Data as of Q4 2025 (Dec 31, 2025)

SHENKMAN CAPITAL MANAGEMENT INC

•CIK: 1275228•Filing: Q4 2025

**SHENKMAN CAPITAL MANAGEMENT INC** manages $948M across a diversified portfolio of 97 positions. The firm exhibits significant concentration in select names, notably maintaining a substantial position in BKLN at $62.6M. Further key allocations include BEN ($50.9M), USHY ($48.1M), and SJNK ($37.5M). This structure suggests a focused, conviction-driven approach across its core holdings.

Total AUM
$167.0M
QoQ Performance
+103.3%
Positions
8
Top 10 Concentration
100.0%
Latest Filing
Q4 2025

Top Holdings Allocation

BKLN
USHY
SJNK
TETR
BKLN37.5%
USHY28.8%
SJNK22.5%
TETRA5.8%
CCO3.9%
OPTU0.9%
FWONA0.6%
GME/WS0.0%

📈 Biggest Buys

USHY
ISHARES TR
+298.9%
28.8% of portfolio
SJNK
SPDR SERIES TRUST
+381.0%
22.5% of portfolio
BKLN
INVESCO EXCH TRADED FD TR II
+51.5%
37.5% of portfolio
GME/WS
GAMESTOP CORP NEW
NEW
0.0% of portfolio

📉 Biggest Sells

OPTU
OPTIMUM COMMUNICATIONS INC
-52.1%
0.9% of portfolio
—
TETRA TECH INC NEW
-5.0%
5.8% of portfolio
FWONA
LIBERTY MEDIA CORP DEL
-7.3%
0.6% of portfolio

Sector Breakdown

Other99.4%
Communication0.6%

🚪 Exited Positionssold since Q3 2025

SMC
SUMMIT MIDSTREAM CORPORATION
SOLD
$2.0M

Changes from Q3 2025

NEW1 new position
↑3 increased
↓3 decreased

Historical Filings

Q4 2025Q3 2025Q2 2025Q1 2025Q4 2024Q3 2024Q2 2024Q1 2024Q4 2023

📌 Top Holdings

BKLN37.5%
INVESCO EXCH TRADED FD TR II
$62.6M
USHY28.8%
ISHARES TR
$48.1M
SJNK22.5%
SPDR SERIES TRUST
$37.5M
CCO3.9%
CLEAR CHANNEL OUTDOOR HLDGS
$6.5M
OPTU0.9%
OPTIMUM COMMUNICATIONS INC
$1.4M

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