# EDGAR Filing Document

**Accession Number:** 0001444949
**File Stem:** 0001444949-25-000007
**Filing Date:** 2025-11
**Character Count:** 21113
**Document Hash:** 0f36ae6c374d5906da765b783dd550e1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001444949-25-000007.hdr.sgml**: 20251114

**ACCESSION NUMBER**: 0001444949-25-000007

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251114

**DATE AS OF CHANGE**: 20251114

**EFFECTIVENESS DATE**: 20251114

**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:** 251482818

**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:** 09-30-2025

**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:** 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  11-14-2025<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:** 3

**Form 13F Information Table Entry Total:** 168

**Form 13F Information Table Value Total:** $6519659431

      (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 |  | 774338 | 82552 | SH |  | OTR | 5 | 82552 | 0 | 0 |
| ADVANCED MICRO DEVICES INC | COM | 007903107 |  | 49620993 | 306700 | SH |  | OTR | 5 | 306700 | 0 | 0 |
| ADVANCED MICRO DEVICES INC | COM | 007903107 |  | 49620993 | 306700 | SH | Put | OTR | 5 | 0 | 0 | 0 |
| AGNICO EAGLE MINES LTD | COM | 008474108 |  | 6564906 | 38947 | SH |  | OTR | 5 | 38947 | 0 | 0 |
| AKAMAI TECHNOLOGIES INC | NOTE   1.125% 2/1 | 00971TAN1 |  | 193568 | 20606000 | PRN |  | OTR | 5 | 0 | 0 | 0 |
| ALBEMARLE CORP | 7.25% DEP SHS A | 012653200 |  | 34092000 | 900000 | SH |  | OTR | 5 | 900000 | 0 | 0 |
| ALGONQUIN PWR UTILS CORP | COM | 015857105 |  | 952638 | 177400 | SH |  | OTR | 5 | 177400 | 0 | 0 |
| ALIBABA GROUP HLDG LTD | SPONSORED ADS | 01609W102 |  | 22341250 | 125000 | SH | Call | OTR | 5 | 0 | 0 | 0 |
| ALIBABA GROUP HLDG LTD | NOTE   0.500% 6/0 | 01609WBG6 |  | 1488564 | 81050000 | PRN |  | OTR | 5 | 0 | 0 | 0 |
| ALNYLAM PHARMACEUTICALS INC | COM | 02043Q107 |  | 130461600 | 286100 | SH |  | OTR | 5 | 286100 | 0 | 0 |
| ALNYLAM PHARMACEUTICALS INC | COM | 02043Q107 |  | 125810400 | 275900 | SH | Put | OTR | 5 | 0 | 0 | 0 |
| AMERICAN WTR CAP CORP | NOTE   3.625% 6/1 | 03040WBE4 |  | 100150 | 10000000 | PRN |  | OTR | 5 | 0 | 0 | 0 |
| ANTERO RESOURCES CORP | COM | 03674X106 |  | 769061 | 22916 | SH |  | OTR | 5 | 22916 | 0 | 0 |
| APPLOVIN CORP | COM CL A | 03831W108 |  | 483649274 | 673100 | SH | Call | OTR | 5 | 0 | 0 | 0 |
| ARRAY DIGITAL INFRASTRUCTURE | COM | 911684108 |  | 2088268 | 41757 | SH |  | OTR | 5 | 41757 | 0 | 0 |
| ASML HOLDING N V | N Y REGISTRY SHS | N07059210 |  | 78415290 | 81000 | SH |  | OTR | 5 | 81000 | 0 | 0 |
| ASML HOLDING N V | N Y REGISTRY SHS | N07059210 |  | 78415290 | 81000 | SH | Put | OTR | 5 | 0 | 0 | 0 |
| AUDIOCODES LTD | ORD | M15342104 |  | 217161 | 22811 | SH |  | OTR | 5 | 22811 | 0 | 0 |
| BAUSCH HEALTH COS INC | COM | 071734107 |  | 410220 | 63600 | SH |  | OTR | 5 | 63600 | 0 | 0 |
| BENTLEY SYS INC | NOTE   0.125% 1/1 | 08265TAB5 |  | 100874 | 10254000 | PRN |  | OTR | 5 | 0 | 0 | 0 |
| BENTLEY SYS INC | NOTE   0.375% 7/0 | 08265TAD1 |  | 94063 | 10000000 | PRN |  | OTR | 5 | 0 | 0 | 0 |
| BEYOND MEAT INC | NOTE           3/1 | 08862EAB5 |  | 14500 | 7250000 | PRN |  | OTR | 5 | 0 | 0 | 0 |
| BIT DIGITAL INC | SHS | G1144A105 |  | 883500 | 294500 | SH |  | OTR | 5 | 294500 | 0 | 0 |
| BLACKLINE INC | NOTE          3/1 | 09239BAD1 |  | 48688 | 5000000 | PRN |  | OTR | 5 | 0 | 0 | 0 |
| BLACKROCK TECH AND PRIVATE E | SHS BEN INT | 09260Q108 |  | 71020 | 10600 | SH |  | OTR | 5 | 10600 | 0 | 0 |
| BOEING CO | COM | 097023105 |  | 49511402 | 229400 | SH |  | OTR | 5 | 229400 | 0 | 0 |
| BOEING CO | COM | 097023105 |  | 49511402 | 229400 | SH | Put | OTR | 5 | 0 | 0 | 0 |
| BOEING CO | DEP CONV PFD A | 097023204 |  | 17350758 | 249400 | SH |  | OTR | 5 | 249400 | 0 | 0 |
| BROADCOM INC | COM | 11135F101 |  | 97323450 | 295000 | SH |  | OTR | 5 | 295000 | 0 | 0 |
| BROADCOM INC | COM | 11135F101 |  | 97323450 | 295000 | SH | Put | OTR | 5 | 0 | 0 | 0 |
| BROOKFIELD ASSET MANAGMT LTD | CL A LMT VTG SHS | 113004105 |  | 2294682 | 40300 | SH |  | OTR | 5 | 40300 | 0 | 0 |
| BROOKFIELD INFRAST PARTNERS | LP INT UNIT | G16252101 |  | 529529 | 16100 | SH |  | OTR | 5 | 16100 | 0 | 0 |
| BRUKER CORP | 6.375 PREF SER A | 116794207 |  | 5436000 | 20000 | SH |  | OTR | 5 | 20000 | 0 | 0 |
| BW LPG LTD | COM | Y10230103 |  | 205632 | 14400 | SH |  | OTR | 5 | 14400 | 0 | 0 |
| C H ROBINSON WORLDWIDE INC | COM NEW | 12541W209 |  | 58613480 | 442700 | SH | Call | OTR | 5 | 0 | 0 | 0 |
| CAMTEK LTD | ORD | M20791105 |  | 3177763 | 30250 | SH |  | OTR | 5 | 30250 | 0 | 0 |
| CELESTICA INC | COM | 15101Q207 |  | 4656582 | 18900 | SH |  | OTR | 5 | 18900 | 0 | 0 |
| CENTERPOINT ENERGY INC | NOTE   4.250% 8/1 | 15189TBD8 |  | 55500 | 5000000 | PRN |  | OTR | 5 | 0 | 0 | 0 |
| CENTERRA GOLD INC | COM | 152006102 |  | 2418542 | 225400 | SH |  | OTR | 5 | 225400 | 0 | 0 |
| CHEMOURS CO | COM | 163851108 |  | 1175629 | 74219 | SH |  | OTR | 18 | 74219 | 0 | 0 |
| CHEMOURS CO | COM | 163851108 |  | 3967112 | 250449 | SH |  | OTR | 5 | 250449 | 0 | 0 |
| CIPHER MINING INC | *W EXP 08/27/202 | 17253J114 |  | 250000 | 50000 | SH |  | OTR | 5 | 50000 | 0 | 0 |
| CITIGROUP INC | COM NEW | 172967424 |  | 49268100 | 485400 | SH |  | OTR | 5 | 485400 | 0 | 0 |
| CITIGROUP INC | COM NEW | 172967424 |  | 49268100 | 485400 | SH | Put | OTR | 5 | 0 | 0 | 0 |
| CLEAR CHANNEL OUTDOOR HLDGS | COM | 18453H106 |  | 3020200 | 1911519 | SH |  | OTR | 5 | 1911519 | 0 | 0 |
| COHU INC | COM | 192576106 |  | 883725 | 43469 | SH |  | OTR | 5 | 43469 | 0 | 0 |
| COLLECTIVE MINING LTD | COM | 19425C100 |  | 205782 | 14241 | SH |  | OTR | 5 | 14241 | 0 | 0 |
| COMMUNITY HEALTH SYS INC NEW | COM | 203668108 |  | 3210000 | 1000000 | SH |  | OTR | 5 | 1000000 | 0 | 0 |
| COMMVAULT SYS INC | COM | 204166102 |  | 6777202 | 35900 | SH |  | OTR | 5 | 35900 | 0 | 0 |
| COMPASS INC | CL A | 20464U100 |  | 4145070 | 516198 | SH |  | OTR | 5 | 516198 | 0 | 0 |
| COREWEAVE INC | COM CL A | 21873S108 |  | 4105500 | 30000 | SH | Put | OTR | 5 | 0 | 0 | 0 |
| COSTCO WHSL CORP NEW | COM | 22160K105 |  | 202805533 | 219100 | SH |  | OTR | 5 | 219100 | 0 | 0 |
| COSTCO WHSL CORP NEW | COM | 22160K105 |  | 202805533 | 219100 | SH | Put | OTR | 5 | 0 | 0 | 0 |
| DATADOG INC | CL A COM | 23804L103 |  | 69220640 | 486100 | SH | Call | OTR | 5 | 0 | 0 | 0 |
| DEUTSCHE BANK A G | NAMEN AKT | D18190898 |  | 21851511 | 617100 | SH |  | OTR | 5 | 617100 | 0 | 0 |
| DEXCOM INC | NOTE   0.250%11/1 | 252131AK3 |  | 182131 | 18360000 | PRN |  | OTR | 5 | 0 | 0 | 0 |
| DROPBOX INC | NOTE          3/0 | 26210CAC8 |  | 98625 | 10000000 | PRN |  | OTR | 5 | 0 | 0 | 0 |
| DUKE ENERGY CORP NEW | NOTE   4.125% 4/1 | 26441CBY0 |  | 16106 | 1500000 | PRN |  | OTR | 5 | 0 | 0 | 0 |
| ELI LILLY  CO | COM | 532457108 |  | 130625600 | 171200 | SH |  | OTR | 5 | 171200 | 0 | 0 |
| ELI LILLY  CO | COM | 532457108 |  | 130625600 | 171200 | SH | Put | OTR | 5 | 0 | 0 | 0 |
| EQT CORP | COM | 26884L109 |  | 1347251 | 24752 | SH |  | OTR | 5 | 24752 | 0 | 0 |
| EXPAND ENERGY CORPORATION | COM | 165167735 |  | 593244 | 5584 | SH |  | OTR | 5 | 5584 | 0 | 0 |
| FERRARI N V | COM | N3167Y103 |  | 4124370 | 8500 | SH |  | OTR | 5 | 8500 | 0 | 0 |
| FORD MTR CO | NOTE          3/1 | 345370CZ1 |  | 45608 | 4500000 | PRN |  | OTR | 5 | 0 | 0 | 0 |
| FRESHPET INC | NOTE   3.000% 4/0 | 358039AB1 |  | 114456 | 10225000 | PRN |  | OTR | 5 | 0 | 0 | 0 |
| GDS HLDGS LTD | SPONSORED ADS | 36165L108 |  | 1309105 | 33827 | SH |  | OTR | 5 | 33827 | 0 | 0 |
| GLOBALFOUNDRIES INC | ORDINARY SHARES | G39387108 |  | 64712704 | 1805600 | SH | Call | OTR | 5 | 0 | 0 | 0 |
| GRANITE CONSTR INC | NOTE   3.250% 6/1 | 387328AF4 |  | 137837 | 9020000 | PRN |  | OTR | 5 | 0 | 0 | 0 |
| HALOZYME THERAPEUTICS INC | NOTE   1.000% 8/1 | 40637HAF6 |  | 70188 | 5000000 | PRN |  | OTR | 5 | 0 | 0 | 0 |
| INTEGER HLDGS CORP | NOTE   2.125% 2/1 | 45826HAB5 |  | 97250 | 7488000 | PRN |  | OTR | 5 | 0 | 0 | 0 |
| INVESCO QQQ TR | UNIT SER 1 | 46090E103 |  | 404603152 | 673923 | SH |  | OTR | 18 | 673923 | 0 | 0 |
| IRHYTHM TECHNOLOGIES INC | NOTE   1.500% 9/0 | 450056AB2 |  | 34265 | 2500000 | PRN |  | OTR | 5 | 0 | 0 | 0 |
| ISHARES TR | IBOXX HI YD ETF | 464288513 |  | 420889 | 5184 | SH |  | OTR | 5 | 5184 | 0 | 0 |
| JAMES HARDIE INDS PLC | ORD SHS | G4253H101 |  | 964573 | 50212 | SH |  | OTR | 5 | 50212 | 0 | 0 |
| JBT MAREL CORPORATION | COM | 477839104 |  | 8764080 | 62400 | SH |  | OTR | 5 | 62400 | 0 | 0 |
| JD.COM INC | SPON ADS CL A | 47215P106 |  | 154884444 | 4427800 | SH |  | OTR | 5 | 4427800 | 0 | 0 |
| JD.COM INC | SPON ADS CL A | 47215P106 |  | 154884444 | 4427800 | SH | Put | OTR | 5 | 0 | 0 | 0 |
| KKR  CO INC | 6.25 CON SER D | 48251W500 |  | 6543750 | 125000 | SH |  | OTR | 5 | 125000 | 0 | 0 |
| LADDER CAP CORP | CL A | 505743104 |  | 4360051 | 399638 | SH |  | OTR | 5 | 399638 | 0 | 0 |
| LITHIUM ARGENTINA AG | COM SHS | H5012F103 |  | 42752 | 12800 | SH |  | OTR | 5 | 12800 | 0 | 0 |
| LUMENTUM HLDGS INC | NOTE   0.500%12/1 | 55024UAD1 |  | 67150 | 4000000 | PRN |  | OTR | 5 | 0 | 0 | 0 |
| LUMENTUM HLDGS INC | NOTE   1.500%12/1 | 55024UAH2 |  | 301953 | 12500000 | PRN |  | OTR | 5 | 0 | 0 | 0 |
| LUMINAR TECHNOLOGIES INC | DEBT   9.000% 1/1 | 550424AD7 |  | 24396 | 8190000 | PRN |  | OTR | 5 | 0 | 0 | 0 |
| LUMINAR TECHNOLOGIES INC | DEBT 11.500% 1/1 | 550424AE5 |  | 69236 | 19109000 | PRN |  | OTR | 5 | 0 | 0 | 0 |
| MACOM TECH SOLUTIONS HLDGS I | NOTE   0.250% 3/1 | 55405YAB6 |  | 155223 | 10250000 | PRN |  | OTR | 5 | 0 | 0 | 0 |
| MARA HOLDINGS INC | COM | 565788106 |  | 58432000 | 3200000 | SH | Put | OTR | 5 | 0 | 0 | 0 |
| MARA HOLDINGS INC | NOTE   2.125% 9/0 | 565788AD8 |  | 325556 | 26644000 | PRN |  | OTR | 5 | 0 | 0 | 0 |
| MARRIOTT VACATIONS WORLDWIDE | NOTE   3.250%12/1 | 57164YAF4 |  | 95688 | 10000000 | PRN |  | OTR | 5 | 0 | 0 | 0 |
| META PLATFORMS INC | CL A | 30303M102 |  | 200632616 | 273200 | SH |  | OTR | 5 | 273200 | 0 | 0 |
| META PLATFORMS INC | CL A | 30303M102 |  | 200632616 | 273200 | SH | Put | OTR | 5 | 0 | 0 | 0 |
| METHANEX CORP | COM | 59151K108 |  | 349888 | 8800 | SH |  | OTR | 5 | 8800 | 0 | 0 |
| MICRON TECHNOLOGY INC | COM | 595112103 |  | 201603868 | 1204900 | SH |  | OTR | 5 | 1204900 | 0 | 0 |
| MICRON TECHNOLOGY INC | COM | 595112103 |  | 201603868 | 1204900 | SH | Put | OTR | 5 | 0 | 0 | 0 |
| MKS INC. | NOTE   1.250% 6/0 | 55306NAB0 |  | 65778 | 6000000 | PRN |  | OTR | 5 | 0 | 0 | 0 |
| MR COOPER GROUP INC | COM | 62482R107 |  | 101347832 | 480800 | SH | Call | OTR | 5 | 0 | 0 | 0 |
| NABORS INDUSTRIES LTD | SHS | G6359F137 |  | 4174298 | 102136 | SH |  | OTR | 5 | 102136 | 0 | 0 |
| NETFLIX INC | COM | 64110L106 |  | 29493432 | 24600 | SH |  | OTR | 5 | 24600 | 0 | 0 |
| NETFLIX INC | COM | 64110L106 |  | 29493432 | 24600 | SH | Put | OTR | 5 | 0 | 0 | 0 |
| NEXTERA ENERGY INC | UNIT 06/01/2027 | 65339F663 |  | 3250477 | 65179 | SH |  | OTR | 5 | 65179 | 0 | 0 |
| NEXTNAV INC | COMMON STOCK | 65345N106 |  | 77325034 | 5407345 | SH |  | OTR | 5 | 5407345 | 0 | 0 |
| NIO INC | SPON ADS | 62914V106 |  | 7620000 | 1000000 | SH | Put | OTR | 5 | 0 | 0 | 0 |
| NORTHERN OIL  GAS INC | NOTE   3.625% 4/1 | 665531AJ8 |  | 6810734 | 6776000 | PRN |  | OTR | 5 | 0 | 0 | 0 |
| OLD NATL BANCORP IND | COM | 680033107 |  | 64851275 | 2954500 | SH | Call | OTR | 5 | 0 | 0 | 0 |
| OPEN TEXT CORP | COM | 683715106 |  | 1218588 | 32600 | SH |  | OTR | 5 | 32600 | 0 | 0 |
| P3 HEALTH PARTNERS INC | *W EXP 11/19/202 | 744413113 |  | 460 | 50000 | SH |  | OTR | 5 | 50000 | 0 | 0 |
| PDD HOLDINGS INC | SPONSORED ADS | 722304102 |  | 126116614 | 954200 | SH |  | OTR | 5 | 954200 | 0 | 0 |
| PDD HOLDINGS INC | SPONSORED ADS | 722304102 |  | 126116614 | 954200 | SH | Put | OTR | 5 | 0 | 0 | 0 |
| PEBBLEBROOK HOTEL TR | NOTE   1.750%12/1 | 70509VAA8 |  | 24031 | 2500000 | PRN |  | OTR | 5 | 0 | 0 | 0 |
| PENN ENTERTAINMENT INC | COM | 707569109 |  | 4339451 | 225309 | SH |  | OTR | 5 | 225309 | 0 | 0 |
| PFIZER INC | COM | 717081103 |  | 127400000 | 5000000 | SH |  | OTR | 5 | 5000000 | 0 | 0 |
| PFIZER INC | COM | 717081103 |  | 127400000 | 5000000 | SH | Put | OTR | 5 | 0 | 0 | 0 |
| PG CORP | PFD CONV SER A | 69331C306 |  | 7482200 | 190000 | SH |  | OTR | 5 | 190000 | 0 | 0 |
| PG CORP | NOTE   4.250%12/0 | 69331CAL2 |  | 101200 | 10000000 | PRN |  | OTR | 5 | 0 | 0 | 0 |
| PORCH GROUP INC | DEBT    9.000% 5/1 | 733245AD6 |  | 80500500 | 53400000 | PRN |  | OTR | 5 | 0 | 0 | 0 |
| PURECYCLE TECHNOLOGIES INC | NOTE   7.250% 8/1 | 74623VAB9 |  | 14102552 | 11831000 | PRN |  | OTR | 5 | 0 | 0 | 0 |
| QXO INC | 5.50 DEP PFD | 82846H504 |  | 23645700 | 430000 | SH |  | OTR | 5 | 430000 | 0 | 0 |
| RANGE RES CORP | COM | 75281A109 |  | 606230 | 16106 | SH |  | OTR | 5 | 16106 | 0 | 0 |
| RIVIAN AUTOMOTIVE INC | COM CL A | 76954A103 |  | 11010000 | 750000 | SH | Put | OTR | 5 | 0 | 0 | 0 |
| RIVIAN AUTOMOTIVE INC | NOTE   3.625%10/1 | 76954AAD5 |  | 9129509 | 9918000 | PRN |  | OTR | 5 | 0 | 0 | 0 |
| ROBLOX CORP | CL A | 771049103 |  | 38148408 | 275400 | SH | Call | OTR | 5 | 0 | 0 | 0 |
| ROYAL CARIBBEAN GROUP | COM | V7780T103 |  | 65524950 | 202500 | SH | Call | OTR | 5 | 0 | 0 | 0 |
| SALESFORCE INC | COM | 79466L302 |  | 99540000 | 420000 | SH |  | OTR | 5 | 420000 | 0 | 0 |
| SALESFORCE INC | COM | 79466L302 |  | 99540000 | 420000 | SH | Put | OTR | 5 | 0 | 0 | 0 |
| SEA LTD | SPONSORD ADS | 81141R100 |  | 55531411 | 310700 | SH | Call | OTR | 5 | 0 | 0 | 0 |
| SEAGATE HDD CAYMAN | NOTE   3.500% 6/0 | 81180WBL4 |  | 1805973 | 62721000 | PRN |  | OTR | 5 | 0 | 0 | 0 |
| SEMTECH CORP | NOTE   4.000%11/0 | 816850AH4 |  | 150828426 | 42000000 | PRN |  | OTR | 5 | 0 | 0 | 0 |
| SERVICE PPTYS TR | COM SH BEN INT | 81761L102 |  | 13879045 | 5121419 | SH |  | OTR | 5 | 5121419 | 0 | 0 |
| SKEENA RES LTD NEW | COM | 83056P715 |  | 348327 | 18900 | SH |  | OTR | 5 | 18900 | 0 | 0 |
| SNDL INC | COM | 83307B101 |  | 158168 | 59018 | SH |  | OTR | 5 | 59018 | 0 | 0 |
| SNOWFLAKE INC | NOTE          10/0 | 833445AB5 |  | 266000 | 17500000 | PRN |  | OTR | 5 | 0 | 0 | 0 |
| SNOWFLAKE INC | NOTE          10/0 | 833445AD1 |  | 78303 | 5000000 | PRN |  | OTR | 5 | 0 | 0 | 0 |
| SOFI TECHNOLOGIES INC | COM | 83406F102 |  | 1149059 | 43492 | SH |  | OTR | 5 | 43492 | 0 | 0 |
| SOUTHERN CO | NOTE   3.875%12/1 | 842587DP9 |  | 401536 | 35700000 | PRN |  | OTR | 5 | 0 | 0 | 0 |
| SOUTHERN CO | NOTE   4.500% 6/1 | 842587DZ7 |  | 213504 | 19200000 | PRN |  | OTR | 5 | 0 | 0 | 0 |
| SPDR S 500 ETF TR | TR UNIT | 78462F103 |  | 71614350 | 107500 | SH | Put | OTR | 5 | 0 | 0 | 0 |
| SPDR SERIES TRUST | S RETAIL ETF | 78464A714 |  | 64635000 | 750000 | SH |  | OTR | 5 | 750000 | 0 | 0 |
| STELLANTIS N.V | SHS | N82405106 |  | 16175946 | 1731900 | SH |  | OTR | 5 | 1731900 | 0 | 0 |
| STRATEGY INC | CL A NEW | 594972408 |  | 214527418 | 665800 | SH | Put | OTR | 5 | 0 | 0 | 0 |
| STRATEGY INC | NOTE   0.625% 3/1 | 594972AJ0 |  | 3376031 | 151222000 | PRN |  | OTR | 5 | 0 | 0 | 0 |
| STRATEGY INC | NOTE   0.875% 3/1 | 594972AL5 |  | 2352625 | 149670000 | PRN |  | OTR | 5 | 0 | 0 | 0 |
| STRATEGY INC | NOTE   2.250% 6/1 | 594972AN1 |  | 314685942 | 176641000 | PRN |  | OTR | 5 | 0 | 0 | 0 |
| STRATEGY INC | NOTE   0.625% 9/1 | 594972AQ4 |  | 714911 | 37850000 | PRN |  | OTR | 5 | 0 | 0 | 0 |
| SUPER MICRO COMPUTER INC | NOTE   3.500% 3/0 | 86800UAB0 |  | 25438 | 2500000 | PRN |  | OTR | 5 | 0 | 0 | 0 |
| SYNOPSYS INC | COM | 871607107 |  | 51411238 | 104200 | SH |  | OTR | 5 | 104200 | 0 | 0 |
| SYNOPSYS INC | COM | 871607107 |  | 51411238 | 104200 | SH | Put | OTR | 5 | 0 | 0 | 0 |
| TECHNIPFMC PLC | COM | G87110105 |  | 62713665 | 1589700 | SH | Call | OTR | 5 | 0 | 0 | 0 |
| TECK RESOURCES LTD | CL B | 878742204 |  | 509124 | 11600 | SH |  | OTR | 5 | 11600 | 0 | 0 |
| TRANSDIGM GROUP INC | COM | 893641100 |  | 15561862 | 11807 | SH |  | OTR | 5 | 11807 | 0 | 0 |
| TRIP COM GROUP LTD | NOTE   0.750% 6/1 | 89677QAB3 |  | 398000 | 31200000 | PRN |  | OTR | 5 | 0 | 0 | 0 |
| TYLER TEX INDPT SCH DIST | NOTE   0.250% 3/1 | 902252AB1 |  | 191516 | 17500000 | PRN |  | OTR | 5 | 0 | 0 | 0 |
| UBER TECHNOLOGIES INC | NOTE   0.875%12/0 | 90353TAM2 |  | 747186 | 50829000 | PRN |  | OTR | 5 | 0 | 0 | 0 |
| UBS GROUP AG | SHS | H42097107 |  | 2673200 | 65200 | SH |  | OTR | 5 | 65200 | 0 | 0 |
| UGI CORP NEW | NOTE   5.000% 6/0 | 902681AB1 |  | 127970 | 10000000 | PRN |  | OTR | 5 | 0 | 0 | 0 |
| VAIL RESORTS INC | NOTE          1/0 | 91879QAN9 |  | 88650 | 9000000 | PRN |  | OTR | 5 | 0 | 0 | 0 |
| VANGUARD INDEX FDS | TOTAL STK MKT | 922908769 |  | 7145902 | 21775 | SH |  | OTR | 18 | 21775 | 0 | 0 |
| VANGUARD INTL EQUITY INDEX F | ALLWRLD EX US | 922042775 |  | 1445243 | 20250 | SH |  | OTR | 18 | 20250 | 0 | 0 |
| VISTRA CORP | COM | 92840M102 |  | 48980000 | 250000 | SH |  | OTR | 5 | 250000 | 0 | 0 |
| VISTRA CORP | COM | 92840M102 |  | 48980000 | 250000 | SH | Put | OTR | 5 | 0 | 0 | 0 |
| VIZSLA SILVER CORP | COM NEW | 92859G608 |  | 328320 | 76000 | SH |  | OTR | 5 | 76000 | 0 | 0 |
| WARNER BROS DISCOVERY INC | COM SER A | 934423104 |  | 1958078 | 100260 | SH |  | OTR | 5 | 100260 | 0 | 0 |
| WEC ENERGY GROUP INC | NOTE   4.375% 6/0 | 92939UAP1 |  | 234413 | 19567000 | PRN |  | OTR | 5 | 0 | 0 | 0 |
| WEC ENERGY GROUP INC | NOTE   4.375% 6/0 | 92939UAR7 |  | 30675 | 2500000 | PRN |  | OTR | 5 | 0 | 0 | 0 |
| WEST FRASER TIMBER CO LTD | COM | 952845105 |  | 1326290 | 19510 | SH |  | OTR | 5 | 19510 | 0 | 0 |
| WESTERN DIGITAL CORP | NOTE   3.000%11/1 | 958102AT2 |  | 112197 | 3500000 | PRN |  | OTR | 5 | 0 | 0 | 0 |
| WIX COM LTD | SHS | M98068105 |  | 1535789 | 8646 | SH |  | OTR | 5 | 8646 | 0 | 0 |
| WOLFSPEED INC | COMMON STOCK | 97785W106 |  | 6965473 | 243548 | SH |  | OTR | 5 | 243548 | 0 | 0 |
| WORLD KINECT CORPORATION | NOTE   3.250% 7/0 | 98149GAB6 |  | 27703 | 2500000 | PRN |  | OTR | 5 | 0 | 0 | 0 |
| YUM CHINA HLDGS INC | COM | 98850P109 |  | 3146036 | 73300 | SH |  | OTR | 5 | 73300 | 0 | 0 |

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