# EDGAR Filing Document

**Accession Number:** 0001444949
**File Stem:** 0001444949-26-000001
**Filing Date:** 2026-2
**Character Count:** 21211
**Document Hash:** 0e5faa0882f9ed87a011b65bd1a8dcec
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001444949-26-000001.hdr.sgml**: 20260217

**ACCESSION NUMBER**: 0001444949-26-000001

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260217

**DATE AS OF CHANGE**: 20260217

**EFFECTIVENESS DATE**: 20260217

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SUSQUEHANNA ADVISORS GROUP, INC.
- **CENTRAL INDEX KEY:** 0001444949

**ORGANIZATION NAME:**
- **EIN:** 232572974

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-13217
- **FILM NUMBER:** 26637859

**BUSINESS ADDRESS:**
- **STREET 1:** 401 CITY AVENUE
- **STREET 2:** SUITE 220
- **CITY:** BALA CYNWYD
- **STATE:** PA
- **ZIP:** 19004
- **BUSINESS PHONE:** 610-617-2600

**MAIL ADDRESS:**
- **STREET 1:** 401 CITY AVENUE
- **STREET 2:** SUITE 220
- **CITY:** BALA CYNWYD
- **STATE:** PA
- **ZIP:** 19004

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Susquehanna Advisors Group, Inc.
- **DATE OF NAME CHANGE:** 20080911

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 12-31-2025

**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:** SUSQUEHANNA ADVISORS GROUP INC.<br>**Address:** 401 CITY AVENUE<br>SUITE 220<br>BALA CYNWYD, PA 19004

**Form 13F File Number:** 028-13217

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:** Brian Sopinsky<br>**Title:** Assistant Secretary<br>**Phone:** 610-617-2600

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

Brian Sopinsky  BALA CYNWYD, PA  02-17-2026<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:** 3

**Form 13F Information Table Entry Total:** 170

**Form 13F Information Table Value Total:** $6022008701

      (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   |
|:---|:---|:---|
|  | CAPITAL VENTURES INTERNATIONAL | 028-13219              |
|  | CVI Opportunities Fund I LLLP  | 028-16682              |
|  | Susquehanna Foundation         | 028-18766              |

### 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 |
| ADTRAN HOLDINGS INC | COM | 00486H105 |  | 717377 | 82552 | SH |  | OTR | 5 | 82552 | 0 | 0 |
| AGNICO EAGLE MINES LTD | COM | 008474108 |  | 7010066 | 41350 | SH |  | OTR | 5 | 41350 | 0 | 0 |
| AIRBNB INC | NOTE 3/1 | 009066AB7 |  | 13476158 | 13600000 | PRN |  | OTR | 5 | 0 | 0 | 0 |
| AKAMAI TECHNOLOGIES INC | NOTE 1.125% 2/1 | 00971TAN1 |  | 252859 | 25606000 | PRN |  | OTR | 5 | 0 | 0 | 0 |
| ALBEMARLE CORP | 7.25% DEP SHS A | 012653200 |  | 71268000 | 1200000 | SH |  | OTR | 5 | 1200000 | 0 | 0 |
| ALGONQUIN PWR UTILS CORP | COM | 015857105 |  | 2376360 | 386400 | SH |  | OTR | 5 | 386400 | 0 | 0 |
| ALIBABA GROUP HLDG LTD | NOTE 0.500% 6/0 | 01609WBG6 |  | 1517856 | 97800000 | PRN |  | OTR | 5 | 0 | 0 | 0 |
| AMAZON COM INC | COM | 023135106 |  | 198989922 | 862100 | SH |  | OTR | 5 | 862100 | 0 | 0 |
| AMAZON COM INC | COM | 023135106 |  | 198989922 | 862100 | SH | Put | OTR | 5 | 0 | 0 | 0 |
| AMERICAN WTR CAP CORP | NOTE 3.625% 6/1 | 03040WBE4 |  | 200294 | 20125000 | PRN |  | OTR | 5 | 0 | 0 | 0 |
| ANI PHARMACEUTICALS INC | NOTE 2.250% 9/0 | 00182CAC7 |  | 62940 | 5000000 | PRN |  | OTR | 5 | 0 | 0 | 0 |
| ANTERO RESOURCES CORP | COM | 03674X106 |  | 1654080 | 48000 | SH |  | OTR | 5 | 48000 | 0 | 0 |
| APOLLO GLOBAL MGMT INC | SER A MAND CNV | 03769M304 |  | 22656000 | 300000 | SH |  | OTR | 5 | 300000 | 0 | 0 |
| APPLIED DIGITAL CORP | NOTE 2.750% 6/0 | 038169AB4 |  | 82541995 | 30606000 | PRN |  | OTR | 5 | 0 | 0 | 0 |
| APPLOVIN CORP | COM CL A | 03831W108 |  | 171824100 | 255000 | SH | Call | OTR | 5 | 0 | 0 | 0 |
| ARGENX SE | SPONSORED ADR | 04016X101 |  | 16044485 | 19079 | SH |  | OTR | 5 | 19079 | 0 | 0 |
| ARIS MNG CORP | COM | 04040Y109 |  | 9791559 | 603300 | SH |  | OTR | 5 | 603300 | 0 | 0 |
| ASML HOLDING N V | N Y REGISTRY SHS | N07059210 |  | 108376818 | 101300 | SH |  | OTR | 5 | 101300 | 0 | 0 |
| ASML HOLDING N V | N Y REGISTRY SHS | N07059210 |  | 108376818 | 101300 | SH | Put | OTR | 5 | 0 | 0 | 0 |
| AUDIOCODES LTD | ORD | M15342104 |  | 151797 | 17388 | SH |  | OTR | 5 | 17388 | 0 | 0 |
| BANK MONTREAL QUE | COM | 063671101 |  | 3101981 | 23900 | SH |  | OTR | 5 | 23900 | 0 | 0 |
| BARRICK MNG CORP | COM SHS | 06849F108 |  | 6323460 | 145200 | SH |  | OTR | 5 | 145200 | 0 | 0 |
| BAUSCH HEALTH COS INC | COM | 071734107 |  | 109810 | 15800 | SH |  | OTR | 5 | 15800 | 0 | 0 |
| BEYOND MEAT INC | DEBT 7.000%10/1 | 08862EAD1 |  | 5293 | 700000 | PRN |  | OTR | 5 | 0 | 0 | 0 |
| BITFARMS LTD | COM | 09173B107 |  | 100110 | 42600 | SH |  | OTR | 5 | 42600 | 0 | 0 |
| BLACKLINE INC | NOTE 3/1 | 09239BAD1 |  | 49344 | 5000000 | PRN |  | OTR | 5 | 0 | 0 | 0 |
| BLACKLINE INC | NOTE 1.000% 6/0 | 09239BAF6 |  | 26390 | 2500000 | PRN |  | OTR | 5 | 0 | 0 | 0 |
| BLACKROCK TECH AND PRIVATE E | SHS BEN INT | 09260Q108 |  | 69854 | 10600 | SH |  | OTR | 5 | 10600 | 0 | 0 |
| BOOKING HOLDINGS INC | COM | 09857L108 |  | 123172590 | 23000 | SH |  | OTR | 5 | 23000 | 0 | 0 |
| BOOKING HOLDINGS INC | COM | 09857L108 |  | 123172590 | 23000 | SH | Put | OTR | 5 | 0 | 0 | 0 |
| BROOKFIELD ASSET MANAGMT LTD | CL A LMT VTG SHS | 113004105 |  | 2111317 | 40300 | SH |  | OTR | 5 | 40300 | 0 | 0 |
| BROOKFIELD BUSINESS CORP | CL A EXC SUB VTG | 11259V106 |  | 297804 | 8300 | SH |  | OTR | 5 | 8300 | 0 | 0 |
| BROOKFIELD WEALTH SOL LTD | CL A EXCHANGEAB | G17434104 |  | 738233 | 16066 | SH |  | OTR | 5 | 16066 | 0 | 0 |
| BRUKER CORP | 6.375 PREF SER A | 116794207 |  | 8235000 | 22500 | SH |  | OTR | 5 | 22500 | 0 | 0 |
| BUCKLE INC | COM | 118440106 |  | 2054747 | 38464 | SH |  | OTR | 5 | 38464 | 0 | 0 |
| BW LPG LTD | COM | Y10230103 |  | 188640 | 14400 | SH |  | OTR | 5 | 14400 | 0 | 0 |
| C H ROBINSON WORLDWIDE INC | COM NEW | 12541W209 |  | 87694580 | 545500 | SH | Call | OTR | 5 | 0 | 0 | 0 |
| CANADIAN NAT RES LTD | COM | 136385101 |  | 2721540 | 80400 | SH |  | OTR | 5 | 80400 | 0 | 0 |
| CANADIAN NATL RY CO | COM | 136375102 |  | 2787570 | 28200 | SH |  | OTR | 5 | 28200 | 0 | 0 |
| CANADIAN PACIFIC KANSAS CITY | COM | 13646K108 |  | 7083206 | 96200 | SH |  | OTR | 5 | 96200 | 0 | 0 |
| CHEMOURS CO | COM | 163851108 |  | 875042 | 74219 | SH |  | OTR | 18 | 74219 | 0 | 0 |
| CHEMOURS CO | COM | 163851108 |  | 9117384 | 773315 | SH |  | OTR | 5 | 773315 | 0 | 0 |
| CLEAR CHANNEL OUTDOOR HLDGS | COM | 18453H106 |  | 2908888 | 1316239 | SH |  | OTR | 5 | 1316239 | 0 | 0 |
| CMS ENERGY CORP | NOTE 3.375% 5/0 | 125896BX7 |  | 26794 | 2500000 | PRN |  | OTR | 5 | 0 | 0 | 0 |
| COEUR MNG INC | COM NEW | 192108504 |  | 93841073 | 5263100 | SH |  | OTR | 5 | 5263100 | 0 | 0 |
| COEUR MNG INC | COM NEW | 192108504 |  | 93841073 | 5263100 | SH | Put | OTR | 5 | 0 | 0 | 0 |
| COMCAST CORP NEW | CL A | 20030N101 |  | 2241750 | 75000 | SH |  | OTR | 5 | 75000 | 0 | 0 |
| COMPASS INC | CL A | 20464U100 |  | 5456213 | 516198 | SH |  | OTR | 5 | 516198 | 0 | 0 |
| CRH PLC | ORD | G25508105 |  | 132662400 | 1063000 | SH | Call | OTR | 5 | 0 | 0 | 0 |
| DATADOG INC | CL A COM | 23804L103 |  | 2243835 | 16500 | SH |  | OTR | 5 | 16500 | 0 | 0 |
| DENISON MINES CORP | COM | 248356107 |  | 1372294 | 515900 | SH |  | OTR | 5 | 515900 | 0 | 0 |
| DOMINARI HOLDINGS INC | COM NEW | 008875304 |  | 182294 | 36827 | SH |  | OTR | 5 | 36827 | 0 | 0 |
| DROPBOX INC | NOTE 3/0 | 26210CAC8 |  | 49500 | 5000000 | PRN |  | OTR | 5 | 0 | 0 | 0 |
| ENDEAVOUR SILVER CORP | COM | 29258Y103 |  | 1711138 | 182036 | SH |  | OTR | 5 | 182036 | 0 | 0 |
| ENERFLEX LTD | COM | 29269R105 |  | 6699706 | 434200 | SH |  | OTR | 5 | 434200 | 0 | 0 |
| ENERGY FUELS INC | COM NEW | 292671708 |  | 1481626 | 101900 | SH |  | OTR | 5 | 101900 | 0 | 0 |
| EQUINOX GOLD CORP | COM | 29446Y502 |  | 28056188 | 1998304 | SH |  | OTR | 5 | 1998304 | 0 | 0 |
| ERO COPPER CORP | COM | 296006109 |  | 1564041 | 55286 | SH |  | OTR | 5 | 55286 | 0 | 0 |
| EVERGY INC | NOTE 4.500%12/1 | 30034WAD8 |  | 156150 | 12836000 | PRN |  | OTR | 5 | 0 | 0 | 0 |
| EXPAND ENERGY CORPORATION | *W EXP 02/09/202 | 165167180 |  | 328054 | 3304 | SH |  | OTR | 5 | 3304 | 0 | 0 |
| EXPAND ENERGY CORPORATION | COM | 165167735 |  | 2917146 | 26433 | SH |  | OTR | 5 | 26433 | 0 | 0 |
| FERRARI N V | COM | N3167Y103 |  | 3141260 | 8500 | SH |  | OTR | 5 | 8500 | 0 | 0 |
| FIRST MAJESTIC SILVER CORP | COM | 32076V103 |  | 2812208 | 168800 | SH |  | OTR | 5 | 168800 | 0 | 0 |
| FIRSTENERGY CORP | NOTE 4.000% 5/0 | 337932AR8 |  | 50988 | 5000000 | PRN |  | OTR | 5 | 0 | 0 | 0 |
| FORD MTR CO | NOTE 3/1 | 345370CZ1 |  | 103550 | 10000000 | PRN |  | OTR | 5 | 0 | 0 | 0 |
| FORTUNA MNG CORP | COM NEW | 349942102 |  | 330597 | 33700 | SH |  | OTR | 5 | 33700 | 0 | 0 |
| GALAXY DIGITAL INC. | CL A | 36317J209 |  | 1911780 | 85500 | SH |  | OTR | 5 | 85500 | 0 | 0 |
| GDS HLDGS LTD | SPONSORED ADS | 36165L108 |  | 1096802 | 31427 | SH |  | OTR | 5 | 31427 | 0 | 0 |
| GFL ENVIRONMENTAL INC | SUB VTG SHS | 36168Q104 |  | 2058722 | 47933 | SH |  | OTR | 5 | 47933 | 0 | 0 |
| GRANITE CONSTR INC | NOTE 3.250% 6/1 | 387328AF4 |  | 103668 | 6520000 | PRN |  | OTR | 5 | 0 | 0 | 0 |
| HEWLETT PACKARD ENTERPRISE C | 7.625 MAND CONV | 42824C208 |  | 15005250 | 225000 | SH |  | OTR | 5 | 225000 | 0 | 0 |
| HILTON WORLDWIDE HLDGS INC | COM | 43300A203 |  | 112027500 | 390000 | SH |  | OTR | 5 | 390000 | 0 | 0 |
| HILTON WORLDWIDE HLDGS INC | COM | 43300A203 |  | 112027500 | 390000 | SH | Put | OTR | 5 | 0 | 0 | 0 |
| IAMGOLD CORP | COM | 450913108 |  | 5593408 | 339200 | SH |  | OTR | 5 | 339200 | 0 | 0 |
| INSMED INC | COM PAR $.01 | 457669307 |  | 98332600 | 565000 | SH | Call | OTR | 5 | 0 | 0 | 0 |
| INTEGER HLDGS CORP | NOTE 2.125% 2/1 | 45826HAB5 |  | 44007 | 3888000 | PRN |  | OTR | 5 | 0 | 0 | 0 |
| INTEL CORP | COM | 458140100 |  | 149445000 | 4050000 | SH | Call | OTR | 5 | 0 | 0 | 0 |
| INVESCO QQQ TR | UNIT SER 1 | 46090E103 |  | 413997638 | 673923 | SH |  | OTR | 18 | 673923 | 0 | 0 |
| IRHYTHM TECHNOLOGIES INC | NOTE 1.500% 9/0 | 450056AB2 |  | 90877 | 6500000 | PRN |  | OTR | 5 | 0 | 0 | 0 |
| ISHARES TR | IBOXX INV CP ETF | 464287242 |  | 11063958 | 100408 | SH |  | OTR | 5 | 100408 | 0 | 0 |
| ISHARES TR | IBOXX HI YD ETF | 464288513 |  | 417986 | 5184 | SH |  | OTR | 5 | 5184 | 0 | 0 |
| JAMES HARDIE INDS PLC | ORD SHS | G4253H101 |  | 2057093 | 99137 | SH |  | OTR | 5 | 99137 | 0 | 0 |
| JD.COM INC | SPON ADS CL A | 47215P106 |  | 76629000 | 2670000 | SH |  | OTR | 5 | 2670000 | 0 | 0 |
| JD.COM INC | SPON ADS CL A | 47215P106 |  | 76629000 | 2670000 | SH | Put | OTR | 5 | 0 | 0 | 0 |
| KENON HLDGS LTD | SHS | Y46717107 |  | 201781 | 3043 | SH |  | OTR | 5 | 3043 | 0 | 0 |
| LUMENTUM HLDGS INC | NOTE 1.500%12/1 | 55024UAH2 |  | 311632 | 5855000 | PRN |  | OTR | 5 | 0 | 0 | 0 |
| MACOM TECH SOLUTIONS HLDGS I | NOTE 0.250% 3/1 | 55405YAB6 |  | 212239 | 10250000 | PRN |  | OTR | 5 | 0 | 0 | 0 |
| MAGIC SOFTWARE ENTERPRISES L | ORD | 559166103 |  | 211047 | 8196 | SH |  | OTR | 5 | 8196 | 0 | 0 |
| MANULIFE FINL CORP | COM | 56501R106 |  | 3471996 | 95700 | SH |  | OTR | 5 | 95700 | 0 | 0 |
| MARA HOLDINGS INC | COM | 565788106 |  | 28736000 | 3200000 | SH | Put | OTR | 5 | 0 | 0 | 0 |
| MARA HOLDINGS INC | NOTE 2.125% 9/0 | 565788AD8 |  | 109834 | 13644000 | PRN |  | OTR | 5 | 0 | 0 | 0 |
| MARA HOLDINGS INC | NOTE 3/0 | 565788AF3 |  | 32529400 | 39670000 | PRN |  | OTR | 5 | 0 | 0 | 0 |
| MARRIOTT VACATIONS WORLDWIDE | NOTE 3.250%12/1 | 57164YAF4 |  | 33163 | 3500000 | PRN |  | OTR | 5 | 0 | 0 | 0 |
| MASTERCARD INCORPORATED | CL A | 57636Q104 |  | 34252800 | 60000 | SH |  | OTR | 5 | 60000 | 0 | 0 |
| MERCADOLIBRE INC | COM | 58733R102 |  | 63046338 | 31300 | SH |  | OTR | 5 | 31300 | 0 | 0 |
| MERCADOLIBRE INC | COM | 58733R102 |  | 63046338 | 31300 | SH | Put | OTR | 5 | 0 | 0 | 0 |
| META PLATFORMS INC | CL A | 30303M102 |  | 208918485 | 316500 | SH |  | OTR | 5 | 316500 | 0 | 0 |
| META PLATFORMS INC | CL A | 30303M102 |  | 208918485 | 316500 | SH | Put | OTR | 5 | 0 | 0 | 0 |
| MICRON TECHNOLOGY INC | COM | 595112103 |  | 256869000 | 900000 | SH |  | OTR | 5 | 900000 | 0 | 0 |
| MICRON TECHNOLOGY INC | COM | 595112103 |  | 256869000 | 900000 | SH | Put | OTR | 5 | 0 | 0 | 0 |
| NEW GOLD INC CDA | COM | 644535106 |  | 3837626 | 440600 | SH |  | OTR | 5 | 440600 | 0 | 0 |
| NEXTNAV INC | COMMON STOCK | 65345N106 |  | 91226138 | 5482340 | SH |  | OTR | 5 | 5482340 | 0 | 0 |
| NIO INC | SPON ADS | 62914V106 |  | 5100000 | 1000000 | SH | Put | OTR | 5 | 0 | 0 | 0 |
| NOVANTA INC | UNIT 11/01/2028 | 67000B203 |  | 20342600 | 370000 | SH |  | OTR | 5 | 370000 | 0 | 0 |
| NOVO-NORDISK A S | ADR | 670100205 |  | 67670400 | 1330000 | SH |  | OTR | 5 | 1330000 | 0 | 0 |
| NOVO-NORDISK A S | ADR | 670100205 |  | 67670400 | 1330000 | SH | Put | OTR | 5 | 0 | 0 | 0 |
| NUTRIEN LTD | COM | 67077M108 |  | 7523668 | 121900 | SH |  | OTR | 5 | 121900 | 0 | 0 |
| NVIDIA CORPORATION | COM | 67066G104 |  | 197354300 | 1058200 | SH |  | OTR | 5 | 1058200 | 0 | 0 |
| NVIDIA CORPORATION | COM | 67066G104 |  | 197354300 | 1058200 | SH | Put | OTR | 5 | 0 | 0 | 0 |
| OLD NATL BANCORP IND | COM | 680033107 |  | 52428500 | 2350000 | SH | Call | OTR | 5 | 0 | 0 | 0 |
| ON SEMICONDUCTOR CORP | NOTE 5/0 | 682189AS4 |  | 29719 | 2500000 | PRN |  | OTR | 5 | 0 | 0 | 0 |
| ORLA MNG LTD NEW | COM | 68634K106 |  | 1604277 | 119100 | SH |  | OTR | 5 | 119100 | 0 | 0 |
| P3 HEALTH PARTNERS INC | *W EXP 11/19/202 | 744413113 |  | 500 | 50000 | SH |  | OTR | 5 | 50000 | 0 | 0 |
| PAGERDUTY INC | NOTE 1.500%10/1 | 69553PAD2 |  | 47438 | 5000000 | PRN |  | OTR | 5 | 0 | 0 | 0 |
| PARSONS CORP DEL | NOTE 2.625% 3/0 | 70202LAD4 |  | 26414 | 2566000 | PRN |  | OTR | 5 | 0 | 0 | 0 |
| PEBBLEBROOK HOTEL TR | NOTE 1.750%12/1 | 70509VAA8 |  | 24125 | 2500000 | PRN |  | OTR | 5 | 0 | 0 | 0 |
| PERPETUA RESOURCES CORP | COM | 714266103 |  | 4869866 | 201151 | SH |  | OTR | 5 | 201151 | 0 | 0 |
| PFIZER INC | COM | 717081103 |  | 169320000 | 6800000 | SH |  | OTR | 5 | 6800000 | 0 | 0 |
| PFIZER INC | COM | 717081103 |  | 169320000 | 6800000 | SH | Put | OTR | 5 | 0 | 0 | 0 |
| PG CORP | NOTE 4.250%12/0 | 69331CAL2 |  | 128688 | 12500000 | PRN |  | OTR | 5 | 0 | 0 | 0 |
| PINNACLE WEST CAP CORP | NOTE 4.750% 6/1 | 723484AK7 |  | 106950 | 10000000 | PRN |  | OTR | 5 | 0 | 0 | 0 |
| PORCH GROUP INC | DEBT 9.000% 5/1 | 733245AD6 |  | 51065920 | 45400000 | PRN |  | OTR | 5 | 0 | 0 | 0 |
| PURECYCLE TECHNOLOGIES INC | NOTE 7.250% 8/1 | 74623VAB9 |  | 9831000 | 9831000 | PRN |  | OTR | 5 | 0 | 0 | 0 |
| QXO INC | 5.50 DEP PFD | 82846H504 |  | 23714500 | 430000 | SH |  | OTR | 5 | 430000 | 0 | 0 |
| RAMACO RES INC | NOTE 11/0 | 75134PAB1 |  | 101400 | 12000000 | PRN |  | OTR | 5 | 0 | 0 | 0 |
| RIOT PLATFORMS INC | NOTE 0.750% 1/1 | 767292AB1 |  | 134301 | 11885000 | PRN |  | OTR | 5 | 0 | 0 | 0 |
| RIVIAN AUTOMOTIVE INC | COM CL A | 76954A103 |  | 14782500 | 750000 | SH | Put | OTR | 5 | 0 | 0 | 0 |
| ROBINHOOD MKTS INC | COM CL A | 770700102 |  | 116187630 | 1027300 | SH | Call | OTR | 5 | 0 | 0 | 0 |
| ROYAL BK CDA | COM | 780087102 |  | 5336337 | 31300 | SH |  | OTR | 5 | 31300 | 0 | 0 |
| SEABRIDGE GOLD INC | COM | 811916105 |  | 869946 | 29400 | SH |  | OTR | 5 | 29400 | 0 | 0 |
| SEAGATE HDD CAYMAN | NOTE 3.500% 6/0 | 81180WBL4 |  | 2221747 | 66259000 | PRN |  | OTR | 5 | 0 | 0 | 0 |
| SEMLER SCIENTIFIC INC | COM | 81684M104 |  | 730816 | 47797 | SH |  | OTR | 5 | 47797 | 0 | 0 |
| SERVICE PPTYS TR | COM SH BEN INT | 81761L102 |  | 11066310 | 6014299 | SH |  | OTR | 5 | 6014299 | 0 | 0 |
| SHIFT4 PMTS INC | 6 SER A CNV PREF | 82452J307 |  | 12801600 | 160000 | SH |  | OTR | 5 | 160000 | 0 | 0 |
| SHOPIFY INC | CL A SUB VTG SHS | 82509L107 |  | 118844151 | 738300 | SH |  | OTR | 5 | 738300 | 0 | 0 |
| SHOPIFY INC | CL A SUB VTG SHS | 82509L107 |  | 114240409 | 709700 | SH | Put | OTR | 5 | 0 | 0 | 0 |
| SILVERCORP METALS INC | COM | 82835P103 |  | 2719674 | 326100 | SH |  | OTR | 5 | 326100 | 0 | 0 |
| SIX FLAGS ENTERTAINMENT CORP | COM | 83001C108 |  | 4023437 | 262284 | SH |  | OTR | 5 | 262284 | 0 | 0 |
| SNDL INC | COM | 83307B101 |  | 97970 | 59018 | SH |  | OTR | 5 | 59018 | 0 | 0 |
| SNOWFLAKE INC | NOTE 10/0 | 833445AB5 |  | 161948 | 10924000 | PRN |  | OTR | 5 | 0 | 0 | 0 |
| SNOWFLAKE INC | NOTE 10/0 | 833445AD1 |  | 77219 | 5000000 | PRN |  | OTR | 5 | 0 | 0 | 0 |
| SOFI TECHNOLOGIES INC | COM | 83406F102 |  | 1138621 | 43492 | SH |  | OTR | 5 | 43492 | 0 | 0 |
| SOUTHERN CO | NOTE 4.500% 6/1 | 842587DZ7 |  | 58165 | 5450000 | PRN |  | OTR | 5 | 0 | 0 | 0 |
| SPDR SERIES TRUST | STATE STREET SPD | 78464A714 |  | 63967500 | 750000 | SH |  | OTR | 5 | 750000 | 0 | 0 |
| SPROTT INC | COM NEW | 852066208 |  | 695232 | 7100 | SH |  | OTR | 5 | 7100 | 0 | 0 |
| STANDARD LITHIUM LTD | COM | 853606101 |  | 47829 | 10700 | SH |  | OTR | 5 | 10700 | 0 | 0 |
| STRATEGY INC | CL A NEW | 594972408 |  | 91170000 | 600000 | SH | Put | OTR | 5 | 0 | 0 | 0 |
| STRATEGY INC | NOTE 0.625% 3/1 | 594972AJ0 |  | 445118 | 35222000 | PRN |  | OTR | 5 | 0 | 0 | 0 |
| STRATEGY INC | NOTE 0.875% 3/1 | 594972AL5 |  | 1145781 | 111920000 | PRN |  | OTR | 5 | 0 | 0 | 0 |
| STRATEGY INC | NOTE 12/0 | 594972AS0 |  | 76855512 | 94128000 | PRN |  | OTR | 5 | 0 | 0 | 0 |
| SUNOCOCORP LLC | COM SHS LLC | 86765Q106 |  | 1186219 | 24071 | SH |  | OTR | 5 | 24071 | 0 | 0 |
| T1 ENERGY INC | NOTE 5.250%12/0 | 35834FAB0 |  | 21930 | 1750000 | PRN |  | OTR | 5 | 0 | 0 | 0 |
| TAIWAN SEMICONDUCTOR MFG LTD | SPONSORED ADS | 874039100 |  | 607780 | 2000 | SH |  | OTR | 5 | 2000 | 0 | 0 |
| TAIWAN SEMICONDUCTOR MFG LTD | SPONSORED ADS | 874039100 |  | 607780 | 2000 | SH | Put | OTR | 5 | 0 | 0 | 0 |
| TASEKO MINES LTD | COM | 876511106 |  | 3510332 | 620200 | SH |  | OTR | 5 | 620200 | 0 | 0 |
| TORONTO DOMINION BK ONT | COM NEW | 891160509 |  | 6688200 | 71000 | SH |  | OTR | 5 | 71000 | 0 | 0 |
| TOWER SEMICONDUCTOR LTD | SHS NEW | M87915274 |  | 5450871 | 46422 | SH |  | OTR | 5 | 46422 | 0 | 0 |
| TRIP COM GROUP LTD | NOTE 0.750% 6/1 | 89677QAB3 |  | 159705 | 13000000 | PRN |  | OTR | 5 | 0 | 0 | 0 |
| TRIPLE FLAG PRECIOUS METAL | COM | 89679M104 |  | 714230 | 21500 | SH |  | OTR | 5 | 21500 | 0 | 0 |
| UBER TECHNOLOGIES INC | NOTE 0.875%12/0 | 90353TAM2 |  | 125360 | 9657000 | PRN |  | OTR | 5 | 0 | 0 | 0 |
| UNITI GROUP LLC | COM SHS | 912932100 |  | 1045135 | 149092 | SH |  | OTR | 5 | 149092 | 0 | 0 |
| VAIL RESORTS INC | NOTE 1/0 | 91879QAN9 |  | 89888 | 9000000 | PRN |  | OTR | 5 | 0 | 0 | 0 |
| VANGUARD INDEX FDS | TOTAL STK MKT | 922908769 |  | 7300504 | 21775 | SH |  | OTR | 18 | 21775 | 0 | 0 |
| VANGUARD INTL EQUITY INDEX F | ALLWRLD EX US | 922042775 |  | 1489590 | 20250 | SH |  | OTR | 18 | 20250 | 0 | 0 |
| VISHAY INTERTECHNOLOGY INC | NOTE 2.250% 9/1 | 928298AR9 |  | 22500 | 2500000 | PRN |  | OTR | 5 | 0 | 0 | 0 |
| VIZSLA SILVER CORP | COM NEW | 92859G608 |  | 3785787 | 692100 | SH |  | OTR | 5 | 692100 | 0 | 0 |
| WOLFSPEED INC | NOTE 2.500% 6/1 | 977852AP7 |  | 7249238 | 4894000 | PRN |  | OTR | 5 | 0 | 0 | 0 |
| WOLFSPEED INC | COMMON STOCK | 97785W106 |  | 3923692 | 225370 | SH |  | OTR | 5 | 225370 | 0 | 0 |
| WW GRAINGER INC | COM | 384802104 |  | 172446645 | 170900 | SH | Call | OTR | 5 | 0 | 0 | 0 |
| ZOETIS INC | CL A | 98978V103 |  | 8300849 | 65974 | SH |  | OTR | 5 | 65974 | 0 | 0 |

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