# EDGAR Filing Document

**Accession Number:** 0001009012
**File Stem:** 0001009012-26-000003
**Filing Date:** 2026-2
**Character Count:** 21392
**Document Hash:** 049f4dee23dd550a43159a6fbf430128
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001009012-26-000003.hdr.sgml**: 20260218

**ACCESSION NUMBER**: 0001009012-26-000003

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260218

**DATE AS OF CHANGE**: 20260217

**EFFECTIVENESS DATE**: 20260218

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ZAZOVE ASSOCIATES LLC
- **CENTRAL INDEX KEY:** 0001009012

**ORGANIZATION NAME:**
- **EIN:** 363984373
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-05338
- **FILM NUMBER:** 26645107

**BUSINESS ADDRESS:**
- **STREET 1:** 1001 TAHOE BLVD.
- **CITY:** INCLINE VILLAGE
- **STATE:** NV
- **ZIP:** 89451
- **BUSINESS PHONE:** 77529897500

**MAIL ADDRESS:**
- **STREET 1:** 1001 TAHOE BLVD.
- **CITY:** INCLINE VILLAGE
- **STATE:** NV
- **ZIP:** 89451

### 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:** ZAZOVE ASSOCIATES LLC<br>**Address:** 1001 TAHOE BLVD.<br>INCLINE VILLAGE, NV 89451

**Form 13F File Number:** 028-05338

**CRD Number (if applicable):** 000104751

**SEC File Number (if applicable):** 801-34818

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:** Lamiaa Dukaj<br>**Title:** Compliance Officer<br>**Phone:** 7752987500

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

Lamiaa Dukaj  Incline Village, NV  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:** 171

**Form 13F Information Table Value Total:** $1161269198

      (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 |
| 10X GENOMICS INC | CALL | 88025U909 |  | 139500 | 60000 | SH |  | SOLE |  | 60000 | 0 | 0 |
| ADAM NAT RES FD INC | COM | 00548F105 |  | 20653 | 950 | SH |  | SOLE |  | 950 | 0 | 0 |
| ADVANCED ENERGY INDS | NOTE  2.500% 9/1 | 007973AE0 |  | 246169 | 150000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| AEROVIRONMENT INC | NOTE         7/1 | 008073AA6 |  | 21610051 | 19815000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| AFFIRM HLDGS INC | NOTE  0.750%12/1 | 00827BAD8 |  | 5008166 | 4500000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| AIRJOULE TECHNOLOGIES CORP | *W EXP 03/15/202 | 612160119 |  | 14073 | 15700 | SH |  | SOLE |  | 15700 | 0 | 0 |
| ALLIANCEBERNSTEIN HLDG L P | CALL | 01881G906 |  | 237375 | 63300 | SH |  | SOLE |  | 63300 | 0 | 0 |
| ALLIANT ENERGY CORP | NOTE  3.875% 3/1 | 018802AC2 |  | 5209123 | 5000000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| AMERICAN WTR CAP CORP | NOTE  3.625% 6/1 | 03040WBE4 |  | 8526270 | 8555000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| AMERICAS GOLD AND SILVER COR | COM NEW | 03062D803 |  | 511000 | 100000 | SH |  | SOLE |  | 100000 | 0 | 0 |
| AMPRIUS TECHNOLOGIES INC | *W EXP 09/14/202 | 03214Q116 |  | 160298 | 61891 | SH |  | SOLE |  | 61891 | 0 | 0 |
| ARCHER AVIATION INC | *W EXP 09/16/202 | 03945R110 |  | 1141611 | 997040 | SH |  | SOLE |  | 997040 | 0 | 0 |
| ARRAY TECHNOLOGIES INC | NOTE  1.000%12/0 | 04271TAB6 |  | 448633 | 495000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| ASA GOLD AND PRECIOUS MTLS L | SHS | G3156P103 |  | 1888854 | 31655 | SH |  | SOLE |  | 31655 | 0 | 0 |
| ASCENDIS PHARMA A/S | NOTE  2.250% 4/0 | 04351PAD3 |  | 1489269 | 1050000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| AURORA INNOVATION INC | *W EXP 11/03/202 | 051774115 |  | 15740 | 67700 | SH |  | SOLE |  | 67700 | 0 | 0 |
| B2GOLD CORP | CALL | 11777Q909 |  | 908265 | 601500 | SH |  | SOLE |  | 601500 | 0 | 0 |
| B2GOLD CORP | CALL | 11777Q909 |  | 159900 | 156000 | SH |  | SOLE |  | 156000 | 0 | 0 |
| B2GOLD CORP | CALL | 11777Q909 |  | 89300 | 76000 | SH |  | SOLE |  | 76000 | 0 | 0 |
| B2GOLD CORP | CALL | 11777Q909 |  | 43065 | 26100 | SH |  | SOLE |  | 26100 | 0 | 0 |
| B2GOLD CORP | CALL | 11777Q909 |  | 41030 | 74600 | SH |  | SOLE |  | 74600 | 0 | 0 |
| BANDWIDTH INC | NOTE  0.500% 4/0 | 05988JAD5 |  | 554254 | 630000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| BANK AMERICA CORP | 7.25%CNV PFD L | 060505682 |  | 9759173 | 7817 | SH |  | SOLE |  | 7817 | 0 | 0 |
| BKV CORP | CALL | 05603J908 |  | 240000 | 50000 | SH |  | SOLE |  | 50000 | 0 | 0 |
| BLACKSTONE MORTGAGE TRUST IN | NOTE  5.500% 3/1 | 09257WAE0 |  | 382295 | 385000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| BLOCK INC | NOTE         5/0 | 852234AJ2 |  | 113261 | 115000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| BOFA FIN LLC | MTNF  0.600% 5/2 | 09709UV70 |  | 20608989 | 18942000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| BRAEMAR HOTELS  RESORTS INC | 5.5 CUM CV PFD B | 10482B200 |  | 2147284 | 144113 | SH |  | SOLE |  | 144113 | 0 | 0 |
| BRAEMAR HOTELS  RESORTS INC | NOTE  4.500% 6/0 | 10482BAB7 |  | 17227595 | 17450000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| BRAEMAR HOTELS  RESORTS INC | COM | 10482B101 |  | 6981160 | 2432460 | SH |  | SOLE |  | 2432460 | 0 | 0 |
| BRC INC | COM CL A | 05601U105 |  | 598794 | 539454 | SH |  | SOLE |  | 539454 | 0 | 0 |
| BROOKDALE SR LIVING INC | NOTE  2.000%10/1 | 112463AC8 |  | 19689500 | 14350000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| BROOKDALE SR LIVING INC | NOTE  3.500%10/1 | 112463AF1 |  | 69867 | 50000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| BROOKDALE SR LIVING INC | COM | 112463104 |  | 1402700 | 130000 | SH |  | SOLE |  | 130000 | 0 | 0 |
| CABLE ONE INC | NOTE         3/1 | 12685JAE5 |  | 348371 | 353000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| CABLE ONE INC | NOTE  1.125% 3/1 | 12685JAG0 |  | 255477 | 310000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| CARVANA CO | PUT | 146869952 |  | 11175 | 3000 | SH |  | SOLE |  | 3000 | 0 | 0 |
| CLEAR CHANNEL OUTDOOR HLDGS | COM | 18453H106 |  | 3005600 | 1360000 | SH |  | SOLE |  | 1360000 | 0 | 0 |
| CMS ENERGY CORP | NOTE  3.375% 5/0 | 125896BX7 |  | 2258026 | 2105000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| COINBASE GLOBAL INC | NOTE  0.500% 6/0 | 19260QAB3 |  | 199984 | 200000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| CRACKER BARREL OLD CTRY STOR | NOTE  0.625% 6/1 | 22410JAB2 |  | 389673 | 400000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| CVR PARTNERS LP | COM | 126633205 |  | 4032863 | 39345 | SH |  | SOLE |  | 39345 | 0 | 0 |
| DATADOG INC | NOTE        12/0 | 23804LAD5 |  | 2805226 | 2800000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| DELEK US HLDGS INC NEW | CALL | 24665A903 |  | 285000 | 50000 | SH |  | SOLE |  | 50000 | 0 | 0 |
| DELEK US HLDGS INC NEW | CALL | 24665A903 |  | 21250 | 25000 | SH |  | SOLE |  | 25000 | 0 | 0 |
| DELEK US HLDGS INC NEW | CALL | 24665A903 |  | 9000 | 40000 | SH |  | SOLE |  | 40000 | 0 | 0 |
| DUKE ENERGY CORP NEW | NOTE  4.125% 4/1 | 26441CBY0 |  | 63028328 | 61110000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| EL PASO ENERGY CAP TR I | PFD CV TR SEC 28 | 283678209 |  | 55204 | 1121 | SH |  | SOLE |  | 1121 | 0 | 0 |
| ENERGY TRANSFER L P | COM UT LTD PTN | 29273V100 |  | 82450 | 5000 | SH |  | SOLE |  | 5000 | 0 | 0 |
| ENOVIS CORPORATION | NOTE  3.875%10/1 | 194014AB2 |  | 8878505 | 9055000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| ENPHASE ENERGY INC | NOTE         3/0 | 29355AAH0 |  | 396105 | 400000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| ENPHASE ENERGY INC | NOTE         3/0 | 29355AAK3 |  | 262513 | 300000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| EPR PPTYS | CONV PFD 9% SR E | 26884U307 |  | 89997 | 2983 | SH |  | SOLE |  | 2983 | 0 | 0 |
| EQUINOX GOLD CORP | CALL | 29446Y902 |  | 97500 | 25000 | SH |  | SOLE |  | 25000 | 0 | 0 |
| EVERGY INC | NOTE  4.500%12/1 | 30034WAD8 |  | 21079933 | 17265000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| EXPEDIA GROUP INC | NOTE         2/1 | 30212PBE4 |  | 9306034 | 8297000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| FIRST MAJESTIC SILVER CORP | NOTE  0.375% 1/1 | 32076VAD5 |  | 3209617 | 2600000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| FLUENCE ENERGY INC | NOTE  2.250% 6/1 | 34379VAB9 |  | 2422307 | 2000000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| FLUOR CORP | NOTE  1.125% 8/1 | 343412AJ1 |  | 45652320 | 39930000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| FORD MTR CO | NOTE         3/1 | 345370CZ1 |  | 11092590 | 10685000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| FRESHPET INC | NOTE  3.000% 4/0 | 358039AB1 |  | 6756106 | 5770000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| GCT SEMICONDUCTOR HLDG INC | *W EXP 03/01/202 | 36170N115 |  | 50561 | 611744 | SH |  | SOLE |  | 611744 | 0 | 0 |
| GDL FD | COM SH BEN IT | 361570104 |  | 1020821 | 120522 | SH |  | SOLE |  | 120522 | 0 | 0 |
| GE VERNOVA INC | CALL | 36828A901 |  | 298000 | 5000 | SH |  | SOLE |  | 5000 | 0 | 0 |
| GENERAL MLS INC | PUT | 370334954 |  | 43750 | 25000 | SH |  | SOLE |  | 25000 | 0 | 0 |
| GENESIS ENERGY L P | CALL | 371927904 |  | 441540 | 133800 | SH |  | SOLE |  | 133800 | 0 | 0 |
| GLOBAL PMTS INC | NOTE  1.500% 3/0 | 37940XAU6 |  | 15251009 | 16960000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| GOLD ROYALTY CORP | COMMON SHARES | 38071H106 |  | 1353400 | 335000 | SH |  | SOLE |  | 335000 | 0 | 0 |
| GRANITE CONSTR INC | NOTE  3.250% 6/1 | 387328AF4 |  | 13062647 | 8175000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| GRANITE RIDGE RESOURCES INC | COM | 387432107 |  | 3210363 | 683056 | SH |  | SOLE |  | 683056 | 0 | 0 |
| GROUPON INC | NOTE  6.250% 3/1 | 399473AH0 |  | 2096519 | 2000000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| GUIDEWIRE SOFTWARE INC | NOTE  1.250%11/0 | 40171VAC4 |  | 27885222 | 25305000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| HAEMONETICS CORP MASS | NOTE  2.500% 6/0 | 405024AD2 |  | 22141820 | 21275000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| HAEMONETICS CORP MASS | NOTE         3/0 | 405024AB6 |  | 378281 | 382000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| HILTON WORLDWIDE HLDGS INC | PUT | 43300A953 |  | 76875 | 12500 | SH |  | SOLE |  | 12500 | 0 | 0 |
| HUDSON TECHNOLOGIES INC | COM | 444144109 |  | 342500 | 50000 | SH |  | SOLE |  | 50000 | 0 | 0 |
| INTEGER HLDGS CORP | NOTE  2.125% 2/1 | 45826HAB5 |  | 17464900 | 15445000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| IRONWOOD PHARMACEUTICALS INC | NOTE  1.500% 6/1 | 46333XAH1 |  | 522043 | 550000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| ISHARES INC | PUT | 464286950 |  | 217500 | 300000 | SH |  | SOLE |  | 300000 | 0 | 0 |
| ITRON INC | NOTE  1.375% 7/1 | 465741AQ9 |  | 34326465 | 33865000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| JAZZ INVESTMENTS I LTD | NOTE  3.125% 9/1 | 472145AH4 |  | 30905653 | 23135000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| JD.COM INC | NOTE  0.250% 6/0 | 47215PAJ5 |  | 2136410 | 2130000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| JETBLUE AIRWAYS CORP | NOTE  0.500% 4/0 | 477143AP6 |  | 393883 | 400000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| KAYNE ANDERSON ENERGY INFRST | COM | 486606106 |  | 5137217 | 414961 | SH |  | SOLE |  | 414961 | 0 | 0 |
| KOSMOS ENERGY LTD | NOTE  3.125% 3/1 | 500688AH9 |  | 2817229 | 6525000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| LANTHEUS HLDGS INC | NOTE  2.625%12/1 | 516544AB9 |  | 2867253 | 2500000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| LANVIN GROUP HOLDINGS LIMITE | *W EXP 01/14/202 | G5380J118 |  | 21024 | 1334846 | SH |  | SOLE |  | 1334846 | 0 | 0 |
| LIBERTY MEDIA CORP DEL | NOTE  2.250% 8/1 | 531229AQ5 |  | 3712337 | 2920000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| LIBERTY MEDIA CORP DEL | NOTE  3.750% 3/1 | 531229AP7 |  | 3327310 | 3300000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| LIBERTY MEDIA CORP DEL | DEB   3.750% 2/1 | 530715AL5 |  | 13535 | 220000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| LITHIUM ARGENTINA AG | NOTE  1.750% 1/1 | 53680QAA6 |  | 454329 | 500000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| LIVE NATION ENTERTAINMENT IN | NOTE  2.875% 1/1 | 538034BC2 |  | 11812333 | 11190000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| LUXEXPERIENCE BV | SPONSORED ADS | 55406W103 |  | 1673123 | 200374 | SH |  | SOLE |  | 200374 | 0 | 0 |
| LYFT INC | NOTE  0.625% 3/0 | 55087PAD6 |  | 4214542 | 3500000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| MARRIOTT VACATIONS WORLDWIDE | NOTE         1/1 | 57164YAD9 |  | 259467 | 260000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| MERITAGE HOMES CORP | NOTE  1.750% 5/1 | 59001ABF8 |  | 4093470 | 4150000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| MKS INC. | NOTE  1.250% 6/0 | 55306NAB0 |  | 52715650 | 41180000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| MNTN INC | CL A | 55318A108 |  | 1511616 | 126601 | SH |  | SOLE |  | 126601 | 0 | 0 |
| NATIONAL CINEMEDIA INC | COM NEW | 635309206 |  | 1001189 | 257375 | SH |  | SOLE |  | 257375 | 0 | 0 |
| NCL CORP LTD | NOTE  2.500% 2/1 | 62886HBK6 |  | 1513110 | 1500000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| NCL CORP LTD | NOTE  1.125% 2/1 | 62886HBD2 |  | 1096105 | 1095000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| NET POWER INC | *W EXP 06/08/202 | 64107A113 |  | 807771 | 1538612 | SH |  | SOLE |  | 1538612 | 0 | 0 |
| NEXTNAV INC | *W EXP 99/99/999 | 65345N114 |  | 1221037 | 170655 | SH |  | SOLE |  | 170655 | 0 | 0 |
| NORTHERN OIL  GAS INC | NOTE  3.625% 4/1 | 665531AJ8 |  | 12975699 | 13401000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| NUTANIX INC | NOTE  0.250%10/0 | 67059NAH1 |  | 34874858 | 30975000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| NUTANIX INC | NOTE  0.500%12/1 | 67059NAK4 |  | 144761 | 150000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| OIL STS INTL INC | NOTE  4.750% 4/0 | 678026AK1 |  | 376553 | 375000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| OKTA INC | NOTE  0.375% 6/1 | 679295AF2 |  | 237133 | 242000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| ON SEMICONDUCTOR CORP | NOTE  0.500% 3/0 | 682189AU9 |  | 3797766 | 4000000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| OPKO HEALTH INC | NOTE  3.750% 1/1 | 68375NAG8 |  | 7943140 | 5918000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| OPKO HEALTH INC | COM | 68375N103 |  | 189000 | 150000 | SH |  | SOLE |  | 150000 | 0 | 0 |
| OPPFI INC | *W EXP 07/20/202 | 68386H111 |  | 1359653 | 909467 | SH |  | SOLE |  | 909467 | 0 | 0 |
| OSISKO DEVELOPMENT CORP | COM NEW | 68828E809 |  | 907400 | 260000 | SH |  | SOLE |  | 260000 | 0 | 0 |
| PARSONS CORP DEL | NOTE  2.625% 3/0 | 70202LAD4 |  | 61191957 | 59237000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| PARSONS CORP DEL | CALL | 70202L902 |  | 85000 | 25000 | SH |  | SOLE |  | 25000 | 0 | 0 |
| PBF ENERGY INC | PUT | 69318G956 |  | 325000 | 100000 | SH |  | SOLE |  | 100000 | 0 | 0 |
| PEABODY ENGR CORP | NOTE  3.250% 3/0 | 704551AD2 |  | 10099063 | 6000000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| PENNYMAC CORP | NOTE  5.500% 3/1 | 70932AAF0 |  | 382019 | 382000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| PG CORP | NOTE  4.250%12/0 | 69331CAL2 |  | 6181306 | 6000000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| PLANET LABS PBC | *W EXP 12/06/202 | 72703X114 |  | 815100 | 95000 | SH |  | SOLE |  | 95000 | 0 | 0 |
| PPL CAP FDG INC | NOTE  2.875% 3/1 | 69352PAS2 |  | 30622779 | 27880000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| PSQ HOLDINGS INC | *W EXP 07/19/202 | 693691115 |  | 46709 | 491935 | SH |  | SOLE |  | 491935 | 0 | 0 |
| PURECYCLE TECHNOLOGIES INC | COM | 74623V103 |  | 222215 | 25869 | SH |  | SOLE |  | 25869 | 0 | 0 |
| PURECYCLE TECHNOLOGIES INC | *W EXP 03/17/202 | 74623V111 |  | 552445 | 575464 | SH |  | SOLE |  | 575464 | 0 | 0 |
| REDFIN CORP | NOTE  0.500% 4/0 | 75737FAE8 |  | 397560 | 420000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| REPLIGEN CORP | NOTE  1.000%12/1 | 759916AD1 |  | 28919335 | 26300000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| RINGCENTRAL INC | NOTE         3/1 | 76680RAH0 |  | 132661 | 134000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| RIVIAN AUTOMOTIVE INC | NOTE  4.625% 3/1 | 76954AAB9 |  | 5049359 | 4000000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| RLJ LODGING TR | CUM CONV PFD A | 74965L200 |  | 231418 | 9266 | SH |  | SOLE |  | 9266 | 0 | 0 |
| ROADZEN INC | *W EXP 11/30/202 | G7606H116 |  | 41416 | 150602 | SH |  | SOLE |  | 150602 | 0 | 0 |
| ROBO.AI INC. | *W EXP 11/11/202 | G6693P114 |  | 3019 | 64571 | SH |  | SOLE |  | 64571 | 0 | 0 |
| RUMBLE INC | *W EXP 09/16/202 | 78137L113 |  | 2192089 | 1129943 | SH |  | SOLE |  | 1129943 | 0 | 0 |
| RYDER SYS INC | PUT | 783549958 |  | 456925 | 24500 | SH |  | SOLE |  | 24500 | 0 | 0 |
| RYDER SYS INC | PUT | 783549958 |  | 5490 | 600 | SH |  | SOLE |  | 600 | 0 | 0 |
| RYDER SYS INC | PUT | 783549958 |  | 3100 | 500 | SH |  | SOLE |  | 500 | 0 | 0 |
| SEA LTD | NOTE  0.250% 9/1 | 81141RAG5 |  | 81312 | 84000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| SHIFT4 PMTS INC | NOTE  0.500% 8/0 | 82452JAD1 |  | 579306 | 600000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| SILVERCORP METALS INC | COM | 82835P103 |  | 287730 | 34500 | SH |  | SOLE |  | 34500 | 0 | 0 |
| SILVERCORP METALS INC | CALL | 82835P903 |  | 77288 | 68700 | SH |  | SOLE |  | 68700 | 0 | 0 |
| SNAP INC | NOTE  0.125% 3/0 | 83304AAH9 |  | 419516 | 460000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| SNOWFLAKE INC | NOTE        10/0 | 833445AD1 |  | 4596678 | 2965000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| SOUTHERN CO | NOTE  4.500% 6/1 | 842587DZ7 |  | 30533297 | 28550000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| SPDR S 500 ETF TR | PUT | 78462F953 |  | 21040 | 16000 | SH |  | SOLE |  | 16000 | 0 | 0 |
| SPDR S 500 ETF TR | PUT | 78462F953 |  | 10605 | 21000 | SH |  | SOLE |  | 21000 | 0 | 0 |
| SPDR S 500 ETF TR | PUT | 78462F953 |  | 1688 | 22500 | SH |  | SOLE |  | 22500 | 0 | 0 |
| SPOTIFY USA INC | NOTE         3/1 | 84921RAB6 |  | 56103308 | 49276000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| SSR MINING IN | NOTE  2.500% 4/0 | 784730AB9 |  | 28552941 | 21755000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| SUMMIT HOTEL PPTYS | NOTE  1.500% 2/1 | 866082AA8 |  | 99550 | 100000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| SUNOPTA INC | COM | 8676EP108 |  | 1045000 | 275000 | SH |  | SOLE |  | 275000 | 0 | 0 |
| SUNPOWER INC | *W EXP 07/31/202 | 20460L112 |  | 6561 | 25171 | SH |  | SOLE |  | 25171 | 0 | 0 |
| SYMBOTIC INC | CLASS A COM | 87151X101 |  | 297500 | 5000 | SH |  | SOLE |  | 5000 | 0 | 0 |
| SYMBOTIC INC | CALL | 87151X901 |  | 168300 | 17000 | SH |  | SOLE |  | 17000 | 0 | 0 |
| TETRA TECH INC NEW | DBCV  2.250% 8/1 | 88162GAB9 |  | 61789011 | 56880000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| TH INTERNATIONAL LIMITED | SHS NEW | G8656L130 |  | 568684 | 228387 | SH |  | SOLE |  | 228387 | 0 | 0 |
| THE REALREAL INC | COM | 88339P101 |  | 1499100 | 95000 | SH |  | SOLE |  | 95000 | 0 | 0 |
| TRANSMEDICS GROUP INC | NOTE  1.500% 6/0 | 89377MAB5 |  | 3744331 | 2500000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| TYLER TEX INDPT SCH DIST | NOTE  0.250% 3/1 | 902252AB1 |  | 61769720 | 60945000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| UL SOLUTIONS INC | CALL | 903731907 |  | 98500 | 10000 | SH |  | SOLE |  | 10000 | 0 | 0 |
| UL SOLUTIONS INC | CALL | 903731907 |  | 47500 | 10000 | SH |  | SOLE |  | 10000 | 0 | 0 |
| UPSTART HLDGS INC | NOTE  1.000%11/1 | 91680MAF4 |  | 2199925 | 2500000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| URBAN ONE INC | CL D NON VTG | 91705J204 |  | 4295273 | 5083163 | SH |  | SOLE |  | 5083163 | 0 | 0 |
| URBAN ONE INC | CL A | 91705J105 |  | 449089 | 431816 | SH |  | SOLE |  | 431816 | 0 | 0 |
| VAIL RESORTS INC | NOTE         1/0 | 91879QAN9 |  | 259867 | 260000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| VANGUARD BD INDEX FDS | VANGUARD ULTRA | 92203C303 |  | 4984000 | 100000 | SH |  | SOLE |  | 100000 | 0 | 0 |
| VARONIS SYS INC | NOTE  1.000% 9/1 | 922280AD4 |  | 22328366 | 23985000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| VENTAS RLTY LTD PARTNERSHIP | NOTE  3.750% 6/0 | 92277GAZ0 |  | 59845996 | 42175000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| VERTEX INC | NOTE  0.750% 5/0 | 92538JAB2 |  | 7680198 | 8095000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| WELLS FARGO CO NEW | PERP PFD CNV A | 949746804 |  | 267299 | 220 | SH |  | SOLE |  | 220 | 0 | 0 |
| WESTROCK COFFEE CO | COM | 96145W103 |  | 2416465 | 593726 | SH |  | SOLE |  | 593726 | 0 | 0 |
| WORLD KINECT CORPORATION | NOTE  3.250% 7/0 | 98149GAB6 |  | 5382014 | 5095000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| ZIFF DAVIS INC | DEBT  3.625% 3/0 | 48123VAH5 |  | 396132 | 404000 | PRN |  | SOLE |  | 0 | 0 | 0 |

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