# EDGAR Filing Document

**Accession Number:** 0001009012
**File Stem:** 0001420506-25-002116
**Filing Date:** 2025-8
**Character Count:** 21306
**Document Hash:** c57dc315329e7e1319756f273774c6d2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001420506-25-002116.hdr.sgml**: 20250814

**ACCESSION NUMBER**: 0001420506-25-002116

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

**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:** ZAZOVE ASSOCIATES LLC
- **CENTRAL INDEX KEY:** 0001009012

**ORGANIZATION NAME:**
- **EIN:** 363984373
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-05338
- **FILM NUMBER:** 251216237

**BUSINESS ADDRESS:**
- **STREET 1:** 1001 TAHOE BLVD.
- **CITY:** INCLINE VILLAGE
- **STATE:** NV
- **ZIP:** 89451
- **BUSINESS PHONE:** 77529897500

**MAIL ADDRESS:**
- **STREET 1:** 1001 TAHOE BLVD.
- **CITY:** INCLINE VILLAGE
- **STATE:** NV
- **ZIP:** 89451

### FORM 13F COVER PAGE

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

**Check here if Amendment** [x] **Amendment Number:** 1

**This Amendment (Check only one.):** [x] is a restatement.

[ ] adds new holdings entries.

**Institutional Investment Manager Filing this Report:**

**Name:** ZAZOVE ASSOCIATES LLC<br>**Address:** 1001 TAHOE BLVD.<br>INCLINE VILLAGE, NV 89451

**Form 13F File Number:** 028-05338

**CRD Number (if applicable):** 000104751

**SEC File Number (if applicable):** 801-34818

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:** Sam Ginocchio<br>**Title:** Chief Compliance Officer<br>**Phone:** 7752987500

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

Sam Ginocchio Chief Compliance Officer  INCLINE VILLAGE, NV  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:** 0

**Form 13F Information Table Entry Total:** 168

**Form 13F Information Table Value Total:** $1228070924

      (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 |
| ADAM NAT RES FD INC | COM | 00548F105 |  | 19404 | 908 | SH |  | SOLE |  | 908 | 0 | 0 |
| ADVANCED ENERGY INDS | NOTE  2.500% 9/1 | 007973AE0 |  | 45373821 | 37815000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| AIRJOULE TECHNOLOGIES CORP | *W EXP 03/15/202 | 612160119 |  | 5592 | 9100 | SH |  | SOLE |  | 9100 | 0 | 0 |
| AKAMAI TECHNOLOGIES INC | NOTE  1.125% 2/1 | 00971TAN1 |  | 6247291 | 6580000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| ALGOMA STL GROUP INC | *W EXP 10/19/202 | 015658115 |  | 4813 | 10000 | SH |  | SOLE |  | 10000 | 0 | 0 |
| ALIGN TECHNOLOGY INC | PUT | 016255951 |  | 12250 | 5000 | SH | Put | SOLE |  | 5000 | 0 | 0 |
| ALLIANCEBERNSTEIN HLDG L P | CALL | 01881G906 |  | 87620 | 67400 | SH | Call | SOLE |  | 67400 | 0 | 0 |
| ALLIANT ENERGY CORP | NOTE  3.875% 3/1 | 018802AC2 |  | 5149197 | 5000000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| ALNYLAM PHARMACEUTICALS INC | NOTE  1.000% 9/1 | 02043QAB3 |  | 23237211 | 17845000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| AMERICAN AIRLINES GROUP INC | NOTE  6.500% 7/0 | 02376RAF9 |  | 2000258 | 2000000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| AMERICAN WTR CAP CORP | NOTE  3.625% 6/1 | 03040WBE4 |  | 28439248 | 28305000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| APPLE INC | PUT | 037833950 |  | 73525 | 17000 | SH | Put | SOLE |  | 17000 | 0 | 0 |
| ARBOR REALTY TRUST INC | NOTE  7.500% 8/0 | 038923BA5 |  | 374635 | 375000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| ARCHER AVIATION INC | *W EXP 09/16/202 | 03945R110 |  | 324000 | 100000 | SH |  | SOLE |  | 100000 | 0 | 0 |
| ARK ETF TR | PUT | 00214Q954 |  | 77250 | 30000 | SH | Put | SOLE |  | 30000 | 0 | 0 |
| ARKO CORP | *W EXP 12/22/202 | 041242116 |  | 8253 | 727117 | SH |  | SOLE |  | 727117 | 0 | 0 |
| ARRAY TECHNOLOGIES INC | NOTE  1.000%12/0 | 04271TAB6 |  | 390134 | 495000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| ASCENDIS PHARMA A/S | NOTE  2.250% 4/0 | 04351PAD3 |  | 9380759 | 7470000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| B2GOLD CORP | CALL | 11777Q909 |  | 421800 | 351500 | SH | Call | SOLE |  | 351500 | 0 | 0 |
| BANDWIDTH INC | NOTE  0.500% 4/0 | 05988JAD5 |  | 96761 | 115000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| BLACKSTONE MORTGAGE TRUST IN | NOTE  5.500% 3/1 | 09257WAE0 |  | 377536 | 385000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| BLOCK INC | NOTE         5/0 | 852234AJ2 |  | 110198 | 115000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| BLOOM ENERGY CORP | NOTE  3.000% 6/0 | 093712AK3 |  | 5934493 | 4000000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| BOFA FIN LLC | MTNF  0.600% 5/2 | 09709UV70 |  | 56832888 | 57757000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| BRAEMAR HOTELS  RESORTS INC | NOTE  4.500% 6/0 | 10482BAB7 |  | 17233000 | 18140000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| BRAEMAR HOTELS  RESORTS INC | COM | 10482B101 |  | 5117281 | 2088686 | SH |  | SOLE |  | 2088686 | 0 | 0 |
| BRC INC | COM CL A | 05601U105 |  | 338008 | 258021 | SH |  | SOLE |  | 258021 | 0 | 0 |
| BROOKDALE SR LIVING INC | NOTE  2.000%10/1 | 112463AC8 |  | 14259237 | 13531000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| CABLE ONE INC | NOTE         3/1 | 12685JAE5 |  | 334256 | 353000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| CABLE ONE INC | NOTE  1.125% 3/1 | 12685JAG0 |  | 238918 | 310000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| CAPRI HOLDINGS LIMITED | SHS | G1890L107 |  | 442500 | 25000 | SH |  | SOLE |  | 25000 | 0 | 0 |
| CIRCLE INTERNET GROUP INC | PUT | 172573957 |  | 81250 | 2500 | SH | Put | SOLE |  | 2500 | 0 | 0 |
| CLEAR CHANNEL OUTDOOR HLDGS | COM | 18453H106 |  | 1789871 | 1529804 | SH |  | SOLE |  | 1529804 | 0 | 0 |
| CMS ENERGY CORP | NOTE  3.375% 5/0 | 125896BX7 |  | 5296345 | 4975000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| COINBASE GLOBAL INC | NOTE  0.250% 4/0 | 19260QAF4 |  | 2620835 | 2000000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| COINBASE GLOBAL INC | NOTE  0.500% 6/0 | 19260QAB3 |  | 2315715 | 2000000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| COMPLETE SOLARIA INC | *W EXP 07/31/202 | 20460L112 |  | 6607 | 25171 | SH |  | SOLE |  | 25171 | 0 | 0 |
| COREWEAVE INC | PUT | 21873S958 |  | 66750 | 2500 | SH | Put | SOLE |  | 2500 | 0 | 0 |
| CVR PARTNERS LP | COM | 126633205 |  | 6902868 | 77700 | SH |  | SOLE |  | 77700 | 0 | 0 |
| DICKS SPORTING GOODS INC | PUT | 253393952 |  | 201750 | 15000 | SH | Put | SOLE |  | 15000 | 0 | 0 |
| DIREXION SHS ETF TR | DAILY TSLA 2X SH | 25460G286 |  | 262500 | 100000 | SH | Put | SOLE |  | 100000 | 0 | 0 |
| DRAFTKINGS INC NEW | CALL | 26142V905 |  | 170000 | 50000 | SH | Call | SOLE |  | 50000 | 0 | 0 |
| DUKE ENERGY CORP NEW | NOTE  4.125% 4/1 | 26441CBY0 |  | 57798849 | 54545000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| EL PASO ENERGY CAP TR I | PFD CV TR SEC 28 | 283678209 |  | 64868 | 1321 | SH |  | SOLE |  | 1321 | 0 | 0 |
| ENERGY TRANSFER L P | COM UT LTD PTN | 29273V100 |  | 90650 | 5000 | SH |  | SOLE |  | 5000 | 0 | 0 |
| ENOVIS CORPORATION | NOTE  3.875%10/1 | 194014AB2 |  | 11197324 | 11315000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| ENOVIX CORPORATION | COM | 293594107 |  | 517000 | 50000 | SH |  | SOLE |  | 50000 | 0 | 0 |
| ENPHASE ENERGY INC | NOTE         3/0 | 29355AAH0 |  | 383349 | 400000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| EOS ENERGY ENTERPRISES INC | COM CL A | 29415C101 |  | 896000 | 175000 | SH |  | SOLE |  | 175000 | 0 | 0 |
| EPR PPTYS | CONV PFD 9% SR E | 26884U307 |  | 25130 | 807 | SH |  | SOLE |  | 807 | 0 | 0 |
| EQUINOX GOLD CORP | NOTE  4.750%10/1 | 29446YAC0 |  | 16987783 | 13846000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| EQUINOX GOLD CORP | COM | 29446Y502 |  | 460000 | 80000 | SH |  | SOLE |  | 80000 | 0 | 0 |
| EQUINOX GOLD CORP | CALL | 29446Y902 |  | 135000 | 100000 | SH | Call | SOLE |  | 100000 | 0 | 0 |
| EQUINOX GOLD CORP | CALL | 29446Y902 |  | 40000 | 50000 | SH | Call | SOLE |  | 50000 | 0 | 0 |
| ESPERION THERAPEUTICS INC NE | NOTE  4.000%11/1 | 29664WAB1 |  | 368953 | 375000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| EVENTBRITE INC | NOTE  0.750% 9/1 | 29975EAD1 |  | 369694 | 410000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| EVERGY INC | NOTE  4.500%12/1 | 30034WAD8 |  | 33424236 | 28624000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| EXPEDIA GROUP INC | NOTE         2/1 | 30212PBE4 |  | 6139094 | 6292000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| FIRST TR EXCHANGE-TRADED FD | PUT | 33735T959 |  | 2740 | 13700 | SH | Put | SOLE |  | 13700 | 0 | 0 |
| FIVE9 INC | NOTE  1.000% 3/1 | 338307AF8 |  | 1832581 | 2090000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| FLUOR CORP | NOTE  1.125% 8/1 | 343412AJ1 |  | 30135934 | 22965000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| GCT SEMICONDUCTOR HLDG INC | *W EXP 03/01/202 | 36170N115 |  | 64825 | 668646 | SH |  | SOLE |  | 668646 | 0 | 0 |
| GDL FD | COM SH BEN IT | 361570104 |  | 1005575 | 120522 | SH |  | SOLE |  | 120522 | 0 | 0 |
| GLOBAL PMTS INC | NOTE  1.500% 3/0 | 37940XAU6 |  | 53675098 | 59925000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| GOLD ROYALTY CORP | COMMON SHARES | 38071H106 |  | 1237600 | 560000 | SH |  | SOLE |  | 560000 | 0 | 0 |
| GRANITE CONSTR INC | NOTE  3.250% 6/1 | 387328AF4 |  | 17469158 | 12750000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| GRANITE RIDGE RESOURCES INC | COM | 387432107 |  | 5194225 | 815420 | SH |  | SOLE |  | 815420 | 0 | 0 |
| GROUPON INC | NOTE  6.250% 3/1 | 399473AH0 |  | 2819519 | 2000000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| HAEMONETICS CORP MASS | NOTE  2.500% 6/0 | 405024AD2 |  | 42442919 | 42625000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| HAEMONETICS CORP MASS | NOTE         3/0 | 405024AB6 |  | 369091 | 382000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| HELIX ENERGY SOLUTIONS GRP I | COM | 42330P107 |  | 189696 | 30400 | SH |  | SOLE |  | 30400 | 0 | 0 |
| HUDSON TECHNOLOGIES INC | COM | 444144109 |  | 456750 | 56250 | SH |  | SOLE |  | 56250 | 0 | 0 |
| IDEXX LABS INC | PUT | 45168D954 |  | 118750 | 12500 | SH | Put | SOLE |  | 12500 | 0 | 0 |
| ISHARES SILVER TR | CALL | 46428Q909 |  | 17357 | 8700 | SH | Call | SOLE |  | 8700 | 0 | 0 |
| ITRON INC | NOTE  1.375% 7/1 | 465741AQ9 |  | 35081302 | 29430000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| ITRON INC | NOTE         3/1 | 465741AN6 |  | 515660 | 455000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| JASPER THERAPEUTICS INC | *W EXP 09/24/202 | 471871111 |  | 6215 | 65456 | SH |  | SOLE |  | 65456 | 0 | 0 |
| JAZZ INVESTMENTS I LTD | NOTE  2.000% 6/1 | 472145AF8 |  | 476191 | 470000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| JD.COM INC | NOTE  0.250% 6/0 | 47215PAJ5 |  | 2634221 | 2520000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| JETBLUE AIRWAYS CORP | NOTE  0.500% 4/0 | 477143AP6 |  | 378803 | 400000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| JOBY AVIATION INC | *W EXP 08/10/202 | G65163118 |  | 346550 | 145000 | SH |  | SOLE |  | 145000 | 0 | 0 |
| KAYNE ANDERSON ENERGY INFRST | COM | 486606106 |  | 6175980 | 485533 | SH |  | SOLE |  | 485533 | 0 | 0 |
| KOSMOS ENERGY LTD | NOTE  3.125% 3/1 | 500688AH9 |  | 6226618 | 9050000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| LANTHEUS HLDGS INC | NOTE  2.625%12/1 | 516544AB9 |  | 3178296 | 2500000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| LANVIN GROUP HOLDINGS LIMITE | *W EXP 01/14/202 | G5380J118 |  | 25162 | 1334846 | SH |  | SOLE |  | 1334846 | 0 | 0 |
| LIBERTY MEDIA CORP DEL | NOTE  2.250% 8/1 | 531229AQ5 |  | 3918049 | 2920000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| LIBERTY MEDIA CORP DEL | NOTE  3.750% 3/1 | 531229AP7 |  | 3446771 | 3300000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| LIBERTY MEDIA CORP DEL | DEB   3.750% 2/1 | 530715AL5 |  | 22257 | 220000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| LUCID GROUP INC | PUT | 549498953 |  | 95049 | 106200 | SH | Put | SOLE |  | 106200 | 0 | 0 |
| LUXEXPERIENCE BV | SPONSORED ADS | 55406W103 |  | 984338 | 123972 | SH |  | SOLE |  | 123972 | 0 | 0 |
| LYFT INC | NOTE  0.625% 3/0 | 55087PAD6 |  | 2683896 | 2500000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| MARRIOTT VACATIONS WORLDWIDE | NOTE         1/1 | 57164YAD9 |  | 252174 | 260000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| MEDICAL PPTYS TRUST INC | PUT | 58463J954 |  | 109500 | 150000 | SH | Put | SOLE |  | 150000 | 0 | 0 |
| MERITAGE HOMES CORP | NOTE  1.750% 5/1 | 59001ABF8 |  | 21207589 | 21775000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| MGP INGREDIENTS INC NEW | NOTE  1.875%11/1 | 55303JAB2 |  | 3787255 | 4000000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| MIDDLEBY CORP | NOTE  1.000% 9/0 | 596278AB7 |  | 28388045 | 25305000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| MKS INC. | NOTE  1.250% 6/0 | 55306NAB0 |  | 41892687 | 42355000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| MP MATERIALS CORP | CALL | 553368901 |  | 4920 | 1200 | SH | Call | SOLE |  | 1200 | 0 | 0 |
| NATIONAL CINEMEDIA INC | COM NEW | 635309206 |  | 329974 | 68106 | SH |  | SOLE |  | 68106 | 0 | 0 |
| NCL CORP LTD | NOTE  5.375% 8/0 | 62886HAX9 |  | 1584762 | 1425000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| NCL CORP LTD | NOTE  2.500% 2/1 | 62886HBK6 |  | 1498398 | 1500000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| NET POWER INC | *W EXP 06/08/202 | 64107A113 |  | 498817 | 1425190 | SH |  | SOLE |  | 1425190 | 0 | 0 |
| NEXTNAV INC | *W EXP 99/99/999 | 65345N114 |  | 34925 | 5500 | SH |  | SOLE |  | 5500 | 0 | 0 |
| NORTHERN OIL  GAS INC | NOTE  3.625% 4/1 | 665531AJ8 |  | 13361088 | 12740000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| NOVOCURE LTD | NOTE        11/0 | 67011XAB9 |  | 154530 | 158000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| NUTANIX INC | NOTE  0.250%10/0 | 67059NAH1 |  | 2296896 | 1630000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| NWTN INC | *W EXP 12/31/202 | G6693P114 |  | 3067 | 64571 | SH |  | SOLE |  | 64571 | 0 | 0 |
| OIL STS INTL INC | NOTE  4.750% 4/0 | 678026AK1 |  | 371047 | 375000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| OKTA INC | NOTE  0.375% 6/1 | 679295AF2 |  | 232165 | 242000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| ON SEMICONDUCTOR CORP | NOTE  0.500% 3/0 | 682189AU9 |  | 3705412 | 4000000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| OPKO HEALTH INC | NOTE  3.750% 1/1 | 68375NAG8 |  | 8471960 | 6128000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| OPKO HEALTH INC | COM | 68375N103 |  | 274032 | 207600 | SH |  | SOLE |  | 207600 | 0 | 0 |
| OSISKO DEVELOPMENT CORP | COM NEW | 68828E809 |  | 428000 | 200000 | SH |  | SOLE |  | 200000 | 0 | 0 |
| PACIRA BIOSCIENCES INC | NOTE  0.750% 8/0 | 695127AF7 |  | 397934 | 400000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| PARSONS CORP DEL | NOTE  2.625% 3/0 | 70202LAD4 |  | 75153912 | 70531000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| PAYPAL HLDGS INC | PUT | 70450Y953 |  | 40078 | 39100 | SH | Put | SOLE |  | 39100 | 0 | 0 |
| PEABODY ENGR CORP | NOTE  3.250% 3/0 | 704551AD2 |  | 15729918 | 15265000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| PENNYMAC CORP | NOTE  5.500% 3/1 | 70932AAF0 |  | 380563 | 382000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| PG CORP | NOTE  4.250%12/0 | 69331CAL2 |  | 7400057 | 7450000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| PLUG POWER INC | PUT | 72919P952 |  | 99000 | 450000 | SH | Put | SOLE |  | 450000 | 0 | 0 |
| POST HLDGS INC | NOTE  2.500% 8/1 | 737446AT1 |  | 2281634 | 2000000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| PPL CAP FDG INC | NOTE  2.875% 3/1 | 69352PAS2 |  | 46131081 | 42720000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| PSQ HOLDINGS INC | *W EXP 07/19/202 | 693691115 |  | 91034 | 454488 | SH |  | SOLE |  | 454488 | 0 | 0 |
| PURECYCLE TECHNOLOGIES INC | *W EXP 03/17/202 | 74623V111 |  | 1749435 | 400787 | SH |  | SOLE |  | 400787 | 0 | 0 |
| REPLIGEN CORP | NOTE  1.000%12/1 | 759916AD1 |  | 26811571 | 26950000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| RINGCENTRAL INC | NOTE         3/1 | 76680RAH0 |  | 128820 | 134000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| RIVIAN AUTOMOTIVE INC | NOTE  4.625% 3/1 | 76954AAB9 |  | 4072353 | 4000000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| RLJ LODGING TR | CUM CONV PFD A | 74965L200 |  | 220299 | 9266 | SH |  | SOLE |  | 9266 | 0 | 0 |
| ROADZEN INC | *W EXP 11/30/202 | G7606H116 |  | 7831 | 150602 | SH |  | SOLE |  | 150602 | 0 | 0 |
| RUMBLE INC | *W EXP 09/16/202 | 78137L113 |  | 3352383 | 1086672 | SH |  | SOLE |  | 1086672 | 0 | 0 |
| SEA LTD | NOTE  0.250% 9/1 | 81141RAG5 |  | 79345 | 84000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| SHIFT4 PMTS INC | NOTE  0.500% 8/0 | 82452JAD1 |  | 14490221 | 13530000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| SILVERCORP METALS INC | CALL | 82835P903 |  | 180600 | 103200 | SH | Call | SOLE |  | 103200 | 0 | 0 |
| SNAP INC | NOTE  0.125% 3/0 | 83304AAH9 |  | 398948 | 460000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| SNAP INC | PUT | 83304A956 |  | 52500 | 100000 | SH | Put | SOLE |  | 100000 | 0 | 0 |
| SOLAREDGE TECHNOLOGIES INC | NOTE         9/1 | 83417MAD6 |  | 388770 | 400000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| SOUTHERN CO | NOTE  4.500% 6/1 | 842587DZ7 |  | 37923289 | 34495000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| SOUTHERN CO | NOTE  3.875%12/1 | 842587DP9 |  | 917304 | 830000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| SPDR S 500 ETF TR | PUT | 78462F953 |  | 7963 | 17500 | SH | Put | SOLE |  | 17500 | 0 | 0 |
| SPDR S 500 ETF TR | PUT | 78462F953 |  | 2550 | 6000 | SH | Put | SOLE |  | 6000 | 0 | 0 |
| SPDR S 500 ETF TR | PUT | 78462F953 |  | 123 | 3500 | SH | Put | SOLE |  | 3500 | 0 | 0 |
| SPDR SERIES TRUST | S RETAIL ETF | 78464A714 |  | 245250 | 75000 | SH | Put | SOLE |  | 75000 | 0 | 0 |
| SPOTIFY USA INC | NOTE         3/1 | 84921RAB6 |  | 7281968 | 4805000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| SSR MINING IN | NOTE  2.500% 4/0 | 784730AB9 |  | 452605 | 430000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| SUMMIT HOTEL PPTYS | NOTE  1.500% 2/1 | 866082AA8 |  | 96625 | 100000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| SUNOPTA INC | COM | 8676EP108 |  | 1213174 | 209168 | SH |  | SOLE |  | 209168 | 0 | 0 |
| T1 ENERGY INC | *W EXP 07/09/202 | 35834F112 |  | 18686 | 186863 | SH |  | SOLE |  | 186863 | 0 | 0 |
| TETRA TECH INC NEW | DBCV  2.250% 8/1 | 88162GAB9 |  | 75952937 | 67419000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| TH INTERNATIONAL LIMITED | SHS NEW | G8656L130 |  | 754373 | 254426 | SH |  | SOLE |  | 254426 | 0 | 0 |
| THE REALREAL INC | NOTE  1.000% 3/0 | 88339PAD3 |  | 254212 | 315000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| THE REALREAL INC | COM | 88339P101 |  | 941695 | 196596 | SH |  | SOLE |  | 196596 | 0 | 0 |
| TRANSMEDICS GROUP INC | NOTE  1.500% 6/0 | 89377MAB5 |  | 4016655 | 2500000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| TYLER TEX INDPT SCH DIST | NOTE  0.250% 3/1 | 902252AB1 |  | 56009564 | 45420000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| UBER TECHNOLOGIES INC | NOTE  0.875%12/0 | 90353TAM2 |  | 6783175 | 4750000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| UBER TECHNOLOGIES INC | NOTE        12/1 | 90353TAJ9 |  | 539470 | 450000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| URBAN ONE INC | CL D NON VTG | 91705J204 |  | 3121113 | 4899707 | SH |  | SOLE |  | 4899707 | 0 | 0 |
| URBAN ONE INC | CL A | 91705J105 |  | 738703 | 461516 | SH |  | SOLE |  | 461516 | 0 | 0 |
| USA RARE EARTH INC | *W EXP 03/13/203 | 91733P115 |  | 528384 | 223418 | SH |  | SOLE |  | 223418 | 0 | 0 |
| VAIL RESORTS INC | NOTE         1/0 | 91879QAN9 |  | 254269 | 260000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| VANGUARD BD INDEX FDS | VANGUARD ULTRA | 92203C303 |  | 4986500 | 100000 | SH |  | SOLE |  | 100000 | 0 | 0 |
| VENTAS RLTY LTD PARTNERSHIP | NOTE  3.750% 6/0 | 92277GAZ0 |  | 67608287 | 57000000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| VERTEX INC | NOTE  0.750% 5/0 | 92538JAB2 |  | 15528124 | 13100000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| WEBULL CORP | *W EXP 04/10/203 | G9572D111 |  | 581692 | 145605 | SH |  | SOLE |  | 145605 | 0 | 0 |
| WELLS FARGO CO NEW | PERP PFD CNV A | 949746804 |  | 257725 | 220 | SH |  | SOLE |  | 220 | 0 | 0 |
| WESTERN DIGITAL CORP | NOTE  3.000%11/1 | 958102AT2 |  | 7178914 | 4000000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| WESTROCK COFFEE CO | COM | 96145W103 |  | 4057041 | 708035 | SH |  | SOLE |  | 708035 | 0 | 0 |
| WORLD KINECT CORPORATION | NOTE  3.250% 7/0 | 98149GAB6 |  | 6136755 | 5275000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| ZIFF DAVIS INC | NOTE  1.750%11/0 | 48123VAE2 |  | 374535 | 394000 | PRN |  | SOLE |  | 0 | 0 | 0 |

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