# EDGAR Filing Document

**Accession Number:** 0000949509
**File Stem:** 0000949509-25-000007
**Filing Date:** 2025-11
**Character Count:** 22917
**Document Hash:** 80b64f0e6991a30d99b8375863ca8c77
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000949509-25-000007.hdr.sgml**: 20251113

**ACCESSION NUMBER**: 0000949509-25-000007

**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:** OAKTREE CAPITAL MANAGEMENT LP
- **CENTRAL INDEX KEY:** 0000949509

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

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-05050
- **FILM NUMBER:** 251479865

**BUSINESS ADDRESS:**
- **STREET 1:** 333 S GRAND AVENUE 28TH FL
- **CITY:** LOS ANGELES
- **STATE:** CA
- **ZIP:** 90071
- **BUSINESS PHONE:** 2138306300

**MAIL ADDRESS:**
- **STREET 1:** 333 S GRAND AVE 28TH FL
- **CITY:** LOS ANGELES
- **STATE:** CA
- **ZIP:** 90071

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** OAKTREE CAPITAL MANAGEMENT LLC
- **DATE OF NAME CHANGE:** 20010605

### 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:** OAKTREE CAPITAL MANAGEMENT LP<br>**Address:** 333 S GRAND AVE 28TH FL<br>LOS ANGELES, CA 90071

**Form 13F File Number:** 028-05050

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:** Andy Hottovy<br>**Title:** Managing Director<br>**Phone:** 213-830-6315

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

Andy Hottovy  Los Angeles, CA  11-13-2025<br>[Signature]  [City, State]  [Date]

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

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

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

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

### Form 13F Summary Page

**Report Summary:**

**Number of Other Included Managers:** 2

**Form 13F Information Table Entry Total:** 165

**Form 13F Information Table Value Total:** $6490256632

      (round to nearest dollar)

**List of Other Included Managers:**

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

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

|   No. | Name                           | Form 13F File Number   | CRD Number   | SEC File Number   |
|---:|:---|:---|:---|:---|
|     1 | Russell Investments Group Ltd. | 028-17598              |  |  |
|     2 | Hartree Partners LP            | 028-17875              |  |  |

### 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 |
| TALEN ENERGY CORP | COMMON STOCK | 87422Q109 |  | 27649700 | 65000 | SH | Call | DFND | 12 | 65000 | 0 | 0 |
| WINGSTOP INC | COMMON STOCK | 974155103 |  | 12584000 | 50000 | SH | Put | DFND | 12 | 50000 | 0 | 0 |
| MARRIOTT INTERNATIONAL INC/MD | COMMON STOCK | 571903202 |  | 39066000 | 150000 | SH | Put | DFND | 12 | 150000 | 0 | 0 |
| ISHARES RUSSELL 2000 ETF | ETF | 464287655 |  | 53231200 | 220000 | SH | Put | DFND | 12 | 220000 | 0 | 0 |
| ORACLE CORP | COMMON STOCK | 68389X105 |  | 140620000 | 500000 | SH | Put | DFND | 12 | 500000 | 0 | 0 |
| STATE STREET CORP | ETF | 78462F103 |  | 219839400 | 330000 | SH | Put | DFND | 12 | 330000 | 0 | 0 |
| TPI COMPOSITES INC | COMMON STOCK | 87266J104 |  | 142910 | 4610003 | SH |  | DFND | 12 | 4610003 | 0 | 0 |
| BIOXCEL THERAPEUTICS INC | COMMON STOCK | 09075P204 |  | 617443 | 241188 | SH |  | DFND | 12 | 241188 | 0 | 0 |
| EVOLENT HEALTH INC | CONVERTIBLE BOND | 30050BAH4 |  | 817582 | 1015000 | PRN |  | DFND | 12 | 1015000 | 0 | 0 |
| FIVERR INTERNATIONAL LTD | CONVERTIBLE BOND | 33835LAA3 |  | 1049209 | 1049000 | PRN |  | DFND | 12 | 1049000 | 0 | 0 |
| TRANSPORTADORA DE GAS DEL SUR SA | COMMON STOCK | 893870204 |  | 1188657 | 56522 | SH |  | DFND | 12 | 56522 | 0 | 0 |
| IRHYTHM TECHNOLOGIES INC | CONVERTIBLE BOND | 450056AB2 |  | 1239300 | 900000 | PRN |  | DFND | 12 | 900000 | 0 | 0 |
| FASTLY INC | CONVERTIBLE BOND | 31188VAB6 |  | 1297808 | 1354000 | PRN |  | DFND | 12 | 1354000 | 0 | 0 |
| ZIFF DAVIS INC | CONVERTIBLE BOND | 48123VAH5 |  | 1307092 | 1351000 | PRN |  | DFND | 12 | 1351000 | 0 | 0 |
| PELOTON INTERACTIVE INC | CONVERTIBLE BOND | 70614WAB6 |  | 1331997 | 1354000 | PRN |  | DFND | 12 | 1354000 | 0 | 0 |
| ASCENDIS PHARMA A/S | CONVERTIBLE BOND | 04351PAD3 |  | 1363750 | 1000000 | PRN |  | DFND | 12 | 1000000 | 0 | 0 |
| WAYFAIR INC | CONVERTIBLE BOND | 94419LAP6 |  | 1373649 | 900000 | PRN |  | DFND | 12 | 900000 | 0 | 0 |
| LYFT INC | CONVERTIBLE BOND | 55087PAD6 |  | 1423125 | 1100000 | PRN |  | DFND | 12 | 1100000 | 0 | 0 |
| POST HOLDINGS INC | CONVERTIBLE BOND | 737446AT1 |  | 1461850 | 1300000 | PRN |  | DFND | 12 | 1300000 | 0 | 0 |
| BENTLEY SYSTEMS INC | CONVERTIBLE BOND | 08265TAD1 |  | 1780384 | 1886000 | PRN |  | DFND | 12 | 1886000 | 0 | 0 |
| DIGITALOCEAN HOLDINGS INC | CONVERTIBLE BOND | 25402DAB8 |  | 1918177 | 2031000 | PRN |  | DFND | 12 | 2031000 | 0 | 0 |
| SNAP INC | CONVERTIBLE BOND | 83304AAB2 |  | 1976104 | 2063000 | PRN |  | DFND | 12 | 2063000 | 0 | 0 |
| ESPERION THERAPEUTICS INC | CONVERTIBLE BOND | 29664WAB1 |  | 2109772 | 2114000 | PRN |  | DFND | 12 | 2114000 | 0 | 0 |
| UBER TECHNOLOGIES INC | CONVERTIBLE BOND | 90353TAM2 |  | 2213167 | 1503000 | PRN |  | DFND | 12 | 1503000 | 0 | 0 |
| ON SEMICONDUCTOR CORP | CONVERTIBLE BOND | 682189AS4 |  | 2223975 | 1950000 | PRN |  | DFND | 12 | 1950000 | 0 | 0 |
| GROUPON INC | CONVERTIBLE BOND | 399473AF4 |  | 2298630 | 2382000 | PRN |  | DFND | 12 | 2382000 | 0 | 0 |
| BRIDGEBIO PHARMA INC | CONVERTIBLE BOND | 10806XAB8 |  | 2600637 | 1850000 | PRN |  | DFND | 12 | 1850000 | 0 | 0 |
| HERBALIFE LTD | CONVERTIBLE BOND | 42703MAF0 |  | 2653404 | 2847000 | PRN |  | DFND | 12 | 2847000 | 0 | 0 |
| Q2 HOLDINGS INC | CONVERTIBLE BOND | 74736LAF6 |  | 2678041 | 2701000 | PRN |  | DFND | 12 | 2701000 | 0 | 0 |
| BLOCK INC | CONVERTIBLE BOND | 852234AK9 |  | 3078565 | 3371000 | PRN |  | DFND | 12 | 3371000 | 0 | 0 |
| BILL HOLDINGS INC | CONVERTIBLE BOND | 090043AD2 |  | 3132920 | 3357000 | PRN |  | DFND | 12 | 3357000 | 0 | 0 |
| CERENCE INC | CONVERTIBLE BOND | 156727AD1 |  | 3387367 | 4061000 | PRN |  | DFND | 12 | 4061000 | 0 | 0 |
| NEOGENOMICS INC | CONVERTIBLE BOND | 64049MAB6 |  | 3399450 | 3930000 | PRN |  | DFND | 12 | 3930000 | 0 | 0 |
| UNITY SOFTWARE INC | CONVERTIBLE BOND | 91332UAB7 |  | 3581267 | 3751000 | PRN |  | DFND | 12 | 3751000 | 0 | 0 |
| GUESS INC | CONVERTIBLE BOND | 401617AF2 |  | 3594704 | 3621000 | PRN |  | DFND | 12 | 3621000 | 0 | 0 |
| BATTALION OIL CORP | COMMON STOCK | 07134L107 |  | 3646725 | 3013823 | SH |  | DFND | 12 | 3013823 | 0 | 0 |
| TWO HARBORS INVESTMENT CORP | CONVERTIBLE BOND | 90187BAB7 |  | 3724001 | 3724000 | PRN |  | DFND | 12 | 3724000 | 0 | 0 |
| AFFIRM HOLDINGS INC | CONVERTIBLE BOND | 00827BAB2 |  | 4098969 | 4291000 | PRN |  | DFND | 12 | 4291000 | 0 | 0 |
| NOVOCURE LTD | CONVERTIBLE BOND | 67011XAB9 |  | 4309893 | 4337000 | PRN |  | DFND | 12 | 4337000 | 0 | 0 |
| TOPGOLF CALLAWAY BRANDS CORP | CONVERTIBLE BOND | 131193AE4 |  | 4394870 | 4446000 | PRN |  | DFND | 12 | 4446000 | 0 | 0 |
| WINNEBAGO INDUSTRIES INC | CONVERTIBLE BOND | 974637AF7 |  | 4407384 | 4908000 | PRN |  | DFND | 12 | 4908000 | 0 | 0 |
| GUARDANT HEALTH INC | CONVERTIBLE BOND | 40131MAB5 |  | 4475061 | 4647000 | PRN |  | DFND | 12 | 4647000 | 0 | 0 |
| FUBOTV INC | CONVERTIBLE BOND | 35953DAB0 |  | 4492619 | 4538000 | PRN |  | DFND | 12 | 4538000 | 0 | 0 |
| UPWORK INC | CONVERTIBLE BOND | 91688FAB0 |  | 4509709 | 4646000 | PRN |  | DFND | 12 | 4646000 | 0 | 0 |
| VERINT SYSTEMS INC | CONVERTIBLE BOND | 92343XAC4 |  | 4539262 | 4626000 | PRN |  | DFND | 12 | 4626000 | 0 | 0 |
| FRESHPET INC | CONVERTIBLE BOND | 358039AB1 |  | 4843950 | 4300000 | PRN |  | DFND | 12 | 4300000 | 0 | 0 |
| SOUTHERN CO/THE | CONVERTIBLE BOND | 842587DZ7 |  | 5076498 | 4557000 | PRN |  | DFND | 12 | 4557000 | 0 | 0 |
| HDFC BANK LTD | COMMON STOCK | 40415F101 |  | 5165196 | 151206 | SH |  | DFND | 12 | 151206 | 0 | 0 |
| LEGENCE CORP | COMMON STOCK | 52476L109 |  | 5391750 | 175000 | SH |  | DFND | 12 | 175000 | 0 | 0 |
| PENNYMAC MORTGAGE INVESTMENT TRUST | CONVERTIBLE BOND | 70932AAF0 |  | 5400178 | 5411000 | PRN |  | DFND | 12 | 5411000 | 0 | 0 |
| TRIP.COM GROUP LTD | CONVERTIBLE BOND | 89677QAB3 |  | 5404608 | 4224000 | PRN |  | DFND | 12 | 4224000 | 0 | 0 |
| REDWOOD TRUST INC | CONVERTIBLE BOND | 758075AF2 |  | 5599749 | 5583000 | PRN |  | DFND | 12 | 5583000 | 0 | 0 |
| VAIL RESORTS INC | CONVERTIBLE BOND | 91879QAN9 |  | 6019965 | 6090000 | PRN |  | DFND | 12 | 6090000 | 0 | 0 |
| ZIFF DAVIS INC | CONVERTIBLE BOND | 48123VAE2 |  | 6132118 | 6376000 | PRN |  | DFND | 12 | 6376000 | 0 | 0 |
| LCI INDUSTRIES | CONVERTIBLE BOND | 501812AB7 |  | 6159369 | 6406000 | PRN |  | DFND | 12 | 6406000 | 0 | 0 |
| MAGNITE INC | CONVERTIBLE BOND | 55955DAB6 |  | 6486340 | 6637000 | PRN |  | DFND | 12 | 6637000 | 0 | 0 |
| LANTHEUS HOLDINGS INC | CONVERTIBLE BOND | 516544AB9 |  | 6615418 | 6275000 | PRN |  | DFND | 12 | 6275000 | 0 | 0 |
| BLACKSTONE MORTGAGE TRUST INC | CONVERTIBLE BOND | 09257WAE0 |  | 6834915 | 6939000 | PRN |  | DFND | 12 | 6939000 | 0 | 0 |
| FIVE9 INC | CONVERTIBLE BOND | 338307AF8 |  | 6915195 | 7783000 | PRN |  | DFND | 12 | 7783000 | 0 | 0 |
| LIBERTY LATIN AMERICA LTD | COMMON STOCK | G9001E102 |  | 7017269 | 846474 | SH |  | DFND | 12 | 846474 | 0 | 0 |
| ALVOTECH SA | WARRANT | L01800116 |  | 7087733 | 4666667 | SH |  | DFND | 12 | 4666667 | 0 | 0 |
| BANDWIDTH INC | CONVERTIBLE BOND | 05988JAD5 |  | 7370020 | 8630000 | PRN |  | DFND | 12 | 8630000 | 0 | 0 |
| VERTEX INC | CONVERTIBLE BOND | 92538JAB2 |  | 7395000 | 7250000 | PRN |  | DFND | 12 | 7250000 | 0 | 0 |
| REDFIN CORP | CONVERTIBLE BOND | 75737FAE8 |  | 7539420 | 8120000 | PRN |  | DFND | 12 | 8120000 | 0 | 0 |
| BAUSCH HEALTH COS INC | COMMON STOCK | 071734107 |  | 8191500 | 1270000 | SH |  | DFND | 12 | 1270000 | 0 | 0 |
| ACRES COMMERCIAL REALTY CORP | COMMON STOCK | 00489Q102 |  | 8281600 | 391380 | SH |  | DFND | 12 | 391380 | 0 | 0 |
| LI AUTO INC | CONVERTIBLE BOND | 50202MAB8 |  | 8321716 | 7279000 | PRN |  | DFND | 12 | 7279000 | 0 | 0 |
| BLACKLINE INC | CONVERTIBLE BOND | 09239BAF6 |  | 8481333 | 8148000 | PRN |  | DFND | 12 | 8148000 | 0 | 0 |
| REPLIGEN CORP | CONVERTIBLE BOND | 759916AD1 |  | 8892576 | 8822000 | PRN |  | DFND | 12 | 8822000 | 0 | 0 |
| MAGNACHIP SEMICONDUCTOR CORP | COMMON STOCK | 55933J203 |  | 8920055 | 2849858 | SH |  | DFND | 12 | 2849858 | 0 | 0 |
| NEXTERA ENERGY INC | CONVERTIBLE BOND | 65339KCY4 |  | 8956727 | 7568000 | PRN |  | DFND | 12 | 7568000 | 0 | 0 |
| HAEMONETICS CORP | CONVERTIBLE BOND | 405024AB6 |  | 9084206 | 9246000 | PRN |  | DFND | 12 | 9246000 | 0 | 0 |
| DAYFORCE INC | CONVERTIBLE BOND | 15677JAD0 |  | 9192014 | 9382000 | PRN |  | DFND | 12 | 9382000 | 0 | 0 |
| EXPAND ENERGY CORP | WARRANT | 165167180 |  | 9215892 | 95294 | SH |  | DFND | 12 | 95294 | 0 | 0 |
| BLOCK INC | CONVERTIBLE BOND | 852234AJ2 |  | 9761146 | 10014000 | PRN |  | DFND | 12 | 10014000 | 0 | 0 |
| NABORS INDUSTRIES LTD | CONVERTIBLE BOND | 62957HAL9 |  | 9881410 | 12833000 | PRN |  | DFND | 12 | 12833000 | 0 | 0 |
| TRAVERE THERAPEUTICS INC | CONVERTIBLE BOND | 89422GAA5 |  | 10432987 | 9213000 | PRN |  | DFND | 12 | 9213000 | 0 | 0 |
| SMARTRENT INC | COMMON STOCK | 83193G107 |  | 10582465 | 7505294 | SH |  | DFND | 12 | 7505294 | 0 | 0 |
| BRIDGEBIO PHARMA INC | CONVERTIBLE BOND | 10806XAD4 |  | 10630605 | 10757000 | PRN |  | DFND | 12 | 10757000 | 0 | 0 |
| Indivior | COMMON STOCK | G4766E116 |  | 10692053 | 257785398 | SH |  | DFND | 12 | 257785398 | 0 | 0 |
| UPSTART HOLDINGS INC | CONVERTIBLE BOND | 91680MAB3 |  | 10899457 | 11443000 | PRN |  | DFND | 12 | 11443000 | 0 | 0 |
| SHAKE SHACK INC | CONVERTIBLE BOND | 819047AB7 |  | 11152167 | 11716000 | PRN |  | DFND | 12 | 11716000 | 0 | 0 |
| SNAP INC | CONVERTIBLE BOND | 83304AAF3 |  | 12003623 | 12977000 | PRN |  | DFND | 12 | 12977000 | 0 | 0 |
| GUARDANT HEALTH INC | CONVERTIBLE BOND | 40131MAD1 |  | 12053726 | 9240000 | PRN |  | DFND | 12 | 9240000 | 0 | 0 |
| FLUOR CORP | CONVERTIBLE BOND | 343412AJ1 |  | 12450019 | 10471000 | PRN |  | DFND | 12 | 10471000 | 0 | 0 |
| ENPHASE ENERGY INC | CONVERTIBLE BOND | 29355AAH0 |  | 12766779 | 13060000 | PRN |  | DFND | 12 | 13060000 | 0 | 0 |
| ALVOTECH SA | COMMON STOCK | L01800108 |  | 12806506 | 1563676 | SH |  | DFND | 12 | 1563676 | 0 | 0 |
| DEXCOM INC | CONVERTIBLE BOND | 252131AK3 |  | 12875499 | 12963000 | PRN |  | DFND | 12 | 12963000 | 0 | 0 |
| TETRA TECH INC | CONVERTIBLE BOND | 88162GAB9 |  | 12902043 | 11905000 | PRN |  | DFND | 12 | 11905000 | 0 | 0 |
| MERITAGE HOMES CORP | CONVERTIBLE BOND | 59001ABF8 |  | 13056327 | 12695000 | PRN |  | DFND | 12 | 12695000 | 0 | 0 |
| SNAP INC | CONVERTIBLE BOND | 83304AAH9 |  | 13697727 | 15339000 | PRN |  | DFND | 12 | 15339000 | 0 | 0 |
| SHIFT4 PAYMENTS INC | CONVERTIBLE BOND | 82452JAD1 |  | 14348856 | 14544000 | PRN |  | DFND | 12 | 14544000 | 0 | 0 |
| PARSONS CORP | CONVERTIBLE BOND | 70202LAD4 |  | 14749675 | 12910000 | PRN |  | DFND | 12 | 12910000 | 0 | 0 |
| SPECTRUM BRANDS HOLDINGS INC | CONVERTIBLE BOND | 84762LAZ8 |  | 15113916 | 16221000 | PRN |  | DFND | 12 | 16221000 | 0 | 0 |
| WEC ENERGY GROUP INC | CONVERTIBLE BOND | 92939UAR7 |  | 15256805 | 12414000 | PRN |  | DFND | 12 | 12414000 | 0 | 0 |
| AMPHASTAR PHARMACEUTICALS INC | CONVERTIBLE BOND | 03209RAB9 |  | 16245661 | 17825000 | PRN |  | DFND | 12 | 17825000 | 0 | 0 |
| LIVANOVA PLC | CONVERTIBLE BOND | 53802LAB8 |  | 16252986 | 15085000 | PRN |  | DFND | 12 | 15085000 | 0 | 0 |
| COINBASE GLOBAL INC | CONVERTIBLE BOND | 19260QAF4 |  | 16382842 | 13010000 | PRN |  | DFND | 12 | 13010000 | 0 | 0 |
| OKTA INC | CONVERTIBLE BOND | 679295AF2 |  | 16491373 | 16906000 | PRN |  | DFND | 12 | 16906000 | 0 | 0 |
| MGP INGREDIENTS INC | CONVERTIBLE BOND | 55303JAB2 |  | 16554739 | 17275000 | PRN |  | DFND | 12 | 17275000 | 0 | 0 |
| PPL CORP | CONVERTIBLE BOND | 69352PAS2 |  | 17978885 | 15733000 | PRN |  | DFND | 12 | 15733000 | 0 | 0 |
| ALTICE USA INC | COMMON STOCK | 02156K103 |  | 18075000 | 7500000 | SH |  | DFND | 12 | 7500000 | 0 | 0 |
| MKS INC | CONVERTIBLE BOND | 55306NAB0 |  | 18333737 | 16705000 | PRN |  | DFND | 12 | 16705000 | 0 | 0 |
| BIOMARIN PHARMACEUTICAL INC | CONVERTIBLE BOND | 09061GAK7 |  | 18742909 | 19719000 | PRN |  | DFND | 12 | 19719000 | 0 | 0 |
| CMS ENERGY CORP | CONVERTIBLE BOND | 125896BX7 |  | 19033942 | 17343000 | PRN |  | DFND | 12 | 17343000 | 0 | 0 |
| TELECOM ARGENTINA SA | COMMON STOCK | 879273209 |  | 19116341 | 2629483 | SH |  | DFND | 12 | 2629483 | 0 | 0 |
| FIRST MAJESTIC SILVER CORP | CONVERTIBLE BOND | 32076VAD5 |  | 19679744 | 18133000 | PRN |  | DFND | 12 | 18133000 | 0 | 0 |
| JAZZ PHARMACEUTICALS PLC | CONVERTIBLE BOND | 472145AH4 |  | 19856300 | 16700000 | PRN |  | DFND | 12 | 16700000 | 0 | 0 |
| ARRAY TECHNOLOGIES INC | CONVERTIBLE BOND | 04271TAB6 |  | 21467508 | 24689000 | PRN |  | DFND | 12 | 24689000 | 0 | 0 |
| AEROVIRONMENT INC | CONVERTIBLE BOND | 008073AA6 |  | 22052764 | 17763000 | PRN |  | DFND | 12 | 17763000 | 0 | 0 |
| VALE SA | COMMON STOCK | 91912E105 |  | 22086047 | 2033706 | SH |  | DFND | 12 | 2033706 | 0 | 0 |
| JBS NV | COMMON STOCK | N4732M103 |  | 23595371 | 1580400 | SH |  | DFND | 12 | 1580400 | 0 | 0 |
| CRACKER BARREL OLD COUNTRY STORE INC | CONVERTIBLE BOND | 22410JAB2 |  | 23800659 | 24773000 | PRN |  | DFND | 12 | 24773000 | 0 | 0 |
| ENVISTA HOLDINGS CORP | CONVERTIBLE BOND | 29415FAD6 |  | 24093579 | 25479000 | PRN |  | DFND | 12 | 25479000 | 0 | 0 |
| OAKTREE SPECIALTY LENDING CORP | COMMON STOCK | 67401P405 |  | 24174550 | 1852456 | SH |  | DFND | 12 | 1852456 | 0 | 0 |
| ALARM.COM HOLDINGS INC | CONVERTIBLE BOND | 011642AB1 |  | 24484673 | 24757000 | PRN |  | DFND | 12 | 24757000 | 0 | 0 |
| ENPHASE ENERGY INC | CONVERTIBLE BOND | 29355AAK3 |  | 24860834 | 28622000 | PRN |  | DFND | 12 | 28622000 | 0 | 0 |
| ECOVYST INC | COMMON STOCK | 27923Q109 |  | 25045032 | 2859022 | SH |  | DFND | 12 | 2859022 | 0 | 0 |
| SEA LTD | COMMON STOCK | 81141R100 |  | 25266702 | 141368 | SH |  | DFND | 12 | 141368 | 0 | 0 |
| JD.COM INC | CONVERTIBLE BOND | 47215PAJ5 |  | 25655217 | 23821000 | PRN |  | DFND | 12 | 23821000 | 0 | 0 |
| PEBBLEBROOK HOTEL TRUST | CONVERTIBLE BOND | 70509VAA8 |  | 25861496 | 26176000 | PRN |  | DFND | 12 | 26176000 | 0 | 0 |
| SUMMIT HOTEL PROPERTIES INC | CONVERTIBLE BOND | 866082AA8 |  | 28984664 | 29441000 | PRN |  | DFND | 12 | 29441000 | 0 | 0 |
| NABORS INDUSTRIES LTD | COMMON STOCK | G6359F137 |  | 30125767 | 737112 | SH |  | DFND | 12 | 737112 | 0 | 0 |
| SAREPTA THERAPEUTICS INC | CONVERTIBLE BOND | 803607AD2 |  | 30815489 | 34930000 | PRN |  | DFND | 12 | 34930000 | 0 | 0 |
| TERNIUM SA | COMMON STOCK | 880890108 |  | 31170487 | 897509 | SH |  | DFND | 12 | 897509 | 0 | 0 |
| MARRIOTT VACATIONS WORLDWIDE CORP | CONVERTIBLE BOND | 57164YAF4 |  | 34244642 | 35832000 | PRN |  | DFND | 12 | 35832000 | 0 | 0 |
| ETSY INC | CONVERTIBLE BOND | 29786AAN6 |  | 34836547 | 39330000 | PRN |  | DFND | 12 | 39330000 | 0 | 0 |
| SEA LTD | CONVERTIBLE BOND | 81141RAG5 |  | 35554285 | 37028000 | PRN |  | DFND | 12 | 37028000 | 0 | 0 |
| ARRAY DIGITAL INFRASTRUCTURE INC | COMMON STOCK | 911684108 |  | 36229444 | 724444 | SH |  | DFND | 12 | 724444 | 0 | 0 |
| STAR BULK CARRIERS CORP | COMMON STOCK | Y8162K204 |  | 36490162 | 1962892 | SH |  | DFND | 12 | 1962892 | 0 | 0 |
| CALIFORNIA RESOURCES CORP | COMMON STOCK | 13057Q305 |  | 36933616 | 694502 | SH |  | DFND | 12 | 694502 | 0 | 0 |
| TELADOC HEALTH INC | CONVERTIBLE BOND | 87918AAF2 |  | 38158859 | 40638000 | PRN |  | DFND | 12 | 40638000 | 0 | 0 |
| XP INC | COMMON STOCK | G98239109 |  | 38197758 | 2032877 | SH |  | DFND | 12 | 2032877 | 0 | 0 |
| KANZHUN LTD | COMMON STOCK | 48553T106 |  | 38393841 | 1643572 | SH |  | DFND | 12 | 1643572 | 0 | 0 |
| AIRBNB INC | CONVERTIBLE BOND | 009066AB7 |  | 38565940 | 39353000 | PRN |  | DFND | 12 | 39353000 | 0 | 0 |
| CONMED CORP | CONVERTIBLE BOND | 207410AH4 |  | 38649661 | 40513000 | PRN |  | DFND | 12 | 40513000 | 0 | 0 |
| ECHOSTAR CORP | COMMON STOCK | 278768106 |  | 45816000 | 600000 | SH |  | DFND | 12 | 600000 | 0 | 0 |
| BAUSCH LOMB CORP | COMMON STOCK | 071705107 |  | 48908765 | 3245439 | SH |  | DFND | 12 | 3245439 | 0 | 0 |
| FULL TRUCK ALLIANCE CO LTD | COMMON STOCK | 35969L108 |  | 49256130 | 3797697 | SH |  | DFND | 12 | 3797697 | 0 | 0 |
| LIBERTY LATIN AMERICA LTD | COMMON STOCK | G9001E128 |  | 56293306 | 6669823 | SH |  | DFND | 12 | 6669823 | 0 | 0 |
| CABLE ONE INC | CONVERTIBLE BOND | 12685JAE5 |  | 57365743 | 58746000 | PRN |  | DFND | 12 | 58746000 | 0 | 0 |
| FREEPORT-MCMORAN INC | COMMON STOCK | 35671D857 |  | 59020805 | 1504865 | SH |  | DFND | 12 | 1504865 | 0 | 0 |
| VISTA ENERGY SAB DE CV | COMMON STOCK | 92837L109 |  | 63341373 | 1841319 | SH |  | DFND | 12 | 1841319 | 0 | 0 |
| JETBLUE AIRWAYS CORP | CONVERTIBLE BOND | 477143AP6 |  | 66644139 | 68263000 | PRN |  | DFND | 12 | 68263000 | 0 | 0 |
| NU HOLDINGS LTD/CAYMAN ISLANDS | COMMON STOCK | G6683N103 |  | 72347332 | 4518884 | SH |  | DFND | 12 | 4518884 | 0 | 0 |
| GRAB HOLDINGS LTD | COMMON STOCK | G4124C109 |  | 72808859 | 12094495 | SH |  | DFND | 12 | 12094495 | 0 | 0 |
| KILROY REALTY CORP | COMMON STOCK | 49427F108 |  | 78162964 | 1850011 | SH |  | DFND | 12 | 1850011 | 0 | 0 |
| RUNWAY GROWTH FINANCE CORP | COMMON STOCK | 78163D100 |  | 84121427 | 8279667 | SH |  | DFND | 12 | 8279667 | 0 | 0 |
| TRANSALTA CORP | COMMON STOCK | 89346D107 |  | 87648382 | 6415253 | SH |  | DFND | 12 | 6415253 | 0 | 0 |
| NOKIA OYJ | COMMON STOCK | 654902204 |  | 90198221 | 18752229 | SH |  | DFND | 12 | 18752229 | 0 | 0 |
| CBL  ASSOCIATES PROPERTIES INC | COMMON STOCK | 124830878 |  | 91896783 | 3005126 | SH |  | DFND | 12 | 3005126 | 0 | 0 |
| ITAU UNIBANCO HOLDING SA | COMMON STOCK | 465562106 |  | 92966986 | 12665801 | SH |  | DFND | 12 | 12665801 | 0 | 0 |
| CEMEX SAB DE CV | COMMON STOCK | 151290889 |  | 93934927 | 10448824 | SH |  | DFND | 12 | 10448824 | 0 | 0 |
| FTAI AVIATION LTD | COMMON STOCK | G3730V105 |  | 97642300 | 585175 | SH |  | DFND | 12 | 585175 | 0 | 0 |
| LIBERTY GLOBAL LTD | COMMON STOCK | G61188101 |  | 97996648 | 8551191 | SH |  | DFND | 12 | 8551191 | 0 | 0 |
| BARRICK MINING CORP | COMMON STOCK | 06849F108 |  | 108209358 | 3302086 | SH |  | DFND | 12 | 3302086 | 0 | 0 |
| CORE SCIENTIFIC INC | COMMON STOCK | 21874A106 |  | 114828701 | 6400708 | SH |  | DFND | 12 | 6400708 | 0 | 0 |
| SUNOPTA INC | COMMON STOCK | 8676EP108 |  | 121426116 | 20726126 | SH |  | DFND | 12 | 20726126 | 0 | 0 |
| TALEN ENERGY CORP | COMMON STOCK | 87422Q109 |  | 123835349 | 291117 | SH |  | DFND | 12 | 291117 | 0 | 0 |
| TELEPHONE AND DATA SYSTEMS INC | COMMON STOCK | 879433829 |  | 144732266 | 3688386 | SH |  | DFND | 12 | 3688386 | 0 | 0 |
| VIPER ENERGY INC | COMMON STOCK | 64361Q101 |  | 240215074 | 6285062 | SH |  | DFND | 12 | 6285062 | 0 | 0 |
| ANGLOGOLD ASHANTI PLC | COMMON STOCK | G0378L100 |  | 294349406 | 4185261 | SH |  | DFND | 12 | 4185261 | 0 | 0 |
| GARRETT MOTION INC | COMMON STOCK | 366505105 |  | 434407393 | 31894816 | SH |  | DFND | 12 | 31894816 | 0 | 0 |
| EXPAND ENERGY CORP | COMMON STOCK | 165167735 |  | 537825445 | 5062363 | SH |  | DFND | 12 | 5062363 | 0 | 0 |
| TORM PLC | COMMON STOCK | G89479102 |  | 834580551 | 40581120 | SH |  | DFND | 12 | 40581120 | 0 | 0 |

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