# EDGAR Filing Document

**Accession Number:** 0001444949
**File Stem:** 0001444949-25-000005
**Filing Date:** 2025-8
**Character Count:** 19150
**Document Hash:** 5184976d467cec138b7e1506bbdee677
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001444949-25-000005.hdr.sgml**: 20250814

**ACCESSION NUMBER**: 0001444949-25-000005

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250814

**DATE AS OF CHANGE**: 20250814

**EFFECTIVENESS DATE**: 20250814

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SUSQUEHANNA ADVISORS GROUP, INC.
- **CENTRAL INDEX KEY:** 0001444949

**ORGANIZATION NAME:**
- **EIN:** 232572974

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-13217
- **FILM NUMBER:** 251216455

**BUSINESS ADDRESS:**
- **STREET 1:** 401 CITY AVENUE
- **STREET 2:** SUITE 220
- **CITY:** BALA CYNWYD
- **STATE:** PA
- **ZIP:** 19004
- **BUSINESS PHONE:** 610-617-2600

**MAIL ADDRESS:**
- **STREET 1:** 401 CITY AVENUE
- **STREET 2:** SUITE 220
- **CITY:** BALA CYNWYD
- **STATE:** PA
- **ZIP:** 19004

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Susquehanna Advisors Group, Inc.
- **DATE OF NAME CHANGE:** 20080911

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 06-30-2025

**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:** SUSQUEHANNA ADVISORS GROUP INC.<br>**Address:** 401 CITY AVENUE<br>SUITE 220<br>BALA CYNWYD, PA 19004

**Form 13F File Number:** 028-13217

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:** Brian Sopinsky<br>**Title:** Assistant Secretary<br>**Phone:** 610-617-2600

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

Brian Sopinsky  BALA CYNWYD, PA  08-14-2025<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:** 3

**Form 13F Information Table Entry Total:** 147

**Form 13F Information Table Value Total:** $3691598273

      (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   |
|:---|:---|:---|
|  | CAPITAL VENTURES INTERNATIONAL | 028-13219              |
|  | CVI Opportunities Fund I LLLP  | 028-16682              |
|  | Susquehanna Foundation         | 028-18766              |

### 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 |
| ADTRAN HOLDINGS INC | COM | 00486H105 |  | 826245 | 92112 | SH |  | OTR | 5 | 92112 | 0 | 0 |
| AGNICO EAGLE MINES LTD | COM | 008474108 |  | 4631967 | 38947 | SH |  | OTR | 5 | 38947 | 0 | 0 |
| AKAMAI TECHNOLOGIES INC | NOTE   1.125% 2/1 | 00971TAN1 |  | 372595 | 39350000 | PRN |  | OTR | 5 | 0 | 0 | 0 |
| ALGOMA STL GROUP INC | COM | 015658107 |  | 388596 | 56400 | SH |  | OTR | 5 | 56400 | 0 | 0 |
| ALIBABA GROUP HLDG LTD | NOTE   0.500% 6/0 | 01609WBG6 |  | 951638 | 74650000 | PRN |  | OTR | 5 | 0 | 0 | 0 |
| AMERICAN WTR CAP CORP | NOTE   3.625% 6/1 | 03040WBE4 |  | 50188 | 5000000 | PRN |  | OTR | 5 | 0 | 0 | 0 |
| APOLLO GLOBAL MGMT INC | SER A MAND CNV | 03769M304 |  | 9356250 | 125000 | SH |  | OTR | 5 | 125000 | 0 | 0 |
| BALLARD PWR SYS INC NEW | COM | 058586108 |  | 639975 | 402500 | SH |  | OTR | 5 | 402500 | 0 | 0 |
| BARRICK MNG CORP | COM SHS | 06849F108 |  | 52050000 | 2500000 | SH |  | OTR | 5 | 2500000 | 0 | 0 |
| BARRICK MNG CORP | COM SHS | 06849F108 |  | 52050000 | 2500000 | SH | Put | OTR | 5 | 0 | 0 | 0 |
| BENTLEY SYS INC | NOTE   0.125% 1/1 | 08265TAB5 |  | 173688 | 17500000 | PRN |  | OTR | 5 | 0 | 0 | 0 |
| BEYOND MEAT INC | NOTE           3/1 | 08862EAB5 |  | 5800 | 7250000 | PRN |  | OTR | 5 | 0 | 0 | 0 |
| BLACKLINE INC | NOTE          3/1 | 09239BAD1 |  | 47938 | 5000000 | PRN |  | OTR | 5 | 0 | 0 | 0 |
| BLACKROCK TECH AND PRIVATE E | SHS BEN INT | 09260Q108 |  | 77804 | 10600 | SH |  | OTR | 5 | 10600 | 0 | 0 |
| BOEING CO | DEP CONV PFD A | 097023204 |  | 45900000 | 675000 | SH |  | OTR | 5 | 675000 | 0 | 0 |
| BROOKFIELD BUSINESS CORP | CL A EXC SUB VTG | 11259V106 |  | 470059 | 15066 | SH |  | OTR | 5 | 15066 | 0 | 0 |
| CAE INC | COM | 124765108 |  | 1988516 | 67937 | SH |  | OTR | 5 | 67937 | 0 | 0 |
| CELESTICA INC | COM | 15101Q207 |  | 2419705 | 15500 | SH |  | OTR | 5 | 15500 | 0 | 0 |
| CENTERPOINT ENERGY INC | NOTE   4.250% 8/1 | 15189TBD8 |  | 7796126 | 7193000 | PRN |  | OTR | 5 | 0 | 0 | 0 |
| CHART INDS INC | 6.75DP CNV PFD B | 16115Q407 |  | 8479979 | 140397 | SH |  | OTR | 5 | 140397 | 0 | 0 |
| CHEMOURS CO | COM | 163851108 |  | 849808 | 74219 | SH |  | OTR | 18 | 74219 | 0 | 0 |
| CIPHER MINING INC | *W EXP 08/27/202 | 17253J114 |  | 37600 | 50000 | SH |  | OTR | 5 | 50000 | 0 | 0 |
| CIPHER MINING INC | NOTE   1.750% 5/1 | 17253JAA4 |  | 32063 | 2500000 | PRN |  | OTR | 5 | 0 | 0 | 0 |
| CLEANSPARK INC | COM NEW | 18452B209 |  | 5515000 | 500000 | SH | Put | OTR | 5 | 0 | 0 | 0 |
| CLOUDFLARE INC | CL A COM | 18915M107 |  | 16016936 | 81790 | SH |  | OTR | 5 | 81790 | 0 | 0 |
| COLLIERS INTL GROUP INC | SUB VTG SHS | 194693107 |  | 522160 | 4000 | SH |  | OTR | 5 | 4000 | 0 | 0 |
| COMMUNITY HEALTH SYS INC NEW | COM | 203668108 |  | 6763545 | 1989278 | SH |  | OTR | 5 | 1989278 | 0 | 0 |
| COMPASS INC | CL A | 20464U100 |  | 3241723 | 516198 | SH |  | OTR | 5 | 516198 | 0 | 0 |
| CRONOS GROUP INC | COM | 22717L101 |  | 48512 | 25399 | SH |  | OTR | 5 | 25399 | 0 | 0 |
| CYBERARK SOFTWARE LTD | SHS | M2682V108 |  | 8788608 | 21600 | SH |  | OTR | 5 | 21600 | 0 | 0 |
| CYTOKINETICS INC | NOTE   3.500% 7/0 | 23282WAC4 |  | 50447 | 4776000 | PRN |  | OTR | 5 | 0 | 0 | 0 |
| DESCARTES SYS GROUP INC | COM | 249906108 |  | 1982078 | 19500 | SH |  | OTR | 5 | 19500 | 0 | 0 |
| DEUTSCHE BANK A G | NAMEN AKT | D18190898 |  | 18068688 | 617100 | SH |  | OTR | 5 | 617100 | 0 | 0 |
| DEXCOM INC | NOTE   0.250%11/1 | 252131AK3 |  | 248782 | 25360000 | PRN |  | OTR | 5 | 0 | 0 | 0 |
| DEXCOM INC | NOTE   0.375% 5/1 | 252131AM9 |  | 32813 | 3500000 | PRN |  | OTR | 5 | 0 | 0 | 0 |
| DROPBOX INC | NOTE          3/0 | 26210CAC8 |  | 49406 | 5000000 | PRN |  | OTR | 5 | 0 | 0 | 0 |
| EMERA INC | COM | 290876101 |  | 1633346 | 35647 | SH |  | OTR | 5 | 35647 | 0 | 0 |
| ERO COPPER CORP | COM | 296006109 |  | 642339 | 38121 | SH |  | OTR | 5 | 38121 | 0 | 0 |
| EVERGY INC | NOTE   4.500%12/1 | 30034WAD8 |  | 58488 | 5000000 | PRN |  | OTR | 5 | 0 | 0 | 0 |
| EXACT SCIENCES CORP | NOTE   0.375% 3/0 | 30063PAC9 |  | 45500 | 5000000 | PRN |  | OTR | 5 | 0 | 0 | 0 |
| FIRST SOLAR INC | COM | 336433107 |  | 99324000 | 600000 | SH |  | OTR | 5 | 600000 | 0 | 0 |
| FIRST SOLAR INC | COM | 336433107 |  | 99324000 | 600000 | SH | Put | OTR | 5 | 0 | 0 | 0 |
| FIRSTSERVICE CORP NEW | COM | 33767E202 |  | 1364131 | 7812 | SH |  | OTR | 5 | 7812 | 0 | 0 |
| FORD MTR CO | NOTE          3/1 | 345370CZ1 |  | 217388 | 22000000 | PRN |  | OTR | 5 | 0 | 0 | 0 |
| FORTUNA MNG CORP | COM NEW | 349942102 |  | 1812234 | 277100 | SH |  | OTR | 5 | 277100 | 0 | 0 |
| FRESHPET INC | NOTE   3.000% 4/0 | 358039AB1 |  | 161200 | 13000000 | PRN |  | OTR | 5 | 0 | 0 | 0 |
| GFL ENVIRONMENTAL INC | SUB VTG SHS | 36168Q104 |  | 1557044 | 30857 | SH |  | OTR | 5 | 30857 | 0 | 0 |
| GRANITE CONSTR INC | NOTE   3.250% 6/1 | 387328AF4 |  | 68156 | 5000000 | PRN |  | OTR | 5 | 0 | 0 | 0 |
| HAFNIA LTD | SHS | Y2990R101 |  | 69860 | 14000 | SH |  | OTR | 5 | 14000 | 0 | 0 |
| HALOZYME THERAPEUTICS INC | NOTE   1.000% 8/1 | 40637HAF6 |  | 56938 | 5000000 | PRN |  | OTR | 5 | 0 | 0 | 0 |
| HEWLETT PACKARD ENTERPRISE C | 7.625 MAND CONV | 42824C208 |  | 24431432 | 414936 | SH |  | OTR | 5 | 414936 | 0 | 0 |
| INTEGER HLDGS CORP | NOTE   2.125% 2/1 | 45826HAB5 |  | 112039 | 7488000 | PRN |  | OTR | 5 | 0 | 0 | 0 |
| INTEL CORP | COM | 458140100 |  | 98784000 | 4410000 | SH |  | OTR | 5 | 4410000 | 0 | 0 |
| INTEL CORP | COM | 458140100 |  | 98784000 | 4410000 | SH | Put | OTR | 5 | 0 | 0 | 0 |
| INVESCO QQQ TR | UNIT SER 1 | 46090E103 |  | 371762884 | 673923 | SH |  | OTR | 18 | 673923 | 0 | 0 |
| ISHARES TR | IBOXX HI YD ETF | 464288513 |  | 386555 | 4793 | SH |  | OTR | 5 | 4793 | 0 | 0 |
| JAZZ INVESTMENTS I LTD | NOTE   2.000% 6/1 | 472145AF8 |  | 50375 | 5000000 | PRN |  | OTR | 5 | 0 | 0 | 0 |
| KKR  CO INC | 6.25 CON SER D | 48251W500 |  | 5360000 | 100000 | SH |  | OTR | 5 | 100000 | 0 | 0 |
| LIFE360 INC | COM | 532206109 |  | 5481000 | 84000 | SH |  | OTR | 5 | 84000 | 0 | 0 |
| LITHIUM ARGENTINA AG | COM SHS | H5012F103 |  | 62400 | 30000 | SH |  | OTR | 5 | 30000 | 0 | 0 |
| LUMENTUM HLDGS INC | NOTE   1.500%12/1 | 55024UAH2 |  | 61325 | 4000000 | PRN |  | OTR | 5 | 0 | 0 | 0 |
| LUMINAR TECHNOLOGIES INC | DEBT   9.000% 1/1 | 550424AD7 |  | 27641 | 8190000 | PRN |  | OTR | 5 | 0 | 0 | 0 |
| LUMINAR TECHNOLOGIES INC | DEBT 11.500% 1/1 | 550424AE5 |  | 87446 | 19109000 | PRN |  | OTR | 5 | 0 | 0 | 0 |
| LYFT INC | NOTE   0.625% 3/0 | 55087PAD6 |  | 80250 | 7500000 | PRN |  | OTR | 5 | 0 | 0 | 0 |
| MACOM TECH SOLUTIONS HLDGS I | NOTE   0.250% 3/1 | 55405YAB6 |  | 178927 | 10250000 | PRN |  | OTR | 5 | 0 | 0 | 0 |
| MAG SILVER CORP | COM | 55903Q104 |  | 1919449 | 90840 | SH |  | OTR | 5 | 90840 | 0 | 0 |
| MARA HOLDINGS INC | COM | 565788106 |  | 50176000 | 3200000 | SH | Put | OTR | 5 | 0 | 0 | 0 |
| MARRIOTT VACATIONS WORLDWIDE | NOTE   3.250%12/1 | 57164YAF4 |  | 69938 | 7500000 | PRN |  | OTR | 5 | 0 | 0 | 0 |
| MICROCHIP TECHNOLOGY INC. | COM | 595017104 |  | 5277750 | 75000 | SH |  | OTR | 5 | 75000 | 0 | 0 |
| MICROSTRATEGY INC | CL A NEW | 594972408 |  | 269136334 | 665800 | SH | Put | OTR | 5 | 0 | 0 | 0 |
| MICROSTRATEGY INC | NOTE   0.625% 3/1 | 594972AJ0 |  | 2734776 | 98352000 | PRN |  | OTR | 5 | 0 | 0 | 0 |
| MICROSTRATEGY INC | NOTE   0.875% 3/1 | 594972AL5 |  | 2835945 | 150800000 | PRN |  | OTR | 5 | 0 | 0 | 0 |
| MICROSTRATEGY INC | NOTE   2.250% 6/1 | 594972AN1 |  | 418626028 | 194546000 | PRN |  | OTR | 5 | 0 | 0 | 0 |
| MIRION TECHNOLOGIES INC | COM CL A | 60471A101 |  | 1974064 | 91689 | SH |  | OTR | 5 | 91689 | 0 | 0 |
| NABORS INDUSTRIES LTD | SHS | G6359F137 |  | 2767059 | 98753 | SH |  | OTR | 5 | 98753 | 0 | 0 |
| NCL CORP LTD | NOTE   1.125% 2/1 | 62886HBD2 |  | 31774 | 3234000 | PRN |  | OTR | 5 | 0 | 0 | 0 |
| NCL CORP LTD | NOTE   2.500% 2/1 | 62886HBK6 |  | 49844 | 5000000 | PRN |  | OTR | 5 | 0 | 0 | 0 |
| NEXTERA ENERGY CAP HLDGS INC | NOTE   3.000% 3/0 | 65339KCY4 |  | 56750 | 5000000 | PRN |  | OTR | 5 | 0 | 0 | 0 |
| NEXTERA ENERGY INC | UNIT 11/01/2027 | 65339F119 |  | 15487500 | 350000 | SH |  | OTR | 5 | 350000 | 0 | 0 |
| NEXTERA ENERGY INC | UNIT 06/01/2027 | 65339F663 |  | 31785750 | 675000 | SH |  | OTR | 5 | 675000 | 0 | 0 |
| NEXTERA ENERGY INC | UNIT 09/01/2025 | 65339F713 |  | 29805000 | 750000 | SH |  | OTR | 5 | 750000 | 0 | 0 |
| NEXTNAV INC | COMMON STOCK | 65345N106 |  | 73302623 | 4822541 | SH |  | OTR | 5 | 4822541 | 0 | 0 |
| NIKE INC | CL B | 654106103 |  | 103008000 | 1450000 | SH |  | OTR | 5 | 1450000 | 0 | 0 |
| NIKE INC | CL B | 654106103 |  | 103008000 | 1450000 | SH | Put | OTR | 5 | 0 | 0 | 0 |
| NIO INC | SPON ADS | 62914V106 |  | 3430000 | 1000000 | SH | Put | OTR | 5 | 0 | 0 | 0 |
| NIO INC | NOTE   4.625%10/1 | 62914VAK2 |  | 6753646 | 10550000 | PRN |  | OTR | 5 | 0 | 0 | 0 |
| NORTHERN OIL  GAS INC | NOTE   3.625% 4/1 | 665531AJ8 |  | 13923218 | 13276000 | PRN |  | OTR | 5 | 0 | 0 | 0 |
| NUTANIX INC | NOTE   0.250%10/0 | 67059NAH1 |  | 105422 | 7500000 | PRN |  | OTR | 5 | 0 | 0 | 0 |
| ODDITY TECH LTD | SHS CL A | M7518J104 |  | 4467824 | 59200 | SH |  | OTR | 5 | 59200 | 0 | 0 |
| OR ROYALTIES INC. | COM SHS | 68390D106 |  | 331942 | 12911 | SH |  | OTR | 5 | 12911 | 0 | 0 |
| P3 HEALTH PARTNERS INC | *W EXP 11/19/202 | 744413113 |  | 565 | 50000 | SH |  | OTR | 5 | 50000 | 0 | 0 |
| PAN AMERN SILVER CORP | COM | 697900108 |  | 2578180 | 90781 | SH |  | OTR | 5 | 90781 | 0 | 0 |
| PARAMOUNT GLOBAL | CLASS B COM | 92556H206 |  | 6519105 | 505357 | SH |  | OTR | 5 | 505357 | 0 | 0 |
| PDD HOLDINGS INC | SPONSORED ADS | 722304102 |  | 88961000 | 850000 | SH |  | OTR | 5 | 850000 | 0 | 0 |
| PDD HOLDINGS INC | SPONSORED ADS | 722304102 |  | 88961000 | 850000 | SH | Put | OTR | 5 | 0 | 0 | 0 |
| PEBBLEBROOK HOTEL TR | NOTE   1.750%12/1 | 70509VAA8 |  | 23563 | 2500000 | PRN |  | OTR | 5 | 0 | 0 | 0 |
| PENN ENTERTAINMENT INC | COM | 707569109 |  | 2233750 | 125000 | SH |  | OTR | 5 | 125000 | 0 | 0 |
| PFIZER INC | COM | 717081103 |  | 100111200 | 4130000 | SH |  | OTR | 5 | 4130000 | 0 | 0 |
| PFIZER INC | COM | 717081103 |  | 100111200 | 4130000 | SH | Put | OTR | 5 | 0 | 0 | 0 |
| PG CORP | PFD CONV SER A | 69331C306 |  | 18988000 | 505000 | SH |  | OTR | 5 | 505000 | 0 | 0 |
| PG CORP | NOTE   4.250%12/0 | 69331CAL2 |  | 282791 | 28500000 | PRN |  | OTR | 5 | 0 | 0 | 0 |
| PORCH GROUP INC | DEBT   9.000% 5/1 | 733245AD6 |  | 70778052 | 56400000 | PRN |  | OTR | 5 | 0 | 0 | 0 |
| PRECISION DRILLING CORP | COM NEW | 74022D407 |  | 510192 | 10800 | SH |  | OTR | 5 | 10800 | 0 | 0 |
| PURECYCLE TECHNOLOGIES INC | NOTE   7.250% 8/1 | 74623VAB9 |  | 15389088 | 12331000 | PRN |  | OTR | 5 | 0 | 0 | 0 |
| QXO INC | 5.50 DEP PFD | 82846H504 |  | 26655700 | 430000 | SH |  | OTR | 5 | 430000 | 0 | 0 |
| RIVIAN AUTOMOTIVE INC | COM CL A | 76954A103 |  | 10305000 | 750000 | SH | Put | OTR | 5 | 0 | 0 | 0 |
| RIVIAN AUTOMOTIVE INC | NOTE   3.625%10/1 | 76954AAD5 |  | 45064328 | 49963000 | PRN |  | OTR | 5 | 0 | 0 | 0 |
| RUBRIK INC. | CL A | 781154109 |  | 13475501 | 150413 | SH |  | OTR | 5 | 150413 | 0 | 0 |
| SANDSTORM GOLD LTD | COM NEW | 80013R206 |  | 2157300 | 229500 | SH |  | OTR | 5 | 229500 | 0 | 0 |
| SEAGATE HDD CAYMAN | NOTE   3.500% 6/0 | 81180WBL4 |  | 740947 | 41221000 | PRN |  | OTR | 5 | 0 | 0 | 0 |
| SEMLER SCIENTIFIC INC | COM | 81684M104 |  | 7031078 | 181494 | SH |  | OTR | 5 | 181494 | 0 | 0 |
| SEMTECH CORP | NOTE   4.000%11/0 | 816850AH4 |  | 97212360 | 42000000 | PRN |  | OTR | 5 | 0 | 0 | 0 |
| SERVICE PPTYS TR | COM SH BEN INT | 81761L102 |  | 11234130 | 4700473 | SH |  | OTR | 5 | 4700473 | 0 | 0 |
| SHIFT4 PMTS INC | 6 SER A CNV PREF | 82452J307 |  | 81480960 | 707300 | SH |  | OTR | 5 | 707300 | 0 | 0 |
| SHIFT4 PMTS INC | NOTE   0.500% 8/0 | 82452JAD1 |  | 26750 | 2500000 | PRN |  | OTR | 5 | 0 | 0 | 0 |
| SKEENA RES LTD NEW | COM | 83056P715 |  | 624526 | 39229 | SH |  | OTR | 5 | 39229 | 0 | 0 |
| SNAP INC | NOTE   0.500% 5/0 | 83304AAK2 |  | 32471 | 3840000 | PRN |  | OTR | 5 | 0 | 0 | 0 |
| SNDL INC | COM | 83307B101 |  | 71412 | 59018 | SH |  | OTR | 5 | 59018 | 0 | 0 |
| SOFI TECHNOLOGIES INC | COM | 83406F102 |  | 791989 | 43492 | SH |  | OTR | 5 | 43492 | 0 | 0 |
| SOUTHERN CO | NOTE   3.875%12/1 | 842587DP9 |  | 323098 | 29200000 | PRN |  | OTR | 5 | 0 | 0 | 0 |
| SOUTHERN CO | NOTE   4.500% 6/1 | 842587DZ7 |  | 36361 | 3311000 | PRN |  | OTR | 5 | 0 | 0 | 0 |
| SPDR S 500 ETF TR | TR UNIT | 78462F103 |  | 43171033 | 69873 | SH |  | OTR | 5 | 69873 | 0 | 0 |
| SPDR S 500 ETF TR | TR UNIT | 78462F103 |  | 51899400 | 84000 | SH | Put | OTR | 5 | 0 | 0 | 0 |
| SPDR SERIES TRUST | S RETAIL ETF | 78464A714 |  | 73207000 | 950000 | SH |  | OTR | 5 | 950000 | 0 | 0 |
| SPIRIT AVIATION HLDGS INC | COM | 84863V101 |  | 2150735 | 431009 | SH |  | OTR | 5 | 431009 | 0 | 0 |
| SPOTIFY USA INC | NOTE          3/1 | 84921RAB6 |  | 64308 | 4250000 | PRN |  | OTR | 5 | 0 | 0 | 0 |
| SPROTT INC | COM NEW | 852066208 |  | 1178054 | 17051 | SH |  | OTR | 5 | 17051 | 0 | 0 |
| STANTEC INC | COM | 85472N109 |  | 2505183 | 23051 | SH |  | OTR | 5 | 23051 | 0 | 0 |
| TAIWAN SEMICONDUCTOR MFG LTD | SPONSORED ADS | 874039100 |  | 243476750 | 1075000 | SH |  | OTR | 5 | 1075000 | 0 | 0 |
| TAIWAN SEMICONDUCTOR MFG LTD | SPONSORED ADS | 874039100 |  | 243476750 | 1075000 | SH | Put | OTR | 5 | 0 | 0 | 0 |
| TANDEM DIABETES CARE INC | NOTE   1.500% 3/1 | 875372AD6 |  | 24000 | 2500000 | PRN |  | OTR | 5 | 0 | 0 | 0 |
| TFI INTL INC | COM | 87241L109 |  | 941535 | 10500 | SH |  | OTR | 5 | 10500 | 0 | 0 |
| TOWER SEMICONDUCTOR LTD | SHS NEW | M87915274 |  | 355167 | 8193 | SH |  | OTR | 5 | 8193 | 0 | 0 |
| TRIP COM GROUP LTD | NOTE   0.750% 6/1 | 89677QAB3 |  | 179366 | 16200000 | PRN |  | OTR | 5 | 0 | 0 | 0 |
| UBER TECHNOLOGIES INC | NOTE          12/1 | 90353TAJ9 |  | 59906 | 5000000 | PRN |  | OTR | 5 | 0 | 0 | 0 |
| UBER TECHNOLOGIES INC | NOTE   0.875%12/0 | 90353TAM2 |  | 568061 | 39829000 | PRN |  | OTR | 5 | 0 | 0 | 0 |
| UGI CORP NEW | NOTE   5.000% 6/0 | 902681AB1 |  | 276540 | 20000000 | PRN |  | OTR | 5 | 0 | 0 | 0 |
| VANGUARD INDEX FDS | TOTAL STK MKT | 922908769 |  | 6618076 | 21775 | SH |  | OTR | 18 | 21775 | 0 | 0 |
| VANGUARD INTL EQUITY INDEX F | ALLWRLD EX US | 922042775 |  | 1361205 | 20250 | SH |  | OTR | 18 | 20250 | 0 | 0 |
| VIZSLA SILVER CORP | COM NEW | 92859G608 |  | 156114 | 53100 | SH |  | OTR | 5 | 53100 | 0 | 0 |
| WEC ENERGY GROUP INC | NOTE   4.375% 6/0 | 92939UAP1 |  | 672149 | 59667000 | PRN |  | OTR | 5 | 0 | 0 | 0 |
| WEST FRASER TIMBER CO LTD | COM | 952845105 |  | 801389 | 10933 | SH |  | OTR | 5 | 10933 | 0 | 0 |
| WESTERN DIGITAL CORP | NOTE   3.000%11/1 | 958102AT2 |  | 414912 | 23131000 | PRN |  | OTR | 5 | 0 | 0 | 0 |
| WOLFSPEED INC | NOTE   0.250% 2/1 | 977852AB8 |  | 5872928 | 23729000 | PRN |  | OTR | 5 | 0 | 0 | 0 |
| WOLFSPEED INC | NOTE   1.875%12/0 | 977852AD4 |  | 11169923 | 45131000 | PRN |  | OTR | 5 | 0 | 0 | 0 |
| XOMETRY INC | CLASS A COM | 98423F109 |  | 1034177 | 30606 | SH |  | OTR | 5 | 30606 | 0 | 0 |
| YUM CHINA HLDGS INC | COM | 98850P109 |  | 3277243 | 73300 | SH |  | OTR | 5 | 73300 | 0 | 0 |

---