Investor: Howard Marks
Number of Assets: 140
Reporting Period: Q1 - 2026
Holdings at Report: $6,284,997,721
Return Since Report: +$396,613,392
Return Since Report: +6.31%
Company | Position | Activity | Shares | Port. % | Rep. Price | Curr. Price | Rep. Value | Curr. Value | Return Value | Return % |
|---|---|---|---|---|---|---|---|---|---|---|
| Immunocore Holdings PLC | Bond | +100% | 833,000 | N/A | $0.90 | N/A | $751,261 | N/A | N/A | N/A |
| Haemonetics corp | Bond | +100% | 837,000 | N/A | $0.96 | N/A | $800,841 | N/A | N/A | N/A |
| Pennymac Mortgage Investment Trust | Bond | +100% | 3,971,000 | N/A | $1.05 | N/A | $4,152,035 | N/A | N/A | N/A |
| Upstart Holdings Inc. | Bond | +100% | 4,869,000 | N/A | $0.98 | N/A | $4,795,964 | N/A | N/A | N/A |
| Green Plains Inc. | Bond | +100% | 4,998,000 | N/A | $1.00 | N/A | $4,980,506 | N/A | N/A | N/A |
| Neogenomics Inc. | Bond | +100% | 5,575,000 | N/A | $0.91 | N/A | $5,101,124 | N/A | N/A | N/A |
| Cerence INC | Bond | +100% | 5,942,000 | N/A | $0.89 | N/A | $5,262,829 | N/A | N/A | N/A |
| XP Inc. (XP) | Equity | -4.46% | 3,172,009 | 1.29% | $19.04 | $17.47 | $60,395,051 | $55,414,997 | -$4,980,054 | -8.25% |
| Echostar Corp. | Bond | +100% | 18,000,001 | N/A | $3.57 | N/A | $64,342,803 | N/A | N/A | N/A |
| Barrick Mining corp | Equity | -11.77% | 2,624,859 | 2.28% | $40.79 | $0.00 | $107,067,998 | $0 | -$107,067,998 | -100% |
| Petróleo Brasileiro S.A. - Petrobras (PBR) | Equity | +100% | 6,089,413 | 2.69% | $20.75 | $19.93 | $126,355,319 | $121,362,001 | -$4,993,318 | -3.95% |
| Sunopta Inc. (STKL) | Equity | 0% | 20,726,126 | 2.86% | $6.48 | $6.50 | $134,230,239 | $134,719,819 | +$489,580 | +0.36% |
| Alarmcom Holdings INC | Bond | +100% | 1,008,000 | N/A | $0.92 | N/A | $930,510 | N/A | N/A | N/A |
| Alvotech Sa | Warrant | +100% | 4,669,508 | N/A | $0.29 | N/A | $1,332,056 | N/A | N/A | N/A |
| Rivian Automotive Inc. | Bond | +100% | 1,300,000 | N/A | $0.96 | N/A | $1,248,260 | N/A | N/A | N/A |
| Celcuity INC | Bond | +100% | 600,000 | N/A | $2.44 | N/A | $1,462,800 | N/A | N/A | N/A |
| Irhythm Technologies INC | Bond | +100% | 1,350,000 | N/A | $1.10 | N/A | $1,479,600 | N/A | N/A | N/A |
| Rapid7 Inc. | Bond | +100% | 1,668,000 | N/A | $0.94 | N/A | $1,574,592 | N/A | N/A | N/A |
| Fluor Corp. | Bond | +100% | 1,371,000 | N/A | $1.24 | N/A | $1,693,527 | N/A | N/A | N/A |
| Gladstone Capital corp | Bond | +100% | 1,898,000 | N/A | $0.94 | N/A | $1,782,260 | N/A | N/A | N/A |
| Nextera Energy INC | Bond | +100% | 1,292,000 | N/A | $1.39 | N/A | $1,794,265 | N/A | N/A | N/A |
| Meritage Homes corp | Bond | +100% | 1,900,000 | N/A | $0.97 | N/A | $1,839,200 | N/A | N/A | N/A |
| Pagerduty INC | Bond | +100% | 5,935,000 | N/A | $0.90 | N/A | $5,369,691 | N/A | N/A | N/A |
| Snap | Bond | +100% | 6,000,000 | N/A | $0.91 | N/A | $5,476,199 | N/A | N/A | N/A |
| MGP Ingredients INC | Bond | +100% | 6,251,000 | N/A | $0.96 | N/A | $6,030,226 | N/A | N/A | N/A |
| Akamai Technologies | Bond | +100% | 5,397,000 | N/A | $1.14 | N/A | $6,177,136 | N/A | N/A | N/A |
| NRG Energy Inc. (NRG) | Equity | +100% | 49,028 | 0.15% | $146.14 | $127.83 | $7,164,951 | $6,267,249 | -$897,702 | -12.53% |
| Liberty Latin America Ltd. (LILA) | Equity | 0% | 839,020 | 0.15% | $8.64 | $7.18 | $7,249,132 | $6,024,164 | -$1,224,968 | -16.90% |
| Datadog INC | Bond | +100% | 7,699,000 | N/A | $0.97 | N/A | $7,469,954 | N/A | N/A | N/A |
| Nutanix Inc. | Bond | +100% | 7,600,000 | N/A | $1.02 | N/A | $7,758,846 | N/A | N/A | N/A |
| Tripcom Group LTD | Bond | +100% | 7,588,000 | N/A | $1.04 | N/A | $7,870,744 | N/A | N/A | N/A |
| Magnachip Semiconductor Corp. (MX) | Equity | 0% | 2,849,858 | 0.17% | $2.80 | $4.34 | $7,979,602 | $12,368,384 | +$4,388,782 | +55.00% |
| Redwood Trust Inc. | Bond | +100% | 8,247,000 | N/A | $1.01 | N/A | $8,370,704 | N/A | N/A | N/A |
| Winnebago Industries INC | Bond | +100% | 9,376,000 | N/A | $0.91 | N/A | $8,504,032 | N/A | N/A | N/A |
| Repligen Corp. | Bond | +100% | 8,997,000 | N/A | $0.98 | N/A | $8,790,069 | N/A | N/A | N/A |
| Redfin Corp. | Bond | +100% | 9,197,000 | N/A | $0.96 | N/A | $8,819,923 | N/A | N/A | N/A |
| LCI Industries | Bond | +100% | 9,138,000 | N/A | $1.00 | N/A | $9,098,706 | N/A | N/A | N/A |
| Topgolf Callaway Brands corp | Bond | +100% | 9,166,000 | N/A | $1.00 | N/A | $9,179,748 | N/A | N/A | N/A |
| Altice Usa Inc. (ATUS) | Equity | -2.26% | 7,330,490 | 0.20% | $1.30 | $1.89 | $9,529,637 | $13,854,626 | +$4,324,989 | +45.38% |
| Penn Entertainment INC | Bond | +100% | 9,562,000 | N/A | $1.00 | N/A | $9,564,390 | N/A | N/A | N/A |
| Ziff Davis Inc. | Bond | +100% | 10,091,000 | N/A | $0.98 | N/A | $9,914,407 | N/A | N/A | N/A |
| Strategy INC | Bond | +100% | 12,080,000 | N/A | $0.83 | N/A | $10,056,599 | N/A | N/A | N/A |
| Aerovironment INC | Bond | +100% | 10,313,000 | N/A | $0.98 | N/A | $10,117,052 | N/A | N/A | N/A |
| Block Inc. (XYZ) | Bond | +100% | 10,982,000 | N/A | $0.94 | N/A | $10,290,134 | N/A | N/A | N/A |
| Itron INC | Bond | +100% | 10,349,000 | N/A | $1.01 | N/A | $10,426,617 | N/A | N/A | N/A |
| JD.com Inc. | Bond | +100% | 11,053,000 | N/A | $1.00 | N/A | $11,019,840 | N/A | N/A | N/A |
| Affirm Holdings Inc. | Bond | +100% | 11,537,000 | N/A | $0.97 | N/A | $11,190,889 | N/A | N/A | N/A |
| Smartrent Inc. (SMRT) | Equity | 0% | 7,505,294 | 0.24% | $1.50 | $1.12 | $11,257,942 | $8,405,929 | -$2,852,013 | -25.33% |
| Battalion Oil Corp. (BATL) | Equity | 0% | 3,009,912 | 0.25% | $3.90 | $2.23 | $11,738,656 | $6,712,104 | -$5,026,552 | -42.82% |
| Upwork Inc. | Bond | +100% | 12,499,000 | N/A | $0.98 | N/A | $12,264,643 | N/A | N/A | N/A |
| Cogent Biosciences INC | Bond | +100% | 10,221,000 | N/A | $1.23 | N/A | $12,536,056 | N/A | N/A | N/A |
| Blackstone Mortgage Trust Inc. | Bond | +100% | 12,959,000 | N/A | $1.00 | N/A | $12,894,205 | N/A | N/A | N/A |
| Synaptics INC | Bond | +100% | 13,815,000 | N/A | $1.04 | N/A | $14,322,701 | N/A | N/A | N/A |
| Nabors Industries LTD | Bond | +100% | 16,137,000 | N/A | $0.91 | N/A | $14,700,807 | N/A | N/A | N/A |
| Envista Holdings Corp. | Bond | +100% | 15,977,000 | N/A | $1.00 | N/A | $15,907,100 | N/A | N/A | N/A |
| The Simply Good Foods Company (SMPL) | Equity | +100% | 1,128,889 | 0.34% | $14.35 | N/A | $16,199,557 | N/A | N/A | N/A |
| Snap | Bond | +100% | 19,745,000 | N/A | $0.95 | N/A | $18,734,056 | N/A | N/A | N/A |
| Telecom Argentina S.A. (TEO) | Equity | -30.90% | 1,622,244 | 0.40% | $11.69 | $11.82 | $18,964,032 | $19,174,924 | +$210,892 | +1.11% |
| Five9 Inc. | Bond | +100% | 21,743,000 | N/A | $0.87 | N/A | $18,970,767 | N/A | N/A | N/A |
| Oaktree Specialty Lending Corp. (OCSL) | Equity | 0% | 1,852,456 | 0.45% | $11.30 | $12.10 | $20,932,752 | $22,414,718 | +$1,481,966 | +7.08% |
| Ternium S.A. (TX) | Equity | -11.49% | 582,924 | 0.50% | $40.15 | $42.78 | $23,404,398 | $24,937,489 | +$1,533,091 | +6.55% |
| Rice Acquisition corp 3 | Equity | 0% | 2,400,000 | 0.53% | $10.31 | N/A | $24,744,000 | N/A | N/A | N/A |
| Rice Acquisition corp 3 | Warrant | +100% | 399,999 | N/A | $0.80 | N/A | $319,999 | N/A | N/A | N/A |
| Bioxcel Therapeutics INC | Equity | 0% | 241,188 | 0.01% | $1.34 | $0.00 | $323,193 | $0 | -$323,193 | -100% |
| Alvotech (ALVO) | Equity | -81.64% | 97,982 | 0.01% | $3.43 | $3.31 | $336,078 | $324,320 | -$11,758 | -3.50% |
| PDD Holdings Inc. (PDD) | Equity | +100% | 4,823 | 0.01% | $102.18 | $95.83 | $492,814 | $462,188 | -$30,626 | -6.21% |
| Snowflake INC | Bond | +100% | 1,600,000 | N/A | $1.18 | N/A | $1,892,800 | N/A | N/A | N/A |
| Live Nation Entertainment INC | Bond | +100% | 1,813,000 | N/A | $1.08 | N/A | $1,958,040 | N/A | N/A | N/A |
| Parsons corp | Bond | +100% | 2,060,000 | N/A | $0.99 | N/A | $2,032,190 | N/A | N/A | N/A |
| Jazz Pharmaceuticals PLC | Bond | +100% | 1,461,000 | N/A | $1.42 | N/A | $2,072,428 | N/A | N/A | N/A |
| Post Holdings Inc. | Bond | +100% | 1,950,000 | N/A | $1.08 | N/A | $2,114,775 | N/A | N/A | N/A |
| Strategy INC | Bond | +100% | 2,200,000 | N/A | $0.96 | N/A | $2,119,150 | N/A | N/A | N/A |
| Cheesecake Factory | Bond | +100% | 2,173,000 | N/A | $0.99 | N/A | $2,146,380 | N/A | N/A | N/A |
| Coinbase Global INC | Bond | +100% | 2,364,000 | N/A | $0.93 | N/A | $2,199,111 | N/A | N/A | N/A |
| Northern Oil & Gas Inc. | Bond | +100% | 2,000,000 | N/A | $1.10 | N/A | $2,200,687 | N/A | N/A | N/A |
| Uber Technologies | Bond | +100% | 2,000,000 | N/A | $1.20 | N/A | $2,408,500 | N/A | N/A | N/A |
| HDFC Bank Limited (HDB) | Equity | -12.40% | 114,261 | 0.06% | $24.88 | $24.45 | $2,842,813 | $2,793,681 | -$49,132 | -1.73% |
| Digitalocean Hldgs Inc. | Bond | +100% | 2,985,000 | N/A | $0.98 | N/A | $2,918,583 | N/A | N/A | N/A |
| JBT Marel Corporation | Bond | +100% | 2,927,000 | N/A | $1.00 | N/A | $2,921,877 | N/A | N/A | N/A |
| Bill Holdings Inc. | Bond | +100% | 3,306,000 | N/A | $0.97 | N/A | $3,198,555 | N/A | N/A | N/A |
| Ziff Davis INC | Bond | +100% | 3,496,000 | N/A | $0.98 | N/A | $3,439,190 | N/A | N/A | N/A |
| Snap Inc. | Bond | +100% | 3,767,000 | N/A | $0.98 | N/A | $3,679,845 | N/A | N/A | N/A |
| Bandwidth Inc. | Bond | +100% | 4,167,000 | N/A | $0.90 | N/A | $3,729,465 | N/A | N/A | N/A |
| Southern Cothe | Bond | +100% | 3,357,000 | N/A | $1.11 | N/A | $3,733,127 | N/A | N/A | N/A |
| Invesco Senior Loan ETF (BKLN) | Equity | +100% | 200,020 | 0.09% | $20.41 | $20.61 | $4,082,408 | $4,122,412 | +$40,004 | +0.98% |
| PG&E Corp. | Bond | +100% | 4,000,000 | N/A | $1.04 | N/A | $4,144,903 | N/A | N/A | N/A |
| Freeport-Mcmoran Inc. (FCX) | Equity | -12.22% | 1,220,122 | 1.53% | $58.78 | $63.01 | $71,718,771 | $76,879,887 | +$5,161,116 | +7.20% |
| CBL & Associates Properties Inc. (CBL) | Equity | -14.45% | 2,153,717 | 1.76% | $38.43 | $46.60 | $82,767,382 | $100,363,212 | +$17,595,830 | +21.26% |
| Anglogold Ashanti PLC (AU) | Equity | -16.24% | 3,223,092 | 6.68% | $97.36 | $92.24 | $313,800,237 | $297,298,006 | -$16,502,231 | -5.26% |
| Expand Energy Corp. (EXE) | Equity | +3.46% | 5,237,477 | 12.24% | $109.78 | $96.69 | $574,970,225 | $506,411,651 | -$68,558,574 | -11.92% |
| Torm PLC (TRMD) | Equity | -9.78% | 23,839,575 | 14.38% | $28.32 | $32.03 | $675,076,008 | $763,581,587 | +$88,505,579 | +13.11% |
| Lyondellbasell Industries N.V. (LYB) | Equity | +100% | 500,000 | 0.86% | $80.56 | $75.06 | $40,280,000 | $37,530,000 | -$2,750,000 | -6.83% |
| Cracker Barrel Old Country Store Inc. | Bond | +100% | 26,175,000 | N/A | $0.98 | N/A | $25,658,041 | N/A | N/A | N/A |
| Shift4 Payments Inc. | Bond | +100% | 27,272,000 | N/A | $0.94 | N/A | $25,669,770 | N/A | N/A | N/A |
| Spectrum Brands Holdings INC | Bond | +100% | 26,126,000 | N/A | $1.00 | N/A | $26,140,369 | N/A | N/A | N/A |
| Embraer S.A. (ERJ) | Equity | +100% | 447,606 | 0.57% | $59.34 | $64.37 | $26,560,940 | $28,812,398 | +$2,251,458 | +8.48% |
| Array Technologies Inc. | Bond | +100% | 31,046,000 | N/A | $0.91 | N/A | $28,189,767 | N/A | N/A | N/A |
| Ecovyst Inc. (ECVT) | Equity | -43.74% | 2,393,791 | 0.66% | $12.86 | $14.55 | $30,784,152 | $34,829,659 | +$4,045,507 | +13.14% |
| Cemex S.A.B. De C.V. (CX) | Equity | -51.94% | 2,763,083 | 0.67% | $11.44 | $12.56 | $31,609,669 | $34,704,322 | +$3,094,653 | +9.79% |
| Teladoc Health Inc. | Bond | +100% | 33,070,000 | N/A | $0.96 | N/A | $31,714,129 | N/A | N/A | N/A |
| United States Cellular Corp. (USM) | Equity | 0% | 724,444 | 0.71% | $46.14 | $48.80 | $33,425,846 | $35,352,867 | +$1,927,021 | +5.77% |
| Amphastar Pharmaceuticals INC | Bond | +100% | 38,036,000 | N/A | $0.91 | N/A | $34,460,616 | N/A | N/A | N/A |
| Unity Software Inc. | Bond | +100% | 35,941,000 | N/A | $0.97 | N/A | $34,970,593 | N/A | N/A | N/A |
| Conmed Corp. | Bond | +100% | 36,189,000 | N/A | $0.97 | N/A | $35,121,424 | N/A | N/A | N/A |
| Progress Software Corp. | Bond | +100% | 36,154,000 | N/A | $1.00 | N/A | $36,110,163 | N/A | N/A | N/A |
| Dexcom Inc. | Bond | +100% | 40,423,000 | N/A | $0.92 | N/A | $37,280,111 | N/A | N/A | N/A |
| Block Inc. (XYZ) | Bond | +100% | 37,779,000 | N/A | $1.00 | N/A | $37,684,552 | N/A | N/A | N/A |
| Draftkings Inc. New | Bond | +100% | 44,355,000 | N/A | $0.90 | N/A | $40,008,210 | N/A | N/A | N/A |
| Q2 Hldgs Inc. | Bond | +100% | 41,053,000 | N/A | $1.00 | N/A | $40,884,654 | N/A | N/A | N/A |
| YPF Sociedad Anónima (YPF) | Equity | +100% | 886,465 | 0.87% | $46.22 | $43.67 | $40,972,412 | $38,707,494 | -$2,264,918 | -5.53% |
| Bentley Systems Inc. | Bond | +100% | 46,995,000 | N/A | $0.95 | N/A | $44,692,244 | N/A | N/A | N/A |
| Okta Inc. | Bond | +100% | 46,973,000 | N/A | $0.99 | N/A | $46,679,418 | N/A | N/A | N/A |
| Sea Ltd | Bond | +100% | 47,886,000 | N/A | $0.98 | N/A | $46,928,280 | N/A | N/A | N/A |
| Runway Growth Finance Corp. (RWAY) | Equity | 0% | 7,029,667 | 1.03% | $6.87 | $6.65 | $48,293,821 | $46,747,286 | -$1,546,535 | -3.20% |
| Marriott Vacations Worldwide Corp. | Bond | +100% | 52,119,000 | N/A | $0.96 | N/A | $50,164,537 | N/A | N/A | N/A |
| Credo Technology Group Holding Ltd (CRDO) | Equity | +100% | 539,000 | 1.08% | $93.87 | $172.17 | $50,595,930 | $92,799,630 | +$42,203,700 | +83.41% |
| Enphase Energy Inc. | Bond | +100% | 56,620,000 | N/A | $0.89 | N/A | $50,604,278 | N/A | N/A | N/A |
| Liberty Latin America Ltd. (LILAK) | Equity | 0% | 5,748,780 | 1.08% | $8.82 | $7.32 | $50,704,239 | $42,081,070 | -$8,623,169 | -17.01% |
| Kilroy Realty Corp. (KRC) | Equity | 0% | 1,850,011 | 1.11% | $28.21 | $34.36 | $52,188,810 | $63,566,378 | +$11,377,568 | +21.80% |
| Coinbase Global Inc. | Bond | +100% | 52,633,000 | N/A | $0.99 | N/A | $52,227,725 | N/A | N/A | N/A |
| Bausch + Lomb Corp. (BLCO) | Equity | 0% | 3,382,739 | 1.15% | $15.90 | $16.09 | $53,785,550 | $54,428,271 | +$642,721 | +1.19% |
| Biomarin Pharmaceutical Inc. (BMRN) | Bond | +100% | 55,985,000 | N/A | $0.96 | N/A | $54,024,126 | N/A | N/A | N/A |
| Etsy | Bond | +100% | 61,196,000 | N/A | $0.90 | N/A | $54,794,898 | N/A | N/A | N/A |
| Grupo Aeromexico SAB DE CV | Equity | +5.08% | 3,968,686 | 1.18% | $14.01 | N/A | $55,601,290 | N/A | N/A | N/A |
| American WTR CAP corp | Bond | +100% | 55,921,000 | N/A | $1.00 | N/A | $55,839,914 | N/A | N/A | N/A |
| Pebblebrook Hotel Trust | Bond | +100% | 57,736,000 | N/A | $0.98 | N/A | $56,380,550 | N/A | N/A | N/A |
| Transalta Corp. (TAC) | Equity | 0% | 6,415,253 | 1.79% | $13.11 | $12.78 | $84,077,945 | $81,986,933 | -$2,091,012 | -2.49% |
| Nokia Oyj (NOK) | Equity | -40.27% | 11,200,308 | 1.92% | $8.04 | $13.95 | $90,050,476 | $156,244,297 | +$66,193,821 | +73.51% |
| Riot Platforms INC | Bond | +100% | 79,664,000 | N/A | $1.15 | N/A | $91,812,759 | N/A | N/A | N/A |
| Jetblue Airways Corp. | Bond | +100% | 95,093,000 | N/A | $1.00 | N/A | $94,793,457 | N/A | N/A | N/A |
| Itaú Unibanco Holding S.A. (ITUB) | Equity | -11.82% | 12,188,995 | 2.18% | $8.38 | $7.84 | $102,143,786 | $95,561,721 | -$6,582,065 | -6.44% |
| Liberty Global Ltd. (LBTYA) | Equity | 0% | 8,551,191 | 2.20% | $12.09 | $11.51 | $103,383,899 | $98,424,208 | -$4,959,691 | -4.80% |
| Core Scientific Inc. (CORZ) | Equity | +54.49% | 12,900,708 | 4.09% | $14.90 | $24.21 | $192,256,591 | $312,326,141 | +$120,069,550 | +62.45% |
| Invesco QQQ Trust (QQQ) | Equity | +100% | 570,000 | 7.01% | $577.18 | $708.93 | $328,992,600 | $404,090,100 | +$75,097,500 | +22.83% |
| SPDR S&P Oil & Gas Exploration & Production ETF (XOP) | Equity | +100% | 1,000,000 | 3.87% | $181.83 | N/A | $181,830,000 | N/A | N/A | N/A |
| Talen Energy Corp. (TLN) | Equity | +45.30% | 481,117 | 3.27% | $319.23 | $334.24 | $153,586,979 | $160,808,546 | +$7,221,567 | +4.70% |
| Viper Energy INC | Equity | -39.68% | 3,791,432 | 3.79% | $46.99 | N/A | $178,159,389 | N/A | N/A | N/A |
| Telephone And Data Systems Inc. (TDS) | Equity | +16.37% | 4,292,243 | 3.85% | $42.10 | $40.50 | $180,703,430 | $173,835,842 | -$6,867,588 | -3.80% |
| Garrett Motion Inc. (GTX) | Equity | -14.62% | 14,594,816 | 5.65% | $18.17 | $30.98 | $265,187,806 | $452,147,400 | +$186,959,594 | +70.50% |
| Indivior Pharmaceuticals inc | Equity | +100% | 212,875,428 | 0.15% | $0.03 | N/A | $6,984,102 | N/A | N/A | N/A |