# EDGAR Filing Document

**Accession Number:** 0001316187
**File Stem:** 0001062993-25-016211
**Filing Date:** 2025-10
**Character Count:** 15736
**Document Hash:** f28da30ec6676639d3930e77d7f4b3e9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001062993-25-016211.hdr.sgml**: 20251020

**ACCESSION NUMBER**: 0001062993-25-016211

**CONFORMED SUBMISSION TYPE**: 13F-HR

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251020

**DATE AS OF CHANGE**: 20251020

**EFFECTIVENESS DATE**: 20251020

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ABSOLUTE INVESTMENT ADVISERS, LLC
- **CENTRAL INDEX KEY:** 0001316187

**ORGANIZATION NAME:**
- **EIN:** 201269668
- **STATE OF INCORPORATION:** FL
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-21391
- **FILM NUMBER:** 251402895

**BUSINESS ADDRESS:**
- **STREET 1:** 82 SOUTH BARRETT SQUARE
- **STREET 2:** SUITE 2G
- **CITY:** ROSEMARY BEACH
- **STATE:** FL
- **ZIP:** 32461
- **BUSINESS PHONE:** 781-740-1904

**MAIL ADDRESS:**
- **STREET 1:** PO BOX 611132
- **CITY:** ROSEMARY BEACH
- **STATE:** FL
- **ZIP:** 32461

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ABSOLUTE INVESTMENT ADVISERS LLC
- **DATE OF NAME CHANGE:** 20050201

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 09-30-2025

**Check here if Amendment** [ ] **Amendment Number:** 

**This Amendment (Check only one.):** [ ] is a restatement.

[ ] adds new holdings entries.

**Institutional Investment Manager Filing this Report:**

**Name:** ABSOLUTE INVESTMENT ADVISERS LLC<br>**Address:** PO BOX 611132<br>ROSEMARY BEACH, FL 32461

**Form 13F File Number:** 028-21391

**CRD Number (if applicable):** 000132439

**SEC File Number (if applicable):** 801-63488

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

**Person Signing this Report on Behalf of Reporting Manager:**

**Name:** Eric C Hage<br>**Title:** Portfolio Manager<br>**Phone:** 203.423.8029

**Signature, Place, and Date of Signing:**

ERIC C. HAGE  Wilton, CT  10-17-2025<br>[Signature]  [City, State]  [Date]

**Report Type (Check only one.):**

[ ] **13F HOLDINGS REPORT.** (Check here if all holdings of this reporting manager are reported in this report.)

[ ] **13F NOTICE.** (Check here if no holdings are reported in this report, and all holdings are reported by other reporting manager(s).)

[x] **13F COMBINATION REPORT.** (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)

### Form 13F Summary Page

**Report Summary:**

**Number of Other Included Managers:** 0

**Form 13F Information Table Entry Total:** 107

**Form 13F Information Table Value Total:** $796298576

      (round to nearest dollar)

**List of Other Included Managers:**

Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.

[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]

|   No. | Name      | Form 13F File Number   |   CRD Number | SEC File Number   |
|---:|:---|:---|---:|:---|
|     1 | Quarry LP | 028-22988              |    000323449 | 801-128474        |

### FORM 13F INFORMATION TABLE

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | VOTING AUTHORITY | VOTING AUTHORITY | VOTING AUTHORITY |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | SOLE | SHARED | NONE |
| ADVENT CONV  INCOME FD | COM | 00764C109 |  | 3286851 | 256986 | SH |  | SOLE |  | 256986 | 0 | 0 |
| BLACKROCK CORE BD TR | SHS BEN INT | 09249E101 |  | 3466585 | 348751 | SH |  | SOLE |  | 348751 | 0 | 0 |
| BLACKROCK MULTI SECTOR INC T | COM | 09258A107 |  | 718199 | 53637 | SH |  | SOLE |  | 53637 | 0 | 0 |
| DESTRA MULTI-ALTERNATIVE FD | COMMON SHARES | 25065A502 |  | 2476500 | 286632 | SH |  | SOLE |  | 286632 | 0 | 0 |
| EATON VANCE CALIF MUN BD FD | COM | 27828A100 |  | 867699 | 91433 | SH |  | SOLE |  | 91433 | 0 | 0 |
| EATON VANCE NEW YORK MUN BD | COM | 27827Y109 |  | 338878 | 34369 | SH |  | SOLE |  | 34369 | 0 | 0 |
| GABELLI HLTHCARE  WELLNESS | SHS | 36246K103 |  | 772057 | 85122 | SH |  | SOLE |  | 85122 | 0 | 0 |
| INVESCO MUNICIPAL TRUST | COM | 46131J103 |  | 613740 | 63600 | SH |  | SOLE |  | 63600 | 0 | 0 |
| INVESCO QUALITY MUN INCOME T | COM | 46133G107 |  | 627445 | 63700 | SH |  | SOLE |  | 63700 | 0 | 0 |
| INVESCO TR INVT GRADE MUNS | COM | 46131M106 |  | 1238162 | 122348 | SH |  | SOLE |  | 122348 | 0 | 0 |
| ISHARES TR | GLB INFRASTR ETF | 464288372 |  | 378944 | 6200 | SH |  | SOLE |  | 6200 | 0 | 0 |
| LMP CAP  INCOME FD INC | COM | 50208A102 |  | 2692436 | 173370 | SH |  | SOLE |  | 173370 | 0 | 0 |
| LIBERTY ALL STAR EQUITY FD | SH BEN INT | 530158104 |  | 2336290 | 368500 | SH |  | SOLE |  | 368500 | 0 | 0 |
| MONROE CAP CORP | COM | 610335101 |  | 508234 | 72398 | SH |  | SOLE |  | 72398 | 0 | 0 |
| NUVEEN CR STRATEGIES INCOME | COM SHS | 67073D102 |  | 5301119 | 1005905 | SH |  | SOLE |  | 1005905 | 0 | 0 |
| NUVEEN MULTI ASSET INCOME FU | COM | 670750108 |  | 2784210 | 214500 | SH |  | SOLE |  | 214500 | 0 | 0 |
| PIONEER FLOATING RATE FUND I | COM | 72369J102 |  | 14160849 | 1421772 | SH |  | SOLE |  | 1421772 | 0 | 0 |
| REAVES UTIL INCOME FD | COM SH BEN INT | 756158101 |  | 5137169 | 129661 | SH |  | SOLE |  | 129661 | 0 | 0 |
| RIVERNORTH CAP AND INCM FD I | COM | 76882B108 |  | 192538 | 13080 | SH |  | SOLE |  | 13080 | 0 | 0 |
| RIVERNORTH FLEXIBLE MUNI INC | COM | 76883Y107 |  | 3663683 | 280742 | SH |  | SOLE |  | 280742 | 0 | 0 |
| SABA CAPITAL INCOME  OPRNT | SHS NEW | 78518H202 |  | 260054 | 33469 | SH |  | SOLE |  | 33469 | 0 | 0 |
| TORTOISE SUSTAINABLE  SOCIA | COM SH BEN INT | 27901F109 |  | 1041595 | 88571 | SH |  | SOLE |  | 88571 | 0 | 0 |
| VIRTUS TOTAL RETURN FD INC | COM | 92835W107 |  | 5449205 | 844838 | SH |  | SOLE |  | 844838 | 0 | 0 |
| WESTERN ASSET GBL HIGH INC F | COM | 95766B109 |  | 2053491 | 311135 | SH |  | SOLE |  | 311135 | 0 | 0 |
| XAI MADISON EQUITY PREMIUM I | COM | 557437100 |  | 1204106 | 195155 | SH |  | SOLE |  | 195155 | 0 | 0 |
| ABRDN EMERGING MARKETS EX CH | COM | 00301W105 |  | 1135562 | 175241 | SH |  | SOLE |  | 175241 | 0 | 0 |
| ABRDN INCOME CREDIT STRATEGI | COM | 003057106 |  | 2634122 | 454159 | SH |  | SOLE |  | 454159 | 0 | 0 |
| ABRDN JAPAN EQUITY FUND INC | COM | 00306J109 |  | 8497634 | 1078380 | SH |  | SOLE |  | 1078380 | 0 | 0 |
| AMC NETWORKS INC | NOTE 4.250% 2/1 | 00164VAJ2 |  | 5231875 | 5500000 | SH |  | SOLE |  | 5500000 | 0 | 0 |
| ANI PHARMACEUTICALS INC | NOTE 2.250% 9/0 | 00182CAC7 |  | 16119565 | 11473000 | SH |  | SOLE |  | 11473000 | 0 | 0 |
| ACCURAY INC DEL | NOTE 3.750% 6/0 | 004397AK1 |  | 4512000 | 4700000 | SH |  | SOLE |  | 4700000 | 0 | 0 |
| ADVANCED ENERGY INDS | NOTE 2.500% 9/1 | 007973AE0 |  | 13810242 | 10000000 | SH |  | SOLE |  | 10000000 | 0 | 0 |
| AKAMAI TECHNOLOGIES INC | NOTE 1.125% 2/1 | 00971TAN1 |  | 12962600 | 13790000 | SH |  | SOLE |  | 13790000 | 0 | 0 |
| ALARM COM HLDGS INC | NOTE 1/1 | 011642AB1 |  | 9841595 | 10000000 | SH |  | SOLE |  | 10000000 | 0 | 0 |
| ALARM COM HLDGS INC | NOTE 2.250% 6/0 | 011642AD7 |  | 6605187 | 6900000 | SH |  | SOLE |  | 6900000 | 0 | 0 |
| ALPHATEC HLDGS INC | NOTE 0.750% 8/0 | 02081GAB8 |  | 2631320 | 2512000 | SH |  | SOLE |  | 2512000 | 0 | 0 |
| APPLIED OPTOELECTRONICS INC | NOTE 2.750% 1/1 | 03823UAE2 |  | 8977500 | 9000000 | SH |  | SOLE |  | 9000000 | 0 | 0 |
| BANDWIDTH INC | NOTE 0.500% 4/0 | 05988JAD5 |  | 7326310 | 8600000 | SH |  | SOLE |  | 8600000 | 0 | 0 |
| BENTLEY SYS INC | NOTE 0.375% 7/0 | 08265TAD1 |  | 11767066 | 12500000 | SH |  | SOLE |  | 12500000 | 0 | 0 |
| BLACKLINE INC | NOTE 1.000% 6/0 | 09239BAF6 |  | 12458767 | 12000000 | SH |  | SOLE |  | 12000000 | 0 | 0 |
| BOX INC | NOTE 1/1 | 10316TAB0 |  | 4856378 | 3900000 | SH |  | SOLE |  | 3900000 | 0 | 0 |
| BOX INC | NOTE 1.500% 9/1 | 10316TAD6 |  | 6518570 | 6500000 | SH |  | SOLE |  | 6500000 | 0 | 0 |
| CSG SYS INTL INC | NOTE 3.875% 9/1 | 126349AH2 |  | 8905600 | 8000000 | SH |  | SOLE |  | 8000000 | 0 | 0 |
| CENTURY ALUM CO | NOTE 2.750% 5/0 | 156431AQ1 |  | 9160062 | 5650000 | SH |  | SOLE |  | 5650000 | 0 | 0 |
| CHEFS WHSE INC | NOTE 2.375%12/1 | 163086AE1 |  | 11594245 | 8000000 | SH |  | SOLE |  | 8000000 | 0 | 0 |
| CIPHER MINING INC | NOTE 1.750% 5/1 | 17253JAA4 |  | 8880000 | 3000000 | SH |  | SOLE |  | 3000000 | 0 | 0 |
| COINBASE GLOBAL INC | NOTE 0.250% 4/0 | 19260QAF4 |  | 3566109 | 2837000 | SH |  | SOLE |  | 2837000 | 0 | 0 |
| ENOVIS CORPORATION | NOTE 3.875%10/1 | 194014AB2 |  | 4929053 | 5000000 | SH |  | SOLE |  | 5000000 | 0 | 0 |
| CONFLUENT INC | NOTE 1/1 | 20717MAB9 |  | 8464695 | 9000000 | SH |  | SOLE |  | 9000000 | 0 | 0 |
| CONMED CORP | NOTE 2.250% 6/1 | 207410AH4 |  | 9534426 | 10000000 | SH |  | SOLE |  | 10000000 | 0 | 0 |
| ENCORE CAP GROUP INC | NOTE 4.000% 3/1 | 292554AP7 |  | 11151562 | 11250000 | SH |  | SOLE |  | 11250000 | 0 | 0 |
| EVOLENT HEALTH INC | DEBT 4.500% 8/1 | 30050BAJ0 |  | 6516250 | 6500000 | SH |  | SOLE |  | 6500000 | 0 | 0 |
| EXACT SCIENCES CORP | NOTE 0.375% 3/1 | 30063PAB1 |  | 7685000 | 8000000 | SH |  | SOLE |  | 8000000 | 0 | 0 |
| FIVERR INTL LTD | NOTE 11/0 | 33835LAA3 |  | 12901300 | 13000000 | SH |  | SOLE |  | 13000000 | 0 | 0 |
| FLUOR CORP | NOTE 1.125% 8/1 | 343412AJ1 |  | 16481004 | 13889000 | SH |  | SOLE |  | 13889000 | 0 | 0 |
| FRESHPET INC | NOTE 3.000% 4/0 | 358039AB1 |  | 12388750 | 11000000 | SH |  | SOLE |  | 11000000 | 0 | 0 |
| GLOBAL PMTS INC | NOTE 1.500% 3/0 | 37940XAU6 |  | 8667954 | 9468000 | SH |  | SOLE |  | 9468000 | 0 | 0 |
| GOPRO INC | NOTE 1.250%11/1 | 38268TAD5 |  | 4912500 | 5000000 | SH |  | SOLE |  | 5000000 | 0 | 0 |
| GOSSAMER BIO INC | NOTE 5.000% 6/0 | 38341PAA0 |  | 1027500 | 1500000 | SH |  | SOLE |  | 1500000 | 0 | 0 |
| GRANITE CONSTR INC | NOTE 3.250% 6/1 | 387328AF4 |  | 23000236 | 15000000 | SH |  | SOLE |  | 15000000 | 0 | 0 |
| GREEN PLAINS INC | NOTE 2.250% 3/1 | 393222AK0 |  | 4756250 | 5000000 | SH |  | SOLE |  | 5000000 | 0 | 0 |
| GREENBRIER COS INC | NOTE 2.875% 4/1 | 393657AM3 |  | 14771668 | 13795000 | SH |  | SOLE |  | 13795000 | 0 | 0 |
| HALOZYME THERAPEUTICS INC | NOTE 1.000% 8/1 | 40637HAF6 |  | 19678400 | 14000000 | SH |  | SOLE |  | 14000000 | 0 | 0 |
| IMAX CORP | NOTE 0.500% 4/0 | 45245EAJ8 |  | 7042506 | 6000000 | SH |  | SOLE |  | 6000000 | 0 | 0 |
| INOTIV INC | NOTE 3.250%10/1 | 45783QAB6 |  | 440000 | 2000000 | SH |  | SOLE |  | 2000000 | 0 | 0 |
| ITRON INC | NOTE 3/1 | 465741AN6 |  | 7399270 | 7000000 | SH |  | SOLE |  | 7000000 | 0 | 0 |
| ITRON INC | NOTE 1.375% 7/1 | 465741AQ9 |  | 10323764 | 9000000 | SH |  | SOLE |  | 9000000 | 0 | 0 |
| JAZZ INVESTMENTS I LTD | NOTE 2.000% 6/1 | 472145AF8 |  | 6354415 | 6000000 | SH |  | SOLE |  | 6000000 | 0 | 0 |
| JAZZ INVESTMENTS I LTD | NOTE 3.125% 9/1 | 472145AH4 |  | 2971300 | 2500000 | SH |  | SOLE |  | 2500000 | 0 | 0 |
| LCI INDS | NOTE 1.125% 5/1 | 501812AB7 |  | 7929405 | 8217000 | SH |  | SOLE |  | 8217000 | 0 | 0 |
| LANTHEUS HLDGS INC | NOTE 2.625%12/1 | 516544AB9 |  | 11130000 | 10600000 | SH |  | SOLE |  | 10600000 | 0 | 0 |
| LIVANOVA PLC | NOTE 2.500% 3/1 | 53802LAB8 |  | 8600000 | 8000000 | SH |  | SOLE |  | 8000000 | 0 | 0 |
| LUMENTUM HLDGS INC | NOTE 0.500%12/1 | 55024UAD1 |  | 1681470 | 1000000 | SH |  | SOLE |  | 1000000 | 0 | 0 |
| LUMENTUM HLDGS INC | NOTE 0.500% 6/1 | 55024UAF6 |  | 6972199 | 5000000 | SH |  | SOLE |  | 5000000 | 0 | 0 |
| MKS INC. | NOTE 1.250% 6/0 | 55306NAB0 |  | 13448182 | 12268000 | SH |  | SOLE |  | 12268000 | 0 | 0 |
| MAGNITE INC | NOTE 0.250% 3/1 | 55955DAB6 |  | 7284375 | 7500000 | SH |  | SOLE |  | 7500000 | 0 | 0 |
| MANNKIND CORP | NOTE 2.500% 3/0 | 56400PAQ5 |  | 4869750 | 4300000 | SH |  | SOLE |  | 4300000 | 0 | 0 |
| NORTHERN OIL  GAS INC | NOTE 3.625% 4/1 | 665531AJ8 |  | 7512107 | 7500000 | SH |  | SOLE |  | 7500000 | 0 | 0 |
| OSI SYSTEMS INC | NOTE 2.250% 8/0 | 671044AF2 |  | 17350230 | 11976000 | SH |  | SOLE |  | 11976000 | 0 | 0 |
| ON SEMICONDUCTOR CORP | NOTE 0.500% 3/0 | 682189AU9 |  | 12176450 | 13168000 | SH |  | SOLE |  | 13168000 | 0 | 0 |
| ORMAT TECHNOLOGIES INC | NOTE 2.500% 7/1 | 686688AB8 |  | 9652974 | 8000000 | SH |  | SOLE |  | 8000000 | 0 | 0 |
| PACIRA BIOSCIENCES INC | NOTE 2.125% 5/1 | 695127AJ9 |  | 8093496 | 8000000 | SH |  | SOLE |  | 8000000 | 0 | 0 |
| PAGERDUTY INC | NOTE 1.500%10/1 | 69553PAD2 |  | 8792972 | 9000000 | SH |  | SOLE |  | 9000000 | 0 | 0 |
| PARSONS CORP DEL | NOTE 2.625% 3/0 | 70202LAD4 |  | 11369124 | 10000000 | SH |  | SOLE |  | 10000000 | 0 | 0 |
| PATRICK INDS INC | NOTE 1.750%12/0 | 703343AG8 |  | 17792125 | 10949000 | SH |  | SOLE |  | 10949000 | 0 | 0 |
| POST HLDGS INC | NOTE 2.500% 8/1 | 737446AT1 |  | 8424695 | 7500000 | SH |  | SOLE |  | 7500000 | 0 | 0 |
| PROGRESS SOFTWARE CORP | NOTE 3.500% 3/0 | 743312AD2 |  | 12051600 | 12000000 | SH |  | SOLE |  | 12000000 | 0 | 0 |
| RAPID7 INC | NOTE 0.250% 3/1 | 753422AF1 |  | 7620026 | 8123000 | SH |  | SOLE |  | 8123000 | 0 | 0 |
| REDFIN CORP | NOTE 0.500% 4/0 | 75737FAE8 |  | 2701969 | 2925000 | SH |  | SOLE |  | 2925000 | 0 | 0 |
| REPLIGEN CORP | NOTE 1.000%12/1 | 759916AD1 |  | 6015379 | 6000000 | SH |  | SOLE |  | 6000000 | 0 | 0 |
| SSR MINING IN | NOTE 2.500% 4/0 | 784730AB9 |  | 8463750 | 6000000 | SH |  | SOLE |  | 6000000 | 0 | 0 |
| SEMTECH CORP | NOTE 1.625%11/0 | 816850AF8 |  | 17685000 | 9000000 | SH |  | SOLE |  | 9000000 | 0 | 0 |
| SOLARIS ENERGY INFRAS INC | NOTE 4.750% 5/0 | 83419XAA6 |  | 8989595 | 5000000 | SH |  | SOLE |  | 5000000 | 0 | 0 |
| SPECTRUM BRANDS INC | NOTE 3.375% 6/0 | 84762LAZ8 |  | 8787500 | 9500000 | SH |  | SOLE |  | 9500000 | 0 | 0 |
| TETRA TECH INC NEW | DBCV 2.250% 8/1 | 88162GAB9 |  | 15007201 | 13939000 | SH |  | SOLE |  | 13939000 | 0 | 0 |
| UPWORK INC | NOTE 0.250% 8/1 | 91688FAB0 |  | 9547360 | 9890000 | SH |  | SOLE |  | 9890000 | 0 | 0 |
| VARONIS SYS INC | NOTE 1.000% 9/1 | 922280AD4 |  | 10800726 | 10000000 | SH |  | SOLE |  | 10000000 | 0 | 0 |
| VEECO INSTRS INC DEL | NOTE 2.875% 6/0 | 922417AJ9 |  | 9590625 | 7500000 | SH |  | SOLE |  | 7500000 | 0 | 0 |
| VERINT SYSTEMS INC | NOTE 0.250% 4/1 | 92343XAC4 |  | 7840000 | 8000000 | SH |  | SOLE |  | 8000000 | 0 | 0 |
| VERTEX INC | NOTE 0.750% 5/0 | 92538JAB2 |  | 7107750 | 7020000 | SH |  | SOLE |  | 7020000 | 0 | 0 |
| VISHAY INTERTECHNOLOGY INC | NOTE 2.250% 9/1 | 928298AR9 |  | 9982500 | 11000000 | SH |  | SOLE |  | 11000000 | 0 | 0 |
| WAYFAIR INC | NOTE 3.250% 9/1 | 94419LAP6 |  | 14792640 | 9732000 | SH |  | SOLE |  | 9732000 | 0 | 0 |
| WINNEBAGO INDS INC | NOTE 3.250% 1/1 | 974637AF7 |  | 8046000 | 9000000 | SH |  | SOLE |  | 9000000 | 0 | 0 |
| WISDOMTREE INC | NOTE 3.250% 8/1 | 97717PAH7 |  | 12088038 | 9254000 | SH |  | SOLE |  | 9254000 | 0 | 0 |
| WORKIVA INC | NOTE 1.125% 8/1 | 98139AAB1 |  | 7045847 | 6000000 | SH |  | SOLE |  | 6000000 | 0 | 0 |
| WORKIVA INC | NOTE 1.250% 8/1 | 98139AAD7 |  | 6904385 | 7000000 | SH |  | SOLE |  | 7000000 | 0 | 0 |
| XOMETRY INC | NOTE 1.000% 2/0 | 98423FAB5 |  | 1190980 | 1000000 | SH |  | SOLE |  | 1000000 | 0 | 0 |

---