# EDGAR Filing Document

**Accession Number:** 0001706164
**File Stem:** 0001706164-25-000010
**Filing Date:** 2025-11
**Character Count:** 25035
**Document Hash:** 60ab3e4e0f34e3c003c0c2987ce64603
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001706164-25-000010.hdr.sgml**: 20251114

**ACCESSION NUMBER**: 0001706164-25-000010

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251114

**DATE AS OF CHANGE**: 20251114

**EFFECTIVENESS DATE**: 20251114

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PenderFund Capital Management Ltd.
- **CENTRAL INDEX KEY:** 0001706164

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** A1
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-18272
- **FILM NUMBER:** 251487348

**BUSINESS ADDRESS:**
- **STREET 1:** SUITE 1830, 1066 W. HASTINGS STREET
- **CITY:** VANCOUVER
- **STATE:** A1
- **ZIP:** V6E 3X2
- **BUSINESS PHONE:** 6046881511

**MAIL ADDRESS:**
- **STREET 1:** SUITE 1830, 1066 W. HASTINGS STREET
- **CITY:** VANCOUVER
- **STATE:** A1
- **ZIP:** V6E 3X2

### 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:** PenderFund Capital Management Ltd.<br>**Address:** SUITE 1830 1066 W. HASTINGS STREET<br>VANCOUVER, A1 V6E 3X2

**Form 13F File Number:** 028-18272

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:** Gina Jones<br>**Title:** COO<br>**Phone:** 236-521-2988

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

Gina Jones  Vancouver, A1  11-14-2025<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:** 0

**Form 13F Information Table Entry Total:** 207

**Form 13F Information Table Value Total:** $592747421

      (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. | UNIT 06/26/2030 | G6757R121 |  | 52450 | 5000 | SH |  | SOLE |  | 5000 | 0 | 0 |
| 89BIO INC | COM | 282559103 |  | 138180 | 9400 | SH |  | SOLE |  | 9400 | 0 | 0 |
| ABRDN PLATINUM ETF TRUST | PHYSCL PLATM SHS | 003260106 |  | 43149760 | 302000 | SH |  | SOLE |  | 302000 | 0 | 0 |
| ADDUS HOMECARE CORP | COM | 006739106 |  | 33981 | 288 | SH |  | SOLE |  | 288 | 0 | 0 |
| ADECOAGRO S A | COM | L00849106 |  | 1960000 | 250000 | SH |  | SOLE |  | 250000 | 0 | 0 |
| ADVISORSHARES TR | PURE US CANNABIS | 00768Y453 |  | 64665 | 13500 | SH |  | SOLE |  | 13500 | 0 | 0 |
| AIR LEASE CORP | CL A | 00912X302 |  | 58940 | 926 | SH |  | SOLE |  | 926 | 0 | 0 |
| AIRBNB INC | NOTE 3/1 | 009066AB7 | BBG00ZHSFMF1 | 4900000 | 5000000 | PRN |  | SOLE |  | 5000000 | 0 | 0 |
| ALAMOS GOLD INC | NEW COM CL A | 011532108 |  | 348566 | 10000 | SH |  | SOLE |  | 10000 | 0 | 0 |
| ALLETE INC | COM NEW | 018522300 |  | 184592 | 2780 | SH |  | SOLE |  | 2780 | 0 | 0 |
| ALPHATIME ACQUISITION CORP | ORDINARY SHARES | G0223V105 | BBG01BX1YKS3 | 2174 | 181 | SH |  | SOLE |  | 181 | 0 | 0 |
| AMC NETWORKS INC | NOTE 4.250% 2/1 | 00164VAJ2 |  | 482428 | 501000 | PRN |  | SOLE |  | 501000 | 0 | 0 |
| AMERICAN WOODMARK CORPORATIO | COM | 030506109 |  | 120168 | 1800 | SH |  | SOLE |  | 1800 | 0 | 0 |
| AMERICAS GOLD AND SILVER COR | COM NEW | 03062D803 |  | 771209 | 206800 | SH |  | SOLE |  | 206800 | 0 | 0 |
| ANTERO RESOURCES CORP | COM | 03674X106 | BBG000PW5VX1 | 26848 | 800 | SH |  | SOLE |  | 800 | 0 | 0 |
| ANYWHERE REAL ESTATE INC | COM | 75605Y106 |  | 58245 | 5500 | SH |  | SOLE |  | 5500 | 0 | 0 |
| APOLLO GLOBAL MGMT INC | COM | 03769M106 |  | 666 | 5 | SH |  | SOLE |  | 5 | 0 | 0 |
| ASPEN INSURANCE HOLDINGS LTD | ORD SHS CL A | G05384501 |  | 69749 | 1900 | SH |  | SOLE |  | 1900 | 0 | 0 |
| ASTRAZENECA PLC | SPONSORED ADR | 046353108 |  | 255478 | 3330 | SH |  | SOLE |  | 3330 | 0 | 0 |
| ATS CORPORATION | COM | 00217Y104 |  | 523245 | 20000 | SH |  | SOLE |  | 20000 | 0 | 0 |
| AVIDXCHANGE HOLDINGS INC | COM | 05368X102 |  | 229845 | 23100 | SH |  | SOLE |  | 23100 | 0 | 0 |
| B2GOLD CORP | COM | 11777Q209 |  | 494359 | 100000 | SH |  | SOLE |  | 100000 | 0 | 0 |
| BAYVIEW ACQUISITION CORP | ORD SHS | 07323B100 |  | 19263 | 1678 | SH |  | SOLE |  | 1678 | 0 | 0 |
| BCE INC | COM NEW | 05534B760 |  | 8225 | 352 | SH |  | SOLE |  | 352 | 0 | 0 |
| BEACON FINANCIAL CORP. | COM | 084680107 |  | 2750 | 116 | SH |  | SOLE |  | 116 | 0 | 0 |
| BEST SPAC I ACQUISITION CORP | UNIT 05/27/2030 | G1069P137 |  | 187960 | 18500 | SH |  | SOLE |  | 18500 | 0 | 0 |
| BEYOND MEAT INC | NOTE 3/1 | 08862EAB5 |  | 16882560 | 93792000 | PRN |  | SOLE |  | 93792000 | 0 | 0 |
| BIG 5 SPORTING GOODS CORP | COM | 08915P101 |  | 344202 | 239029 | SH |  | SOLE |  | 239029 | 0 | 0 |
| BLACK HAWK ACQUISITION CORP | USD CL A SHS | G1148A101 |  | 10821 | 967 | SH |  | SOLE |  | 967 | 0 | 0 |
| BLUE WTR ACQUISITION CORP. I | UNIT 05/23/2030 | G1368E122 |  | 249223 | 24700 | SH |  | SOLE |  | 24700 | 0 | 0 |
| BROOKFIELD ASSET MANAGMT LTD | CL A LMT VTG SHS | 113004105 |  | 967 | 17 | SH |  | SOLE |  | 17 | 0 | 0 |
| BROOKFIELD BUSINESS PARTNERS | UNIT LTD L P | G16234109 |  | 40420 | 1232 | SH |  | SOLE |  | 1232 | 0 | 0 |
| BROOKFIELD CORP | CL A LTD VT SH | 11271J107 |  | 2109192 | 30740 | SH |  | SOLE |  | 30740 | 0 | 0 |
| BROOKFIELD RENEWABLE PARTNER | PARTNERSHIP UNIT | G16258108 |  | 773227 | 30000 | SH |  | SOLE |  | 30000 | 0 | 0 |
| BURFORD CAP LTD | ORD SHS | G17977110 |  | 8906767 | 744713 | SH |  | SOLE |  | 744713 | 0 | 0 |
| CANADA GOOSE HLDGS INC | SHS SUB VTG | 135086106 |  | 45432 | 3300 | SH |  | SOLE |  | 3300 | 0 | 0 |
| CANTALOUPE INC | COM | 138103106 |  | 171234 | 16200 | SH |  | SOLE |  | 16200 | 0 | 0 |
| CANTOR EQUITY PARTNERS III I | SHS CL A | G1828A108 |  | 41280 | 4000 | SH |  | SOLE |  | 4000 | 0 | 0 |
| CANTOR EQUITY PARTNERS IV IN | SHS CL A | G1828E100 |  | 101900 | 10000 | SH |  | SOLE |  | 10000 | 0 | 0 |
| CARDLYTICS INC | NOTE 4.250% 4/0 | 14161WAD7 |  | 14676112 | 27610000 | PRN |  | SOLE |  | 27610000 | 0 | 0 |
| CARTESIAN GROWTH CORP III | UNIT 02/28/2032 | G19307118 |  | 245097 | 24100 | SH |  | SOLE |  | 24100 | 0 | 0 |
| CENOVUS ENERGY INC | COM | 15135U109 |  | 169792 | 10000 | SH |  | SOLE |  | 10000 | 0 | 0 |
| CHART INDS INC | COM | 16115Q308 |  | 400300 | 2000 | SH |  | SOLE |  | 2000 | 0 | 0 |
| CHENGHE ACQUISITION III CO | UNIT 09/09/2030 | G2086N113 |  | 99800 | 10000 | SH |  | SOLE |  | 10000 | 0 | 0 |
| CITY OFFICE REIT INC | COM | 178587101 |  | 293712 | 42200 | SH |  | SOLE |  | 42200 | 0 | 0 |
| CLARIVATE PLC | ORD SHS | G21810109 | BBG00P1919G5 | 506326 | 132200 | SH |  | SOLE |  | 132200 | 0 | 0 |
| COLUMBIA BKG SYS INC | COM | 197236102 |  | 51 | 2 | SH |  | SOLE |  | 2 | 0 | 0 |
| COOPER COS INC | COM | 216648501 |  | 20568 | 300 | SH |  | SOLE |  | 300 | 0 | 0 |
| COPA HOLDINGS SA | CL A | P31076105 | BBG000C29813 | 243343 | 2048 | SH |  | SOLE |  | 2048 | 0 | 0 |
| CORECARD CORPORATION | COM | 45816D100 |  | 231512 | 8600 | SH |  | SOLE |  | 8600 | 0 | 0 |
| CRANE HBR ACQUISITION CORP | UNIT 99/99/9999 | G24979125 |  | 167139 | 14700 | SH |  | SOLE |  | 14700 | 0 | 0 |
| CROSS CTRY HEALTHCARE INC | COM | 227483104 |  | 151940 | 10700 | SH |  | SOLE |  | 10700 | 0 | 0 |
| CYBERARK SOFTWARE LTD | SHS | M2682V108 |  | 386520 | 800 | SH |  | SOLE |  | 800 | 0 | 0 |
| D. BORAL ARC ACQ I CORP. | UNIT 07/23/2030 | G2616F127 |  | 294000 | 29400 | SH |  | SOLE |  | 29400 | 0 | 0 |
| DANAHER CORPORATION | COM | 235851102 |  | 931822 | 4700 | SH |  | SOLE |  | 4700 | 0 | 0 |
| DAYFORCE INC | COM | 15677J108 |  | 96446 | 1400 | SH |  | SOLE |  | 1400 | 0 | 0 |
| DECKERS OUTDOOR CORP | COM | 243537107 |  | 2446666 | 24136 | SH |  | SOLE |  | 24136 | 0 | 0 |
| DIGITALBRIDGE GROUP INC | CL A NEW | 25401T603 | BBG00D30HGP6 | 34281 | 2930 | SH |  | SOLE |  | 2930 | 0 | 0 |
| DOLLAR TREE INC | COM | 256746108 |  | 29255 | 310 | SH |  | SOLE |  | 310 | 0 | 0 |
| DRUGS MADE IN AMER ACQ II CO | UNIT 09/16/2030 | G2851K120 |  | 681232 | 68500 | SH |  | SOLE |  | 68500 | 0 | 0 |
| DUKE ENERGY CORP NEW | NOTE 4.125% 4/1 | 26441CBY0 |  | 35000667 | 32000000 | PRN |  | SOLE |  | 32000000 | 0 | 0 |
| EMEREN GROUP LTD | SPONSORED ADS | 75971T301 |  | 215900 | 114233 | SH |  | SOLE |  | 114233 | 0 | 0 |
| EQUINOX GOLD CORP | COM | 29446Y502 |  | 43085105 | 3846154 | SH |  | SOLE |  | 3846154 | 0 | 0 |
| EQUINOX GOLD CORP | NOTE 4.750%10/1 | 29446YAC0 | BBG01JFWFWQ5 | 23593419 | 12077000 | PRN |  | SOLE |  | 12077000 | 0 | 0 |
| EQV VENTURES AC CORP. II | UNIT 06/30/2032 | G3106Q110 |  | 200200 | 20000 | SH |  | SOLE |  | 20000 | 0 | 0 |
| ERO COPPER CORP | COM | 296006109 | BBG00HNV5D77 | 2362538 | 119600 | SH |  | SOLE |  | 119600 | 0 | 0 |
| ESPERION THERAPEUTICS INC NE | COM | 29664W105 |  | 17692775 | 6676519 | SH |  | SOLE |  | 6676519 | 0 | 0 |
| ESPERION THERAPEUTICS INC NE | NOTE 4.000%11/1 | 29664WAB1 |  | 3039333 | 3000000 | PRN |  | SOLE |  | 3000000 | 0 | 0 |
| EURONET WORLDWIDE INC | COM | 298736109 |  | 30382 | 346 | SH |  | SOLE |  | 346 | 0 | 0 |
| EVERCORE INC | CLASS A | 29977A105 |  | 1011960 | 3000 | SH |  | SOLE |  | 3000 | 0 | 0 |
| EVOLENT HEALTH INC | DEBT 4.500% 8/1 | 30050BAJ0 |  | 4038216 | 4000000 | PRN |  | SOLE |  | 4000000 | 0 | 0 |
| EVOLENT HEALTH INC | NOTE 3.500%12/0 | 30050BAH4 |  | 2451500 | 3000000 | PRN |  | SOLE |  | 3000000 | 0 | 0 |
| FIDELITY NATIONAL FINANCIAL | COM SHS | 31620R303 | BBG006N7S6K9 | 162960 | 2694 | SH |  | SOLE |  | 2694 | 0 | 0 |
| FIFTH ERA ACQUISITION CORP I | UNIT 99/99/9999 | G3415K127 |  | 105343 | 10100 | SH |  | SOLE |  | 10100 | 0 | 0 |
| FIGX CAP ACQUISITION CORP. | UNIT 06/17/2030 | G3473K126 |  | 50350 | 5000 | SH |  | SOLE |  | 5000 | 0 | 0 |
| FIRST MAJESTIC SILVER CORP | NOTE 0.375% 1/1 | 32076VAD5 |  | 47635939 | 44040000 | PRN |  | SOLE |  | 44040000 | 0 | 0 |
| FLUOR CORP NEW | COM | 343412102 |  | 31132 | 740 | SH |  | SOLE |  | 740 | 0 | 0 |
| FORUM ENERGY TECHNOLOGIES IN | COM | 34984V209 |  | 6946710 | 260079 | SH |  | SOLE |  | 260079 | 0 | 0 |
| FUTURECREST ACQUISITION CORP | UNIT 99/99/9999 | G3730U123 |  | 53000 | 5000 | SH |  | SOLE |  | 5000 | 0 | 0 |
| GALATA ACQUISITION CORP II | UNIT 09/12/2030 | G3R25N124 |  | 99800 | 10000 | SH |  | SOLE |  | 10000 | 0 | 0 |
| GENPACT LIMITED | SHS | G3922B107 | BBG000RQBFV2 | 33973 | 811 | SH |  | SOLE |  | 811 | 0 | 0 |
| GITLAB INC | CLASS A COM | 37637K108 |  | 94668 | 2100 | SH |  | SOLE |  | 2100 | 0 | 0 |
| GRAF GLOBAL CORP | *W EXP 05/31/203 | G4036C122 | BBG00ZGXPMQ8 | 1650 | 5000 | SH |  | SOLE |  | 5000 | 0 | 0 |
| GRAF GLOBAL CORP | ORD SHS CL A | G4036C106 | BBG00ZGXPMQ8 | 105400 | 10000 | SH |  | SOLE |  | 10000 | 0 | 0 |
| GUILD HLDGS CO | CL A | 40172N107 |  | 123628 | 6200 | SH |  | SOLE |  | 6200 | 0 | 0 |
| HANESBRANDS INC | COM | 410345102 |  | 124551 | 18900 | SH |  | SOLE |  | 18900 | 0 | 0 |
| HARBORONE BANCORP INC NEW | COM NEW | 41165Y100 |  | 158875 | 11682 | SH |  | SOLE |  | 11682 | 0 | 0 |
| HCM III ACQUISITION CORP | UNIT 07/23/2030 | G4365E129 |  | 10310 | 1000 | SH |  | SOLE |  | 1000 | 0 | 0 |
| HEXCEL CORP NEW | COM | 428291108 | BBG000BLMDQ9 | 1989032 | 31723 | SH |  | SOLE |  | 31723 | 0 | 0 |
| HIGHVIEW MERGER CORP | UNIT 07/24/2030 | G4569C127 |  | 182160 | 18000 | SH |  | SOLE |  | 18000 | 0 | 0 |
| HOLOGIC INC | COM | 436440101 |  | 47243 | 700 | SH |  | SOLE |  | 700 | 0 | 0 |
| HORIZON SPACE ACQUSTN I CORP | ORDINARY SHARES | G4619M109 |  | 3314 | 269 | SH |  | SOLE |  | 269 | 0 | 0 |
| HUDBAY MINERALS INC | COM | 443628102 |  | 378674 | 25000 | SH |  | SOLE |  | 25000 | 0 | 0 |
| IB ACQUISITION CORP | COM SHS | 44934N108 |  | 230388 | 21900 | SH |  | SOLE |  | 21900 | 0 | 0 |
| INFLECTION PT ACQUISITION CO | UNIT 03/01/2027 | G47875128 |  | 52500 | 5000 | SH |  | SOLE |  | 5000 | 0 | 0 |
| INFORMATICA INC | COM CL A | 45674M101 |  | 226044 | 9100 | SH |  | SOLE |  | 9100 | 0 | 0 |
| INTEGRAL AD SCIENCE HLDNG CO | COM | 45828L108 |  | 92547 | 9100 | SH |  | SOLE |  | 9100 | 0 | 0 |
| INTERCURE LTD | COM NEW | M549GJ111 |  | 3242 | 1977 | SH |  | SOLE |  | 1977 | 0 | 0 |
| INTERNATIONAL FLAVORS | COM | 459506101 |  | 2102822 | 34170 | SH |  | SOLE |  | 34170 | 0 | 0 |
| INTERNATIONAL MNY EXPRESS IN | COM | 46005L101 |  | 132715 | 9500 | SH |  | SOLE |  | 9500 | 0 | 0 |
| ISHARES SILVER TR | ISHARES | 46428Q109 |  | 10592500 | 250000 | SH |  | SOLE |  | 250000 | 0 | 0 |
| ISOENERGY LTD | COM NEW | 46500E867 | BBG00F0W91G6 | 610485 | 60600 | SH |  | SOLE |  | 60600 | 0 | 0 |
| ITRON INC | COM | 465741106 | BBG000BD2167 | 33008 | 265 | SH |  | SOLE |  | 265 | 0 | 0 |
| JABIL INC | COM | 466313103 | BBG000BJNGN9 | 264296 | 1217 | SH |  | SOLE |  | 1217 | 0 | 0 |
| JFROG LTD | ORD SHS | M6191J100 |  | 70995 | 1500 | SH |  | SOLE |  | 1500 | 0 | 0 |
| KENNEDY-WILSON HOLDINGS INC | COM | 489398107 |  | 1492608 | 179400 | SH |  | SOLE |  | 179400 | 0 | 0 |
| KKR  CO INC | COM | 48251W104 |  | 1330688 | 10240 | SH |  | SOLE |  | 10240 | 0 | 0 |
| LANVIN GROUP HOLDINGS LIMITE | *W EXP 01/14/202 | G5380J118 |  | 47 | 2500 | SH |  | SOLE |  | 2500 | 0 | 0 |
| LAUDER ESTEE COS INC | CL A | 518439104 |  | 31283 | 355 | SH |  | SOLE |  | 355 | 0 | 0 |
| LAUNCH ONE ACQUISITION CORP | *W EXP 06/01/203 | G5S86M126 |  | 7201 | 30000 | SH |  | SOLE |  | 30000 | 0 | 0 |
| LAUNCH ONE ACQUISITION CORP | SHS CLASS A | G5S86M100 |  | 631200 | 60000 | SH |  | SOLE |  | 60000 | 0 | 0 |
| LENSAR INC | COM | 52634L108 |  | 333450 | 27000 | SH |  | SOLE |  | 27000 | 0 | 0 |
| LIGHTWAVE ACQUISITION CORP | UNIT 06/06/2030 | G5490M118 |  | 100400 | 10000 | SH |  | SOLE |  | 10000 | 0 | 0 |
| LITHIA MTRS INC | COM | 536797103 |  | 758400 | 2400 | SH |  | SOLE |  | 2400 | 0 | 0 |
| LSI INDS INC OHIO | COM | 50216C108 | BBG000BNKN21 | 229725 | 9730 | SH |  | SOLE |  | 9730 | 0 | 0 |
| M3-BRIGADE ACQUISITION VI CO | UNIT 08/18/2030 | G63221124 |  | 105116 | 10387 | SH |  | SOLE |  | 10387 | 0 | 0 |
| MAC COPPER LIMITED | ORD SHS | G60409110 |  | 322954 | 26450 | SH |  | SOLE |  | 26450 | 0 | 0 |
| MAGNITE INC | NOTE 0.250% 3/1 | 55955DAB6 | BBG00ZN93NM9 | 13903673 | 14225000 | PRN |  | SOLE |  | 14225000 | 0 | 0 |
| MARAVAI LIFESCIENCES HLDGS I | COM CL A | 56600D107 |  | 1204990 | 419857 | SH |  | SOLE |  | 419857 | 0 | 0 |
| MARKEL GROUP INC | COM | 570535104 |  | 984350 | 515 | SH |  | SOLE |  | 515 | 0 | 0 |
| MASTERCARD INCORPORATED | CL A | 57636Q104 |  | 284405 | 500 | SH |  | SOLE |  | 500 | 0 | 0 |
| MCKINLEY ACQUISITION CORP | UNIT 07/25/2030 | G6005T127 |  | 179820 | 18000 | SH |  | SOLE |  | 18000 | 0 | 0 |
| MERCURY GENL CORP NEW | COM | 589400100 |  | 37303 | 440 | SH |  | SOLE |  | 440 | 0 | 0 |
| MERUS N V | COM | N5749R100 |  | 169470 | 1800 | SH |  | SOLE |  | 1800 | 0 | 0 |
| MICROCHIP TECHNOLOGY INC. | COM | 595017104 |  | 922199 | 14360 | SH |  | SOLE |  | 14360 | 0 | 0 |
| MODINE MFG CO | COM | 607828100 |  | 28432 | 200 | SH |  | SOLE |  | 200 | 0 | 0 |
| MOLINA HEALTHCARE INC | COM | 60855R100 |  | 1948619 | 10183 | SH |  | SOLE |  | 10183 | 0 | 0 |
| MONOLITHIC PWR SYS INC | COM | 609839105 |  | 28540 | 31 | SH |  | SOLE |  | 31 | 0 | 0 |
| MORGAN STANLEY EMERGING MKTS | COM | 617477104 |  | 566552 | 105700 | SH |  | SOLE |  | 105700 | 0 | 0 |
| MR COOPER GROUP INC | COM | 62482R107 |  | 442659 | 2100 | SH |  | SOLE |  | 2100 | 0 | 0 |
| MRC GLOBAL INC | COM | 55345K103 |  | 115360 | 8000 | SH |  | SOLE |  | 8000 | 0 | 0 |
| MURAL ONCOLOGY PUB LTD | CO ORD SHS | G63365103 |  | 171396 | 82800 | SH |  | SOLE |  | 82800 | 0 | 0 |
| NEW PROVIDENCE ACQUISITION C | UNIT 99/99/9999 | G6476A128 |  | 151116 | 14700 | SH |  | SOLE |  | 14700 | 0 | 0 |
| NEXGEN ENERGY LTD | COM | 65340P106 |  | 1426225 | 159300 | SH |  | SOLE |  | 159300 | 0 | 0 |
| NIO INC | NOTE 3.875%10/1 | 62914VAJ5 |  | 16583526 | 15270000 | PRN |  | SOLE |  | 15270000 | 0 | 0 |
| NIO INC | NOTE 4.625%10/1 | 62914VAK2 |  | 7667134 | 7150000 | PRN |  | SOLE |  | 7150000 | 0 | 0 |
| NORTHERN OIL  GAS INC | NOTE 3.625% 4/1 | 665531AJ8 |  | 5110330 | 5000000 | PRN |  | SOLE |  | 5000000 | 0 | 0 |
| NORTHWESTERN ENERGY GROUP IN | COM NEW | 668074305 |  | 36983 | 631 | SH |  | SOLE |  | 631 | 0 | 0 |
| OPKO HEALTH INC | NOTE 3.750% 1/1 | 68375NAG8 |  | 11129474 | 7311000 | PRN |  | SOLE |  | 7311000 | 0 | 0 |
| ORION PROPERTIES INC | COM | 68629Y103 |  | 99900 | 37000 | SH |  | SOLE |  | 37000 | 0 | 0 |
| OTG ACQUISITION CORP. I | UNIT 09/05/2030 | G6791A126 |  | 25175 | 2500 | SH |  | SOLE |  | 2500 | 0 | 0 |
| OXLEY BRIDGE ACQ LTD | UNIT 06/17/2030 | G6858G123 |  | 50250 | 5000 | SH |  | SOLE |  | 5000 | 0 | 0 |
| PAR TECHNOLOGY CORP | COM | 698884103 |  | 14761994 | 372966 | SH |  | SOLE |  | 372966 | 0 | 0 |
| PARAMOUNT GROUP INC | COM | 69924R108 |  | 32700 | 5000 | SH |  | SOLE |  | 5000 | 0 | 0 |
| PDD HOLDINGS INC | NOTE 12/0 | 722304AC6 |  | 18379750 | 18500000 | PRN |  | SOLE |  | 18500000 | 0 | 0 |
| PERFORMANT HEALTHCARE INC | COM | 71377E105 |  | 306108 | 39600 | SH |  | SOLE |  | 39600 | 0 | 0 |
| PERIMETER ACQUISITION CORP I | UNIT 05/13/2030 | G7010A103 |  | 105000 | 10000 | SH |  | SOLE |  | 10000 | 0 | 0 |
| PIONEER ACQUISITION I CORP | UNIT 06/16/2030 | G7117W123 |  | 174870 | 17400 | SH |  | SOLE |  | 17400 | 0 | 0 |
| POTBELLY CORP | COM | 73754Y100 |  | 185736 | 10900 | SH |  | SOLE |  | 10900 | 0 | 0 |
| PPL CAP FDG INC | NOTE 2.875% 3/1 | 69352PAS2 |  | 10296250 | 9000000 | PRN |  | SOLE |  | 9000000 | 0 | 0 |
| PREMIER INC | CL A | 74051N102 |  | 172360 | 6200 | SH |  | SOLE |  | 6200 | 0 | 0 |
| PROASSURANCE CORP | COM | 74267C106 |  | 179925 | 7500 | SH |  | SOLE |  | 7500 | 0 | 0 |
| PROFOUND MED CORP | COM NEW | 74319B502 |  | 45929 | 9400 | SH |  | SOLE |  | 9400 | 0 | 0 |
| PROS HOLDINGS INC | COM | 74346Y103 |  | 116841 | 5100 | SH |  | SOLE |  | 5100 | 0 | 0 |
| PROVIDENT BANCORP INC | COM NEW | 74383L105 |  | 229299 | 18300 | SH |  | SOLE |  | 18300 | 0 | 0 |
| RAMBUS INC DEL | COM | 750917106 | BBG000BR32C6 | 31781 | 305 | SH |  | SOLE |  | 305 | 0 | 0 |
| REPUBLIC DIGITAL ACQUISITION | UNIT 99/99/9999 | G7515A111 |  | 52400 | 5000 | SH |  | SOLE |  | 5000 | 0 | 0 |
| SANDSTORM GOLD LTD | COM NEW | 80013R206 |  | 532100 | 42500 | SH |  | SOLE |  | 42500 | 0 | 0 |
| SANGOMA TECHNOLOGIES CORP | COM NEW | 80100R408 |  | 14008840 | 2821433 | SH |  | SOLE |  | 2821433 | 0 | 0 |
| SIM ACQUISITION CORP. I | *W EXP 06/01/203 | G8431T119 | BBG01NC8G1L4 | 4750 | 12500 | SH |  | SOLE |  | 12500 | 0 | 0 |
| SIM ACQUISITION CORP. I | SHS CL A | G8431T101 | BBG01NC8G1L4 | 262500 | 25000 | SH |  | SOLE |  | 25000 | 0 | 0 |
| SIZZLE ACQUISITION CORP. II | UNIT 99/99/9999 | G8193F125 |  | 250836 | 24448 | SH |  | SOLE |  | 24448 | 0 | 0 |
| SMART SH GLOBAL LTD | ADS | 83193E102 |  | 98550 | 73000 | SH |  | SOLE |  | 73000 | 0 | 0 |
| SOHO HOUSE  CO INC | COM CL A | 586001109 |  | 379665 | 42900 | SH |  | SOLE |  | 42900 | 0 | 0 |
| SOLARIUS CAPITAL ACQU CORP | UNIT 07/10/2030 | G82617120 |  | 306714 | 29100 | SH |  | SOLE |  | 29100 | 0 | 0 |
| SOULPOWER ACQUISITION CORP | UNIT 99/99/9999 | G82745129 |  | 318541 | 30051 | SH |  | SOLE |  | 30051 | 0 | 0 |
| SOUTHERN CO | NOTE 4.500% 6/1 | 842587DZ7 |  | 22535000 | 20000000 | PRN |  | SOLE |  | 20000000 | 0 | 0 |
| SPDR SERIES TRUST | S REGL BKG | 78464A698 |  | 379800 | 6000 | SH |  | SOLE |  | 6000 | 0 | 0 |
| SPROTT ASSET MANAGEMENT LP | PHYSICAL SILVER | 85207K107 |  | 10440500 | 665000 | SH |  | SOLE |  | 665000 | 0 | 0 |
| SSR MINING IN | NOTE 2.500% 4/0 | 784730AB9 |  | 27858578 | 19737000 | PRN |  | SOLE |  | 19737000 | 0 | 0 |
| STEELCASE INC | CL A | 858155203 |  | 101480 | 5900 | SH |  | SOLE |  | 5900 | 0 | 0 |
| STONECO LTD | COM CL A | G85158106 |  | 1891000 | 100000 | SH |  | SOLE |  | 100000 | 0 | 0 |
| TASKUS INC | CLASS A COM | 87652V109 |  | 157080 | 8800 | SH |  | SOLE |  | 8800 | 0 | 0 |
| TEGNA INC | COM | 87901J105 |  | 58957 | 2900 | SH |  | SOLE |  | 2900 | 0 | 0 |
| TELESAT CORP | CL A  CL B SHS | 879512309 |  | 10511779 | 409753 | SH |  | SOLE |  | 409753 | 0 | 0 |
| TELUS INTL CDA INC | SUB VTG SHS | 87975H100 |  | 74816 | 16700 | SH |  | SOLE |  | 16700 | 0 | 0 |
| TEUCRIUM COMMODITY TR | WHEAT FD | 88166A508 |  | 14302800 | 3480000 | SH |  | SOLE |  | 3480000 | 0 | 0 |
| TEXAS VENTURES ACQUISITION I | UNIT 99/99/9999 | G8772L121 |  | 2112 | 191 | SH |  | SOLE |  | 191 | 0 | 0 |
| THAYER VENTURES ACQ CORP II | UNIT 05/15/2030 | G87890128 |  | 255000 | 25000 | SH |  | SOLE |  | 25000 | 0 | 0 |
| TITAN ACQUISITION CORP | UNIT 04/09/2030 | G8901A129 |  | 376980 | 36600 | SH |  | SOLE |  | 36600 | 0 | 0 |
| TOURMALINE BIO INC | COM | 89157D105 |  | 143490 | 3000 | SH |  | SOLE |  | 3000 | 0 | 0 |
| TRAILBLAZER ACQUISITION CORP | UNIT 08/21/2030 | G9009S129 |  | 102500 | 10000 | SH |  | SOLE |  | 10000 | 0 | 0 |
| TXNM ENERGY INC | COM | 69349H107 |  | 248820 | 4400 | SH |  | SOLE |  | 4400 | 0 | 0 |
| TXNM ENERGY INC | NOTE 5.750% 6/0 | 69349HAF4 |  | 7829900 | 5900000 | PRN |  | SOLE |  | 5900000 | 0 | 0 |
| VERINT SYS INC | COM | 92343X100 |  | 93150 | 4600 | SH |  | SOLE |  | 4600 | 0 | 0 |
| VERISIGN INC | COM | 92343E102 |  | 34108 | 122 | SH |  | SOLE |  | 122 | 0 | 0 |
| VERONA PHARMA PLC | SPONSORED ADS | 925050106 |  | 416169 | 3900 | SH |  | SOLE |  | 3900 | 0 | 0 |
| VIMEO INC | COMMON STOCK | 92719V100 |  | 410750 | 53000 | SH |  | SOLE |  | 53000 | 0 | 0 |
| VINE HILL CAP INVT CORP. | *W EXP 07/01/203 | G93Y09115 | BBG01NWVP4Y1 | 20000 | 12500 | SH |  | SOLE |  | 12500 | 0 | 0 |
| VINE HILL CAP INVT CORP. | ORD SHS CL A | G93Y09107 | BBG01NWVP4Y1 | 267750 | 25000 | SH |  | SOLE |  | 25000 | 0 | 0 |
| VITAL ENERGY INC | COM | 516806205 |  | 226326 | 13400 | SH |  | SOLE |  | 13400 | 0 | 0 |
| VIZSLA SILVER CORP | COM NEW | 92859G608 |  | 358560 | 83000 | SH |  | SOLE |  | 83000 | 0 | 0 |
| VOYAGER ACQUISITION CORP | *W EXP 05/16/203 | G93A7H112 | BBG01NCL6NC8 | 425 | 2500 | SH |  | SOLE |  | 2500 | 0 | 0 |
| VOYAGER ACQUISITION CORP | CL A | G93A7H104 | BBG01NCL6NC8 | 52477 | 5000 | SH |  | SOLE |  | 5000 | 0 | 0 |
| WASTE CONNECTIONS INC | COM | 94106B101 |  | 527398 | 3000 | SH |  | SOLE |  | 3000 | 0 | 0 |
| WEBSTER FINL CORP | COM | 947890109 | BBG000BWMX63 | 347011 | 5838 | SH |  | SOLE |  | 5838 | 0 | 0 |
| WEN ACQUISITION CORP | UNIT 05/16/2030 | G9R39C129 |  | 104300 | 10000 | SH |  | SOLE |  | 10000 | 0 | 0 |
| WESTERN ASST INFLTN LKD INM | COM SH BEN INT | 95766Q106 |  | 749331 | 89100 | SH |  | SOLE |  | 89100 | 0 | 0 |
| WESTERN AST INFL LKD OPP  I | COM | 95766R104 |  | 8949536 | 1006697 | SH |  | SOLE |  | 1006697 | 0 | 0 |
| WESTERN COPPER  GOLD CORP | COM | 95805V108 |  | 631645 | 318500 | SH |  | SOLE |  | 318500 | 0 | 0 |
| WIDEOPENWEST INC | COM | 96758W101 |  | 98040 | 19000 | SH |  | SOLE |  | 19000 | 0 | 0 |
| WNS HLDGS LTD | COM SHS | G98196101 |  | 251691 | 3300 | SH |  | SOLE |  | 3300 | 0 | 0 |
| WOLFSPEED INC | NOTE 0.250% 2/1 | 977852AB8 |  | 10600529 | 18049000 | PRN |  | SOLE |  | 18049000 | 0 | 0 |
| WOLFSPEED INC | NOTE 1.750% 5/0 | 225447AD3 |  | 15054045 | 25329000 | PRN |  | SOLE |  | 25329000 | 0 | 0 |
| WOLFSPEED INC | NOTE 1.875%12/0 | 977852AD4 |  | 14505556 | 24451000 | PRN |  | SOLE |  | 24451000 | 0 | 0 |
| XENON PHARMACEUTICALS INC | COM | 98420N105 |  | 275028 | 6850 | SH |  | SOLE |  | 6850 | 0 | 0 |
| ZIMVIE INC | COM | 98888T107 |  | 259478 | 13700 | SH |  | SOLE |  | 13700 | 0 | 0 |

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