Q4 2025 · 13F-HR
First Trust Capital Management L.P.holdings as filed
Filed 2026-02-13 · accession 0001604488-26-000005
$1.65B
Reported value
162
Positions
2025-12-31
Period end
The Brief · First Trust Capital Management L.P. · Q4 2025
AI · grounded in 13F
First Trust Capital Management L.P. closed its position in W9N0 for a reduction of $103.8M. The fund also exited positions in VRNA and VBTX, reducing exposure by $97M and $86.1M respectively. On the buy side, the fund established new positions in CADE for $90.5M, DAY for $66.3M, and CMA for $65.7M. Overall, the fund added 87 positions and reduced 57.
Holdings as filed
| CUSIP | Ticker | Issuer | Value | % port. | Shares | Class | Voting |
|---|---|---|---|---|---|---|---|
| 12740C103 | CADE | CADENCE BANK | $90.5M | 5.48% | 2,112,573 | Common | SOLE |
| M2682V108 | CYBR | CYBERARK SOFTWARE LTD | $73.4M | 4.44% | 164,574 | Common | SOLE |
| 15677J108 | DAY | DAYFORCE INC | $66.3M | 4.01% | 958,960 | Common | SOLE |
| 200340107 | CMA | COMERICA INC | $65.7M | 3.98% | 756,333 | Common | SOLE |
| 014491104 | ALEX | ALEXANDER & BALDWIN INC NEW | $50.4M | 3.05% | 2,443,064 | Common | SOLE |
| 171757206 | CDTX | CIDARA THERAPEUTICS INC | $45.3M | 2.74% | 205,233 | Common | SOLE |
| 431571108 | 9HI | HILLENBRAND INC | $42.6M | 2.58% | 1,342,891 | Common | SOLE |
| 87161C501 | SYU1 | SYNOVUS FINL CORP | $42.0M | 2.54% | 838,645 | Common | SOLE |
| 185123106 | CWAN | CLEARWATER ANALYTICS HLDGS I | $35.7M | 2.16% | 1,479,650 | Common | SOLE |
| G1000R101 | AAM | AA MISSION ACQUISITION CORP | $31.8M | 1.93% | 2,984,992 | Common | SOLE |
| G0131Y100 | ANSC | AGRICULTURE & NAT SOL ACQ CO | $31.0M | 1.87% | 2,768,028 | Common | SOLE |
| G20315100 | ALF | CENTURION ACQUISITION CORP | $29.2M | 1.77% | 2,745,000 | Common | SOLE |
| 30063P105 | EXK | EXACT SCIENCES CORP | $27.9M | 1.69% | 274,864 | Common | SOLE |
| 81211K100 | SDA | SEALED AIR CORP NEW | $26.2M | 1.59% | 632,818 | Common | SOLE |
| G2847J104 | DMAA | DRUGS MADE IN AMER ACQUTN CO | $23.3M | 1.41% | 2,242,500 | Common | SOLE |
| 436440101 | HO1 | HOLOGIC INC | $23.1M | 1.40% | 309,557 | Common | SOLE |
| G4036C106 | GRAF | GRAF GLOBAL CORP | $23.0M | 1.39% | 2,139,248 | Common | SOLE |
| G5501C109 | CUB | LIONHEART HOLDINGS | $22.8M | 1.38% | 2,145,000 | Common | SOLE |
| 47074L105 | JAMF | JAMF HLDG CORP | $22.7M | 1.37% | 1,741,286 | Common | SOLE |
| G4035N103 | GPAT | GP-ACT III ACQUISITION CORP | $22.4M | 1.35% | 2,091,077 | Common | SOLE |
| 35909D109 | FYBR | FRONTIER COMMUNICATIONS PARE | $22.2M | 1.35% | 584,236 | Common | SOLE |
| G5S86M100 | LPAA | LAUNCH ONE ACQUISITION CORP | $21.9M | 1.33% | 2,070,000 | Common | SOLE |
| G93A7H104 | VACH | VOYAGER ACQUISITION CORP | $21.6M | 1.31% | 2,020,947 | Common | SOLE |
| G2851K104 | DMII | DRUGS MADE IN AMER ACQ II CO | $20.5M | 1.24% | 2,068,118 | Common | SOLE |
| 285512109 | EA | ELECTRONIC ARTS INC | $19.9M | 1.21% | 97,562 | Common | SOLE |
| G8431T101 | SIMA | SIM ACQUISITION CORP. I | $19.1M | 1.15% | 1,800,000 | Common | SOLE |
| 729640102 | PLYM | PLYMOUTH INDL REIT INC | $18.7M | 1.13% | 856,618 | Common | SOLE |
| 426927109 | XHC | HERITAGE COMM CORP | $18.6M | 1.13% | 1,550,000 | Common | SOLE |
| G9580A109 | VNME | VENDOME ACQUISITION CORP I | $18.6M | 1.12% | 1,850,000 | Common | SOLE |
| G8118C124 | SDHI | SIDDHI ACQUISITION CORP | $17.0M | 1.03% | 1,658,359 | Common | SOLE |
| G4375F108 | HYAC | HAYMAKER ACQUISITION CORP IV | $16.6M | 1.00% | 1,455,666 | Common | SOLE |
| 69702V107 | PSBD | PALMER SQUARE CAPITAL BDC IN | $15.7M | 0.95% | 1,288,337 | Common | SOLE |
| 03152W109 | AM6 | AMICUS THERAPEUTICS INC | $15.5M | 0.94% | 1,088,721 | Common | SOLE |
| G6004G100 | MACI | MELAR ACQUISITION CORP. I | $14.9M | 0.90% | 1,400,000 | Common | SOLE |
| G5451A103 | LEGT | LEGATO MERGER CORP III | $14.4M | 0.87% | 1,325,312 | Common | SOLE |
| 20717M103 | 8QR | CONFLUENT INC | $14.0M | 0.85% | 462,084 | Common | SOLE |
| 34629L202 | FRGE | FORGE GLOBAL HOLDINGS INC | $13.7M | 0.83% | 307,802 | Common | SOLE |
| 16935C109 | CHYM | CHIME FINL INC | $13.5M | 0.82% | 536,989 | Common | SOLE |
| G8772L105 | TVA | TEXAS VENTURES ACQUISITION I | $13.5M | 0.82% | 1,264,881 | Common | SOLE |
| G75751100 | RAC | RITHM ACQUISITION CORP | $12.5M | 0.76% | 1,201,650 | Common | SOLE |
| G1828A108 | CAEP | CANTOR EQUITY PARTNERS III I | $12.4M | 0.75% | 1,213,649 | Common | SOLE |
| G5509P102 | LOKV | LIVE OAK ACQUISITION CORP V | $11.3M | 0.69% | 1,100,000 | Common | SOLE |
| 04635X102 | CATBUSD | ASTRIA THERAPEUTICS INC | $10.9M | 0.66% | 831,357 | Common | SOLE |
| 24869P104 | DENN | DENNYS CORP | $10.6M | 0.64% | 1,701,392 | Common | SOLE |
| G82745103 | SOUL | SOULPOWER ACQUISITION CORP | $10.6M | 0.64% | 1,039,570 | Common | SOLE |
| G1828E100 | CEPF | CANTOR EQUITY PARTNERS IV IN | $10.3M | 0.62% | 1,000,000 | Common | SOLE |
| G6301B101 | MLAC | MOUNTAIN LAKE ACQUISITION CO | $10.2M | 0.62% | 980,393 | Common | SOLE |
| G6486E102 | NHIC | NEWHOLD INVT CORP III | $9.6M | 0.58% | 930,448 | Common | SOLE |
| G4R12K107 | GSRF | GSR IV ACQUISITION CORP | $9.4M | 0.57% | 945,910 | Common | SOLE |
| G73944103 | RAAQ | REAL ASSET ACQUISITION CORP | $9.3M | 0.56% | 908,700 | Common | SOLE |
| G2868C103 | DAAQ | DIGITAL ASSET ACQUISITION CO | $9.0M | 0.54% | 884,398 | Common | SOLE |
| G9877L107 | CHAR | CHARLTON ARIA ACQUISITION CO | $8.7M | 0.52% | 828,750 | Common | SOLE |
| G04104108 | APXT | APEX TREAS CORP | $8.4M | 0.51% | 850,000 | Common | SOLE |
| G1051H101 | TACO | BERTO ACQUISITION CORP | $7.9M | 0.48% | 774,998 | Common | SOLE |
| G7375C108 | RANG | RANGE CAP ACQUISITION CORP | $7.8M | 0.47% | 750,000 | Common | SOLE |
| G93Y09107 | — | VINE HILL CAP INVT CORP. | $7.8M | 0.47% | 725,310 | Common | SOLE |
| G01341109 | AFJK | AIMEI HEALTH TECHNOLOGY CO L | $7.7M | 0.47% | 680,000 | Common | SOLE |
| G8901A103 | TACH | TITAN ACQUISITION CORP | $7.7M | 0.47% | 750,000 | Common | SOLE |
| G0701G109 | BDCI | BTC DEV CORP | $7.5M | 0.45% | 750,000 | Common | SOLE |
| G6032N127 | MESHU | MESHFLOW ACQUISITION CORP | $7.5M | 0.45% | 750,000 | Common | SOLE |
| 09549B104 | BLFY | BLUE FOUNDRY BANCORP | $7.5M | 0.45% | 602,268 | Common | SOLE |
| 81686C104 | 628 | SEMRUSH HLDGS INC | $7.4M | 0.45% | 625,206 | Common | SOLE |
| G2867S109 | IPOD | DUNE ACQUISITION CORP II | $7.2M | 0.43% | 699,992 | Common | SOLE |
| G9008W105 | TDAC | TRANSLATIONAL DEV ACQUISITIO | $6.8M | 0.41% | 649,998 | Common | SOLE |
| G7134A104 | PLMK | PLUM ACQUISITION CORP IV | $6.8M | 0.41% | 650,000 | Common | SOLE |
| G7866D128 | SCIIU | SC II ACQUISITION CORP | $6.8M | 0.41% | 675,000 | Common | SOLE |
| G0750N104 | AXIN | AXIOM INTELLIGENCE AC CORP 1 | $6.5M | 0.40% | 650,000 | Common | SOLE |
| G9582G104 | VACI | VIKING ACQUISITION CORP I | $6.4M | 0.39% | 649,998 | Common | SOLE |
| G3106Q102 | EVAC | EQV VENTURES AC CORP. II | $6.3M | 0.38% | 627,045 | Common | SOLE |
| G26745102 | POLE | ANDRETTI ACQUISITION CORP II | $6.2M | 0.38% | 590,809 | Common | SOLE |
| G1828S109 | CEPV | CANTOR EQUITY PARTNERS V INC | $6.2M | 0.38% | 605,189 | Common | SOLE |
| G1169T104 | MRLN | INFLECTION POINT ACQUISITION | $6.1M | 0.37% | 573,278 | Common | SOLE |
| G25014120 | CRANU | CRANE HBR ACQUISITION CORP I | $6.0M | 0.37% | 600,000 | Common | SOLE |
| 46283H202 | IRHOU | IRON HORSE ACQUISIT CORP II | $6.0M | 0.36% | 600,000 | Common | SOLE |
| G9R39C103 | WENN | WEN ACQUISITION CORP | $6.0M | 0.36% | 589,658 | Common | SOLE |
| G4814G105 | DYOR | INSIGHT DIGITAL PARTNERS II | $5.9M | 0.36% | 600,000 | Common | SOLE |
| G4992A110 | JACS | JACKSON ACQUISITION CO II | $5.9M | 0.36% | 567,500 | Common | SOLE |
| G4002F109 | GTEN | GORES HLDGS X INC | $5.6M | 0.34% | 543,596 | Common | SOLE |
| G75389109 | RFAI | RF ACQUISITION CORP II | $5.5M | 0.33% | 514,506 | Common | SOLE |
| G2124S108 | CHPG | CHAMPIONSGATE ACQUISITION CO | $5.2M | 0.32% | 514,174 | Common | SOLE |
| G86880104 | TAVI | TAVIA ACQUISITION CORP | $5.2M | 0.32% | 500,000 | Common | SOLE |
| G47875102 | IPCX | INFLECTION PT ACQUISITION CO | $5.1M | 0.31% | 500,000 | Common | SOLE |
| G7117W107 | PACH | PIONEER ACQUISITION I CORP | $5.0M | 0.30% | 500,000 | Common | SOLE |
| G42386121 | HCACU | HALL CHADWICK ACQUISITION CO | $5.0M | 0.30% | 500,000 | Common | SOLE |
| G3852D107 | GSHR | GESHER ACQUISITION CORP. II | $5.0M | 0.30% | 482,440 | Common | SOLE |
| G2949T109 | DNMX | DYNAMIX CORP III | $4.9M | 0.30% | 500,000 | Common | SOLE |
| G4924G102 | IGAC | INVEST GREEN ACQUISITION COR | $4.9M | 0.30% | 500,000 | Common | SOLE |
| G7633M104 | DRDB | ROMAN DBDR ACQUISITION CORP | $4.8M | 0.29% | 464,955 | Common | SOLE |
| G3933N116 | GTERA | GLOBA TERRA ACQUISITION COR | $4.8M | 0.29% | 473,583 | Common | SOLE |
| G81354105 | SBXD | SILVERBOX CORP IV | $4.7M | 0.29% | 445,168 | Common | SOLE |
| G0R38G104 | XRPN | ARMADA ACQUISITION CORP II | $4.7M | 0.28% | 458,864 | Common | SOLE |
| G3415K101 | FERA | FIFTH ERA ACQUISITION CORP I | $4.6M | 0.28% | 450,000 | Common | SOLE |
| G7257A105 | PCAP | PROCAP ACQUISITION CORP | $4.6M | 0.28% | 451,695 | Common | SOLE |
| G3226F101 | EVOX | EVOLUTION GLOBAL ACQUISITION | $4.5M | 0.27% | 460,000 | Common | SOLE |
| G1827K107 | CEPO | CANTOR EQUITY PARTNERS I INC | $4.3M | 0.26% | 409,698 | Common | SOLE |
| G8193F109 | SZZL | SIZZLE ACQUISITION CORP. II | $4.1M | 0.25% | 405,813 | Common | SOLE |
| G17564108 | CRAQ | CAL REDWOOD ACQUISITION CORP | $4.1M | 0.25% | 400,000 | Common | SOLE |
| G3730U107 | FCRS | FUTURECREST ACQUISITION CORP | $4.0M | 0.24% | 400,000 | Common | SOLE |
| G9709D125 | VHCPU | VINE HILL CAP INVTS CORP II | $4.0M | 0.24% | 400,000 | Common | SOLE |
| G63221108 | MBVI | M3-BRIGADE ACQUISITION VI CO | $4.0M | 0.24% | 399,999 | Common | SOLE |
| G2584S101 | KOYN | CSLM DIGITA ASSET ACQ CORP I | $4.0M | 0.24% | 400,000 | Common | SOLE |
| G8773E126 | BEBE/U | TGE VALUE CREATIVE SOLUTIONS | $4.0M | 0.24% | 400,000 | Common | SOLE |
| G8662J111 | TDWD | TAILWIND 2.0 ACQUISITION COR | $3.9M | 0.24% | 400,000 | Common | SOLE |
| G0509J115 | AACB | ARTIUS II ACQUISITION INC | $3.9M | 0.24% | 380,000 | Common | SOLE |
| G0R91M121 | ADACU | AMERICAN DRIVE ACQUISITION C | $3.9M | 0.23% | 386,399 | Common | SOLE |
| G7515A103 | RDAG | REPUBLIC DIGITAL ACQUISITION | $3.6M | 0.22% | 359,998 | Common | SOLE |
| G7490F101 | RTAC | RENATUS TACTICAL ACQUIS | $3.6M | 0.22% | 333,400 | Common | SOLE |
| G8377R101 | SVAC | SPRING VY ACQUISITION CORP I | $3.5M | 0.21% | 343,194 | Common | SOLE |
| G81306105 | SVAQU | SILICON VY ACQUISITION CORP | $3.5M | 0.21% | 350,000 | Common | SOLE |
| G1352R121 | BLRKU | BLUEROCK ACQUISITION CORP | $3.3M | 0.20% | 333,042 | Common | SOLE |
| G38648104 | GIG | GIGCAPITAL7 CORP | $3.3M | 0.20% | 314,885 | Common | SOLE |
| G6757R105 | ONCH | 1RT ACQUISITION CORP. | $3.1M | 0.19% | 299,996 | Common | SOLE |
| G77676123 | SAC/U | SAFEGUARD ACQUISITION CORP | $3.0M | 0.18% | 300,000 | Common | SOLE |
| G4977S128 | ITHAU | ITHAX ACQUISITION CORP III | $3.0M | 0.18% | 300,000 | Common | SOLE |
| G53426105 | LAFA | LAFAYETTE ACQUISITION CORP | $3.0M | 0.18% | 300,000 | Common | SOLE |
| 05370A108 | RNAGBP | AVIDITY BIOSCIENCES INC | $2.9M | 0.17% | 40,000 | Common | SOLE |
| G98659116 | MCGA | YORKVILLE ACQUISITION CORP. | $2.7M | 0.16% | 262,030 | Common | SOLE |
| G1368E106 | BLUW | BLUE WTR ACQUISITION CORP. I | $2.6M | 0.16% | 249,998 | Common | SOLE |
| G3473K100 | FIGX | FIGX CAP ACQUISITION CORP. | $2.5M | 0.15% | 250,000 | Common | SOLE |
| G7309T102 | PAII | PYROPHYTE ACQUISITION CORP. | $2.5M | 0.15% | 250,000 | Common | SOLE |
| G4569C101 | HVMC | HIGHVIEW MERGER CORP | $2.5M | 0.15% | 250,000 | Common | SOLE |
| G1000S109 | YCY | AA MISSION ACQUISITION CORP | $2.5M | 0.15% | 250,000 | Common | SOLE |
| G5093B105 | JENA | JENA ACQUISITION CORP II | $2.3M | 0.14% | 221,610 | Common | SOLE |
| G2254C121 | CCII | COHEN CIRCLE ACQUISIT CORP I | $2.0M | 0.12% | 200,000 | Common | SOLE |
| G0233J126 | ALUB/U | ALUSSA ENERGY ACQUISITION CO | $2.0M | 0.12% | 200,000 | Common | SOLE |
| G8148S123 | SBXE/U | SILVERBOX CORP V | $2.0M | 0.12% | 200,000 | Common | SOLE |
| G9009S103 | BLZR | TRAILBLAZER ACQUISITION CORP | $2.0M | 0.12% | 199,998 | Common | SOLE |
| G0081J129 | AEAQU | ACTIVATE ENERGY ACQUISITION | $2.0M | 0.12% | 200,000 | Common | SOLE |
| G1827P106 | CEPT | CANTOR EQUITY PARTNERS II IN | $2.0M | 0.12% | 174,395 | Common | SOLE |
| G24979109 | CHAC | CRANE HBR ACQUISITION CORP | $1.9M | 0.11% | 171,993 | Common | SOLE |
| G2616C124 | DSACU | DAEDALUS SPL ACQUISITION COR | $1.8M | 0.11% | 175,000 | Common | SOLE |
| G6861F104 | OYSE | OYSTER ENTERPRISES II ACQUIS | $1.5M | 0.09% | 150,000 | Common | SOLE |
| G05384501 | 8ZV | ASPEN INSURANCE HOLDINGS LTD | $1.5M | 0.09% | 39,334 | Common | SOLE |
| 10922N103 | BHF | BRIGHTHOUSE FINL INC | $1.4M | 0.09% | 22,138 | Common | SOLE |
| G2949D104 | DYNC | DYNAMIX CORP | $1.4M | 0.08% | 135,602 | Common | SOLE |
| 126349109 | CSN | CSG SYS INTL INC | $1.3M | 0.08% | 17,569 | Common | SOLE |
| G52443119 | KVAC | KEEN VISION ACQUISITION CORP | $1.2M | 0.08% | 105,511 | Common | SOLE |
| 90187B804 | TWO | TWO HBRS INVT CORP | $1.1M | 0.07% | 105,638 | Common | SOLE |
| 00912X302 | AL | AIR LEASE CORP | $1.1M | 0.07% | 17,040 | Common | SOLE |
| G52258111 | KFII | K&F GROWTH ACQUISITION CORP | $1.1M | 0.06% | 102,342 | Common | SOLE |
| G1196A128 | BPACU | BLUEPORT ACQUISITION LTD | $1.0M | 0.06% | 100,000 | Common | SOLE |
| G82617104 | SOCA | SOLARIUS CAPITAL ACQU CORP | $1.0M | 0.06% | 100,000 | Common | SOLE |
| G5414D129 | LFACU | LEAPFROG ACQUISITION CORP | $1.0M | 0.06% | 100,000 | Common | SOLE |
| 598511103 | MOFG | MIDWESTONE FINL GROUP INC NE | $996,611 | 0.06% | 25,886 | Common | SOLE |
| G6791A100 | OTGA | OTG ACQUISITION CORP. I | $807,780 | 0.05% | 80,778 | Common | SOLE |
| G1993W109 | CAPN | CAYSON ACQUISITION CORP | $798,000 | 0.05% | 75,000 | Common | SOLE |
| 401617105 | GU9 | GUESS INC | $723,483 | 0.04% | 43,193 | Common | SOLE |
| G6439S109 | NTWO | NEWBURY STR II ACQUISITION C | $705,068 | 0.04% | 67,600 | Common | SOLE |
| G0273J101 | AEXA | AMERICAN EXCEPTIONALISM ACQU | $569,500 | 0.03% | 50,000 | Common | SOLE |
| 74267C106 | PRA | PROASSURANCE CORP | $545,460 | 0.03% | 22,577 | Common | SOLE |
| G04819101 | ENHA | A PARADISE ACQUISITION CORP | $502,500 | 0.03% | 50,000 | Common | SOLE |
| 023634207 | NWAX/U | NEW AMER ACQUISITION I CORP | $364,350 | 0.02% | 35,000 | Common | SOLE |
| G2851K112 | DMIIR | DRUGS MADE IN AMER ACQ II CO | $289,537 | 0.02% | 2,068,118 | Common | SOLE |
| 958669103 | WES | WESTERN MIDSTREAM PARTNERS L | $206,901 | 0.01% | 5,238 | Common | SOLE |
| 726503105 | PAA | PLAINS ALL AMERN PIPELINE L | $206,791 | 0.01% | 11,514 | Common | SOLE |
| 29273V100 | ET | ENERGY TRANSFER L P | $203,586 | 0.01% | 12,346 | Common | SOLE |
| 293792107 | EPD | ENTERPRISE PRODS PARTNERS L | $203,164 | 0.01% | 6,337 | Common | SOLE |
| 86765K109 | SUN | SUNOCO LP/SUNOCO FIN CORP | $202,198 | 0.01% | 3,858 | Common | SOLE |
| 55336V100 | MPLX | MPLX LP | $200,351 | 0.01% | 3,754 | Common | SOLE |
| G4924G110 | IGACR | INVEST GREEN ACQUISITION COR | $95,000 | 0.01% | 500,000 | Common | SOLE |
| G8662J129 | TDWDR | TAILWIND 2.0 ACQUISITION COR | $65,600 | 0.00% | 400,000 | Common | SOLE |
| G53426113 | LAFAR | LAFAYETTE ACQUISITION CORP | $40,530 | 0.00% | 300,000 | 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.