# EDGAR Filing Document

**Accession Number:** 0001097278
**File Stem:** 0001140361-25-041917
**Filing Date:** 2025-11
**Character Count:** 27948
**Document Hash:** 0ea6e10e57b11df4408443a163eee1f7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001140361-25-041917.hdr.sgml**: 20251113

**ACCESSION NUMBER**: 0001140361-25-041917

**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:** ADVENT CAPITAL MANAGEMENT /DE/
- **CENTRAL INDEX KEY:** 0001097278

**ORGANIZATION NAME:**
- **EIN:** 134168910
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-05049
- **FILM NUMBER:** 251477292

**BUSINESS ADDRESS:**
- **STREET 1:** 888 SEVENTH AVENUE, 31ST FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10019
- **BUSINESS PHONE:** 2124821600

**MAIL ADDRESS:**
- **STREET 1:** 888 SEVENTH AVENUE, 31ST FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10019

### 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:** ADVENT CAPITAL MANAGEMENT /DE/<br>**Address:** 888 SEVENTH AVENUE 31ST FLOOR<br>NEW YORK, NY 10019

**Form 13F File Number:** 028-05049

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:** Stephen Ellwood<br>**Title:** General Counsel and Chief Compliance Officer<br>**Phone:** 212-482-1606

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

/s/ Stephen Ellwood  NEW YORK, NY  11-06-2025<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:** 227

**Form 13F Information Table Value Total:** $4588062634

      (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 |
| APPLIED OPTOELECTRONICS | CONV | 03823UAE2 |  | 2817002 | 2800000 | PRN |  | SOLE |  | 2800000 | 0 | 0 |
| AIRBNB INC | CONV | 009066AB7 |  | 39511640 | 40318000 | PRN |  | SOLE |  | 13510000 | 1846000 | 24962000 |
| ADVANCED ENERGY IND | CONV | 007973AE0 |  | 2549732 | 1835000 | PRN |  | SOLE |  | 1835000 | 0 | 0 |
| FIRST MAJESTIC SILVER | CONV | 32076VAD5 |  | 4894703 | 4510000 | PRN |  | SOLE |  | 4510000 | 0 | 0 |
| AKAMAI TECHNOLOGIES INC | CONV | 00971TAL5 |  | 9053919 | 9441000 | PRN |  | SOLE |  | 7293000 | 700000 | 1448000 |
| AKAMAI TECHNOLOGIES INC | CONV | 00971TAN1 |  | 39939339 | 42466000 | PRN |  | SOLE |  | 24997000 | 2105000 | 15364000 |
| ALARM.COM HLDGS INC | CONV | 011642AD7 |  | 16901347 | 17578000 | PRN |  | SOLE |  | 5913000 | 896000 | 10769000 |
| AMC NETWORKS INC | CONV | 00164VAJ2 |  | 455770 | 476000 | PRN |  | SOLE |  | 476000 | 0 | 0 |
| AMPHASTAR PHARMACEUTICAL | CONV | 03209RAB9 |  | 2928321 | 3213000 | PRN |  | SOLE |  | 2334000 | 879000 | 0 |
| ARRAY TECHNOLOGIES INC | CONV | 04271TAB6 |  | 14646196 | 16844000 | PRN |  | SOLE |  | 6693000 | 1568000 | 8583000 |
| AEROVIRONMENT INC | CONV | 008073AA6 |  | 15673941 | 12625000 | PRN |  | SOLE |  | 9267000 | 340000 | 3018000 |
| AMERICAN WATER CAPITAL C | CONV | 03040WBE4 |  | 10452626 | 10425000 | PRN |  | SOLE |  | 2940000 | 72000 | 7413000 |
| ALIBABA GROUP HOLDING | CONV | 01609WBG6 |  | 35809551 | 19467000 | PRN |  | SOLE |  | 18001000 | 0 | 1466000 |
| BOFA FINANCE LLC | CONV | 09709UV70 |  | 7716150 | 7800000 | PRN |  | SOLE |  | 7800000 | 0 | 0 |
| BANDWIDTH INC | CONV | 05988JAD5 |  | 2818200 | 3300000 | PRN |  | SOLE |  | 3300000 | 0 | 0 |
| BRIDGEBIO PHARMA INC | CONV | 10806XAD4 |  | 21436171 | 21691000 | PRN |  | SOLE |  | 9123000 | 1365000 | 11203000 |
| BRIDGEBIO PHARMA INC | CONV | 10806XAB8 |  | 421725 | 300000 | PRN |  | SOLE |  | 300000 | 0 | 0 |
| BILL HOLDINGS INC | CONV | 090043AB6 |  | 1525041 | 1550000 | PRN |  | SOLE |  | 1550000 | 0 | 0 |
| BLACKLINE INC | CONV | 09239BAD1 |  | 1134190 | 1160000 | PRN |  | SOLE |  | 1160000 | 0 | 0 |
| BOX INC | CONV | 10316TAB0 |  | 6292500 | 5034000 | PRN |  | SOLE |  | 4771000 | 263000 | 0 |
| BOX INC | CONV | 10316TAD6 |  | 55276584 | 54865000 | PRN |  | SOLE |  | 26932000 | 1233000 | 26700000 |
| BENTLEY SYSTEMS INC | CONV | 08265TAB5 |  | 25708748 | 26021000 | PRN |  | SOLE |  | 12572000 | 130000 | 13319000 |
| BENTLEY SYSTEMS | CONV | 08265TAD1 |  | 1869120 | 1980000 | PRN |  | SOLE |  | 1980000 | 0 | 0 |
| BLACKSTONE MORTGAGE TR | CONV | 09257WAE0 |  | 6302030 | 6398000 | PRN |  | SOLE |  | 6398000 | 0 | 0 |
| CABLE ONE INC | CONV | 12685JAE5 |  | 11644901 | 11925000 | PRN |  | SOLE |  | 5213000 | 875000 | 5837000 |
| CABLE ONE INC | CONV | 12685JAG0 |  | 7056864 | 8244000 | PRN |  | SOLE |  | 3512000 | 45000 | 4687000 |
| CHEESECAKE FACTORY (THE) | CONV | 163072AA9 |  | 3176433 | 3185000 | PRN |  | SOLE |  | 2400000 | 785000 | 0 |
| CRACKER BARREL OLD COUNT | CONV | 22410JAB2 |  | 1016474 | 1058000 | PRN |  | SOLE |  | 1058000 | 0 | 0 |
| CELCUITY INC | CONV | 15102KAA8 |  | 1306102 | 980000 | PRN |  | SOLE |  | 980000 | 0 | 0 |
| CONFLUENT INC | CONV | 20717MAB9 |  | 38778554 | 41107000 | PRN |  | SOLE |  | 16811000 | 1529000 | 22767000 |
| CMS ENERGY CORP | CONV | 125896BX7 |  | 85311982 | 77733000 | PRN |  | SOLE |  | 70227000 | 474000 | 7032000 |
| CENTERPOINT ENERGY INC | CONV | 15189TBD8 |  | 57933449 | 52075000 | PRN |  | SOLE |  | 47811000 | 447000 | 3817000 |
| COINBASE GLOBAL INC | CONV | 19260QAF4 |  | 5005521 | 3975000 | PRN |  | SOLE |  | 2634000 | 361000 | 980000 |
| COINBASE GLOBAL INC | CONV | 19260QAB3 |  | 39553903 | 35554000 | PRN |  | SOLE |  | 18369000 | 2025000 | 15160000 |
| CERENCE INC | CONV | 156727AD1 |  | 4587669 | 5500000 | PRN |  | SOLE |  | 5500000 | 0 | 0 |
| CAPITAL SOUTHWEST CORP | CONV | 140501AE7 |  | 14935140 | 15086000 | PRN |  | SOLE |  | 15086000 | 0 | 0 |
| DROPBOX INC | CONV | 26210CAC8 |  | 2575218 | 2604000 | PRN |  | SOLE |  | 2604000 | 0 | 0 |
| DROPBOX INC | CONV | 26210CAD6 |  | 3587646 | 3468000 | PRN |  | SOLE |  | 3468000 | 0 | 0 |
| DRAFTKINGS HOLDINGS INC | CONV | 26142RAB0 |  | 59967000 | 66630000 | PRN |  | SOLE |  | 26750000 | 3629000 | 36251000 |
| DIGITALOCEAN HOLDINGS | CONV | 25402DAB8 |  | 2550960 | 2701000 | PRN |  | SOLE |  | 2430000 | 271000 | 0 |
| DUKE ENERGY CORP | CONV | 26441CBY0 |  | 100930853 | 93911000 | PRN |  | SOLE |  | 85041000 | 513000 | 8357000 |
| DEXCOM INC | CONV | 252131AM9 |  | 34708257 | 38026000 | PRN |  | SOLE |  | 19028000 | 1630000 | 17368000 |
| EURONET WORLDWIDE INC | CONV | 298736AL3 |  | 3422 | 4000 | PRN |  | SOLE |  | 4000 | 0 | 0 |
| ENOVIS CORP | CONV | 194014AB2 |  | 21626695 | 21906000 | PRN |  | SOLE |  | 10982000 | 1563000 | 9361000 |
| ENPHASE ENERGY INC | CONV | 29355AAH0 |  | 2126167 | 2175000 | PRN |  | SOLE |  | 2175000 | 0 | 0 |
| ENPHASE ENERGY INC | CONV | 29355AAK3 |  | 21943234 | 25263000 | PRN |  | SOLE |  | 7982000 | 167000 | 17114000 |
| EQUINOX GOLD CORP | CONV | 29446YAC0 |  | 288226 | 150000 | PRN |  | SOLE |  | 150000 | 0 | 0 |
| ETSY INC | CONV | 29786AAL0 |  | 24732634 | 26781000 | PRN |  | SOLE |  | 9134000 | 1097000 | 16550000 |
| EVOLENT HEALTH INC | CONV | 30050BAH4 |  | 24215017 | 30062000 | PRN |  | SOLE |  | 13417000 | 1580000 | 15065000 |
| EVOLENT HEALTH INC | CONV | 30050BAJ0 |  | 14426400 | 14361000 | PRN |  | SOLE |  | 10760000 | 0 | 3601000 |
| EVERGY INC | CONV | 30034WAD8 |  | 8192021 | 6510000 | PRN |  | SOLE |  | 6510000 | 0 | 0 |
| EXACT SCIENCES CORP | CONV | 30063PAC9 |  | 3384530 | 3655000 | PRN |  | SOLE |  | 2535000 | 1120000 | 0 |
| EXACT SCIENCES CORP | CONV | 30063PAB1 |  | 2231840 | 2320000 | PRN |  | SOLE |  | 1690000 | 630000 | 0 |
| EXPEDIA GROUP INC | CONV | 30212PBE4 |  | 67338783 | 66705000 | PRN |  | SOLE |  | 40519000 | 1203000 | 24983000 |
| FORD MOTOR COMPANY | CONV | 345370CZ1 |  | 27927808 | 27488000 | PRN |  | SOLE |  | 25413000 | 0 | 2075000 |
| FIRSTENERGY CORP | CONV | 337932AR8 |  | 5711350 | 5493000 | PRN |  | SOLE |  | 3913000 | 1580000 | 0 |
| FIVE9 INC | CONV | 338307AF8 |  | 44731565 | 50345000 | PRN |  | SOLE |  | 20001000 | 2939000 | 27405000 |
| FLUOR CORP | CONV | 343412AJ1 |  | 18279686 | 15374000 | PRN |  | SOLE |  | 12603000 | 210000 | 2561000 |
| SHIFT4 PAYMENTS INC | CONV | 82452JAD1 |  | 59352804 | 60160000 | PRN |  | SOLE |  | 27148000 | 2833000 | 30179000 |
| SHIFT4 PAYMENTS INC | CONV | 82452JAB5 |  | 4700245 | 4570000 | PRN |  | SOLE |  | 4570000 | 0 | 0 |
| FRESHPET INC | CONV | 358039AB1 |  | 9760003 | 8664000 | PRN |  | SOLE |  | 4290000 | 185000 | 4189000 |
| GOSSAMER BIO INC | CONV | 38341PAA0 |  | 2777500 | 4000000 | PRN |  | SOLE |  | 4000000 | 0 | 0 |
| GLOBAL PAYMENTS INC | CONV | 37940XAU6 |  | 128947339 | 140503000 | PRN |  | SOLE |  | 111815000 | 1511000 | 27177000 |
| GREEN PLAINS INC | CONV | 393222AK0 |  | 2520837 | 2625000 | PRN |  | SOLE |  | 2625000 | 0 | 0 |
| HAEMONETICS CORP | CONV | 405024AD2 |  | 27294473 | 29423000 | PRN |  | SOLE |  | 8664000 | 1356000 | 19403000 |
| HALOZYME THERAPEUTICS IN | CONV | 40637HAF6 |  | 11815968 | 8395000 | PRN |  | SOLE |  | 6141000 | 176000 | 2078000 |
| HERBALIFE LTD | CONV | 42703MAF0 |  | 4988064 | 5352000 | PRN |  | SOLE |  | 4264000 | 359000 | 729000 |
| H WORLD GROUP LTD | CONV | 44332NAB2 |  | 1967485 | 1772000 | PRN |  | SOLE |  | 1772000 | 0 | 0 |
| IMMUNOCORE HOLDINGS | CONV | 45258DAB1 |  | 1903231 | 2100000 | PRN |  | SOLE |  | 2100000 | 0 | 0 |
| IONIS PHARMACEUTICALS IN | CONV | 462222AF7 |  | 12817032 | 9250000 | PRN |  | SOLE |  | 5895000 | 320000 | 3035000 |
| INTEGER HOLDINGS CORP | CONV | 45826HAB5 |  | 228988 | 175000 | PRN |  | SOLE |  | 88000 | 87000 | 0 |
| ITRON INC | CONV | 465741AN6 |  | 30223391 | 28553000 | PRN |  | SOLE |  | 13048000 | 1335000 | 14170000 |
| ITRON INC | CONV | 465741AQ9 |  | 8384055 | 7300000 | PRN |  | SOLE |  | 4847000 | 295000 | 2158000 |
| JAZZ INVESTMENTS I LTD | CONV | 472145AF8 |  | 19053063 | 17886000 | PRN |  | SOLE |  | 4521000 | 200000 | 13165000 |
| JAZZ INVESTMENTS I LTD | CONV | 472145AH4 |  | 22034548 | 18532000 | PRN |  | SOLE |  | 15723000 | 387000 | 2422000 |
| JETBLUE AIRWAYS CORP | CONV | 477143AR2 |  | 6402418 | 6171000 | PRN |  | SOLE |  | 4329000 | 165000 | 1677000 |
| JD.COM INC | CONV | 47215PAJ5 |  | 10570755 | 9815000 | PRN |  | SOLE |  | 9815000 | 0 | 0 |
| LITHIUM ARGENTINA AG | CONV | 53680QAA6 |  | 5689258 | 6339000 | PRN |  | SOLE |  | 4062000 | 205000 | 2072000 |
| LUMENTUM HOLDINGS INC | CONV | 55024UAF6 |  | 7908255 | 5669000 | PRN |  | SOLE |  | 5669000 | 0 | 0 |
| LUMENTUM HOLDINGS INC | CONV | 55024UAH2 |  | 3568432 | 1477000 | PRN |  | SOLE |  | 1111000 | 106000 | 260000 |
| ALLIANT ENERGY CORP | CONV | 018802AC2 |  | 12267640 | 11380000 | PRN |  | SOLE |  | 9345000 | 0 | 2035000 |
| LANTHEUS HOLDINGS INC | CONV | 516544AB9 |  | 55155226 | 52317000 | PRN |  | SOLE |  | 32728000 | 1903000 | 17686000 |
| STRIDE INC | CONV | 86333MAA6 |  | 5689502 | 2000000 | PRN |  | SOLE |  | 1228000 | 68000 | 704000 |
| LIVE NATION ENTERTAINMEN | CONV | 538034BA6 |  | 7842171 | 4854000 | PRN |  | SOLE |  | 3868000 | 102000 | 884000 |
| MICROCHIP TECHNOLOGY INC | CONV | 595017BG8 |  | 14385600 | 14800000 | PRN |  | SOLE |  | 4051000 | 104000 | 10645000 |
| MGP INGREDIENTS INC | CONV | 55303JAB2 |  | 5654007 | 5900000 | PRN |  | SOLE |  | 5900000 | 0 | 0 |
| MIRUM PHARMACEUTICALS | CONV | 604749AB7 |  | 2589397 | 1076000 | PRN |  | SOLE |  | 780000 | 66000 | 230000 |
| MKS INC | CONV | 55306NAB0 |  | 482900 | 440000 | PRN |  | SOLE |  | 440000 | 0 | 0 |
| STRATEGY INC | CONV | 594972AL5 |  | 5419135 | 3444000 | PRN |  | SOLE |  | 2322000 | 272000 | 850000 |
| MERITAGE HOMES CORP | CONV | 59001ABF8 |  | 114874079 | 111695000 | PRN |  | SOLE |  | 79366000 | 1611000 | 30718000 |
| M/A-COM TECH SOLUTIONS | CONV | 55405YAB6 |  | 645421 | 425000 | PRN |  | SOLE |  | 350000 | 75000 | 0 |
| NABORS INDUSTRIES INC | CONV | 62957HAL9 |  | 4452140 | 5782000 | PRN |  | SOLE |  | 4302000 | 490000 | 990000 |
| NCL CORPORATION LTD | CONV | 62886HBD2 |  | 10294884 | 10034000 | PRN |  | SOLE |  | 7333000 | 2701000 | 0 |
| NEXTERA ENERGY CAPITAL | CONV | 65339KCY4 |  | 68885619 | 58205000 | PRN |  | SOLE |  | 58205000 | 0 | 0 |
| NEOGENOMICS INC | CONV | 64049MAB6 |  | 15051865 | 17401000 | PRN |  | SOLE |  | 7797000 | 1040000 | 8564000 |
| NEW MOUNTAIN FINANCE COR | CONV | 647551AE0 |  | 10557547 | 10547000 | PRN |  | SOLE |  | 9647000 | 0 | 900000 |
| NORTHERN OIL  GAS INC | CONV | 665531AJ8 |  | 29451853 | 29298000 | PRN |  | SOLE |  | 22694000 | 1739000 | 4865000 |
| NUTANIX INC | CONV | 67059NAH1 |  | 368061 | 267000 | PRN |  | SOLE |  | 267000 | 0 | 0 |
| ENVISTA HOLDINGS CORP | CONV | 29415FAD6 |  | 812292 | 859000 | PRN |  | SOLE |  | 859000 | 0 | 0 |
| ON SEMICONDUCTOR CORP | CONV | 682189AS4 |  | 13340435 | 11697000 | PRN |  | SOLE |  | 8550000 | 202000 | 2945000 |
| ON SEMICONDUCTOR CORP | CONV | 682189AU9 |  | 33481030 | 36189000 | PRN |  | SOLE |  | 14330000 | 2419000 | 19440000 |
| PG CORP | CONV | 69331CAL2 |  | 44643708 | 44036000 | PRN |  | SOLE |  | 14905000 | 1888000 | 27243000 |
| PAGERDUTY INC. | CONV | 69553PAD2 |  | 13210846 | 13453000 | PRN |  | SOLE |  | 5666000 | 1278000 | 6509000 |
| PENN ENTERTAINMENT INC | CONV | 707569AU3 |  | 39180128 | 37846000 | PRN |  | SOLE |  | 16060000 | 2161000 | 19625000 |
| PENNYMAC CORP | CONV | 70932AAF0 |  | 3041904 | 3048000 | PRN |  | SOLE |  | 2205000 | 843000 | 0 |
| PENNYMAC CORP | CONV | 70932AAH6 |  | 29504363 | 28548000 | PRN |  | SOLE |  | 14371000 | 488000 | 13689000 |
| PINNACLE WEST CAPITAL | CONV | 723484AK7 |  | 850436 | 790000 | PRN |  | SOLE |  | 320000 | 470000 | 0 |
| PPL CAPITAL FUNDING INC | CONV | 69352PAS2 |  | 88090034 | 77086000 | PRN |  | SOLE |  | 68094000 | 477000 | 8515000 |
| PROGRESS SOFTWARE CORP | CONV | 743312AD2 |  | 65163250 | 64630000 | PRN |  | SOLE |  | 35419000 | 2658000 | 26553000 |
| PARSONS CORP | CONV | 70202LAD4 |  | 40370248 | 35335000 | PRN |  | SOLE |  | 31981000 | 327000 | 3027000 |
| PELOTON INTERACTIVE INC | CONV | 70614WAD2 |  | 8022780 | 3580000 | PRN |  | SOLE |  | 3580000 | 0 | 0 |
| Q2 HOLDINGS INC | CONV | 74736LAF6 |  | 3680448 | 3712000 | PRN |  | SOLE |  | 3712000 | 0 | 0 |
| Q2 HOLDINGS INC | CONV | 74736LAD1 |  | 39410654 | 37913000 | PRN |  | SOLE |  | 18386000 | 2088000 | 17439000 |
| THE REALREAL INC | CONV | 88339PAJ0 |  | 5552016 | 4324000 | PRN |  | SOLE |  | 4324000 | 0 | 0 |
| REPLIGEN CORP | CONV | 759916AD1 |  | 28358064 | 28133000 | PRN |  | SOLE |  | 10469000 | 1227000 | 16437000 |
| RIVIAN AUTO INC | CONV | 76954AAD5 |  | 35678591 | 38682000 | PRN |  | SOLE |  | 15312000 | 1446000 | 21924000 |
| RIVIAN AUTO INC | CONV | 76954AAB9 |  | 5685433 | 5474000 | PRN |  | SOLE |  | 3230000 | 237000 | 2007000 |
| RAPID7 INC | CONV | 753422AF1 |  | 4726355 | 5038000 | PRN |  | SOLE |  | 4660000 | 378000 | 0 |
| RAPID7 INC | CONV | 753422AH7 |  | 2859746 | 3221000 | PRN |  | SOLE |  | 2330000 | 891000 | 0 |
| REDWOOD TRUST INC | CONV | 758075AF2 |  | 1805400 | 1800000 | PRN |  | SOLE |  | 1800000 | 0 | 0 |
| SOLARIS ENERGY INFRASTRU | CONV | 83419XAA6 |  | 11810478 | 6580000 | PRN |  | SOLE |  | 4490000 | 186000 | 1904000 |
| SHAKE SHACK INC | CONV | 819047AB7 |  | 25088581 | 26357000 | PRN |  | SOLE |  | 12952000 | 1755000 | 11650000 |
| SHOPIFY INC | CONV | 82509LAA5 |  | 17062812 | 16204000 | PRN |  | SOLE |  | 3839000 | 892000 | 11473000 |
| SIRIUS XM HOLDINGS | CONV | 531229AP7 |  | 5378615 | 5147000 | PRN |  | SOLE |  | 5147000 | 0 | 0 |
| SUPER MICRO COMPUTER INC | CONV | 86800UAB0 |  | 36620639 | 35806000 | PRN |  | SOLE |  | 13329000 | 2176000 | 20301000 |
| SNAP INC | CONV | 83304AAH9 |  | 4331050 | 4850000 | PRN |  | SOLE |  | 4850000 | 0 | 0 |
| SNAP INC | CONV | 83304AAK2 |  | 35828460 | 41661000 | PRN |  | SOLE |  | 14862000 | 3121000 | 23678000 |
| SNOWFLAKE INC | CONV | 833445AD1 |  | 38450847 | 24532000 | PRN |  | SOLE |  | 20028000 | 0 | 4504000 |
| SOUTHERN CO | CONV | 842587DP9 |  | 2197163 | 1950000 | PRN |  | SOLE |  | 0 | 0 | 1950000 |
| SOUTHERN CO | CONV | 842587DZ7 |  | 48547006 | 43579000 | PRN |  | SOLE |  | 37625000 | 410000 | 5544000 |
| SOFI TECHNOLOGIES INC | CONV | 83406FAA0 |  | 5804675 | 4454000 | PRN |  | SOLE |  | 3854000 | 0 | 600000 |
| SPOTIFY USA INC | CONV | 84921RAB6 |  | 4825725 | 3525000 | PRN |  | SOLE |  | 3525000 | 0 | 0 |
| SSR MINING INC | CONV | 784730AB9 |  | 11371853 | 8058000 | PRN |  | SOLE |  | 8058000 | 0 | 0 |
| STARWOOD PROPERTY TRUST | CONV | 85571BBA2 |  | 3182250 | 3000000 | PRN |  | SOLE |  | 3000000 | 0 | 0 |
| SEAGATE HDD CAYMAN | CONV | 81180WBL4 |  | 2737782 | 950000 | PRN |  | SOLE |  | 896000 | 54000 | 0 |
| TRIP.COM GROUP LTD | CONV | 89677QAB3 |  | 22274820 | 17409000 | PRN |  | SOLE |  | 16074000 | 0 | 1335000 |
| TELADOC HEALTH INC | CONV | 87918AAF2 |  | 21781879 | 23197000 | PRN |  | SOLE |  | 8913000 | 1875000 | 12409000 |
| TANDEM DIABETES CARE INC | CONV | 875372AD6 |  | 15214963 | 17302000 | PRN |  | SOLE |  | 5844000 | 936000 | 10522000 |
| TETRA TECH INC | CONV | 88162GAB9 |  | 48632202 | 44874000 | PRN |  | SOLE |  | 39753000 | 356000 | 4765000 |
| TRAVERE THERAPEUTICS INC | CONV | 89422GAA5 |  | 22854513 | 20182000 | PRN |  | SOLE |  | 9444000 | 1409000 | 9329000 |
| TXNM ENERGY INC | CONV | 69349HAF4 |  | 12600648 | 9634000 | PRN |  | SOLE |  | 6687000 | 337000 | 2610000 |
| TYLER TECHNOLOGIES INC | CONV | 902252AB1 |  | 40428300 | 36753000 | PRN |  | SOLE |  | 33367000 | 302000 | 3084000 |
| UNITY SOFTWARE INC | CONV | 91332UAB7 |  | 6122812 | 6413000 | PRN |  | SOLE |  | 6413000 | 0 | 0 |
| UBER TECHNOLOGIES INC | CONV | 90353TAM2 |  | 184726609 | 125451000 | PRN |  | SOLE |  | 116354000 | 348000 | 8749000 |
| UBER TECHNOLOGIES INC | CONV | 90353TAJ9 |  | 18722539 | 15340000 | PRN |  | SOLE |  | 5334000 | 751000 | 9255000 |
| UGI CORP | CONV | 902681AB1 |  | 7055217 | 5509000 | PRN |  | SOLE |  | 3544000 | 327000 | 1638000 |
| UPWORK INC | CONV | 91688FAB0 |  | 31230172 | 32174000 | PRN |  | SOLE |  | 19638000 | 121000 | 12415000 |
| MARRIOTT VACATION WORLDW | CONV | 57164YAF4 |  | 41082703 | 42987000 | PRN |  | SOLE |  | 19092000 | 1751000 | 22144000 |
| VERITONE INC | CONV | 92347MAB6 |  | 1531915 | 2107000 | PRN |  | SOLE |  | 2107000 | 0 | 0 |
| VERTEX INC | CONV | 92538JAB2 |  | 31167120 | 30556000 | PRN |  | SOLE |  | 12680000 | 1602000 | 16274000 |
| VIAVI SOLUTIONS INC | CONV | 925550AH8 |  | 1547959 | 1469000 | PRN |  | SOLE |  | 1469000 | 0 | 0 |
| VISHAY INTERTECHNOLOGY | CONV | 928298AR9 |  | 29076823 | 31888000 | PRN |  | SOLE |  | 11727000 | 2201000 | 17960000 |
| VENTAS REALTY LP | CONV | 92277GAZ0 |  | 133109898 | 102867000 | PRN |  | SOLE |  | 93861000 | 429000 | 8577000 |
| WAYFAIR INC | CONV | 94419LAP6 |  | 561670 | 368000 | PRN |  | SOLE |  | 368000 | 0 | 0 |
| WESTERN DIGITAL CORP | CONV | 958102AT2 |  | 8240070 | 2567000 | PRN |  | SOLE |  | 2251000 | 117000 | 199000 |
| WEC ENERGY GROUP INC | CONV | 92939UAR7 |  | 24516092 | 19948000 | PRN |  | SOLE |  | 19948000 | 0 | 0 |
| WINNEBAGO INDUSTRIES | CONV | 974637AF7 |  | 21019486 | 23407000 | PRN |  | SOLE |  | 9468000 | 1515000 | 12424000 |
| WORKIVA INC | CONV | 98139AAB1 |  | 12768400 | 10743000 | PRN |  | SOLE |  | 7406000 | 923000 | 2414000 |
| WORKIVA INC | CONV | 98139AAD7 |  | 40609987 | 41072000 | PRN |  | SOLE |  | 15458000 | 1947000 | 23667000 |
| XOMETRY INC | CONV | 98423FAB5 |  | 4366288 | 3615000 | PRN |  | SOLE |  | 3615000 | 0 | 0 |
| BLOCK INC | CONV | 852234AK9 |  | 27099825 | 29674000 | PRN |  | SOLE |  | 12576000 | 1043000 | 16055000 |
| ZIFF DAVIS INC | CONV | 48123VAE2 |  | 745356 | 775000 | PRN |  | SOLE |  | 775000 | 0 | 0 |
| Advent Convertible Bond ETF | COM | 75526L845 |  | 26630802 | 990000 | SH |  | SOLE |  | 990000 | 0 | 0 |
| Amgen Inc | COM | 031162100 |  | 4515200 | 16000 | SH |  | SOLE |  | 16000 | 0 | 0 |
| Amazon.com Inc | COM | 023135106 |  | 3952260 | 18000 | SH |  | SOLE |  | 18000 | 0 | 0 |
| Broadcom Inc | COM | 11135F101 |  | 1649550 | 5000 | SH |  | SOLE |  | 5000 | 0 | 0 |
| BigBear.ai Holdings Inc | COM | 08975B109 |  | 260800 | 40000 | SH |  | SOLE |  | 40000 | 0 | 0 |
| Bristol-Myers Squibb Co | COM | 110122108 |  | 3382500 | 75000 | SH |  | SOLE |  | 75000 | 0 | 0 |
| Cummins Inc | COM | 231021106 |  | 2534220 | 6000 | SH |  | SOLE |  | 6000 | 0 | 0 |
| Delta Air Lines Inc | COM | 247361702 |  | 2837500 | 50000 | SH |  | SOLE |  | 50000 | 0 | 0 |
| DeFi Development Corp | COM | 47100L301 |  | 765500 | 50000 | SH |  | SOLE |  | 50000 | 0 | 0 |
| Esperion Therapeutics Inc | COM | 29664W105 |  | 212000 | 80000 | SH |  | SOLE |  | 80000 | 0 | 0 |
| Eaton Corp PLC | COM | G29183103 |  | 3742500 | 10000 | SH |  | SOLE |  | 10000 | 0 | 0 |
| Diamondback Energy Inc | COM | 25278X109 |  | 4293000 | 30000 | SH |  | SOLE |  | 30000 | 0 | 0 |
| HubSpot Inc | COM | 443573100 |  | 467800 | 1000 | SH |  | SOLE |  | 1000 | 0 | 0 |
| Medtronic PLC | COM | G5960L103 |  | 3333400 | 35000 | SH |  | SOLE |  | 35000 | 0 | 0 |
| MGM Resorts International | COM | 552953101 |  | 2426200 | 70000 | SH |  | SOLE |  | 70000 | 0 | 0 |
| Royal Caribbean Cruises Ltd | COM | V7780T103 |  | 2265060 | 7000 | SH |  | SOLE |  | 7000 | 0 | 0 |
| Spotify Technology SA | COM | L8681T102 |  | 3490000 | 5000 | SH |  | SOLE |  | 5000 | 0 | 0 |
| AT Inc | COM | 00206R102 |  | 2824000 | 100000 | SH |  | SOLE |  | 100000 | 0 | 0 |
| Vertiv Holdings Co | COM | 92537N108 |  | 2262900 | 15000 | SH |  | SOLE |  | 15000 | 0 | 0 |
| AGNC Investment Corp | COM | 00123Q104 |  | 1910029 | 195100 | SH | Call | SOLE |  | 195100 | 0 | 0 |
| Aurora Innovation Inc | COM | 051774107 |  | 107800 | 20000 | SH | Call | SOLE |  | 20000 | 0 | 0 |
| Alibaba Group Holding Ltd | COM | 01609W102 |  | 1340475 | 7500 | SH | Call | SOLE |  | 7500 | 0 | 0 |
| Alibaba Group Holding Ltd | COM | 01609W102 |  | 3932060 | 22000 | SH | Call | SOLE |  | 22000 | 0 | 0 |
| BigBear.ai Holdings Inc | COM | 08975B109 |  | 652000 | 100000 | SH | Call | SOLE |  | 100000 | 0 | 0 |
| Bloom Energy Corp | COM | 093712107 |  | 845700 | 10000 | SH | Call | SOLE |  | 10000 | 0 | 0 |
| Bitdeer Technologies Group | COM | G11448100 |  | 341800 | 20000 | SH | Call | SOLE |  | 20000 | 0 | 0 |
| Bitdeer Technologies Group | COM | G11448100 |  | 1709000 | 100000 | SH | Put | SOLE |  | 100000 | 0 | 0 |
| Cipher Mining Inc | COM | 17253J106 |  | 1133100 | 90000 | SH | Call | SOLE |  | 90000 | 0 | 0 |
| Cipher Mining Inc | COM | 17253J106 |  | 881300 | 70000 | SH | Call | SOLE |  | 70000 | 0 | 0 |
| Chimera Investment Corp | COM | 16934Q802 |  | 2644000 | 200000 | SH | Call | SOLE |  | 200000 | 0 | 0 |
| CoreWeave Inc | COM | 21873S108 |  | 1710625 | 12500 | SH | Call | SOLE |  | 12500 | 0 | 0 |
| Grupo Financiero Galicia SA | COM | 399909100 |  | 275600 | 10000 | SH | Call | SOLE |  | 10000 | 0 | 0 |
| GameStop Corp | COM | 36467W109 |  | 682000 | 25000 | SH | Call | SOLE |  | 25000 | 0 | 0 |
| GameStop Corp | COM | 36467W109 |  | 2728000 | 100000 | SH | Call | SOLE |  | 100000 | 0 | 0 |
| Gossamer Bio Inc | COM | 38341P102 |  | 526000 | 200000 | SH | Call | SOLE |  | 200000 | 0 | 0 |
| JD.com Inc | COM | 47215P106 |  | 5247000 | 150000 | SH | Call | SOLE |  | 150000 | 0 | 0 |
| Lululemon Athletica Inc | COM | 550021109 |  | 177930 | 1000 | SH | Call | SOLE |  | 1000 | 0 | 0 |
| Lyft Inc | COM | 55087P104 |  | 550250 | 25000 | SH | Call | SOLE |  | 25000 | 0 | 0 |
| Lyft Inc | COM | 55087P104 |  | 660300 | 30000 | SH | Call | SOLE |  | 30000 | 0 | 0 |
| Plug Power Inc | COM | 72919P202 |  | 233000 | 100000 | SH | Call | SOLE |  | 100000 | 0 | 0 |
| Redwire Corp | COM | 75776W103 |  | 494450 | 55000 | SH | Call | SOLE |  | 55000 | 0 | 0 |
| RealReal Inc/The | COM | 88339P101 |  | 1063000 | 100000 | SH | Call | SOLE |  | 100000 | 0 | 0 |
| Riot Platforms Inc | COM | 767292105 |  | 542355 | 28500 | SH | Call | SOLE |  | 28500 | 0 | 0 |
| SoFi Technologies Inc | COM | 83406F102 |  | 792600 | 30000 | SH | Call | SOLE |  | 30000 | 0 | 0 |
| SPDR S 500 ETF Trust | COM | 78462F103 |  | 36639900 | 55000 | SH | Put | SOLE |  | 55000 | 0 | 0 |
| SPDR S 500 ETF Trust | COM | 78462F103 |  | 53294400 | 80000 | SH | Put | SOLE |  | 80000 | 0 | 0 |
| SPDR S 500 ETF Trust | COM | 78462F103 |  | 15322140 | 23000 | SH | Put | SOLE |  | 23000 | 0 | 0 |
| ALBEMARLE CORP | CONV PFD | 012653200 |  | 2933928 | 77747 | SH |  | SOLE |  | 57385 | 4362 | 16000 |
| APOLLO GLOBAL MANAGEMENT | CONV PFD | 03769M304 |  | 92435467 | 1320670 | SH |  | SOLE |  | 1175716 | 8000 | 136954 |
| ARES MANAGEMENT CORP | CONV PFD | 03990B309 |  | 41898492 | 837300 | SH |  | SOLE |  | 785626 | 0 | 51674 |
| BOEING CO/THE | CONV PFD | 097023204 |  | 56394708 | 819770 | SH |  | SOLE |  | 675918 | 17139 | 126713 |
| BANK OF AMERICA CORP | CONV PFD | 060505682 |  | 223275983 | 176506 | SH |  | SOLE |  | 116860 | 4119 | 55527 |
| BRUKER CORP | CONV PFD | 116794207 |  | 30557738 | 112520 | SH |  | SOLE |  | 95248 | 1152 | 16120 |
| BRIGHTSPRING HEALTH SERV | CONV PFD | 10950A205 |  | 1708424 | 16993 | SH |  | SOLE |  | 15579 | 1414 | 0 |
| SHIFT4 PAYMENTS INC | CONV PFD | 82452J307 |  | 26495736 | 284030 | SH |  | SOLE |  | 224101 | 3817 | 56112 |
| HP ENTERPRISE CO | CONV PFD | 42824C208 |  | 18295284 | 270147 | SH |  | SOLE |  | 220955 | 3508 | 45684 |
| KKR  CO INC | CONV PFD | 48251W500 |  | 92138851 | 1771241 | SH |  | SOLE |  | 1607571 | 13200 | 150470 |
| MICROCHIP TECHNOLOGY INC | CONV PFD | 595017302 |  | 32354328 | 549710 | SH |  | SOLE |  | 432289 | 9866 | 107555 |
| STRATEGY INC | CONV PFD | 594972887 |  | 8525838 | 93238 | SH |  | SOLE |  | 60384 | 5194 | 27660 |
| NEXTERA ENERGY INC | CONV PFD | 65339F663 |  | 105438657 | 2119534 | SH |  | SOLE |  | 1813110 | 19719 | 286705 |
| PG CORP | CONV PFD | 69331C306 |  | 17196546 | 437794 | SH |  | SOLE |  | 330127 | 14000 | 93667 |
| QXO INC | CONV PFD | 82846H504 |  | 9533338 | 174000 | SH |  | SOLE |  | 135469 | 3240 | 35291 |
| WELLS FARGO  COMPANY | CONV PFD | 949746804 |  | 215832527 | 175046 | SH |  | SOLE |  | 111301 | 4420 | 59325 |
| AURORA INNOVATION INC | COM | 051774115 |  | 35670 | 61500 | SH |  | SOLE |  | 61500 | 0 | 0 |
| BIGBEAR.AI HOLDINGS INC | COM | 08975B117 |  | 38709 | 18260 | SH |  | SOLE |  | 18260 | 0 | 0 |

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