CONTEXT CAPITAL MANAGEMENT LLC
Q4 2025 Form 13-F

LAJOLLA, CALIFORNIA
CIK 0001301396 · CRD 115167 · SEC-registered investment adviser
$3.9B Reported Value Total

CONTEXT CAPITAL MANAGEMENT LLC reports 3 total accounts under management (AUM). There are 3 discretionary accounts valued at $8,008,157,694, and 0 non-discretionary accounts.

Source: Form ADV filed * Note that certain holdings are exempt from Form 13-F reporting, so the AUM totals may be greater than the Form 13-F total.
SEC Registered Discretionary Manager
Firm Brochure (Part 2A)
Private funds (Form ADV)
3 funds · $4.1B gross asset value
Hedge Fund: $4.1B
Source: Form ADV filed 2026-08-25
Reported value
$3.9B
Quarter over quarter
+22.5%
Holdings
241
Top-10 concentration
30.5%

Filing Structure

Reports holdings for

Key People

Form ADV owners & control persons
Charles Edward Carnegie
MANAGING MEMBER AND CHIEF INVESTMENT OFFICER
Chesley David Berlinghof
MANAGING DIRECTOR, CONVERTIBLE TRADING
William David Fertig
MANAGING MEMBER
Q3 2025
Q1 2026
Go to latest

Coverage begins with the second quarter of 2013. Earlier quarters are not shown while their accuracy is being verified.

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Q4 2025 13F filing summary

Period of report December 31, 2025
Filed February 13, 2026
Form 13F-HR
Reported value $3.9B
Positions 241
Change in reported value +19.6%
New positions 113
Exited positions 55
Position turnover 56.8%
Top-10 concentration 30.5%

13F filings by quarter

Quarter Positions Value
Q3 2026 13F
Filed Nov 4, 2026
 371 $4.9B
Q2 2026 13F
Filed Jul 23, 2026
 328 $5.1B
Q1 2026 13F
Filed May 7, 2026
 299 $4.3B
Q4 2025 13F
Filed Feb 13, 2026
 241 $3.9B
Q3 2025 13F
Filed Nov 12, 2025
 176 $3.2B
Q2 2025 13F
Filed Aug 6, 2025
 132 $3.0B
Q1 2025 13F
Filed May 5, 2025
 91 $2.6B
Q4 2024 13F
Filed Feb 11, 2025
 110 $2.6B
Q3 2024 13F
Filed Nov 14, 2024
 101 $3.7T
Q2 2024 13F
Filed Aug 9, 2024
 63 $2.8T
Q1 2024 13F
Filed May 2, 2024
 136 $2.1T
Q4 2023 13F
Filed Feb 9, 2024
 153 $1.5B
Q3 2023 13F
Filed Nov 13, 2023
 164 $1.2B
Q2 2023 13F
Filed Aug 10, 2023
 190 $1.1B
Q1 2023 13F
Filed May 8, 2023
 229 $1.2B
Q4 2022 13F
Filed Feb 14, 2023
 321 $1.4B
Q3 2022 13F
Filed Nov 7, 2022
 467 $1.5B
Q2 2022 13F
Filed Aug 3, 2022
 522 $1.4B
Q1 2022 13F
Filed May 9, 2022
 605 $1.5B
Q4 2021 13F
Filed Feb 9, 2022
 500 $1.3B

28 earlier quarters on file — choose one from the quarter menu above.

Top 20 holdings · Q4 2025

# Holding Reported value % of portfolio
1 MSTR 0 12/01/29 STRATEGY INC $187.5M 4.83%
2 ECHO 3.875 11/30/30 ECHOSTAR CORP $159.9M 4.12%
3 PTON 5.5 12/01/29 PELOTON INTERACTIVE INC $135.0M 3.48%
4 MARA 0 06/01/31 MARA HOLDINGS INC $120.5M 3.11%
5 CNMD 2.25 06/15/27 CONMED CORP $114.7M 2.95%
6 TDOC 1.25 06/01/27 TELADOC HEALTH INC $111.8M 2.88%
7 FLNC 2.25 06/15/30 FLUENCE ENERGY INC $93.6M 2.41%
8 BBIO 2.25 02/01/29 BRIDGEBIO PHARMA INC $89.8M 2.31%
9 SMCI 3.5 03/01/29 SUPER MICRO COMPUTER INC $86.9M 2.24%
10 TNDM 1.5 03/15/29 2024 TANDEM DIABETES CARE INC $82.7M 2.13%
11 TVTX 2.25 03/01/29 TRAVERE THERAPEUTICS INC $82.0M 2.11%
12 CLSK 0 06/15/30 CLEANSPARK INC $81.2M 2.09%
13 ENOV 3.875 10/15/28 ENOVIS CORPORATION $80.8M 2.08%
14 PMT 8.5 06/01/29 PENNYMAC CORP $78.6M 2.02%
15 CENX 2.75 05/01/28 CENTURY ALUM CO $71.0M 1.83%
16 RIVN 4.625 03/15/29 RIVIAN AUTOMOTIVE INC $69.9M 1.8%
17 PCRX 2.125 05/15/29 PACIRA BIOSCIENCES INC $69.4M 1.79%
18 IMCR 2.5 02/01/30 IMMUNOCORE HLDGS PLC $65.0M 1.68%
19 GRPN 4.875 06/30/30 UNRS GROUPON INC $61.7M 1.59%
20 ARRY 1 12/01/28 ARRAY TECHNOLOGIES INC $57.2M 1.47%

Values as reported on the Q4 2025 Form 13F. Every position is in the holdings table below.

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