# EDGAR Filing Document

**Accession Number:** 0001097278
**File Stem:** 0001140361-25-030722
**Filing Date:** 2025-8
**Character Count:** 28903
**Document Hash:** e5434f9353a547d0df8db9f97b39ff88
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001140361-25-030722.hdr.sgml**: 20250813

**ACCESSION NUMBER**: 0001140361-25-030722

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250813

**DATE AS OF CHANGE**: 20250813

**EFFECTIVENESS DATE**: 20250813

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ADVENT CAPITAL MANAGEMENT /DE/
- **CENTRAL INDEX KEY:** 0001097278

**ORGANIZATION NAME:**
- **EIN:** 134168910
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-05049
- **FILM NUMBER:** 251209386

**BUSINESS ADDRESS:**
- **STREET 1:** 888 SEVENTH AVENUE, 31ST FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10019
- **BUSINESS PHONE:** 2124821600

**MAIL ADDRESS:**
- **STREET 1:** 888 SEVENTH AVENUE, 31ST FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10019

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 06-30-2025

**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:** ADVENT CAPITAL MANAGEMENT /DE/<br>**Address:** 888 SEVENTH AVENUE 31ST FLOOR<br>NEW YORK, NY 10019

**Form 13F File Number:** 028-05049

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:** Stephen Ellwood<br>**Title:** General Counsel and Chief Compliance Officer<br>**Phone:** 212-482-1606

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

/s/ Stephen Ellwood  NEW YORK, NY  08-11-2025<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:** 0

**Form 13F Information Table Entry Total:** 237

**Form 13F Information Table Value Total:** $4697182595

      (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 |
| AMERICAN AIRLINES GROUP | CONV | 02376RAF9 |  | 11140734 | 11131000 | PRN |  | SOLE |  | 9015000 | 627000 | 1489000 |
| APPLIED OPTOELECTRONICS | CONV | 03823UAE2 |  | 2764642 | 2800000 | PRN |  | SOLE |  | 2800000 | 0 | 0 |
| AIRBNB INC | CONV | 009066AB7 |  | 44716837 | 46267000 | PRN |  | SOLE |  | 20882000 | 1910000 | 23475000 |
| FIRST MAJESTIC SILVER | CONV | 32076VAD5 |  | 1344435 | 1410000 | PRN |  | SOLE |  | 1410000 | 0 | 0 |
| AKAMAI TECHNOLOGIES INC | CONV | 00971TAL5 |  | 17133962 | 17623000 | PRN |  | SOLE |  | 15725000 | 450000 | 1448000 |
| AKAMAI TECHNOLOGIES INC | CONV | 00971TAN1 |  | 59351807 | 62377000 | PRN |  | SOLE |  | 45843000 | 1658000 | 14876000 |
| ALARM.COM HLDGS INC | CONV | 011642AD7 |  | 13585626 | 13969000 | PRN |  | SOLE |  | 5699000 | 907000 | 7363000 |
| AMC NETWORKS INC | CONV | 00164VAJ2 |  | 402220 | 476000 | PRN |  | SOLE |  | 476000 | 0 | 0 |
| AMPHASTAR PHARMACEUTICAL | CONV | 03209RAB9 |  | 2784038 | 3209000 | PRN |  | SOLE |  | 2282000 | 927000 | 0 |
| ARRAY TECHNOLOGIES INC | CONV | 04271TAB6 |  | 934141 | 1174000 | PRN |  | SOLE |  | 826000 | 348000 | 0 |
| AMERICAN WATER CAPITAL C | CONV | 03040WBE4 |  | 30111677 | 29846000 | PRN |  | SOLE |  | 14365000 | 1181000 | 14300000 |
| ALIBABA GROUP HOLDING | CONV | 01609WBG6 |  | 26522814 | 20740000 | PRN |  | SOLE |  | 19187000 | 0 | 1553000 |
| BOFA FINANCE LLC | CONV | 09709UV70 |  | 6682510 | 6805000 | PRN |  | SOLE |  | 6805000 | 0 | 0 |
| BANDWIDTH INC | CONV | 05988JAD5 |  | 2776950 | 3300000 | PRN |  | SOLE |  | 3300000 | 0 | 0 |
| BRIDGEBIO PHARMA INC | CONV | 10806XAD4 |  | 14358240 | 15340000 | PRN |  | SOLE |  | 7254000 | 77000 | 8009000 |
| BRIDGEBIO PHARMA INC | CONV | 10806XAB8 |  | 278444 | 223000 | PRN |  | SOLE |  | 222000 | 1000 | 0 |
| BLOOM ENERGY CORP | CONV | 093712AM9 |  | 3531799 | 2500000 | PRN |  | SOLE |  | 2500000 | 0 | 0 |
| BILL HOLDINGS INC | CONV | 090043AB6 |  | 1507375 | 1550000 | PRN |  | SOLE |  | 1550000 | 0 | 0 |
| BLACKLINE INC | CONV | 09239BAD1 |  | 1118007 | 1160000 | PRN |  | SOLE |  | 1160000 | 0 | 0 |
| BOX INC | CONV | 10316TAB0 |  | 5621701 | 4200000 | PRN |  | SOLE |  | 4076000 | 124000 | 0 |
| BENTLEY SYSTEMS INC | CONV | 08265TAB5 |  | 40955763 | 41079000 | PRN |  | SOLE |  | 22872000 | 175000 | 18032000 |
| BENTLEY SYSTEMS | CONV | 08265TAD1 |  | 1872090 | 1980000 | PRN |  | SOLE |  | 1980000 | 0 | 0 |
| PEABODY ENERGY CORP | CONV | 704551AD2 |  | 11579161 | 11231000 | PRN |  | SOLE |  | 9038000 | 1006000 | 1187000 |
| BURLINGTON STORES INC | CONV | 122017AD8 |  | 9896452 | 7645000 | PRN |  | SOLE |  | 6542000 | 155000 | 948000 |
| BLACKSTONE MORTGAGE TR | CONV | 09257WAE0 |  | 6244448 | 6398000 | PRN |  | SOLE |  | 6398000 | 0 | 0 |
| CABLE ONE INC | CONV | 12685JAE5 |  | 11453400 | 12074000 | PRN |  | SOLE |  | 5317000 | 920000 | 5837000 |
| CABLE ONE INC | CONV | 12685JAG0 |  | 9290960 | 12145000 | PRN |  | SOLE |  | 4992000 | 69000 | 7084000 |
| CRACKER BARREL OLD COUNT | CONV | 22410JAB2 |  | 1013035 | 1058000 | PRN |  | SOLE |  | 1058000 | 0 | 0 |
| CONFLUENT INC | CONV | 20717MAB9 |  | 41120875 | 44455000 | PRN |  | SOLE |  | 22228000 | 1575000 | 20652000 |
| CMS ENERGY CORP | CONV | 125896BX7 |  | 73354359 | 68845000 | PRN |  | SOLE |  | 62962000 | 151000 | 5732000 |
| CENTERPOINT ENERGY INC | CONV | 15189TBD8 |  | 44662971 | 41183000 | PRN |  | SOLE |  | 39108000 | 0 | 2075000 |
| COINBASE GLOBAL INC | CONV | 19260QAF4 |  | 23022873 | 17568000 | PRN |  | SOLE |  | 14567000 | 260000 | 2741000 |
| COINBASE GLOBAL INC | CONV | 19260QAB3 |  | 42996434 | 37162000 | PRN |  | SOLE |  | 18033000 | 985000 | 18144000 |
| CERENCE INC | CONV | 156727AD1 |  | 1621148 | 2115000 | PRN |  | SOLE |  | 2115000 | 0 | 0 |
| CAPITAL SOUTHWEST CORP | CONV | 140501AE7 |  | 15513561 | 15700000 | PRN |  | SOLE |  | 15700000 | 0 | 0 |
| DROPBOX INC | CONV | 26210CAC8 |  | 2587074 | 2604000 | PRN |  | SOLE |  | 2604000 | 0 | 0 |
| DROPBOX INC | CONV | 26210CAD6 |  | 3984452 | 3914000 | PRN |  | SOLE |  | 3914000 | 0 | 0 |
| DRAFTKINGS HOLDINGS INC | CONV | 26142RAB0 |  | 71030914 | 78967000 | PRN |  | SOLE |  | 41607000 | 3597000 | 33763000 |
| DIGITALOCEAN HOLDINGS | CONV | 25402DAB8 |  | 66879222 | 71435000 | PRN |  | SOLE |  | 38877000 | 3173000 | 29385000 |
| DUKE ENERGY CORP | CONV | 26441CBY0 |  | 97231740 | 91793000 | PRN |  | SOLE |  | 84611000 | 325000 | 6857000 |
| DEXCOM INC | CONV | 252131AM9 |  | 70337427 | 74589000 | PRN |  | SOLE |  | 46019000 | 2554000 | 26016000 |
| ENOVIS CORP | CONV | 194014AB2 |  | 26136740 | 26414000 | PRN |  | SOLE |  | 16674000 | 1510000 | 8230000 |
| ENPHASE ENERGY INC | CONV | 29355AAH0 |  | 2085265 | 2175000 | PRN |  | SOLE |  | 2175000 | 0 | 0 |
| ENPHASE ENERGY INC | CONV | 29355AAK3 |  | 17500826 | 21513000 | PRN |  | SOLE |  | 9553000 | 114000 | 11846000 |
| ETSY INC | CONV | 29786AAL0 |  | 28438257 | 31819000 | PRN |  | SOLE |  | 14116000 | 1153000 | 16550000 |
| EVOLENT HEALTH INC | CONV | 30050BAH4 |  | 30102403 | 35263000 | PRN |  | SOLE |  | 18842000 | 1356000 | 15065000 |
| EXACT SCIENCES CORP | CONV | 30063PAC9 |  | 3726378 | 4077000 | PRN |  | SOLE |  | 2894000 | 1183000 | 0 |
| EXACT SCIENCES CORP | CONV | 30063PAB1 |  | 2041560 | 2140000 | PRN |  | SOLE |  | 1690000 | 450000 | 0 |
| EXPEDIA GROUP INC | CONV | 30212PBE4 |  | 58597663 | 60131000 | PRN |  | SOLE |  | 48813000 | 104000 | 11214000 |
| FORD MOTOR COMPANY | CONV | 345370CZ1 |  | 22391250 | 22606000 | PRN |  | SOLE |  | 20531000 | 0 | 2075000 |
| FIRSTENERGY CORP | CONV | 337932AR8 |  | 12678051 | 12593000 | PRN |  | SOLE |  | 10926000 | 1667000 | 0 |
| FIVE9 INC | CONV | 338307AF8 |  | 37314434 | 42572000 | PRN |  | SOLE |  | 19186000 | 2394000 | 20992000 |
| FLUOR CORP | CONV | 343412AJ1 |  | 24627375 | 18753000 | PRN |  | SOLE |  | 16873000 | 152000 | 1728000 |
| SHIFT4 PAYMENTS INC | CONV | 82452JAD1 |  | 63124000 | 58720000 | PRN |  | SOLE |  | 32398000 | 2350000 | 23972000 |
| SHIFT4 PAYMENTS INC | CONV | 82452JAB5 |  | 2535000 | 2000000 | PRN |  | SOLE |  | 2000000 | 0 | 0 |
| FRESHPET INC | CONV | 358039AB1 |  | 4093165 | 3289000 | PRN |  | SOLE |  | 2543000 | 150000 | 596000 |
| GOSSAMER BIO INC | CONV | 38341PAA0 |  | 525586 | 1000000 | PRN |  | SOLE |  | 1000000 | 0 | 0 |
| GLOBAL PAYMENTS INC | CONV | 37940XAU6 |  | 137977700 | 153650000 | PRN |  | SOLE |  | 126977000 | 1548000 | 25125000 |
| HAEMONETICS CORP | CONV | 405024AD2 |  | 21590608 | 21650000 | PRN |  | SOLE |  | 8726000 | 124000 | 12800000 |
| HALOZYME THERAPEUTICS IN | CONV | 40637HAD1 |  | 16908862 | 16930000 | PRN |  | SOLE |  | 7653000 | 856000 | 8421000 |
| HALOZYME THERAPEUTICS IN | CONV | 40637HAF6 |  | 9999724 | 8764000 | PRN |  | SOLE |  | 6993000 | 190000 | 1581000 |
| HERBALIFE LTD | CONV | 42703MAF0 |  | 7015190 | 7709000 | PRN |  | SOLE |  | 6505000 | 375000 | 829000 |
| H WORLD GROUP LTD | CONV | 44332NAB2 |  | 1874776 | 1772000 | PRN |  | SOLE |  | 1772000 | 0 | 0 |
| IONIS PHARMACEUTICALS IN | CONV | 462222AF7 |  | 49176768 | 46696000 | PRN |  | SOLE |  | 22748000 | 2246000 | 21702000 |
| INTEGER HOLDINGS CORP | CONV | 45826HAB5 |  | 262764 | 175000 | PRN |  | SOLE |  | 88000 | 87000 | 0 |
| ITRON INC | CONV | 465741AN6 |  | 43579106 | 38557000 | PRN |  | SOLE |  | 18962000 | 2105000 | 17490000 |
| ITRON INC | CONV | 465741AQ9 |  | 5940150 | 4975000 | PRN |  | SOLE |  | 3770000 | 0 | 1205000 |
| JAZZ INVESTMENTS I LTD | CONV | 472145AF8 |  | 23021042 | 22720000 | PRN |  | SOLE |  | 3575000 | 199000 | 18946000 |
| JD.COM INC | CONV | 47215PAJ5 |  | 27799848 | 26590000 | PRN |  | SOLE |  | 25738000 | 0 | 852000 |
| LITHIUM ARGENTINA AG | CONV | 53680QAA6 |  | 4995138 | 6114000 | PRN |  | SOLE |  | 4959000 | 175000 | 980000 |
| LUMENTUM HOLDINGS INC | CONV | 55024UAF6 |  | 29608424 | 28552000 | PRN |  | SOLE |  | 16144000 | 1412000 | 10996000 |
| LUMENTUM HOLDINGS INC | CONV | 55024UAD1 |  | 11266764 | 9550000 | PRN |  | SOLE |  | 3429000 | 59000 | 6062000 |
| LUMENTUM HOLDINGS INC | CONV | 55024UAH2 |  | 10053120 | 6545000 | PRN |  | SOLE |  | 5052000 | 132000 | 1361000 |
| ALLIANT ENERGY CORP | CONV | 018802AC2 |  | 12024564 | 11680000 | PRN |  | SOLE |  | 9645000 | 0 | 2035000 |
| LANTHEUS HOLDINGS INC | CONV | 516544AB9 |  | 27115944 | 21305000 | PRN |  | SOLE |  | 19134000 | 207000 | 1964000 |
| LYFT INC | CONV | 55087PAD6 |  | 18907434 | 17654000 | PRN |  | SOLE |  | 10573000 | 727000 | 6354000 |
| LIVE NATION ENTERTAINMEN | CONV | 538034BA6 |  | 8844841 | 5749000 | PRN |  | SOLE |  | 4710000 | 155000 | 884000 |
| MICROCHIP TECHNOLOGY INC | CONV | 595017BG8 |  | 21929166 | 22218000 | PRN |  | SOLE |  | 7674000 | 141000 | 14403000 |
| MGP INGREDIENTS INC | CONV | 55303JAB2 |  | 5582875 | 5900000 | PRN |  | SOLE |  | 5900000 | 0 | 0 |
| MIDDLEBY CORP | CONV | 596278AB7 |  | 4675840 | 4160000 | PRN |  | SOLE |  | 4160000 | 0 | 0 |
| MIRUM PHARMACEUTICALS | CONV | 604749AB7 |  | 2359972 | 1329000 | PRN |  | SOLE |  | 1033000 | 66000 | 230000 |
| MKS INC | CONV | 55306NAB0 |  | 58626769 | 59189000 | PRN |  | SOLE |  | 33501000 | 1767000 | 23921000 |
| MICROSTRATEGY INC | CONV | 594972AL5 |  | 1400119 | 741000 | PRN |  | SOLE |  | 703000 | 38000 | 0 |
| MERITAGE HOMES CORP | CONV | 59001ABF8 |  | 101858707 | 104661000 | PRN |  | SOLE |  | 76879000 | 1522000 | 26260000 |
| M/A-COM TECH SOLUTIONS | CONV | 55405YAB6 |  | 349750 | 200000 | PRN |  | SOLE |  | 101000 | 99000 | 0 |
| NABORS INDUSTRIES INC | CONV | 62957HAL9 |  | 8917764 | 15442000 | PRN |  | SOLE |  | 8329000 | 371000 | 6742000 |
| NCL CORPORATION LTD | CONV | 62886HBD2 |  | 30339970 | 30802000 | PRN |  | SOLE |  | 11869000 | 3003000 | 15930000 |
| NCL CORPORATION LTD | CONV | 62886HBK6 |  | 8644636 | 8636000 | PRN |  | SOLE |  | 8636000 | 0 | 0 |
| NCL CORPORATION LTD | CONV | 62886HAX9 |  | 1059168 | 944000 | PRN |  | SOLE |  | 823000 | 121000 | 0 |
| NEXTERA ENERGY CAPITAL | CONV | 65339KCY4 |  | 58917849 | 51705000 | PRN |  | SOLE |  | 51705000 | 0 | 0 |
| NEOGENOMICS INC | CONV | 64049MAB6 |  | 20605752 | 23995000 | PRN |  | SOLE |  | 12247000 | 1820000 | 9928000 |
| CLOUDFLARE INC | CONV | 18915MAC1 |  | 204979 | 173000 | PRN |  | SOLE |  | 173000 | 0 | 0 |
| NEW MOUNTAIN FINANCE COR | CONV | 647551AE0 |  | 7433977 | 7404000 | PRN |  | SOLE |  | 7319000 | 85000 | 0 |
| NORTHERN OIL  GAS INC | CONV | 665531AJ8 |  | 31261982 | 29880000 | PRN |  | SOLE |  | 25409000 | 1620000 | 2851000 |
| ENVISTA HOLDINGS CORP | CONV | 29415FAD6 |  | 799407 | 859000 | PRN |  | SOLE |  | 859000 | 0 | 0 |
| ON SEMICONDUCTOR CORP | CONV | 682189AS4 |  | 62093940 | 52283000 | PRN |  | SOLE |  | 29927000 | 1680000 | 20676000 |
| ON SEMICONDUCTOR CORP | CONV | 682189AU9 |  | 39847139 | 42941000 | PRN |  | SOLE |  | 17836000 | 2123000 | 22982000 |
| PG CORP | CONV | 69331CAL2 |  | 47166460 | 47413000 | PRN |  | SOLE |  | 21599000 | 1952000 | 23862000 |
| PAGERDUTY INC. | CONV | 69553PAD2 |  | 13793829 | 14406000 | PRN |  | SOLE |  | 7166000 | 1336000 | 5904000 |
| PDD HOLDINGS INC | CONV | 722304AC6 |  | 8277750 | 8490000 | PRN |  | SOLE |  | 8490000 | 0 | 0 |
| PEBBLEBROOK HOTEL TRUST | CONV | 70509VAA8 |  | 24638068 | 26001000 | PRN |  | SOLE |  | 13599000 | 1447000 | 10955000 |
| PENN ENTERTAINMENT INC | CONV | 707569AU3 |  | 46214998 | 44401000 | PRN |  | SOLE |  | 23795000 | 2261000 | 18345000 |
| PENNYMAC CORP | CONV | 70932AAF0 |  | 3038118 | 3058000 | PRN |  | SOLE |  | 2167000 | 891000 | 0 |
| PENNYMAC CORP | CONV | 70932AAH6 |  | 26043885 | 25659000 | PRN |  | SOLE |  | 15938000 | 304000 | 9417000 |
| PPL CAPITAL FUNDING INC | CONV | 69352PAS2 |  | 63273040 | 58448000 | PRN |  | SOLE |  | 52270000 | 193000 | 5985000 |
| PORCH GROUP INC | CONV | 733245AD6 |  | 4409752 | 3500000 | PRN |  | SOLE |  | 3500000 | 0 | 0 |
| PARSONS CORP | CONV | 70202LAD4 |  | 46577616 | 43612000 | PRN |  | SOLE |  | 31260000 | 1084000 | 11268000 |
| PELOTON INTERACTIVE INC | CONV | 70614WAD2 |  | 10108098 | 5494000 | PRN |  | SOLE |  | 5068000 | 67000 | 359000 |
| Q2 HOLDINGS INC | CONV | 74736LAF6 |  | 3663744 | 3712000 | PRN |  | SOLE |  | 3712000 | 0 | 0 |
| Q2 HOLDINGS INC | CONV | 74736LAD1 |  | 19656269 | 16497000 | PRN |  | SOLE |  | 9599000 | 1027000 | 5871000 |
| THE REALREAL INC | CONV | 88339PAD3 |  | 2223024 | 2814000 | PRN |  | SOLE |  | 2814000 | 0 | 0 |
| REPLIGEN CORP | CONV | 759916AD1 |  | 30864572 | 31004000 | PRN |  | SOLE |  | 16973000 | 1113000 | 12918000 |
| RIVIAN AUTO INC | CONV | 76954AAD5 |  | 4437851 | 4933000 | PRN |  | SOLE |  | 3657000 | 0 | 1276000 |
| RIVIAN AUTO INC | CONV | 76954AAB9 |  | 35187840 | 34519000 | PRN |  | SOLE |  | 16244000 | 1309000 | 16966000 |
| RAPID7 INC | CONV | 753422AF1 |  | 4345451 | 4660000 | PRN |  | SOLE |  | 4660000 | 0 | 0 |
| RAPID7 INC | CONV | 753422AH7 |  | 2871149 | 3235000 | PRN |  | SOLE |  | 2293000 | 942000 | 0 |
| REDWOOD TRUST INC | CONV | 758075AF2 |  | 1782876 | 1800000 | PRN |  | SOLE |  | 1800000 | 0 | 0 |
| SOLARIS ENERGY INFRASTRU | CONV | 83419XAA6 |  | 4160099 | 3106000 | PRN |  | SOLE |  | 2526000 | 0 | 580000 |
| SHAKE SHACK INC | CONV | 819047AB7 |  | 16823382 | 15677000 | PRN |  | SOLE |  | 8809000 | 66000 | 6802000 |
| SHOPIFY INC | CONV | 82509LAA5 |  | 8658758 | 8535000 | PRN |  | SOLE |  | 8535000 | 0 | 0 |
| SIRIUS XM HOLDINGS | CONV | 531229AP7 |  | 5360601 | 5147000 | PRN |  | SOLE |  | 5147000 | 0 | 0 |
| SUPER MICRO COMPUTER INC | CONV | 86800UAB0 |  | 38487720 | 36760000 | PRN |  | SOLE |  | 16541000 | 1819000 | 18400000 |
| SEMTECH CORP | CONV | 816850AF8 |  | 4201827 | 2912000 | PRN |  | SOLE |  | 2271000 | 118000 | 523000 |
| SNAP INC | CONV | 83304AAH9 |  | 4212225 | 4850000 | PRN |  | SOLE |  | 4850000 | 0 | 0 |
| SNAP INC | CONV | 83304AAK2 |  | 38223783 | 44811000 | PRN |  | SOLE |  | 20376000 | 1774000 | 22661000 |
| SOUTHERN CO | CONV | 842587DP9 |  | 2160698 | 1950000 | PRN |  | SOLE |  | 0 | 0 | 1950000 |
| SOUTHERN CO | CONV | 842587DZ7 |  | 30390009 | 27502000 | PRN |  | SOLE |  | 24355000 | 269000 | 2878000 |
| SPOTIFY USA INC | CONV | 84921RAB6 |  | 13457820 | 8869000 | PRN |  | SOLE |  | 7728000 | 0 | 1141000 |
| SSR MINING INC | CONV | 784730AB9 |  | 1097940 | 1058000 | PRN |  | SOLE |  | 1058000 | 0 | 0 |
| STARWOOD PROPERTY TRUST | CONV | 85571BBA2 |  | 1607625 | 1500000 | PRN |  | SOLE |  | 1500000 | 0 | 0 |
| SEAGATE HDD CAYMAN | CONV | 81180WBL4 |  | 2027223 | 1126000 | PRN |  | SOLE |  | 1072000 | 54000 | 0 |
| TRIP.COM GROUP LTD | CONV | 89677QAB3 |  | 18064931 | 16209000 | PRN |  | SOLE |  | 14609000 | 0 | 1600000 |
| TELADOC HEALTH INC | CONV | 87918AAF2 |  | 26222788 | 28355000 | PRN |  | SOLE |  | 14057000 | 1889000 | 12409000 |
| TANDEM DIABETES CARE INC | CONV | 875372AD6 |  | 27203334 | 28183000 | PRN |  | SOLE |  | 15783000 | 982000 | 11418000 |
| TETRA TECH INC | CONV | 88162GAB9 |  | 38642760 | 34235000 | PRN |  | SOLE |  | 30920000 | 300000 | 3015000 |
| TRAVERE THERAPEUTICS INC | CONV | 89422GAA5 |  | 19462338 | 20379000 | PRN |  | SOLE |  | 11111000 | 1239000 | 8029000 |
| TXNM ENERGY INC | CONV | 69349HAF4 |  | 9006808 | 6925000 | PRN |  | SOLE |  | 5732000 | 211000 | 982000 |
| TYLER TECHNOLOGIES INC | CONV | 902252AB1 |  | 34935774 | 28311000 | PRN |  | SOLE |  | 26066000 | 181000 | 2064000 |
| UNITY SOFTWARE INC | CONV | 91332UAB7 |  | 8145072 | 8702000 | PRN |  | SOLE |  | 8702000 | 0 | 0 |
| UBER TECHNOLOGIES INC | CONV | 90353TAM2 |  | 171875921 | 120067000 | PRN |  | SOLE |  | 112615000 | 285000 | 7167000 |
| UBER TECHNOLOGIES INC | CONV | 90353TAJ9 |  | 43597102 | 36346000 | PRN |  | SOLE |  | 20312000 | 1257000 | 14777000 |
| UGI CORP | CONV | 902681AB1 |  | 5917739 | 4279000 | PRN |  | SOLE |  | 3341000 | 0 | 938000 |
| UPWORK INC | CONV | 91688FAB0 |  | 5729779 | 6057000 | PRN |  | SOLE |  | 6057000 | 0 | 0 |
| MARRIOTT VACATION WORLDW | CONV | 57164YAF4 |  | 44477578 | 47646000 | PRN |  | SOLE |  | 25586000 | 1534000 | 20526000 |
| VERITONE INC | CONV | 92347MAB6 |  | 467723 | 1057000 | PRN |  | SOLE |  | 1057000 | 0 | 0 |
| VERTEX INC | CONV | 92538JAB2 |  | 5605218 | 4669000 | PRN |  | SOLE |  | 3634000 | 172000 | 863000 |
| VIAVI SOLUTIONS INC | CONV | 925550AH8 |  | 5027936 | 4972000 | PRN |  | SOLE |  | 3944000 | 300000 | 728000 |
| VISHAY INTERTECHNOLOGY | CONV | 928298AR9 |  | 31667400 | 35186000 | PRN |  | SOLE |  | 15282000 | 2408000 | 17496000 |
| VENTAS REALTY LP | CONV | 92277GAZ0 |  | 111913566 | 93417000 | PRN |  | SOLE |  | 86505000 | 125000 | 6787000 |
| WAYFAIR INC | CONV | 94419LAP6 |  | 39711908 | 34774000 | PRN |  | SOLE |  | 15071000 | 1750000 | 17953000 |
| WAYFAIR INC | CONV | 94419LAR2 |  | 8864621 | 6550000 | PRN |  | SOLE |  | 5514000 | 83000 | 953000 |
| WESTERN DIGITAL CORP | CONV | 958102AT2 |  | 23527484 | 13089000 | PRN |  | SOLE |  | 11707000 | 140000 | 1242000 |
| WEC ENERGY GROUP INC | CONV | 92939UAR7 |  | 23069868 | 19948000 | PRN |  | SOLE |  | 19948000 | 0 | 0 |
| WINNEBAGO INDUSTRIES | CONV | 974637AF7 |  | 27002705 | 31217000 | PRN |  | SOLE |  | 17375000 | 1582000 | 12260000 |
| WORKIVA INC | CONV | 98139AAB1 |  | 12184400 | 11287000 | PRN |  | SOLE |  | 8564000 | 1309000 | 1414000 |
| WORKIVA INC | CONV | 98139AAD7 |  | 44316280 | 47716000 | PRN |  | SOLE |  | 23481000 | 1598000 | 22637000 |
| XOMETRY INC | CONV | 98423FAB5 |  | 4038685 | 3979000 | PRN |  | SOLE |  | 3150000 | 829000 | 0 |
| BLOCK INC | CONV | 852234AK9 |  | 26037001 | 29051000 | PRN |  | SOLE |  | 14719000 | 1064000 | 13268000 |
| ZIFF DAVIS INC | CONV | 48123VAE2 |  | 739156 | 775000 | PRN |  | SOLE |  | 775000 | 0 | 0 |
| Advent Convertible Bond ETF | COM | 75526L845 |  | 25861770 | 990000 | SH |  | SOLE |  | 990000 | 0 | 0 |
| Amgen Inc | COM | 031162100 |  | 4188150 | 15000 | SH |  | SOLE |  | 15000 | 0 | 0 |
| Amazon.com Inc | COM | 023135106 |  | 2193900 | 10000 | SH |  | SOLE |  | 10000 | 0 | 0 |
| Broadcom Inc | COM | 11135F101 |  | 4134750 | 15000 | SH |  | SOLE |  | 15000 | 0 | 0 |
| B2Gold Corp | COM | 11777Q209 |  | 167865 | 46500 | SH |  | SOLE |  | 46500 | 0 | 0 |
| CyberArk Software Ltd | COM | M2682V108 |  | 209950 | 516 | SH |  | SOLE |  | 516 | 0 | 0 |
| Dexcom Inc | COM | 252131107 |  | 3491600 | 40000 | SH |  | SOLE |  | 40000 | 0 | 0 |
| Eaton Corp PLC | COM | G29183103 |  | 1070970 | 3000 | SH |  | SOLE |  | 3000 | 0 | 0 |
| Diamondback Energy Inc | COM | 25278X109 |  | 3435000 | 25000 | SH |  | SOLE |  | 25000 | 0 | 0 |
| IBM | COM | 459200101 |  | 4126920 | 14000 | SH |  | SOLE |  | 14000 | 0 | 0 |
| JPMorgan Chase  Co | COM | 46625H100 |  | 2899100 | 10000 | SH |  | SOLE |  | 10000 | 0 | 0 |
| Lazard Inc | COM | 52110M109 |  | 1199500 | 25000 | SH |  | SOLE |  | 25000 | 0 | 0 |
| Lowe's Cos Inc | COM | 548661107 |  | 2218700 | 10000 | SH |  | SOLE |  | 10000 | 0 | 0 |
| Meta Platforms Inc | COM | 30303M102 |  | 4428540 | 6000 | SH |  | SOLE |  | 6000 | 0 | 0 |
| MGM Resorts International | COM | 552953101 |  | 3267050 | 95000 | SH |  | SOLE |  | 95000 | 0 | 0 |
| ServiceNow Inc | COM | 81762P102 |  | 1272763 | 1238 | SH |  | SOLE |  | 1238 | 0 | 0 |
| NVIDIA Corp | COM | 67066G104 |  | 2369850 | 15000 | SH |  | SOLE |  | 15000 | 0 | 0 |
| OppFi Inc | COM | 68386H103 |  | 279800 | 20000 | SH |  | SOLE |  | 20000 | 0 | 0 |
| Penn Entertainment Inc | COM | 707569109 |  | 185598 | 10386 | SH |  | SOLE |  | 10386 | 0 | 0 |
| PennyMac Mortgage Investment T | COM | 70931T103 |  | 97530 | 7584 | SH |  | SOLE |  | 7584 | 0 | 0 |
| PRA Group Inc | COM | 69354N106 |  | 83810 | 5682 | SH |  | SOLE |  | 5682 | 0 | 0 |
| Qifu Technology Inc | COM | 88557W101 |  | 817596 | 18856 | SH |  | SOLE |  | 18856 | 0 | 0 |
| RealReal Inc/The | COM | 88339P101 |  | 119750 | 25000 | SH |  | SOLE |  | 25000 | 0 | 0 |
| RH | COM | 74967X103 |  | 3780200 | 20000 | SH |  | SOLE |  | 20000 | 0 | 0 |
| Southern Co/The | COM | 842587107 |  | 202026 | 2200 | SH |  | SOLE |  | 2200 | 0 | 0 |
| AT Inc | COM | 00206R102 |  | 2894000 | 100000 | SH |  | SOLE |  | 100000 | 0 | 0 |
| Toll Brothers Inc | COM | 889478103 |  | 2853250 | 25000 | SH |  | SOLE |  | 25000 | 0 | 0 |
| Travere Therapeutics Inc | COM | 89422G107 |  | 207200 | 14000 | SH |  | SOLE |  | 14000 | 0 | 0 |
| Whirlpool Corp | COM | 963320106 |  | 3549700 | 35000 | SH |  | SOLE |  | 35000 | 0 | 0 |
| Zoetis Inc | COM | 98978V103 |  | 1559500 | 10000 | SH |  | SOLE |  | 10000 | 0 | 0 |
| Affirm Holdings Inc | COM | 00827B106 |  | 2765600 | 40000 | SH | Call | SOLE |  | 40000 | 0 | 0 |
| AGNC Investment Corp | COM | 00123Q104 |  | 919000 | 100000 | SH | Call | SOLE |  | 100000 | 0 | 0 |
| Albemarle Corp | COM | 012653101 |  | 1629420 | 26000 | SH | Call | SOLE |  | 26000 | 0 | 0 |
| Amgen Inc | COM | 031162100 |  | 2094075 | 7500 | SH | Call | SOLE |  | 7500 | 0 | 0 |
| Alibaba Group Holding Ltd | COM | 01609W102 |  | 2268200 | 20000 | SH | Call | SOLE |  | 20000 | 0 | 0 |
| BigBear.ai Holdings Inc | COM | 08975B109 |  | 339500 | 50000 | SH | Call | SOLE |  | 50000 | 0 | 0 |
| Confluent Inc | COM | 20717M103 |  | 498600 | 20000 | SH | Call | SOLE |  | 20000 | 0 | 0 |
| Cleanspark Inc | COM | 18452B209 |  | 551500 | 50000 | SH | Call | SOLE |  | 50000 | 0 | 0 |
| Core Scientific Inc | COM | 21874A106 |  | 4267500 | 250000 | SH | Call | SOLE |  | 250000 | 0 | 0 |
| Cisco Systems Inc | COM | 17275R102 |  | 6938000 | 100000 | SH | Call | SOLE |  | 100000 | 0 | 0 |
| Cisco Systems Inc | COM | 17275R102 |  | 20814000 | 300000 | SH | Call | SOLE |  | 300000 | 0 | 0 |
| DraftKings Inc | COM | 26142V105 |  | 857800 | 20000 | SH | Call | SOLE |  | 20000 | 0 | 0 |
| GameStop Corp | COM | 36467W109 |  | 731700 | 30000 | SH | Call | SOLE |  | 30000 | 0 | 0 |
| Robinhood Markets Inc | COM | 770700102 |  | 9363000 | 100000 | SH | Put | SOLE |  | 100000 | 0 | 0 |
| Intuitive Machines Inc | COM | 46125A100 |  | 271750 | 25000 | SH | Call | SOLE |  | 25000 | 0 | 0 |
| Lyft Inc | COM | 55087P104 |  | 630400 | 40000 | SH | Call | SOLE |  | 40000 | 0 | 0 |
| Lyft Inc | COM | 55087P104 |  | 1970000 | 125000 | SH | Call | SOLE |  | 125000 | 0 | 0 |
| MARA Holdings Inc | COM | 565788106 |  | 784000 | 50000 | SH | Call | SOLE |  | 50000 | 0 | 0 |
| Norwegian Cruise Line Holdings | COM | G66721104 |  | 2028000 | 100000 | SH | Call | SOLE |  | 100000 | 0 | 0 |
| Norwegian Cruise Line Holdings | COM | G66721104 |  | 2028000 | 100000 | SH | Call | SOLE |  | 100000 | 0 | 0 |
| Riot Platforms Inc | COM | 767292105 |  | 2260000 | 200000 | SH | Call | SOLE |  | 200000 | 0 | 0 |
| SoFi Technologies Inc | COM | 83406F102 |  | 1821000 | 100000 | SH | Put | SOLE |  | 100000 | 0 | 0 |
| SoFi Technologies Inc | COM | 83406F102 |  | 3642000 | 200000 | SH | Call | SOLE |  | 200000 | 0 | 0 |
| Virgin Galactic Holdings Inc | COM | 92766K403 |  | 273000 | 100000 | SH | Call | SOLE |  | 100000 | 0 | 0 |
| SPDR S 500 ETF Trust | COM | 78462F103 |  | 18535500 | 30000 | SH | Put | SOLE |  | 30000 | 0 | 0 |
| SPDR S 500 ETF Trust | COM | 78462F103 |  | 23169375 | 37500 | SH | Put | SOLE |  | 37500 | 0 | 0 |
| SPDR S 500 ETF Trust | COM | 78462F103 |  | 18535500 | 30000 | SH | Put | SOLE |  | 30000 | 0 | 0 |
| SPDR S 500 ETF Trust | COM | 78462F103 |  | 12357000 | 20000 | SH | Put | SOLE |  | 20000 | 0 | 0 |
| UnitedHealth Group Inc | COM | 91324P102 |  | 779925 | 2500 | SH | Call | SOLE |  | 2500 | 0 | 0 |
| ALBEMARLE CORP | CONV PFD | 012653200 |  | 5050547 | 158738 | SH |  | SOLE |  | 131754 | 7266 | 19718 |
| APOLLO GLOBAL MANAGEMENT | CONV PFD | 03769M304 |  | 87697739 | 1175194 | SH |  | SOLE |  | 1070922 | 6000 | 98272 |
| ARES MANAGEMENT CORP | CONV PFD | 03990B309 |  | 45255401 | 828550 | SH |  | SOLE |  | 776876 | 0 | 51674 |
| BOEING CO/THE | CONV PFD | 097023204 |  | 53931564 | 798119 | SH |  | SOLE |  | 740394 | 11232 | 46493 |
| BANK OF AMERICA CORP | CONV PFD | 060505682 |  | 207124107 | 172838 | SH |  | SOLE |  | 119234 | 3895 | 49709 |
| BRIGHTSPRING HEALTH SERV | CONV PFD | 10950A205 |  | 1722980 | 21023 | SH |  | SOLE |  | 20237 | 786 | 0 |
| SHIFT4 PAYMENTS INC | CONV PFD | 82452J307 |  | 19975003 | 174538 | SH |  | SOLE |  | 155016 | 1500 | 18022 |
| CHART INDUSTRIES INC | CONV PFD | 16115Q407 |  | 14309917 | 236552 | SH |  | SOLE |  | 204923 | 2645 | 28984 |
| HP ENTERPRISE CO | CONV PFD | 42824C208 |  | 13243140 | 226056 | SH |  | SOLE |  | 203292 | 1900 | 20864 |
| KKR  CO INC | CONV PFD | 48251W500 |  | 92570743 | 1731820 | SH |  | SOLE |  | 1618550 | 8700 | 104570 |
| MICROCHIP TECHNOLOGY INC | CONV PFD | 595017302 |  | 29378072 | 441925 | SH |  | SOLE |  | 383011 | 4281 | 54633 |
| MICROSTRATEGY INC | CONV PFD | 594972887 |  | 4818204 | 39818 | SH |  | SOLE |  | 36818 | 3000 | 0 |
| NEXTERA ENERGY INC | CONV PFD | 65339F713 |  | 69871373 | 1766596 | SH |  | SOLE |  | 1597682 | 11500 | 157414 |
| NEXTERA ENERGY INC | CONV PFD | 65339F663 |  | 44371110 | 944551 | SH |  | SOLE |  | 809593 | 5150 | 129808 |
| PG CORP | CONV PFD | 69331C306 |  | 14776861 | 394260 | SH |  | SOLE |  | 331593 | 9000 | 53667 |
| QXO INC | CONV PFD | 82846H504 |  | 4921600 | 80000 | SH |  | SOLE |  | 80000 | 0 | 0 |
| WELLS FARGO  COMPANY | CONV PFD | 949746804 |  | 210770448 | 180009 | SH |  | SOLE |  | 120599 | 3971 | 55439 |
| AURORA INNOVATION INC | COM | 051774115 |  | 53505 | 61500 | SH |  | SOLE |  | 61500 | 0 | 0 |
| BIGBEAR.AI HOLDINGS INC | COM | 08975B117 |  | 43824 | 18260 | SH |  | SOLE |  | 18260 | 0 | 0 |

---