WHITEBOX ADVISORS LLC
Q3 2023 Form 13-F
MINNEAPOLIS, MINNESOTA
CIK 0001257391
· CRD 121995
· SEC-registered investment adviser
$3.2B Reported Value Total
WHITEBOX ADVISORS LLC reports 23 total accounts under management (AUM). There are 23 discretionary accounts valued at $9,519,581,000, 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.
Private funds (Form ADV)
20 funds
· $16.1B gross asset value
Hedge Fund: $13.9B · Securitized Asset Fund: $2.1B · Other: $102.3M
Source: Form ADV filed 2026-10-06
Reported value
$3.2B
Quarter over quarter
-2.5%
Holdings
312
Top-10 concentration
48.5%
Filing Structure
Reports holdings for
- Pandora Select Advisors, LLC (not a 13F filer in our records) · Q2 2013 – Q2 2015 · declared by one filing
- Whitebox Asymmetric Advisors, LLC (not a 13F filer in our records) · Q2 2013 – Q2 2015 · declared by one filing
- Whitebox Credit Advisors, LLC (not a 13F filer in our records) · Q1 2015 – Q2 2015 · declared by one filing
- Whitebox Multi-Strategy Advisors, LLC (not a 13F filer in our records) · Q2 2013 – Q2 2015 · declared by one filing
- Whitebox Relative Value Advisors, LLC (not a 13F filer in our records) · Q1 2015 – Q2 2015 · declared by one filing
- Whitebox Special Opportunities Advisors, LLC (not a 13F filer in our records) · Q2 2013 – Q2 2015 · declared by one filing
- Whitebox Concentrated Convertible Arbitrage Advisors, LLC (not a 13F filer in our records) · Q2 2013 – Q4 2014 · declared by one filing
- Whitebox Credit Arbitrage Advisors, LLC (not a 13F filer in our records) · Q2 2013 – Q4 2014 · declared by one filing
Key People
Form ADV owners & control persons
Robert Jacob Vogel
SOLE OWNER
Jacob Paul Mercer
PARTNER, HEAD OF SPECIAL SITUATIONS AND RESTRUCTURING
Paul Manuel Roos
PARTNER, HEAD OF STRUCTURED CREDIT
Filing Navigation
Coverage begins with the second quarter of 2013. Earlier quarters are not shown while their accuracy is being verified.
13F Metrics
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Q3 2023 13F record
Q3 2023 13F filing summary
| Period of report | September 30, 2023 |
|---|---|
| Filed | November 14, 2023 |
| Form | 13F-HR |
| Reported value | $3.2B |
| Positions | 312 |
| Change in reported value | -14.2% |
| New positions | 39 |
| Exited positions | 97 |
| Position turnover | 33.3% |
| Top-10 concentration | 48.5% |
13F filings by quarter
| Quarter | Positions | Value |
|---|---|---|
|
Q2 2026 13F
Filed Aug 14, 2026
|
581 | $7.7B |
|
Q1 2026 13F
Filed May 15, 2026
|
498 | $8.2B |
|
Q4 2025 13F
Filed Feb 17, 2026
|
406 | $7.2B |
|
Q3 2025 13F
Filed Nov 14, 2025
|
333 | $6.6B |
|
Q2 2025 13F
Filed Aug 14, 2025
|
288 | $4.9B |
|
Q1 2025 13F
Filed May 15, 2025
|
224 | $4.0B |
|
Q4 2024 13F
Filed Feb 14, 2025
|
189 | $3.5B |
|
Q3 2024 13F
Filed Nov 14, 2024
|
231 | $3.7B |
|
Q2 2024 13F
Filed Aug 14, 2024
|
261 | $3.5B |
|
Q1 2024 13F
Filed May 15, 2024
|
258 | $13.1B |
|
Q4 2023 13F
Filed Feb 14, 2024
|
253 | $3.7B |
|
Q3 2023 13F
Filed Nov 14, 2023
|
312 | $3.2B |
|
Q2 2023 13F
Filed Aug 14, 2023
|
365 | $3.7B |
|
Q1 2023 13F
Filed May 15, 2023
|
492 | $2.9B |
|
Q4 2022 13F
Filed Feb 14, 2023
|
683 | $3.6B |
|
Q3 2022 13F
Filed Nov 14, 2022
|
823 | $3.6B |
|
Q2 2022 13F
Filed Aug 15, 2022
|
814 | $3.2B |
|
Q1 2022 13F
Filed May 16, 2022
|
867 | $5.0B |
|
Q4 2021 13F
Filed Feb 14, 2022
|
735 | $4.9B |
|
Q3 2021 13F
Filed Nov 15, 2021
|
374 | $4.8B |
33 earlier quarters on file — choose one from the quarter menu above.
Top 20 holdings · Q3 2023
| # | Holding | Reported value | % of portfolio |
|---|---|---|---|
| 1 | SPY P SPDR S&P 500 ETF TR | $406.1M | 12.85% |
| 2 | AAL P AMERICAN AIRLS GROUP INC | $165.2M | 5.23% |
| 3 | LBRDK LIBERTY BROADBAND CORP | $160.3M | 5.07% |
| 4 | RCL P ROYAL CARIBBEAN GROUP | $147.4M | 4.66% |
| 5 | RCL 6 08/15/25 ROYAL CARIBBEAN GROUP | $142.4M | 4.51% |
| 6 | RIG 4.625 09/30/29 * TRANSOCEAN INC | $118.1M | 3.74% |
| 7 | AAL 6.5 07/01/25 AMERICAN AIRLINES GROUP INC | $113.3M | 3.59% |
| 8 | ON 0 05/01/27 ON SEMICONDUCTOR CORP | $99.9M | 3.16% |
| 9 | Z 1.375 09/01/26 ZILLOW GROUP INC | $90.1M | 2.85% |
| 10 | AAPL P APPLE INC | $89.0M | 2.81% |
| 11 | MSTR 0.75 12/15/25 MICROSTRATEGY INC | $73.1M | 2.31% |
| 12 | CCL P CARNIVAL CORP | $70.0M | 2.21% |
| 13 | NOVA 0.25 12/01/26 SUNNOVA ENERGY INTL INC. | $67.8M | 2.14% |
| 14 | MSTR 0 02/15/27 MICROSTRATEGY INC | $54.2M | 1.71% |
| 15 | GPOR GULFPORT ENERGY CORP | $47.7M | 1.51% |
| 16 | TFPM TRIPLE FLAG PRECIOUS METAL | $46.6M | 1.48% |
| 17 | IAC IAC INC | $45.0M | 1.42% |
| 18 | W 3.25 09/15/27 WAYFAIR INC | $43.9M | 1.39% |
| 19 | VAL VALARIS LTD | $39.4M | 1.25% |
| 20 | WOLF P WOLFSPEED INC | $38.1M | 1.21% |
Values as reported on the Q3 2023 Form 13F. Every position is in the holdings table below.