# EDGAR Filing Document

**Accession Number:** 0000949509
**File Stem:** 0000949509-25-000004
**Filing Date:** 2025-8
**Character Count:** 24393
**Document Hash:** a34a9e97cfbbbca14db7164c1758223d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000949509-25-000004.hdr.sgml**: 20250813

**ACCESSION NUMBER**: 0000949509-25-000004

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250813

**DATE AS OF CHANGE**: 20250813

**EFFECTIVENESS DATE**: 20250813

**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:** 251212934

**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:** 06-30-2025

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

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

[ ] adds new holdings entries.

**Institutional Investment Manager Filing this Report:**

**Name:** 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:** Bart Bixler<br>**Title:** Vice President<br>**Phone:** 213-356-3252

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

Bart Bixler  Los Angeles, CA  08-13-2025<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:** 178

**Form 13F Information Table Value Total:** $5814694465

      (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 |
| LCI INDUSTRIES | CONVERTIBLE BOND | 501812AB7 |  | 155485 | 161000 | PRN |  | DFND | 12 | 161000 | 0 | 0 |
| BIOXCEL THERAPEUTICS INC | COMMON STOCK | 09075P204 |  | 436551 | 241188 | SH |  | DFND | 12 | 241188 | 0 | 0 |
| BLOCK INC | CONVERTIBLE BOND | 852234AJ2 |  | 492540 | 514000 | PRN |  | DFND | 12 | 514000 | 0 | 0 |
| SUNNOVA ENERGY INTERNATIONAL INC | CONVERTIBLE BOND | 86745KAH7 |  | 768362 | 61469000 | PRN |  | DFND | 12 | 61469000 | 0 | 0 |
| SEAGATE TECHNOLOGY HOLDINGS PLC | CONVERTIBLE BOND | 81180WBL4 |  | 900187 | 500000 | PRN |  | DFND | 12 | 500000 | 0 | 0 |
| ALNYLAM PHARMACEUTICALS INC | CONVERTIBLE BOND | 02043QAB3 |  | 976125 | 750000 | PRN |  | DFND | 12 | 750000 | 0 | 0 |
| BLACKLINE INC | CONVERTIBLE BOND | 09239BAD1 |  | 983075 | 1020000 | PRN |  | DFND | 12 | 1020000 | 0 | 0 |
| PAGERDUTY INC | CONVERTIBLE BOND | 69553PAB6 |  | 1033000 | 1033000 | PRN |  | DFND | 12 | 1033000 | 0 | 0 |
| LANTHEUS HOLDINGS INC | CONVERTIBLE BOND | 516544AB9 |  | 1145475 | 900000 | PRN |  | DFND | 12 | 900000 | 0 | 0 |
| VENTAS INC | CONVERTIBLE BOND | 92277GAZ0 |  | 1198000 | 1000000 | PRN |  | DFND | 12 | 1000000 | 0 | 0 |
| UBER TECHNOLOGIES INC | CONVERTIBLE BOND | 90353TAJ9 |  | 1199500 | 1000000 | PRN |  | DFND | 12 | 1000000 | 0 | 0 |
| TYLER TECHNOLOGIES INC | CONVERTIBLE BOND | 902252AB1 |  | 1234000 | 1000000 | PRN |  | DFND | 12 | 1000000 | 0 | 0 |
| PAR TECHNOLOGY CORP | CONVERTIBLE BOND | 698884AE3 |  | 1262937 | 1100000 | PRN |  | DFND | 12 | 1100000 | 0 | 0 |
| GROUPON INC | CONVERTIBLE BOND | 399473AF4 |  | 1311952 | 1336000 | PRN |  | DFND | 12 | 1336000 | 0 | 0 |
| SUNNOVA ENERGY INTERNATIONAL INC | CONVERTIBLE BOND | 86745KAF1 |  | 1327487 | 106199000 | PRN |  | DFND | 12 | 106199000 | 0 | 0 |
| IRHYTHM TECHNOLOGIES INC | CONVERTIBLE BOND | 450056AB2 |  | 1349775 | 1050000 | PRN |  | DFND | 12 | 1050000 | 0 | 0 |
| TRAVERE THERAPEUTICS INC | CONVERTIBLE BOND | 761299AB2 |  | 1357996 | 1377000 | PRN |  | DFND | 12 | 1377000 | 0 | 0 |
| BIOMARIN PHARMACEUTICAL INC | CONVERTIBLE BOND | 09061GAK7 |  | 1399613 | 1481000 | PRN |  | DFND | 12 | 1481000 | 0 | 0 |
| ESPERION THERAPEUTICS INC | CONVERTIBLE BOND | 29664WAB1 |  | 1434654 | 1463000 | PRN |  | DFND | 12 | 1463000 | 0 | 0 |
| BRASKEM SA | COMMON STOCK | 105532105 |  | 1486387 | 453167 | SH |  | DFND | 12 | 453167 | 0 | 0 |
| POST HOLDINGS INC | CONVERTIBLE BOND | 737446AT1 |  | 1487200 | 1300000 | PRN |  | DFND | 12 | 1300000 | 0 | 0 |
| AMERICAN AIRLINES GROUP INC | CONVERTIBLE BOND | 02376RAF9 |  | 1501311 | 1500000 | PRN |  | DFND | 12 | 1500000 | 0 | 0 |
| ASCENDIS PHARMA A/S | CONVERTIBLE BOND | 04351PAD3 |  | 1635184 | 1304000 | PRN |  | DFND | 12 | 1304000 | 0 | 0 |
| SNAP INC | CONVERTIBLE BOND | 83304AAF3 |  | 1816788 | 2002000 | PRN |  | DFND | 12 | 2002000 | 0 | 0 |
| BENTLEY SYSTEMS INC | CONVERTIBLE BOND | 08265TAD1 |  | 1940166 | 2052000 | PRN |  | DFND | 12 | 2052000 | 0 | 0 |
| PG CORP | CONVERTIBLE BOND | 69331CAL2 |  | 1964730 | 1975000 | PRN |  | DFND | 12 | 1975000 | 0 | 0 |
| HALOZYME THERAPEUTICS INC | CONVERTIBLE BOND | 40637HAD1 |  | 1997500 | 2000000 | PRN |  | DFND | 12 | 2000000 | 0 | 0 |
| BLOCK INC | CONVERTIBLE BOND | 852234AK9 |  | 2208360 | 2464000 | PRN |  | DFND | 12 | 2464000 | 0 | 0 |
| ON SEMICONDUCTOR CORP | CONVERTIBLE BOND | 682189AS4 |  | 2315917 | 1950000 | PRN |  | DFND | 12 | 1950000 | 0 | 0 |
| NOVOCURE LTD | CONVERTIBLE BOND | 67011XAB9 |  | 2334435 | 2385000 | PRN |  | DFND | 12 | 2385000 | 0 | 0 |
| REDFIN CORP | CONVERTIBLE BOND | 75737FAC2 |  | 2334570 | 2381000 | PRN |  | DFND | 12 | 2381000 | 0 | 0 |
| TOPGOLF CALLAWAY BRANDS CORP | CONVERTIBLE BOND | 131193AE4 |  | 2339472 | 2397000 | PRN |  | DFND | 12 | 2397000 | 0 | 0 |
| CLOUDFLARE INC | CONVERTIBLE BOND | 18915MAC1 |  | 2369700 | 2000000 | PRN |  | DFND | 12 | 2000000 | 0 | 0 |
| BILL HOLDINGS INC | CONVERTIBLE BOND | 090043AD2 |  | 2487195 | 2722000 | PRN |  | DFND | 12 | 2722000 | 0 | 0 |
| SSR MINING INC | CONVERTIBLE BOND | 784730AB9 |  | 2510317 | 2419000 | PRN |  | DFND | 12 | 2419000 | 0 | 0 |
| BRIDGEBIO PHARMA INC | CONVERTIBLE BOND | 10806XAB8 |  | 2622109 | 2100000 | PRN |  | DFND | 12 | 2100000 | 0 | 0 |
| WAYFAIR INC | CONVERTIBLE BOND | 94419LAP6 |  | 2952070 | 2585000 | PRN |  | DFND | 12 | 2585000 | 0 | 0 |
| UNITY SOFTWARE INC | CONVERTIBLE BOND | 91332UAB7 |  | 3010176 | 3216000 | PRN |  | DFND | 12 | 3216000 | 0 | 0 |
| SPOTIFY TECHNOLOGY SA | CONVERTIBLE BOND | 84921RAB6 |  | 3034800 | 2000000 | PRN |  | DFND | 12 | 2000000 | 0 | 0 |
| NEOGENOMICS INC | CONVERTIBLE BOND | 64049MAB6 |  | 3279566 | 3819000 | PRN |  | DFND | 12 | 3819000 | 0 | 0 |
| HERBALIFE LTD | CONVERTIBLE BOND | 42703MAF0 |  | 3405220 | 3742000 | PRN |  | DFND | 12 | 3742000 | 0 | 0 |
| JBS NV | COMMON STOCK | N4732M103 |  | 3486092 | 238610 | SH |  | DFND | 12 | 238610 | 0 | 0 |
| PELOTON INTERACTIVE INC | CONVERTIBLE BOND | 70614WAB6 |  | 3549757 | 3669000 | PRN |  | DFND | 12 | 3669000 | 0 | 0 |
| SAREPTA THERAPEUTICS INC | CONVERTIBLE BOND | 803607AD2 |  | 3554700 | 4920000 | PRN |  | DFND | 12 | 4920000 | 0 | 0 |
| TRANSPORTADORA DE GAS DEL SUR SA | COMMON STOCK | 893870204 |  | 3564617 | 137630 | SH |  | DFND | 12 | 137630 | 0 | 0 |
| BANDWIDTH INC | CONVERTIBLE BOND | 05988JAD5 |  | 3619291 | 4301000 | PRN |  | DFND | 12 | 4301000 | 0 | 0 |
| CERENCE INC | CONVERTIBLE BOND | 156727AD1 |  | 3729022 | 4865000 | PRN |  | DFND | 12 | 4865000 | 0 | 0 |
| NABORS INDUSTRIES LTD | CONVERTIBLE BOND | 62957HAL9 |  | 3753750 | 6500000 | PRN |  | DFND | 12 | 6500000 | 0 | 0 |
| REDWOOD TRUST INC | CONVERTIBLE BOND | 758075AF2 |  | 3808422 | 3845000 | PRN |  | DFND | 12 | 3845000 | 0 | 0 |
| BATTALION OIL CORP | COMMON STOCK | 07134L107 |  | 3882786 | 3009912 | SH |  | DFND | 12 | 3009912 | 0 | 0 |
| LI AUTO INC | CONVERTIBLE BOND | 50202MAB8 |  | 3922190 | 3297000 | PRN |  | DFND | 12 | 3297000 | 0 | 0 |
| TPI COMPOSITES INC | COMMON STOCK | 87266J104 |  | 3961375 | 4610003 | SH |  | DFND | 12 | 4610003 | 0 | 0 |
| DUKE ENERGY CORP | CONVERTIBLE BOND | 26441CBY0 |  | 3972187 | 3750000 | PRN |  | DFND | 12 | 3750000 | 0 | 0 |
| AFFIRM HOLDINGS INC | CONVERTIBLE BOND | 00827BAB2 |  | 4039976 | 4291000 | PRN |  | DFND | 12 | 4291000 | 0 | 0 |
| BANCO MACRO SA | COMMON STOCK | 05961W105 |  | 4254094 | 60591 | SH |  | DFND | 12 | 60591 | 0 | 0 |
| HAEMONETICS CORP | CONVERTIBLE BOND | 405024AB6 |  | 4367502 | 4509000 | PRN |  | DFND | 12 | 4509000 | 0 | 0 |
| TRIP.COM GROUP LTD | CONVERTIBLE BOND | 89677QAB3 |  | 4453542 | 3996000 | PRN |  | DFND | 12 | 3996000 | 0 | 0 |
| OKTA INC | CONVERTIBLE BOND | 679295AF2 |  | 4466063 | 4657000 | PRN |  | DFND | 12 | 4657000 | 0 | 0 |
| UBER TECHNOLOGIES INC | CONVERTIBLE BOND | 90353TAM2 |  | 4527834 | 3163000 | PRN |  | DFND | 12 | 3163000 | 0 | 0 |
| GUARDANT HEALTH INC | CONVERTIBLE BOND | 40131MAB5 |  | 4562402 | 5017000 | PRN |  | DFND | 12 | 5017000 | 0 | 0 |
| HUDSON TECHNOLOGIES INC | COMMON STOCK | 444144109 |  | 4568815 | 562662 | SH |  | DFND | 12 | 562662 | 0 | 0 |
| GUESS INC | CONVERTIBLE BOND | 401617AF2 |  | 4679295 | 4923000 | PRN |  | DFND | 12 | 4923000 | 0 | 0 |
| TWO HARBORS INVESTMENT CORP | CONVERTIBLE BOND | 90187BAB7 |  | 4686377 | 4765000 | PRN |  | DFND | 12 | 4765000 | 0 | 0 |
| ARRAY TECHNOLOGIES INC | CONVERTIBLE BOND | 04271TAB6 |  | 5130618 | 6448000 | PRN |  | DFND | 12 | 6448000 | 0 | 0 |
| FIVERR INTERNATIONAL LTD | CONVERTIBLE BOND | 33835LAA3 |  | 5159091 | 5259000 | PRN |  | DFND | 12 | 5259000 | 0 | 0 |
| ZIFF DAVIS INC | CONVERTIBLE BOND | 48123VAE2 |  | 5194122 | 5446000 | PRN |  | DFND | 12 | 5446000 | 0 | 0 |
| PENNYMAC MORTGAGE INVESTMENT TRUST | CONVERTIBLE BOND | 70932AAF0 |  | 5375828 | 5411000 | PRN |  | DFND | 12 | 5411000 | 0 | 0 |
| MESA LABORATORIES INC | CONVERTIBLE BOND | 59064RAA7 |  | 5408066 | 5438000 | PRN |  | DFND | 12 | 5438000 | 0 | 0 |
| FUBOTV INC | CONVERTIBLE BOND | 35953DAB0 |  | 5438658 | 5561000 | PRN |  | DFND | 12 | 5561000 | 0 | 0 |
| HAEMONETICS CORP | CONVERTIBLE BOND | 405024AD2 |  | 5448013 | 5463000 | PRN |  | DFND | 12 | 5463000 | 0 | 0 |
| INTEGRA LIFESCIENCES HOLDINGS CORP | CONVERTIBLE BOND | 457985AM1 |  | 5710591 | 5761000 | PRN |  | DFND | 12 | 5761000 | 0 | 0 |
| REPLIGEN CORP | CONVERTIBLE BOND | 759916AD1 |  | 5769918 | 5796000 | PRN |  | DFND | 12 | 5796000 | 0 | 0 |
| WORKIVA INC | CONVERTIBLE BOND | 98139AAD7 |  | 5802829 | 6248000 | PRN |  | DFND | 12 | 6248000 | 0 | 0 |
| MERITAGE HOMES CORP | CONVERTIBLE BOND | 59001ABF8 |  | 5914288 | 6077000 | PRN |  | DFND | 12 | 6077000 | 0 | 0 |
| ON SEMICONDUCTOR CORP | CONVERTIBLE BOND | 682189AU9 |  | 5920320 | 6380000 | PRN |  | DFND | 12 | 6380000 | 0 | 0 |
| UPWORK INC | CONVERTIBLE BOND | 91688FAB0 |  | 6028708 | 6373000 | PRN |  | DFND | 12 | 6373000 | 0 | 0 |
| NICE LTD | CONVERTIBLE BOND | 653656AB4 |  | 6062830 | 6124000 | PRN |  | DFND | 12 | 6124000 | 0 | 0 |
| LUMENTUM HOLDINGS INC | CONVERTIBLE BOND | 55024UAH2 |  | 6139392 | 3997000 | PRN |  | DFND | 12 | 3997000 | 0 | 0 |
| REDFIN CORP | CONVERTIBLE BOND | 75737FAE8 |  | 6340755 | 7025000 | PRN |  | DFND | 12 | 7025000 | 0 | 0 |
| MAGNITE INC | CONVERTIBLE BOND | 55955DAB6 |  | 6415432 | 6637000 | PRN |  | DFND | 12 | 6637000 | 0 | 0 |
| HDFC BANK LTD | COMMON STOCK | 40415F101 |  | 6504912 | 84843 | SH |  | DFND | 12 | 84843 | 0 | 0 |
| MARRIOTT VACATIONS WORLDWIDE CORP | CONVERTIBLE BOND | 57164YAD9 |  | 6533351 | 6746000 | PRN |  | DFND | 12 | 6746000 | 0 | 0 |
| FLUOR CORP | CONVERTIBLE BOND | 343412AJ1 |  | 6580695 | 5011000 | PRN |  | DFND | 12 | 5011000 | 0 | 0 |
| ALIBABA GROUP HOLDING LTD | CONVERTIBLE BOND | 01609WBG6 |  | 6901814 | 5397000 | PRN |  | DFND | 12 | 5397000 | 0 | 0 |
| BLACKSTONE MORTGAGE TRUST INC | CONVERTIBLE BOND | 09257WAE0 |  | 6979376 | 7151000 | PRN |  | DFND | 12 | 7151000 | 0 | 0 |
| CYTOKINETICS INC | CONVERTIBLE BOND | 23282WAC4 |  | 7137017 | 6692000 | PRN |  | DFND | 12 | 6692000 | 0 | 0 |
| VAIL RESORTS INC | CONVERTIBLE BOND | 91879QAN9 |  | 7271550 | 7458000 | PRN |  | DFND | 12 | 7458000 | 0 | 0 |
| H WORLD GROUP LTD | CONVERTIBLE BOND | 44332NAB2 |  | 7283271 | 6884000 | PRN |  | DFND | 12 | 6884000 | 0 | 0 |
| TRAVERE THERAPEUTICS INC | CONVERTIBLE BOND | 89422GAA5 |  | 7392820 | 7741000 | PRN |  | DFND | 12 | 7741000 | 0 | 0 |
| BLACKLINE INC | CONVERTIBLE BOND | 09239BAF6 |  | 7410894 | 6945000 | PRN |  | DFND | 12 | 6945000 | 0 | 0 |
| SMARTRENT INC | COMMON STOCK | 83193G107 |  | 7430242 | 7505294 | SH |  | DFND | 12 | 7505294 | 0 | 0 |
| VERINT SYSTEMS INC | CONVERTIBLE BOND | 92343XAC4 |  | 7533352 | 7835000 | PRN |  | DFND | 12 | 7835000 | 0 | 0 |
| PARSONS CORP | CONVERTIBLE BOND | 70202LAD4 |  | 7692803 | 7203000 | PRN |  | DFND | 12 | 7203000 | 0 | 0 |
| DEXCOM INC | CONVERTIBLE BOND | 252131AM9 |  | 7815583 | 8288000 | PRN |  | DFND | 12 | 8288000 | 0 | 0 |
| TETRA TECH INC | CONVERTIBLE BOND | 88162GAB9 |  | 7866258 | 6969000 | PRN |  | DFND | 12 | 6969000 | 0 | 0 |
| NEXTERA ENERGY INC | CONVERTIBLE BOND | 65339KCY4 |  | 8137169 | 7141000 | PRN |  | DFND | 12 | 7141000 | 0 | 0 |
| ALVOTECH SA | WARRANT | L01800116 |  | 8236667 | 4666667 | SH |  | DFND | 12 | 4666667 | 0 | 0 |
| WEC ENERGY GROUP INC | CONVERTIBLE BOND | 92939UAR7 |  | 8273601 | 7154000 | PRN |  | DFND | 12 | 7154000 | 0 | 0 |
| GUARDANT HEALTH INC | CONVERTIBLE BOND | 40131MAD1 |  | 8402614 | 7193000 | PRN |  | DFND | 12 | 7193000 | 0 | 0 |
| BAUSCH HEALTH COS INC | COMMON STOCK | 071734107 |  | 8458200 | 1270000 | SH |  | DFND | 12 | 1270000 | 0 | 0 |
| SHAKE SHACK INC | CONVERTIBLE BOND | 819047AB7 |  | 9466035 | 8821000 | PRN |  | DFND | 12 | 8821000 | 0 | 0 |
| CRACKER BARREL OLD COUNTRY STORE INC | CONVERTIBLE BOND | 22410JAB2 |  | 9500315 | 9922000 | PRN |  | DFND | 12 | 9922000 | 0 | 0 |
| LIVANOVA PLC | CONVERTIBLE BOND | 53802LAB8 |  | 10198101 | 9995000 | PRN |  | DFND | 12 | 9995000 | 0 | 0 |
| YPF SA | COMMON STOCK | 984245100 |  | 10200178 | 324330 | SH |  | DFND | 12 | 324330 | 0 | 0 |
| BERRY CORP | COMMON STOCK | 08579X101 |  | 10240690 | 3697000 | SH |  | DFND | 12 | 3697000 | 0 | 0 |
| EXPAND ENERGY CORP | WARRANT | 165167180 |  | 10318434 | 95294 | SH |  | DFND | 12 | 95294 | 0 | 0 |
| COINBASE GLOBAL INC | CONVERTIBLE BOND | 19260QAF4 |  | 10345086 | 7894000 | PRN |  | DFND | 12 | 7894000 | 0 | 0 |
| UPSTART HOLDINGS INC | CONVERTIBLE BOND | 91680MAB3 |  | 11305950 | 11901000 | PRN |  | DFND | 12 | 11901000 | 0 | 0 |
| MAGNACHIP SEMICONDUCTOR CORP | COMMON STOCK | 55933J203 |  | 11342434 | 2849858 | SH |  | DFND | 12 | 2849858 | 0 | 0 |
| CMS ENERGY CORP | CONVERTIBLE BOND | 125896BX7 |  | 11738613 | 11017000 | PRN |  | DFND | 12 | 11017000 | 0 | 0 |
| MKS INC | CONVERTIBLE BOND | 55306NAB0 |  | 11871142 | 11985000 | PRN |  | DFND | 12 | 11985000 | 0 | 0 |
| ENPHASE ENERGY INC | CONVERTIBLE BOND | 29355AAK3 |  | 12003192 | 14755000 | PRN |  | DFND | 12 | 14755000 | 0 | 0 |
| PPL CORP | CONVERTIBLE BOND | 69352PAS2 |  | 12320532 | 11381000 | PRN |  | DFND | 12 | 11381000 | 0 | 0 |
| SHIFT4 PAYMENTS INC | CONVERTIBLE BOND | 82452JAD1 |  | 12806474 | 11913000 | PRN |  | DFND | 12 | 11913000 | 0 | 0 |
| JD.COM INC | CONVERTIBLE BOND | 47215PAJ5 |  | 12914016 | 12352000 | PRN |  | DFND | 12 | 12352000 | 0 | 0 |
| ANYWHERE REAL ESTATE INC | CONVERTIBLE BOND | 75606DAP6 |  | 12985500 | 13200000 | PRN |  | DFND | 12 | 13200000 | 0 | 0 |
| SEA LTD | COMMON STOCK | 81141R100 |  | 13357069 | 83513 | SH |  | DFND | 12 | 83513 | 0 | 0 |
| ALVOTECH SA | COMMON STOCK | L01800108 |  | 14260725 | 1563676 | SH |  | DFND | 12 | 1563676 | 0 | 0 |
| LIBERTY LATIN AMERICA LTD | COMMON STOCK | G9001E128 |  | 14483369 | 2328516 | SH |  | DFND | 12 | 2328516 | 0 | 0 |
| UNITI GROUP INC | COMMON STOCK | 91325V108 |  | 14677597 | 3397592 | SH |  | DFND | 12 | 3397592 | 0 | 0 |
| SOUTHERN CO/THE | CONVERTIBLE BOND | 842587DZ7 |  | 14872343 | 13459000 | PRN |  | DFND | 12 | 13459000 | 0 | 0 |
| DEXCOM INC | CONVERTIBLE BOND | 252131AK3 |  | 15865307 | 16111000 | PRN |  | DFND | 12 | 16111000 | 0 | 0 |
| ALTICE USA INC | COMMON STOCK | 02156K103 |  | 16050000 | 7500000 | SH |  | DFND | 12 | 7500000 | 0 | 0 |
| BRIDGEBIO PHARMA INC | CONVERTIBLE BOND | 10806XAD4 |  | 16900415 | 18056000 | PRN |  | DFND | 12 | 18056000 | 0 | 0 |
| DAYFORCE INC | CONVERTIBLE BOND | 15677JAD0 |  | 17483360 | 18080000 | PRN |  | DFND | 12 | 18080000 | 0 | 0 |
| FIRST MAJESTIC SILVER CORP | CONVERTIBLE BOND | 32076VAD5 |  | 19646867 | 20605000 | PRN |  | DFND | 12 | 20605000 | 0 | 0 |
| VALE SA | COMMON STOCK | 91912E105 |  | 19747285 | 2033706 | SH |  | DFND | 12 | 2033706 | 0 | 0 |
| OKTA INC | CONVERTIBLE BOND | 679295AD7 |  | 20139795 | 20241000 | PRN |  | DFND | 12 | 20241000 | 0 | 0 |
| ENVISTA HOLDINGS CORP | CONVERTIBLE BOND | 29415FAD6 |  | 20735256 | 22281000 | PRN |  | DFND | 12 | 22281000 | 0 | 0 |
| WIX.COM LTD | CONVERTIBLE BOND | 92940WAD1 |  | 21063209 | 21116000 | PRN |  | DFND | 12 | 21116000 | 0 | 0 |
| FULL TRUCK ALLIANCE CO LTD | COMMON STOCK | 35969L108 |  | 21757999 | 1842337 | SH |  | DFND | 12 | 1842337 | 0 | 0 |
| ENPHASE ENERGY INC | CONVERTIBLE BOND | 29355AAH0 |  | 22531413 | 23501000 | PRN |  | DFND | 12 | 23501000 | 0 | 0 |
| TELECOM ARGENTINA SA | COMMON STOCK | 879273209 |  | 23348842 | 2644263 | SH |  | DFND | 12 | 2644263 | 0 | 0 |
| MARRIOTT VACATIONS WORLDWIDE CORP | CONVERTIBLE BOND | 57164YAF4 |  | 24115105 | 25833000 | PRN |  | DFND | 12 | 25833000 | 0 | 0 |
| ALARM.COM HOLDINGS INC | CONVERTIBLE BOND | 011642AB1 |  | 24322350 | 24946000 | PRN |  | DFND | 12 | 24946000 | 0 | 0 |
| OAKTREE SPECIALTY LENDING CORP | COMMON STOCK | 67401P405 |  | 25304548 | 1852456 | SH |  | DFND | 12 | 1852456 | 0 | 0 |
| ECHOSTAR CORP | CONVERTIBLE BOND | 278768AB2 |  | 25308120 | 21447560 | PRN |  | DFND | 12 | 21447560 | 0 | 0 |
| SNAP INC | CONVERTIBLE BOND | 83304AAH9 |  | 25566034 | 29437000 | PRN |  | DFND | 12 | 29437000 | 0 | 0 |
| CONMED CORP | CONVERTIBLE BOND | 207410AH4 |  | 26318850 | 27705000 | PRN |  | DFND | 12 | 27705000 | 0 | 0 |
| KE HOLDINGS INC | COMMON STOCK | 482497104 |  | 26841311 | 1513039 | SH |  | DFND | 12 | 1513039 | 0 | 0 |
| ETSY INC | CONVERTIBLE BOND | 29786AAN6 |  | 27377875 | 31807000 | PRN |  | DFND | 12 | 31807000 | 0 | 0 |
| TERNIUM SA | COMMON STOCK | 880890108 |  | 27683240 | 919709 | SH |  | DFND | 12 | 919709 | 0 | 0 |
| KANZHUN LTD | COMMON STOCK | 48553T106 |  | 28031492 | 1571272 | SH |  | DFND | 12 | 1571272 | 0 | 0 |
| TELADOC HEALTH INC | CONVERTIBLE BOND | 87918AAF2 |  | 28056684 | 30338000 | PRN |  | DFND | 12 | 30338000 | 0 | 0 |
| SEA LTD | CONVERTIBLE BOND | 81141RAG5 |  | 28430239 | 30069000 | PRN |  | DFND | 12 | 30069000 | 0 | 0 |
| SUMMIT HOTEL PROPERTIES INC | CONVERTIBLE BOND | 866082AA8 |  | 29541350 | 30455000 | PRN |  | DFND | 12 | 30455000 | 0 | 0 |
| ECOPETROL SA | COMMON STOCK | 279158109 |  | 31415924 | 3549822 | SH |  | DFND | 12 | 3549822 | 0 | 0 |
| BAUSCH PLUS LOMB CORP | COMMON STOCK | 071705107 |  | 32801397 | 2521245 | SH |  | DFND | 12 | 2521245 | 0 | 0 |
| AIRBNB INC | CONVERTIBLE BOND | 009066AB7 |  | 35083827 | 36300000 | PRN |  | DFND | 12 | 36300000 | 0 | 0 |
| TALEN ENERGY CORP | COMMON STOCK | 87422Q109 |  | 37750378 | 129829 | SH |  | DFND | 12 | 129829 | 0 | 0 |
| CABLE ONE INC | CONVERTIBLE BOND | 12685JAE5 |  | 49148863 | 51812000 | PRN |  | DFND | 12 | 51812000 | 0 | 0 |
| STAR BULK CARRIERS CORP | COMMON STOCK | Y8162K204 |  | 55726590 | 3230527 | SH |  | DFND | 12 | 3230527 | 0 | 0 |
| JETBLUE AIRWAYS CORP | CONVERTIBLE BOND | 477143AP6 |  | 57581760 | 59981000 | PRN |  | DFND | 12 | 59981000 | 0 | 0 |
| GRAB HOLDINGS LTD | COMMON STOCK | G4124C109 |  | 58193553 | 11569295 | SH |  | DFND | 12 | 11569295 | 0 | 0 |
| PEBBLEBROOK HOTEL TRUST | CONVERTIBLE BOND | 70509VAA8 |  | 59150940 | 62423000 | PRN |  | DFND | 12 | 62423000 | 0 | 0 |
| CALIFORNIA RESOURCES CORP | COMMON STOCK | 13057Q305 |  | 62876309 | 1376753 | SH |  | DFND | 12 | 1376753 | 0 | 0 |
| KILROY REALTY CORP | COMMON STOCK | 49427F108 |  | 63473877 | 1850011 | SH |  | DFND | 12 | 1850011 | 0 | 0 |
| TRANSALTA CORP | COMMON STOCK | 89346D107 |  | 65512910 | 6085253 | SH |  | DFND | 12 | 6085253 | 0 | 0 |
| BARRICK MINING CORP | COMMON STOCK | 06849F108 |  | 65743022 | 3157686 | SH |  | DFND | 12 | 3157686 | 0 | 0 |
| ITAU UNIBANCO HOLDING SA | COMMON STOCK | 465562106 |  | 74720521 | 11004494 | SH |  | DFND | 12 | 11004494 | 0 | 0 |
| CBL  ASSOCIATES PROPERTIES INC | COMMON STOCK | 124830878 |  | 76300174 | 3005126 | SH |  | DFND | 12 | 3005126 | 0 | 0 |
| LIBERTY GLOBAL LTD | COMMON STOCK | G61188101 |  | 82204031 | 8212191 | SH |  | DFND | 12 | 8212191 | 0 | 0 |
| FREEPORT-MCMORAN INC | COMMON STOCK | 35671D857 |  | 86529851 | 1996075 | SH |  | DFND | 12 | 1996075 | 0 | 0 |
| NOKIA OYJ | COMMON STOCK | 654902204 |  | 97136546 | 18752229 | SH |  | DFND | 12 | 18752229 | 0 | 0 |
| VISTA ENERGY SAB DE CV | COMMON STOCK | 92837L109 |  | 98563231 | 2061561 | SH |  | DFND | 12 | 2061561 | 0 | 0 |
| CEMEX SAB DE CV | COMMON STOCK | 151290889 |  | 102834491 | 14839032 | SH |  | DFND | 12 | 14839032 | 0 | 0 |
| RUNWAY GROWTH FINANCE CORP | COMMON STOCK | 78163D100 |  | 104935838 | 9779667 | SH |  | DFND | 12 | 9779667 | 0 | 0 |
| SUNOPTA INC | COMMON STOCK | 8676EP108 |  | 120187007 | 20726126 | SH |  | DFND | 12 | 20726126 | 0 | 0 |
| ANGLOGOLD ASHANTI PLC | COMMON STOCK | G0378L100 |  | 225468375 | 4947737 | SH |  | DFND | 12 | 4947737 | 0 | 0 |
| SITIO ROYALTIES CORP | COMMON STOCK | 82983N108 |  | 237939227 | 12945551 | SH |  | DFND | 12 | 12945551 | 0 | 0 |
| GARRETT MOTION INC | COMMON STOCK | 366505105 |  | 387764516 | 36894816 | SH |  | DFND | 12 | 36894816 | 0 | 0 |
| EXPAND ENERGY CORP | COMMON STOCK | 165167735 |  | 591992875 | 5062364 | SH |  | DFND | 12 | 5062364 | 0 | 0 |
| TORM PLC | COMMON STOCK | G89479102 |  | 681587614 | 40581120 | SH |  | DFND | 12 | 40581120 | 0 | 0 |
| ISHARES RUSSELL 2000 ETF | ETF | 464287655 |  | 51789600 | 240000 | SH | Put | DFND | 12 | 240000 | 0 | 0 |
| STATE STREET CORP | ETF | 78462F103 |  | 630207000 | 1020000 | SH | Put | DFND | 12 | 1020000 | 0 | 0 |
| STATE STREET CORP | ETF | 78464A888 |  | 68013300 | 690000 | SH | Put | DFND | 12 | 690000 | 0 | 0 |
| TALEN ENERGY CORP | COMMON STOCK | 87422Q109 |  | 18900050 | 65000 | SH | Call | DFND | 12 | 65000 | 0 | 0 |
| Indivior PLC | COMMON STOCK | G4766E116 |  | 162274503 | 11009125 | SH |  | DFND | 12 | 11009125 | 0 | 0 |

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