SEC 13F Intelligence

Managers / Q4 2025 · view latest →

SILVERBACK ASSET MANAGEMENT LLC

CIK 0001278960 · 555 S. MANGUM STREET, SUITE 910, DURHAM, NC, 27701 · 919-969-9300

Reported Value
$684M
Q4 2025
Positions
58
Filings on Record
38
2019–present window
Filed
Feb 17, 2026
original filing

Summary

Silverback Asset Management LLC reported $684M in U.S.-listed holdings across 58 positions for Q4 2025.

Its largest position, Seagate Hdd Cayman, represents 7.6% of the portfolio.

Compared with Q3 2025, the fund opened 15 new positions and exited 21.

Portfolio Metrics

Turnover
+23.2%
vs prior filed quarter
Top-10 Concentration
+45.1%
share of reported value
Largest Position
+7.6%
Seagate Hdd Cayman
New / Exited
15 / 21
positions this quarter

Methodology: turnover is min(value bought, value sold) ÷ average reported value across the two quarters — value-based, so market moves inflate it slightly versus a share-based measure. Concentration and largest position are shares of the filing’s total reported value, options excluded. New/exited counts compare against the prior filed quarter. All figures derive solely from the fund’s 13F filings.

Reported Value by Quarter

13F Reported Value
Q4 ’18: $541MQ4 ’18Q1 ’19: $584MQ2 ’19: $631MQ3 ’19: $653MQ4 ’19: $673MQ4 ’19Q1 ’20: $470MQ2 ’20: $404MQ3 ’20: $475MQ4 ’20: $787MQ4 ’20Q1 ’21: $461MQ2 ’21: $829MQ3 ’21: $681MQ4 ’21: $837MQ4 ’21Q1 ’22: $738MQ2 ’22: $649MQ3 ’22: $659MQ4 ’22: $725MQ4 ’22Q1 ’23: $737MQ2 ’23: $723MQ3 ’23: $730MQ4 ’23: $718MQ4 ’23Q1 ’24: $751MQ2 ’24: $813MQ3 ’24: $744MQ4 ’24: $668MQ4 ’24Q1 ’25: $724MQ2 ’25: $707MQ3 ’25: $1.0BQ4 ’25: $684MQ4 ’25Q1 ’26: $699Mfilingsflow.com

Portfolio Composition

By security type
US DOMESTIC: 74.4%PRIV PLACEMENT: 14.6%Common Stock: 7.2%GLOBAL: 2.7%EURO-DOLLAR: 0.5%Other: 0.6%
  • US DOMESTIC · 74.4% · $509M
  • PRIV PLACEMENT · 14.6% · $100M
  • Common Stock · 7.2% · $49M
  • GLOBAL · 2.7% · $18M
  • EURO-DOLLAR · 0.5% · $3M
  • Other · 0.6% · $4M

Quarter-over-Quarter Changes full breakdown →

vs Q3 2025 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
VARONIS SYS INCNEW+22.95M22.95M+$21M$21M
EZPW 3.750 12/15/29 CVTNEW+9.50M9.50M+$18M$18M
EXACT SCIENCES CORPNEW+13.50M13.50M+$14M$14M
WOLFSPEED INCNEW+8.46M8.46M+$13M$13M
ADVANCED ENERGY INDSNEW+7.50M7.50M+$12M$12M
AKAMAI TECHNOLOGIES INCNEW+12.00M12.00M+$12M$12M
ALNY 09/15/28 CVTNEW+12.50M12.50M+$12M$12M
OMNICELL COMNEW+11.00M11.00M+$12M$12M

Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.

Holdings — Q4 2025

46 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1SEAGATE HDD CAYMANNOTE 3.500% 6/07.59%$52M15.44M
2COINBASE GLOBAL INCNOTE 0.500% 6/04.81%$33M32.98M
3IAC 0.875 06/15/26 CVTNote 0.875% 06/154.53%$31M31.60M
4BRIDGEBIO PHARMA INCNOTE 2.250% 2/04.44%$30M26.95M
5TYLER TEX INDPT SCH DISTNOTE 0.250% 3/14.18%$29M28.21M
6ON SEMICONDUCTOR CORPNOTE 5/04.11%$28M23.57M
7JBT MAREL CORPORATIONNOTE 0.250% 5/14.09%$28M27.30M
8VISHAY INTERTECHNOLOGY INCNOTE 2.250% 9/13.93%$27M29.83M
9COLLEGIUM PHARMACEUTICAL INCNOTE 2.875% 2/13.78%$26M18.30M
10UBER TECHNOLOGIES INCNOTE 0.875%12/03.61%$25M19.00M
11EVERGY INCNOTE 4.500%12/13.58%$24M20.10M
12VARONIS SYS INCNOTE 1.000% 9/13.12%$21M22.95M
13PORCH GROUP INCDEBT 9.000% 5/12.90%$20M17.50M
14EZPW 3.750 12/15/29 CVTNote 3.750% 12/152.59%$18M9.50M
15EVOLENT HEALTH INCNOTE 3.500%12/0 · DEBT 4.500% 8/12.37%$16M23.65M
16SEMTECH CORPNOTE 1.625%11/02.29%$16M7.70M
17PENGUIN SOLUTIONS INCNOTE 2.000% 8/12.27%$15M15.13M
18NUTANIX INCNOTE 0.250%10/02.06%$14M12.50M
19EXACT SCIENCES CORPNOTE 0.375% 3/02.03%$14M13.50M
20PRCH 6.750 10/01/28 '26 CVTNote 6.750% 10/11.93%$13M13.21M
21WOLFSPEED INCNOTE 2.500% 6/11.85%$13M8.46M
22PACIRA BIOSCIENCES INCNOTE 2.125% 5/11.81%$12M12.28M
23ADVANCED ENERGY INDSNOTE 2.500% 9/11.80%$12M7.50M
24AKAMAI TECHNOLOGIES INCNOTE 0.375% 9/01.77%$12M12.00M
25ALNY 09/15/28 CVTNote 0 09/151.76%$12M12.50M
26OMNICELL COMNOTE 1.000%12/01.74%$12M11.00M
27PELOTON INTERACTIVE INCNOTE 5.500%12/01.73%$12M7.12M
28HALOZYME THERAPEUTICS INCNOTE 0.250% 3/01.55%$11M9.82M
29FIVE9 INCNOTE 1.000% 3/11.52%$10M11.53M
30BANDWIDTH INCNOTE 0.500% 4/01.35%$9M10.50M
31VRMVROOM INChistory →COM NEW1.24%$8M425.5K
32AMPHASTAR PHARMACEUTICALS INNOTE 2.000% 3/11.23%$8M9.08M
33HLITHARMONIC INCCOM0.94%$6M650.0K
348X8 INC NEWNOTE 4.000% 2/00.91%$6M6.97M
35ECHOSTAR CORPNOTE 3.875%11/30.83%$6M1.69M
36INOTIV INCNOTE 3.250%10/10.60%$4M17.09M
37FLUOR CORPNOTE 1.125% 8/10.57%$4M3.44M
38QMNDQ 6.750 03/22/13 CVT DFTdNote 6.750% 03/220.46%$3M12.40M
39CERENCE INCNOTE 1.500% 7/00.45%$3M3.40M
40JPXAEROVIRONMENT INCCOM0.43%$3M12.1K
41PG&E CORPPFD CONV SER A0.42%$3M70.0K
42ARRYARRAY TECHNOLOGIES INCCOM SHS0.40%$3M295.5K
43CORZCORE SCIENTIFIC INC NEWCOM0.34%$2M160.9K
44NEONEOGENOMICS INCCOM NEW0.28%$2M165.1K
45LPSNLIVEPERSON INCCOM0.27%$2M485.0K
46ASTSAST SPACEMOBILE INCCOM CL A0.26%$2M24.2K

Filing History

QuarterReported ValuePositionsFiledTypeLinks
Q1 2026$699M63May 21, 2026RESTATEMENTchanges · EDGAR ↗
Q4 2025$684M58Feb 17, 202613F-HRchanges · EDGAR ↗
Q3 2025$1.0B68Nov 13, 202513F-HRchanges · EDGAR ↗
Q2 2025$707M65Aug 13, 202513F-HRchanges · EDGAR ↗
Q1 2025$724M61May 15, 202513F-HRchanges · EDGAR ↗
Q4 2024$668M70Feb 27, 2025RESTATEMENTchanges · EDGAR ↗
Q3 2024$744M83Nov 14, 202413F-HRchanges · EDGAR ↗
Q2 2024$813M84Aug 14, 202413F-HRchanges · EDGAR ↗
Q1 2024$751M79May 14, 202413F-HRchanges · EDGAR ↗
Q4 2023$718M88Feb 13, 202413F-HRchanges · EDGAR ↗
Q3 2023$730M92Nov 14, 202313F-HRchanges · EDGAR ↗
Q2 2023$723M96Aug 17, 2023RESTATEMENTchanges · EDGAR ↗
Q1 2023$737M99May 15, 202313F-HRchanges · EDGAR ↗
Q4 2022$725M131Feb 14, 202313F-HRchanges · EDGAR ↗
Q3 2022$659M115Nov 14, 202213F-HRchanges · EDGAR ↗
Q2 2022$649M107Aug 15, 202213F-HRchanges · EDGAR ↗
Q1 2022$738M95May 13, 202213F-HRchanges · EDGAR ↗
Q4 2021$837M79Feb 14, 202213F-HRchanges · EDGAR ↗
Q3 2021$681M81Nov 15, 202113F-HRchanges · EDGAR ↗
Q2 2021$829M76Aug 16, 202113F-HRchanges · EDGAR ↗
Q1 2021$461M57May 17, 202113F-HRchanges · EDGAR ↗
Q4 2020$787M59Feb 16, 202113F-HRchanges · EDGAR ↗
Q3 2020$475M50Nov 13, 202013F-HRchanges · EDGAR ↗
Q2 2020$404M52Aug 14, 202013F-HRchanges · EDGAR ↗
Q1 2020$470M51May 13, 202013F-HRchanges · EDGAR ↗
Q4 2019$673M48Feb 13, 202013F-HRchanges · EDGAR ↗
Q3 2019$653M49Nov 14, 201913F-HRchanges · EDGAR ↗
Q2 2019$631M53Aug 14, 201913F-HRchanges · EDGAR ↗
Q1 2019$584M44May 15, 201913F-HRchanges · EDGAR ↗
Q4 2018$541M58Feb 14, 201913F-HRchanges · EDGAR ↗

13F filings are due up to 45 days after quarter end, so holdings shown here lag the fund’s current book. Source: original SEC filing on EDGAR ↗.