# EDGAR Filing Document

**Accession Number:** 0001706164
**File Stem:** 0001706164-26-000001
**Filing Date:** 2026-2
**Character Count:** 26194
**Document Hash:** 3262a366d91fcadb983ba5fc782a98a8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001706164-26-000001.hdr.sgml**: 20260217

**ACCESSION NUMBER**: 0001706164-26-000001

**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:** PenderFund Capital Management Ltd.
- **CENTRAL INDEX KEY:** 0001706164

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** A1
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-18272
- **FILM NUMBER:** 26640210

**BUSINESS ADDRESS:**
- **STREET 1:** SUITE 1830, 1066 W. HASTINGS STREET
- **CITY:** VANCOUVER
- **STATE:** A1
- **ZIP:** V6E 3X2
- **BUSINESS PHONE:** 6046881511

**MAIL ADDRESS:**
- **STREET 1:** SUITE 1830, 1066 W. HASTINGS STREET
- **CITY:** VANCOUVER
- **STATE:** A1
- **ZIP:** V6E 3X2

### 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:** PenderFund Capital Management Ltd.<br>**Address:** SUITE 1830 1066 W. HASTINGS STREET<br>VANCOUVER, A1 V6E 3X2

**Form 13F File Number:** 028-18272

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:** Gina Jones<br>**Title:** COO<br>**Phone:** 236-521-2988

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

Gina Jones  Vancouver, A1  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:** 0

**Form 13F Information Table Entry Total:** 219

**Form 13F Information Table Value Total:** $634670896

      (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 |
| 1RT ACQUISITION CORP. | *W EXP 06/26/203 | G6757R113 |  | 725 | 1250 | SH |  | SOLE |  | 1250 | 0 | 0 |
| 1RT ACQUISITION CORP. | USD CL A ORD SHS | G6757R105 |  | 51000 | 5000 | SH |  | SOLE |  | 5000 | 0 | 0 |
| ABRDN PLATINUM ETF TRUST | PHYSCL PLATM SHS | 003260106 |  | 45116060 | 242000 | SH |  | SOLE |  | 242000 | 0 | 0 |
| ADDUS HOMECARE CORP | COM | 006739106 |  | 1975976 | 18400 | SH |  | SOLE |  | 18400 | 0 | 0 |
| ADECOAGRO S A | COM | L00849106 |  | 1982500 | 250000 | SH |  | SOLE |  | 250000 | 0 | 0 |
| ADVISORSHARES TR | PURE US CANNABIS | 00768Y453 |  | 109032 | 23100 | SH |  | SOLE |  | 23100 | 0 | 0 |
| AIR LEASE CORP | CL A | 00912X302 |  | 489818 | 7626 | SH |  | SOLE |  | 7626 | 0 | 0 |
| AIRBNB INC | NOTE         3/1 | 009066AB7 | BBG00ZHSFMF1 | 4960000 | 5000000 | PRN |  | SOLE |  | 5000000 | 0 | 0 |
| ALAMOS GOLD INC NEW | COM CL A | 011532108 |  | 386143 | 10000 | SH |  | SOLE |  | 10000 | 0 | 0 |
| ALEXANDER  BALDWIN INC NEW | COM | 014491104 |  | 255936 | 12400 | SH |  | SOLE |  | 12400 | 0 | 0 |
| ALGOMA STL GROUP INC | COM | 015658107 |  | 205821 | 50000 | SH |  | SOLE |  | 50000 | 0 | 0 |
| ALLIED GOLD CORP | COM NEW | 01921D204 |  | 618666 | 27000 | SH |  | SOLE |  | 27000 | 0 | 0 |
| AMC NETWORKS INC | NOTE  4.250% 2/1 | 00164VAJ2 |  | 521377 | 501000 | PRN |  | SOLE |  | 501000 | 0 | 0 |
| AMERICAN WOODMARK CORPORATIO | COM | 030506109 |  | 97020 | 1800 | SH |  | SOLE |  | 1800 | 0 | 0 |
| AMERICAS GOLD AND SILVER COR | COM NEW | 03062D803 |  | 273896 | 53400 | SH |  | SOLE |  | 53400 | 0 | 0 |
| AMICUS THERAPEUTICS INC | COM | 03152W109 |  | 169456 | 11900 | SH |  | SOLE |  | 11900 | 0 | 0 |
| AMPLIFY ETF TR | ALTRNTV HARV ETF | 032108474 |  | 35748 | 1200 | SH |  | SOLE |  | 1200 | 0 | 0 |
| ANTERO RESOURCES CORP | COM | 03674X106 | BBG000PW5VX1 | 27568 | 800 | SH |  | SOLE |  | 800 | 0 | 0 |
| ANYWHERE REAL ESTATE INC | COM | 75605Y106 |  | 120360 | 8500 | SH |  | SOLE |  | 8500 | 0 | 0 |
| ASPEN INSURANCE HOLDINGS LTD | ORD SHS CL A | G05384501 |  | 103880 | 2800 | SH |  | SOLE |  | 2800 | 0 | 0 |
| ASTRAZENECA PLC | SPONSORED ADR | 046353108 |  | 306127 | 3330 | SH |  | SOLE |  | 3330 | 0 | 0 |
| ATS CORPORATION | COM | 00217Y104 |  | 550945 | 20000 | SH |  | SOLE |  | 20000 | 0 | 0 |
| AVADEL PHARMACEUTICALS PLC | COM SHS | G29687103 |  | 172486 | 8004 | SH |  | SOLE |  | 8004 | 0 | 0 |
| AVIDITY BIOSCIENCES INC | COM | 05370A108 |  | 324585 | 4500 | SH |  | SOLE |  | 4500 | 0 | 0 |
| BAIDU INC | SPON ADR REP A | 056752108 |  | 993016 | 7600 | SH |  | SOLE |  | 7600 | 0 | 0 |
| BCE INC | COM NEW | 05534B760 |  | 8396 | 352 | SH |  | SOLE |  | 352 | 0 | 0 |
| BEACON FINANCIAL CORP. | COM | 084680107 |  | 3059 | 116 | SH |  | SOLE |  | 116 | 0 | 0 |
| BEL FUSE INC | CL A | 077347201 |  | 242880 | 1600 | SH |  | SOLE |  | 1600 | 0 | 0 |
| BEST SPAC I ACQUISITION CORP | USD CL A ORD SHS | G1069P103 |  | 119534 | 11800 | SH |  | SOLE |  | 11800 | 0 | 0 |
| BLUE FOUNDRY BANCORP | COM | 09549B104 |  | 268488 | 21600 | SH |  | SOLE |  | 21600 | 0 | 0 |
| BLUE WTR ACQUISITION CORP. I | ORD SHS CL A | G1368E106 |  | 232200 | 22500 | SH |  | SOLE |  | 22500 | 0 | 0 |
| BOOZ ALLEN HAMILTON HLDG COR | CL A | 099502106 |  | 29526 | 350 | SH |  | SOLE |  | 350 | 0 | 0 |
| BOYD GROUP SERVICES INC | COM | 103310108 |  | 1991093 | 12500 | SH |  | SOLE |  | 12500 | 0 | 0 |
| BRIGHTHOUSE FINL INC | COM | 10922N103 |  | 187891 | 2900 | SH |  | SOLE |  | 2900 | 0 | 0 |
| BROOKFIELD BUSINESS PARTNERS | UNIT LTD L P | G16234109 |  | 32776 | 925 | SH |  | SOLE |  | 925 | 0 | 0 |
| BROOKFIELD CORP | CL A LTD VT SH | 11271J107 |  | 2117119 | 46110 | SH |  | SOLE |  | 46110 | 0 | 0 |
| BROOKFIELD RENEWABLE PARTNER | PARTNERSHIP UNIT | G16258108 |  | 810681 | 30000 | SH |  | SOLE |  | 30000 | 0 | 0 |
| BURFORD CAP LTD | ORD SHS | G17977110 |  | 4442071 | 497990 | SH |  | SOLE |  | 497990 | 0 | 0 |
| CADENCE BANK | COM | 12740C103 |  | 341649 | 7975 | SH |  | SOLE |  | 7975 | 0 | 0 |
| CAMECO CORP | COM | 13321L108 |  | 668438 | 7300 | SH |  | SOLE |  | 7300 | 0 | 0 |
| CANADA GOOSE HLDGS INC | SHS SUB VTG | 135086106 |  | 42772 | 3300 | SH |  | SOLE |  | 3300 | 0 | 0 |
| CANTALOUPE INC | COM | 138103106 |  | 327096 | 30800 | SH |  | SOLE |  | 30800 | 0 | 0 |
| CANTOR EQUITY PARTNERS III I | SHS CL A | G1828A108 |  | 73440 | 7200 | SH |  | SOLE |  | 7200 | 0 | 0 |
| CANTOR EQUITY PARTNERS IV IN | SHS CL A | G1828E100 |  | 102800 | 10000 | SH |  | SOLE |  | 10000 | 0 | 0 |
| CANTOR EQUITY PARTNERS V INC | SHS CL A S | G1828S109 |  | 51250 | 5000 | SH |  | SOLE |  | 5000 | 0 | 0 |
| CARDLYTICS INC | NOTE  4.250% 4/0 | 14161WAD7 |  | 19358001 | 47710000 | PRN |  | SOLE |  | 47710000 | 0 | 0 |
| CARTESIAN GROWTH CORP III | *W EXP 05/02/203 | G19307126 |  | 7316 | 9143 | SH |  | SOLE |  | 9143 | 0 | 0 |
| CARTESIAN GROWTH CORP III | COM CL A | G19307100 |  | 233583 | 22700 | SH |  | SOLE |  | 22700 | 0 | 0 |
| CENOVUS ENERGY INC | COM | 15135U109 |  | 676697 | 40000 | SH |  | SOLE |  | 40000 | 0 | 0 |
| CHART INDS INC | COM | 16115Q308 |  | 371214 | 1800 | SH |  | SOLE |  | 1800 | 0 | 0 |
| CHENGHE ACQUISITION III CO | UNIT 09/09/2030 | G2086N113 |  | 100500 | 10000 | SH |  | SOLE |  | 10000 | 0 | 0 |
| CHURCHILL CAP CORP XI | UNIT 12/10/2030 | G2131A124 |  | 25525 | 2500 | SH |  | SOLE |  | 2500 | 0 | 0 |
| CIDARA THERAPEUTICS INC | COM NEW | 171757206 |  | 198801 | 900 | SH |  | SOLE |  | 900 | 0 | 0 |
| CITY OFFICE REIT INC | COM | 178587101 |  | 410313 | 58700 | SH |  | SOLE |  | 58700 | 0 | 0 |
| CLARIVATE PLC | ORD SHS | G21810109 | BBG00P1919G5 | 1740140 | 521000 | SH |  | SOLE |  | 521000 | 0 | 0 |
| CLEARWATER ANALYTICS HLDGS I | CL A | 185123106 |  | 171252 | 7100 | SH |  | SOLE |  | 7100 | 0 | 0 |
| COMERICA INC | COM | 200340107 |  | 208371 | 2397 | SH |  | SOLE |  | 2397 | 0 | 0 |
| COOPER COS INC | COM | 216648501 |  | 24588 | 300 | SH |  | SOLE |  | 300 | 0 | 0 |
| COPA HOLDINGS SA | CL A | P31076105 | BBG000C29813 | 247009 | 2048 | SH |  | SOLE |  | 2048 | 0 | 0 |
| CRANE HBR ACQUISITION CORP I | UNIT 12/09/2030 | G25014120 |  | 50325 | 5000 | SH |  | SOLE |  | 5000 | 0 | 0 |
| CSG SYS INTL INC | COM | 126349109 |  | 268415 | 3500 | SH |  | SOLE |  | 3500 | 0 | 0 |
| CYBERARK SOFTWARE LTD | SHS | M2682V108 |  | 446060 | 1000 | SH |  | SOLE |  | 1000 | 0 | 0 |
| D. BORAL ARC ACQ I CORP. | SHS CL A | G2616F101 |  | 294882 | 29400 | SH |  | SOLE |  | 29400 | 0 | 0 |
| DANAHER CORPORATION | COM | 235851102 |  | 1075924 | 4700 | SH |  | SOLE |  | 4700 | 0 | 0 |
| DAYFORCE INC | COM | 15677J108 |  | 574028 | 8300 | SH |  | SOLE |  | 8300 | 0 | 0 |
| DECKERS OUTDOOR CORP | COM | 243537107 |  | 218744 | 2110 | SH |  | SOLE |  | 2110 | 0 | 0 |
| DENNYS CORP | COM | 24869P104 |  | 394970 | 63500 | SH |  | SOLE |  | 63500 | 0 | 0 |
| DIAMOND HILL INVT GROUP INC | COM NEW | 25264R207 |  | 254250 | 1500 | SH |  | SOLE |  | 1500 | 0 | 0 |
| DIGITALBRIDGE GROUP INC | CL A NEW | 25401T603 | BBG00D30HGP6 | 427986 | 27900 | SH |  | SOLE |  | 27900 | 0 | 0 |
| DOLLAR TREE INC | COM | 256746108 |  | 2279375 | 18530 | SH |  | SOLE |  | 18530 | 0 | 0 |
| DRUGS MADE IN AMER ACQ II CO | UNIT 09/16/2030 | G2851K120 |  | 497000 | 49700 | SH |  | SOLE |  | 49700 | 0 | 0 |
| DUKE ENERGY CORP NEW | NOTE  4.125% 4/1 | 26441CBY0 |  | 33282333 | 32000000 | PRN |  | SOLE |  | 32000000 | 0 | 0 |
| EQUINOX GOLD CORP | NOTE  4.750%10/1 | 29446Y502 |  | 36486693 | 2596154 | PRN |  | SOLE |  | 2596154 | 0 | 0 |
| EQUINOX GOLD CORP | COM | 29446YAC0 | BBG01JFWFWQ5 | 28545918 | 12077000 | SH |  | SOLE |  | 12077000 | 0 | 0 |
| EQV VENTURES AC CORP. II | *W EXP 06/30/203 | G3106Q128 |  | 1973 | 5636 | SH |  | SOLE |  | 5636 | 0 | 0 |
| EQV VENTURES AC CORP. II | ORD SHS CL A | G3106Q102 |  | 200600 | 20000 | SH |  | SOLE |  | 20000 | 0 | 0 |
| ERO COPPER CORP | COM | 296006109 | BBG00HNV5D77 | 2826366 | 102590 | SH |  | SOLE |  | 102590 | 0 | 0 |
| ESPERION THERAPEUTICS INC NE | COM | 29664W105 |  | 16250126 | 4391926 | SH |  | SOLE |  | 4391926 | 0 | 0 |
| EURONET WORLDWIDE INC | COM | 298736109 |  | 33488 | 440 | SH |  | SOLE |  | 440 | 0 | 0 |
| EVENTBRITE INC | COM CL A | 29975E109 |  | 408510 | 91800 | SH |  | SOLE |  | 91800 | 0 | 0 |
| EVERCORE INC | CLASS A | 29977A105 |  | 1041165 | 3060 | SH |  | SOLE |  | 3060 | 0 | 0 |
| EVOLENT HEALTH INC | DEBT  4.500% 8/1 | 30050BAJ0 |  | 2905500 | 4000000 | PRN |  | SOLE |  | 4000000 | 0 | 0 |
| EVOLENT HEALTH INC | NOTE  3.500%12/0 | 30050BAH4 |  | 5945504 | 8769000 | PRN |  | SOLE |  | 8769000 | 0 | 0 |
| F ANNUITIES  LIFE INC | COMMON STOCK | 30190A104 |  | 4967 | 161 | SH |  | SOLE |  | 161 | 0 | 0 |
| FACTSET RESH SYS INC | COM | 303075105 |  | 20313 | 70 | SH |  | SOLE |  | 70 | 0 | 0 |
| FIDELITY NATIONAL FINANCIAL | COM SHS | 31620R303 | BBG006N7S6K9 | 147065 | 2694 | SH |  | SOLE |  | 2694 | 0 | 0 |
| FIFTH ERA ACQUISITION CORP I | ORD SHS CL A | G3415K101 |  | 103525 | 10100 | SH |  | SOLE |  | 10100 | 0 | 0 |
| FIGX CAP ACQUISITION CORP. | USD CL A ORD SHS | G3473K100 |  | 90540 | 9000 | SH |  | SOLE |  | 9000 | 0 | 0 |
| FIRST MAJESTIC SILVER CORP | NOTE  0.375% 1/1 | 32076VAD5 |  | 54573028 | 44040000 | PRN |  | SOLE |  | 44040000 | 0 | 0 |
| FIRST SVGS FINL GROUP INC | COM | 33621E109 |  | 12744 | 400 | SH |  | SOLE |  | 400 | 0 | 0 |
| FLUENCE ENERGY INC | NOTE  2.250% 6/1 | 34379VAB9 |  | 33997250 | 28000000 | PRN |  | SOLE |  | 28000000 | 0 | 0 |
| FLUOR CORP NEW | COM | 343412102 |  | 1788898 | 45140 | SH |  | SOLE |  | 45140 | 0 | 0 |
| FONAR CORP | COM NEW | 344437405 |  | 150336 | 8100 | SH |  | SOLE |  | 8100 | 0 | 0 |
| FORGE GLOBAL HOLDINGS INC | COM SHS | 34629L202 |  | 102488 | 2300 | SH |  | SOLE |  | 2300 | 0 | 0 |
| FUTURECREST ACQUISITION CORP | UNIT 99/99/9999 | G3730U123 |  | 51200 | 5000 | SH |  | SOLE |  | 5000 | 0 | 0 |
| GALATA ACQUISITION CORP II | UNIT 09/12/2030 | G3R25N124 |  | 100700 | 10000 | SH |  | SOLE |  | 10000 | 0 | 0 |
| GENPACT LIMITED | SHS | G3922B107 | BBG000RQBFV2 | 37939 | 811 | SH |  | SOLE |  | 811 | 0 | 0 |
| GITLAB INC | CLASS A COM | 37637K108 |  | 78813 | 2100 | SH |  | SOLE |  | 2100 | 0 | 0 |
| GOLDEN ENTMT INC | COM | 381013101 |  | 231115 | 8500 | SH |  | SOLE |  | 8500 | 0 | 0 |
| GRAF GLOBAL CORP | ORD SHS CL A | G4036C106 | BBG00ZGXPMQ8 | 107550 | 10000 | SH |  | SOLE |  | 10000 | 0 | 0 |
| GREEN DOT CORP | CL A | 39304D102 |  | 249795 | 19500 | SH |  | SOLE |  | 19500 | 0 | 0 |
| GULF IS FABRICATION INC | COM | 402307102 |  | 149888 | 12522 | SH |  | SOLE |  | 12522 | 0 | 0 |
| HCM III ACQUISITION CORP | ORD SHS CL A | G4365E103 |  | 72432 | 7200 | SH |  | SOLE |  | 7200 | 0 | 0 |
| HEXCEL CORP NEW | COM | 428291108 | BBG000BLMDQ9 | 2344330 | 31723 | SH |  | SOLE |  | 31723 | 0 | 0 |
| HIGHVIEW MERGER CORP | UNIT 07/24/2030 | G4569C127 |  | 182340 | 18000 | SH |  | SOLE |  | 18000 | 0 | 0 |
| HILLENBRAND INC | COM | 431571108 |  | 425048 | 13400 | SH |  | SOLE |  | 13400 | 0 | 0 |
| HNI CORP | COM | 404251100 |  | 42 | 1 | SH |  | SOLE |  | 1 | 0 | 0 |
| HOLOGIC INC | COM | 436440101 |  | 327756 | 4400 | SH |  | SOLE |  | 4400 | 0 | 0 |
| INFLECTION PT ACQUISITION CO | CL A ORD SHS | G47875102 |  | 50700 | 5000 | SH |  | SOLE |  | 5000 | 0 | 0 |
| INSPIRATO INCORPORATED | CL A NEW | 45791E206 |  | 246447 | 59100 | SH |  | SOLE |  | 59100 | 0 | 0 |
| INTERCURE LTD | COM NEW | M549GJ111 |  | 1799 | 1977 | SH |  | SOLE |  | 1977 | 0 | 0 |
| INTERNATIONAL FLAVORS | COM | 459506101 |  | 2305547 | 34212 | SH |  | SOLE |  | 34212 | 0 | 0 |
| INTERNATIONAL MNY EXPRESS IN | COM | 46005L101 |  | 231936 | 15100 | SH |  | SOLE |  | 15100 | 0 | 0 |
| IRON HORSE ACQUISIT CORP II | UNIT 07/11/2030 | 46283H202 |  | 49700 | 5000 | SH |  | SOLE |  | 5000 | 0 | 0 |
| ISHARES SILVER TR | ISHARES | 46428Q109 |  | 15943950 | 247500 | SH |  | SOLE |  | 247500 | 0 | 0 |
| ISOENERGY LTD | COM NEW | 46500E867 | BBG00F0W91G6 | 1015543 | 111600 | SH |  | SOLE |  | 111600 | 0 | 0 |
| ITHAX ACQUISITION CORP III | UNIT 11/17/2030 | G4977S128 |  | 99600 | 10000 | SH |  | SOLE |  | 10000 | 0 | 0 |
| ITRON INC | COM | 465741106 | BBG000BD2167 | 31572 | 340 | SH |  | SOLE |  | 340 | 0 | 0 |
| JABIL INC | COM | 466313103 | BBG000BJNGN9 | 286621 | 1257 | SH |  | SOLE |  | 1257 | 0 | 0 |
| JAMF HLDG CORP | COM | 47074L105 |  | 173033 | 13300 | SH |  | SOLE |  | 13300 | 0 | 0 |
| JANUS HENDERSON GROUP PLC | ORD SHS | G4474Y214 |  | 166495 | 3500 | SH |  | SOLE |  | 3500 | 0 | 0 |
| JFROG LTD | ORD SHS | M6191J100 |  | 93690 | 1500 | SH |  | SOLE |  | 1500 | 0 | 0 |
| KENNEDY-WILSON HOLDINGS INC | COM | 489398107 |  | 205004 | 21200 | SH |  | SOLE |  | 21200 | 0 | 0 |
| KKR  CO INC | COM | 48251W104 |  | 2516455 | 19740 | SH |  | SOLE |  | 19740 | 0 | 0 |
| LANVIN GROUP HOLDINGS LIMITE | *W EXP 01/14/202 | G5380J118 |  | 39 | 2500 | SH |  | SOLE |  | 2500 | 0 | 0 |
| LAUDER ESTEE COS INC | CL A | 518439104 |  | 37176 | 355 | SH |  | SOLE |  | 355 | 0 | 0 |
| LAUNCH ONE ACQUISITION CORP | SHS CLASS A | G5S86M100 |  | 332526 | 31400 | SH |  | SOLE |  | 31400 | 0 | 0 |
| LAUNCHPAD CADENZA ACQUISITIO | UNIT 12/15/2030 | G6001S123 |  | 49900 | 5000 | SH |  | SOLE |  | 5000 | 0 | 0 |
| LEAPFROG ACQUISITION CORP | UNIT 11/10/2030 | G5414D129 |  | 50025 | 5000 | SH |  | SOLE |  | 5000 | 0 | 0 |
| LENSAR INC | COM | 52634L108 |  | 286098 | 24600 | SH |  | SOLE |  | 24600 | 0 | 0 |
| LIGHTWAVE ACQUISITION CORP | USD CL A ORD SHS | G5490M100 |  | 102470 | 10196 | SH |  | SOLE |  | 10196 | 0 | 0 |
| LINKBANCORP INC | COM | 53578P105 |  | 42746 | 5175 | SH |  | SOLE |  | 5175 | 0 | 0 |
| LITHIA MTRS INC | COM | 536797103 |  | 797592 | 2400 | SH |  | SOLE |  | 2400 | 0 | 0 |
| LSI INDS INC OHIO | COM | 50216C108 | BBG000BNKN21 | 178254 | 9730 | SH |  | SOLE |  | 9730 | 0 | 0 |
| M3-BRIGADE ACQUISITION VI CO | UNIT 08/18/2030 | G63221124 |  | 104909 | 10387 | SH |  | SOLE |  | 10387 | 0 | 0 |
| MAGNITE INC | NOTE  0.250% 3/1 | 55955DAB6 | BBG00ZN93NM9 | 14120347 | 14225000 | PRN |  | SOLE |  | 14225000 | 0 | 0 |
| MAPLEBEAR INC | COM | 565394103 |  | 26763 | 595 | SH |  | SOLE |  | 595 | 0 | 0 |
| MARAVAI LIFESCIENCES HLDGS I | COM CL A | 56600D107 |  | 716625 | 220500 | SH |  | SOLE |  | 220500 | 0 | 0 |
| MARKEL GROUP INC | COM | 570535104 |  | 1111369 | 517 | SH |  | SOLE |  | 517 | 0 | 0 |
| MASTERCARD INCORPORATED | CL A | 57636Q104 |  | 285440 | 500 | SH |  | SOLE |  | 500 | 0 | 0 |
| MCKINLEY ACQUISITION CORP | UNIT 07/25/2030 | G6005T127 |  | 181800 | 18000 | SH |  | SOLE |  | 18000 | 0 | 0 |
| MERCURY GENL CORP NEW | COM | 589400100 |  | 36683 | 390 | SH |  | SOLE |  | 390 | 0 | 0 |
| MICROCHIP TECHNOLOGY INC. | COM | 595017104 |  | 945286 | 14835 | SH |  | SOLE |  | 14835 | 0 | 0 |
| MIDDLEFIELD BANC CORP | COM NEW | 596304204 |  | 20862 | 604 | SH |  | SOLE |  | 604 | 0 | 0 |
| MIDWESTONE FINL GROUP INC NE | COM | 598511103 |  | 127243 | 3305 | SH |  | SOLE |  | 3305 | 0 | 0 |
| MILUNA ACQUISITION CORP | UNIT 09/29/2030 | G6180J126 |  | 14046 | 1406 | SH |  | SOLE |  | 1406 | 0 | 0 |
| MODINE MFG CO | COM | 607828100 |  | 24032 | 180 | SH |  | SOLE |  | 180 | 0 | 0 |
| NEW PROVIDENCE ACQUISITION C | USD CL A ORD SHS | G6476A102 |  | 141229 | 13765 | SH |  | SOLE |  | 13765 | 0 | 0 |
| NEXGEN ENERGY LTD | COM | 65340P106 |  | 2363035 | 256800 | SH |  | SOLE |  | 256800 | 0 | 0 |
| NIO INC | NOTE  3.875%10/1 | 62914VAJ5 |  | 24082643 | 25270000 | PRN |  | SOLE |  | 25270000 | 0 | 0 |
| NIO INC | NOTE  4.625%10/1 | 62914VAK2 |  | 19821866 | 22150000 | PRN |  | SOLE |  | 22150000 | 0 | 0 |
| NORTHERN OIL  GAS INC | NOTE  3.625% 4/1 | 665531AJ8 |  | 19506111 | 20000000 | PRN |  | SOLE |  | 20000000 | 0 | 0 |
| NORTHWESTERN ENERGY GROUP IN | COM NEW | 668074305 |  | 187166 | 2900 | SH |  | SOLE |  | 2900 | 0 | 0 |
| NVIDIA CORPORATION | COM | 67066G104 |  | 652750 | 3500 | SH |  | SOLE |  | 3500 | 0 | 0 |
| OLYMPIC STEEL INC | COM | 68162K106 |  | 4664 | 109 | SH |  | SOLE |  | 109 | 0 | 0 |
| ON SEMICONDUCTOR CORP | COM | 682189105 |  | 314070 | 5800 | SH |  | SOLE |  | 5800 | 0 | 0 |
| ON24 INC | COM | 68339B104 |  | 150444 | 18900 | SH |  | SOLE |  | 18900 | 0 | 0 |
| OPKO HEALTH INC | NOTE  3.750% 1/1 | 68375NAG8 |  | 9580341 | 7311000 | PRN |  | SOLE |  | 7311000 | 0 | 0 |
| ORION PROPERTIES INC | COM | 68629Y103 |  | 83620 | 37000 | SH |  | SOLE |  | 37000 | 0 | 0 |
| OTG ACQUISITION CORP. I | UNIT 09/05/2030 | G6791A126 |  | 25475 | 2500 | SH |  | SOLE |  | 2500 | 0 | 0 |
| OXLEY BRIDGE ACQ LTD | USD CL A ORD SHS | G6858G107 |  | 91546 | 9100 | SH |  | SOLE |  | 9100 | 0 | 0 |
| PAR TECHNOLOGY CORP | NOTE  1.500%10/1 | 698884103 |  | 15152922 | 417666 | PRN |  | SOLE |  | 417666 | 0 | 0 |
| PAR TECHNOLOGY CORP | COM | 698884AE3 |  | 4908542 | 5000000 | SH |  | SOLE |  | 5000000 | 0 | 0 |
| PERIMETER ACQUISITION CORP I | COM CL A | G7010A129 |  | 82240 | 8000 | SH |  | SOLE |  | 8000 | 0 | 0 |
| PIONEER ACQUISITION I CORP | CL A ORD SHS | G7117W107 |  | 175044 | 17400 | SH |  | SOLE |  | 17400 | 0 | 0 |
| PLYMOUTH INDL REIT INC | COM | 729640102 |  | 175040 | 8000 | SH |  | SOLE |  | 8000 | 0 | 0 |
| PPL CAP FDG INC | NOTE  2.875% 3/1 | 69352PAS2 |  | 21038608 | 19000000 | PRN |  | SOLE |  | 19000000 | 0 | 0 |
| PROASSURANCE CORP | COM | 74267C106 |  | 227128 | 9401 | SH |  | SOLE |  | 9401 | 0 | 0 |
| PROFOUND MED CORP | COM NEW | 74319B502 |  | 73759 | 9400 | SH |  | SOLE |  | 9400 | 0 | 0 |
| QUIPT HOME MEDICAL CORP | COM | 74880P104 |  | 327741 | 92629 | SH |  | SOLE |  | 92629 | 0 | 0 |
| RAMBUS INC DEL | COM | 750917106 | BBG000BR32C6 | 21135 | 230 | SH |  | SOLE |  | 230 | 0 | 0 |
| RANGE CAP ACQUISITION CORP I | UNIT 09/29/2030 | G7375J129 |  | 176664 | 17320 | SH |  | SOLE |  | 17320 | 0 | 0 |
| RENATUS TACTICAL ACQUIS | SHS CL A | G7490F101 |  | 240075 | 22500 | SH |  | SOLE |  | 22500 | 0 | 0 |
| REPUBLIC DIGITAL ACQUISITION | *W EXP 05/01/203 | G7515A129 |  | 1500 | 2500 | SH |  | SOLE |  | 2500 | 0 | 0 |
| REPUBLIC DIGITAL ACQUISITION | USD CL A ORD SHS | G7515A103 |  | 107325 | 10600 | SH |  | SOLE |  | 10600 | 0 | 0 |
| SANGOMA TECHNOLOGIES CORP | COM NEW | 80100R408 |  | 14163181 | 2821433 | SH |  | SOLE |  | 2821433 | 0 | 0 |
| SEMRUSH HLDGS INC | CL A COM | 81686C104 |  | 214293 | 18023 | SH |  | SOLE |  | 18023 | 0 | 0 |
| SIM ACQUISITION CORP. I | *W EXP 06/01/203 | G8431T119 | BBG01NC8G1L4 | 2085 | 9678 | SH |  | SOLE |  | 9678 | 0 | 0 |
| SIM ACQUISITION CORP. I | SHS CL A | G8431T101 | BBG01NC8G1L4 | 216036 | 20400 | SH |  | SOLE |  | 20400 | 0 | 0 |
| SIZZLE ACQUISITION CORP. II | USD CL A ORD SHS | G8193F109 |  | 443403 | 43642 | SH |  | SOLE |  | 43642 | 0 | 0 |
| SMART SH GLOBAL LTD | ADS | 83193E102 |  | 153855 | 131500 | SH |  | SOLE |  | 131500 | 0 | 0 |
| SOCIAL COMM PARTNERS CORP | UNIT 11/24/2030 | G8254P129 |  | 50000 | 5000 | SH |  | SOLE |  | 5000 | 0 | 0 |
| SOHO HOUSE  CO INC | COM CL A | 586001109 |  | 886995 | 98995 | SH |  | SOLE |  | 98995 | 0 | 0 |
| SOLARIUS CAPITAL ACQU CORP | SHS CL A | G82617104 |  | 292455 | 29100 | SH |  | SOLE |  | 29100 | 0 | 0 |
| SOTHERLY HOTELS INC | COM | 83600C103 |  | 397316 | 184798 | SH |  | SOLE |  | 184798 | 0 | 0 |
| SOULPOWER ACQUISITION CORP | USD CL A ORD SHS | G82745103 |  | 305018 | 30051 | SH |  | SOLE |  | 30051 | 0 | 0 |
| SOUTHERN CO | NOTE  4.500% 6/1 | 842587DZ7 |  | 32148750 | 30000000 | PRN |  | SOLE |  | 30000000 | 0 | 0 |
| SPROTT ASSET MANAGEMENT LP | PHYSICAL SILVER | 85207K107 |  | 13362250 | 565000 | SH |  | SOLE |  | 565000 | 0 | 0 |
| SSR MINING IN | NOTE  2.500% 4/0 | 784730AB9 |  | 25916052 | 19737000 | PRN |  | SOLE |  | 19737000 | 0 | 0 |
| STANDARDAERO INC | COM | 85423L103 |  | 2314476 | 80700 | SH |  | SOLE |  | 80700 | 0 | 0 |
| STONECO LTD | COM CL A | G85158106 |  | 1479000 | 100000 | SH |  | SOLE |  | 100000 | 0 | 0 |
| SYNCHRONOSS TECHNOLOGIES INC | COM NEW | 87157B400 |  | 333840 | 39000 | SH |  | SOLE |  | 39000 | 0 | 0 |
| TALEN ENERGY CORP | COM | 87422Q109 |  | 562260 | 1500 | SH |  | SOLE |  | 1500 | 0 | 0 |
| TEGNA INC | COM | 87901J105 |  | 87345 | 4500 | SH |  | SOLE |  | 4500 | 0 | 0 |
| TELESAT CORP | CL A  CL B SHS | 879512309 |  | 15940104 | 409753 | SH |  | SOLE |  | 409753 | 0 | 0 |
| TEXAS INSTRS INC | COM | 882508104 |  | 312282 | 1800 | SH |  | SOLE |  | 1800 | 0 | 0 |
| THAYER VENTURES ACQ CORP II | CL A | G87890102 |  | 364320 | 36000 | SH |  | SOLE |  | 36000 | 0 | 0 |
| TITAN ACQUISITION CORP | CL A | G8901A103 |  | 375516 | 36600 | SH |  | SOLE |  | 36600 | 0 | 0 |
| TRAILBLAZER ACQUISITION CORP | UNIT 08/21/2030 | G9009S129 |  | 102200 | 10000 | SH |  | SOLE |  | 10000 | 0 | 0 |
| TRUECAR INC | COM | 89785L107 |  | 219446 | 97100 | SH |  | SOLE |  | 97100 | 0 | 0 |
| TXNM ENERGY INC | NOTE  5.750% 6/0 | 69349H107 |  | 365056 | 6200 | PRN |  | SOLE |  | 6200 | 0 | 0 |
| TXNM ENERGY INC | COM | 69349HAF4 |  | 7957633 | 5900000 | SH |  | SOLE |  | 5900000 | 0 | 0 |
| UDEMY INC | COM | 902685106 |  | 2194 | 375 | SH |  | SOLE |  | 375 | 0 | 0 |
| URANIUM ENERGY CORP | COM | 916896103 |  | 38544 | 3300 | SH |  | SOLE |  | 3300 | 0 | 0 |
| VERISIGN INC | COM | 92343E102 |  | 32798 | 135 | SH |  | SOLE |  | 135 | 0 | 0 |
| VINE HILL CAP INVT CORP. | ORD SHS CL A | G93Y09107 | BBG01NWVP4Y1 | 269250 | 25000 | SH |  | SOLE |  | 25000 | 0 | 0 |
| VINE HILL CAP INVTS CORP II | UNIT 11/25/2030 | G9709D125 |  | 250525 | 25000 | SH |  | SOLE |  | 25000 | 0 | 0 |
| VIZSLA SILVER CORP | COM NEW | 92859G608 |  | 454010 | 83000 | SH |  | SOLE |  | 83000 | 0 | 0 |
| VOYAGER ACQUISITION CORP | CL A | G93A7H104 | BBG01NCL6NC8 | 84293 | 7900 | SH |  | SOLE |  | 7900 | 0 | 0 |
| WARNER BROS DISCOVERY INC | COM SER A | 934423104 |  | 484176 | 16800 | SH |  | SOLE |  | 16800 | 0 | 0 |
| WASTE CONNECTIONS INC | COM | 94106B101 |  | 526145 | 3000 | SH |  | SOLE |  | 3000 | 0 | 0 |
| WEBSTER FINL CORP | COM | 947890109 | BBG000BWMX63 | 2381524 | 37838 | SH |  | SOLE |  | 37838 | 0 | 0 |
| WEN ACQUISITION CORP | COM CL A | G9R39C103 |  | 177760 | 17600 | SH |  | SOLE |  | 17600 | 0 | 0 |
| WESTERN ASST INFLTN LKD INM | COM SH BEN INT | 95766Q106 |  | 793512 | 96300 | SH |  | SOLE |  | 96300 | 0 | 0 |
| WESTERN AST INFL LKD OPP  I | COM | 95766R104 |  | 8722260 | 1015397 | SH |  | SOLE |  | 1015397 | 0 | 0 |
| WESTERN COPPER  GOLD CORP | COM | 95805V108 |  | 183159 | 68500 | SH |  | SOLE |  | 68500 | 0 | 0 |
| WOLFSPEED INC | NOTE  2.500% 6/1 | 97785W106 | BBG01XLDHDP0 | 415246 | 23851 | PRN |  | SOLE |  | 23851 | 0 | 0 |
| WOLFSPEED INC | COMMON STOCK | 977852AP7 | BBG01XNF8YZ6 | 12085463 | 8125060 | SH |  | SOLE |  | 8125060 | 0 | 0 |
| XENON PHARMACEUTICALS INC | COM | 98420N105 |  | 307017 | 6850 | SH |  | SOLE |  | 6850 | 0 | 0 |

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