# MacKay Shields LLC: Form 13F holdings

An institutional investment manager in New York, NY. SEC CIK 61227.

- Quarter ended: 2026-06-30
- Filed: 2026-07-28
- Reported value: $2.99bn
- Positions: 108 (306 lines in the filing's table; lines for the same security and option type are added together here)
- Compared with: the 13F for the quarter ended 2026-03-31
- Filing: https://www.sec.gov/Archives/edgar/data/61227/000006122726000002/

## Holdings

As filed, largest first. Reported value is what the manager stated at the quarter end (Jun 30, 2026), in US dollars; it is filing data, not a price. Weight is the share of the total reported value.

| Issuer | Class | Reported value | Weight | Shares | Put or call | Change on the quarter before |
| --- | --- | ---: | ---: | ---: | --- | --- |
| WESTERN DIGITAL CORP | NOTE 3.000%11/1 | $150.8m | 5.1% | $8,952,000 principal |  | Reduced −6,524,000 |
| ALPHABET INC | DEP SHS RP1/20 A | $122.6m | 4.1% | 2,427,303 |  | New +2,427,303 |
| MKS INC. | NOTE 1.250% 6/0 | $107.5m | 3.6% | $36,470,000 principal |  | Reduced −40,000 |
| LUMENTUM HLDGS INC | NOTE 0.500% 6/1 | $84.1m | 2.8% | $12,884,000 principal |  | Reduced −13,902,000 |
| LANTHEUS HLDGS INC | NOTE 2.625%12/1 | $74.0m | 2.5% | $50,863,000 principal |  | Reduced −35,000 |
| HEWLETT PACKARD ENTERPRISE C | 7.625 MAND CONV | $70.2m | 2.4% | 601,263 |  | Reduced −593 |
| CABLE ONE INC | NOTE 1.125% 3/1 | $58.8m | 2.0% | $89,888,000 principal |  | Added +12,529,000 |
| QXO INC | 5.50 DEP PFD | $57.4m | 1.9% | 1,169,488 |  | Reduced −873 |
| BOEING CO | DEP CONV PFD A | $56.2m | 1.9% | 828,674 |  | Reduced −740 |
| TETRA TECH INC NEW | DBCV 2.250% 8/1 | $55.3m | 1.9% | $52,445,000 principal |  | Reduced −2,073,000 |
| UBER TECHNOLOGIES INC | NOTE 0.875%12/0 | $54.3m | 1.8% | $45,364,000 principal |  | Added +12,000 |
| SNOWFLAKE INC | NOTE 10/0 | $54.2m | 1.8% | $32,541,000 principal |  | Reduced −29,000 |
| CHEFS WHSE INC | NOTE 2.375%12/1 | $53.0m | 1.8% | $23,710,000 principal |  | Reduced −39,000 |
| ETSY INC | NOTE 0.125%10/0 | $50.9m | 1.7% | $49,886,000 principal |  | Added +17,150,000 |
| NEXTERA ENERGY INC | UNIT 06/01/2027 | $50.5m | 1.7% | 940,950 |  | Added +468,014 |
| PG&E CORP | NOTE 4.250%12/0 | $47.5m | 1.6% | $46,453,000 principal |  | Added +69,000 |
| MICROCHIP TECHNOLOGY INC. | DEP SHS REPSTG | $46.5m | 1.6% | 603,491 |  | Added +2,444 |
| [BLACKROCK MUN TARGET TERM TR (BTT)](/companies/btt.md) | COM SHS BEN IN | $44.8m | 1.5% | 1,967,980 |  | Added +401,718 |
| INTEGER HLDGS CORP | DBCV 1.875% 3/1 | $43.9m | 1.5% | $45,243,000 principal |  | Added +84,000 |
| APOLLO GLOBAL MGMT INC | SER A MAND CNV | $43.5m | 1.5% | 713,153 |  | Reduced −656 |
| LIBERTY MEDIA CORP DEL | NOTE 2.250% 8/1 | $42.1m | 1.4% | $33,894,000 principal |  | Reduced −78,000 |
| POST HLDGS INC | NOTE 2.500% 8/1 | $41.7m | 1.4% | $40,161,000 principal |  | Reduced −67,000 |
| MERIT MED SYS INC | NOTE 3.000% 2/0 | $41.1m | 1.4% | $38,073,000 principal |  | New +38,073,000 |
| AKAMAI TECHNOLOGIES INC | NOTE 0.375% 9/0 | $40.8m | 1.4% | $34,024,000 principal |  | Added +205,000 |
| ON SEMICONDUCTOR CORP | NOTE 5/0 | $40.0m | 1.3% | $21,949,000 principal |  | Reduced −17,222,000 |
| [NINE ENERGY SERVICE INC (NINE)](/companies/nine.md) | COMMON STOCK | $39.2m | 1.3% | 3,011,565 |  | Reduced −54,869 |
| DATADOG INC | NOTE 12/0 | $39.1m | 1.3% | $27,438,000 principal |  | Reduced −6,364,000 |
| REVOLUTION MEDICINES INC | NOTE 0.500% 5/0 | $38.1m | 1.3% | $30,344,000 principal |  | New +30,344,000 |
| FRESHPET INC | NOTE 3.000% 4/0 | $37.0m | 1.2% | $31,800,000 principal |  | Added +9,000 |
| BRIDGEBIO PHARMA INC | NOTE 2.250% 2/0 | $36.9m | 1.2% | $33,259,000 principal |  | Reduced −56,000 |
| IRHYTHM HOLDINGS INC | NOTE 1.500% 9/0 | $35.9m | 1.2% | $32,598,000 principal |  | Reduced −33,000 |
| LIVE NATION ENTERTAINMENT IN | NOTE 2.875% 1/1 | $35.6m | 1.2% | $29,737,000 principal |  | Unchanged |
| PELOTON INTERACTIVE INC | NOTE 5.500%12/0 | $34.9m | 1.2% | $21,499,000 principal |  | Added +2,082,000 |
| FLUOR CORP | NOTE 1.125% 8/1 | $34.7m | 1.2% | $26,167,000 principal |  | Reduced −145,000 |
| JAZZ INVESTMENTS I LTD | NOTE 3.125% 9/1 | $34.7m | 1.2% | $20,318,000 principal |  | New +20,318,000 |
| NORTHERN OIL & GAS INC | NOTE 3.625% 4/1 | $31.9m | 1.1% | $33,241,000 principal |  | Reduced −55,000 |
| AFFIRM HLDGS INC | NOTE 0.750%12/1 | $31.7m | 1.1% | $27,113,000 principal |  | Reduced −37,000 |
| CYBERARK SOFTWARE LTD | NOTE 6/1 | $31.6m | 1.1% | $19,004,000 principal |  | New +19,004,000 |
| CLOUDFLARE INC | NOTE 6/1 | $31.5m | 1.1% | $24,872,000 principal |  | New +24,872,000 |
| UNITY SOFTWARE INC | NOTE 3/1 | $30.5m | 1.0% | $26,904,000 principal |  | Added +2,000 |
| ORACLE CORP | 6.5 DEP CUM SR D | $29.1m | 1.0% | 645,801 |  | Reduced −1,045 |
| MERITAGE HOMES CORP | NOTE 1.750% 5/1 | $29.0m | 1.0% | $28,031,000 principal |  | Reduced −94,000 |
| PATRICK INDS INC | NOTE 1.750%12/0 | $28.3m | 0.9% | $19,118,000 principal |  | Reduced −18,000 |
| LIBERTY MEDIA CORP DEL | NOTE 3.750% 3/1 | $28.1m | 0.9% | $24,458,000 principal |  | Unchanged |
| BURLINGTON STORES INC | NOTE 1.250%12/1 | $28.0m | 0.9% | $17,529,000 principal |  | Reduced −2,850,000 |
| PROGRESS SOFTWARE CORP | NOTE 3.500% 3/0 | $27.5m | 0.9% | $28,590,000 principal |  | Reduced −103,000 |
| BANK OF AMER CORP | 7.25%CNV PFD L | $26.1m | 0.9% | 20,806 |  | Reduced −61 |
| PARSONS CORP DEL | NOTE 2.625% 3/0 | $25.8m | 0.9% | $26,167,000 principal |  | Added +34,000 |
| BIOMARIN PHARMACEUTICAL INC | NOTE 1.250% 5/1 | $25.7m | 0.9% | $26,434,000 principal |  | Reduced −68,000 |
| [ISHARES GOLD TR (IAU)](/companies/iau.md) | ISHARES NEW | $24.8m | 0.8% | 328,020 |  | Reduced −62,130 |
| DROPBOX INC | NOTE 3/0 | $24.6m | 0.8% | $24,323,000 principal |  | Unchanged |
| ARROWHEAD PHARMACEUTICALS IN | NOTE 1/1 | $24.5m | 0.8% | $20,457,000 principal |  | Added +17,457,000 |
| DOORDASH INC | NOTE 5/1 | $24.4m | 0.8% | $24,710,000 principal |  | New +24,710,000 |
| SYNAPTICS INC | NOTE 0.750%12/0 | $24.0m | 0.8% | $16,169,000 principal |  | Unchanged |
| GUIDEWIRE SOFTWARE INC | NOTE 1.250%11/0 | $24.0m | 0.8% | $24,911,000 principal |  | Reduced −236,000 |
| [BLACKROCK MUNIYIELD N Y QUAL (MYN)](/companies/myn.md) | COM | $23.8m | 0.8% | 2,349,687 |  | Unchanged |
| [BLACKROCK MUNIHOLDINGS FD IN (MHD)](/companies/mhd.md) | COM | $23.6m | 0.8% | 1,982,355 |  | Unchanged |
| RIVIAN AUTOMOTIVE INC | NOTE 4.625% 3/1 | $22.1m | 0.7% | $18,580,000 principal |  | Reduced −7,000 |
| GREENBRIER COS INC | NOTE 2.875% 4/1 | $21.8m | 0.7% | $19,032,000 principal |  | Unchanged |
| DEXCOM INC | NOTE 0.375% 5/1 | $20.9m | 0.7% | $22,415,000 principal |  | Reduced −7,555,000 |
| UPSTART HLDGS INC | NOTE 1.000%11/1 | $20.6m | 0.7% | $25,168,000 principal |  | Unchanged |
| [BLACKROCK MUNIYILD QULT FD I (MQY)](/companies/mqy.md) | COM | $18.5m | 0.6% | 1,594,019 |  | Unchanged |
| SHIFT4 PMTS INC | NOTE 0.500% 8/0 | $18.3m | 0.6% | $19,157,000 principal |  | Reduced −375,000 |
| ARES MANAGEMENT CORPORATION | 6.75 SE B PFD | $18.1m | 0.6% | 479,735 |  | Reduced −299 |
| ALNYLAM PHARMACEUTICALS INC | NOTE 1.000% 9/1 | $17.9m | 0.6% | $14,834,000 principal |  | Reduced −10,000 |
| WELLS FARGO & CO | PERP PFD CNV A | $17.1m | 0.6% | 14,748 |  | Reduced −12 |
| [GULFPORT ENERGY CORP (GPOR)](/companies/gpor.md) | COMMON SHARES | $16.5m | 0.6% | 97,512 |  | Reduced −1,080 |
| NUTANIX INC | NOTE 0.500%12/1 | $16.3m | 0.5% | $16,565,000 principal |  | Reduced −13,080,000 |
| WORKIVA INC | NOTE 1.250% 8/1 | $15.5m | 0.5% | $16,585,000 principal |  | Reduced −265,000 |
| RUBRIK INC. | NOTE 6/1 | $15.2m | 0.5% | $14,825,000 principal |  | New +14,825,000 |
| [TALOS ENERGY INC (TALO)](/companies/talo.md) | COM | $15.0m | 0.5% | 1,163,908 |  | Reduced −165,189 |
| MGP INGREDIENTS INC NEW | NOTE 1.875%11/1 | $13.9m | 0.5% | $14,243,000 principal |  | Reduced −44,000 |
| ADVANCED ENERGY INDS | NOTE 2.500% 9/1 | $13.2m | 0.4% | $4,843,000 principal |  | Reduced −34,801,000 |
| BILL HOLDINGS INC | NOTE 4/0 | $13.1m | 0.4% | $15,102,000 principal |  | Unchanged |
| ALPHABET INC | DEP SHS RP1/20 B | $12.6m | 0.4% | 250,000 |  | New +250,000 |
| GLOBAL PMTS INC | NOTE 1.500% 3/0 | $11.6m | 0.4% | $12,879,000 principal |  | Unchanged |
| NEXTERA ENERGY INC | UNIT 02/15/2029 | $11.0m | 0.4% | 228,903 |  | New +228,903 |
| [BLACKROCK MUNIHLDGS NJ QLTY (MUJ)](/companies/muj.md) | COM | $10.9m | 0.4% | 881,952 |  | Reduced −265,980 |
| WARNER BROS DISCOVERY INC | COM SER A | $9.5m | 0.3% | 358,060 |  | Added +131,810 |
| LIFE360 INC | NOTE 6/0 | $9.2m | 0.3% | $8,870,000 principal |  | New +8,870,000 |
| GUARDANT HEALTH INC | NOTE 11/1 | $8.9m | 0.3% | $7,179,000 principal |  | New +7,179,000 |
| LIVE NATION ENTERTAINMENT IN | NOTE 3.125% 1/1 | $8.3m | 0.3% | $4,676,000 principal |  | Reduced −50,000 |
| SPECTRUM BRANDS INC | NOTE 3.375% 6/0 | $8.2m | 0.3% | $7,857,000 principal |  | Unchanged |
| VERTEX INC | NOTE 0.750% 5/0 | $8.2m | 0.3% | $9,152,000 principal |  | Reduced −33,000 |
| TELADOC HEALTH INC | NOTE 1.250% 6/0 | $7.3m | 0.2% | $7,505,000 principal |  | Unchanged |
| CLOUDFLARE INC | NOTE 8/1 | $7.2m | 0.2% | $5,637,000 principal |  | Reduced −43,000 |
| MIRUM PHARMACEUTICALS INC | NOTE 4.000% 5/0 | $7.2m | 0.2% | $1,947,000 principal |  | Reduced −21,107,000 |
| WEC ENERGY GROUP INC | NOTE 4.375% 6/0 | $6.4m | 0.2% | $5,162,000 principal |  | Reduced −104,000 |
| SOUTHERN CO | NOTE 4.500% 6/1 | $6.1m | 0.2% | $5,569,000 principal |  | Reduced −71,000 |
| HALOZYME THERAPEUTICS INC | NOTE 0.250% 3/0 | $6.0m | 0.2% | $5,407,000 principal |  | Reduced −9,000 |
| OSI SYSTEMS INC | NOTE 2.250% 8/0 | $6.0m | 0.2% | $4,485,000 principal |  | Reduced −40,000 |
| [BLACKROCK MUNIYIELD MICH QU (MIY)](/companies/miy.md) | COM | $5.9m | 0.2% | 479,747 |  | Reduced −179,222 |
| [SPDR GOLD TR (GLD)](/companies/gld.md) | GOLD SHS | $5.6m | 0.2% | 15,336 |  | Unchanged |
| FIVE9 INC | NOTE 1.000% 3/1 | $5.5m | 0.2% | $6,155,000 principal |  | Reduced −110,000 |
| NUTANIX INC | NOTE 0.250%10/0 | $5.2m | 0.2% | $4,582,000 principal |  | Reduced −22,000 |
| [BLACKROCK MUNIYIELD QUALITY (MYI)](/companies/myi.md) | COM | $4.9m | 0.2% | 439,004 |  | Reduced −87,252 |
| SOUTHERN CO | NOTE 3.250% 6/1 | $4.9m | 0.2% | $4,815,000 principal |  | New +4,815,000 |
| INTEGER HLDGS CORP | NOTE 2.125% 2/1 | $4.6m | 0.2% | $3,756,000 principal |  | Reduced −89,000 |
| ABRDN NATL MUN INCOME FD | SH BEN INT | $4.2m | 0.1% | 401,695 |  | Unchanged |
| IONIS PHARMACEUTICALS INC | NOTE 1.750% 6/1 | $3.8m | 0.1% | $2,414,000 principal |  | Reduced −7,996,000 |
| [ABERDEEN MUN INCOME FD (MFM)](/companies/mfm.md) | SH BEN INT | $1.9m | <0.1% | 333,822 |  | Added +667 |
| [BLACKROCK MUNIHLDNGS CALI (MUC)](/companies/muc.md) | COM | $1.4m | <0.1% | 128,815 |  | Reduced −18,025 |
| [EATON VANCE MUN BD FD (EIM)](/companies/eim.md) | COM | $1.3m | <0.1% | 125,764 |  | Unchanged |
| PPL CAP FDG INC | NOTE 2.875% 3/1 | $568.1k | <0.1% | $500,000 principal |  | Unchanged |
| NEW YORK LIFE INVTS ACTIVE E | MACKAY SECURITI | $292.0k | <0.1% | 11,504 |  | Unchanged |
| BLACKLINE INC | NOTE 1.000% 6/0 | $272.3k | <0.1% | $295,000 principal |  | Reduced −340,000 |
| [WW INTL INC (WW)](/companies/ww.md) | COM NEW | $229.6k | <0.1% | 14,371 |  | Unchanged |
| CHEGG INC | NOTE 9/0 | $43.0k | <0.1% | $45,000 principal |  | Unchanged |

## Sold out

Held at the end of the quarter before and not reported this quarter.

| Issuer | Class | Reported value | Weight | Shares | Put or call | Change on the quarter before |
| --- | --- | ---: | ---: | ---: | --- | --- |
| AEROVIRONMENT INC | NOTE 7/1 | $0 | 0.0% | $0 principal |  | Sold out −13,220,000 |
| CHEESECAKE FACTORY INC | NOTE 0.375% 6/1 | $0 | 0.0% | $0 principal |  | Sold out −15,388,000 |
| DUKE ENERGY CORP NEW | NOTE 4.125% 4/1 | $0 | 0.0% | $0 principal |  | Sold out −500,000 |
| [INVESCO ADVANTAGE MUN INCOME (VKI)](/companies/vki.md) | SH BEN INT | $0 | 0.0% | 0 |  | Sold out −45,320 |
| [INVESCO MUNICIPAL TRUST (VKQ)](/companies/vkq.md) | COM | $0 | 0.0% | 0 |  | Sold out −208,814 |
| [INVESCO MUN OPPORTUNIT TR (VMO)](/companies/vmo.md) | COM | $0 | 0.0% | 0 |  | Sold out −126,255 |
| [INVESCO TR INVT GRADE MUNS (VGM)](/companies/vgm.md) | COM | $0 | 0.0% | 0 |  | Sold out −209,167 |
| JAZZ INVESTMENTS I LTD | NOTE 2.000% 6/1 | $0 | 0.0% | $0 principal |  | Sold out −13,087,000 |
| LUMENTUM HLDGS INC | NOTE 0.500%12/1 | $0 | 0.0% | $0 principal |  | Sold out −2,200,000 |
| NCL CORP LTD | NOTE 1.125% 2/1 | $0 | 0.0% | $0 principal |  | Sold out −38,891,000 |
| [NEUBERGER MUN FD INC (NBH)](/companies/nbh.md) | COM | $0 | 0.0% | 0 |  | Sold out −623,277 |
| [NUVEEN MUN CR INCOME FD (NZF)](/companies/nzf.md) | COM SH BEN INT | $0 | 0.0% | 0 |  | Sold out −55,659 |
| [NUVEEN NY AMT FREE (NRK)](/companies/nrk.md) | COM | $0 | 0.0% | 0 |  | Sold out −519,880 |
| NUVEEN PA INVT QUALITY MUN F | COM | $0 | 0.0% | 0 |  | Sold out −117,934 |
| Q2 HLDGS INC | NOTE 0.750% 6/0 | $0 | 0.0% | $0 principal |  | Sold out −13,281,000 |
| SEAGATE HDD CAYMAN | NOTE 3.500% 6/0 | $0 | 0.0% | $0 principal |  | Sold out −6,638,000 |

Source: SEC EDGAR, Form 13F-HR, accession 0000061227-26-000002. Last ingested by Listed: Oct 22, 2026, 05:26 ET. No prices; not investment advice.