whalepapers
Overview/ Oaktree Capital Management LP/ Q2 2022

Oaktree Capital Management LP

Howard Marks & Bruce Karsh · As of Q2 2022 · filed Aug 15, 2022

Q2 2022

Holdings

382 positions · Δ vs prior quarter
EXE EXPAND ENERGY CORP
$851.6M
9.9%
10,501,153 −500,000 −4.5% Reduced
TRMD TORM PLC-A
$727.0M
8.4%
53,812,988 Held
SBLK STAR BULK CARRIERS CORP
$650.3M
7.6%
26,021,457 Held
VST VISTRA CORP
$580.4M
6.7%
25,399,812 −3,500,000 −12.1% Reduced
GTX 11 PERP A GARRETT MOTION INC
$565.8M
6.6%
68,834,814 Held
PCG P G & E CORP
$289.4M
3.4%
29,000,000 −1,000,000 −3.3% Reduced
RWAY RUNWAY GROWTH FINANCE CORP
$238.1M
2.8%
21,054,667 Held
ALLY ALLY FINANCIAL INC
$205.2M
2.4%
6,124,687 −750,000 −10.9% Reduced
EGLEUSD EAGLE BULK SHIPPING INC
$196.2M
2.3%
3,781,561 Held
COOP CALL MR COOPER GROUP INC
$196.2M
2.3%
520,000 −780,000 −60.0% Reduced
HTZ HERTZ GLOBAL HLDGS INC
$183.7M
2.1%
11,598,279 −3,196,658 −21.6% Reduced
STKL SUNOPTA INC
$161.2M
1.9%
20,726,126 Held
INFNEUR INFINERA CORP
$134.9M
1.6%
25,175,384 Held
PBR PETROLEO BRASILEIRO-SPON ADR
$129.6M
1.5%
11,097,068 +2,134,609 +23.8% Added
WFRD WEATHERFORD INTERNATIONAL PL
$123.4M
1.4%
5,828,716 −255,200 −4.2% Reduced
ITUB ITAU UNIBANCO H-SPON PRF ADR
$114.1M
1.3%
26,649,428 +4,034,452 +17.8% Added
VALE VALE SA-SP ADR
$113.3M
1.3%
7,743,766 −53,080 −0.7% Reduced
FYBRGBX FRONTIER COMMUNICATIONS PARE
$93.8M
1.1%
3,982,849 Held
CBL CBL & ASSOCIATES PROPERTIES
$93.6M
1.1%
3,983,966 −585,735 −12.8% Reduced
IBN ICICI BANK LTD-SPON ADR
$90.8M
1.1%
5,116,196 +948,607 +22.8% Added
NMIH NMI HOLDINGS INC
$88.6M
1.0%
5,320,000 Held
BRYGBP BERRY CORP
$88.6M
1.0%
11,622,000 −1,291,313 −10.0% Reduced
KRC KILROY REALTY CORP
$84.5M
1.0%
1,615,011 +80,000 +5.2% Added
AU3EUR ANGLOGOLD ASHANTI-SPON ADR
$77.4M
0.9%
5,230,821 +920,400 +21.4% Added
FCX FREEPORT-MCMORAN INC
$70.5M
0.8%
2,411,158 +399,700 +19.9% Added
EGLE 5 08/01/24 PRN EAGLE BULK SHIPPING INC
$66.1M
0.8%
40,495,000 +40,495,000 New
BCEI1EUR CIVITAS RESOURCES INC
$62.1M
0.7%
1,188,000 −12,000 −1.0% Reduced
CX CEMEX SAB-SPONS ADR PART CER
$60.5M
0.7%
15,421,776 −9,972,782 −39.3% Reduced
ALVO ALVOTECH SA
$52.0M
0.6%
6,338,660 +6,338,660 New
BAP CREDICORP LTD
$47.8M
0.6%
398,985 +66,373 +20.0% Added
EXEEL CHESAPEAKE ENERGY CORP -CW26
$42.4M
0.5%
808,001 +808,001 New
LBTYKUSD LIBERTY GLOBAL PLC- C
$41.4M
0.5%
1,875,000 Held
FTAIEUR FORTRESS TRANSPORTATION-CL A
$39.3M
0.5%
2,033,110 Held
BBD BANCO BRADESCO-ADR
$39.0M
0.5%
11,977,104 +2,983,900 +33.2% Added
COOP MR COOPER GROUP INC
$35.2M
0.4%
957,286 Held
PARR PAR PACIFIC HOLDINGS INC
$34.5M
0.4%
2,210,000 Held
MX MAGNACHIP SEMICONDUCTOR CORP
$33.4M
0.4%
2,300,000 Held
FSC1EUR OAKTREE SPECIALTY LENDING CO
$32.8M
0.4%
5,014,511 Held
UNITI GROUP INC
$32.0M
0.4%
3,397,592 Held
AZUL SA
$31.6M
0.4%
4,444,924 +629,100 +16.5% Added
ACR 4.5 08/15/22 PRN ACRES COMMERCIAL REALTY
$29.0M
0.3%
29,021,000 Held
GTX GARRETT MOTION INC
$27.8M
0.3%
3,593,111 Held
PGEN 3.5 07/01/23 PRN PRECIGEN INC
$27.4M
0.3%
34,429,000 +2,000,000 +6.2% Added
TOL TOLL BROTHERS INC
$26.6M
0.3%
597,000 +597,000 New
SMCIUSD SUPER MICRO COMPUTER INC
$26.2M
0.3%
650,000 −230,000 −26.1% Reduced
BATL BATTALION OIL CORP
$25.7M
0.3%
3,009,912 Held
VIST VISTA ENERGY SAB DE CV
$24.9M
0.3%
3,374,806 +159,804 +5.0% Added
PHM PULTEGROUP INC
$24.5M
0.3%
619,000 +619,000 New
WDC 1.5 02/01/24 PRN WESTERN DIGITAL CORP
$24.0M
0.3%
25,155,000 +6,323,000 +33.6% Added
SUPN 0.625 04/01/23 PRN SUPERNUS PHARMACEUTICALS
$23.9M
0.3%
24,447,000 +4,546,000 +22.8% Added
CVENT HOLDING CORP
$23.1M
0.3%
5,000,000 Held
IONS 0.125 12/15/24 PRN IONIS PHARMACEUTICALS IN
$21.5M
0.2%
24,313,000 +3,067,000 +14.4% Added
BXMT 4.75 03/15/23 PRN BLACKSTONE MORTGAGE TR
$21.3M
0.2%
21,239,000 +4,901,000 +30.0% Added
DBRG 5 04/15/23 PRN DIGITALBRIDGE GROUP INC
$20.8M
0.2%
21,096,000 +2,885,000 +15.8% Added
ONIT ONITY GROUP INC
$20.7M
0.2%
756,870 Held
LGND 0.75 05/15/23 PRN LIGAND PHARMACEUTICALS I
$19.7M
0.2%
20,472,000 +119,000 +0.6% Added
TV GRUPO TELEVISA SA-SPON ADR
$19.3M
0.2%
2,364,174 Held
HOPE 2 05/15/38 PRN HOPE BANCORP INC
$19.2M
0.2%
19,622,000 −2,014,000 −9.3% Reduced
OSIS 1.25 09/01/22 PRN OSI SYSTEMS INC
$19.0M
0.2%
18,923,000 +12,794,000 +208.7% Added
SPY PUT SS SPDR S&P 500 ETF TRUST-US
$18.4M
0.2%
500,000 −81,000 −13.9% Reduced
ARI 5.375 10/15/23 PRN APOLLO CMMRL REAL EST FI
$17.8M
0.2%
18,218,000 Held
PMT 5.5 11/01/24 PRN PENNYMAC CORP
$17.4M
0.2%
17,919,000 +2,717,000 +17.9% Added
KBH KB HOME
$17.2M
0.2%
605,000 +605,000 New
ARI 4.75 08/23/22 PRN APOLLO CMMRL REAL EST FI
$17.1M
0.2%
17,081,000 +2,454,000 +16.8% Added
PAM PAMPA ENERGIA SA-SPON ADR
$17.0M
0.2%
829,000 Held
NEWR 0.5 05/01/23 PRN NEW RELIC INC
$16.9M
0.2%
17,409,000 +17,409,000 New
TX TERNIUM SA-SPONSORED ADR
$16.6M
0.2%
460,249 +460,249 New
NTNX 0 01/15/23 PRN NUTANIX INC
$16.1M
0.2%
16,468,000 +6,442,000 +64.3% Added
NMFC 5.75 08/15/23 PRN NEW MOUNTAIN FINANCE COR
$15.8M
0.2%
15,751,000 −2,128,000 −11.9% Reduced
MTG MGIC INVESTMENT CORP
$15.1M
0.2%
1,200,000 −1,158,000 −49.1% Reduced
AFYA AFYA LTD-CLASS A
$15.1M
0.2%
1,515,590 −30,479 −2.0% Reduced
SEALTD 0.25 09/15/26 PRN SEA LTD
$15.0M
0.2%
20,415,000 +11,214,000 +121.9% Added
HIMS HIMS & HERS HEALTH INC
$14.8M
0.2%
3,271,279 Held
XJQCX NUVEEN CREDIT STRATEGIES INC
$14.7M
0.2%
2,830,381 +2,830,381 New
SPOT 0 03/15/26 PRN SPOTIFY USA INC
$14.3M
0.2%
17,973,000 −7,378,000 −29.1% Reduced
KREF 6.125 05/15/23 PRN KKR REAL ESTATE FIN
$14.1M
0.2%
14,196,000 −1,468,000 −9.4% Reduced
KAMN 3.25 05/01/24 PRN KAMAN CORP
$13.9M
0.2%
14,755,000 −3,229,000 −18.0% Reduced
VVR INVESCO SENIOR INCOME TRUST
$13.8M
0.2%
3,551,598 +3,551,598 New
MFA 6.25 06/15/24 PRN MFA FINANCIAL INC
$13.8M
0.2%
15,138,000 −3,270,000 −17.8% Reduced
SMRT SMARTRENT INC
$13.6M
0.2%
3,006,807 +1,435,760 +91.4% Added
NVAX 3.75 02/01/23 PRN NOVAVAX INC
$13.3M
0.2%
13,242,000 +13,242,000 New
STWD 4.375 04/01/23 PRN STARWOOD PROPERTY TRUST
$13.2M
0.2%
13,280,000 +2,496,000 +23.1% Added
HAE 0 03/01/26 PRN HAEMONETICS CORP
$13.0M
0.2%
16,490,000 −5,124,000 −23.7% Reduced
PTCT 3 08/15/22 PRN PTC THERAPEUTICS INC
$12.8M
0.1%
12,663,000 +9,394,000 +287.4% Added
RIG 0.5 01/30/23 PRN TRANSOCEAN INC
$12.7M
0.1%
13,208,000 +3,467,000 +35.6% Added
DOCU 0 01/15/24 PRN DOCUSIGN INC
$12.5M
0.1%
13,489,000 +7,105,000 +111.3% Added
DISH 3.375 08/15/26 PRN DISH NETWORK CORP
$12.4M
0.1%
18,260,000 −22,344,000 −55.0% Reduced
RWT 5.75 10/01/25 PRN RWT HOLDINGS INC
$12.2M
0.1%
13,677,000 −1,126,000 −7.6% Reduced
SFL 4.875 05/01/23 PRN SFL CORP LTD
$11.3M
0.1%
11,223,000 −6,034,000 −35.0% Reduced
EZPW 2.375 05/01/25 PRN EZCORP INC
$11.2M
0.1%
12,534,000 +160,000 +1.3% Added
CANNA-GLOBAL ACQUISITION CORP
$11.0M
0.1%
1,100,000 +48,959 +4.7% Added
ILMN 0 08/15/23 PRN ILLUMINA INC
$10.9M
0.1%
11,437,000 +11,437,000 New
FSLY 0 03/15/26 PRN FASTLY INC
$10.6M
0.1%
14,485,000 −5,572,000 −27.8% Reduced
TEO TELECOM ARGENTINA SA-SP ADR
$10.1M
0.1%
2,220,500 Held
TGS TRANSPORTADOR GAS-ADR SP B
$10.1M
0.1%
1,963,576 Held
8L8C LIBERTY BROADBAND-C
$10.1M
0.1%
86,999 Held
SHOPCN 0.125 11/01/25 PRN SHOPIFY INC
$9.8M
0.1%
11,748,000 +11,748,000 New
GMED 1 06/01/23 PRN NUVASIVE INC
$9.6M
0.1%
9,910,000 +3,711,000 +59.9% Added
AURORA TECHNOLOGY ACQUISITION CORP
$9.4M
0.1%
950,000 Held
NBR 0.75 01/15/24 PRN NABORS INDUSTRIES INC
$9.4M
0.1%
10,222,000 +4,966,000 +94.5% Added
PATK 1 02/01/23 PRN PATRICK INDUSTRIES INC
$9.2M
0.1%
9,267,000 +9,267,000 New
CURR CURRENC GROUP INC
$9.0M
0.1%
900,000 +300,000 +50.0% Added
WT 3.25 06/15/26 PRN WISDOMTREE INVESTMENTS
$8.9M
0.1%
9,766,000 +9,766,000 New
EXEEZ CHESAPEAKE ENERGY -CW26
$8.5M
0.1%
150,000 +150,000 New
WB 1.25 11/15/22 PRN WEIBO CORP
$8.5M
0.1%
8,575,000 −625,000 −6.8% Reduced
MHO M/I HOMES INC
$8.3M
0.1%
210,000 +210,000 New
MOMO 1.25 07/01/25 PRN HELLO GROUP INC
$8.2M
0.1%
8,848,000 −2,312,000 −20.7% Reduced
PDD 0 12/01/25 PRN PDD HOLDINGS INC
$8.0M
0.1%
9,091,000 +6,640,000 +270.9% Added
HTHT 0.375 11/01/22 PRN H WORLD GROUP LTD
$8.0M
0.1%
7,864,000 +7,864,000 New
MONTEREY CAPITAL ACQUISITION CORP
$7.9M
0.1%
792,000 +792,000 New
HLF 2.625 03/15/24 PRN HERBALIFE LTD
$7.9M
0.1%
8,861,000 +6,564,000 +285.8% Added
VECO 2.7 01/15/23 PRN VEECO INSTRUMENTS INC
$7.5M
0.1%
7,595,000 −985,000 −11.5% Reduced
RWT 4.75 08/15/23 PRN REDWOOD TRUST INC
$7.4M
0.1%
7,587,000 −484,000 −6.0% Reduced
NORTHVIEW ACQUISITION CORP
$7.4M
0.1%
750,000 Held
FEUTUNE LIGHT ACQUISITION CORP
$7.3M
0.1%
735,000 +735,000 New
COUP 0.375 06/15/26 PRN COUPA SOFTWARE INC
$7.3M
0.1%
9,667,000 +3,916,000 +68.1% Added
ALSET CAPITAL ACQUISITION CORP
$7.3M
0.1%
735,000 Held
BELFB BEL FUSE INC-CL B
$7.2M
0.1%
462,679 Held
GLOBAL CONSUMER ACQUISITION CORP
$7.1M
0.1%
700,000 +100,000 +16.7% Added
NICEIT 0 09/15/25 PRN NICE LTD
$6.9M
0.1%
7,000,000 −1,159,000 −14.2% Reduced
JOYY 0.75 06/15/25 PRN JOYY INC
$6.9M
0.1%
7,699,000 −2,123,000 −21.6% Reduced
ICPT 3.25 07/01/23 PRN INTERCEPT PHARMAS
$6.8M
0.1%
6,970,000 +315,000 +4.7% Added
ASCBF A SPAC II ACQUISITION CORP
$6.6M
0.1%
675,000 +675,000 New
RELATIVITY ACQUISITION CORP
$6.5M
0.1%
645,000 +645,000 New
ALRM 0 01/15/26 PRN ALARM.COM HLDGS INC
$6.5M
0.1%
7,889,000 +3,669,000 +86.9% Added
RSVR RESERVOIR MEDIA INC
$6.1M
0.1%
931,889 −68,111 −6.8% Reduced
JFR NUVEEN FLOATING RATE INCOME
$6.0M
0.1%
725,061 +725,061 New
F 0 03/15/26 PRN FORD MOTOR COMPANY
$6.0M
0.1%
6,577,000 +104,000 +1.6% Added
MURPHY CANYON ACQUISITION CORP
$6.0M
0.1%
600,000 +600,000 New
AXAC AXIOS SUSTAINABLE GROWTH A-A
$6.0M
0.1%
600,000 Held
BURTECH ACQUISITION CORP
$5.9M
0.1%
600,000 Held
AYX 0.5 08/01/24 PRN ALTERYX INC
$5.9M
0.1%
6,699,000 −2,000 −0.0% Reduced
CHGG 0 09/01/26 PRN CHEGG INC
$5.8M
0.1%
7,800,000 −10,404,000 −57.2% Reduced
NUVEEN SHORT DURATION CREDIT OPPORTUNITIES FUND
$5.8M
0.1%
480,438 +480,438 New
AKAM 0.375 09/01/27 PRN AKAMAI TECHNOLOGIES INC
$5.7M
0.1%
5,729,000 −1,482,000 −20.6% Reduced
QUOT 1.75 12/01/22 PRN QUOTIENT TECHNOLOGY INC
$5.7M
0.1%
6,146,000 Held
TBPH 3.25 11/01/23 PRN THERAVANCE BIOPHARMA INC
$5.7M
0.1%
6,206,000 −1,303,000 −17.4% Reduced
DBX 0 03/01/26 PRN DROPBOX INC
$5.7M
0.1%
6,253,000 +996,000 +18.9% Added
XFRAX BLACKROCK FLTNG RT INC STRAT
$5.6M
0.1%
487,470 +487,470 New
CENAQ ENERGY CORP
$5.5M
0.1%
550,000 +250,000 +83.3% Added
BLUE WORLD ACQUISITION CORP
$5.5M
0.1%
550,000 Held
BROAD CAPITAL ACQUISITION CORP
$5.4M
0.1%
550,000 Held
NUVEEN FLOATING RATE INCOME OPPORTUNITY FUND
$5.2M
0.1%
640,508 +640,508 New
TREE 0.5 07/15/25 PRN LENDINGTREE INC
$5.2M
0.1%
7,595,000 −21,169,000 −73.6% Reduced
BAND 0.25 03/01/26 PRN BANDWIDTH INC
$5.1M
0.1%
7,367,000 +7,367,000 New
DIGITAL HEALTH ACQUISITION CORP
$5.0M
0.1%
500,000 Held
INDUSTRIAL HUMAN CAPITAL INC
$5.0M
0.1%
500,000 Held
JUPITER WELLNESS ACQUISITION CORP
$5.0M
0.1%
500,000 Held
WESTERN ACQUISITION VENTURES CORP
$5.0M
0.1%
500,000 +500,000 New
WIX 0 07/01/23 PRN WIX LTD
$4.9M
0.1%
5,153,000 +5,153,000 New
DUET ACQUISITION CORP
$4.9M
0.1%
500,000 Held
RNG 0 03/01/25 PRN RINGCENTRAL INC
$4.9M
0.1%
5,972,000 +3,772,000 +171.5% Added
NUVEEN SENIOR INCOME FUND
$4.9M
0.1%
1,019,697 +1,019,697 New
MSSAF METAL SKY STAR ACQUISITION C
$4.9M
0.1%
496,000 +496,000 New
SPLK 1.125 06/15/27 PRN SPLUNK INC
$4.7M
0.1%
5,703,000 +5,703,000 New
SAGALIAM ACQUISITION CORP
$4.7M
0.1%
475,000 Held
EXEEW CHESAPEAKE ENERGY CORP -CW26
$4.6M
0.1%
75,810 +75,810 New
FINTECH ECOSYSTEM DEVELOPMENT CORP
$4.5M
0.1%
450,000 Held
TETEF TECHNOLOGY & TELECOMMUNICATI
$4.5M
0.1%
450,000 Held
EVERGREEN CORP
$4.5M
0.1%
450,000 +450,000 New
PTON 0 02/15/26 PRN PELOTON INTERACTIVE INC
$4.5M
0.1%
7,050,000 +5,000,000 +243.9% Added
WELSBACH TECHNOLOGY METALS ACQUISITION CORP
$4.5M
0.1%
450,000 Held
REDWOODS ACQUISITION CORP
$4.4M
0.1%
450,000 +450,000 New
TCOM 1.25 09/15/22 PRN TRIP.COM GROUP LTD
$4.4M
0.1%
4,427,000 −957,000 −17.8% Reduced
DEEP MEDICINE ACQUISITION CORP
$4.2M
0.0%
425,000 Held
EONR EON RESOURCES INC
$4.2M
0.0%
425,000 +425,000 New
FTII FUTURETECH II ACQUISITI-CL A
$4.1M
0.0%
410,000 +410,000 New
GTIJF GRAPHJET TECHNOLOGY
$4.0M
0.0%
400,000 Held
ICONIC SPORTS ACQUISITION CORP
$4.0M
0.0%
400,000 Held
MTN 0 01/01/26 PRN VAIL RESORTS INC
$4.0M
0.0%
4,568,000 +100,000 +2.2% Added
ROC ENERGY ACQUISITION CORP
$4.0M
0.0%
400,000 Held
FINANCIAL STRATEGIES ACQUISITION CORP
$4.0M
0.0%
400,000 Held
GARDINER HEALTHCARE ACQUISITIONS CORP
$4.0M
0.0%
400,000 Held
ALSAF ALPHA STAR ACQUISITION CORP
$4.0M
0.0%
400,000 Held
YOTAU YOTTA ACQUISITION CORP
$4.0M
0.0%
398,000 +398,000 New
IGTA INCEPTION GROWTH ACQUISITION
$4.0M
0.0%
400,000 Held
RF ACQUISITION CORP
$3.9M
0.0%
400,000 +400,000 New
OKTA 0.375 06/15/26 PRN OKTA INC
$3.9M
0.0%
4,703,000 +1,211,000 +34.7% Added
TDOC 0.875 06/01/25 PRN LIVONGO HEALTH
$3.9M
0.0%
4,635,000 +4,635,000 New
ALVOW ALVOTECH SA -27
$3.9M
0.0%
4,666,667 +4,666,667 New
CONSILIUM ACQUISITION CORP I LTD
$3.9M
0.0%
400,000 Held
BGB BLACKSTONE STRATEGIC CREDIT
$3.9M
0.0%
350,000 +350,000 New
AVALON ACQUISITION INC
$3.7M
0.0%
375,000 Held
RDUS 3 09/01/24 PRN RADIUS HEALTH INC
$3.7M
0.0%
3,799,000 Held
ENPH 0 03/01/28 PRN ENPHASE ENERGY INC
$3.6M
0.0%
3,578,000 −492,000 −12.1% Reduced
ALPINE ACQUISITION CORP
$3.6M
0.0%
350,000 Held
UWMC UWM HOLDINGS CORP
$3.5M
0.0%
1,000,000 Held
SANABY HEALTH ACQUISITION CORP I
$3.5M
0.0%
350,000 Held
DSAQ DIRECT SELLING ACQUISITION-A
$3.5M
0.0%
350,000 Held
SACQF SPREE ACQUISITION CORP 1 LTD
$3.5M
0.0%
350,000 Held
RIGEL RESOURCE ACQUISITION CORP
$3.5M
0.0%
350,000 Held
GLLI GLOBALINK INVESTMENT INC
$3.5M
0.0%
350,000 Held
GDST GOLDENSTONE ACQUISITION LTD
$3.5M
0.0%
350,000 +350,000 New
IVC 5 11/15/24 PRN INVACARE CORP
$3.4M
0.0%
3,893,000 Held
ABNB 0 03/15/26 PRN AIRBNB INC
$3.3M
0.0%
3,974,000 −512,000 −11.4% Reduced
LIBERTY RESOURCES ACQUISITION CORP
$3.2M
0.0%
325,000 Held
GENESIS UNICORN CAPITAL CORP
$3.2M
0.0%
320,000 +320,000 New
ETSY 0.25 06/15/28 PRN ETSY INC
$3.2M
0.0%
4,294,000 +4,294,000 New
PRGS 1 04/15/26 PRN PROGRESS SOFTWARE CORP
$3.1M
0.0%
3,230,000 +3,230,000 New
TWTR 0.25 06/15/24 PRN TWITTER INC
$3.1M
0.0%
3,180,000 −845,000 −21.0% Reduced
SPLK 1.125 09/15/25 PRN SPLUNK INC
$3.1M
0.0%
3,288,000 −3,087,000 −48.4% Reduced
MOUNTAIN & CO I ACQUISITION CORP
$3.0M
0.0%
300,000 Held
MAXPRO CAPITAL ACQUISITION CORP
$3.0M
0.0%
300,000 Held
KIMBELL TIGER ACQUISITION CORP
$3.0M
0.0%
300,000 Held
GOGREEN INVESTMENTS CORP
$3.0M
0.0%
300,000 Held
ASCENDANT DIGITAL ACQUISITION CORP III
$3.0M
0.0%
300,000 Held
ONYX ACQUISITION CO I
$3.0M
0.0%
300,000 Held
AOGO AROGO CAPITAL ACQUISITION -A
$3.0M
0.0%
300,000 Held
EFT EATON VANCE FLTNG RT INC TR
$3.0M
0.0%
253,979 +253,979 New
WINV WINVEST ACQUISITION CORP
$3.0M
0.0%
300,000 Held
BEARD ENERGY TRANSITION ACQUISITION CORP
$3.0M
0.0%
300,000 Held
FIRST LIGHT ACQUISITION GROUP INC
$3.0M
0.0%
300,000 Held
GLRE 4 08/01/23 PRN GREENLIGHT CAPITAL RE
$3.0M
0.0%
3,209,000 Held
CLEAN EARTH ACQUISITIONS CORP
$2.9M
0.0%
300,000 +300,000 New
HALO 0.25 03/01/27 PRN HALOZYME THERAPEUTICS IN
$2.9M
0.0%
3,300,000 +819,000 +33.0% Added
CABO 0 03/15/26 PRN CABLE ONE INC
$2.9M
0.0%
3,500,000 Held
A SPAC I ACQUISITION CORP
$2.9M
0.0%
290,000 Held
KEYARCH ACQUISITION CORP
$2.8M
0.0%
290,000 Held
TVTX 2.5 09/15/25 PRN TRAVERE THERAPEUTICS INC
$2.8M
0.0%
2,812,000 −1,014,000 −26.5% Reduced
FORTUNE RISE ACQUISITION CORP
$2.8M
0.0%
275,000 Held
MINORITY EQUALITY OPPORTUNITIES ACQUISITION INC
$2.8M
0.0%
275,000 Held
XEFRX EATON VANCE SR FLTG RATE TR
$2.8M
0.0%
224,450 +224,450 New
VSH 2.25 06/15/25 PRN VISHAY INTERTECHNOLOGY
$2.7M
0.0%
2,883,000 Held
BLOCKCHAIN MOON ACQUISITION CORP
$2.7M
0.0%
275,000 Held
HLX 4.125 09/15/23 PRN HELIX ENERGY SOLUTIONS
$2.7M
0.0%
2,844,000 +97,000 +3.5% Added
FOUR 0 12/15/25 PRN SHIFT4 PAYMENTS INC
$2.6M
0.0%
3,263,000 −1,213,000 −27.1% Reduced
BGT BLACKROCK FLTNG RT INC TR
$2.6M
0.0%
235,032 +235,032 New
JAZZ 2 06/15/26 PRN JAZZ INVESTMENTS I LTD
$2.6M
0.0%
2,200,000 −1,679,000 −43.3% Reduced
NUBIA BRAND INTERNATIONAL CORP
$2.5M
0.0%
255,000 +255,000 New
SOAR TECHNOLOGY ACQUISITION CORP
$2.5M
0.0%
250,000 Held
PONO CAPITAL CORP
$2.5M
0.0%
250,000 Held
GLADSTONE ACQUISITION CORP
$2.5M
0.0%
250,000 Held
JTAI JET.AI INC
$2.5M
0.0%
250,000 Held
LION1EUR LIONHEART III CORP -CLASS A
$2.5M
0.0%
250,000 Held
PPYA PAPAYA GROWTH OPPORTUNI-CL A
$2.5M
0.0%
250,000 Held
ATLANTIC COASTAL ACQUISITION CORP II
$2.5M
0.0%
250,000 Held
MERCATO PARTNERS ACQUISITION CORP
$2.5M
0.0%
250,000 Held
JUNIPER II CORP
$2.5M
0.0%
250,000 Held
SIERRA LAKE ACQUISITION CORP
$2.5M
0.0%
250,000 Held
FUTURE HEALTH ESG CORP
$2.5M
0.0%
250,000 Held
SWSS CLEAN ENERGY SPECIAL SITUATI
$2.5M
0.0%
250,000 Held
ARMADA ACQUISITION CORP I
$2.5M
0.0%
250,000 Held
LPSN 0 12/15/26 PRN LIVEPERSON INC
$2.4M
0.0%
3,361,000 +70,000 +2.1% Added
SHAK 0 03/01/28 PRN SHAKE SHACK INC
$2.4M
0.0%
3,459,000 +3,459,000 New
ENV 0.75 08/15/25 PRN ENVESTNET INC
$2.4M
0.0%
2,748,000 +2,748,000 New
PEB 1.75 12/15/26 PRN PEBBLEBROOK HOTEL TRUST
$2.3M
0.0%
2,620,000 −313,000 −10.7% Reduced
XP XP INC - CLASS A
$2.3M
0.0%
130,161 Held
CHARDAN NEXTECH ACQUISITION 2 CORP
$2.3M
0.0%
225,000 Held
APOLLO SENIOR FLOATING RATE FUND INC
$2.3M
0.0%
176,606 +176,606 New
PACIFICO ACQUISITION CORP
$2.3M
0.0%
225,000 Held
DENALI CAPITAL ACQUISITION CORP
$2.2M
0.0%
225,000 +225,000 New
GMED 0.375 03/15/25 PRN NUVASIVE INC
$2.2M
0.0%
2,500,000 +2,500,000 New
FIRST TRUST SENIOR FLOATING RATE INCOME FUND II
$2.2M
0.0%
221,205 +221,205 New
JBLU 0.5 04/01/26 PRN JETBLUE AIRWAYS CORP
$2.2M
0.0%
2,970,000 +2,970,000 New
FNVT FINNOVATE ACQUISITION CORP-A
$2.2M
0.0%
220,000 Held
VAL VALARIS LTD
$2.1M
0.0%
50,000 Held
FAT PROJECTS ACQUISITION CORP
$2.1M
0.0%
210,000 Held
JAZZ 1.5 08/15/24 PRN JAZZ INVESTMENTS I LTD
$2.1M
0.0%
2,071,000 −3,671,000 −63.9% Reduced
AGRICO ACQUISITION CORP
$2.0M
0.0%
200,000 Held
CLOVER LEAF CAPITAL CORP
$2.0M
0.0%
200,000 Held
GGAAF GENESIS GROWTH TECH ACQUIS-A
$2.0M
0.0%
201,400 Held
HCM ACQUISITION CORP
$2.0M
0.0%
200,000 Held
GTAC GLOBAL TECHNOLOGY ACQUISIT-A
$2.0M
0.0%
200,000 Held
NABORS ENERGY TRANSITION CORP
$2.0M
0.0%
200,000 Held
ACHARI VENTURES HOLDINGS CORP I
$2.0M
0.0%
200,000 Held
INDUSTRIAL TECH ACQUISITIONS II INC
$2.0M
0.0%
200,000 Held
PSTHUSD PERSHING SQUARE TONTINE -A
$2.0M
0.0%
100,000 Held
EVCO EVEREST CONSOLIDATOR ACQUISI
$2.0M
0.0%
200,000 Held
BULLPEN PARLAY ACQUISITION CO
$2.0M
0.0%
200,000 Held
ROTH CH ACQUISITION IV CO
$2.0M
0.0%
200,000 Held
PNSTQ PINSTRIPES HOLDINGS INC
$2.0M
0.0%
200,000 Held
BLACK MOUNTAIN ACQUISITION CORP
$2.0M
0.0%
200,000 Held
AIB ACQUISITION CORP
$2.0M
0.0%
200,000 Held
LARKSPUR HEALTH ACQUISITION CORP
$2.0M
0.0%
200,000 Held
AETHERIUM ACQUISITION CORP
$2.0M
0.0%
200,000 Held
CRYPTO 1 ACQUISITION CORP
$2.0M
0.0%
200,000 Held
MERCURY ECOMMERCE ACQUISITION CORP
$2.0M
0.0%
200,000 Held
ARISZ ACQUISITION CORP
$2.0M
0.0%
200,000 Held
VRNT 0.25 04/15/26 PRN VERINT SYSTEMS INC
$2.0M
0.0%
2,150,000 +2,150,000 New
ACCRETION ACQUISITION CORP
$2.0M
0.0%
200,000 Held
PARABELLUM ACQUISITION CORP
$2.0M
0.0%
200,000 Held
BELONG ACQUISITION CORP
$2.0M
0.0%
200,000 Held
IDCC 2 06/01/24 PRN INTERDIGITAL INC
$2.0M
0.0%
2,000,000 −1,000,000 −33.3% Reduced
ALPHA HEALTHCARE ACQUISITION CORP III
$1.9M
0.0%
200,000 Held
IART 0.5 08/15/25 PRN INTEGRA LIFESCIENCES HLD
$1.9M
0.0%
2,053,000 +750,000 +57.6% Added
NRG 2.75 06/01/48 PRN NRG ENERGY INC
$1.8M
0.0%
1,630,000 −1,400,000 −46.2% Reduced
SHOULDERUP TECHNOLOGY ACQUISITION CORP
$1.7M
0.0%
175,000 Held
LAKESHORE ACQUISITION II CORP
$1.7M
0.0%
175,000 +175,000 New
MTSI 0.25 03/15/26 PRN M/A-COM TECH SOLUTIONS
$1.7M
0.0%
1,980,000 +1,980,000 New
BOX 0 01/15/26 PRN BOX INC
$1.7M
0.0%
1,500,000 +1,500,000 New
BMRN 0.599 08/01/24 PRN BIOMARIN PHARMACEUTICAL
$1.7M
0.0%
1,700,000 −1,800,000 −51.4% Reduced
NORTHERN LIGHTS ACQUISITION CORP
$1.6M
0.0%
150,000 Held
BELFA BEL FUSE INC-CL A
$1.5M
0.0%
71,613 Held
DTRT HEALTH ACQUISITION CORP
$1.5M
0.0%
150,000 Held
RNER MOUNT RAINIER ACQUISITION CO
$1.5M
0.0%
150,000 Held
PERCEPTION CAPITAL CORP II
$1.5M
0.0%
150,000 Held
KNIGHTSWAN ACQUISITION CORP
$1.5M
0.0%
150,000 Held
MONTEREY BIO ACQUISITION CORP
$1.5M
0.0%
150,000 Held
VISION SENSING ACQUISITION CORP
$1.5M
0.0%
150,000 Held
WILLIAMS ROWLAND ACQUISITION CORP
$1.5M
0.0%
150,000 Held
KACLF KAIROUS ACQUISITION CORP LTD
$1.5M
0.0%
150,000 Held
TASTEMAKER ACQUISITION CORP
$1.5M
0.0%
150,000 Held
INSIGHT ACQUISITION CORP/DE
$1.5M
0.0%
150,000 Held
FINTECH EVOLUTION ACQUISITION GROUP
$1.5M
0.0%
150,000 Held
CASCADIA ACQUISITION CORP
$1.5M
0.0%
150,000 Held
OSIRIS ACQUISITION CORP
$1.5M
0.0%
150,000 Held
OMNILIT ACQUISITION CORP
$1.4M
0.0%
140,000 Held
ABR 4.75 11/01/22 PRN ARBOR REALTY TRUST INC
$1.4M
0.0%
1,407,000 +1,407,000 New
CLRCF CLIMATEROCK - CLASS A
$1.4M
0.0%
140,000 +140,000 New
IONS 0 04/01/26 PRN IONIS PHARMACEUTICALS IN
$1.4M
0.0%
1,496,000 +1,496,000 New
LOMA LOMA NEGRA CIA IND-SPON ADR
$1.3M
0.0%
250,924 Held
XYZ 0 05/01/26 PRN BLOCK INC
$1.1M
0.0%
1,400,000 +1,400,000 New
GH 0 11/15/27 PRN GUARDANT HEALTH INC
$1.1M
0.0%
1,700,000 −981,000 −36.6% Reduced
ARCK ARBOR RAPHA CAPITAL BIOHOLDI
$1.0M
0.0%
100,000 Held
THRIVE ACQUISITION CORP
$1.0M
0.0%
100,000 Held
ACAQUSD ATHENA CONSUMER ACQUISITIO-A
$1.0M
0.0%
100,000 Held
INTELLIGENT MEDICINE ACQUISITION CORP
$1.0M
0.0%
100,000 Held
INNOVATIVE INTERNATIONAL ACQUISITION CORP
$1.0M
0.0%
100,000 Held
BIOPLUS ACQUISITION CORP
$1.0M
0.0%
100,000 Held
ARGUS CAPITAL CORP
$1.0M
0.0%
100,000 Held
ANDRETTI ACQUISITION CORP
$998K
0.0%
100,000 Held
ASBP ASPIRE BIOPHARMA HOLDINGS IN
$998K
0.0%
100,000 +100,000 New
TLGY ACQUISITION CORP
$998K
0.0%
100,000 Held
5A3 INTEGRATED RAIL AND -CLASS A
$997K
0.0%
100,000 Held
WELNF INTEGRATED WELLNESS ACQ - A
$997K
0.0%
100,000 Held
COUNTER PRESS ACQUISITION CORP
$996K
0.0%
100,000 +100,000 New
HEARTLAND MEDIA ACQUISITION CORP
$995K
0.0%
100,000 Held
TRINE II ACQUISITION CORP
$994K
0.0%
100,000 Held
BLOCKCHAIN COINVESTORS ACQUISITION CORP I
$992K
0.0%
100,000 −100,000 −50.0% Reduced
GOOD WORKS II ACQUISITION CORP
$991K
0.0%
100,000 Held
MOTIVE CAPITAL CORP II
$989K
0.0%
100,000 Held
MARBLEGATE ACQUISITION CORP
$988K
0.0%
100,000 Held
8I ACQUISITION 2 CORP
$987K
0.0%
100,000 Held
ZEN 0.625 06/15/25 PRN ZENDESK INC
$973K
0.0%
1,000,000 −135,000 −11.9% Reduced
GRAF ACQUISITION CORP IV
$971K
0.0%
100,000 Held
HEALTHWELL ACQUISITION CORP I
$968K
0.0%
100,000 Held
PARSEC CAPITAL ACQUISITIONS CORP
$753K
0.0%
75,000 Held
ZEO ZEO ENERGY CORP
$753K
0.0%
75,000 Held
CHAVANT CAPITAL ACQUISITION CORP
$748K
0.0%
75,000 Held
PROOF ACQUISITION CORP I
$741K
0.0%
75,000 Held
MCAG MOUNTAIN CREST ACQUISITION
$740K
0.0%
75,000 Held
GOSS 5 06/01/27 PRN GOSSAMER BIO INC
$618K
0.0%
828,000 −795,000 −49.0% Reduced
LIV CAPITAL ACQUISITION CORP II
$597K
0.0%
60,000 Held
NE1USD NOBLE CORP
$506K
0.0%
19,979 Held
GREEN VISOR FINANCIAL TECHNOLOGY ACQUISITION CORP I
$503K
0.0%
50,000 Held
LF CAPITAL ACQUISITION CORP II
$501K
0.0%
50,000 Held
PATRIA LATIN AMERICAN OPPORTUNITY ACQUISITION CORP
$501K
0.0%
50,000 +50,000 New
ARENA FORTIFY ACQUISITION CORP
$499K
0.0%
50,000 Held
VAHANNA TECH EDGE ACQUISITION I CORP
$499K
0.0%
50,000 Held
LAMF GLOBAL VENTURES CORP I
$498K
0.0%
50,000 Held
SEAPORT GLOBAL ACQUISITION II CORP
$497K
0.0%
50,000 Held
SHELTER ACQUISITION CORP I
$491K
0.0%
50,000 Held
COLOMBIER ACQUISITION CORP
$486K
0.0%
50,000 Held
BSL BLACKSTONE SNR FLTNG RT
$485K
0.0%
36,467 +36,467 New
SRNE SORRENTO THERAPEUTICS INC
$269K
0.0%
134,000 −16,000 −10.7% Reduced
TKB CRITICAL TECHNOLOGIES 1
$251K
0.0%
25,000 Held
SIZZLE ACQUISITION CORP
$249K
0.0%
25,000 Held
CONCORD ACQUISITION CORP III
$248K
0.0%
25,000 Held
CMLSQ CUMULUS MEDIA INC-CL A
$223K
0.0%
28,937 +28,937 New
SHLS SHOALS TECHNOLOGIES GROUP -A
$197K
0.0%
11,980 +11,980 New
SAGALIAM ACQUISITION CORP
$94K
0.0%
698,577 −1,423 −0.2% Reduced
NVACR NORTHVIEW ACQUISITION CO-RTS
$78K
0.0%
750,000 Held
ASCRF A SPAC II ACQUISITION-RIGHT
$77K
0.0%
675,000 +675,000 New
BLUE WORLD ACQUISITION CORP
$71K
0.0%
550,000 Held
MSSRF METAL SKY STAR ACQUISI-RIGHT
$59K
0.0%
496,000 +496,000 New
REDWOODS ACQUISITION CORP
$56K
0.0%
450,000 +450,000 New
CYCUW CYCURION INC-CW27
$50K
0.0%
500,000 +500,000 New
EONR/WS HNR ACQUISITION CORP -CW23
$48K
0.0%
425,000 +425,000 New
RF ACQUISITION CORP
$46K
0.0%
400,000 +400,000 New
ALSTF ALPHA STAR ACQ CORP - RIGHTS
$38K
0.0%
400,000 Held
AURORA TECHNOLOGY ACQUISITION CORP
$35K
0.0%
950,000 +950,000 New
EGUVF EVERGREEN CORPORATION -CW27
$35K
0.0%
450,000 +450,000 New
ALSET CAPITAL ACQUISITION CORP
$33K
0.0%
367,500 −367,500 −50.0% Reduced
FTIIW FUTURETECH II ACQ -CW27
$33K
0.0%
410,000 +410,000 New
MSSWF METAL SKY STAR ACQ -CW27
$32K
0.0%
496,000 +496,000 New
GOLDENSTONE ACQUISITION LTD
$28K
0.0%
350,000 +350,000 New
LAKESHORE ACQUISITION II CORP
$19K
0.0%
175,000 +175,000 New
A SPAC I ACQUISITION CORP
$18K
0.0%
145,000 Held
ALSWF ALPHA STAR ACQUISITION -CW23
$15K
0.0%
400,000 +400,000 New
CLRRF CLIMATEROCK -RTS
$15K
0.0%
140,000 +140,000 New
NUBIA BRAND INTERNATIONAL CORP
$10K
0.0%
127,500 +127,500 New
PATRIA LATIN AMERICAN OPPORTUNITY ACQUISITION CORP
$3K
0.0%
25,000 +25,000 New

Sold positions

70 closed in Q2 2022 · shares & value as of prior filing
Holding Shares sold Prior value
EAGLE BULK SHIPPING INC PRN
40,495,000 $79.9M
EXEEL CALL CHESAPEAKE ENERGY CORP -CW26
808,001 $44.9M
SQM QUIMICA Y MINERA CHIL-SP ADR
346,485 $29.7M
MNDT 1.625 06/01/35 B PRN MANDIANT INC
27,590,000 $27.6M
GSBD 4.5 04/01/22 PRN GOLDMAN SACHS BDC INC
21,935,000 $22.0M
DISH 2.375 03/15/24 PRN DISH NETWORK CORP
22,878,000 $21.5M
MSTR 0 02/15/27 PRN MICROSTRATEGY INC
28,594,000 $20.6M
TWTR 0 03/15/26 PRN TWITTER INC
20,857,000 $17.6M
BXMT 4.375 05/05/22 PRN BLACKSTONE MORTGAGE TR
17,142,000 $17.2M
BAC 7.25 PERP L BANK OF AMERICA CORP
11,114 $14.6M
TREE 0.625 06/01/22 PRN LENDINGTREE INC
12,169,000 $12.1M
MGNI 0.25 03/15/26 PRN MAGNITE INC
13,101,000 $10.4M
HLX 4.25 05/01/22 PRN HELIX ENERGY SOLUTIONS
10,267,000 $10.3M
EXEEZ CALL CHESAPEAKE ENERGY -CW26
150,000 $8.9M
WFC 7.5 PERP L WELLS FARGO & COMPANY
5,557 $7.4M
ASC ARDMORE SHIPPING CORP
1,600,000 $7.2M
BKCC 5 06/15/22 PRN BLACKROCK CAPITAL INVEST
6,709,000 $6.8M
RELATIVITY ACQUISITION CORP
645,000 $6.5M
MURPHY CANYON ACQUISITION CORP
600,000 $6.1M
NIO 0.5 02/01/27 PRN NIO INC
6,598,000 $5.4M
GPMT 6.375 10/01/23 PRN GRANITE POINT MTGE TRST
5,280,000 $5.3M
WESTERN ACQUISITION VENTURES CORP
500,000 $5.0M
CYBR 0 11/15/24 PRN CYBERARK SOFTWARE LTD
4,000,000 $5.0M
EXEEW CALL CHESAPEAKE ENERGY CORP -CW26
75,810 $4.8M
EVERGREEN CORP
450,000 $4.5M
REDWOODS ACQUISITION CORP
450,000 $4.5M
FLG 6 11/01/51 FLAGSTAR BANK NA
87,636 $4.4M
DXCM 0.25 11/15/25 PRN DEXCOM INC
3,775,000 $4.3M
LILAK 2 07/15/24 PRN LIBERTY LATIN AMERICA
4,707,000 $4.3M
HNR ACQUISITION CORP
425,000 $4.3M
FTIIU FUTURETECH II ACQUISITION CO
410,000 $4.1M
RF ACQUISITION CORP
400,000 $4.0M
GOLDENSTONE ACQUISITION LTD
350,000 $3.5M
KPTI 3 10/15/25 PRN KARYOPHARM THERAPEUTICS
3,976,000 $3.4M
GENESIS UNICORN CAPITAL CORP
320,000 $3.2M
INSM 0.75 06/01/28 PRN INSMED INC
3,289,000 $3.2M
EXAS 0.375 03/15/27 PRN EXACT SCIENCES CORP
3,305,000 $3.1M
OAKTREE ACQUISITION CORP II CALL
4,666,667 $3.0M
POWERUP ACQUISITION CORP
300,000 $3.0M
CLEAN EARTH ACQUISITIONS CORP
300,000 $3.0M
FVRR 0 11/01/25 PRN FIVERR INTERNATIONAL LTD
3,269,000 $2.8M
NUBIA BRAND INTERNATIONAL CORP
255,000 $2.6M
SSRMCN 2.5 04/01/39 PRN SSR MINING INC
1,742,000 $2.4M
IIIV 1 02/15/25 PRN I3 VERTICALS LLC
2,434,000 $2.4M
TYL 0.25 03/15/26 PRN TYLER TECHNOLOGIES INC
2,167,000 $2.4M
HZN 2.75 07/01/22 PRN HORIZON GLOBAL CORP
2,459,000 $2.4M
IXAQF IX ACQUISITION CORP-A
200,000 $2.0M
BNFT 1.25 12/15/23 PRN BENEFITFOCUS INC
2,009,000 $1.9M
LAKESHORE ACQUISITION II CORP
175,000 $1.8M
BURL 2.25 04/15/25 PRN BURLINGTON STORES INC
1,396,000 $1.6M
PRTK 4.75 05/01/24 PRN PARATEK PHARMACEUTICALS
1,675,000 $1.5M
HCAT 2.5 04/15/25 PRN HEALTH CATALYST INC
997,000 $1.1M
Z 2.75 05/15/25 PRN ZILLOW GROUP INC
1,000,000 $1.1M
COUNTER PRESS ACQUISITION CORP
100,000 $1.0M
PHYTF PYROPHYTE ACQUISITION CORP-A
100,000 $996K
RIVERVIEW ACQUISITION CORP
100,000 $978K
EGIO 3.5 08/01/25 PRN EDGIO INC
812,000 $847K
IRWD 2.25 06/15/22 PRN IRONWOOD PHARMACEUTICALS
818,000 $834K
TRHC 1.75 02/15/26 PRN TABULA RASA HLTHCR INC
1,027,000 $769K
ALSP ORCHID ACQUISITION CORP I
75,000 $748K
RWT 5.625 07/15/24 PRN REDWOOD TRUST INC
572,000 $573K
NEO 0.25 01/15/28 PRN NEOGENOMICS INC
817,000 $535K
PATRIA LATIN AMERICAN OPPORTUNITY ACQUISITION CORP
50,000 $502K
10X CAPITAL VENTURE ACQUISITION CORP II
50,000 $491K
AURORA TECHNOLOGY ACQUISITION CORP CALL
950,000 $76K
ALSET CAPITAL ACQUISITION CORP CALL
367,500 $66K
ALSWF CALL ALPHA STAR ACQUISITION -CW23
400,000 $28K
KEYARCH ACQUISITION CORP
145,000 $20K
A SPAC I ACQUISITION CORP CALL
108,750 $13K
LIV CAPITAL ACQUISITION CORP II CALL
45,000 $8K

Holdings reflect long positions disclosed in 13F filings only and exclude short positions, cash, and other non-13F assets. Holdings data sourced from SEC EDGAR. Not investment advice. Full disclaimer.