# EDGAR Filing Document

**Accession Number:** 0001491719
**File Stem:** 0000908834-26-000080
**Filing Date:** 2026-2
**Character Count:** 24569
**Document Hash:** b13ee258355d0de2dcb160d899aa8581
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000908834-26-000080.hdr.sgml**: 20260217

**ACCESSION NUMBER**: 0000908834-26-000080

**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:** Lombard Odier Asset Management (USA) Corp
- **CENTRAL INDEX KEY:** 0001491719

**ORGANIZATION NAME:**
- **EIN:** 061603711
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-13939
- **FILM NUMBER:** 26636642

**BUSINESS ADDRESS:**
- **STREET 1:** 452 FIFTH AVENUE, 25TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10018
- **BUSINESS PHONE:** 212-295-6200

**MAIL ADDRESS:**
- **STREET 1:** 452 FIFTH AVENUE, 25TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10018

### 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:** Lombard Odier Asset Management (USA) Corp<br>**Address:** 452 FIFTH AVENUE 25TH FLOOR<br>New York, NY 10018

**Form 13F File Number:** 028-13939

**CRD Number (if applicable):** 000153582

**SEC File Number (if applicable):** 801-72554

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:** Elyse Strauss<br>**Title:** Authorized Signatory<br>**Phone:** 212-295-6152

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

/s/ Elyse Strauss  New York, NY  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:** 213

**Form 13F Information Table Value Total:** $1075732517

      (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 |
| ABRDN SILVER ETF TRUST | PHYSCL SILVR SHS | 003264108 |  | 939317 | 13887 | SH |  | OTR |  | 13887 | 0 | 0 |
| ADOBE INC | COM | 00724F101 |  | 1122418 | 3207 | SH |  | OTR |  | 3207 | 0 | 0 |
| ADVANCED MICRO DEVICES INC | COM | 007903107 |  | 960293 | 4484 | SH |  | OTR |  | 4484 | 0 | 0 |
| AERCAP HOLDINGS NV | SHS | N00985106 |  | 2992796 | 20818 | SH |  | OTR |  | 20818 | 0 | 0 |
| ALBEMARLE CORP | COM | 012653101 |  | 553738 | 3915 | SH |  | OTR |  | 3915 | 0 | 0 |
| ALIBABA GROUP HLDG LTD | SPONSORED ADS | 01609W102 |  | 246254 | 1680 | SH |  | OTR |  | 1680 | 0 | 0 |
| ALLISON TRANSMISSION HLDGS I | COM | 01973R101 |  | 1142983 | 11675 | SH |  | OTR |  | 11675 | 0 | 0 |
| ALPHABET INC | CAP STK CL A | 02079K305 |  | 5891599 | 18823 | SH |  | OTR |  | 18823 | 0 | 0 |
| AMAZON COM INC | COM | 023135106 |  | 575203 | 2492 | SH |  | OTR |  | 2492 | 0 | 0 |
| AMBARELLA INC | SHS | G037AX101 |  | 662637 | 9354 | SH |  | OTR |  | 9354 | 0 | 0 |
| AMERICAN AIRLS GROUP INC | COM | 02376R102 |  | 3066000 | 200000 | SH | Call | OTR |  | 200000 | 0 | 0 |
| AMERICAN AIRLS GROUP INC | COM | 02376R102 |  | 88302333 | 5760100 | SH | Put | OTR |  | 5760100 | 0 | 0 |
| AMERICAN AXLE  MFG HLDGS IN | COM | 024061103 |  | 641000 | 100000 | SH | Call | OTR |  | 100000 | 0 | 0 |
| AMERICAN AXLE  MFG HLDGS IN | COM | 024061103 |  | 641000 | 100000 | SH | Put | OTR |  | 100000 | 0 | 0 |
| AMERICAN AXLE  MFG HLDGS IN | COM | 024061103 |  | 3140900 | 490000 | SH |  | OTR |  | 490000 | 0 | 0 |
| AMERICAN EAGLE OUTFITTERS IN | COM | 02553E106 |  | 437135 | 16577 | SH |  | OTR |  | 16577 | 0 | 0 |
| AMPHENOL CORP NEW | CL A | 032095101 |  | 884626 | 6546 | SH |  | OTR |  | 6546 | 0 | 0 |
| AMPLIFY ETF TR | AMPLIFY JUNIOR S | 032108649 |  | 1778849 | 64288 | SH |  | OTR |  | 64288 | 0 | 0 |
| AMPRIUS TECHNOLOGIES INC | COMMON STOCK | 03214Q108 |  | 188902 | 23942 | SH |  | OTR |  | 23942 | 0 | 0 |
| API GROUP CORP | COM STK | 00187Y100 |  | 2280028 | 59593 | SH |  | OTR |  | 59593 | 0 | 0 |
| APPLE INC | COM | 037833100 |  | 3336266 | 12272 | SH |  | OTR |  | 12272 | 0 | 0 |
| APPLE INC | COM | 037833100 |  | 51653400 | 190000 | SH | Put | OTR |  | 190000 | 0 | 0 |
| APTIV PLC | COM SHS | G3265R107 |  | 1049509 | 13793 | SH |  | OTR |  | 13793 | 0 | 0 |
| ARCHER DANIELS MIDLAND CO | COM | 039483102 |  | 862350 | 15000 | SH |  | OTR |  | 15000 | 0 | 0 |
| ARISTA NETWORKS INC | COM SHS | 040413205 |  | 1078639 | 8232 | SH |  | OTR |  | 8232 | 0 | 0 |
| ASML HOLDING N V | N Y REGISTRY SHS | N07059210 |  | 1014227 | 948 | SH |  | OTR |  | 948 | 0 | 0 |
| AURORA INNOVATION INC | CLASS A COM | 051774107 |  | 123118 | 32062 | SH |  | OTR |  | 32062 | 0 | 0 |
| AUTONATION INC | COM | 05329W102 |  | 1181685 | 5723 | SH |  | OTR |  | 5723 | 0 | 0 |
| AUTOZONE INC | COM | 053332102 |  | 1895849 | 559 | SH |  | OTR |  | 559 | 0 | 0 |
| AVIS BUDGET GROUP | COM | 053774105 |  | 44270400 | 345000 | SH | Put | OTR |  | 345000 | 0 | 0 |
| BABCOCK  WILCOX ENTERPRISES | COM | 05614L209 |  | 253467 | 39979 | SH |  | OTR |  | 39979 | 0 | 0 |
| BADGER METER INC | COM | 056525108 |  | 1004602 | 5760 | SH |  | OTR |  | 5760 | 0 | 0 |
| BAIDU INC | SPON ADR REP A | 056752108 |  | 891101 | 6820 | SH |  | OTR |  | 6820 | 0 | 0 |
| BAKER HUGHES COMPANY | CL A | 05722G100 |  | 1411786 | 31001 | SH |  | OTR |  | 31001 | 0 | 0 |
| BANK AMERICA CORP | COM | 060505104 |  | 11000000 | 200000 | SH | Put | OTR |  | 200000 | 0 | 0 |
| BAUSCH HEALTH COS INC | COM | 071734107 |  | 4628700 | 666000 | SH | Put | OTR |  | 666000 | 0 | 0 |
| BLOOM ENERGY CORP | COM CL A | 093712107 |  | 478764 | 5510 | SH |  | OTR |  | 5510 | 0 | 0 |
| BOSTON SCIENTIFIC CORP | COM | 101137107 |  | 2107998 | 22108 | SH |  | OTR |  | 22108 | 0 | 0 |
| BRISTOL-MYERS SQUIBB CO | COM | 110122108 |  | 6742500 | 125000 | SH | Put | OTR |  | 125000 | 0 | 0 |
| BRISTOL-MYERS SQUIBB CO | COM | 110122108 |  | 25621500 | 475000 | SH | Call | OTR |  | 475000 | 0 | 0 |
| BROADCOM INC | COM | 11135F101 |  | 725772 | 2097 | SH |  | OTR |  | 2097 | 0 | 0 |
| BROWN  BROWN INC | COM | 115236101 |  | 1753480 | 22001 | SH |  | OTR |  | 22001 | 0 | 0 |
| C H ROBINSON WORLDWIDE INC | COM NEW | 12541W209 |  | 2072357 | 12891 | SH |  | OTR |  | 12891 | 0 | 0 |
| CAESARS ENTERTAINMENT INC NE | COM | 12769G100 |  | 3216125 | 137500 | SH |  | OTR |  | 137500 | 0 | 0 |
| CAESARS ENTERTAINMENT INC NE | COM | 12769G100 |  | 3433652 | 146800 | SH | Call | OTR |  | 146800 | 0 | 0 |
| CALUMET INC | COM | 131428104 |  | 1988888 | 100095 | SH |  | OTR |  | 100095 | 0 | 0 |
| CAMECO CORP | COM | 13321L108 |  | 757995 | 8285 | SH |  | OTR |  | 8285 | 0 | 0 |
| CANADIAN NATL RY CO | COM | 136375102 |  | 1764176 | 17847 | SH |  | OTR |  | 17847 | 0 | 0 |
| CAPITAL ONE FINL CORP | COM | 14040H105 |  | 618987 | 2554 | SH |  | OTR |  | 2554 | 0 | 0 |
| CASEYS GEN STORES INC | COM | 147528103 |  | 741737 | 1342 | SH |  | OTR |  | 1342 | 0 | 0 |
| CATERPILLAR INC | COM | 149123101 |  | 1288958 | 2250 | SH |  | OTR |  | 2250 | 0 | 0 |
| CCC INTELLIGENT SOLUTIONS HL | COM | 12510Q100 |  | 154254 | 19403 | SH |  | OTR |  | 19403 | 0 | 0 |
| CENCORA INC | COM | 03073E105 |  | 2064328 | 6112 | SH |  | OTR |  | 6112 | 0 | 0 |
| CENTURY ALUM CO | COM | 156431108 |  | 966140 | 24659 | SH |  | OTR |  | 24659 | 0 | 0 |
| CISCO SYS INC | COM | 17275R102 |  | 1540600 | 20000 | SH | Put | OTR |  | 20000 | 0 | 0 |
| CISCO SYS INC | COM | 17275R102 |  | 7703000 | 100000 | SH | Call | OTR |  | 100000 | 0 | 0 |
| CITIGROUP INC | COM NEW | 172967424 |  | 9335200 | 80000 | SH | Put | OTR |  | 80000 | 0 | 0 |
| CITIGROUP INC | COM NEW | 172967424 |  | 18670400 | 160000 | SH | Call | OTR |  | 160000 | 0 | 0 |
| CLEVELAND-CLIFFS INC NEW | COM | 185899101 |  | 929600 | 70000 | SH | Call | OTR |  | 70000 | 0 | 0 |
| CLEVELAND-CLIFFS INC NEW | COM | 185899101 |  | 929600 | 70000 | SH | Put | OTR |  | 70000 | 0 | 0 |
| CLEVELAND-CLIFFS INC NEW | COM | 185899101 |  | 2523200 | 190000 | SH |  | OTR |  | 190000 | 0 | 0 |
| COEUR MNG INC | COM NEW | 192108504 |  | 1076130 | 60355 | SH |  | OTR |  | 60355 | 0 | 0 |
| COMMUNITY HEALTH SYS INC NEW | COM | 203668108 |  | 299520 | 96000 | SH |  | OTR |  | 96000 | 0 | 0 |
| COMPASS INC | CL A | 20464U100 |  | 6046040 | 572000 | SH | Call | OTR |  | 572000 | 0 | 0 |
| CONAGRA BRANDS INC | COM | 205887102 |  | 174900 | 10104 | SH |  | OTR |  | 10104 | 0 | 0 |
| CONAGRA BRANDS INC | COM | 205887102 |  | 8655000 | 500000 | SH | Call | OTR |  | 500000 | 0 | 0 |
| CORNING INC | COM | 219350105 |  | 907034 | 10359 | SH |  | OTR |  | 10359 | 0 | 0 |
| CRESCENT ENERGY COMPANY | CL A COM | 44952J104 |  | 1174600 | 140000 | SH |  | OTR |  | 140000 | 0 | 0 |
| CROWN HLDGS INC | COM | 228368106 |  | 1357968 | 13188 | SH |  | OTR |  | 13188 | 0 | 0 |
| CSX CORP | COM | 126408103 |  | 810405 | 22356 | SH |  | OTR |  | 22356 | 0 | 0 |
| DARLING INGREDIENTS INC | COM | 237266101 |  | 1700352 | 47232 | SH |  | OTR |  | 47232 | 0 | 0 |
| DECKERS OUTDOOR CORP | COM | 243537107 |  | 1425463 | 13750 | SH |  | OTR |  | 13750 | 0 | 0 |
| DHT HOLDINGS INC | SHS NEW | Y2065G121 |  | 148315 | 12147 | SH |  | OTR |  | 12147 | 0 | 0 |
| DOW INC | COM | 260557103 |  | 1987300 | 85000 | SH | Call | OTR |  | 85000 | 0 | 0 |
| ENERGY FUELS INC | COM NEW | 292671708 |  | 505469 | 34764 | SH |  | OTR |  | 34764 | 0 | 0 |
| EXPAND ENERGY CORPORATION | COM | 165167735 |  | 2373733 | 21509 | SH |  | OTR |  | 21509 | 0 | 0 |
| FEDEX CORP | COM | 31428X106 |  | 1696475 | 5873 | SH |  | OTR |  | 5873 | 0 | 0 |
| FEDEX CORP | COM | 31428X106 |  | 5488340 | 19000 | SH | Call | OTR |  | 19000 | 0 | 0 |
| FERROGLOBE PLC | SHS | G33856108 |  | 549640 | 118457 | SH |  | OTR |  | 118457 | 0 | 0 |
| FIRST SOLAR INC | COM | 336433107 |  | 1669521 | 6391 | SH |  | OTR |  | 6391 | 0 | 0 |
| FLUOR CORP NEW | COM | 343412102 |  | 701887 | 17711 | SH |  | OTR |  | 17711 | 0 | 0 |
| FLUTTER ENTMT PLC | SHS | G3643J108 |  | 500613 | 2328 | SH |  | OTR |  | 2328 | 0 | 0 |
| FORD MTR CO | COM | 345370860 |  | 6560000 | 500000 | SH | Put | OTR |  | 500000 | 0 | 0 |
| FORWARD AIR CORP | COM | 34986A104 |  | 463075 | 18523 | SH |  | OTR |  | 18523 | 0 | 0 |
| FREEPORT-MCMORAN INC | CL B | 35671D857 |  | 893548 | 17593 | SH |  | OTR |  | 17593 | 0 | 0 |
| FREEPORT-MCMORAN INC | CL B | 35671D857 |  | 7110600 | 140000 | SH | Call | OTR |  | 140000 | 0 | 0 |
| GALLAGHER ARTHUR J  CO | COM | 363576109 |  | 1775817 | 6862 | SH |  | OTR |  | 6862 | 0 | 0 |
| GE VERNOVA INC | COM | 36828A101 |  | 700627 | 1072 | SH |  | OTR |  | 1072 | 0 | 0 |
| GENERAL DYNAMICS CORP | COM | 369550108 |  | 1163160 | 3455 | SH |  | OTR |  | 3455 | 0 | 0 |
| GENERAL MLS INC | COM | 370334104 |  | 1115535 | 23990 | SH |  | OTR |  | 23990 | 0 | 0 |
| GENERAL MTRS CO | COM | 37045V100 |  | 2853681 | 35092 | SH |  | OTR |  | 35092 | 0 | 0 |
| GILEAD SCIENCES INC | COM | 375558103 |  | 12274000 | 100000 | SH | Put | OTR |  | 100000 | 0 | 0 |
| GILEAD SCIENCES INC | COM | 375558103 |  | 16569900 | 135000 | SH | Call | OTR |  | 135000 | 0 | 0 |
| GOODYEAR TIRE  RUBR CO | COM | 382550101 |  | 876000 | 100000 | SH | Put | OTR |  | 100000 | 0 | 0 |
| GOODYEAR TIRE  RUBR CO | COM | 382550101 |  | 1191360 | 136000 | SH |  | OTR |  | 136000 | 0 | 0 |
| GRIFFON CORP | COM | 398433102 |  | 1348605 | 18311 | SH |  | OTR |  | 18311 | 0 | 0 |
| HA SUSTAINABLE INFRA CAP INC | COM | 41068X100 |  | 1017106 | 32361 | SH |  | OTR |  | 32361 | 0 | 0 |
| HEICO CORP NEW | COM | 422806109 |  | 872399 | 2696 | SH |  | OTR |  | 2696 | 0 | 0 |
| HERBALIFE LTD | COM SHS | G4412G101 |  | 5188225 | 402500 | SH | Call | OTR |  | 402500 | 0 | 0 |
| HERTZ GLOBAL HLDGS INC | COM NEW | 42806J700 |  | 1028000 | 200000 | SH | Put | OTR |  | 200000 | 0 | 0 |
| HUNTSMAN CORP | COM | 447011107 |  | 158860 | 15886 | SH |  | OTR |  | 15886 | 0 | 0 |
| INTEL CORP | COM | 458140100 |  | 1168734 | 31673 | SH |  | OTR |  | 31673 | 0 | 0 |
| INTERNATIONAL BUSINESS MACHS | COM | 459200101 |  | 5183675 | 17500 | SH | Put | OTR |  | 17500 | 0 | 0 |
| INTERNATIONAL TOWER HILL MIN | COM | 46050R102 |  | 324018 | 174203 | SH |  | OTR |  | 174203 | 0 | 0 |
| ISHARES INC | MSCI STH KOR ETF | 464286772 |  | 820440 | 8439 | SH |  | OTR |  | 8439 | 0 | 0 |
| ISHARES SILVER TR | ISHARES | 46428Q109 |  | 6003944 | 93200 | SH | Call | OTR |  | 93200 | 0 | 0 |
| ISHARES TR | RUSSELL 2000 ETF | 464287655 |  | 1300956 | 5285 | SH |  | OTR |  | 5285 | 0 | 0 |
| ISHARES TR | 20 YR TR BD ETF | 464287432 |  | 36345720 | 417000 | SH | Put | OTR |  | 417000 | 0 | 0 |
| KINDER MORGAN INC DEL | COM | 49456B101 |  | 9896400 | 360000 | SH | Call | OTR |  | 360000 | 0 | 0 |
| KIRBY CORP | COM | 497266106 |  | 1265527 | 11486 | SH |  | OTR |  | 11486 | 0 | 0 |
| KOHLS CORP | COM | 500255104 |  | 3673800 | 180000 | SH | Put | OTR |  | 180000 | 0 | 0 |
| KOSMOS ENERGY LTD | COM | 500688106 |  | 635180 | 700000 | SH | Call | OTR |  | 700000 | 0 | 0 |
| KOSMOS ENERGY LTD | NOTE 3.125% 3/1 | 500688AH9 |  | 6044640 | 14000000 | PRN |  | OTR |  | 14000000 | 0 | 0 |
| LINEAGE INC | COM | 53566V106 |  | 244825 | 6995 | SH |  | OTR |  | 6995 | 0 | 0 |
| MARVELL TECHNOLOGY INC | COM | 573874104 |  | 636330 | 7488 | SH |  | OTR |  | 7488 | 0 | 0 |
| MATSON INC | COM | 57686G105 |  | 703494 | 5694 | SH |  | OTR |  | 5694 | 0 | 0 |
| MCKESSON CORP | COM | 58155Q103 |  | 2119629 | 2584 | SH |  | OTR |  | 2584 | 0 | 0 |
| MEDICAL PPTYS TRUST INC | COM | 58463J304 |  | 2500000 | 500000 | SH | Put | OTR |  | 500000 | 0 | 0 |
| MERCK  CO INC | COM | 58933Y105 |  | 6841900 | 65000 | SH | Put | OTR |  | 65000 | 0 | 0 |
| MERCK  CO INC | COM | 58933Y105 |  | 20525700 | 195000 | SH | Call | OTR |  | 195000 | 0 | 0 |
| METHANEX CORP | COM | 59151K108 |  | 853702 | 21493 | SH |  | OTR |  | 21493 | 0 | 0 |
| METLIFE INC | COM | 59156R108 |  | 3947000 | 50000 | SH | Put | OTR |  | 50000 | 0 | 0 |
| METLIFE INC | COM | 59156R108 |  | 11841000 | 150000 | SH | Call | OTR |  | 150000 | 0 | 0 |
| MGM RESORTS INTERNATIONAL | COM | 552953101 |  | 1094700 | 30000 | SH |  | OTR |  | 30000 | 0 | 0 |
| MICRON TECHNOLOGY INC | COM | 595112103 |  | 2723382 | 9542 | SH |  | OTR |  | 9542 | 0 | 0 |
| MICROSOFT CORP | COM | 594918104 |  | 1978973 | 4092 | SH |  | OTR |  | 4092 | 0 | 0 |
| MOBILEYE GLOBAL INC | COMMON CLASS A | 60741F104 |  | 149616 | 14331 | SH |  | OTR |  | 14331 | 0 | 0 |
| MOHAWK INDS INC | COM | 608190104 |  | 1388110 | 12700 | SH |  | OTR |  | 12700 | 0 | 0 |
| MOTOROLA SOLUTIONS INC | COM NEW | 620076307 |  | 1979081 | 5163 | SH |  | OTR |  | 5163 | 0 | 0 |
| MP MATERIALS CORP | COM CL A | 553368101 |  | 362986 | 7185 | SH |  | OTR |  | 7185 | 0 | 0 |
| MURPHY OIL CORP | COM | 626717102 |  | 937500 | 30000 | SH | Put | OTR |  | 30000 | 0 | 0 |
| MURPHY OIL CORP | COM | 626717102 |  | 1015625 | 32500 | SH | Call | OTR |  | 32500 | 0 | 0 |
| MURPHY OIL CORP | COM | 626717102 |  | 2000000 | 64000 | SH |  | OTR |  | 64000 | 0 | 0 |
| NABORS INDUSTRIES LTD | SHS | G6359F137 |  | 792780 | 14600 | SH | Put | OTR |  | 14600 | 0 | 0 |
| NABORS INDUSTRIES LTD | SHS | G6359F137 |  | 2416350 | 44500 | SH |  | OTR |  | 44500 | 0 | 0 |
| NCL CORP LTD | NOTE 1.125% 2/1 | 62886HBD2 |  | 14514645 | 14500000 | PRN |  | OTR |  | 14500000 | 0 | 0 |
| NCR ATLEOS CORPORATION | COM SHS | 63001N106 |  | 1213499 | 31842 | SH |  | OTR |  | 31842 | 0 | 0 |
| NEW FORTRESS ENERGY INC | COM CL A | 644393100 |  | 957600 | 840000 | SH | Put | OTR |  | 840000 | 0 | 0 |
| NEWMONT CORP | COM | 651639106 |  | 14977500 | 150000 | SH | Put | OTR |  | 150000 | 0 | 0 |
| NEXTPOWER INC | CLASS A COM | 65290E101 |  | 611686 | 7022 | SH |  | OTR |  | 7022 | 0 | 0 |
| NEXXEN INTL LTD | SHS NEW | M8T80P204 |  | 283675 | 58457 | SH |  | OTR |  | 58457 | 0 | 0 |
| NORWEGIAN CRUISE LINE HLDG L | SHS | G66721104 |  | 8928000 | 400000 | SH | Call | OTR |  | 400000 | 0 | 0 |
| NUSCALE PWR CORP | CL A COM | 67079K100 |  | 497905 | 35138 | SH |  | OTR |  | 35138 | 0 | 0 |
| NVIDIA CORPORATION | COM | 67066G104 |  | 892962 | 4788 | SH |  | OTR |  | 4788 | 0 | 0 |
| OLD DOMINION FREIGHT LINE IN | COM | 679580100 |  | 1533661 | 9781 | SH |  | OTR |  | 9781 | 0 | 0 |
| OREILLY AUTOMOTIVE INC | COM | 67103H107 |  | 1960103 | 21490 | SH |  | OTR |  | 21490 | 0 | 0 |
| ORMAT TECHNOLOGIES INC | COM | 686688102 |  | 1214728 | 10996 | SH |  | OTR |  | 10996 | 0 | 0 |
| OSI SYSTEMS INC | COM | 671044105 |  | 2238662 | 8777 | SH |  | OTR |  | 8777 | 0 | 0 |
| PACCAR INC | COM | 693718108 |  | 2237618 | 20433 | SH |  | OTR |  | 20433 | 0 | 0 |
| PBF ENERGY INC | CL A | 69318G106 |  | 25764000 | 950000 | SH | Put | OTR |  | 950000 | 0 | 0 |
| PERFORMANCE FOOD GROUP CO | COM | 71377A103 |  | 456344 | 5075 | SH |  | OTR |  | 5075 | 0 | 0 |
| PERIMETER SOLUTIONS INC | COMMON STOCK | 71385M107 |  | 2362487 | 85815 | SH |  | OTR |  | 85815 | 0 | 0 |
| PERPETUA RESOURCES CORP | COM | 714266103 |  | 908674 | 37533 | SH |  | OTR |  | 37533 | 0 | 0 |
| PFIZER INC | COM | 717081103 |  | 16434000 | 660000 | SH | Call | OTR |  | 660000 | 0 | 0 |
| POWELL INDS INC | COM | 739128106 |  | 514511 | 1614 | SH |  | OTR |  | 1614 | 0 | 0 |
| PROGRESSIVE CORP | COM | 743315103 |  | 2516306 | 11050 | SH |  | OTR |  | 11050 | 0 | 0 |
| PULTE GROUP INC | COM | 745867101 |  | 1347083 | 11488 | SH |  | OTR |  | 11488 | 0 | 0 |
| PURECYCLE TECHNOLOGIES INC | COM | 74623V103 |  | 486675 | 56656 | SH |  | OTR |  | 56656 | 0 | 0 |
| QUALCOMM INC | COM | 747525103 |  | 2394700 | 14000 | SH | Call | OTR |  | 14000 | 0 | 0 |
| QXO INC | COM NEW | 82846H405 |  | 1962121 | 101717 | SH |  | OTR |  | 101717 | 0 | 0 |
| RBC BEARINGS INC | COM | 75524B104 |  | 2648428 | 5906 | SH |  | OTR |  | 5906 | 0 | 0 |
| REPUBLIC SVCS INC | COM | 760759100 |  | 1337702 | 6312 | SH |  | OTR |  | 6312 | 0 | 0 |
| RIVIAN AUTOMOTIVE INC | COM CL A | 76954A103 |  | 6898500 | 350000 | SH | Call | OTR |  | 350000 | 0 | 0 |
| RIVIAN AUTOMOTIVE INC | NOTE 4.625% 3/1 | 76954AAB9 |  | 18935100 | 15000000 | PRN |  | OTR |  | 15000000 | 0 | 0 |
| RIVIAN AUTOMOTIVE INC | COM CL A | 76954A103 |  | 43362000 | 2200000 | SH | Put | OTR |  | 2200000 | 0 | 0 |
| RTX CORPORATION | COM | 75513E101 |  | 1219243 | 6648 | SH |  | OTR |  | 6648 | 0 | 0 |
| SABLE OFFSHORE CORP | COM SHS | 78574H104 |  | 754974 | 83700 | SH | Put | OTR |  | 83700 | 0 | 0 |
| SANDISK CORP | COM | 80004C200 |  | 1789370 | 7538 | SH |  | OTR |  | 7538 | 0 | 0 |
| SELECT WATER SOLUTIONS INC | CL A COM | 81617J301 |  | 1337534 | 127142 | SH |  | OTR |  | 127142 | 0 | 0 |
| SHERWIN WILLIAMS CO | COM | 824348106 |  | 1256912 | 3879 | SH |  | OTR |  | 3879 | 0 | 0 |
| SILENCE THERAPEUTICS PLC | ADS | 82686Q101 |  | 1154469 | 255901 | SH |  | OTR |  | 255901 | 0 | 0 |
| SILICON MOTION TECHNOLOGY CO | SPONSORED ADR | 82706C108 |  | 719074 | 7757 | SH |  | OTR |  | 7757 | 0 | 0 |
| SIMON PPTY GROUP INC NEW | COM | 828806109 |  | 11106600 | 60000 | SH | Call | OTR |  | 60000 | 0 | 0 |
| SLB LIMITED | COM STK | 806857108 |  | 1803860 | 47000 | SH |  | OTR |  | 47000 | 0 | 0 |
| SOMNIGROUP INTERNATIONAL INC | COM | 88023U101 |  | 580588 | 6503 | SH |  | OTR |  | 6503 | 0 | 0 |
| SOUTHWEST AIRLS CO | COM | 844741108 |  | 2824038 | 68329 | SH |  | OTR |  | 68329 | 0 | 0 |
| SPDR GOLD TR | GOLD SHS | 78463V107 |  | 1677977 | 4234 | SH |  | OTR |  | 4234 | 0 | 0 |
| SPDR S 500 ETF TR | TR UNIT | 78462F103 |  | 1289511 | 1891 | SH |  | OTR |  | 1891 | 0 | 0 |
| SPDR S 500 ETF TR | TR UNIT | 78462F103 |  | 92741120 | 136000 | SH | Put | OTR |  | 136000 | 0 | 0 |
| SPDR SERIES TRUST | STATE STREET SPD | 78468R556 |  | 2272680 | 18000 | SH |  | OTR |  | 18000 | 0 | 0 |
| SPDR SERIES TRUST | STATE STREET SPD | 78468R556 |  | 50504000 | 400000 | SH | Put | OTR |  | 400000 | 0 | 0 |
| STRATEGY INC | CL A NEW | 594972408 |  | 2963025 | 19500 | SH | Call | OTR |  | 19500 | 0 | 0 |
| STRATEGY INC | NOTE 0.875% 3/1 | 594972AL5 |  | 14429520 | 14000000 | PRN |  | OTR |  | 14000000 | 0 | 0 |
| TAIWAN SEMICONDUCTOR MFG LTD | SPONSORED ADS | 874039100 |  | 531200 | 1748 | SH |  | OTR |  | 1748 | 0 | 0 |
| TALEN ENERGY CORP | COM | 87422Q109 |  | 3411419 | 9101 | SH |  | OTR |  | 9101 | 0 | 0 |
| TARGET CORP | COM | 87612E106 |  | 5865000 | 60000 | SH | Call | OTR |  | 60000 | 0 | 0 |
| TD SYNNEX CORPORATION | COM | 87162W100 |  | 501618 | 3339 | SH |  | OTR |  | 3339 | 0 | 0 |
| TESLA INC | COM | 88160R101 |  | 720901 | 1603 | SH |  | OTR |  | 1603 | 0 | 0 |
| THOMSON REUTERS CORP | COM | 884903808 |  | 1438663 | 10897 | SH |  | OTR |  | 10897 | 0 | 0 |
| TRANSALTA CORP | COM | 89346D107 |  | 944269 | 74625 | SH |  | OTR |  | 74625 | 0 | 0 |
| TRANSDIGM GROUP INC | COM | 893641100 |  | 2030681 | 1527 | SH |  | OTR |  | 1527 | 0 | 0 |
| UBER TECHNOLOGIES INC | COM | 90353T100 |  | 489606 | 5992 | SH |  | OTR |  | 5992 | 0 | 0 |
| UNITED PARCEL SERVICE INC | CL B | 911312106 |  | 3967600 | 40000 | SH | Call | OTR |  | 40000 | 0 | 0 |
| UNITEDHEALTH GROUP INC | COM | 91324P102 |  | 1411220 | 4275 | SH |  | OTR |  | 4275 | 0 | 0 |
| UNITEDHEALTH GROUP INC | COM | 91324P102 |  | 16505500 | 50000 | SH | Call | OTR |  | 50000 | 0 | 0 |
| UNITI GROUP LLC | NOTE 7.500%12/0 | 91325VAB4 |  | 5830685 | 5255000 | PRN |  | OTR |  | 5255000 | 0 | 0 |
| UNITY SOFTWARE INC | COM | 91332U101 |  | 1080884 | 24471 | SH |  | OTR |  | 24471 | 0 | 0 |
| URANIUM ENERGY CORP | COM | 916896103 |  | 438222 | 37519 | SH |  | OTR |  | 37519 | 0 | 0 |
| URANIUM RTY CORP | COM | 91702V101 |  | 441856 | 124818 | SH |  | OTR |  | 124818 | 0 | 0 |
| VANECK ETF TRUST | GOLD MINERS ETF | 92189F106 |  | 214425 | 2500 | SH |  | OTR |  | 2500 | 0 | 0 |
| VANECK ETF TRUST | GOLD MINERS ETF | 92189F106 |  | 52748550 | 615000 | SH | Put | OTR |  | 615000 | 0 | 0 |
| VERIZON COMMUNICATIONS INC | COM | 92343V104 |  | 5009790 | 123000 | SH |  | OTR |  | 123000 | 0 | 0 |
| VISA INC | COM CL A | 92826C839 |  | 387885 | 1106 | SH |  | OTR |  | 1106 | 0 | 0 |
| VISTRA CORP | COM | 92840M102 |  | 615635 | 3816 | SH |  | OTR |  | 3816 | 0 | 0 |
| VODAFONE GROUP PLC NEW | SPONSORED ADR | 92857W308 |  | 10568000 | 800000 | SH | Call | OTR |  | 800000 | 0 | 0 |
| WASTE CONNECTIONS INC | COM | 94106B101 |  | 524151 | 2989 | SH |  | OTR |  | 2989 | 0 | 0 |
| WEATHERFORD INTL PLC | ORD SHS | G48833118 |  | 782600 | 10000 | SH | Put | OTR |  | 10000 | 0 | 0 |
| WEATHERFORD INTL PLC | ORD SHS | G48833118 |  | 1526070 | 19500 | SH |  | OTR |  | 19500 | 0 | 0 |
| WESCO INTL INC | COM | 95082P105 |  | 785539 | 3211 | SH |  | OTR |  | 3211 | 0 | 0 |
| XEROX HOLDINGS CORP | COM NEW | 98421M106 |  | 281082 | 118600 | SH |  | OTR |  | 118600 | 0 | 0 |
| XEROX HOLDINGS CORP | COM NEW | 98421M106 |  | 829500 | 350000 | SH | Put | OTR |  | 350000 | 0 | 0 |
| XPO INC | COM | 983793100 |  | 2522354 | 18559 | SH |  | OTR |  | 18559 | 0 | 0 |
| ZOOMINFO TECHNOLOGIES INC | COMMON STOCK | 98980F104 |  | 155001 | 15241 | SH |  | OTR |  | 15241 | 0 | 0 |

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