# EDGAR Filing Document

**Accession Number:** 0001610880
**File Stem:** 0000905148-26-000871
**Filing Date:** 2026-2
**Character Count:** 21348
**Document Hash:** 3241104f73614e2a91475922862963a7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000905148-26-000871.hdr.sgml**: 20260217

**ACCESSION NUMBER**: 0000905148-26-000871

**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:** BlueCrest Capital Management Ltd
- **CENTRAL INDEX KEY:** 0001610880

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** Y9
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-16345
- **FILM NUMBER:** 26641641

**BUSINESS ADDRESS:**
- **STREET 1:** GROUND FLOOR, HARBOUR REACH
- **STREET 2:** LA RUE DE CARTERET
- **CITY:** ST HELIER
- **STATE:** Y9
- **ZIP:** JE2 4HR
- **BUSINESS PHONE:** 44 1534 84 3800

**MAIL ADDRESS:**
- **STREET 1:** GROUND FLOOR, HARBOUR REACH
- **STREET 2:** LA RUE DE CARTERET
- **CITY:** ST HELIER
- **STATE:** Y9
- **ZIP:** JE2 4HR

### 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:** BlueCrest Capital Management Ltd<br>**Address:** GROUND FLOOR HARBOUR REACH<br>LA RUE DE CARTERET<br>ST HELIER, Y9 JE2 4HR

**Form 13F File Number:** 028-16345

**CRD Number (if applicable):** 000148823

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:** Margot Marshall<br>**Title:** Head of Compliance<br>**Phone:** 44-20-3180-3040

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

/s/ Margot Marshall  London, X0  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:** 170

**Form 13F Information Table Value Total:** $3330511681

      (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 |
| ACTIVATE ENERGY ACQUISITION | UNIT 11/10/2030 | G0081J129 |  | 2200000 | 220000 | SH |  | OTR |  | 0 | 220000 | 0 |
| AEROVIRONMENT INC | COM | 008073108 |  | 1185261 | 4900 | SH |  | OTR |  | 0 | 4900 | 0 |
| AFFIRM HLDGS INC | COM CL A | 00827B106 |  | 4994253 | 67100 | SH | Call | OTR |  | 0 | 67100 | 0 |
| AIRSCULPT TECHNOLOGIES INC | COM | 009496100 |  | 249084 | 125800 | SH | Call | OTR |  | 0 | 125800 | 0 |
| AKAMAI TECHNOLOGIES INC | NOTE 0.375% 9/0 | 00971TAL5 |  | 8326029 | 8270000 | PRN |  | OTR |  | 0 | 0 | 8270000 |
| ALBEMARLE CORP | 7.25% DEP SHS A | 012653200 |  | 8505658 | 143217 | SH |  | OTR |  | 0 | 143217 | 0 |
| ALIBABA GROUP HLDG LTD | NOTE 0.500% 6/0 | 01609WBG6 |  | 17102965 | 11000000 | PRN |  | OTR |  | 0 | 0 | 11000000 |
| ALIBABA GROUP HLDG LTD | SPONSORED ADS | 01609W102 |  | 20361574 | 138911 | SH |  | OTR |  | 0 | 138911 | 0 |
| ALPHABET INC | CAP STK CL A | 02079K305 |  | 7065975 | 22575 | SH |  | OTR |  | 0 | 22575 | 0 |
| AMAZON COM INC | COM | 023135106 |  | 23459852 | 101637 | SH |  | OTR |  | 0 | 101637 | 0 |
| AMERICAN DRIVE ACQUISITION C | UNIT 12/04/2030 | G0R91M121 |  | 4985000 | 500000 | SH |  | OTR |  | 0 | 500000 | 0 |
| AMERICAN EXCEPTIONALISM ACQU | ORD CL A | G0273J101 |  | 10152887 | 891386 | SH |  | OTR |  | 0 | 891386 | 0 |
| APOLLO GLOBAL MGMT INC | SER A MAND CNV | 03769M304 |  | 7783771 | 103069 | SH |  | OTR |  | 0 | 103069 | 0 |
| APPLIED MATLS INC | COM | 038222105 |  | 475432 | 1850 | SH |  | OTR |  | 0 | 1850 | 0 |
| ARES MANAGEMENT CORPORATION | 6.75 SE B PFD | 03990B309 |  | 2568636 | 50965 | SH |  | OTR |  | 0 | 50965 | 0 |
| ARISTA NETWORKS INC | COM SHS | 040413205 |  | 818282 | 6245 | SH |  | OTR |  | 0 | 6245 | 0 |
| AUTOHOME INC | SP ADS RP CL A | 05278C107 |  | 1101870 | 49500 | SH |  | OTR |  | 0 | 49500 | 0 |
| AXT INC | COM | 00246W103 |  | 10677580 | 653063 | SH |  | OTR |  | 0 | 653063 | 0 |
| BAIDU INC | SPON ADR REP A | 056752108 |  | 5463809 | 41817 | SH |  | OTR |  | 0 | 41817 | 0 |
| BAIN CAP GSS INVT CORP | UNIT 99/99/9999 | G0R78B122 |  | 4599000 | 450000 | SH |  | OTR |  | 0 | 450000 | 0 |
| BANK AMERICA CORP | COM | 060505104 |  | 57700115 | 1049093 | SH |  | OTR |  | 0 | 1049093 | 0 |
| BETA TECHNOLOGIES INC | COM SHS CL A | 086921103 |  | 1410500 | 50000 | SH |  | OTR |  | 0 | 50000 | 0 |
| BITDEER TECHNOLOGIES GROUP | CL A ORD SHS | G11448100 |  | 560500 | 50000 | SH | Put | OTR |  | 0 | 50000 | 0 |
| BLUEROCK ACQUISITION CORP | UNIT 11/06/2030 | G1352R121 |  | 250000 | 25000 | SH |  | OTR |  | 0 | 25000 | 0 |
| BOEING CO | COM | 097023105 |  | 13011567 | 59928 | SH |  | OTR |  | 0 | 59928 | 0 |
| BRIGHTSPRING HEALTH SVCS INC | UNIT 02/01/2027 | 10950A205 |  | 1288983 | 10213 | SH |  | OTR |  | 0 | 10213 | 0 |
| BROADCOM INC | COM | 11135F101 |  | 1781723 | 5148 | SH |  | OTR |  | 0 | 5148 | 0 |
| BRUKER CORP | 6.375 PREF SER A | 116794207 |  | 6527610 | 17835 | SH |  | OTR |  | 0 | 17835 | 0 |
| CALUMET INC | COM | 131428104 |  | 794800 | 40000 | SH |  | OTR |  | 0 | 40000 | 0 |
| CAMECO CORP | COM | 13321L108 |  | 1027067 | 11226 | SH |  | OTR |  | 0 | 11226 | 0 |
| CANTOR EQUITY PARTNERS V INC | SHS CL A S | G1828S109 |  | 1025000 | 100000 | SH |  | OTR |  | 0 | 100000 | 0 |
| CATERPILLAR INC | COM | 149123101 |  | 23201235 | 40500 | SH | Put | OTR |  | 0 | 40500 | 0 |
| CELESTICA INC | COM | 15101Q207 |  | 1369266 | 4632 | SH |  | OTR |  | 0 | 4632 | 0 |
| CENTENE CORP DEL | COM | 15135B101 |  | 823000 | 20000 | SH | Call | OTR |  | 0 | 20000 | 0 |
| CENTRAL BANCOMPANY | COM CL A | 152413100 |  | 3028025 | 125540 | SH |  | OTR |  | 0 | 125540 | 0 |
| CHECK POINT SOFTWARE TECH LT | ORD | M22465104 |  | 2875252 | 15495 | SH |  | OTR |  | 0 | 15495 | 0 |
| CHURCHILL CAP CORP X | SHS CL A | G2130T108 |  | 156000 | 10000 | SH |  | OTR |  | 0 | 10000 | 0 |
| CHURCHILL CAP CORP XI | UNIT 12/10/2030 | G2131A124 |  | 5105000 | 500000 | SH |  | OTR |  | 0 | 500000 | 0 |
| CIENA CORP | COM NEW | 171779309 |  | 945770 | 4044 | SH |  | OTR |  | 0 | 4044 | 0 |
| CITIGROUP INC | COM NEW | 172967424 |  | 59808059 | 512538 | SH |  | OTR |  | 0 | 512538 | 0 |
| CLEANSPARK INC | COM NEW | 18452B209 |  | 303600 | 30000 | SH | Put | OTR |  | 0 | 30000 | 0 |
| COHEN CIRCLE ACQUISIT CORP I | UNIT 07/01/2030 | G2254C105 |  | 1540024 | 148651 | SH |  | OTR |  | 0 | 148651 | 0 |
| COHERENT CORP | COM | 19247G107 |  | 795312 | 4309 | SH |  | OTR |  | 0 | 4309 | 0 |
| COMCAST CORP NEW | CL A | 20030N101 |  | 1195600 | 40000 | SH | Call | OTR |  | 0 | 40000 | 0 |
| CONSTELLATION ENERGY CORP | COM | 21037T109 |  | 1916843 | 5426 | SH |  | OTR |  | 0 | 5426 | 0 |
| COUPANG INC | CL A | 22266T109 |  | 14331703 | 607533 | SH |  | OTR |  | 0 | 607533 | 0 |
| CREDO TECHNOLOGY GROUP HOLDI | ORDINARY SHARES | G25457105 |  | 647649 | 4501 | SH |  | OTR |  | 0 | 4501 | 0 |
| CRITEO S A | SPONS ADS | 226718104 |  | 46578600 | 2260000 | SH |  | OTR |  | 0 | 2260000 | 0 |
| DAEDALUS SPL ACQUISITION COR | UNIT 11/10/2030 | G2616C124 |  | 2261250 | 225000 | SH |  | OTR |  | 0 | 225000 | 0 |
| DAQO NEW ENERGY CORP | SPNSRD ADS NEW | 23703Q203 |  | 1227200 | 41600 | SH |  | OTR |  | 0 | 41600 | 0 |
| DATADOG INC | CL A COM | 23804L103 |  | 775143 | 5700 | SH |  | OTR |  | 0 | 5700 | 0 |
| DIGITAL ASSET ACQUISITION CO | SHS CL A | G2868C103 |  | 820857 | 80793 | SH |  | OTR |  | 0 | 80793 | 0 |
| DISNEY WALT CO | COM | 254687106 |  | 341310 | 3000 | SH |  | OTR |  | 0 | 3000 | 0 |
| DRUGS MADE IN AMER ACQ II CO | UNIT 09/16/2030 | G2851K120 |  | 2500000 | 250000 | SH |  | OTR |  | 0 | 250000 | 0 |
| ECHOSTAR CORP | CL A | 278768106 |  | 1507452 | 13868 | SH |  | OTR |  | 0 | 13868 | 0 |
| ECHOSTAR CORP | NOTE 3.875%11/3 | 278768AB2 |  | 28106416 | 8375000 | PRN |  | OTR |  | 0 | 0 | 8375000 |
| ELI LILLY  CO | COM | 532457108 |  | 21101342 | 19635 | SH |  | OTR |  | 0 | 19635 | 0 |
| EVOLENT HEALTH INC | CL A | 30050B101 |  | 425200 | 106300 | SH | Put | OTR |  | 0 | 106300 | 0 |
| EVOLENT HEALTH INC | DEBT 4.500% 8/1 | 30050BAJ0 |  | 3538276 | 4969000 | PRN |  | OTR |  | 0 | 0 | 4969000 |
| EXAGEN INC | COM | 30068X103 |  | 60800 | 10000 | SH |  | OTR |  | 0 | 10000 | 0 |
| EXZEO GROUP INC | COM SHS | 30234F101 |  | 970000 | 40000 | SH |  | OTR |  | 0 | 40000 | 0 |
| FINVOLUTION GROUP | SPONSORED ADS | 31810T101 |  | 418400 | 80000 | SH | Put | OTR |  | 0 | 80000 | 0 |
| FIREFLY AEROSPACE INC | COM | 31816X106 |  | 10708474 | 478698 | SH |  | OTR |  | 0 | 478698 | 0 |
| FUTURECREST ACQUISITION CORP | UNIT 99/99/9999 | G3730U123 |  | 10240000 | 1000000 | SH |  | OTR |  | 0 | 1000000 | 0 |
| GALAXY DIGITAL INC. | CL A | 36317J209 |  | 223600 | 10000 | SH | Put | OTR |  | 0 | 10000 | 0 |
| GDS HLDGS LTD | SPONSORED ADS | 36165L108 |  | 1100572 | 31535 | SH |  | OTR |  | 0 | 31535 | 0 |
| GE VERNOVA INC | COM | 36828A101 |  | 6535700 | 10000 | SH | Put | OTR |  | 0 | 10000 | 0 |
| GLOBA TERRA ACQUISITION COR | UNIT 99/99/9999 | G3933N108 |  | 1019334 | 99157 | SH |  | OTR |  | 0 | 99157 | 0 |
| GREEN PLAINS INC | NOTE 5.250%11/0 | 393222AM6 |  | 5791390 | 5500000 | PRN |  | OTR |  | 0 | 0 | 5500000 |
| GRUPO FINANCIERO GALICIA S.A | SPONSORED ADR | 399909100 |  | 8916282 | 165300 | SH | Call | OTR |  | 0 | 165300 | 0 |
| HARVARD AVE ACQUISITION CORP | UNIT 10/03/2030 | G4330A129 |  | 2502500 | 250000 | SH |  | OTR |  | 0 | 250000 | 0 |
| HARVARD AVE ACQUISITION CORP | USD CL A ORD SHS | G4330A103 |  | 2482500 | 250000 | SH |  | OTR |  | 0 | 250000 | 0 |
| HEWLETT PACKARD ENTERPRISE C | 7.625 MAND CONV | 42824C208 |  | 14426781 | 216326 | SH |  | OTR |  | 0 | 216326 | 0 |
| IREN LIMITED | ORDINARY SHARES | Q4982L109 |  | 868710 | 23000 | SH | Put | OTR |  | 0 | 23000 | 0 |
| IRON HORSE ACQUISIT CORP II | UNIT 07/11/2030 | 46283H202 |  | 1739500 | 175000 | SH |  | OTR |  | 0 | 175000 | 0 |
| ISHARES BITCOIN TRUST ETF | SHS BEN INT | 46438F101 |  | 22888650 | 461000 | SH | Put | OTR |  | 0 | 461000 | 0 |
| ISHARES INC | MSCI BRAZIL ETF | 464286400 |  | 30975750 | 975000 | SH | Call | OTR |  | 0 | 975000 | 0 |
| ISHARES INC | MSCI BRAZIL ETF | 464286400 |  | 1111950 | 35000 | SH |  | OTR |  | 0 | 35000 | 0 |
| ISHARES INC | MSCI CHILE ETF | 464286640 |  | 2828000 | 70000 | SH |  | OTR |  | 0 | 70000 | 0 |
| ISHARES INC | MSCI ISRAEL ETF | 464286632 |  | 1320360 | 12000 | SH |  | OTR |  | 0 | 12000 | 0 |
| ISHARES INC | MSCI STH KOR ETF | 464286772 |  | 4127378 | 42454 | SH |  | OTR |  | 0 | 42454 | 0 |
| ISHARES TR | 20 YR TR BD ETF | 464287432 |  | 1743200 | 20000 | SH | Call | OTR |  | 0 | 20000 | 0 |
| ISHARES TR | BROAD USD HIGH | 46435U853 |  | 7956198 | 212761 | SH |  | OTR |  | 0 | 212761 | 0 |
| ISHARES TR | CORE S ETF | 464287200 |  | 1522394905 | 2222669 | SH |  | OTR |  | 0 | 2222669 | 0 |
| ISHARES TR | IBOXX HI YD ETF | 464288513 |  | 26827859 | 332728 | SH |  | OTR |  | 0 | 332728 | 0 |
| ISHARES TR | IBOXX HI YD ETF | 464288513 |  | 24189000 | 300000 | SH | Put | OTR |  | 0 | 300000 | 0 |
| ISHARES TR | IBOXX INV CP ETF | 464287242 |  | 10908810 | 99000 | SH |  | OTR |  | 0 | 99000 | 0 |
| ISHARES TR | MSCI INDIA ETF | 46429B598 |  | 8134525 | 150500 | SH |  | OTR |  | 0 | 150500 | 0 |
| ISHARES TR | MSCI INDIA ETF | 46429B598 |  | 21620000 | 400000 | SH | Call | OTR |  | 0 | 400000 | 0 |
| ISHARES TR | RUS 1000 VAL ETF | 464287598 |  | 946530 | 4500 | SH |  | OTR |  | 0 | 4500 | 0 |
| ISHARES TR | RUSSELL 2000 ETF | 464287655 |  | 10092560 | 41000 | SH | Put | OTR |  | 0 | 41000 | 0 |
| ITRON INC | NOTE 3/1 | 465741AN6 |  | 3228454 | 3256000 | PRN |  | OTR |  | 0 | 0 | 3256000 |
| JAZZ INVESTMENTS I LTD | NOTE 3.125% 9/1 | 472145AH4 |  | 4675598 | 3500000 | PRN |  | OTR |  | 0 | 0 | 3500000 |
| JETBLUE AIRWAYS CORP | NOTE 2.500% 9/0 | 477143AR2 |  | 13913384 | 14320000 | PRN |  | OTR |  | 0 | 0 | 14320000 |
| JPMORGAN CHASE  CO. | COM | 46625H100 |  | 25496624 | 79128 | SH |  | OTR |  | 0 | 79128 | 0 |
| KARBON CAP PARTNERS CORP | UNIT 12/11/2030 | G5225W126 |  | 5035000 | 500000 | SH |  | OTR |  | 0 | 500000 | 0 |
| KKR  CO INC | COM | 48251W104 |  | 1190791 | 9341 | SH |  | OTR |  | 0 | 9341 | 0 |
| KLA CORP | COM NEW | 482480100 |  | 494538 | 407 | SH |  | OTR |  | 0 | 407 | 0 |
| KOCHAV DEFENSE ACQUI CO | UNIT 05/21/2030 | G5304D122 |  | 935154 | 90528 | SH |  | OTR |  | 0 | 90528 | 0 |
| KRAFT HEINZ CO | COM | 500754106 |  | 485000 | 20000 | SH | Call | OTR |  | 0 | 20000 | 0 |
| KRANESHARES TRUST | CSI CHI INTERNET | 500767306 |  | 22596976 | 663641 | SH |  | OTR |  | 0 | 663641 | 0 |
| KRANESHARES TRUST | CSI CHI INTERNET | 500767306 |  | 30645000 | 900000 | SH | Call | OTR |  | 0 | 900000 | 0 |
| LAM RESEARCH CORP | COM NEW | 512807306 |  | 534595 | 3123 | SH |  | OTR |  | 0 | 3123 | 0 |
| LEAPFROG ACQUISITION CORP | UNIT 11/10/2030 | G5414D129 |  | 1250625 | 125000 | SH |  | OTR |  | 0 | 125000 | 0 |
| LEMAITRE VASCULAR INC | NOTE 2.500% 2/0 | 525558AB8 |  | 5988330 | 6000000 | PRN |  | OTR |  | 0 | 0 | 6000000 |
| LUMENTUM HLDGS INC | COM | 55024U109 |  | 890513 | 2416 | SH |  | OTR |  | 0 | 2416 | 0 |
| MARVELL TECHNOLOGY INC | COM | 573874104 |  | 852859 | 10036 | SH |  | OTR |  | 0 | 10036 | 0 |
| MDU RES GROUP INC | COM | 552690109 |  | 1952000 | 100000 | SH |  | OTR |  | 0 | 100000 | 0 |
| MESHFLOW ACQUISITION CORP | UNIT 11/19/2030 | G6032N127 |  | 1000000 | 100000 | SH |  | OTR |  | 0 | 100000 | 0 |
| META PLATFORMS INC | CL A | 30303M102 |  | 1962448 | 2973 | SH |  | OTR |  | 0 | 2973 | 0 |
| MICROCHIP TECHNOLOGY INC. | COM | 595017104 |  | 3361421 | 52753 | SH |  | OTR |  | 0 | 52753 | 0 |
| MICRON TECHNOLOGY INC | COM | 595112103 |  | 2414854 | 8461 | SH |  | OTR |  | 0 | 8461 | 0 |
| MICROSOFT CORP | COM | 594918104 |  | 3525106 | 7289 | SH |  | OTR |  | 0 | 7289 | 0 |
| MILUNA ACQUISITION CORP | UNIT 09/29/2030 | G6180J126 |  | 2497500 | 250000 | SH |  | OTR |  | 0 | 250000 | 0 |
| MKS INC. | COM | 55306N104 |  | 2499272 | 15640 | SH |  | OTR |  | 0 | 15640 | 0 |
| MOLINA HEALTHCARE INC | COM | 60855R100 |  | 347080 | 2000 | SH |  | OTR |  | 0 | 2000 | 0 |
| NEBIUS GROUP N.V. | SHS CLASS A | N97284108 |  | 251115 | 3000 | SH | Put | OTR |  | 0 | 3000 | 0 |
| NEURONETICS INC | COM | 64131A105 |  | 55200 | 40000 | SH |  | OTR |  | 0 | 40000 | 0 |
| NEW ORIENTAL ED  TECHNOLOGY | SPON ADR | 647581206 |  | 869474 | 15800 | SH |  | OTR |  | 0 | 15800 | 0 |
| NEXTERA ENERGY CAP HLDGS INC | NOTE 3.000% 3/0 | 65339KCY4 |  | 2237139 | 1800000 | PRN |  | OTR |  | 0 | 0 | 1800000 |
| NEXTERA ENERGY INC | UNIT 06/01/2027 | 65339F663 |  | 1006978 | 19451 | SH |  | OTR |  | 0 | 19451 | 0 |
| NOBLE CORP PLC | ORD SHS A | G65431127 |  | 583693 | 20669 | SH |  | OTR |  | 0 | 20669 | 0 |
| NOVANTA INC | UNIT 11/01/2028 | 67000B203 |  | 10609106 | 192963 | SH |  | OTR |  | 0 | 192963 | 0 |
| NUTANIX INC | NOTE 0.500%12/1 | 67059NAK4 |  | 3783094 | 3920000 | PRN |  | OTR |  | 0 | 0 | 3920000 |
| NVIDIA CORPORATION | COM | 67066G104 |  | 6393966 | 34284 | SH |  | OTR |  | 0 | 34284 | 0 |
| ON SEMICONDUCTOR CORP | NOTE 5/0 | 682189AS4 |  | 27495120 | 23000000 | PRN |  | OTR |  | 0 | 0 | 23000000 |
| OPAL FUELS INC | CLASS A COM | 68347P103 |  | 843132 | 358018 | SH |  | OTR |  | 0 | 358018 | 0 |
| PERIMETER ACQUISITION CORP I | COM CL A | G7010A129 |  | 102800 | 10000 | SH |  | OTR |  | 0 | 10000 | 0 |
| PG CORP | COM | 69331C108 |  | 48210000 | 3000000 | SH |  | OTR |  | 0 | 3000000 | 0 |
| PG CORP | COM | 69331C108 |  | 32140000 | 2000000 | SH | Put | OTR |  | 0 | 2000000 | 0 |
| PG CORP | PFD CONV SER A | 69331C306 |  | 304835 | 7435 | SH |  | OTR |  | 0 | 7435 | 0 |
| PINTEREST INC | CL A | 72352L106 |  | 1069878 | 41324 | SH |  | OTR |  | 0 | 41324 | 0 |
| QUALCOMM INC | COM | 747525103 |  | 3008427 | 17588 | SH |  | OTR |  | 0 | 17588 | 0 |
| QXO INC | 5.50 DEP PFD | 82846H504 |  | 3088290 | 55998 | SH |  | OTR |  | 0 | 55998 | 0 |
| REDDIT INC | CL A | 75734B100 |  | 485485 | 2112 | SH |  | OTR |  | 0 | 2112 | 0 |
| RENATUS TACTICAL ACQUIS | SHS CL A | G7490F101 |  | 4302421 | 403226 | SH |  | OTR |  | 0 | 403226 | 0 |
| RICE ACQUISITION CORP 3 | UNIT 99/99/9999 | G7553X122 |  | 262500 | 25000 | SH |  | OTR |  | 0 | 25000 | 0 |
| RITHM CAPITAL CORP | COM NEW | 64828T201 |  | 16182227 | 1484608 | SH |  | OTR |  | 0 | 1484608 | 0 |
| SAFEGUARD ACQUISITION CORP | UNIT 99/99/9999 | G77676123 |  | 504250 | 50000 | SH |  | OTR |  | 0 | 50000 | 0 |
| SELECT SECTOR SPDR TR | STATE STREET FIN | 81369Y605 |  | 5750850 | 105000 | SH |  | OTR |  | 0 | 105000 | 0 |
| SELECT SECTOR SPDR TR | STATE STREET FIN | 81369Y605 |  | 65724000 | 1200000 | SH | Put | OTR |  | 0 | 1200000 | 0 |
| SHIFT4 PMTS INC | 6 SER A CNV PREF | 82452J307 |  | 8457777 | 105709 | SH |  | OTR |  | 0 | 105709 | 0 |
| SILICON VY ACQUISITION CORP | UNIT 12/08/2030 | G81306105 |  | 4972500 | 500000 | SH |  | OTR |  | 0 | 500000 | 0 |
| SOCIAL COMM PARTNERS CORP | UNIT 11/24/2030 | G8254P129 |  | 1000000 | 100000 | SH |  | OTR |  | 0 | 100000 | 0 |
| SOUTHERN CO | UNIT 12/15/2028 | 842587842 |  | 3937447 | 78186 | SH |  | OTR |  | 0 | 78186 | 0 |
| SPDR GOLD TR | GOLD SHS | 78463V107 |  | 223915150 | 565000 | SH | Call | OTR |  | 0 | 565000 | 0 |
| SPDR GOLD TR | GOLD SHS | 78463V107 |  | 233822900 | 590000 | SH | Put | OTR |  | 0 | 590000 | 0 |
| SPDR S 500 ETF TR | TR UNIT | 78462F103 |  | 7842080 | 11500 | SH | Put | OTR |  | 0 | 11500 | 0 |
| SPDR SERIES TRUST | STATE STREET SPD | 78464A888 |  | 700128 | 6800 | SH | Call | OTR |  | 0 | 6800 | 0 |
| T1 ENERGY INC | NOTE 5.250%12/0 | 35834FAB0 |  | 4752600 | 3750000 | PRN |  | OTR |  | 0 | 0 | 3750000 |
| TAIWAN SEMICONDUCTOR MFG LTD | SPONSORED ADS | 874039100 |  | 2046395 | 6734 | SH |  | OTR |  | 0 | 6734 | 0 |
| TALEN ENERGY CORP | COM | 87422Q109 |  | 2037630 | 5436 | SH |  | OTR |  | 0 | 5436 | 0 |
| TEMPUS AI INC | CL A | 88023B103 |  | 1431431 | 24241 | SH |  | OTR |  | 0 | 24241 | 0 |
| TGE VALUE CREATIVE SOLUTIONS | UNIT 99/99/9999 | G8773E126 |  | 2370690 | 238500 | SH |  | OTR |  | 0 | 238500 | 0 |
| TIC SOLUTIONS INC | COM | 00510N102 |  | 758250 | 75000 | SH |  | OTR |  | 0 | 75000 | 0 |
| TRANSALTA CORP | COM | 89346D107 |  | 4978643 | 393880 | SH |  | OTR |  | 0 | 393880 | 0 |
| UPSTART HLDGS INC | NOTE 1.000%11/1 | 91680MAF4 |  | 8799700 | 10000000 | PRN |  | OTR |  | 0 | 0 | 10000000 |
| VANECK ETF TRUST | GOLD MINERS ETF | 92189F106 |  | 36088757 | 420762 | SH |  | OTR |  | 0 | 420762 | 0 |
| VANECK ETF TRUST | JUNIOR GOLD MINE | 92189F791 |  | 15388062 | 135244 | SH |  | OTR |  | 0 | 135244 | 0 |
| VENDOME ACQUISITION CORP I | UNIT 06/20/2030 | G9580A125 |  | 430914 | 41594 | SH |  | OTR |  | 0 | 41594 | 0 |
| VERTIV HOLDINGS CO | COM CL A | 92537N108 |  | 1741608 | 10750 | SH |  | OTR |  | 0 | 10750 | 0 |
| VISTRA CORP | COM | 92840M102 |  | 102810124 | 637266 | SH |  | OTR |  | 0 | 637266 | 0 |
| VNET GROUP INC | SPONSORED ADS A | 90138A103 |  | 1029328 | 121670 | SH |  | OTR |  | 0 | 121670 | 0 |
| VOYAGER TECHNOLOGIES INC | COM CL A | 92892B103 |  | 300610 | 11500 | SH |  | OTR |  | 0 | 11500 | 0 |
| WELLS FARGO CO NEW | COM | 949746101 |  | 60122668 | 645093 | SH |  | OTR |  | 0 | 645093 | 0 |
| WERIDE INC | SPONSORED ADS | 950915108 |  | 162125 | 18678 | SH |  | OTR |  | 0 | 18678 | 0 |
| WILLOW LANE ACQUISITION CORP | ORD SHS CL A | G9675P102 |  | 1264000 | 100000 | SH |  | OTR |  | 0 | 100000 | 0 |
| WISDOMTREE INC | NOTE 3.250% 8/1 | 97717PAH7 |  | 3859282 | 3196000 | PRN |  | OTR |  | 0 | 0 | 3196000 |
| WOLFSPEED INC | NOTE 2.500% 6/1 | 977852AP7 |  | 130435 | 88000 | PRN |  | OTR |  | 0 | 0 | 88000 |
| YPF SOCIEDAD ANONIMA | SPON ADR CL D | 984245100 |  | 1572960 | 43500 | SH |  | OTR |  | 0 | 43500 | 0 |

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