ICM

Ionic Capital Management Portfolio holdings

AUM $89.2M

1-Year Return 9.36%

2025 Q2 2025 Q1 2024 Q4 2024 Q3 2024 Q2 2024 Q1 2023 Q4 2023 Q3 2023 Q2 2023 Q1 2022 Q4 2022 Q3 2022 Q2 2022 Q1 2021 Q4 2021 Q3 2021 Q2 2021 Q1 2020 Q4 2020 Q3 2020 Q2 2020 Q1 2019 Q4 2019 Q3 2019 Q2 2019 Q1 2018 Q4 2018 Q3 2018 Q2 2018 Q1 2017 Q4 2017 Q3 2017 Q2 2017 Q1 2016 Q4 2016 Q3 2016 Q2 2016 Q1 2015 Q4 2015 Q3 2015 Q2 2015 Q1 2014 Q4 2014 Q3 2014 Q2 2014 Q1 2013 Q4 2013 Q3 2013 Q2

This Quarter Return

+22.35%

1 Year Return

+9.36%

3 Year Return

+60.94%

5 Year Return

+355.07%

10 Year Return

+414.23%

AUM

$832M

AUM Growth

+$205M (+33%)

Cap. Flow

+$87.3M

Cap. Flow % of AUM

10.49%

Top 10 Holdings % Top 10 Hldgs %

26.53%

Holding

437

New

Increased

108

Reduced

Closed

Top Buys

1	STEM.WS Stem, Inc. Warrants, each whole warrant exercisable for one share of Common Stock at an exercise pri STEM.WS	$27M
2	LEV.WS The Lion Electric Company Redeemable Warrants, each whole warrant entitles the holder to purchase one Common Share at a price of $11.50 per share LEV.WS	$21.1M
3	BODY.WS The Beachbody Company, Inc. Redeemable Warrants, each whole warrant exercisable for one share of Class A Common Stock at an exercise price of $11.50 BODY.WS	$10.6M
4	CANO.WS Cano Health, Inc. Redeemable Warrants, each whole warrant is exercisable for one-one hundredth (1/100th) of a share of Class A Common Stock at an exercise price of $1,150 CANO.WS	$8.86M
5	Nabors Industries NBR	$8.12M

Top Sells

1	STPK.WS Star Peak Energy Transition Corp. Warrants, each whole warrant exercisable for one share of Class A STPK.WS	$14.4M
2	CHPT.WS ChargePoint Holdings, Inc. Warrants, exercisable for one share of Common Stock CHPT.WS	$12.9M
3	NGA.WS Northern Genesis Acquisition Corp. Redeemable Warrants, each warrant exercisable for shares of commo NGA.WS	$10.4M
4	FRX.WS Forest Road Acquisition Corp. Redeemable Warrants, each whole warrant exercisable for one share of C FRX.WS	$8.93M
5	Travel + Leisure Co TNL	$7.76M

Sector Composition

1	Technology	5.1%
2	Industrials	4.32%
3	Consumer Discretionary	3.01%
4	Communication Services	2.48%
5	Materials	1.6%

Communication Services

Advertising Agencies

Broadcasting

Electronic Gaming & Multimedia

Entertainment

Internet Content & Information

Publishing

Telecom Services

Consumer Discretionary

Apparel Manufacturing

Apparel Retail

Auto Manufacturers

Auto Parts

Auto & Truck Dealerships

Department Stores

Footwear & Accessories

Furnishings, Fixtures & Appliances

Gambling

Home Improvement Retail

Internet Retail

Leisure

Lodging

Luxury Goods

Packaging & Containers

Personal Services

Recreational Vehicles

Residential Construction

Resorts & Casinos

Restaurants

Specialty Retail

Textile Manufacturing

Travel Services

Consumer Staples

Beverages - Brewers

Beverages - Non-Alcoholic

Beverages - Wineries & Distilleries

Confectioners

Discount Stores

Education & Training Services

Farm Products

Food Distribution

Grocery Stores

Household & Personal Products

Packaged Foods

Tobacco

Energy

Oil & Gas Drilling

Oil & Gas Equipment & Services

Oil & Gas Exploration & Production

Oil & Gas Integrated

Oil & Gas Midstream

Oil & Gas Refining & Marketing

Thermal Coal

Uranium

Financials

Asset Management

Banks - Diversified

Banks - Regional

Capital Markets

Credit Services

Diversified Insurance

Financial Conglomerates

Financial Data & Stock Exchanges

Insurance Brokers

Life Insurance

Mortgage Finance

Property & Casualty Insurance

Reinsurance

Shell Companies

Specialty - Insurance

Healthcare

Biotechnology

Diagnostics & Research

Drug Manufacturers - General

Drug Manufacturers - Specialty & Generic

Healthcare Plans

Health Information Services

Medical Care Facilities

Medical Devices

Medical Distribution

Medical Instruments & Supplies

Pharmaceutical Retailers

Industrials

Aerospace & Defense

Airlines

Airports & Air Services

Building Products & Equipment

Business Equipment & Supplies

Conglomerates

Consulting Services

Electrical Equipment & Parts

Engineering & Construction

Farm & Heavy Construction Machinery

Industrial Distribution

Infrastructure Operations

Integrated Freight & Logistics

Marine Shipping

Metal Fabrication

Pollution & Treatment Controls

Railroads

Rental & Leasing Services

Security & Protection Services

Specialty Business Services

Specialty Industrial Machinery

Staffing & Employment Services

Tools & Accessories

Trucking

Waste Management

Materials

Agricultural Inputs

Aluminum

Building Materials

Chemicals

Coking Coal

Copper

Gold

Lumber & Wood Production

Other Industrial Metals & Mining

Other Precious Metals & Mining

Paper & Paper Products

Silver

Specialty Chemicals

Steel

Real Estate

Diversified REIT

Healthcare Facilities REIT

Hotel & Motel REIT

Industrial REIT

Mortgage REIT

Office REIT

Real Estate Development

Real Estate Diversified

Real Estate Services

Residential REIT

Retail REIT

Specialty REIT

Technology

Communication Equipment

Computer Hardware

Consumer Electronics

Electronic Components

Electronics & Computer Distribution

Information Technology Services

Scientific & Technical Instruments

Semiconductor Equipment & Materials

Semiconductors

Software - Application

Software - Infrastructure

Solar

Utilities

Diversified Utilities

Electric Utilities

Gas Utilities

Independent Power Producers

Renewable Electricity

Water Utilities

#	Name	Market Value	Portfolio Weight	Shares or Principal	Shares Change %	Capital Flow
126	DOYU 126 DouYu International Holdings DOYU $234M	$1.25M	0.13%	18,328 +8,600	+88%	+$588K
127	PAYAW 127 DELISTED Paya Holdings Inc. Warrant PAYAW	$1.24M	0.13%	454,693	–	–
128	128 CompoSecure, Inc. Warrant CMPOW $1.07B	$1.22M	0.13%	748,007 +247,906	+50%	+$405K
129	AONE.WS 129 DELISTED one Warrants, each whole warrant exercisable for one Class A ordinary share at an exercise price of AONE.WS	$1.22M	0.13%	529,796 +429,796	+430%	+$989K
130	GER 130 DELISTED Goldman Sachs MLP Energy Renaissance Fund GER	$1.16M	0.12%	101,173 +45,073	+80%	+$516K
131	POL.WS 131 DELISTED Polished.com Inc. Warrants to Purchase Common Stock POL.WS	$1.16M	0.12%	+540,388	New	+$1.16M
132	KSMTW 132 DELISTED Kismet Acquisition One Corp Warrant KSMTW	$1.12M	0.12%	934,367 +135,000	+17%	+$162K
133	133 Liberty Media Series A FWONA $22.6B	$1.12M	0.12%	+27,333	New	+$1.12M
134	134 ARKO Corp Warrant ARKOW $1.28M	$1.11M	0.12%	558,439	–	–
135	RICE.WS 135 DELISTED Rice Acquisition Corp. Warrants, exercisable for one share of Class A common stock at an exercise pr RICE.WS	$1.09M	0.11%	+191,925	New	+$1.09M
136	KERNW 136 DELISTED Akerna Corp Warrant KERNW	$1.09M	0.11%	1,114,429 +18,266	+2%	+$17.9K
137	UPH.WS 137 DELISTED UpHealth, Inc. Warrants exercisable for one share of Common Stock at an exercise price of $115.00 per share UPH.WS	$1.08M	0.11%	+1,253,716	New	+$1.08M
138	B 138 Barrick Mining Corporation B $48.5B	$1.07M	0.11%	+51,500	New	+$1.07M
139	WIW 139 Western Asset Inflation-Linked Opportunities & Income Fund WIW $545M	$1.06M	0.11%	81,056	–	–
140	TLMDW 140 DELISTED SOC Telemed, Inc. Warrants TLMDW	$1M	0.1%	1,023,260 +256,520	+33%	+$251K
141	TMPOW 141 DELISTED Tempo Automation Holdings, Inc. Warrant TMPOW	$995K	0.1%	503,889 +158,881	+46%	+$314K
142	142 Honda HMC $44.8B	$994K	0.1%	+30,892	New	+$994K
143	143 Palo Alto Networks PANW $130B	$984K	0.1%	+15,912	New	+$984K
144	144 GCM Grosvenor Inc. Warrant GCMGW $28.4M	$949K	0.1%	616,055	–	–
145	145 Interparfums IPAR $3.63B	$936K	0.1%	+13,005	New	+$936K
146	146 Hillman Solutions HLMN $2B	$930K	0.1%	+75,000	New	+$930K
147	LEGOW 147 DELISTED Legato Merger Corp. Warrant LEGOW	$922K	0.1%	500,000	–	–
148	ATIP.WS 148 DELISTED ATI Physical Therapy, Inc. Warrants, each whole warrant exercisable for one share of Class A common stock at an exercise price of $11.50 per share ATIP.WS	$920K	0.1%	+405,440	New	+$920K
149	HOFVW 149 DELISTED Hall of Fame Resort & Entertainment Company Warrant HOFVW	$884K	0.09%	883,786 +374,475	+74%	+$375K
150	GDYNW 150 DELISTED Grid Dynamics Holdings, Inc. Warrant GDYNW	$853K	0.09%	162,417	–	–