What Howard Marks bought and sold in Q3 2025

New positions (26)

• VNOMViper Energy Inc-cl A4.0% · $240M
• TDSTelephone And Data Systems2.4% · $145M
• CORZCore Scientific Inc1.9% · $115M
• NUNU Holdings Ltd/cayman Islands1.2% · $72M
• SATSEchostar Corp-a0.8% · $46M
• ADArray Digital Infrastructure0.6% · $36M
• NBRNabors Industries Ltd0.5% · $30M
• ECVTEcovyst Inc0.4% · $25M
• AVAV 0 07/15/30Aerovironment Inc0.4% · $22M
• JAZZ 3.125 09/15/30Jazz Investments I Ltd0.3% · $20M
• MGPI 1.875 11/15/41Mgp Ingredients Inc0.3% · $17M
• AMPH 2 03/15/29Amphastar Pharmaceutical0.3% · $16M
• SPB 3.375 06/01/29Spectrum Brands Inc0.3% · $15M
• ACRAcres Commercial Realty Corp0.1% · $8M
• VERX 0.75 05/01/29Vertex Inc0.1% · $7M
• FIVN 1 03/15/29Five9 Inc0.1% · $7M
• LGNLegence Corp-cl A0.1% · $5M
• FRPT 3 04/01/28Freshpet Inc0.1% · $5M
• WGO 3.25 01/15/30Winnebago Industries0.1% · $4M
• QTWO 0.125 11/15/25Q2 Holdings Inc<0.1% · $3M
• SNAP 0.75 08/01/26Snap Inc<0.1% · $2M
• DOCN 0 12/01/26Digitalocean Holdings<0.1% · $2M
• LYFT 0.625 03/01/29Lyft Inc<0.1% · $1M
• ZD 3.625 03/01/28Ziff Davis Inc<0.1% · $1M
• FSLY 0 03/15/26Fastly Inc<0.1% · $1M
• EVH 3.5 12/01/29Evolent Health Inc<0.1% · $818K

Added to (45)

• TLNTalen Energy Corp+124% shares · 2.1% · $124M
• YMMFull Truck Alliance -spn Adr+106% shares · 0.8% · $49M
• BLCOBausch + Lomb Corp+29% shares · 0.8% · $49M
• CNMD 2.25 06/15/27Conmed Corp+46% shares · 0.6% · $39M
• TDOC 1.25 06/01/27Teladoc Health Inc+34% shares · 0.6% · $38M
• SEALTD 0.25 09/15/26Sea Ltd+23% shares · 0.6% · $36M
• ETSY 0.25 06/15/28Etsy Inc+24% shares · 0.6% · $35M
• VAC 3.25 12/15/27Marriott Vacation Worldw+39% shares · 0.6% · $34M
• SRPT 1.25 09/15/27Sarepta Therapeutics Inc+610% shares · 0.5% · $31M
• JD 0.25 06/01/29Jd.com Inc+93% shares · 0.4% · $26M
• SESea Ltd-adr+69% shares · 0.4% · $25M
• ENPH 0 03/01/28Enphase Energy Inc+94% shares · 0.4% · $25M
• CBRL 0.625 06/15/26Cracker Barrel Old Count+150% shares · 0.4% · $24M
• ARRY 1 12/01/28Array Technologies Inc+283% shares · 0.4% · $21M
• CMS 3.375 05/01/28Cms Energy Corp+57% shares · 0.3% · $19M
• BMRN 1.25 05/15/27Biomarin Pharmaceutical+1231% shares · 0.3% · $19M
• MKSI 1.25 06/01/30Mks Inc+39% shares · 0.3% · $18M
• PPL 2.875 03/15/28Ppl Capital Funding Inc+38% shares · 0.3% · $18M
• OKTA 0.375 06/15/26Okta Inc+263% shares · 0.3% · $16M
• COIN 0.25 04/01/30Coinbase Global Inc+65% shares · 0.3% · $16M
• LIVN 2.5 03/15/29Livanova Plc+51% shares · 0.3% · $16M
• WEC 4.375 06/01/29Wec Energy Group Inc+74% shares · 0.3% · $15M
• PSN 2.625 03/01/29Parsons Corp+79% shares · 0.2% · $15M
• FOUR 0.5 08/01/27Shift4 Payments Inc+22% shares · 0.2% · $14M
• MTH 1.75 05/15/28Meritage Homes Corp+109% shares · 0.2% · $13M
• TTEK 2.25 08/15/28Tetra Tech Inc+71% shares · 0.2% · $13M
• FLR 1.125 08/15/29Fluor Corp+109% shares · 0.2% · $12M
• GH 1.25 02/15/31Guardant Health Inc+28% shares · 0.2% · $12M
• SNAP 0 05/01/27Snap Inc+548% shares · 0.2% · $12M
• SHAK 0 03/01/28Shake Shack Inc+33% shares · 0.2% · $11M
• NBR 1.75 06/15/29Nabors Industries Inc+97% shares · 0.2% · $10M
• XYZ 0 05/01/26Block Inc+1848% shares · 0.2% · $10M
• HAE 0 03/01/26Haemonetics Corp+105% shares · 0.2% · $9M
• RGEN 1 12/15/28Repligen Corp+52% shares · 0.1% · $9M
• LI 0.25 05/01/28LI Auto Inc+121% shares · 0.1% · $8M
• BAND 0.5 04/01/28Bandwidth Inc+101% shares · 0.1% · $7M
• LNTH 2.625 12/15/27Lantheus Holdings Inc+597% shares · 0.1% · $7M
• LCII 1.125 05/15/26Lci Industries+3879% shares · 0.1% · $6M
• RWT 7.75 06/15/27Redwood Trust Inc+45% shares · 0.1% · $6M
• CALY 2.75 05/01/26Callaway Golf CO+85% shares · 0.1% · $4M
• NVCR 0 11/01/25Novocure Ltd+82% shares · 0.1% · $4M
• BILL 0 04/01/27Bill Holdings Inc+23% shares · 0.1% · $3M
• XYZ 0.25 11/01/27Block Inc+37% shares · 0.1% · $3M
• GRPN 1.125 03/15/26Groupon Inc+78% shares · <0.1% · $2M
• ESPR 4 11/15/25Esperion Therapeutics+45% shares · <0.1% · $2M

Trimmed (20)

• CXCemex Sab-spons Adr Part Cer-30% shares · 1.6% · $94M
• FCXFreeport-mcmoran Inc-25% shares · 1.0% · $59M
• CRCCalifornia Resources Corp-50% shares · 0.6% · $37M
• PEB 1.75 12/15/26Pebblebrook Hotel Trust-58% shares · 0.4% · $26M
• SNAP 0.125 03/01/28Snap Inc-48% shares · 0.2% · $14M
• ENPH 0 03/01/26Enphase Energy Inc-44% shares · 0.2% · $13M
• BBIO 2.25 02/01/29Bridgebio Pharma Inc-40% shares · 0.2% · $11M
• DAY 0.25 03/15/26Dayforce Inc-48% shares · 0.2% · $9M
• SO 4.5 06/15/27Southern CO-66% shares · 0.1% · $5M
• VRNT 0.25 04/15/26Verint Systems Inc-41% shares · 0.1% · $5M
• UPWK 0.25 08/15/26Upwork Inc-27% shares · 0.1% · $5M
• TWO 6.25 01/15/26Two Harbors Inv Corp-22% shares · 0.1% · $4M
• GES 3.75 04/15/28Guess Inc-26% shares · 0.1% · $4M
• HLF 4.25 06/15/28Herbalife Ltd-24% shares · <0.1% · $3M
• UBER 0.875 12/01/28 2028Uber Technologies Inc-52% shares · <0.1% · $2M
• ASND 2.25 04/01/28Ascendis Pharma A/s-23% shares · <0.1% · $1M
• W 3.25 09/15/27Wayfair Inc-65% shares · <0.1% · $1M
• PTON 0 02/15/26Peloton Interactive Inc-63% shares · <0.1% · $1M
• TGSTransportador Gas-adr SP B-59% shares · <0.1% · $1M
• FVRR 0 11/01/25Fiverr International Ltd-80% shares · <0.1% · $1M

Exited (43)

• SB9Sitio Royalties Corp-awas 4.7% of book
• ECEcopetrol Sa-sponsored Adrwas 0.6% of book
• BEKEKE Holdings Inc-adrwas 0.5% of book
• SATS 3.875 11/30/30Echostar Corpwas 0.5% of book
• WIX 0 08/15/25Wix Ltdwas 0.4% of book
• OKTA 0.125 09/01/25Okta Incwas 0.4% of book
• HOUS 0.25 06/15/26Anywhere RE Grp/realogywas 0.3% of book
• BRYBerry Corpwas 0.2% of book
• YPFYpf S.a.-sponsored Adrwas 0.2% of book
• DXCM 0.375 05/15/28Dexcom Incwas 0.2% of book
• HTHT 3 05/01/26H World Group Ltdwas 0.1% of book
• CYTK 3.5 07/01/27Cytokinetics Incwas 0.1% of book
• BABA 0.5 06/01/31Alibaba Group Holdingwas 0.1% of book
• VAC 0 01/15/26Marriott Vacation Worldwwas 0.1% of book
• LITE 1.5 12/15/29Lumentum Holdings Incwas 0.1% of book
• NICEIT 0 09/15/25Nice Ltdwas 0.1% of book
• ON 0.5 03/01/29ON Semiconductor Corpwas 0.1% of book
• WK 1.25 08/15/28Workiva Incwas 0.1% of book
• IART 0.5 08/15/25Integra Lifesciences Hldwas 0.1% of book
• HAE 2.5 06/01/29Haemonetics Corpwas 0.1% of book
• MLAB 1.375 08/15/25Mesa Laboratories Incwas 0.1% of book
• HDSNHudson Technologies Incwas 0.1% of book
• BMABanco Macro Sa-adrwas 0.1% of book
• DUK 4.125 04/15/26Duke Energy Corpwas 0.1% of book
• SPOT 0 03/15/26Spotify Usa Incwas 0.1% of book
• SSRMCN 2.5 04/01/39Ssr Mining Incwas 0.1% of book
• NET 0 08/15/26Cloudflare Incwas <0.1% of book
• RDFN 0 10/15/25Redfin Corpwas <0.1% of book
• HALO 0.25 03/01/27Halozyme Therapeutics INwas <0.1% of book
• PCG 4.25 12/01/27Pg&e Corpwas <0.1% of book
• AAL 6.5 07/01/25American Airlines Groupwas <0.1% of book
• BAKBraskem Sa-class A- Adrwas <0.1% of book
• TVTX 2.5 09/15/25Travere Therapeutics Incwas <0.1% of book
• NOVA 0.25 12/01/26Sunnova Energy Intl Incwas <0.1% of book
• PAR 1.5 10/15/27Par Technology Corpwas <0.1% of book
• TYL 0.25 03/15/26Tyler Technologies Incwas <0.1% of book
• VTR 3.75 06/01/26Ventas Realty LPwas <0.1% of book
• UBER 0 12/15/25Uber Technologies Incwas <0.1% of book
• PD 1.25 07/01/25Pagerduty Inc.was <0.1% of book
• BL 0 03/15/26Blackline Incwas <0.1% of book
• ALNY 1 09/15/27Alnylam Pharmaceuticalswas <0.1% of book
• STX 3.5 06/01/28Seagate Hdd Caymanwas <0.1% of book
• NOVA 2.625 02/15/28Sunnova Energy Intl Incwas <0.1% of book

Howard Marks's other filings