# EDGAR Filing Document

**Accession Number:** 0001011443
**File Stem:** 0001011443-25-000031
**Filing Date:** 2025-8
**Character Count:** 24884
**Document Hash:** eb5a227094138aa642083640eb0e9edf
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001011443-25-000031.hdr.sgml**: 20250813

**ACCESSION NUMBER**: 0001011443-25-000031

**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:** HBK INVESTMENTS L P
- **CENTRAL INDEX KEY:** 0001011443

**ORGANIZATION NAME:**
- **EIN:** 752622581
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-06078
- **FILM NUMBER:** 251209947

**BUSINESS ADDRESS:**
- **STREET 1:** 2300 NORTH FIELD STREET
- **STREET 2:** STE 2200
- **CITY:** DALLAS
- **STATE:** TX
- **ZIP:** 75201
- **BUSINESS PHONE:** 2147586100

**MAIL ADDRESS:**
- **STREET 1:** 2300 NORTH FIELD STREET
- **STREET 2:** STE 2200
- **CITY:** DALLAS
- **STATE:** TX
- **ZIP:** 75201

### 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:** HBK INVESTMENTS L P<br>**Address:** 2300 NORTH FIELD STREET<br>STE 2200<br>DALLAS, TX 75201

**Form 13F File Number:** 028-06078

**CRD Number (if applicable):** 000115079

**SEC File Number (if applicable):** 028-06078

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:** ROYA DOUD<br>**Title:** CHIEF COMPLIANCE OFFICER<br>**Phone:** 2147586107

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

ROYA DOUD  DALLAS, TX  08-13-2025<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:** 202

**Form 13F Information Table Value Total:** $4719278337

      (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 |
| AGNC INVT CORP | COM | 00123Q104 |  | 1378500 | 150000 | SH | Call | SOLE |  | 150000 | 0 | 0 |
| AGNC INVT CORP | COM | 00123Q104 |  | 24208298 | 2634200 | SH | Put | SOLE |  | 2634200 | 0 | 0 |
| AIRO GROUP HLDGS INC | COM | 009422106 |  | 240700 | 10000 | SH |  | SOLE |  | 10000 | 0 | 0 |
| ALIBABA GROUP HLDG LTD | NOTE 0.500% 6/0 | 01609WBG6 |  | 29326816 | 23000000 | PRN |  | SOLE |  | 23000000 | 0 | 0 |
| ALIGNMENT HEALTHCARE INC | COM | 01625V104 |  | 2100000 | 150000 | SH | Call | SOLE |  | 150000 | 0 | 0 |
| ALLOT LTD | SHS | M0854Q105 |  | 1068750 | 125000 | SH |  | SOLE |  | 125000 | 0 | 0 |
| ALPHABET INC | CAP STK CL A | 02079K305 |  | 2414351 | 13700 | SH | Put | SOLE |  | 13700 | 0 | 0 |
| ALPHABET INC | CAP STK CL C | 02079K107 |  | 4895964 | 27600 | SH | Put | SOLE |  | 27600 | 0 | 0 |
| AMAZON COM INC | COM | 023135106 |  | 2479107 | 11300 | SH | Put | SOLE |  | 11300 | 0 | 0 |
| AMAZON COM INC | COM | 023135106 |  | 221803 | 1011 | SH |  | SOLE |  | 1011 | 0 | 0 |
| AMERICAN AIRLS GROUP INC | COM | 02376R102 |  | 434214 | 38700 | SH | Put | SOLE |  | 38700 | 0 | 0 |
| ANHEUSER BUSCH INBEV SA/NV | SPONSORED ADR | 03524A108 |  | 28357445 | 412652 | SH |  | SOLE |  | 412652 | 0 | 0 |
| ANNALY CAPITAL MANAGEMENT IN | COM NEW | 035710839 |  | 32464500 | 1725000 | SH | Put | SOLE |  | 1725000 | 0 | 0 |
| APPLE INC | COM | 037833100 |  | 1723428 | 8400 | SH | Put | SOLE |  | 8400 | 0 | 0 |
| ARCHER AVIATION INC | COM CL A | 03945R102 |  | 10850000 | 1000000 | SH |  | SOLE |  | 1000000 | 0 | 0 |
| ARES CAPITAL CORP | COM | 04010L103 |  | 8784000 | 400000 | SH | Put | SOLE |  | 400000 | 0 | 0 |
| ARK 21SHARES BITCOIN ETF | SHS BEN INT | 040919102 |  | 116931084 | 3267144 | SH |  | SOLE |  | 3267144 | 0 | 0 |
| ARTIUS II ACQUISITION INC | RIGHT 11/27/2029 | G0509J123 |  | 140000 | 500000 | SH |  | SOLE |  | 500000 | 0 | 0 |
| ARTIUS II ACQUISITION INC | SHS CL A | G0509J115 |  | 5060000 | 500000 | SH |  | SOLE |  | 500000 | 0 | 0 |
| ATEGRITY SPECIALTY IN CO HO | COM | 04681Y103 |  | 258283 | 12002 | SH |  | SOLE |  | 12002 | 0 | 0 |
| ATLANTA BRAVES HLDGS INC | COM SER C | 047726302 |  | 19685399 | 420898 | SH |  | SOLE |  | 420898 | 0 | 0 |
| AURORA INNOVATION INC | CLASS A COM | 051774107 |  | 576400 | 110000 | SH | Put | SOLE |  | 110000 | 0 | 0 |
| BITWISE BITCOIN ETF TR | SHS BEN INT | 09174C104 |  | 14713238 | 251122 | SH |  | SOLE |  | 251122 | 0 | 0 |
| BITWISE ETHEREUM ETF | SHS | 091955104 |  | 9361166 | 518337 | SH |  | SOLE |  | 518337 | 0 | 0 |
| BLACKROCK SCIENCE  TECHNOLO | SHS BEN INT | 09260K101 |  | 1083607 | 52222 | SH |  | SOLE |  | 52222 | 0 | 0 |
| BLACKROCK TECH AND PRIVATE E | SHS BEN INT | 09260Q108 |  | 880484 | 119957 | SH |  | SOLE |  | 119957 | 0 | 0 |
| BOLD EAGLE ACQUISITION CORP | CL A | G2003N105 |  | 5235000 | 500000 | SH |  | SOLE |  | 500000 | 0 | 0 |
| BOLD EAGLE ACQUISITION CORP | RIGHT 10/11/2029 | G2003N121 |  | 39250 | 125000 | SH |  | SOLE |  | 125000 | 0 | 0 |
| BOOZ ALLEN HAMILTON HLDG COR | CL A | 099502106 |  | 4706676 | 45200 | SH | Put | SOLE |  | 45200 | 0 | 0 |
| BRIGHTSPRING HEALTH SVCS INC | COM | 10950A106 |  | 10615500 | 450000 | SH |  | SOLE |  | 450000 | 0 | 0 |
| CACI INTL INC | CL A | 127190304 |  | 6912150 | 14500 | SH | Put | SOLE |  | 14500 | 0 | 0 |
| CANTOR EQUITY PARTNERS I INC | SHS CL A | G1827K107 |  | 2082500 | 175000 | SH |  | SOLE |  | 175000 | 0 | 0 |
| CANTOR EQUITY PARTNERS II IN | CL A ORD SHS | G1827P106 |  | 1654500 | 150000 | SH |  | SOLE |  | 150000 | 0 | 0 |
| CANTOR EQUITY PARTNERS III I | SHS CL A | G1828A108 |  | 4220000 | 400000 | SH |  | SOLE |  | 400000 | 0 | 0 |
| CARIS LIFE SCIENCES INC | COM | 142152107 |  | 293920 | 11000 | SH |  | SOLE |  | 11000 | 0 | 0 |
| CHEVRON CORP NEW | COM | 166764100 |  | 35697267 | 249300 | SH | Call | SOLE |  | 249300 | 0 | 0 |
| CHIME FINL INC | COM SHS CL A | 16935C109 |  | 1190595 | 34500 | SH |  | SOLE |  | 34500 | 0 | 0 |
| CIMPRESS PLC | SHS EURO | G2143T103 |  | 1927000 | 41000 | SH | Put | SOLE |  | 41000 | 0 | 0 |
| CINEMARK HLDGS INC | COM | 17243V102 |  | 24955842 | 826900 | SH | Call | SOLE |  | 826900 | 0 | 0 |
| CINEMARK HLDGS INC | COM | 17243V102 |  | 42985374 | 1424300 | SH | Put | SOLE |  | 1424300 | 0 | 0 |
| COMMVAULT SYS INC | COM | 204166102 |  | 40601457 | 232900 | SH | Put | SOLE |  | 232900 | 0 | 0 |
| CONCENTRA GROUP HOLDINGS PAR | COMMON STOCK | 20603L102 |  | 18022508 | 876155 | SH |  | SOLE |  | 876155 | 0 | 0 |
| CONOCOPHILLIPS | COM | 20825C104 |  | 6883058 | 76700 | SH | Put | SOLE |  | 76700 | 0 | 0 |
| COPA HOLDINGS SA | CL A | P31076105 |  | 30549666 | 277800 | SH | Put | SOLE |  | 277800 | 0 | 0 |
| COSTCO WHSL CORP NEW | COM | 22160K105 |  | 31282104 | 31600 | SH | Put | SOLE |  | 31600 | 0 | 0 |
| DATADOG INC | CL A COM | 23804L103 |  | 20686820 | 154000 | SH | Call | SOLE |  | 154000 | 0 | 0 |
| DATADOG INC | CL A COM | 23804L103 |  | 537320 | 4000 | SH | Put | SOLE |  | 4000 | 0 | 0 |
| DATADOG INC | CL A COM | 23804L103 |  | 3361474 | 25024 | SH |  | SOLE |  | 25024 | 0 | 0 |
| DELTA AIR LINES INC DEL | COM NEW | 247361702 |  | 811470 | 16500 | SH | Put | SOLE |  | 16500 | 0 | 0 |
| DIGITAL RLTY TR INC | COM | 253868103 |  | 1133145 | 6500 | SH | Call | SOLE |  | 6500 | 0 | 0 |
| DIGITAL RLTY TR INC | COM | 253868103 |  | 1133145 | 6500 | SH | Put | SOLE |  | 6500 | 0 | 0 |
| DIGITAL RLTY TR INC | COM | 253868103 |  | 6450210 | 37000 | SH |  | SOLE |  | 37000 | 0 | 0 |
| DOORDASH INC | CL A | 25809K105 |  | 65103291 | 264100 | SH | Put | SOLE |  | 264100 | 0 | 0 |
| EMPIRE ST RLTY TR INC | CL A | 292104106 |  | 2022500 | 250000 | SH | Call | SOLE |  | 250000 | 0 | 0 |
| ENCORE CAP GROUP INC | NOTE 4.000% 3/1 | 292554AP7 |  | 3076577 | 3250000 | PRN |  | SOLE |  | 3250000 | 0 | 0 |
| EOG RES INC | COM | 26875P101 |  | 7332093 | 61300 | SH | Put | SOLE |  | 61300 | 0 | 0 |
| ETF SER SOLUTIONS | US GLB JETS | 26922A842 |  | 11790501 | 513300 | SH | Put | SOLE |  | 513300 | 0 | 0 |
| FIDELITY ETHEREUM FD | SHS | 31613E103 |  | 19990970 | 794238 | SH |  | SOLE |  | 794238 | 0 | 0 |
| FIDELITY WISE ORIGIN BITCOIN | SHS | 315948109 |  | 73327614 | 780164 | SH |  | SOLE |  | 780164 | 0 | 0 |
| FIGX CAP ACQUISITION CORP. | UNIT 06/17/2030 | G3473K126 |  | 1251875 | 125000 | SH |  | SOLE |  | 125000 | 0 | 0 |
| FIRST MAJESTIC SILVER CORP | NOTE 0.375% 1/1 | 32076VAD5 |  | 24166115 | 24957000 | PRN |  | SOLE |  | 24957000 | 0 | 0 |
| FORTUNA MNG CORP | NOTE 3.750% 6/3 | 349915AE8 |  | 41530073 | 32000000 | PRN |  | SOLE |  | 32000000 | 0 | 0 |
| FRESHPET INC | NOTE 3.000% 4/0 | 358039AB1 |  | 12428716 | 10000000 | PRN |  | SOLE |  | 10000000 | 0 | 0 |
| GALAXY DIGITAL INC. | CL A | 36317J209 |  | 219000 | 10000 | SH |  | SOLE |  | 10000 | 0 | 0 |
| GAMESTOP CORP NEW | CL A | 36467W109 |  | 9395028 | 385200 | SH | Call | SOLE |  | 385200 | 0 | 0 |
| GAMESTOP CORP NEW | CL A | 36467W109 |  | 14321808 | 587200 | SH | Put | SOLE |  | 587200 | 0 | 0 |
| GAMESTOP CORP NEW | CL A | 36467W109 |  | 695798 | 28528 | SH |  | SOLE |  | 28528 | 0 | 0 |
| GLOBAL PMTS INC | COM | 37940X102 |  | 312156 | 3900 | SH | Call | SOLE |  | 3900 | 0 | 0 |
| GLOBAL PMTS INC | COM | 37940X102 |  | 312156 | 3900 | SH | Put | SOLE |  | 3900 | 0 | 0 |
| GLOBAL PMTS INC | COM | 37940X102 |  | 1674917 | 20926 | SH |  | SOLE |  | 20926 | 0 | 0 |
| GMS INC | COM | 36251C103 |  | 76638409 | 704721 | SH |  | SOLE |  | 704721 | 0 | 0 |
| GORES HLDGS X INC | UNIT 05/02/2030 | G4002F117 |  | 5195000 | 500000 | SH |  | SOLE |  | 500000 | 0 | 0 |
| GRAB HOLDINGS LIMITED | CLASS A ORD | G4124C109 |  | 365178 | 72600 | SH | Call | SOLE |  | 72600 | 0 | 0 |
| GRAB HOLDINGS LIMITED | CLASS A ORD | G4124C109 |  | 365178 | 72600 | SH | Put | SOLE |  | 72600 | 0 | 0 |
| GRAYSCALE BITCOIN MINI TR ET | SHS NEW | 389930207 |  | 10825164 | 226705 | SH |  | SOLE |  | 226705 | 0 | 0 |
| GRAYSCALE ETHEREUM MINI TR E | SHS NEW | 38964R203 |  | 25289315 | 1066160 | SH |  | SOLE |  | 1066160 | 0 | 0 |
| HESS CORP | COM | 42809H107 |  | 1246873854 | 9000100 | SH |  | SOLE |  | 9000100 | 0 | 0 |
| HEWLETT PACKARD ENTERPRISE C | 7.625 MAND CONV | 42824C208 |  | 5911515 | 100000 | SH |  | SOLE |  | 100000 | 0 | 0 |
| HINGE HEALTH INC | CL A | 433313103 |  | 2070000 | 40000 | SH |  | SOLE |  | 40000 | 0 | 0 |
| IMPINJ INC | NOTE 1.125% 5/1 | 453204AD1 |  | 33073351 | 26500000 | PRN |  | SOLE |  | 26500000 | 0 | 0 |
| INVESCO QQQ TR | UNIT SER 1 | 46090E103 |  | 22451748 | 40700 | SH | Put | SOLE |  | 40700 | 0 | 0 |
| ISHARES BITCOIN TRUST ETF | SHS BEN INT | 46438F101 |  | 63897119 | 1043900 | SH | Put | SOLE |  | 1043900 | 0 | 0 |
| ISHARES ETHEREUM TR | SHS | 46438R105 |  | 3795311 | 199020 | SH |  | SOLE |  | 199020 | 0 | 0 |
| ISHARES SILVER TR | ISHARES | 46428Q109 |  | 3340058 | 101800 | SH | Put | SOLE |  | 101800 | 0 | 0 |
| ISHARES TR | RUSSELL 2000 ETF | 464287655 |  | 17306358 | 80200 | SH | Call | SOLE |  | 80200 | 0 | 0 |
| ISHARES TR | IBOXX INV CP ETF | 464287242 |  | 9207240 | 84000 | SH | Put | SOLE |  | 84000 | 0 | 0 |
| ISHARES TR | RUSSELL 2000 ETF | 464287655 |  | 65427528 | 303200 | SH | Put | SOLE |  | 303200 | 0 | 0 |
| ISHARES TR | U.S. REAL ES ETF | 464287739 |  | 4425759 | 46700 | SH | Put | SOLE |  | 46700 | 0 | 0 |
| JENA ACQUISITION CORP II | UNIT 99/99/9999 | G5093B121 |  | 7196000 | 700000 | SH |  | SOLE |  | 700000 | 0 | 0 |
| KARAT PACKAGING INC | COM | 48563L101 |  | 1971200 | 70000 | SH |  | SOLE |  | 70000 | 0 | 0 |
| KKR  CO INC | 6.25 CON SER D | 48251W500 |  | 5364028 | 100000 | SH |  | SOLE |  | 100000 | 0 | 0 |
| KLAVIYO INC | COM SER A | 49845K101 |  | 251850 | 7500 | SH |  | SOLE |  | 7500 | 0 | 0 |
| KOSMOS ENERGY LTD | NOTE 3.125% 3/1 | 500688AH9 |  | 27858411 | 40750000 | PRN |  | SOLE |  | 40750000 | 0 | 0 |
| KRANESHARES TRUST | CSI CHI INTERNET | 500767306 |  | 6866000 | 200000 | SH | Put | SOLE |  | 200000 | 0 | 0 |
| LANTHEUS HLDGS INC | NOTE 2.625%12/1 | 516544AB9 |  | 22230735 | 17500000 | PRN |  | SOLE |  | 17500000 | 0 | 0 |
| LATAM AIRLINES GROUP SA | SPONSORED ADR | 51817R205 |  | 33865312 | 833300 | SH | Put | SOLE |  | 833300 | 0 | 0 |
| LEIDOS HOLDINGS INC | COM | 525327102 |  | 11816224 | 74900 | SH | Put | SOLE |  | 74900 | 0 | 0 |
| LIBERTY MEDIA CORP DEL | COM LBTY LIV S A | 531229748 |  | 14738056 | 185431 | SH |  | SOLE |  | 185431 | 0 | 0 |
| LIBERTY MEDIA CORP DEL | COM LBTY LIV S C | 531229722 |  | 241532 | 2976 | SH |  | SOLE |  | 2976 | 0 | 0 |
| LIBERTY MEDIA CORP DEL | NOTE 3.750% 3/1 | 531229AP7 |  | 15198745 | 14600000 | PRN |  | SOLE |  | 14600000 | 0 | 0 |
| LIONSGATE STUDIOS CORP | COM | 53626N102 |  | 2147899 | 369690 | SH |  | SOLE |  | 369690 | 0 | 0 |
| LIVE NATION ENTERTAINMENT IN | COM | 538034109 |  | 1134751 | 7501 | SH |  | SOLE |  | 7501 | 0 | 0 |
| LIVE OAK ACQUISITION CORP V | *W EXP 10/31/203 | G5509P110 |  | 140000 | 200000 | SH |  | SOLE |  | 200000 | 0 | 0 |
| LIVE OAK ACQUISITION CORP V | CL A SHS | G5509P102 |  | 4280000 | 400000 | SH |  | SOLE |  | 400000 | 0 | 0 |
| LOAR HOLDINGS INC | COM SHS | 53947R105 |  | 430850 | 5000 | SH |  | SOLE |  | 5000 | 0 | 0 |
| LUCID GROUP INC | COM | 549498103 |  | 2657545 | 1259500 | SH |  | SOLE |  | 1259500 | 0 | 0 |
| MARRIOTT VACATIONS WORLDWIDE | NOTE 3.250%12/1 | 57164YAF4 |  | 13097161 | 14000000 | PRN |  | SOLE |  | 14000000 | 0 | 0 |
| MERITAGE HOMES CORP | COM | 59001A102 |  | 328153 | 4900 | SH | Call | SOLE |  | 4900 | 0 | 0 |
| MERITAGE HOMES CORP | COM | 59001A102 |  | 328153 | 4900 | SH | Put | SOLE |  | 4900 | 0 | 0 |
| MERITAGE HOMES CORP | COM | 59001A102 |  | 1084177 | 16189 | SH |  | SOLE |  | 16189 | 0 | 0 |
| META PLATFORMS INC | CL A | 30303M102 |  | 8414226 | 11400 | SH | Put | SOLE |  | 11400 | 0 | 0 |
| MICROSOFT CORP | COM | 594918104 |  | 1740935 | 3500 | SH | Put | SOLE |  | 3500 | 0 | 0 |
| MICROSTRATEGY INC | NOTE 0.625% 3/1 | 594972AJ0 |  | 53219360 | 19107000 | PRN |  | SOLE |  | 19107000 | 0 | 0 |
| MICROSTRATEGY INC | CL A NEW | 594972408 |  | 147826911 | 365700 | SH | Put | SOLE |  | 365700 | 0 | 0 |
| MILLROSE PPTYS INC | COM CL A | 601137102 |  | 11404000 | 400000 | SH |  | SOLE |  | 400000 | 0 | 0 |
| MIRION TECHNOLOGIES INC | COM CL A | 60471A101 |  | 925747 | 42998 | SH |  | SOLE |  | 42998 | 0 | 0 |
| MNTN INC | CL A | 55318A108 |  | 2187000 | 100000 | SH |  | SOLE |  | 100000 | 0 | 0 |
| NABORS INDS INC | NOTE 1.750% 6/1 | 62957HAL9 |  | 2902154 | 5000000 | PRN |  | SOLE |  | 5000000 | 0 | 0 |
| NEBIUS GROUP N.V. | SHS CLASS A | N97284108 |  | 31914344 | 576800 | SH | Put | SOLE |  | 576800 | 0 | 0 |
| NEWS CORP NEW | CL A | 65249B109 |  | 34363750 | 1156250 | SH |  | SOLE |  | 1156250 | 0 | 0 |
| NEXTERA ENERGY INC | COM | 65339F101 |  | 1048242 | 15100 | SH | Call | SOLE |  | 15100 | 0 | 0 |
| NEXTERA ENERGY INC | COM | 65339F101 |  | 1048242 | 15100 | SH | Put | SOLE |  | 15100 | 0 | 0 |
| NEXTERA ENERGY INC | COM | 65339F101 |  | 223324 | 3217 | SH |  | SOLE |  | 3217 | 0 | 0 |
| NEXTERA ENERGY INC | UNIT 06/01/2027 | 65339F663 |  | 4728128 | 100000 | SH |  | SOLE |  | 100000 | 0 | 0 |
| NIO INC | SPON ADS | 62914V106 |  | 1293110 | 377000 | SH | Put | SOLE |  | 377000 | 0 | 0 |
| NIO INC | NOTE 4.625%10/1 | 62914VAK2 |  | 15446577 | 24300000 | PRN |  | SOLE |  | 24300000 | 0 | 0 |
| NVIDIA CORPORATION | COM | 67066G104 |  | 55659877 | 352300 | SH | Put | SOLE |  | 352300 | 0 | 0 |
| NVIDIA CORPORATION | COM | 67066G104 |  | 287700 | 1821 | SH |  | SOLE |  | 1821 | 0 | 0 |
| OAKTREE SPECIALTY LENDING CO | COM | 67401P405 |  | 606504 | 44400 | SH | Put | SOLE |  | 44400 | 0 | 0 |
| OKLO INC | COM CL A | 02156V109 |  | 419925 | 7500 | SH |  | SOLE |  | 7500 | 0 | 0 |
| OMADA HEALTH INC | COM | 68170A108 |  | 1372500 | 75000 | SH |  | SOLE |  | 75000 | 0 | 0 |
| PAR TECHNOLOGY CORP | NOTE 1.500%10/1 | 698884AE3 |  | 22896094 | 19882000 | PRN |  | SOLE |  | 19882000 | 0 | 0 |
| PAR TECHNOLOGY CORP | NOTE 2.875% 4/1 | 698884AC7 |  | 7961104 | 4830000 | PRN |  | SOLE |  | 4830000 | 0 | 0 |
| PARAMOUNT GROUP INC | COM | 69924R108 |  | 762500 | 125000 | SH | Call | SOLE |  | 125000 | 0 | 0 |
| PARAMOUNT GROUP INC | COM | 69924R108 |  | 8030406 | 1316460 | SH |  | SOLE |  | 1316460 | 0 | 0 |
| PELOTON INTERACTIVE INC | CL A COM | 70614W100 |  | 4344440 | 626000 | SH | Call | SOLE |  | 626000 | 0 | 0 |
| PELOTON INTERACTIVE INC | CL A COM | 70614W100 |  | 3486656 | 502400 | SH | Put | SOLE |  | 502400 | 0 | 0 |
| PELOTON INTERACTIVE INC | NOTE 5.500%12/0 | 70614WAD2 |  | 79478637 | 43244000 | PRN |  | SOLE |  | 43244000 | 0 | 0 |
| PENNYMAC CORP | NOTE 5.500% 3/1 | 70932AAF0 |  | 21799878 | 21840000 | PRN |  | SOLE |  | 21840000 | 0 | 0 |
| PENNYMAC CORP | NOTE 8.500% 6/0 | 70932AAH6 |  | 20557953 | 20250000 | PRN |  | SOLE |  | 20250000 | 0 | 0 |
| PENNYMAC MTG INVT TR | COM | 70931T103 |  | 10438462 | 811700 | SH | Put | SOLE |  | 811700 | 0 | 0 |
| PERIMETER ACQUISITION CORP I | UNIT 05/13/2030 | G7010A103 |  | 4220000 | 400000 | SH |  | SOLE |  | 400000 | 0 | 0 |
| PG CORP | PFD CONV SER A | 69331C306 |  | 3775372 | 100000 | SH |  | SOLE |  | 100000 | 0 | 0 |
| PROCAP ACQUISITION CORP | UNIT 05/16/2030 | G7257A113 |  | 1072000 | 100000 | SH |  | SOLE |  | 100000 | 0 | 0 |
| QXO INC | COM NEW | 82846H405 |  | 10770000 | 500000 | SH |  | SOLE |  | 500000 | 0 | 0 |
| REDWOOD TRUST INC | COM | 758075402 |  | 1477500 | 250000 | SH | Put | SOLE |  | 250000 | 0 | 0 |
| REDWOOD TRUST INC | NOTE 7.750% 6/1 | 758075AF2 |  | 2484146 | 2500000 | PRN |  | SOLE |  | 2500000 | 0 | 0 |
| RIVIAN AUTOMOTIVE INC | NOTE 3.625%10/1 | 76954AAD5 |  | 18001257 | 20000000 | PRN |  | SOLE |  | 20000000 | 0 | 0 |
| ROCKET LAB CORP | COM | 773121108 |  | 357700 | 10000 | SH | Put | SOLE |  | 10000 | 0 | 0 |
| ROCKET LAB CORP | COM | 773121108 |  | 225351 | 6300 | SH |  | SOLE |  | 6300 | 0 | 0 |
| RWT HLDGS INC | NOTE 5.750%10/0 | 749772AD1 |  | 18078570 | 18056000 | PRN |  | SOLE |  | 18056000 | 0 | 0 |
| RYANAIR HOLDINGS PLC | SPONSORED ADR | 783513203 |  | 24441815 | 423822 | SH |  | SOLE |  | 423822 | 0 | 0 |
| SANDISK CORP | COM | 80004C200 |  | 3401250 | 75000 | SH | Put | SOLE |  | 75000 | 0 | 0 |
| SANDISK CORP | COM | 80004C200 |  | 12431478 | 274123 | SH |  | SOLE |  | 274123 | 0 | 0 |
| SCIENCE APPLICATIONS INTL CO | COM | 808625107 |  | 7028736 | 62400 | SH | Put | SOLE |  | 62400 | 0 | 0 |
| SERVICETITAN INC | SHS CL A | 81764X103 |  | 535900 | 5000 | SH |  | SOLE |  | 5000 | 0 | 0 |
| SHAKE SHACK INC | NOTE 3/0 | 819047AB7 |  | 9097991 | 8500000 | PRN |  | SOLE |  | 8500000 | 0 | 0 |
| SIDDHI ACQUISITION CORP | CL A SHS | G8118C124 |  | 3033000 | 300000 | SH |  | SOLE |  | 300000 | 0 | 0 |
| SIDDHI ACQUISITION CORP | RIGHT 09/15/2029 | G8118C116 |  | 69000 | 300000 | SH |  | SOLE |  | 300000 | 0 | 0 |
| SIRIUSXM HOLDINGS INC | COMMON STOCK | 829933100 |  | 21536672 | 937600 | SH | Call | SOLE |  | 937600 | 0 | 0 |
| SIRIUSXM HOLDINGS INC | COMMON STOCK | 829933100 |  | 3627055 | 157904 | SH |  | SOLE |  | 157904 | 0 | 0 |
| SITIME CORP | COM | 82982T106 |  | 4794300 | 22500 | SH |  | SOLE |  | 22500 | 0 | 0 |
| SIX FLAGS ENTERTAINMENT CORP | COM | 83001C108 |  | 12172000 | 400000 | SH | Put | SOLE |  | 400000 | 0 | 0 |
| SIX FLAGS ENTERTAINMENT CORP | COM | 83001C108 |  | 12097781 | 397561 | SH |  | SOLE |  | 397561 | 0 | 0 |
| SL GREEN RLTY CORP | COM | 78440X887 |  | 4023500 | 65000 | SH | Call | SOLE |  | 65000 | 0 | 0 |
| SLIDE INS HLDGS INC | COM | 831349105 |  | 216600 | 10000 | SH |  | SOLE |  | 10000 | 0 | 0 |
| SOLVENTUM CORP | COM SHS | 83444M101 |  | 27452867 | 361984 | SH |  | SOLE |  | 361984 | 0 | 0 |
| SOUTHERN COPPER CORP | COM | 84265V105 |  | 1517550 | 15000 | SH | Put | SOLE |  | 15000 | 0 | 0 |
| SOUTHERN COPPER CORP | COM | 84265V105 |  | 1517550 | 15000 | SH |  | SOLE |  | 15000 | 0 | 0 |
| SOUTHWEST AIRLS CO | COM | 844741108 |  | 648800 | 20000 | SH | Put | SOLE |  | 20000 | 0 | 0 |
| SPDR GOLD TR | GOLD SHS | 78463V107 |  | 203382576 | 667200 | SH | Put | SOLE |  | 667200 | 0 | 0 |
| SPDR S 500 ETF TR | TR UNIT | 78462F103 |  | 185355000 | 300000 | SH | Call | SOLE |  | 300000 | 0 | 0 |
| SPDR S 500 ETF TR | TR UNIT | 78462F103 |  | 362801520 | 587200 | SH | Put | SOLE |  | 587200 | 0 | 0 |
| SPDR SERIES TRUST | S OILGAS EXP | 78468R556 |  | 10479140 | 83300 | SH | Call | SOLE |  | 83300 | 0 | 0 |
| SPDR SERIES TRUST | S OILGAS EXP | 78468R556 |  | 109320200 | 869000 | SH | Put | SOLE |  | 869000 | 0 | 0 |
| SPIRIT AEROSYSTEMS INC | NOTE 3.250%11/0 | 85205TAQ3 |  | 27804558 | 19000000 | PRN |  | SOLE |  | 19000000 | 0 | 0 |
| TAIWAN SEMICONDUCTOR MFG LTD | SPONSORED ADS | 874039100 |  | 76757461 | 338900 | SH | Put | SOLE |  | 338900 | 0 | 0 |
| TARGET HOSPITALITY CORP | COM | 87615L107 |  | 1000360 | 140500 | SH | Put | SOLE |  | 140500 | 0 | 0 |
| TESLA INC | COM | 88160R101 |  | 17693662 | 55700 | SH | Put | SOLE |  | 55700 | 0 | 0 |
| TESLA INC | COM | 88160R101 |  | 1011112 | 3183 | SH |  | SOLE |  | 3183 | 0 | 0 |
| TRIP COM GROUP LTD | ADS | 89677Q107 |  | 8127504 | 138600 | SH | Put | SOLE |  | 138600 | 0 | 0 |
| TRIPADVISOR INC | COM | 896945201 |  | 2740500 | 210000 | SH | Call | SOLE |  | 210000 | 0 | 0 |
| TRIPADVISOR INC | COM | 896945201 |  | 6851250 | 525000 | SH | Put | SOLE |  | 525000 | 0 | 0 |
| TRIPADVISOR INC | COM | 896945201 |  | 6851250 | 525000 | SH |  | SOLE |  | 525000 | 0 | 0 |
| TRUMP MEDIA  TECHNOLOGY GRO | COM | 25400Q105 |  | 7917756 | 438900 | SH | Put | SOLE |  | 438900 | 0 | 0 |
| TWO HARBORS INVENTMENT CORPO | NOTE 6.250% 1/1 | 90187BAB7 |  | 61709970 | 62077000 | PRN |  | SOLE |  | 62077000 | 0 | 0 |
| TXNM ENERGY INC | NOTE 5.750% 6/0 | 69349HAF4 |  | 35829369 | 27500000 | PRN |  | SOLE |  | 27500000 | 0 | 0 |
| UBER TECHNOLOGIES INC | COM | 90353T100 |  | 5224800 | 56000 | SH | Call | SOLE |  | 56000 | 0 | 0 |
| UBER TECHNOLOGIES INC | COM | 90353T100 |  | 6027180 | 64600 | SH | Put | SOLE |  | 64600 | 0 | 0 |
| UBER TECHNOLOGIES INC | COM | 90353T100 |  | 44729979 | 479421 | SH |  | SOLE |  | 479421 | 0 | 0 |
| VERTEX INC | NOTE 0.750% 5/0 | 92538JAB2 |  | 11939491 | 10000000 | PRN |  | SOLE |  | 10000000 | 0 | 0 |
| VIKING HOLDINGS LTD | ORD SHS | G93A5A101 |  | 1065800 | 20000 | SH |  | SOLE |  | 20000 | 0 | 0 |
| VOYAGER TECHNOLOGIES INC | COM CL A | 92892B103 |  | 686875 | 17500 | SH |  | SOLE |  | 17500 | 0 | 0 |
| WALMART INC | COM | 931142103 |  | 24728562 | 252900 | SH | Put | SOLE |  | 252900 | 0 | 0 |
| WARNER BROS DISCOVERY INC | COM SER A | 934423104 |  | 20472579 | 1786438 | SH |  | SOLE |  | 1786438 | 0 | 0 |
| WAYFAIR INC | NOTE 3.500%11/1 | 94419LAR2 |  | 9209048 | 6805000 | PRN |  | SOLE |  | 6805000 | 0 | 0 |
| WELLTOWER INC | COM | 95040Q104 |  | 1199094 | 7800 | SH | Call | SOLE |  | 7800 | 0 | 0 |
| WELLTOWER INC | COM | 95040Q104 |  | 1199094 | 7800 | SH | Put | SOLE |  | 7800 | 0 | 0 |
| WELLTOWER INC | COM | 95040Q104 |  | 1421080 | 9244 | SH |  | SOLE |  | 9244 | 0 | 0 |
| WESTERN DIGITAL CORP | COM | 958102105 |  | 1666364 | 26041 | SH |  | SOLE |  | 26041 | 0 | 0 |
| WOLFSPEED INC | COM | 977852102 |  | 34297 | 86000 | SH | Call | SOLE |  | 86000 | 0 | 0 |
| ZTO EXPRESS CAYMAN INC | NOTE 1.500% 9/0 | 98980AAB1 |  | 14904936 | 15000000 | PRN |  | SOLE |  | 15000000 | 0 | 0 |

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