CAMDEN ASSET MANAGEMENT L P /CA

Camden Asset Management's 13F book — composed entirely of convertible bonds and preferred shares, not a single share of common stock — shrank 25.6% to $2.94 billion this quarter, and the trades behind that decline tell a credit-quality story. The fund exited ten full positions outright: Ford's zero-coupon convert ($239 million), Airbnb's convert ($188 million), Duke Energy's convert ($159 million), Expedia's convert ($98 million), and preferred/convert stakes in BlackLine, Dayforce, Ionis, Spotify, Exact Sciences and Wells Fargo. It also cut Bank of America's 7.25% preferred by 48% and Southern Company's 7.125% preferred by 67%. In their place: fresh convertible and preferred paper from regulated utilities — PPL's 7% preferred ($91 million), NextEra's 7.375% preferred ($75 million), Southern Company's 4.5% convert ($26 million, swapped in as its higher-coupon preferred was cut), and Pinnacle West's 4.75% convert ($19 million) — alongside a new Cheesecake Factory convert ($60 million) and Arrowhead Research's zero-coupon convert ($47 million). The net effect: less exposure to travel, fintech and biotech credit, more exposure to regulated utility income paper, inside a strategy that plays credit and optionality rather than equity direction.