Silverback Asset Management LLC — Q3 2025 13F Holdings

Name: Silverback Asset Management LLC — 13F Holdings, Q3 2025
Creator: AlphaSMO
License: https://www.sec.gov/forms

CIK: 0001278960

Total reported value

$698.8M

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Full holdings list this quarter

#	Ticker	Issuer	Asset Subclass	Weight	Weight Change	Shares Change
1	HYG	Ishr Ibx Usd Hiyld Cb Etf-ui	ETF-High Yield	20.22%	—	+333.33%
2	STX 3.5 06-01-28	Seagate Hdd Cayman	Stock-Tech	4.26%	-7.59%	EXIT
3	ASTS 4.25 03-01-32	Ast Spacemobile INC	Stock-Tech	4.17%	—	+159.44%
4	WDC 3 11-15-28	Western Digital CORP	Stock-Tech	3.29%	—	-36.69%
5	TYL 0.25 03-15-26	Tyler Technologies INC	Stock-Tech	3.07%	-4.18%	EXIT
6	PRCH 9 05-15-30	Porch Group INC	Stock-Other	2.80%	—	+25.81%
7	MTCH 0.875 06-15-26	Match Group Financeco 2	Stock-Comm Services	2.72%	-1.04%	—
8	JBTM 0.25 05-15-26	Jbt Marel CORP	Stock-Industrials	2.64%	-4.09%	EXIT
9	F 0 03-15-26	Ford Motor Company	Stock-Consumer Disc	2.60%	—	+311.54%
10	COIN 0.5 06-01-26	Coinbase Global INC	Stock-Financials	2.53%	-4.81%	EXIT
11	LCID	Lucid Group INC	Stock-Consumer Disc	2.49%	-1.05%	—
12	EVRG 4.5 12-15-27	Evergy INC	Stock-Utilities	2.42%	-3.58%	EXIT
13	UBER 0.875 12-01-28 2028	Uber Technologies INC	Stock-Industrials	2.33%	+0.36%	—
14	IWM	Ishares Russell 2000 ETF	ETF-Small Cap	2.32%	+9.05%	NEW
15	LYV 3.125 01-15-29	Live Nation Entertainmen	Stock-Comm Services	2.12%	—	+819.84%
16	VSH 2.25 09-15-30	Vishay Intertechnology	Stock-Other	1.98%	—	-10.22%
17	NTNX 0.25 10-01-27	Nutanix INC	Stock-Tech	1.98%	+1.16%	-3.23%
18	ECHO 3.875 11-30-30	Echostar CORP	Stock-Comm Services	1.90%	-0.83%	EXIT
19	VIAV 1.625 03-15-26	Viavi Solutions INC	Stock-Tech	1.88%	—	-30.92%
20	ON 0 05-01-27	On Semiconductor CORP	Stock-Tech	1.81%	—	+105.32%
21	PENG 2 08-15-30	Penguin Solutions INC	Stock-Other	1.79%	-1.70%	—
22	COLL 2.875 02-15-29	Collegium Pharma INC	Stock-Other	1.68%	-2.07%	+20.33%
23	PTON 5.5 12-01-29	Peloton Interactive INC	Stock-Consumer Disc	1.52%	-1.47%	—
24	SMTC 1.625 11-01-27	Semtech CORP	Stock-Tech	1.52%	+1.52%	-27.27%
25	FIVN 1 03-15-29	Five9 INC	Stock-Tech	1.42%	-1.52%	EXIT
26	FLR 1.125 08-15-29	Fluor CORP	Stock-Industrials	1.41%	-0.57%	EXIT
27	AKAM 1.125 02-15-29	Akamai Technologies INC	Stock-Tech	1.38%	—	+0.66%
28	PRCH 6.75 10-01-28	Porch Group INC	Stock-Other	1.24%	+0.54%	-55.31%
29	PCRX 2.125 05-15-29	Pacira Biosciences INC	Stock-Other	1.12%	-1.81%	EXIT
30	CRNC 1.5 07-01-28	Cerence INC	Stock-Other	1.08%	-0.45%	EXIT
31	VRM	Vroom INC	Stock-Other	1.07%	-0.41%	-1.93%
32	BAND 0.5 04-01-28	Bandwidth INC	Stock-Other	1.01%	-1.35%	EXIT
33	EVH 4.5 08-15-31	Evolent Health INC	Stock-Other	0.97%	+0.38%	—
34	EVH 3.5 12-01-29	Evolent Health INC	Stock-Other	0.96%	-0.76%	—
35	VERI 1.75 11-15-26	Veritone INC	Stock-Other	0.96%	—	-15.88%
36	BBIO 2.25 02-01-29	Bridgebio Pharma INC	Stock-Healthcare	0.90%	-0.90%	-27.31%
37	AMPH 2 03-15-29	Amphastar Pharmaceutical	Stock-Other	0.87%	-0.57%	+103.29%
38	LITE 0.5 06-15-28	Lumentum Holdings INC	Stock-Tech	0.87%	—	—
39	EGHT 4 02-01-28	8x8 INC	Stock-Other	0.81%	-0.91%	EXIT
40	WOLF	Wolfspeed INC	Stock-Other	0.78%	—	—
41	LAZR 11.5 01-15-30	Luminar Technologies INC	Stock-Other	0.78%	—	—
42	HAE 2.5 06-01-29	Haemonetics CORP	Stock-Other	0.75%	+1.95%	NEW
43	HLIT	Harmonic INC	Stock-Other	0.66%	—	-4.99%
44	ASTS	Ast Spacemobile INC	Stock-Tech	0.62%	—	+105.25%
45	BYND 0 03-15-27	Beyond Meat INC	Stock-Consumer Staples	0.56%	—	-14.47%
46	OTLY 9.25 09-14-28	Oatly Group AB	Stock-Other	0.45%	—	—
47	BSY 0.375 07-01-27	Bentley Systems	Stock-Tech	0.41%	—	-74.29%
48	PCG 6 12-01-27 A	Pg&e CORP	Stock-Utilities	0.40%	-0.42%	EXIT
49	NOTV 3.25 10-15-27	Inotiv INC	Stock-Other	0.39%	—	—
50	INDI	Indie Semiconductor Inc-a	Stock-Other	0.35%	-0.42%	—

1–50 of 62

Holding changes this quarter

Position changes disclosed by Silverback Asset Management LLC for the quarter ending Q3 2025, including ticker, issuer, weight change, shares change, and action
#	Ticker	Issuer	Weight Change	Shares Change	Action
1	HYG	Ishr Ibx Usd Hiyld Cb Etf-ui	+9.3%	+333.33%	Add
2	WDC 3 11-15-28	Western Digital CORP	+1.1%	-36.69%	Trim
3	F 0 03-15-26	Ford Motor Company	+1%	+311.54%	Add
4	STX 3.5 06-01-28	Seagate Hdd Cayman	+0.7%	-26.49%	Trim
5	BAND 0.5 04-01-28	Bandwidth INC	+0.5%	+47.06%	Add
6	ON 0 05-01-27	On Semiconductor CORP	+0.2%	+105.32%	Add
7	COIN 0.5 06-01-26	Coinbase Global INC	-0.4%	+14.48%	Add
8	FLR 1.125 08-15-29	Fluor CORP	-1.2%	+311.37%	Trim
9	VSH 2.25 09-15-30	Vishay Intertechnology	-1.7%	-10.22%	Trim
10	BSY 0.375 07-01-27	Bentley Systems	-1.8%	-74.29%	Trim
11	PRCH 6.75 10-01-28	Porch Group INC	-2%	-55.31%	Trim
12	ASTS 4.25 03-01-32	Ast Spacemobile INC	—	NEW	New buy
13	PRCH 9 05-15-30	Porch Group INC	—	NEW	New buy
14	MTCH 0.875 06-15-26	Match Group Financeco 2	—	NEW	New buy
15	SPY	Ss Spdr S&p 500 ETF Trust-us	—	EXIT	Sold out
16	LCID	Lucid Group INC	—	NEW	New buy
17	LUV 1.25 05-01-25	Southwest Airlines Co	—	EXIT	Sold out
18	EVRG 4.5 12-15-27	Evergy INC	—	NEW	New buy
19	UBER 0.875 12-01-28 2028	Uber Technologies INC	—	NEW	New buy
20	IWM	Ishares Russell 2000 ETF	—	NEW	New buy
21	NTNX 0.25 10-01-27	Nutanix INC	—	NEW	New buy
22	AKAM 0.375 09-01-27	Akamai Technologies INC	—	EXIT	Sold out
23	PENG 2 08-15-30	Penguin Solutions INC	—	NEW	New buy
24	GRPN 6.25 03-15-27 *	Groupon INC	—	EXIT	Sold out
25	PTON 5.5 12-01-29	Peloton Interactive INC	—	NEW	New buy
26	FIVN 1 03-15-29	Five9 INC	—	NEW	New buy
27	AKAM 1.125 02-15-29	Akamai Technologies INC	—	NEW	New buy
28	LPSN 0 12-15-26	Liveperson INC	—	EXIT	Sold out
29	ARAY 3.75 06-01-26	Accuray INC	—	EXIT	Sold out
30	DXCM 0.375 05-15-28	Dexcom INC	—	EXIT	Sold out
31	PD 1.5 10-15-28 *	Pagerduty INC.	—	EXIT	Sold out
32	PCRX 2.125 05-15-29	Pacira Biosciences INC	—	NEW	New buy
33	EB 0.75 09-15-26	Eventbrite INC	—	EXIT	Sold out
34	EVH 4.5 08-15-31	Evolent Health INC	—	NEW	New buy
35	EVH 3.5 12-01-29	Evolent Health INC	—	NEW	New buy
36	WOLF 1.875 12-01-29	Wolfspeed INC	—	EXIT	Sold out
37	WOLF	Wolfspeed INC	—	NEW	New buy
38	PAR 1.5 10-15-27	Par Technology CORP	—	EXIT	Sold out
39	W 3.5 11-15-28	Wayfair INC	—	EXIT	Sold out
40	HAE 2.5 06-01-29	Haemonetics CORP	—	NEW	New buy
41	DDD 0 11-15-26	3d Systems CORP	—	EXIT	Sold out
42	LCID 1.25 12-15-26	Lucid Group INC	—	EXIT	Sold out
43	STEM 4.25 04-01-30	Stem INC	—	EXIT	Sold out
44	ASTS	Ast Spacemobile INC	—	NEW	New buy
45	LITE 1.5 12-15-29	Lumentum Holdings INC	—	EXIT	Sold out
46	INDI 4.5 11-15-27	Indie Semiconductor INC	—	EXIT	Sold out
47	PCG	P G & E CORP	—	EXIT	Sold out
48	OTLY 9.25 09-14-28	Oatly Group AB	—	NEW	New buy
49	PCG 6 12-01-27 A	Pg&e CORP	—	NEW	New buy
50	PRCH 0.75 09-15-26	Porch Group INC	—	EXIT	Sold out