# EDGAR Filing Document

**Accession Number:** 0001386462
**File Stem:** 0000929638-25-003039
**Filing Date:** 2025-8
**Character Count:** 18348
**Document Hash:** 3bbf6694d770baec75fef2971d7c6f58
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000929638-25-003039.hdr.sgml**: 20250814

**ACCESSION NUMBER**: 0000929638-25-003039

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

**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:** Ionic Capital Management LLC
- **CENTRAL INDEX KEY:** 0001386462

**ORGANIZATION NAME:**
- **EIN:** 680629832
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-12913
- **FILM NUMBER:** 251218666

**BUSINESS ADDRESS:**
- **STREET 1:** 475 FIFTH AVENUE
- **STREET 2:** 9TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10017
- **BUSINESS PHONE:** 212-294-8531

**MAIL ADDRESS:**
- **STREET 1:** 475 FIFTH AVENUE
- **STREET 2:** 9TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10017

### 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:** Ionic Capital Management LLC<br>**Address:** 475 FIFTH AVENUE<br>9TH FLOOR<br>NEW YORK, NY 10017

**Form 13F File Number:** 028-12913

**CRD Number (if applicable):** 000156400

**SEC File Number (if applicable):** 801-72188

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:** Steven Vecchio<br>**Title:** Chief Compliance Officer and Associate General Counsel<br>**Phone:** (212) 294-8500

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

/s/ Steven Vecchio  New York, NY  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:** 144

**Form 13F Information Table Value Total:** $349404434

      (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 |
| ABACUS GLOBAL MGMT INC | *W EXP 06/30/202 | 00258Y112 |  | 32731 | 29224 | SH |  | DFND |  | 29224 | 0 | 0 |
| ADVANCED MICRO DEVICES INC | COM | 007903107 |  | 431376 | 3040 | SH |  | DFND |  | 3040 | 0 | 0 |
| ALGOMA STL GROUP INC | *W EXP 10/19/202 | 015658115 |  | 46512 | 91200 | SH |  | DFND |  | 91200 | 0 | 0 |
| ALIBABA GROUP HLDG LTD | SPONSORED ADS | 01609W102 |  | 669119 | 5900 | SH | Call | DFND |  | 5900 | 0 | 0 |
| ALIBABA GROUP HLDG LTD | SPONSORED ADS | 01609W102 |  | 453640 | 4000 | SH |  | DFND |  | 4000 | 0 | 0 |
| ALIGHT INC | COM CL A | 01626W101 |  | 2987076 | 527752 | SH |  | DFND |  | 527752 | 0 | 0 |
| ALPHABET INC | CAP STK CL A | 02079K305 |  | 2766811 | 15700 | SH | Call | DFND |  | 15700 | 0 | 0 |
| AMAZON COM INC | COM | 023135106 |  | 449750 | 2050 | SH |  | DFND |  | 2050 | 0 | 0 |
| AMCOR PLC | ORD | G0250X107 |  | 459500 | 50000 | SH | Call | DFND |  | 50000 | 0 | 0 |
| AMCOR PLC | ORD | G0250X107 |  | 606540 | 66000 | SH |  | DFND |  | 66000 | 0 | 0 |
| APPLIED DIGITAL CORP | COM NEW | 038169207 |  | 302100 | 30000 | SH |  | DFND |  | 30000 | 0 | 0 |
| ARRAY TECHNOLOGIES INC | COM SHS | 04271T100 |  | 413000 | 70000 | SH |  | DFND |  | 70000 | 0 | 0 |
| ATLANTA BRAVES HLDGS INC | COM SER A | 047726104 |  | 335563 | 6819 | SH |  | DFND |  | 6819 | 0 | 0 |
| ATLANTA BRAVES HLDGS INC | COM SER C | 047726302 |  | 663620 | 14189 | SH |  | DFND |  | 14189 | 0 | 0 |
| ATMUS FILTRATION TECHNOLOGIE | COM | 04956D107 |  | 2744429 | 75355 | SH |  | DFND |  | 75355 | 0 | 0 |
| AURORA INNOVATION INC | *W EXP 11/03/202 | 051774115 |  | 569840 | 654988 | SH |  | DFND |  | 654988 | 0 | 0 |
| AURORA INNOVATION INC | CLASS A COM | 051774107 |  | 2096000 | 400000 | SH | Call | DFND |  | 400000 | 0 | 0 |
| AURORA INNOVATION INC | CLASS A COM | 051774107 |  | 1048000 | 200000 | SH | Put | DFND |  | 200000 | 0 | 0 |
| AVANTOR INC | COM | 05352A100 |  | 1346000 | 100000 | SH | Put | DFND |  | 100000 | 0 | 0 |
| AVANTOR INC | COM | 05352A100 |  | 489177 | 36343 | SH |  | DFND |  | 36343 | 0 | 0 |
| BAIDU INC | SPON ADR REP A | 056752108 |  | 754688 | 8800 | SH | Call | DFND |  | 8800 | 0 | 0 |
| BEYOND INC | COM | 690370101 |  | 860000 | 125000 | SH | Put | DFND |  | 125000 | 0 | 0 |
| BEYOND INC | COM | 690370101 |  | 517046 | 75152 | SH |  | DFND |  | 75152 | 0 | 0 |
| BILIBILI INC | SPONS ADS REP Z | 090040106 |  | 858000 | 40000 | SH | Call | DFND |  | 40000 | 0 | 0 |
| BITCOIN DEPOT INC | *W EXP 06/30/202 | 09174P113 |  | 39790 | 100000 | SH |  | DFND |  | 100000 | 0 | 0 |
| BOREALIS FOODS INC | *W EXP 02/07/202 | 09973D113 |  | 6307 | 70000 | SH |  | DFND |  | 70000 | 0 | 0 |
| BROADCOM INC | COM | 11135F101 |  | 633995 | 2300 | SH |  | DFND |  | 2300 | 0 | 0 |
| BUILDERS FIRSTSOURCE INC | COM | 12008R107 |  | 1050210 | 9000 | SH |  | DFND |  | 9000 | 0 | 0 |
| C3 AI INC | CL A | 12468P104 |  | 614250 | 25000 | SH | Call | DFND |  | 25000 | 0 | 0 |
| CAESARS ENTERTAINMENT INC NE | COM | 12769G100 |  | 1254412 | 44185 | SH |  | DFND |  | 44185 | 0 | 0 |
| CANADIAN NATL RY CO | COM | 136375102 |  | 6086340 | 58500 | SH | Call | DFND |  | 58500 | 0 | 0 |
| CARNIVAL PLC | ADS | 14365C103 |  | 220355 | 8638 | SH |  | DFND |  | 8638 | 0 | 0 |
| COEUR MNG INC | COM NEW | 192108504 |  | 443000 | 50000 | SH | Call | DFND |  | 50000 | 0 | 0 |
| COEUR MNG INC | COM NEW | 192108504 |  | 2658000 | 300000 | SH | Put | DFND |  | 300000 | 0 | 0 |
| COEUR MNG INC | COM NEW | 192108504 |  | 97398 | 10993 | SH |  | DFND |  | 10993 | 0 | 0 |
| COHERENT CORP | COM | 19247G107 |  | 1633167 | 18307 | SH |  | DFND |  | 18307 | 0 | 0 |
| COINBASE GLOBAL INC | COM CL A | 19260Q107 |  | 525735 | 1500 | SH | Put | DFND |  | 1500 | 0 | 0 |
| COINBASE GLOBAL INC | COM CL A | 19260Q107 |  | 420588 | 1200 | SH |  | DFND |  | 1200 | 0 | 0 |
| COMPASS DIVERSIFIED | SH BEN INT | 20451Q104 |  | 83398 | 13280 | SH |  | DFND |  | 13280 | 0 | 0 |
| COMPASS INC | CL A | 20464U100 |  | 628000 | 100000 | SH | Call | DFND |  | 100000 | 0 | 0 |
| CONSTELLIUM SE | CL A SHS | F21107101 |  | 2906928 | 218566 | SH |  | DFND |  | 218566 | 0 | 0 |
| CORE SCIENTIFIC INC NEW | COM | 21874A106 |  | 921780 | 54000 | SH |  | DFND |  | 54000 | 0 | 0 |
| CORNING INC | COM | 219350105 |  | 315540 | 6000 | SH |  | DFND |  | 6000 | 0 | 0 |
| E L F BEAUTY INC | COM | 26856L103 |  | 808860 | 6500 | SH | Put | DFND |  | 6500 | 0 | 0 |
| ENPHASE ENERGY INC | COM | 29355A107 |  | 11023 | 278 | SH |  | DFND |  | 278 | 0 | 0 |
| ENPHASE ENERGY INC | NOTE 3/0 | 29355AAK3 |  | 4510935 | 5500000 | PRN |  | DFND |  | 5500000 | 0 | 0 |
| EVGO INC | CL A COM | 30052F100 |  | 365000 | 100000 | SH | Call | DFND |  | 100000 | 0 | 0 |
| EVOLV TECHNOLOGIES HLDNGS IN | *W EXP 07/16/202 | 30049H110 |  | 159975 | 290864 | SH |  | DFND |  | 290864 | 0 | 0 |
| FIRST MAJESTIC SILVER CORP | COM | 32076V103 |  | 93451 | 11300 | SH |  | DFND |  | 11300 | 0 | 0 |
| FLEX LTD | ORD | Y2573F102 |  | 3057750 | 61253 | SH |  | DFND |  | 61253 | 0 | 0 |
| FLOWSERVE CORP | COM | 34354P105 |  | 1518150 | 29000 | SH |  | DFND |  | 29000 | 0 | 0 |
| FOOT LOCKER INC | COM | 344849104 |  | 918750 | 37500 | SH |  | DFND |  | 37500 | 0 | 0 |
| GCM GROSVENOR INC | *W EXP 11/17/202 | 36831E116 |  | 314852 | 491957 | SH |  | DFND |  | 491957 | 0 | 0 |
| GCT SEMICONDUCTOR HLDG INC | *W EXP 03/01/202 | 36170N115 |  | 65214 | 673000 | SH |  | DFND |  | 673000 | 0 | 0 |
| GEN DIGITAL INC | COM | 668771108 |  | 3969000 | 135000 | SH | Put | DFND |  | 135000 | 0 | 0 |
| GEN DIGITAL INC | RIGHT 99/99/9999 | 668771116 |  | 460428 | 57410 | SH |  | DFND |  | 57410 | 0 | 0 |
| GLOBAL BUSINESS TRAVEL GROUP | COM CL A | 37890B100 |  | 806444 | 128007 | SH |  | DFND |  | 128007 | 0 | 0 |
| GLOBUS MED INC | CL A | 379577208 |  | 2466800 | 41796 | SH |  | DFND |  | 41796 | 0 | 0 |
| GXO LOGISTICS INCORPORATED | COMMON STOCK | 36262G101 |  | 3674366 | 75449 | SH |  | DFND |  | 75449 | 0 | 0 |
| HECLA MNG CO | COM | 422704106 |  | 78337 | 13078 | SH |  | DFND |  | 13078 | 0 | 0 |
| INTEL CORP | COM | 458140100 |  | 1120000 | 50000 | SH | Call | DFND |  | 50000 | 0 | 0 |
| IQIYI INC | SPONSORED ADS | 46267X108 |  | 708000 | 400000 | SH | Put | DFND |  | 400000 | 0 | 0 |
| IQIYI INC | SPONSORED ADS | 46267X108 |  | 104472 | 59024 | SH |  | DFND |  | 59024 | 0 | 0 |
| IROBOT CORP | COM | 462726100 |  | 40665 | 12992 | SH |  | DFND |  | 12992 | 0 | 0 |
| ISHARES BITCOIN TRUST ETF | SHS BEN INT | 46438F101 |  | 486069 | 7941 | SH |  | DFND |  | 7941 | 0 | 0 |
| ISHARES ETHEREUM TR | SHS | 46438R105 |  | 476750 | 25000 | SH |  | DFND |  | 25000 | 0 | 0 |
| ISHARES INC | MSCI BRAZIL ETF | 464286400 |  | 11540000 | 400000 | SH | Call | DFND |  | 400000 | 0 | 0 |
| ISHARES INC | MSCI BRAZIL ETF | 464286400 |  | 11540000 | 400000 | SH | Put | DFND |  | 400000 | 0 | 0 |
| ISHARES TR | IBOXX HI YD ETF | 464288513 |  | 100812500 | 1250000 | SH | Put | DFND |  | 1250000 | 0 | 0 |
| ISHARES TR | MSCI EMG MKT ETF | 464287234 |  | 96480000 | 2000000 | SH | Put | DFND |  | 2000000 | 0 | 0 |
| JD.COM INC | SPON ADS CL A | 47215P106 |  | 1240320 | 38000 | SH | Call | DFND |  | 38000 | 0 | 0 |
| JETBLUE AWYS CORP | COM | 477143101 |  | 45138 | 10671 | SH |  | DFND |  | 10671 | 0 | 0 |
| JOBY AVIATION INC | *W EXP 08/10/202 | G65163118 |  | 240418 | 100174 | SH |  | DFND |  | 100174 | 0 | 0 |
| JOBY AVIATION INC | COMMON STOCK | G65163100 |  | 2120550 | 201000 | SH | Put | DFND |  | 201000 | 0 | 0 |
| K WAVE MEDIA LTD | *W EXP 05/14/203 | G53151125 |  | 27320 | 200000 | SH |  | DFND |  | 200000 | 0 | 0 |
| KKR  CO INC | COM | 48251W104 |  | 266060 | 2000 | SH |  | DFND |  | 2000 | 0 | 0 |
| KRISPY KREME INC | COM | 50101L106 |  | 57947 | 19913 | SH |  | DFND |  | 19913 | 0 | 0 |
| LANVIN GROUP HOLDINGS LIMITE | *W EXP 01/14/202 | G5380J118 |  | 32251 | 1697432 | SH |  | DFND |  | 1697432 | 0 | 0 |
| LIONSGATE STUDIOS CORP | COM | 53626N102 |  | 406700 | 70000 | SH |  | DFND |  | 70000 | 0 | 0 |
| LIVEWIRE GROUP INC | *W EXP 09/26/202 | 53838J113 |  | 77632 | 1522201 | SH |  | DFND |  | 1522201 | 0 | 0 |
| LIVEWIRE GROUP INC | COM | 53838J105 |  | 19946 | 4336 | SH |  | DFND |  | 4336 | 0 | 0 |
| LUCID GROUP INC | COM | 549498103 |  | 90570 | 42924 | SH |  | DFND |  | 42924 | 0 | 0 |
| MANCHESTER UTD PLC NEW | ORD CL A | G5784H106 |  | 608746 | 34180 | SH |  | DFND |  | 34180 | 0 | 0 |
| MARA HOLDINGS INC | COM | 565788106 |  | 28208 | 1799 | SH |  | DFND |  | 1799 | 0 | 0 |
| MARA HOLDINGS INC | NOTE 1.000%12/0 | 565788AB2 |  | 5468232 | 6050000 | PRN |  | DFND |  | 6050000 | 0 | 0 |
| META PLATFORMS INC | CL A | 30303M102 |  | 1439276 | 1950 | SH |  | DFND |  | 1950 | 0 | 0 |
| MICROSTRATEGY INC | CL A NEW | 594972408 |  | 606345 | 1500 | SH | Call | DFND |  | 1500 | 0 | 0 |
| MICROSTRATEGY INC | CL A NEW | 594972408 |  | 606345 | 1500 | SH | Put | DFND |  | 1500 | 0 | 0 |
| MICROSTRATEGY INC | CL A NEW | 594972408 |  | 376742 | 932 | SH |  | DFND |  | 932 | 0 | 0 |
| MICROSTRATEGY INC | SERIES A PERP PF | 594972887 |  | 3384650 | 27970 | SH |  | DFND |  | 27970 | 0 | 0 |
| MR COOPER GROUP INC | COM | 62482R107 |  | 746050 | 5000 | SH |  | DFND |  | 5000 | 0 | 0 |
| NET POWER INC | *W EXP 06/08/202 | 64107A113 |  | 82500 | 250000 | SH |  | DFND |  | 250000 | 0 | 0 |
| NEWMONT CORP | COM | 651639106 |  | 1165200 | 20000 | SH | Call | DFND |  | 20000 | 0 | 0 |
| NORTHERN DYNASTY MINERALS LT | COM NEW | 66510M204 |  | 345050 | 257500 | SH |  | DFND |  | 257500 | 0 | 0 |
| NUVEEN DOW 30 DYNMC OVERWRT | SHS | 67075F105 |  | 1038316 | 72407 | SH |  | DFND |  | 72407 | 0 | 0 |
| NUVEEN NASDAQ 100 DYNAMIC OV | COM SHS | 670699107 |  | 1830295 | 69146 | SH |  | DFND |  | 69146 | 0 | 0 |
| NVIDIA CORPORATION | COM | 67066G104 |  | 971639 | 6150 | SH |  | DFND |  | 6150 | 0 | 0 |
| OUSTER INC | COM NEW | 68989M202 |  | 1212500 | 50000 | SH | Put | DFND |  | 50000 | 0 | 0 |
| PALANTIR TECHNOLOGIES INC | CL A | 69608A108 |  | 522651 | 3834 | SH |  | DFND |  | 3834 | 0 | 0 |
| PAYSAFE LIMITED | SHS | G6964L206 |  | 189300 | 15000 | SH | Call | DFND |  | 15000 | 0 | 0 |
| PAYSAFE LIMITED | SHS | G6964L206 |  | 315500 | 25000 | SH | Put | DFND |  | 25000 | 0 | 0 |
| PAYSAFE LIMITED | SHS | G6964L206 |  | 257688 | 20419 | SH |  | DFND |  | 20419 | 0 | 0 |
| PDD HOLDINGS INC | SPONSORED ADS | 722304102 |  | 931474 | 8900 | SH | Call | DFND |  | 8900 | 0 | 0 |
| PENN ENTERTAINMENT INC | COM | 707569109 |  | 2004335 | 112162 | SH |  | DFND |  | 112162 | 0 | 0 |
| PLANET LABS PBC | *W EXP 12/06/202 | 72703X114 |  | 122876 | 148670 | SH |  | DFND |  | 148670 | 0 | 0 |
| PLANET LABS PBC | COM CL A | 72703X106 |  | 244000 | 40000 | SH | Call | DFND |  | 40000 | 0 | 0 |
| PLANET LABS PBC | COM CL A | 72703X106 |  | 610000 | 100000 | SH | Put | DFND |  | 100000 | 0 | 0 |
| POWERFLEET INC | COM | 73931J109 |  | 778718 | 180677 | SH |  | DFND |  | 180677 | 0 | 0 |
| PRIMO BRANDS CORPORATION | CLASS A COM SHS | 741623102 |  | 829360 | 28000 | SH |  | DFND |  | 28000 | 0 | 0 |
| PURECYCLE TECHNOLOGIES INC | *W EXP 03/17/202 | 74623V111 |  | 239250 | 55000 | SH |  | DFND |  | 55000 | 0 | 0 |
| QUANTUMSCAPE CORP | COM CL A | 74767V109 |  | 672000 | 100000 | SH | Put | DFND |  | 100000 | 0 | 0 |
| RH | COM | 74967X103 |  | 2022407 | 10700 | SH |  | DFND |  | 10700 | 0 | 0 |
| ROYAL CARIBBEAN GROUP | COM | V7780T103 |  | 272119 | 869 | SH |  | DFND |  | 869 | 0 | 0 |
| SABLE OFFSHORE CORP | COM SHS | 78574H104 |  | 1058403 | 48153 | SH |  | DFND |  | 48153 | 0 | 0 |
| SATELLOGIC INC | COM CL A | 80401C100 |  | 48787 | 13477 | SH |  | DFND |  | 13477 | 0 | 0 |
| SES AI CORPORATION | CL A COM | 78397Q109 |  | 42257 | 47571 | SH |  | DFND |  | 47571 | 0 | 0 |
| SIRIUSXM HOLDINGS INC | COMMON STOCK | 829933100 |  | 906626 | 39470 | SH |  | DFND |  | 39470 | 0 | 0 |
| SKECHERS U S A INC | CL A | 830566105 |  | 631000 | 10000 | SH |  | DFND |  | 10000 | 0 | 0 |
| SOUTHLAND HLDGS INC | *W EXP 02/14/202 | 84445C118 |  | 65459 | 274981 | SH |  | DFND |  | 274981 | 0 | 0 |
| SPERO THERAPEUTICS INC | COM | 84833T103 |  | 435000 | 150000 | SH |  | DFND |  | 150000 | 0 | 0 |
| SUPER MICRO COMPUTER INC | COM NEW | 86800U302 |  | 417614 | 8521 | SH |  | DFND |  | 8521 | 0 | 0 |
| TD SYNNEX CORPORATION | COM | 87162W100 |  | 1438420 | 10600 | SH |  | DFND |  | 10600 | 0 | 0 |
| TELEPHONE  DATA SYS INC | COM NEW | 879433829 |  | 862957 | 24254 | SH |  | DFND |  | 24254 | 0 | 0 |
| TELUS INTL CDA INC | SUB VTG SHS | 87975H100 |  | 635250 | 175000 | SH |  | DFND |  | 175000 | 0 | 0 |
| TENCENT MUSIC ENTMT GROUP | SPON ADS | 88034P109 |  | 682150 | 35000 | SH | Call | DFND |  | 35000 | 0 | 0 |
| TESLA INC | COM | 88160R101 |  | 524139 | 1650 | SH |  | DFND |  | 1650 | 0 | 0 |
| TIDAL TR II | DEF DLY TGT 2X L | 88636J253 |  | 213908 | 5300 | SH | Put | DFND |  | 5300 | 0 | 0 |
| TMC THE METALS COMPANY INC | *W EXP 09/09/202 | 87261Y114 |  | 377346 | 256698 | SH |  | DFND |  | 256698 | 0 | 0 |
| TRAVEL PLUS LEISURE CO | COM | 894164102 |  | 2972168 | 57589 | SH |  | DFND |  | 57589 | 0 | 0 |
| TRUMP MEDIA  TECHNOLOGY GRO | *W EXP 03/25/202 | 25400Q113 |  | 140752 | 12325 | SH |  | DFND |  | 12325 | 0 | 0 |
| UNITED RENTALS INC | COM | 911363109 |  | 1303382 | 1730 | SH |  | DFND |  | 1730 | 0 | 0 |
| USA RARE EARTH INC | *W EXP 03/13/203 | 91733P115 |  | 27922 | 11732 | SH |  | DFND |  | 11732 | 0 | 0 |
| VANECK ETF TRUST | GOLD MINERS ETF | 92189F106 |  | 416480 | 8000 | SH |  | DFND |  | 8000 | 0 | 0 |
| VIKING HOLDINGS LTD | ORD SHS | G93A5A101 |  | 226696 | 4254 | SH |  | DFND |  | 4254 | 0 | 0 |
| VIRGIN GALACTIC HOLDINGS INC | COM NEW | 92766K403 |  | 39260 | 14381 | SH |  | DFND |  | 14381 | 0 | 0 |
| VIRTUS CONVERTIBLE  INC FD | COM NEW | 92838U801 |  | 496985 | 38706 | SH |  | DFND |  | 38706 | 0 | 0 |
| VIRTUS CONVERTIBLE  INCOME | COM NEW | 92838X805 |  | 397785 | 28013 | SH |  | DFND |  | 28013 | 0 | 0 |
| VOLATILITY SHS TR | 2X ETHER ETF NEW | 92864M798 |  | 215080 | 3800 | SH | Put | DFND |  | 3800 | 0 | 0 |
| WAYFAIR INC | NOTE 3.250% 9/1 | 94419LAP6 |  | 5708800 | 5000000 | PRN |  | DFND |  | 5000000 | 0 | 0 |
| WESTERN AST INFL LKD OPP  I | COM | 95766R104 |  | 1267922 | 144740 | SH |  | DFND |  | 144740 | 0 | 0 |
| WESTERN DIGITAL CORP | NOTE 3.000%11/1 | 958102AT2 |  | 1794970 | 1000000 | PRN |  | DFND |  | 1000000 | 0 | 0 |
| WOLFSPEED INC | COM | 977852102 |  | 28767 | 72133 | SH |  | DFND |  | 72133 | 0 | 0 |
| YETI HLDGS INC | COM | 98585X104 |  | 1182000 | 37500 | SH |  | DFND |  | 37500 | 0 | 0 |
| ZOOMINFO TECHNOLOGIES INC | COMMON STOCK | 98980F104 |  | 1272023 | 125694 | SH |  | DFND |  | 125694 | 0 | 0 |

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