | AMPHASTAR PHARMACEUTICALS IN | $8.4M | 1.23% | 9,080,000 | Common | SOLE |
| 413160102 | HLIT | HARMONIC INC | $6.4M | 0.94% | 650,000 | Common | SOLE |
| 282914AE0 | EGHT 4 02/01/28 | 8X8 INC NEW | $6.2M | 0.91% | 6,970,000 | Common | SOLE |
| 30050BAJ0 | EVH 4.5 08/15/31 | EVOLENT HEALTH INC | $5.8M | 0.84% | 8,149,000 | Common | SOLE |
| 278768AB2 | SATS 3.875 11/30/30 | ECHOSTAR CORP | $5.7M | 0.83% | 1,685,497 | Common | SOLE |
| 45783QAB6 | NOTV 3.25 10/15/27 | INOTIV INC | $4.1M | 0.60% | 17,092,000 | Common | SOLE |
| 343412AJ1 | FLR 1.125 08/15/29 | FLUOR CORP | $3.9M | 0.57% | 3,444,000 | Common | SOLE |
| 45569U101 | INDI | INDIE SEMICONDUCTOR INC | $3.2M | 0.47% | 901,300 | PUT | SOLE |
| 74732WAA7 | — | QMNDQ 6.750 03/22/13 CVT DFTd | $3.2M | 0.46% | 12,400,000 | Common | SOLE |
| 156727AD1 | CRNC 1.5 07/01/28 | CERENCE INC | $3.1M | 0.45% | 3,400,000 | Common | SOLE |
| 008073108 | AVAV | AEROVIRONMENT INC | $2.9M | 0.43% | 12,100 | Common | SOLE |
| 69331C306 | PCG 6 12/01/27 A | PG&E CORP | $2.9M | 0.42% | 70,000 | Common | SOLE |
| 04271T100 | ARRY | ARRAY TECHNOLOGIES INC | $2.7M | 0.40% | 295,500 | Common | SOLE |
| 21874A106 | CORZ | CORE SCIENTIFIC INC NEW | $2.3M | 0.34% | 160,900 | Common | SOLE |
| 64049M209 | NEO | NEOGENOMICS INC | $1.9M | 0.28% | 165,101 | Common | SOLE |
| 538146309 | LPSN | LIVEPERSON INC | $1.9M | 0.27% | 485,001 | Common | SOLE |
| 00217D100 | ASTS | AST SPACEMOBILE INC | $1.8M | 0.26% | 24,200 | Common | SOLE |
| 38341P102 | GOSS | GOSSAMER BIO INC | $1.6M | 0.23% | 500,000 | Common | SOLE |
| Y7542C130 | STNG | SCORPIO TANKERS INC | $1.5M | 0.22% | 30,000 | Common | SOLE |
| 88023B103 | TEM | TEMPUS AI INC | $1.5M | 0.21% | 24,700 | Common | SOLE |
| 004397105 | ARAY | ACCURAY INC | $1.3M | 0.18% | 1,532,519 | Common | SOLE |
| 88080T104 | WULF | TERAWULF INC | $1.1M | 0.16% | 96,600 | Common | SOLE |
| 55933J203 | MX | MAGNACHIP SEMICONDUCTOR CORP | $561,000 | 0.08% | 220,000 | Common | SOLE |
| 48576U205 | KPTI | KARYOPHARM THERAPEUTICS INC | $294,400 | 0.04% | 40,000 | Common | SOLE |
Source: SEC EDGAR · raw 13F holdings as filed. The Class column shows the option type when reported (Put/Call) or Common when the issuer's equity is held directly. 13F discloses long positions only.