WHITEBOX ADVISORS LLC

Registered adviser

CIK

1257391

Location

MINNEAPOLIS, MN

Portfolio Value

Mid $3,443,364,159

Diversification

Diversified

Filing Date

Global Rank

#1,150 / 8,826 ▲ 16

Top Industry

Shell Companies 22.8%

Period ended 4 months ago

Filed Aug 14, 2026 · 3mo

26 quarters · since Mar 2020

Regulatory profile

From Form ADV, the SEC filer profile, 13D/13G type codes and N-CEN, never from the name.

Holder type

Registered adviser

Form ADV roster, Nov 1, 2026

Form ADV adviser

CRD 121995

Roster of Nov 1, 2026

Regulatory AUM

$15,739,556,705

Main clients

Pooled investment vehicles (100% of AUM)

Private funds

10 funds · Hedge funds

Focus by gross assets, Schedule D of Dec 20, 2024

$15,739,560,574 gross assets

LEI

51N7JKSPTG5EBVF38I88

Private funds on Schedule D 7.B.(1)

As filed Dec 20, 2024; SEC's bulk Form ADV archive ends with 2024 filings.

$9,437,006,000 gross assets in 10 funds Hedge funds $7,802,036,000 (6) Securitized asset funds $1,634,970,000 (4)

Form ADV history

Monthly rosters from Dec 2019; each row is a run with the same figures, newest first.

Rosters	Regulatory AUM	Main clients
Apr 2026 to Nov 2026	$15,739,556,705	Pooled investment vehicles (100%)
Dec 2025 to Mar 2026	$11,045,111,413	Pooled investment vehicles (100%)
Apr 2025 to Sep 2025	$11,045,111,413	Pooled investment vehicles (100%)
Jun 2024 to Mar 2025	$9,565,705,000	Pooled investment vehicles (100%)
Apr 2024 to May 2024	$9,565,705,000	Pooled investment vehicles (100%)
May 2023 to Mar 2024	$9,519,581,000	Pooled investment vehicles (100%)

5 earlier changes not shown.

Schedule 13D/13G stakes

Stakes of 5% or more disclosed on Schedule 13D or 13G, each on the filer's latest filing for the security. These are event-dated stakes, not the quarter-end 13F portfolio below.

Company	Schedule	Event date	Filed	Shares	% of class	Change	Status
KLXE KLX Energy Services Holdings, Inc.	13D	Sep 29, 2026	30d	13,055,633	12.4%	—	Current
HOS Hornbeck Offshore Services, Inc.	13G	Sep 1, 2026	57d	37,873,696	15%	—	Current
MERC Mercer International Inc.	13G	Aug 7, 2026	3mo	3,590,350	5.4%	—	Current
ELBM Electra Battery Materials Corp	13G/A	Jun 30, 2026	3mo	10,825,279	9.9%	+327,738 since Mar 31, 2026	Current
OPI Office Properties Income Trust	13G	Jun 17, 2026	4mo	1,797,150	8.2%	—	Current
MAXNQ Maxeon Solar Technologies, Ltd.	13G	Jun 15, 2026	4mo	1,591,596	8.5%	—	Current
MYX Maywood Acquisition Corp. 2	13G	Apr 15, 2026	7mo	550,000	5.2%	—	Current
PONO Pono Capital Four, Inc.	13G	Mar 16, 2026	8mo	700,000	5.7%	—	Current
GNSS Genasys Inc.	13G	May 13, 2024	2y	3,068,182	6.4%	—	Unconfirmed since May 13, 2024

A 13D or 13G stays in force until its filer amends it and no amendment is due without a material change, so a stake with no filing in 24 months reads unconfirmed, never sold. An amendment reporting under 5% ends the filer's duty to amend, not necessarily the holding. Shares are restated onto today's split basis. Show 6 exited, below-5% or retired stakes

Portfolio style

Measured from the filed 13F common-share book for Jun 30, 2026, never from the firm's own description.

Style

Diversified active

Top 10 weight 44.9%, 37.4 effective positions, active share 98.2% against the Russell 2000 as of 2026-06-30; it meets none of the index-like, systematic-like or concentrated tests

Turnover

High turnover

113.2% over the last four quarters (100%+)

Horizon

Horizon unknown

The value-weighted holding period is at least 4.4 quarters, but 0.1% of the book was already held when coverage starts

Closest benchmark: the Russell 2000 as of 2026-06-30, active share 98.2%; sector active share 45.8% against the combined 13F book's sector weights.

Over time 26 measured quarters

How the bands are measured

Style bands measure the filed 13F common-share book each closed quarter, tested in this order. Unknown: under $10,000,000 of valued equity or 5 stocks. Index-like (100+ stocks): active share of 20% or less against the closest benchmark, which is the S&P 500, S&P MidCap 400, S&P SmallCap 600, Russell 1000, Russell 2000, Nasdaq-100 or Dow Jones Industrial Average (weighted by an index-tracking fund's reported holdings or the index's constituents nearest the quarter end, over the names resolved to companies, and only when those are 90%+ of its weight) or every 13F filer's combined book, or index series holding 80%+ of the registered fund assets it advises (N-CEN) and equal to 50%+ of its book. Systematic-like: 500+ stocks, 100%+ annual turnover and a top 10 weight of 25% or less. Concentrated: a top 10 weight of 60%+ or 12 or fewer effective positions. Diversified active: none of these. Turnover is the smaller of buys and sells over average equity value, summed over four quarters: low under 30%, high 100%+. Horizon is the value-weighted number of quarters each position has been held: short under 4, long 12+.

Clone Performance

Build a hypothetical price-return history from this filer's public 13F holdings.

View clone backtest

Portfolio Concentration

547 tracked positions · as of Jun 30, 2026 · Δ vs Mar 31, 2026

Top Position

10.8%

−0.4 pts

Top 5

29.8%

−3.1 pts

Top 10

47.0%

−2.5 pts

HHI

315

Diversified−29

Portfolio Trend

26 quarters · across all stocks

Sector Breakdown

As of Jun 30, 2026

Sector	% Portfolio	Value	Positions
Financial Services	24.0%	$827,097,082	404
Technology	18.8%	$647,486,205	27
Unclassified	17.5%	$602,745,748	13
Healthcare	12.9%	$445,576,676	19
Communication Services	9.0%	$310,156,567	15
Industrials	5.5%	$187,741,415	25
Energy	4.7%	$161,572,755	13
Consumer Cyclical	3.9%	$134,907,503	8
Real Estate	1.6%	$56,543,464	7
Basic Materials	1.6%	$54,790,406	7
Utilities	0.2%	$8,329,336	5
Consumer Defensive	0.2%	$6,417,002	4

Last Quarter's Activity

Export CSV

Jun 30, 2026 vs Mar 31, 2026

Added To

Positions the filer increased

22 positions

Ticker	Company	Δ Shares	Shares	Value
SVC	Service Properties Trust	+5,808,912	9,581,711	$16,193,091
CZR	Caesars Entertainment, Inc.	+3,266,261	3,379,426	$101,991,076
XRXDW	Xerox Holdings Corp	+1,179,317	4,653,853	$1,279,810
CYH	Community Health Systems Inc	+604,859	3,732,743	$12,467,361
MFM	Aberdeen Municipal Income Fund	+450,062	575,062	$3,231,848
MERC	Mercer International Inc.	+411,080	1,468,738	$969,367
NWSA	News Corp	+274,613	343,120	$8,519,669
VAL	Valaris Ltd	+266,759	850,696	$61,760,529
GT	Goodyear Tire & Rubber Co	+159,650	1,030,739	$6,802,877
ACI	Albertsons Companies, Inc.	+134,920	461,502	$6,244,122
NCMI	National CineMedia, Inc.	+100,000	1,342,084	$5,099,919
PEN	Penumbra Inc	+61,880	506,881	$160,047,675
LLYVK	Liberty Live Holdings, Inc.	+56,560	217,989	$23,028,357
GPOR	Gulfport Energy Corp	+55,000	274,627	$46,604,201
BHC	Bausch Health Companies Inc.	+50,000	614,672	$3,030,332
PSFE	Paysafe Ltd	+46,478	166,813	$1,246,093
FOX	Fox Corp	+23,626	198,874	$9,315,258
FISV	Fiserv Inc	+10,256	28,958	$1,420,389
HEI-A	Heico Corp	+7,367	132,104	$34,070,942
COLO	Global X MSCI Colombia ETF	+3,500	72,542	$3,021,374
CE	Celanese Corp	+2,850	14,056	$646,576
HRI	Herc Holdings Inc	+395	12,525	$1,795,333
No positions match the current search.

Trimmed

Positions the filer reduced

25 positions

Ticker	Company	Δ Shares	Shares	Value
UP	Wheels Up Experience Inc.	−22,811,330	1,021,597	$9,163,725
ELBM	Electra Battery Materials Corp	−1,307,992	6,892,107	$4,162,832
—		−1,273,266	204,475	$6,800,838
—		−658,841	100,046	$20,903,611
GRFS	Grifols SA	−464,315	1,603,483	$11,352,659
BLCO	Bausch & Lomb Corp	−414,878	686,976	$11,376,322
—		−365,000	1,560,001	$119,215,276
CSTM	Constellium SE	−250,988	95,672	$3,049,066
UAA	Under Armour, Inc.	−157,800	1,028,992	$6,575,258
DCH	Dauch Corp	−134,370	2,158,683	$11,700,061
HPP	Hudson Pacific Properties, Inc.	−130,000	59,080	$897,425
SM	SM Energy Co	−105,700	496,601	$12,961,286
IHRT	iHeartMedia, Inc.	−104,050	295,950	$1,269,625
—		−90,000	1,525,001	$40,656,526
SIRI	Sirius Xm Holdings Inc.	−79,500	74,443	$2,199,046
CCXI	Churchill Capital Corp XI	−60,000	40,000	$698,000
COMP	Compass, Inc.	−57,000	97,894	$1,207,033
MGM	MGM Resorts International	−49,273	137,596	$6,578,464
NUCLW	Eagle Nuclear Energy Corp.	−40,000	419,345	$608,050
CHRD	Chord Energy Corp	−35,000	124,476	$14,227,606
PENN	PENN Entertainment, Inc.	−18,000	31,065	$663,548
FUN	Six Flags Entertainment Corporation	−12,300	27,880	$593,844
ACHC	Acadia Healthcare Company, Inc.	−8,600	21,355	$630,613
SABR	Sabre Corp	−5,837	1,266,379	$2,646,732
MYN	Blackrock Muniyield New York Quality Fund, Inc.	−3,640	270,047	$2,740,977
No positions match the current search.

New Positions

Positions the filer opened this quarter

25 positions

Ticker	Company	Shares	Value
TECH	BIO-TECHNE Corp	2,100,001	$148,365,070
AZUL	Azul SA	8,362,136	$75,175,602
SMCIP	Super Micro Computer, Inc.	1,400,000	$72,744,000
—		450,001	$59,728,632
—		275,001	$33,962,624
OPI	Office Properties Income Trust	1,748,605	$29,726,285
IACO	Idea Acquisition Corp.	797,378	$7,902,015
PONO	Pono Capital Four, Inc.	700,000	$6,972,000
VOYG	Voyager Technologies, Inc.	196,156	$6,326,031
RYAAY	Ryanair Holdings PLC	89,628	$5,803,413
AACI	Armada Acquisition Corp. III	550,000	$5,494,500
MYX	Maywood Acquisition Corp. 2	550,000	$5,434,000
SAGU	Shreya Acquisition Group	475,000	$4,697,750
ARCL	ARC Group Acquisition I Corp.	460,000	$4,544,800
HACQ	HCM IV Acquisition Corp.	450,000	$4,513,500
ACAA	Averin Capital Acquisition Corp.	450,000	$4,482,000
ILLU	Illumination Acquisition Corp. I	450,000	$4,455,000
RREV	RRE Ventures Acquisition Corp.	450,000	$4,441,500
FTHA	Forefront Tech Holdings Acquisition Corp	420,000	$4,158,000
IPXG	Inflection Point Acquisition Corp. VII	400,000	$4,056,000
GUAC	Berto Acquisition Corp. II	400,000	$4,048,000
ATLQ	JAB Acquisition Corp I	400,000	$4,012,000
ALPXU	Alpex Acquisition Corp	400,000	$4,008,000
PTAC	Patriot Acquisition Corp.	400,000	$3,996,000
AACP	Apogee Acquisition Corp	400,000	$3,980,000
No positions match the current search.

Sold Out

Positions the filer fully exited

25 positions

Ticker	Company	Shares	Value
—		1,000,001	$52,720,053
—		270,001	$48,025,078
CUK	CARNIVAL PLC	1,300,036	$33,501,928
LITE	Lumentum Holdings Inc.	30,773	$21,626,033
PPLI	People Inc	217,383	$8,701,841
IACOU	Idea Acquisition Corp.	797,378	$7,902,015
PONOU	Pono Capital Four, Inc.	700,000	$6,986,000
HDRN	Hadron Energy, Inc.	550,000	$5,857,500
FAC	Factorial Energy Inc.	550,000	$5,640,250
AACIU	Armada Acquisition Corp. III	550,000	$5,478,000
SIMA	SIM Acquisition Corp. I	500,000	$5,360,000
—		500,000	$5,250,000
HACQU	HCM IV Acquisition Corp.	450,000	$4,513,500
ACAAU	Averin Capital Acquisition Corp.	450,000	$4,500,000
ILLUU	Illumination Acquisition Corp. I	450,000	$4,464,000
DMAA	Drugs Made In America Acquisition Corp.	400,000	$4,192,000
FGIIU	FG Imperii Acquisition Corp.	400,000	$3,996,000
CMIIU	Inflection Point Acquisition Corp. VII	400,000	$3,996,000
CAQUU	Cambridge Acquisition Corp.	400,000	$3,984,000
PTORU	Praetorian Acquisition Corp.	400,000	$3,960,000
BN	BROOKFIELD Corp	96,265	$3,895,844
RFAMU	RF Acquisition Corp III	387,000	$3,831,300
XSLLU	Xsolla SPAC 1	385,000	$3,811,500
FMACU	Future Money Acquisition Corp	350,000	$3,496,500
TDAC	Translational Development Acquisition Corp.	305,000	$3,226,900
No positions match the current search.

Portfolio Positions

Compact Export CSV View 13F filing

547 tracked positions · $3,443,364,159 total · filing declares 667 positions · $7,652,416,986 · as of Jun 30, 2026

All sectors Basic Materials Communication Services Consumer Cyclical Consumer Defensive Energy Financial Services Healthcare Industrials Real Estate Technology Utilities

Showing 1–50 of 547 positions by value · page 1 of 11

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	Held (qtrs)	Est. cost/share	% of Portfolio
SPY	Spdr S&P 500 ETF Trust PUT	Held	500,000	0	$373,385,000	+14.8%	—	—	10.84%
PEN	Penumbra Inc Healthcare	Added	506,881	+61,880	$160,047,675	+9.5%	2	$336.83	4.65%
IWM	iShares Russell 2000 ETF PUT	Reduced	500,000	-250,000	$150,225,000	−19.2%	—	—	4.36%
TECH	BIO-TECHNE Corp Healthcare	NEW	2,100,001	NEW	$148,365,070	NEW	1	$54.00	4.31%
NVDA	Nvidia Corp PUT Technology	Reduced	700,000	-100,000	$140,063,000	+0.4%	—	—	4.07%
NBIS	Nebius Group N.V. PUT Communication Services	Held	500,000	0	$138,085,000	+166.2%	—	—	4.01%
SMCI	Super Micro Computer, Inc. PUT Technology	Reduced	4,100,000	-500,000	$120,253,000	+14.8%	—	—	3.49%
		Reduced	1,560,001	-365,000	$119,215,276	−10.8%	2	$68.46	3.46%
CZR	Caesars Entertainment, Inc. Consumer Cyclical	Added	3,379,426	+3,266,261	$101,991,076	+3310.0%	4	$28.04	2.96%
TSM	Taiwan Semiconductor Manufacturing Co Ltd PUT Technology	Held	200,000	0	$95,514,000	+41.3%	—	—	2.77%
MU	Micron Technology Inc PUT Technology	NEW	80,000	NEW	$92,343,200	NEW	—	—	2.68%
AZUL	Azul SA Industrials	NEW	8,362,136	NEW	$75,175,602	NEW	1	$8.84	2.18%
SMCIP	Super Micro Computer, Inc. Technology	NEW	1,400,000	NEW	$72,744,000	NEW	1	unpriced	2.11%
AAPL	Apple Inc. PUT Technology	Added	250,000	+50,000	$72,340,000	+42.5%	—	—	2.10%
	PUT + SHARES	Reduced	2,625,001	-90,000	$69,982,526	−6.1%	15	$26.36	2.03%
SMH	VanEck Semiconductor ETF PUT	NEW	100,000	NEW	$65,589,000	NEW	—	—	1.90%
VAL	Valaris Ltd Energy	Added	850,696	+266,759	$61,760,529	+7.9%	2	$82.66	1.79%
		NEW	450,001	NEW	$59,728,632	NEW	1	$90.09	1.73%
GPOR	Gulfport Energy Corp Energy	Added	274,627	+55,000	$46,604,201	+0.3%	21	$148.93	1.35%
TFPM	Triple Flag Precious Metals Corp. Basic Materials	Held	1,518,950	0	$45,522,931	−13.7%	16	$12.96	1.32%
MARA	MARA Holdings, Inc. PUT CALL Financial Services	Reduced	3,181,500	-2,187,700	$44,191,035	+0.9%	—	—	1.28%
CRWV	CoreWeave, Inc. PUT Technology	NEW	400,000	NEW	$39,816,000	NEW	—	—	1.16%
HEI-A	Heico Corp Industrials	Added	132,104	+7,367	$34,070,942	+29.4%	18	$137.38	0.99%
		NEW	275,001	NEW	$33,962,624	NEW	1	unpriced	0.99%
OPI	Office Properties Income Trust Real Estate	NEW	1,748,605	NEW	$29,726,285	NEW	1	unpriced	0.86%
LUMN	Lumen Technologies, Inc. PUT Communication Services	Reduced	3,500,000	-20,000	$26,880,000	+9.9%	—	—	0.78%
LLYVK	Liberty Live Holdings, Inc. Communication Services	Added	217,989	+56,560	$23,028,357	+51.6%	2	$91.89	0.67%
		Reduced	100,046	-658,841	$20,903,611	−86.7%	4	unpriced	0.61%
TDW	Tidewater Inc PUT Energy	NEW	276,100	NEW	$18,396,543	NEW	—	—	0.53%
SVC	Service Properties Trust Real Estate	Added	9,581,711	+5,808,912	$16,193,091	+215.6%	13	$2.26	0.47%
JBLU	Jetblue Airways Corp CALL Industrials	Added	2,750,000	+1,000,000	$15,757,500	+103.7%	—	—	0.46%
CHRD	Chord Energy Corp Energy	Reduced	124,476	-35,000	$14,227,606	−37.3%	23	$33.91	0.41%
SM	SM Energy Co Energy	Reduced	496,601	-105,700	$12,961,286	−31.0%	2	$22.81	0.38%
CYH	Community Health Systems Inc Healthcare	Added	3,732,743	+604,859	$12,467,361	+35.6%	13	$3.46	0.36%
DCH	Dauch Corp Consumer Cyclical	Reduced	2,158,683	-134,370	$11,700,061	−14.0%	16	$5.68	0.34%
		Held	348,076	0	$11,583,969	−33.7%	16	unpriced	0.34%
BLCO	Bausch & Lomb Corp Healthcare	Reduced	686,976	-414,878	$11,376,322	−35.1%	16	$16.50	0.33%
GRFS	Grifols SA Healthcare	Reduced	1,603,483	-464,315	$11,352,659	−31.5%	12	$8.52	0.33%
FOX	Fox Corp Communication Services	Added	198,874	+23,626	$9,315,258	+0.1%	4	$54.02	0.27%
UP	Wheels Up Experience Inc. Industrials	Reduced	1,021,597	-22,811,330	$9,163,725	−25.6%	11	unpriced	0.27%
NWSA	News Corp Communication Services	Added	343,120	+274,613	$8,519,669	+398.8%	4	$26.66	0.25%
VNME	Vendome Acquisition Corp I Financial Services	Held	825,000	0	$8,406,750	+1.1%	4	$9.92	0.24%
TACH	Titan Acquisition Corp. Financial Services	Held	800,000	0	$8,328,000	+1.2%	5	unpriced	0.24%
GIW	GigCapital8 Corp. Financial Services	Held	800,000	0	$8,055,200	+1.0%	3	$9.91	0.23%
IACO	Idea Acquisition Corp. Financial Services	NEW	797,378	NEW	$7,902,015	NEW	1	$9.88	0.23%
FERA	Fifth Era Acquisition Corp I Financial Services	Held	750,000	0	$7,815,000	+1.2%	5	$10.05	0.23%
HAVA	Harvard Ave Acquisition Corp Financial Services	Held	750,000	0	$7,575,000	+0.9%	2	$9.99	0.22%
XCBE	X3 Acquisition Corp. Ltd. Financial Services	Held	700,000	0	$6,993,000	+1.5%	2	unpriced	0.20%
PONO	Pono Capital Four, Inc. Financial Services	NEW	700,000	NEW	$6,972,000	NEW	1	$9.92	0.20%
MPT	Medical Properties Trust Inc PUT Real Estate	Reduced	1,500,000	-291,000	$6,930,000	−16.4%	—	—	0.20%

Showing the top 50 of 547 positions. Create a free account to see every position, past quarters, search, filters and CSV export.

Covers the securities this platform tracks: U.S.-listed common stock and the put/call positions reported on it. A 13F can also report security types outside that coverage — preferred shares, bonds, warrants, untracked share classes — so the filing's own declared total can exceed the figures above. The source filing is linked at the top of this table.