# EDGAR Filing Document

**Accession Number:** 0001461790
**File Stem:** 0001461790-25-000054
**Filing Date:** 2025-11
**Character Count:** 39834
**Document Hash:** 0c5b2b4c556dc149dfd2d678826287ec
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001461790-25-000054.hdr.sgml**: 20251113

**ACCESSION NUMBER**: 0001461790-25-000054

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251113

**DATE AS OF CHANGE**: 20251113

**EFFECTIVENESS DATE**: 20251113

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** K2 PRINCIPAL FUND, L.P.
- **CENTRAL INDEX KEY:** 0001461790

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** A6
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-16812
- **FILM NUMBER:** 251478433

**BUSINESS ADDRESS:**
- **STREET 1:** 2 BLOOR STREET WEST
- **STREET 2:** SUITE 801
- **CITY:** TORONTO
- **STATE:** A6
- **ZIP:** M4W 3E2
- **BUSINESS PHONE:** 416-365-2155

**MAIL ADDRESS:**
- **STREET 1:** 2 BLOOR STREET WEST
- **STREET 2:** SUITE 801
- **CITY:** TORONTO
- **STATE:** A6
- **ZIP:** M4W 3E2

### 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:** K2 PRINCIPAL FUND L.P.<br>**Address:** 2 BLOOR STREET WEST<br>SUITE 801<br>TORONTO, A6 M4W 3E2

**Form 13F File Number:** 028-16812

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:** Todd Sikorski<br>**Title:** President<br>**Phone:** 416-365-2155

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

/s/Todd Sikorski  TORONTO, A6  11-13-2025<br>[Signature]  [City, State]  [Date]

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

[x] **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).)

[ ] **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:** 338

**Form 13F Information Table Value Total:** $1231447683

      (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.]

**NONE**

### 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 |
| 1RT ACQUISITION CORP. | USD CL A ORD SHS | G6757R105 |  | 1045000 | 100000 | SH |  | SOLE |  | 100000 | 0 | 0 |
| 1RT ACQUISITION CORP. | W EXP 06/26/203 | G6757R113 |  | 22250 | 25000 | SH |  | SOLE |  | 25000 | 0 | 0 |
| AA MISSION ACQUISITION CORP | W EXP 08/01/203 | G1000R127 |  | 20000 | 125000 | SH |  | SOLE |  | 125000 | 0 | 0 |
| ABRDN GLOBAL INFRA INCOME FU | COM SHS BEN INT | 00326W106 |  | 316950 | 15000 | SH |  | SOLE |  | 15000 | 0 | 0 |
| ACUREN CORP | COM | 00510N102 |  | 332750 | 25000 | SH |  | SOLE |  | 25000 | 0 | 0 |
| ADAMS DIVERSIFIED EQUITY FD | COM | 006212104 |  | 368396 | 16520 | SH |  | SOLE |  | 16520 | 0 | 0 |
| ADVANCED ENERGY INDS | NOTE 2.500 9/1 | 007973AE0 |  | 5542800 | 4000 | PRN |  | SOLE |  | 4000 | 0 | 0 |
| AES CORP | COM | 00130H105 |  | 658000 | 50000 | SH | Put | SOLE |  | 50000 | 0 | 0 |
| ALDEL FINL II INC | W EXP 09/26/203 | G01558124 |  | 152327 | 298680 | SH |  | SOLE |  | 298680 | 0 | 0 |
| ALGOMA STL GROUP INC | W EXP 10/19/202 | 015658115 |  | 138176 | 690879 | SH |  | SOLE |  | 690879 | 0 | 0 |
| ALPHABET INC | CAP STK CL C | 02079K107 |  | 3287925 | 13500 | SH |  | SOLE |  | 13500 | 0 | 0 |
| ALPHATIME ACQUISITION CORP | W EXP 03/01/202 | G0223V121 |  | 9912 | 141606 | SH |  | SOLE |  | 141606 | 0 | 0 |
| AMAZON COM INC | COM | 023135106 |  | 2087672 | 9508 | SH |  | SOLE |  | 9508 | 0 | 0 |
| AMERICAN AXLE MFG HLDGS IN | COM | 024061103 |  | 4187684 | 696786 | SH |  | SOLE |  | 696786 | 0 | 0 |
| AMERICAN EXCEPTIONALISM ACQU | ORD CL A | G0273J101 |  | 3609469 | 330235 | SH |  | SOLE |  | 330235 | 0 | 0 |
| APPLIED OPTOELECTRONICS INC | NOTE 2.750 1/1 | 03823UAE2 |  | 9018000 | 9000 | PRN |  | SOLE |  | 9000 | 0 | 0 |
| APPLOVIN CORP | COM CL A | 03831W108 |  | 4158909 | 5788 | SH |  | SOLE |  | 5788 | 0 | 0 |
| ARCHIMEDES TECH SPAC PARTNER | ORD SHS | G04537109 |  | 1160571 | 113670 | SH |  | SOLE |  | 113670 | 0 | 0 |
| ARCHIMEDES TECH SPAC PARTNER | W EXP 10/15/202 | G04537125 |  | 90963 | 259895 | SH |  | SOLE |  | 259895 | 0 | 0 |
| ARES MANAGEMENT CORPORATION | CL A COM STK | 03990B101 |  | 1119230 | 7000 | SH | Call | SOLE |  | 7000 | 0 | 0 |
| ARS PHARMACEUTICALS INC | COM | 82835W108 |  | 635160 | 63200 | SH | Call | SOLE |  | 63200 | 0 | 0 |
| ARS PHARMACEUTICALS INC | COM | 82835W108 |  | 6249160 | 621807 | SH |  | SOLE |  | 621807 | 0 | 0 |
| ARTIUS II ACQUISITION INC | RIGHT 11/27/2029 | G0509J123 |  | 24641 | 112006 | SH |  | SOLE |  | 112006 | 0 | 0 |
| BAIN CAP GSS INVT CORP | UNIT 99/99/9999 | G0R78B122 |  | 2018000 | 200000 | SH |  | SOLE |  | 200000 | 0 | 0 |
| BAKER HUGHES COMPANY | CL A | 05722G100 |  | 1607760 | 33000 | SH | Call | SOLE |  | 33000 | 0 | 0 |
| BARRICK MNG CORP | COM SHS | 06849F108 |  | 2616521 | 79845 | SH |  | SOLE |  | 79845 | 0 | 0 |
| BED BATH BEYOND INC | COM | 690370101 |  | 293700 | 30000 | SH | Call | SOLE |  | 30000 | 0 | 0 |
| BENTLEY SYS INC | NOTE 0.375 7/0 | 08265TAD1 |  | 1885400 | 2000 | PRN |  | SOLE |  | 2000 | 0 | 0 |
| BERTO ACQUISITION CORP | W EXP 05/01/203 | G1051H119 |  | 102020 | 152268 | SH |  | SOLE |  | 152268 | 0 | 0 |
| BERTO ACQUISITION CORP | ORD SHS | G1051H101 |  | 2654122 | 255204 | SH |  | SOLE |  | 255204 | 0 | 0 |
| BLACKBERRY LTD | NOTE 3.000 2/1 | 09228FAM5 |  | 10365600 | 7000 | PRN |  | SOLE |  | 7000 | 0 | 0 |
| BLACKLINE INC | NOTE 3/1 | 09239BAD1 |  | 5847600 | 6000 | PRN |  | SOLE |  | 6000 | 0 | 0 |
| BLACKROCK ENHANCED EQUITY DI | COM | 09251A104 |  | 300484 | 32984 | SH |  | SOLE |  | 32984 | 0 | 0 |
| BLACKROCK ENHANCED LARGE CAP | COM | 09256A109 |  | 245686 | 10682 | SH |  | SOLE |  | 10682 | 0 | 0 |
| BLEICHROEDER ACQUISITION COR | RIGHT 11/04/2026 | G1169T138 |  | 250580 | 368500 | SH |  | SOLE |  | 368500 | 0 | 0 |
| BLUE WTR ACQUISITION CORP. I | ORD SHS CL A | G1368E106 |  | 996000 | 100000 | SH |  | SOLE |  | 100000 | 0 | 0 |
| BOLD EAGLE ACQUISITION CORP | RIGHT 10/11/2029 | G2003N121 |  | 135245 | 500907 | SH |  | SOLE |  | 500907 | 0 | 0 |
| BOLD EAGLE ACQUISITION CORP | CL A | G2003N105 |  | 3113916 | 299415 | SH |  | SOLE |  | 299415 | 0 | 0 |
| BOX INC | NOTE 1.500 9/1 | 10316TAD6 |  | 5040500 | 5000 | PRN |  | SOLE |  | 5000 | 0 | 0 |
| BRITISH AMERN TOB PLC | SPONSORED ADR | 110448107 |  | 3469097 | 65356 | SH |  | SOLE |  | 65356 | 0 | 0 |
| BRITISH AMERN TOB PLC | SPONSORED ADR | 110448107 |  | 14331600 | 270000 | SH | Call | SOLE |  | 270000 | 0 | 0 |
| BROOKFIELD BUSINESS PARTNERS | UNIT LTD L P | G16234109 |  | 397155 | 8700 | SH |  | SOLE |  | 8700 | 0 | 0 |
| BTC DEV CORP | UNIT 09/11/2030 | G0701G125 |  | 3030000 | 300000 | SH |  | SOLE |  | 300000 | 0 | 0 |
| CAL REDWOOD ACQUISITION CORP | RIGHT 05/15/2030 | G17564116 |  | 71774 | 326246 | SH |  | SOLE |  | 326246 | 0 | 0 |
| CAL REDWOOD ACQUISITION CORP | COM CL A | G17564108 |  | 2150310 | 215031 | SH |  | SOLE |  | 215031 | 0 | 0 |
| CAMECO CORP | COM | 13321L108 |  | 1928780 | 23000 | SH |  | SOLE |  | 23000 | 0 | 0 |
| CANTOR EQUITY PARTNERS II IN | CL A ORD SHS | G1827P106 |  | 1586358 | 150938 | SH |  | SOLE |  | 150938 | 0 | 0 |
| CANTOR EQUITY PARTNERS III I | SHS CL A | G1828A108 |  | 1690643 | 163822 | SH |  | SOLE |  | 163822 | 0 | 0 |
| CANTOR EQUITY PARTNERS IV IN | SHS CL A | G1828E100 |  | 2574412 | 252641 | SH |  | SOLE |  | 252641 | 0 | 0 |
| CAPRI HOLDINGS LIMITED | SHS | G1890L107 |  | 398400 | 20000 | SH | Call | SOLE |  | 20000 | 0 | 0 |
| CAPRI HOLDINGS LIMITED | SHS | G1890L107 |  | 823831 | 41357 | SH |  | SOLE |  | 41357 | 0 | 0 |
| CENTURION ACQUISITION CORP | W EXP 05/31/203 | G20315118 |  | 108851 | 320150 | SH |  | SOLE |  | 320150 | 0 | 0 |
| CENTURY ALUM CO | NOTE 2.750 5/0 | 156431AQ1 |  | 9378250 | 5750 | PRN |  | SOLE |  | 5750 | 0 | 0 |
| CERENCE INC | NOTE 1.500 7/0 | 156727AD1 |  | 4989000 | 6000 | PRN |  | SOLE |  | 6000 | 0 | 0 |
| CERENCE INC | COM | 156727109 |  | 674323 | 54119 | SH |  | SOLE |  | 54119 | 0 | 0 |
| CHAMPIONSGATE ACQUISITION CO | RIGHT 05/14/2030 | G2124S116 |  | 8161 | 62780 | SH |  | SOLE |  | 62780 | 0 | 0 |
| CHARLTON ARIA ACQUISITION CO | RIGHT 12/31/2026 | G9877L115 |  | 34515 | 191752 | SH |  | SOLE |  | 191752 | 0 | 0 |
| CHENGHE ACQUISITION III CO | UNIT 09/09/2030 | G2086N113 |  | 1563926 | 156706 | SH |  | SOLE |  | 156706 | 0 | 0 |
| CHURCHILL CAP CORP X | W EXP 05/14/203 | G2130T116 |  | 195250 | 55000 | SH |  | SOLE |  | 55000 | 0 | 0 |
| CHURCHILL CAP CORP X | SHS CL A | G2130T108 |  | 608664 | 47330 | SH |  | SOLE |  | 47330 | 0 | 0 |
| CHURCHILL CAPITAL CORP IX | CL A SHS | G21301109 |  | 1198388 | 114350 | SH |  | SOLE |  | 114350 | 0 | 0 |
| CLEVELAND-CLIFFS INC NEW | COM | 185899101 |  | 244000 | 20000 | SH |  | SOLE |  | 20000 | 0 | 0 |
| CLEVELAND-CLIFFS INC NEW | COM | 185899101 |  | 610000 | 50000 | SH | Call | SOLE |  | 50000 | 0 | 0 |
| CO2 ENERGY TRANSITION CORP | RIGHT 10/15/2028 | 12664M129 |  | 42949 | 178954 | SH |  | SOLE |  | 178954 | 0 | 0 |
| CO2 ENERGY TRANSITION CORP | W EXP 08/17/202 | 12664M111 |  | 69528 | 408991 | SH |  | SOLE |  | 408991 | 0 | 0 |
| COHEN CIRCLE ACQUISIT CORP I | SHS CL A | G2254C121 |  | 4060000 | 400000 | SH |  | SOLE |  | 400000 | 0 | 0 |
| COHEN CIRCLE ACQUISIT CORP I | W EXP 07/01/203 | G2254C113 |  | 213290 | 304700 | SH |  | SOLE |  | 304700 | 0 | 0 |
| COHEN STEERS TAX ADVAN PFD | COM | 19249X108 |  | 200100 | 9804 | SH |  | SOLE |  | 9804 | 0 | 0 |
| COINBASE GLOBAL INC | NOTE 0.250 4/0 | 19260QAF4 |  | 8796900 | 7000 | PRN |  | SOLE |  | 7000 | 0 | 0 |
| COLUMBUS CIRCLE CAP CORP. I | W EXP 05/16/203 | G2296A117 |  | 23244 | 19370 | SH |  | SOLE |  | 19370 | 0 | 0 |
| CORE SCIENTIFIC INC NEW | COM | 21874A106 |  | 11985732 | 668101 | SH |  | SOLE |  | 668101 | 0 | 0 |
| CORE SCIENTIFIC INC NEW | COM | 21874A106 |  | 1794000 | 100000 | SH | Call | SOLE |  | 100000 | 0 | 0 |
| CORE SCIENTIFIC INC NEW | W EXP 01/23/202 | 21874A114 |  | 1839773 | 158192 | SH |  | SOLE |  | 158192 | 0 | 0 |
| COREWEAVE INC | COM CL A | 21873S108 |  | 12248076 | 89500 | SH | Put | SOLE |  | 89500 | 0 | 0 |
| CRANE HBR ACQUISITION CORP | RIGHT 04/17/2030 | G24979117 |  | 65228 | 210413 | SH |  | SOLE |  | 210413 | 0 | 0 |
| D. BORAL ARC ACQ I CORP. | W EXP 07/23/203 | G2616F119 |  | 59769 | 271677 | SH |  | SOLE |  | 271677 | 0 | 0 |
| DESTRA MULTI-ALTERNATIVE FD | COMMON SHARES | 25065A502 |  | 299886 | 34709 | SH |  | SOLE |  | 34709 | 0 | 0 |
| DIGITAL ASSET ACQUISITION CO | SHS CL A | G2868C103 |  | 2225465 | 218397 | SH |  | SOLE |  | 218397 | 0 | 0 |
| DIGITAL ASSET ACQUISITION CO | W EXP 04/01/203 | G2868C111 |  | 112000 | 200000 | SH |  | SOLE |  | 200000 | 0 | 0 |
| DOCEBO INC | COM | 25609L105 |  | 2183940 | 79910 | SH |  | SOLE |  | 79910 | 0 | 0 |
| DROPBOX INC | NOTE 3/0 | 26210CAC8 |  | 13709320 | 13859 | PRN |  | SOLE |  | 13859 | 0 | 0 |
| DRUGS MADE IN AMER ACQ II CO | UNIT 09/16/2030 | G2851K120 |  | 4239479 | 426507 | SH |  | SOLE |  | 426507 | 0 | 0 |
| EAGLE POINT INCOME COMPANY I | COM | 269817102 |  | 169233 | 12573 | SH |  | SOLE |  | 12573 | 0 | 0 |
| ELLSWORTH GROWTH INCOME FD | COM | 289074106 |  | 275906 | 23785 | SH |  | SOLE |  | 23785 | 0 | 0 |
| EMMIS ACQUISITION CORP. | UNIT 09/12/2030 | G3037D121 |  | 1971579 | 197553 | SH |  | SOLE |  | 197553 | 0 | 0 |
| EMX RTY CORP | COM | 26873J107 |  | 1037663 | 201488 | SH |  | SOLE |  | 201488 | 0 | 0 |
| ENPHASE ENERGY INC | NOTE 3/0 | 29355AAH0 |  | 4988310 | 5100 | PRN |  | SOLE |  | 5100 | 0 | 0 |
| EQV VENTURES AC CORP. II | W EXP 06/30/203 | G3106Q128 |  | 45452 | 189383 | SH |  | SOLE |  | 189383 | 0 | 0 |
| EQV VENTURES AC CORP. II | ORD SHS CL A | G3106Q102 |  | 4815531 | 483973 | SH |  | SOLE |  | 483973 | 0 | 0 |
| EQV VENTURES ACQUISITION COR | W EXP 07/01/203 | G3106N117 |  | 264078 | 528157 | SH |  | SOLE |  | 528157 | 0 | 0 |
| EQV VENTURES ACQUISITION COR | CL A ORD SHS | G3106N109 |  | 1797193 | 173140 | SH |  | SOLE |  | 173140 | 0 | 0 |
| ESH ACQUISITION CORP | RIGHT 99/99/9999 | 296424112 |  | 4557 | 26807 | SH |  | SOLE |  | 26807 | 0 | 0 |
| ETSY INC | NOTE 0.12510/0 | 29786AAJ5 |  | 10445000 | 10000 | PRN |  | SOLE |  | 10000 | 0 | 0 |
| FACT II ACQUISITION CORP | W EXP 11/26/203 | G32901129 |  | 82615 | 295053 | SH |  | SOLE |  | 295053 | 0 | 0 |
| FASTLY INC | NOTE 3/1 | 31188VAB6 |  | 9052920 | 9249 | PRN |  | SOLE |  | 9249 | 0 | 0 |
| FIRST MAJESTIC SILVER CORP | NOTE 0.375 1/1 | 32076VAD5 |  | 15393200 | 14500 | PRN |  | SOLE |  | 14500 | 0 | 0 |
| FIRST SOLAR INC | COM | 336433107 |  | 6119707 | 27750 | SH |  | SOLE |  | 27750 | 0 | 0 |
| FIVERR INTL LTD | NOTE 11/0 | 33835LAA3 |  | 3733870 | 3750 | PRN |  | SOLE |  | 3750 | 0 | 0 |
| FLOOR DECOR HLDGS INC | CL A | 339750101 |  | 1363450 | 18500 | SH |  | SOLE |  | 18500 | 0 | 0 |
| FLOOR DECOR HLDGS INC | CL A | 339750101 |  | 737000 | 10000 | SH | Call | SOLE |  | 10000 | 0 | 0 |
| FLUOR CORP | NOTE 1.125 8/1 | 343412AJ1 |  | 7129800 | 6000 | PRN |  | SOLE |  | 6000 | 0 | 0 |
| FLUOR CORP NEW | COM | 343412102 |  | 631050 | 15000 | SH | Call | SOLE |  | 15000 | 0 | 0 |
| FOLD HLDGS INC | W EXP 02/14/203 | 29103K118 |  | 190390 | 380780 | SH |  | SOLE |  | 380780 | 0 | 0 |
| FOUR LEAF ACQUISITION CORP | W EXP 03/15/202 | 35088F115 |  | 2222 | 55548 | SH |  | SOLE |  | 55548 | 0 | 0 |
| FRANCO NEV CORP | COM | 351858105 |  | 2563465 | 11500 | SH |  | SOLE |  | 11500 | 0 | 0 |
| FREEPORT-MCMORAN INC | CL B | 35671D857 |  | 7687120 | 196000 | SH | Put | SOLE |  | 196000 | 0 | 0 |
| FREEPORT-MCMORAN INC | CL B | 35671D857 |  | 392200 | 10000 | SH | Call | SOLE |  | 10000 | 0 | 0 |
| FRONTIER COMMUNICATIONS PARE | COM | 35909D109 |  | 2654614 | 71074 | SH |  | SOLE |  | 71074 | 0 | 0 |
| GALATA ACQUISITION CORP II | UNIT 09/12/2030 | G3R25N124 |  | 2815358 | 282100 | SH |  | SOLE |  | 282100 | 0 | 0 |
| GCM GROSVENOR INC | W EXP 11/17/202 | 36831E108 |  | 31683 | 59780 | SH |  | SOLE |  | 59780 | 0 | 0 |
| GCT SEMICONDUCTOR HLDG INC | W EXP 03/01/202 | 36170N115 |  | 129787 | 683091 | SH |  | SOLE |  | 683091 | 0 | 0 |
| GEN DIGITAL INC | RIGHT 99/99/9999 | 668771116 |  | 1361785 | 184274 | SH |  | SOLE |  | 184274 | 0 | 0 |
| GENERATION ESSENTIALS GROUP | W EXP 02/15/202 | G38268119 |  | 16888 | 129911 | SH |  | SOLE |  | 129911 | 0 | 0 |
| GENIUS SPORTS LIMITED | SHARES CL A | G3934V109 |  | 2980621 | 240761 | SH |  | SOLE |  | 240761 | 0 | 0 |
| GIGCAPITAL7 CORP | W EXP 08/29/202 | G38648120 |  | 31405 | 69790 | SH |  | SOLE |  | 69790 | 0 | 0 |
| GOLD ROYALTY CORP | W EXP 05/31/202 | 38071H122 |  | 2050305 | 1145422 | SH |  | SOLE |  | 1145422 | 0 | 0 |
| GOPRO INC | NOTE 1.25011/1 | 38268TAD5 |  | 5928000 | 6000 | PRN |  | SOLE |  | 6000 | 0 | 0 |
| GORES HLDGS X INC | SHS CL A | G4002F109 |  | 1050088 | 102849 | SH |  | SOLE |  | 102849 | 0 | 0 |
| GORES HLDGS X INC | W EXP 05/02/203 | G4002F125 |  | 76727 | 100956 | SH |  | SOLE |  | 100956 | 0 | 0 |
| GP-ACT III ACQUISITION CORP | W EXP 05/13/202 | G4035N129 |  | 31667 | 121798 | SH |  | SOLE |  | 121798 | 0 | 0 |
| GRABAGUN DIGITAL HLDGS INC | W EXP 99/99/999 | 38387Q113 |  | 109508 | 87606 | SH |  | SOLE |  | 87606 | 0 | 0 |
| GRAF GLOBAL CORP | W EXP 05/31/203 | G4036C122 |  | 53677 | 162657 | SH |  | SOLE |  | 162657 | 0 | 0 |
| GREENFIRE RES LTD NEW | COM SHS | 39525U107 |  | 2067912 | 447600 | SH |  | SOLE |  | 447600 | 0 | 0 |
| GUARDANT HEALTH INC | NOTE 11/1 | 40131MAB5 |  | 2884800 | 3000 | PRN |  | SOLE |  | 3000 | 0 | 0 |
| HAYMAKER ACQUISITION CORP IV | CLASS A | G4375F108 |  | 2265732 | 199800 | SH |  | SOLE |  | 199800 | 0 | 0 |
| HAYMAKER ACQUISITION CORP IV | W EXP 05/31/202 | G4375F116 |  | 5000 | 12500 | SH |  | SOLE |  | 12500 | 0 | 0 |
| HCM III ACQUISITION CORP | ORD SHS CL A | G4365E103 |  | 3030000 | 300000 | SH |  | SOLE |  | 300000 | 0 | 0 |
| HENNESSY CAP INVT CORP VII | RIGHT 01/17/2030 | G4405D115 |  | 163655 | 606131 | SH |  | SOLE |  | 606131 | 0 | 0 |
| HENNESSY CAP INVT CORP VII | ORD SHS CL A | G4405D107 |  | 3589254 | 352579 | SH |  | SOLE |  | 352579 | 0 | 0 |
| HIGH INCOME SECS FD | SHS BEN INT | 42968F108 |  | 106153 | 16717 | SH |  | SOLE |  | 16717 | 0 | 0 |
| HILTON WORLDWIDE HLDGS INC | COM | 43300A203 |  | 471662 | 1818 | SH |  | SOLE |  | 1818 | 0 | 0 |
| HOWARD HUGHES HOLDINGS INC | COM | 44267T102 |  | 10682100 | 130000 | SH | Call | SOLE |  | 130000 | 0 | 0 |
| I-80 GOLD CORP | W EXP 11/16/202 | 44955L155 |  | 607500 | 1350000 | SH |  | SOLE |  | 1350000 | 0 | 0 |
| INFLECTION PT ACQUISITION CO | RIGHT 04/25/2030 | G47875110 |  | 208193 | 473166 | SH |  | SOLE |  | 473166 | 0 | 0 |
| INFLECTION PT ACQUISITION CO | CL A ORD SHS | G47875102 |  | 2498025 | 248066 | SH |  | SOLE |  | 248066 | 0 | 0 |
| INTEL CORP | COM | 458140100 |  | 1677500 | 50000 | SH | Call | SOLE |  | 50000 | 0 | 0 |
| INVESCO QQQ TR | UNIT SER 1 | 46090E103 |  | 21012950 | 35000 | SH | Put | SOLE |  | 35000 | 0 | 0 |
| INVITATION HOMES INC | COM | 46187W107 |  | 1466500 | 50000 | SH | Put | SOLE |  | 50000 | 0 | 0 |
| ISHARES BITCOIN TRUST ETF | SHS BEN INT | 46438F101 |  | 4946500 | 76100 | SH |  | SOLE |  | 76100 | 0 | 0 |
| ISHARES SILVER TR | ISHARES | 46428Q109 |  | 23303499 | 550000 | SH | Call | SOLE |  | 550000 | 0 | 0 |
| ISHARES SILVER TR | ISHARES | 46428Q109 |  | 6212755 | 146631 | SH |  | SOLE |  | 146631 | 0 | 0 |
| ISHARES SILVER TR | ISHARES | 46428Q109 |  | 2118500 | 50000 | SH | Put | SOLE |  | 50000 | 0 | 0 |
| ISHARES TR | IBOXX HI YD ETF | 464288513 |  | 8119000 | 100000 | SH | Put | SOLE |  | 100000 | 0 | 0 |
| ISHARES TR | US HOME CONS ETF | 464288752 |  | 4290000 | 40000 | SH | Call | SOLE |  | 40000 | 0 | 0 |
| JACKSON ACQUISITION CO II | RIGHT 99/99/9999 | G4992A136 |  | 34000 | 136000 | SH |  | SOLE |  | 136000 | 0 | 0 |
| JENA ACQUISITION CORP II | RIGHT 03/31/2030 | G5093B113 |  | 62547 | 312735 | SH |  | SOLE |  | 312735 | 0 | 0 |
| JENA ACQUISITION CORP II | USD CL A ORD SHS | G5093B105 |  | 2791250 | 275000 | SH |  | SOLE |  | 275000 | 0 | 0 |
| JETBLUE AIRWAYS CORP | NOTE 0.500 4/0 | 477143AP6 |  | 9742000 | 10000 | PRN |  | SOLE |  | 10000 | 0 | 0 |
| KEEN VISION ACQUISITION CORP | W EXP 03/15/202 | G52443127 |  | 12275 | 204578 | SH |  | SOLE |  | 204578 | 0 | 0 |
| KF GROWTH ACQUISITION CORP | RIGHT 08/29/2031 | G52258129 |  | 15434 | 118722 | SH |  | SOLE |  | 118722 | 0 | 0 |
| KOCHAV DEFENSE ACQUI CO | RIGHT 05/21/2030 | G5304D114 |  | 22000 | 100000 | SH |  | SOLE |  | 100000 | 0 | 0 |
| KOCHAV DEFENSE ACQUI CO | SHS CL A | G5304D106 |  | 1003000 | 100000 | SH |  | SOLE |  | 100000 | 0 | 0 |
| KODIAK AI INC. | W EXP 09/25/203 | 500081112 |  | 269779 | 252130 | SH |  | SOLE |  | 252130 | 0 | 0 |
| KYIVSTAR GROUP LTD | W EXP 08/14/203 | G5331N119 |  | 1605490 | 395441 | SH |  | SOLE |  | 395441 | 0 | 0 |
| LAUNCH ONE ACQUISITION CORP | W EXP 06/01/203 | G5S86M126 |  | 47092 | 204746 | SH |  | SOLE |  | 204746 | 0 | 0 |
| LAUNCH TWO ACQUISITION CORP. | W EXP 10/09/202 | G5S87A113 |  | 99143 | 267954 | SH |  | SOLE |  | 267954 | 0 | 0 |
| LEGATO MERGER CORP III | W EXP 05/08/203 | G5451A111 |  | 132294 | 377983 | SH |  | SOLE |  | 377983 | 0 | 0 |
| LEGATO MERGER CORP III | ORD SHS | G5451A103 |  | 534294 | 49748 | SH |  | SOLE |  | 49748 | 0 | 0 |
| LIGHTWAVE ACQUISITION CORP | UNIT 06/06/2030 | G5490M118 |  | 1450215 | 144300 | SH |  | SOLE |  | 144300 | 0 | 0 |
| LIONHEART HOLDINGS | W EXP 06/07/203 | G5501C117 |  | 89649 | 358596 | SH |  | SOLE |  | 358596 | 0 | 0 |
| LIONSGATE STUDIOS CORP | COM | 53626N102 |  | 2627417 | 380785 | SH |  | SOLE |  | 380785 | 0 | 0 |
| LITHIUM ARGENTINA AG | NOTE 1.750 1/1 | 53680QAA6 |  | 4597730 | 5095 | PRN |  | SOLE |  | 5095 | 0 | 0 |
| LIVE NATION ENTERTAINMENT IN | NOTE 3.125 1/1 | 538034BA6 |  | 8102500 | 5000 | PRN |  | SOLE |  | 5000 | 0 | 0 |
| LIVE OAK ACQUISITION CORP V | CL A SHS | G5509P102 |  | 1816620 | 178100 | SH |  | SOLE |  | 178100 | 0 | 0 |
| LIVE OAK ACQUISITION CORP V | W EXP 99/99/999 | G5509P110 |  | 52500 | 125000 | SH |  | SOLE |  | 125000 | 0 | 0 |
| LPL FINL HLDGS INC | COM | 50212V100 |  | 2034399 | 6115 | SH |  | SOLE |  | 6115 | 0 | 0 |
| LUCID GROUP INC | COM NEW | 549498202 |  | 285480 | 12000 | SH | Call | SOLE |  | 12000 | 0 | 0 |
| LUCID GROUP INC | COM NEW | 549498202 |  | 491454 | 20658 | SH |  | SOLE |  | 20658 | 0 | 0 |
| LUMENTUM HLDGS INC | NOTE 0.500 6/1 | 55024UAF6 |  | 4191000 | 3000 | PRN |  | SOLE |  | 3000 | 0 | 0 |
| LUMENTUM HLDGS INC | NOTE 1.50012/1 | 55024UAH2 |  | 16926700 | 7000 | PRN |  | SOLE |  | 7000 | 0 | 0 |
| M3-BRIGADE ACQUISITION VI CO | UNIT 08/18/2030 | G63221124 |  | 1012000 | 100000 | SH |  | SOLE |  | 100000 | 0 | 0 |
| MARA HOLDINGS INC | NOTE 1.00012/0 | 565788AB2 |  | 5627400 | 6000 | PRN |  | SOLE |  | 6000 | 0 | 0 |
| MARA HOLDINGS INC | COM | 565788106 |  | 4565000 | 250000 | SH | Call | SOLE |  | 250000 | 0 | 0 |
| MARRIOTT VACATIONS WORLDWIDE | NOTE 1/1 | 57164YAD9 |  | 14787000 | 15000 | PRN |  | SOLE |  | 15000 | 0 | 0 |
| MELAR ACQUISITION CORP. I | W EXP 06/01/203 | G6004G118 |  | 66354 | 414711 | SH |  | SOLE |  | 414711 | 0 | 0 |
| MERCK CO INC | COM | 58933Y105 |  | 477058 | 5684 | SH |  | SOLE |  | 5684 | 0 | 0 |
| MICROSOFT CORP | COM | 594918104 |  | 906413 | 1750 | SH |  | SOLE |  | 1750 | 0 | 0 |
| MKS INC. | NOTE 1.250 6/0 | 55306NAB0 |  | 3295500 | 3000 | PRN |  | SOLE |  | 3000 | 0 | 0 |
| MOUNTAIN LAKE ACQUISITION CO | RIGHT 11/15/2028 | G6301B127 |  | 54742 | 364949 | SH |  | SOLE |  | 364949 | 0 | 0 |
| MR COOPER GROUP INC | COM | 62482R107 |  | 3161850 | 15000 | SH |  | SOLE |  | 15000 | 0 | 0 |
| MURANO GLOBAL INVTS PLC | W EXP 03/19/202 | G63369113 |  | 37821 | 252143 | SH |  | SOLE |  | 252143 | 0 | 0 |
| NABORS ENERGY TRANSITION COR | CL A | G6363K106 |  | 1681500 | 150000 | SH |  | SOLE |  | 150000 | 0 | 0 |
| NABORS ENERGY TRANSITION COR | W EXP 09/01/202 | G6363K114 |  | 105163 | 375583 | SH |  | SOLE |  | 375583 | 0 | 0 |
| NET LEASE OFFICE PROPERTIES | COM | 64110Y108 |  | 4294768 | 144800 | SH |  | SOLE |  | 144800 | 0 | 0 |
| NET POWER INC | W EXP 06/08/202 | 64107A113 |  | 34636 | 46181 | SH |  | SOLE |  | 46181 | 0 | 0 |
| NEUBERGER BERMAN REAL ESTATE | COM | 64190A103 |  | 33592 | 10400 | SH |  | SOLE |  | 10400 | 0 | 0 |
| NEWBURY STR II ACQUISITION C | W EXP 06/01/203 | G6439S117 |  | 45600 | 198260 | SH |  | SOLE |  | 198260 | 0 | 0 |
| NEWHOLD INVT CORP III | W EXP 01/30/203 | G6486E110 |  | 42791 | 118865 | SH |  | SOLE |  | 118865 | 0 | 0 |
| NEXTNAV INC | W EXP 99/99/999 | 65345N114 |  | 260113 | 48080 | SH |  | SOLE |  | 48080 | 0 | 0 |
| NEXTRACKER INC | CLASS A COM | 65290E101 |  | 739900 | 10000 | SH |  | SOLE |  | 10000 | 0 | 0 |
| NORFOLK SOUTHN CORP | COM | 655844108 |  | 270369 | 900 | SH |  | SOLE |  | 900 | 0 | 0 |
| NUTANIX INC | NOTE 0.25010/0 | 67059NAH1 |  | 13857000 | 10000 | PRN |  | SOLE |  | 10000 | 0 | 0 |
| NVIDIA CORPORATION | COM | 67066G104 |  | 746320 | 4000 | SH |  | SOLE |  | 4000 | 0 | 0 |
| OAK WOODS ACQUISITION CORP | W EXP 99/99/999 | 67190B112 |  | 20014 | 500340 | SH |  | SOLE |  | 500340 | 0 | 0 |
| OAKTREE ACQUISITION CORP III | W EXP 09/01/203 | G6717R112 |  | 29294 | 39058 | SH |  | SOLE |  | 39058 | 0 | 0 |
| OAKTREE ACQUISITION CORP III | SHS CL A | G6717R104 |  | 2052519 | 195292 | SH |  | SOLE |  | 195292 | 0 | 0 |
| OMNICOM GROUP INC | COM | 681919106 |  | 2853550 | 35000 | SH | Call | SOLE |  | 35000 | 0 | 0 |
| ON SEMICONDUCTOR CORP | NOTE 5/0 | 682189AS4 |  | 5698000 | 5000 | PRN |  | SOLE |  | 5000 | 0 | 0 |
| OPENDOOR TECHNOLOGIES INC | COM | 683712103 |  | 8039450 | 1008714 | SH |  | SOLE |  | 1008714 | 0 | 0 |
| OPENDOOR TECHNOLOGIES INC | COM | 683712103 |  | 4383500 | 550000 | SH | Put | SOLE |  | 550000 | 0 | 0 |
| OUTFRONT MEDIA INC | COM NEW | 69007J304 |  | 1107169 | 60435 | SH |  | SOLE |  | 60435 | 0 | 0 |
| OXFORD LANE CAP CORP | COM | 691543847 |  | 217855 | 12868 | SH |  | SOLE |  | 12868 | 0 | 0 |
| PAR TECHNOLOGY CORP | NOTE 1.50010/1 | 698884AE3 |  | 3878400 | 4000 | PRN |  | SOLE |  | 4000 | 0 | 0 |
| PAR TECHNOLOGY CORP | COM | 698884103 |  | 2973725 | 75132 | SH |  | SOLE |  | 75132 | 0 | 0 |
| PAR TECHNOLOGY CORP | COM | 698884103 |  | 1860260 | 47000 | SH | Call | SOLE |  | 47000 | 0 | 0 |
| PEAKSTONE REALTY TRUST | COMMON SHARES | 39818P799 |  | 3114727 | 237403 | SH |  | SOLE |  | 237403 | 0 | 0 |
| PEBBLEBROOK HOTEL TR | NOTE 1.75012/1 | 70509VAA8 |  | 7195000 | 7473 | PRN |  | SOLE |  | 7473 | 0 | 0 |
| PELOTON INTERACTIVE INC | NOTE 2/1 | 70614WAB6 |  | 15379530 | 15679 | PRN |  | SOLE |  | 15679 | 0 | 0 |
| PELOTON INTERACTIVE INC | CL A COM | 70614W100 |  | 3864321 | 429369 | SH |  | SOLE |  | 429369 | 0 | 0 |
| PENNYMAC FINL SVCS INC NEW | COM | 70932M107 |  | 371888 | 3002 | SH |  | SOLE |  | 3002 | 0 | 0 |
| PERIMETER ACQUISITION CORP I | COM CL A | G7010A129 |  | 2514400 | 247237 | SH |  | SOLE |  | 247237 | 0 | 0 |
| PERIMETER ACQUISITION CORP I | W EXP 05/13/203 | G7010A111 |  | 74171 | 123618 | SH |  | SOLE |  | 123618 | 0 | 0 |
| PLANET LABS PBC | W EXP 12/06/202 | 72703X114 |  | 357000 | 100000 | SH |  | SOLE |  | 100000 | 0 | 0 |
| PLUG POWER INC | COM NEW | 72919P202 |  | 349500 | 150000 | SH |  | SOLE |  | 150000 | 0 | 0 |
| PLYMOUTH INDL REIT INC | COM | 729640102 |  | 714560 | 32000 | SH |  | SOLE |  | 32000 | 0 | 0 |
| POWERFLEET INC | COM | 73931J109 |  | 1310000 | 250000 | SH |  | SOLE |  | 250000 | 0 | 0 |
| PRECISION DRILLING CORP | COM NEW | 74022D407 |  | 2908176 | 51600 | SH |  | SOLE |  | 51600 | 0 | 0 |
| PROCAP ACQUISITION CORP | W EXP 05/16/203 | G7257A121 |  | 50061 | 77017 | SH |  | SOLE |  | 77017 | 0 | 0 |
| PROCAP ACQUISITION CORP | SHS CL A | G7257A105 |  | 2231681 | 217301 | SH |  | SOLE |  | 217301 | 0 | 0 |
| PROS HOLDINGS INC | NOTE 2.250 9/1 | 74346YAG8 |  | 3960000 | 4000 | PRN |  | SOLE |  | 4000 | 0 | 0 |
| RAPID7 INC | NOTE 0.250 3/1 | 753422AF1 |  | 9409000 | 10000 | PRN |  | SOLE |  | 10000 | 0 | 0 |
| RAYONIER ADVANCED MATLS INC | COM | 75508B104 |  | 3918438 | 542720 | SH |  | SOLE |  | 542720 | 0 | 0 |
| RAYONIER ADVANCED MATLS INC | COM | 75508B104 |  | 202160 | 28000 | SH | Call | SOLE |  | 28000 | 0 | 0 |
| REDDIT INC | CL A | 75734B100 |  | 1260575 | 5481 | SH |  | SOLE |  | 5481 | 0 | 0 |
| REGAL REXNORD CORPORATION | COM | 758750103 |  | 358026 | 2496 | SH |  | SOLE |  | 2496 | 0 | 0 |
| RENATUS TACTICAL ACQUIS | SHS CL A | G7490F101 |  | 1469686 | 134710 | SH |  | SOLE |  | 134710 | 0 | 0 |
| RENATUS TACTICAL ACQUIS | W EXP 05/15/203 | G7490F127 |  | 71296 | 59413 | SH |  | SOLE |  | 59413 | 0 | 0 |
| REPUBLIC DIGITAL ACQUISITION | USD CL A ORD SHS | G7515A103 |  | 2042000 | 200000 | SH |  | SOLE |  | 200000 | 0 | 0 |
| REPUBLIC DIGITAL ACQUISITION | W EXP 05/01/203 | G7515A129 |  | 78694 | 121067 | SH |  | SOLE |  | 121067 | 0 | 0 |
| RF ACQUISITION CORP II | RIGHT 05/01/2026 | G75389117 |  | 1070 | 13374 | SH |  | SOLE |  | 13374 | 0 | 0 |
| RITHM ACQUISITION CORP | W EXP 99/99/999 | G75751118 |  | 70760 | 116000 | SH |  | SOLE |  | 116000 | 0 | 0 |
| ROCKET COS INC | COM CL A | 77311W101 |  | 3197700 | 165000 | SH | Put | SOLE |  | 165000 | 0 | 0 |
| ROCKWELL AUTOMATION INC | COM | 773903109 |  | 611677 | 1750 | SH |  | SOLE |  | 1750 | 0 | 0 |
| ROMAN DBDR ACQUISITION CORP | W EXP 10/31/203 | G7633M112 |  | 52833 | 103595 | SH |  | SOLE |  | 103595 | 0 | 0 |
| ROMAN DBDR ACQUISITION CORP | ORD SHS CL A | G7633M104 |  | 1105169 | 107090 | SH |  | SOLE |  | 107090 | 0 | 0 |
| ROYCE SMALL CAP TRUST INC | COM | 780910105 |  | 319971 | 19837 | SH |  | SOLE |  | 19837 | 0 | 0 |
| SABA CAPITAL INCOME OPPORT | COM NEW | 880198205 |  | 209760 | 23000 | SH |  | SOLE |  | 23000 | 0 | 0 |
| SANDSTORM GOLD LTD | COM NEW | 80013R206 |  | 2128400 | 170000 | SH |  | SOLE |  | 170000 | 0 | 0 |
| SERITAGE GROWTH PPTYS | CL A | 81752R100 |  | 4250000 | 1000000 | SH |  | SOLE |  | 1000000 | 0 | 0 |
| SILVER PEGASUS ACQUISITION C | SHS CL A | G8192J102 |  | 997000 | 100000 | SH |  | SOLE |  | 100000 | 0 | 0 |
| SILVER PEGASUS ACQUISITION C | RIGHT 06/26/2030 | G8192J136 |  | 25000 | 100000 | SH |  | SOLE |  | 100000 | 0 | 0 |
| SIM ACQUISITION CORP. I | W EXP 06/01/203 | G8431T119 |  | 146177 | 395072 | SH |  | SOLE |  | 395072 | 0 | 0 |
| SIZZLE ACQUISITION CORP. II | USD CL A ORD SHS | G8193F109 |  | 1008000 | 100000 | SH |  | SOLE |  | 100000 | 0 | 0 |
| SIZZLE ACQUISITION CORP. II | RIGHT 04/02/2030 | G8193F133 |  | 27589 | 153273 | SH |  | SOLE |  | 153273 | 0 | 0 |
| SKY HARBOUR GROUP CORPORATIO | W EXP 01/25/202 | 83085C115 |  | 111165 | 73619 | SH |  | SOLE |  | 73619 | 0 | 0 |
| SNAP INC | NOTE 0.750 8/0 | 83304AAB2 |  | 9693000 | 10000 | PRN |  | SOLE |  | 10000 | 0 | 0 |
| SOLARIS ENERGY INFRAS INC | NOTE 4.750 5/0 | 83419XAA6 |  | 8584670 | 4750 | PRN |  | SOLE |  | 4750 | 0 | 0 |
| SOLARIS ENERGY INFRAS INC | COM CL A | 83418M103 |  | 3397450 | 85000 | SH | Call | SOLE |  | 85000 | 0 | 0 |
| SPARK I ACQUISITION CORP | W EXP 10/01/203 | G8316B118 |  | 156132 | 260220 | SH |  | SOLE |  | 260220 | 0 | 0 |
| SPDR GOLD TR | GOLD SHS | 78463V107 |  | 72871350 | 205000 | SH | Call | SOLE |  | 205000 | 0 | 0 |
| SPDR GOLD TR | GOLD SHS | 78463V107 |  | 8886750 | 25000 | SH | Put | SOLE |  | 25000 | 0 | 0 |
| SPDR GOLD TR | GOLD SHS | 78463V107 |  | 24757064 | 69646 | SH |  | SOLE |  | 69646 | 0 | 0 |
| SPHERE ENTERTAINMENT CO | NOTE 3.50012/0 | 55826TAB8 |  | 16104100 | 8500 | PRN |  | SOLE |  | 8500 | 0 | 0 |
| SPHERE ENTERTAINMENT CO | CL A | 55826T102 |  | 7125164 | 114700 | SH | Call | SOLE |  | 114700 | 0 | 0 |
| SPRING VALLEY ACQUISTN CORP | RIGHT 02/25/2026 | G83752132 |  | 49036 | 94300 | SH |  | SOLE |  | 94300 | 0 | 0 |
| SPRING VALLEY ACQUISTN CORP | W EXP 02/25/202 | G83752116 |  | 207011 | 159239 | SH |  | SOLE |  | 159239 | 0 | 0 |
| SPRING VY ACQUISITION CORP I | W EXP 09/04/203 | G8377R119 |  | 46666 | 66666 | SH |  | SOLE |  | 66666 | 0 | 0 |
| SPRING VY ACQUISITION CORP I | SHS CL A | G8377R101 |  | 2020000 | 200000 | SH |  | SOLE |  | 200000 | 0 | 0 |
| STEEL DYNAMICS INC | COM | 858119100 |  | 557720 | 4000 | SH |  | SOLE |  | 4000 | 0 | 0 |
| STEELCASE INC | CL A | 858155203 |  | 538738 | 31322 | SH |  | SOLE |  | 31322 | 0 | 0 |
| STELLAR V CAP CORP | W EXP 10/15/202 | G8475V111 |  | 57786 | 169960 | SH |  | SOLE |  | 169960 | 0 | 0 |
| STRATA CRITICAL MEDICAL INC | W EXP 05/07/202 | 092667112 |  | 36809 | 175280 | SH |  | SOLE |  | 175280 | 0 | 0 |
| SUNRUN INC | NOTE 4.000 3/0 | 86771WAD7 |  | 5408000 | 4000 | PRN |  | SOLE |  | 4000 | 0 | 0 |
| TALEN ENERGY CORP | COM | 87422Q109 |  | 2552280 | 6000 | SH |  | SOLE |  | 6000 | 0 | 0 |
| TALON CAP CORP | UNIT 08/27/2030 | G86652115 |  | 4522500 | 450000 | SH |  | SOLE |  | 450000 | 0 | 0 |
| TELUS INTL CDA INC | SUB VTG SHS | 87975H100 |  | 3611283 | 806090 | SH |  | SOLE |  | 806090 | 0 | 0 |
| TERADYNE INC | COM | 880770102 |  | 1651680 | 12000 | SH |  | SOLE |  | 12000 | 0 | 0 |
| TITAN ACQUISITION CORP | W EXP 05/16/203 | G8901A111 |  | 40995 | 136650 | SH |  | SOLE |  | 136650 | 0 | 0 |
| TORTOISE SUSTAINABLE SOCIA | COM SH BEN INT | 27901F109 |  | 130759 | 11119 | SH |  | SOLE |  | 11119 | 0 | 0 |
| TOWER SEMICONDUCTOR LTD | SHS NEW | M87915274 |  | 976918 | 13512 | SH |  | SOLE |  | 13512 | 0 | 0 |
| TRANSLATIONAL DEV ACQUISITIO | W EXP 12/18/202 | G9008W113 |  | 85750 | 295689 | SH |  | SOLE |  | 295689 | 0 | 0 |
| TRIPADVISOR INC | NOTE 0.250 4/0 | 896945AD4 |  | 13672400 | 14000 | PRN |  | SOLE |  | 14000 | 0 | 0 |
| UBER TECHNOLOGIES INC | COM | 90353T100 |  | 3960927 | 40430 | SH |  | SOLE |  | 40430 | 0 | 0 |
| UPSTART HLDGS INC | NOTE 0.250 8/1 | 91680MAB3 |  | 9558000 | 10000 | PRN |  | SOLE |  | 10000 | 0 | 0 |
| UPWORK INC | NOTE 0.250 8/1 | 91688FAB0 |  | 3882400 | 4000 | PRN |  | SOLE |  | 4000 | 0 | 0 |
| V F CORP | COM | 918204108 |  | 2151513 | 149100 | SH |  | SOLE |  | 149100 | 0 | 0 |
| VALKYRIE ETF TRUST II | COINSHARES BITCN | 91917A207 |  | 1327200 | 30000 | SH | Call | SOLE |  | 30000 | 0 | 0 |
| VANECK ETF TRUST | JUNIOR GOLD MINE | 92189F791 |  | 3466050 | 35000 | SH | Put | SOLE |  | 35000 | 0 | 0 |
| VANECK ETF TRUST | JUNIOR GOLD MINE | 92189F791 |  | 3961200 | 40000 | SH | Call | SOLE |  | 40000 | 0 | 0 |
| VANGUARD INDEX FDS | SP 500 ETF SHS | 922908363 |  | 33680900 | 55000 | SH | Call | SOLE |  | 55000 | 0 | 0 |
| VEEA INC | W EXP 09/13/202 | 693489114 |  | 12746 | 182090 | SH |  | SOLE |  | 182090 | 0 | 0 |
| VERINT SYSTEMS INC | NOTE 0.250 4/1 | 92343XAC4 |  | 7118050 | 7250 | PRN |  | SOLE |  | 7250 | 0 | 0 |
| VERSABANK NEW | COM | 92512J106 |  | 518949 | 42502 | SH |  | SOLE |  | 42502 | 0 | 0 |
| VINE HILL CAP INVT CORP. | W EXP 07/01/203 | G93Y09115 |  | 200000 | 125000 | SH |  | SOLE |  | 125000 | 0 | 0 |
| VISHAY PRECISION GROUP INC | COM | 92835K103 |  | 320500 | 10000 | SH |  | SOLE |  | 10000 | 0 | 0 |
| VOX ROYALTY CORP | COM | 92919F103 |  | 1365250 | 317500 | SH |  | SOLE |  | 317500 | 0 | 0 |
| WAYFAIR INC | CL A | 94419L101 |  | 11568235 | 129500 | SH | Call | SOLE |  | 129500 | 0 | 0 |
| WEN ACQUISITION CORP | W EXP 99/99/999 | G9R39C111 |  | 62237 | 113158 | SH |  | SOLE |  | 113158 | 0 | 0 |
| WEN ACQUISITION CORP | COM CL A | G9R39C103 |  | 2050950 | 202663 | SH |  | SOLE |  | 202663 | 0 | 0 |
| WENDYS CO | COM | 95058W100 |  | 183200 | 20000 | SH | Call | SOLE |  | 20000 | 0 | 0 |
| WESTERN DIGITAL CORP | NOTE 3.00011/1 | 958102AT2 |  | 24024750 | 7500 | PRN |  | SOLE |  | 7500 | 0 | 0 |
| WILLOW LANE ACQUISITION CORP | ORD SHS CL A | G9675P102 |  | 2279558 | 196853 | SH |  | SOLE |  | 196853 | 0 | 0 |
| WILLOW LANE ACQUISITION CORP | W EXP 10/31/203 | G9675P110 |  | 1048247 | 374374 | SH |  | SOLE |  | 374374 | 0 | 0 |
| WISDOMTREE INC | NOTE 3.250 6/1 | 97717PAD6 |  | 9450990 | 7344 | PRN |  | SOLE |  | 7344 | 0 | 0 |
| WISDOMTREE INC | NOTE 3.250 8/1 | 97717PAH7 |  | 7837800 | 6000 | PRN |  | SOLE |  | 6000 | 0 | 0 |
| XBP GLOBAL HOLDINGS INC | W EXP 11/30/202 | 98400V119 |  | 9332 | 233305 | SH |  | SOLE |  | 233305 | 0 | 0 |
| XPONENTIAL FITNESS INC | COM CL A | 98422X101 |  | 5764600 | 740000 | SH |  | SOLE |  | 740000 | 0 | 0 |
| YORKVILLE ACQUISITION CORP. | W EXP 06/06/203 | G98659124 |  | 46000 | 38333 | SH |  | SOLE |  | 38333 | 0 | 0 |
| YORKVILLE ACQUISITION CORP. | SHS CL A | G98659116 |  | 692900 | 65000 | SH |  | SOLE |  | 65000 | 0 | 0 |
| ZEO ENERGY CORP | W EXP 03/13/202 | 98944F117 |  | 63877 | 1277536 | SH |  | SOLE |  | 1277536 | 0 | 0 |
| MUVICO LLC | 6.00 30/04/2030 | 62844JAA6 |  | 10409353 | 11451 | PRN |  | SOLE |  | 11451 | 0 | 0 |
| AST SPACEMOBILE | 4.25 01/03/2032 | 00217DAA8 |  | 6295275 | 3000 | PRN |  | SOLE |  | 3000 | 0 | 0 |
| BITDEER TECHNO | 5.25 01/12/2029 | 09175RAB6 |  | 4101105 | 3000 | PRN |  | SOLE |  | 3000 | 0 | 0 |
| B2GOLD CORP | 2.75 01/02/2030 | 11777QAC4 |  | 8459550 | 5000 | PRN |  | SOLE |  | 5000 | 0 | 0 |
| GETTY IMAGES INC | 9.75 01/03/2027 | 374276AJ2 |  | 4376923 | 4600 | PRN |  | SOLE |  | 4600 | 0 | 0 |
| GREENFIRE RESOUR | 12.00 01/10/2028 | 39525UAA5 |  | 9503429 | 8941 | PRN |  | SOLE |  | 8941 | 0 | 0 |
| GALAXY DIG HO LP | 2.50 01/12/2029 | 36317GAB2 |  | 9104755 | 5500 | PRN |  | SOLE |  | 5500 | 0 | 0 |
| GALAXY DIG HO LP | 3.00 15/12/2026 | 36317GAA4 |  | 2564710 | 2000 | PRN |  | SOLE |  | 2000 | 0 | 0 |
| I-80 GOLD CORP | 8.00 22-FEB-27 PIK | 44955LAA4 |  | 4000000 | 4000 | PRN |  | SOLE |  | 4000 | 0 | 0 |
| IIP OP PRTNRSHP | 5.50 25/05/2026 | 44988FAD2 |  | 9017881 | 9082 | PRN |  | SOLE |  | 9082 | 0 | 0 |
| LUCID GROUP | 1.25 12/15/2026 | 549498AA1 |  | 9329700 | 10000 | PRN |  | SOLE |  | 10000 | 0 | 0 |
| MARA HOLDINGS | 0 01/03/2030 | 565788AE6 |  | 12587188 | 12500 | PRN |  | SOLE |  | 12500 | 0 | 0 |
| MARA HOLDINGS | 0 01/06/2031 | 565788AG1 |  | 8602470 | 9000 | PRN |  | SOLE |  | 9000 | 0 | 0 |
| MODIVCARE | 5.00 01/10/2029 | 60783XAA2 |  | 11870 | 2000 | PRN |  | SOLE |  | 2000 | 0 | 0 |
| MICROSTRATEGY | 0 01/03/2030 | 594972AT8 |  | 5212250 | 5000 | PRN |  | SOLE |  | 5000 | 0 | 0 |
| MICROSTRATEGY | 0 01/12/2029 | 594972AR2 |  | 13475850 | 15000 | PRN |  | SOLE |  | 15000 | 0 | 0 |
| MA-COM TECH | 0 15/12/2029 | 55405YAC4 |  | 4051920 | 4000 | PRN |  | SOLE |  | 4000 | 0 | 0 |
| OPENDOOR TECHNOL | 0.25 8/15/2026 | 683712AA1 |  | 7622405 | 7550 | PRN |  | SOLE |  | 7550 | 0 | 0 |
| RIOT PLATFORMS | 0.75 15/01/2030 | 767292AA3 |  | 4585830 | 3000 | PRN |  | SOLE |  | 3000 | 0 | 0 |
| STRATHCONA RESOU | 6.875 01/08/2026 | 86304TAA6 |  | 10013200 | 10000 | PRN |  | SOLE |  | 10000 | 0 | 0 |
| VIRGIN GALACTIC | 2.50 01/02/2027 | 92766KAA4 |  | 13312485 | 31000 | PRN |  | SOLE |  | 31000 | 0 | 0 |
| TERAWULF INC | 2.75 01/02/2030 | 88080TAB0 |  | 6462640 | 4000 | PRN |  | SOLE |  | 4000 | 0 | 0 |
| NEXTERA ENGY PTR | 0 15/11/2025 | 65341BAD8 |  | 2482513 | 2500 | PRN |  | SOLE |  | 2500 | 0 | 0 |
| NEXTERA ENGY PTR | 2.50 15/06/2026 | 65341BAG1 |  | 9809350 | 10000 | PRN |  | SOLE |  | 10000 | 0 | 0 |
| ALLIED GOLD CORP | 8.750 09/07/28 CVT | 01921DAA3 |  | 17981850 | 15650 | PRN |  | SOLE |  | 15650 | 0 | 0 |
| APPLIED DIGITAL CORP | 2.750 06/01/30 CVT | 038169AA6 |  | 17595445 | 7000 | PRN |  | SOLE |  | 7000 | 0 | 0 |
| AST SPACEMOBILE INC | 2.375 10/15/32 CVT | 00217DAC4 |  | 3126345 | 3000 | PRN |  | SOLE |  | 3000 | 0 | 0 |
| BLACKSKY TECHNOLOGY INC | 8.250 08/01/33 CVT PUT | 09263BAA6 |  | 5625950 | 5000 | PRN |  | SOLE |  | 5000 | 0 | 0 |
| CANNABIST CO HLDGS INC | 9.250 12/31/28 | 13766HAA7 |  | 1347100 | 2000 | PRN |  | SOLE |  | 2000 | 0 | 0 |
| CHAMPION IRON CANADA INC | 7.875 07/15/32 '28 | 15853BAA9 |  | 1046050 | 1000 | PRN |  | SOLE |  | 1000 | 0 | 0 |
| CLEANSPARK INC | 06/15/30 CVT PUT | 18452BAA8 |  | 8049893 | 6500 | PRN |  | SOLE |  | 6500 | 0 | 0 |
| GAMESTOP CORP | 04/01/30 CVT PUT | 36467WAD1 |  | 7963620 | 7000 | PRN |  | SOLE |  | 7000 | 0 | 0 |
| AMER HOTEL INC PROP REIT | 6 12/31/2026 | 026695AB2 |  | 10982178 | 11323 | PRN |  | SOLE |  | 11323 | 0 | 0 |
| IREN LTD | 3.500 12/15/29 CVT | 46270CAC3 |  | 21527550 | 6000 | PRN |  | SOLE |  | 6000 | 0 | 0 |
| INVESQUE INC | 9.750 12/30/27 | 46136UAC7 |  | 2577669 | 2527 | PRN |  | SOLE |  | 2527 | 0 | 0 |
| LCI INDUSTRIES | 3.000 03/01/30 CVT | 501812AC5 |  | 3076065 | 3000 | PRN |  | SOLE |  | 3000 | 0 | 0 |
| NATIONSTAR MTG HLD INC | 6.500 08/01/29 '26 | 63861CAG4 |  | 2055360 | 2000 | PRN |  | SOLE |  | 2000 | 0 | 0 |
| SHELF DRILL HOLD LTD | 9.625 04/15/29 '25 | 822538AH7 |  | 3145275 | 3000 | PRN |  | SOLE |  | 3000 | 0 | 0 |

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