SILVERBACK ASSET MANAGEMENT LLC

CIK 0001278960 · Q2 2026

13F Equity AUM

$923.0M

+33.4% QoQ

Positions

+7 QoQ

AUM Rank

#3,538

Top 28%

Skill Alpha (FF)

—

No alpha data

Quarters Tracked

~13 years

Portfolio Concentration

Top 5: 29.5%Top 10: 45.8%Top 20: 68.1%

IWM8.9%

SMTC 1.625 11/01/278.3%

MKSI 1.25 06/01/304.7%

AVT 1.75 09/01/303.8%

JAZZ 3.125 09/15/303.7%

INDIE SEMICONDUCTOR INC3.6%

CHEESECAKE FACTORY INC3.5%

CYBERARK SOFTWARE LTD3.3%

WOLF 2.5 06/15/313.1%

CRACKER BARREL OLD CTRY STOR2.9%

Others (52)54.3%

HHI (Herfindahl-Hirschman Index) measures portfolio concentration. Low (<1500) = diversified, Moderate (1500-2500), High (>2500) = concentrated bets.

Sector Allocation

Technology37.8%

Unclassified25.2%

Fixed Income14.3%

Financial Services10.9%

Healthcare10.8%

Other0.9%

Portfolio weight by GICS sector based on latest 13F filing. Sectors below 2% are grouped as “Other.”

Position Sizing

Positions: 62Median: 1.21%Avg: 1.61%

0–0.5%

16(3.1%)

0.5–1%

11(9.1%)

1–3%

26(45.0%)

3–5%

7(25.6%)

5%+

2(17.3%)

Count of positions per weight bucket — (%) = combined portfolio weight

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Portfolio Overlap

Shared: 0Unique: 62vs 20 funds

0%Low

Fund positions

Consensus CUSIPs

Jaccard similarity of this fund’s portfolio vs the consensus of top 20 funds by AUM. Low (<15%) = contrarian, Moderate (15-40%), High (>40%) = follows the crowd.

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Position Changes This Quarter

New21Increased8Decreased20Exited14

New Positions

MKSI 1.25 06/01/304.7%

+14.7M

AVT 1.75 09/01/303.8%

+25.0M

JAZZ 3.125 09/15/303.7%

+20.0M

CHEESECAKE FACTORY I…3.5%

+25.0M

CYBERARK SOFTWARE LT…3.3%

+18.1M

CRACKER BARREL OLD C…2.9%

+25.9M

ON 0.5 03/01/291.6%

+12.0M

GPN 1.5 03/01/311.5%

+15.0M

CENX 2.75 05/01/281.3%

+5.0M

ZSCALER INC1.3%

+12.6M

Increased

ALPHATEC HLDGS INC2.3%

+7.8M(+55%)

SMTC 1.625 11/01/278.3%

+5.1M(+40%)

DBX 0 03/01/282.5%

+5.0M(+28%)

COLL 2.875 02/15/292.0%

+5.0M(+49%)

AKAM 0.375 09/01/270.8%

+4.0M(+160%)

GWRE 1.25 11/01/291.5%

+2.0M(+16%)

IWM8.9%

+20K(+8%)

VRM0.4%

+11K(+3%)

Decreased

VSH 2.25 09/15/301.0%

-24,250,000(-84%)

SYNA 0.75 12/01/311.7%

-9,739,000(-48%)

INDIE SEMICONDUCTOR …3.6%

-7,600,000(-21%)

VRNS 1 09/15/291.4%

-7,000,000(-34%)

PRCH 6.75 10/01/281.3%

-5,500,000(-32%)

OMCL 1 12/01/290.7%

-4,000,000(-42%)

EVH 4.5 08/15/311.1%

-3,131,000(-19%)

UBER 0.875 12/01/28 2.6%

-3,000,000(-13%)

BBIO 2.25 02/01/292.4%

-2,500,000(-11%)

VERX 0.75 05/01/291.2%

-2,500,000(-17%)

Exited

-150,000

-22,571,000

-24,603,000

-15,161,000

-100,000

-5,080,000

-3,985,000

-100,000

-112,100

-1,368,000

Quarter-over-quarter changes compared to prior 13F filing. New = first appearance; Exited = no longer held.

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Holdings

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