# EDGAR Filing Document

**Accession Number:** 0001009012
**File Stem:** 0001420506-25-001855
**Filing Date:** 2025-8
**Character Count:** 20144
**Document Hash:** f21e591561816dbe57ca62709901147f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001420506-25-001855.hdr.sgml**: 20250812

**ACCESSION NUMBER**: 0001420506-25-001855

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250812

**DATE AS OF CHANGE**: 20250812

**EFFECTIVENESS DATE**: 20250812

**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:** 251205530

**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:** 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:** 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:** Sam Ginocchio<br>**Title:** Chief Compliance Officer<br>**Phone:** 7752987500

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

Sam Ginocchio Chief Compliance Officer  INCLINE VILLAGE, NV  08-12-2025<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:** 156

**Form 13F Information Table Value Total:** $1168338558

      (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 |
| ADAM NAT RES FD INC | COM | 00548F105 |  | 20210 | 886 | SH |  | SOLE |  | 886 | 0 | 0 |
| THE BEAUTY HEALTH COMPANY | COM CL A | 88331L108 |  | 314538 | 234730 | SH |  | SOLE |  | 234730 | 0 | 0 |
| BRAEMAR HOTELS  RESORTS INC | COM | 10482B101 |  | 5200828 | 2088686 | SH |  | SOLE |  | 2088686 | 0 | 0 |
| BRC INC | COM CL A | 05601U105 |  | 263758 | 126200 | SH |  | SOLE |  | 126200 | 0 | 0 |
| CAPRI HOLDINGS LIMITED | SHS | G1890L107 |  | 493250 | 25000 | SH |  | SOLE |  | 25000 | 0 | 0 |
| CLEAR CHANNEL OUTDOOR HLDGS | COM | 18453H106 |  | 2325220 | 2094793 | SH |  | SOLE |  | 2094793 | 0 | 0 |
| CUMULUS MEDIA INC | COM CL A | 231082801 |  | 675565 | 1528428 | SH |  | SOLE |  | 1528428 | 0 | 0 |
| CVR PARTNERS LP | COM | 126633205 |  | 481088 | 6400 | SH |  | SOLE |  | 6400 | 0 | 0 |
| ENERGY TRANSFER L P | COM UT LTD PTN | 29273V100 |  | 92950 | 5000 | SH |  | SOLE |  | 5000 | 0 | 0 |
| GDL FD | COM SH BEN IT | 361570104 |  | 992499 | 120522 | SH |  | SOLE |  | 120522 | 0 | 0 |
| GOLD ROYALTY CORP | COMMON SHARES | 38071H106 |  | 906852 | 629758 | SH |  | SOLE |  | 629758 | 0 | 0 |
| GRANITE RIDGE RESOURCES INC | COM | 387432107 |  | 4957754 | 815420 | SH |  | SOLE |  | 815420 | 0 | 0 |
| HELIX ENERGY SOLUTIONS GRP I | COM | 42330P107 |  | 252624 | 30400 | SH |  | SOLE |  | 30400 | 0 | 0 |
| HERTZ GLOBAL HLDGS INC | COM NEW | 42806J700 |  | 88650 | 22500 | SH |  | SOLE |  | 22500 | 0 | 0 |
| HUDSON TECHNOLOGIES INC | COM | 444144109 |  | 347063 | 56250 | SH |  | SOLE |  | 56250 | 0 | 0 |
| INTUITIVE MACHINES INC | CLASS A COM | 46125A100 |  | 726375 | 97500 | SH |  | SOLE |  | 97500 | 0 | 0 |
| KAYNE ANDERSON ENERGY INFRST | COM | 486606106 |  | 7607484 | 592945 | SH |  | SOLE |  | 592945 | 0 | 0 |
| MYT NETHERLANDS PARENT B V | ADS | 55406W103 |  | 985378 | 130341 | SH |  | SOLE |  | 130341 | 0 | 0 |
| OPKO HEALTH INC | COM | 68375N103 |  | 344616 | 207600 | SH |  | SOLE |  | 207600 | 0 | 0 |
| OSISKO DEVELOPMENT CORP | COM NEW | 68828E809 |  | 879538 | 590294 | SH |  | SOLE |  | 590294 | 0 | 0 |
| SANDSTORM GOLD LTD | COM NEW | 80013R206 |  | 566250 | 75000 | SH |  | SOLE |  | 75000 | 0 | 0 |
| SPDR SER TR | PORTFOLIO SHORT | 78464A474 |  | 9030000 | 300000 | SH |  | SOLE |  | 300000 | 0 | 0 |
| SUNOPTA INC | COM | 8676EP108 |  | 1654572 | 340447 | SH |  | SOLE |  | 340447 | 0 | 0 |
| TH INTERNATIONAL LIMITED | SHS NEW | G8656L130 |  | 745468 | 254426 | SH |  | SOLE |  | 254426 | 0 | 0 |
| URBAN ONE INC | CL A | 91705J105 |  | 664583 | 461516 | SH |  | SOLE |  | 461516 | 0 | 0 |
| URBAN ONE INC | CL D NON VTG | 91705J204 |  | 3385998 | 4702775 | SH |  | SOLE |  | 4702775 | 0 | 0 |
| WESTROCK COFFEE CO | COM | 96145W103 |  | 5570266 | 771505 | SH |  | SOLE |  | 771505 | 0 | 0 |
| ADVANCED ENERGY INDS | NOTE  2.500% 9/1 | 007973AE0 |  | 38995387 | 38045000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| AIR TRANS SVCS GROUP INC | NOTE  3.875% 8/1 | 00922RAD7 |  | 2521496 | 2530000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| AKAMAI TECHNOLOGIES INC | NOTE  1.125% 2/1 | 00971TAN1 |  | 46067497 | 48417000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| ALLIANT ENERGY CORP | NOTE  3.875% 3/1 | 018802AC2 |  | 5369462 | 5000000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| ALNYLAM PHARMACEUTICALS INC | NOTE  1.000% 9/1 | 02043QAB3 |  | 29410165 | 25480000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| AMERICAN AIRLINES GROUP INC | NOTE  6.500% 7/0 | 02376RAF9 |  | 8319975 | 8305000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| AMERICAN WTR CAP CORP | NOTE  3.625% 6/1 | 03040WBE4 |  | 29808620 | 29050000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| ARBOR REALTY TRUST INC | NOTE  7.500% 8/0 | 038923BA5 |  | 374801 | 375000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| ARRAY TECHNOLOGIES INC | NOTE  1.000%12/0 | 04271TAB6 |  | 363144 | 495000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| ASCENDIS PHARMA A/S | NOTE  2.250% 4/0 | 04351PAD3 |  | 9210010 | 7770000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| BANDWIDTH INC | NOTE  0.500% 4/0 | 05988JAD5 |  | 93040 | 115000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| BLOCK INC | NOTE         5/0 | 852234AJ2 |  | 332409 | 349000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| BLOOM ENERGY CORP | NOTE  3.000% 6/0 | 093712AK3 |  | 3937028 | 3000000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| BOFA FIN LLC | MTNF  0.600% 5/2 | 09709UV70 |  | 57703369 | 57877000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| BRAEMAR HOTELS  RESORTS INC | NOTE  4.500% 6/0 | 10482BAB7 |  | 17068430 | 18140000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| BROOKDALE SR LIVING INC | NOTE  2.000%10/1 | 112463AC8 |  | 10824341 | 10730000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| CABLE ONE INC | NOTE         3/1 | 12685JAE5 |  | 333951 | 353000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| CABLE ONE INC | NOTE  1.125% 3/1 | 12685JAG0 |  | 246511 | 310000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| CMS ENERGY CORP | NOTE  3.375% 5/0 | 125896BX7 |  | 5517601 | 4975000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| COINBASE GLOBAL INC | NOTE  0.500% 6/0 | 19260QAB3 |  | 1957032 | 2000000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| CONFLUENT INC | NOTE         1/1 | 20717MAB9 |  | 2778130 | 3000000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| DATADOG INC | NOTE  0.125% 6/1 | 23804LAB9 |  | 2802590 | 2500000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| DIGITALOCEAN HLDGS INC | NOTE        12/0 | 25402DAB8 |  | 97952 | 105000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| DUKE ENERGY CORP NEW | NOTE  4.125% 4/1 | 26441CBY0 |  | 51539662 | 47535000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| ENOVIS CORPORATION | NOTE  3.875%10/1 | 194014AB2 |  | 11590730 | 11315000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| EQUINOX GOLD CORP | NOTE  4.750%10/1 | 29446YAC0 |  | 16950159 | 12596000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| ESPERION THERAPEUTICS INC NE | NOTE  4.000%11/1 | 29664WAB1 |  | 368597 | 375000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| EVENTBRITE INC | NOTE  0.750% 9/1 | 29975EAD1 |  | 375512 | 410000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| EVERGY INC | NOTE  4.500%12/1 | 30034WAD8 |  | 26392804 | 22445000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| EXPEDIA GROUP INC | NOTE         2/1 | 30212PBE4 |  | 6211606 | 6292000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| FIVE9 INC | NOTE  1.000% 3/1 | 338307AF8 |  | 18410168 | 21615000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| FIVE9 INC | NOTE  0.500% 6/0 | 338307AD3 |  | 391578 | 395000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| FLUOR CORP | NOTE  1.125% 8/1 | 343412AJ1 |  | 24622333 | 23190000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| FORD MTR CO | NOTE         3/1 | 345370CZ1 |  | 22871998 | 23360000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| GLOBAL PMTS INC | NOTE  1.500% 3/0 | 37940XAU6 |  | 56717348 | 60135000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| GROUPON INC | NOTE  1.125% 3/1 | 399473AF4 |  | 389375 | 400000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| HAEMONETICS CORP MASS | NOTE         3/0 | 405024AB6 |  | 365252 | 382000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| INTEGER HLDGS CORP | NOTE  2.125% 2/1 | 45826HAB5 |  | 1666978 | 1140000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| ITRON INC | NOTE         3/1 | 465741AN6 |  | 694486 | 675000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| JAZZ INVESTMENTS I LTD | NOTE  2.000% 6/1 | 472145AF8 |  | 4626856 | 4465000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| JETBLUE AIRWAYS CORP | NOTE  0.500% 4/0 | 477143AP6 |  | 378090 | 400000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| KOSMOS ENERGY LTD | NOTE  3.125% 3/1 | 500688AH9 |  | 6945322 | 9050000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| LANTHEUS HLDGS INC | NOTE  2.625%12/1 | 516544AB9 |  | 3525008 | 2500000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| LIBERTY MEDIA CORP DEL | DEB   3.750% 2/1 | 530715AL5 |  | 62208 | 220000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| LIBERTY MEDIA CORP DEL | NOTE  2.250% 8/1 | 531229AQ5 |  | 2655360 | 2170000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| LYFT INC | NOTE  0.625% 3/0 | 55087PAD6 |  | 2420801 | 2500000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| LYFT INC | NOTE  1.500% 5/1 | 55087PAB0 |  | 300459 | 302000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| MGP INGREDIENTS INC NEW | NOTE  1.875%11/1 | 55303JAB2 |  | 3768348 | 4000000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| NCL CORP LTD | NOTE  1.125% 2/1 | 62886HBD2 |  | 11538852 | 11870000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| NORTHERN OIL  GAS INC | NOTE  3.625% 4/1 | 665531AJ8 |  | 12683041 | 12011000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| NOVOCURE LTD | NOTE        11/0 | 67011XAB9 |  | 152758 | 158000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| NUTANIX INC | NOTE  0.250%10/0 | 67059NAH1 |  | 24161052 | 18170000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| OIL STS INTL INC | NOTE  4.750% 4/0 | 678026AK1 |  | 369250 | 375000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| OKTA INC | NOTE  0.375% 6/1 | 679295AF2 |  | 231420 | 242000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| ON SEMICONDUCTOR CORP | NOTE  0.500% 3/0 | 682189AU9 |  | 1722344 | 2000000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| OPKO HEALTH INC | NOTE  3.750% 1/1 | 68375NAG8 |  | 9895436 | 6128000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| PACIRA BIOSCIENCES INC | NOTE  0.750% 8/0 | 695127AF7 |  | 393837 | 400000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| PARSONS CORP DEL | NOTE  2.625% 3/0 | 70202LAD4 |  | 69104046 | 69061000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| PEABODY ENGR CORP | NOTE  3.250% 3/0 | 704551AD2 |  | 13811722 | 13265000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| PENN ENTERTAINMENT INC | NOTE  2.750% 5/1 | 707569AU3 |  | 8091049 | 7840000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| PENNYMAC CORP | NOTE  5.500% 3/1 | 70932AAF0 |  | 378002 | 382000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| PG CORP | NOTE  4.250%12/0 | 69331CAL2 |  | 6626464 | 6250000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| POST HLDGS INC | NOTE  2.500% 8/1 | 737446AT1 |  | 2389126 | 2000000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| PPL CAP FDG INC | NOTE  2.875% 3/1 | 69352PAS2 |  | 47937774 | 42720000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| REPLIGEN CORP | NOTE  1.000%12/1 | 759916AD1 |  | 26582828 | 26950000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| RINGCENTRAL INC | NOTE         3/1 | 76680RAH0 |  | 561640 | 589000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| RIVIAN AUTOMOTIVE INC | NOTE  4.625% 3/1 | 76954AAB9 |  | 2905461 | 3000000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| SAREPTA THERAPEUTICS INC | NOTE  1.250% 9/1 | 803607AD2 |  | 5593021 | 6000000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| SEA LTD | NOTE  2.375%12/0 | 81141RAF7 |  | 1280836 | 870000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| SEA LTD | NOTE  0.250% 9/1 | 81141RAG5 |  | 254689 | 272000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| SHIFT4 PMTS INC | NOTE  0.500% 8/0 | 82452JAD1 |  | 10138147 | 9980000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| LIBERTY MEDIA CORP DEL | NOTE  3.750% 3/1 | 531229AP7 |  | 34390549 | 33231000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| SNAP INC | NOTE  0.125% 3/0 | 83304AAH9 |  | 390018 | 460000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| SOLAREDGE TECHNOLOGIES INC | NOTE         9/1 | 83417MAD6 |  | 387876 | 400000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| SOUTHERN CO | NOTE  3.875%12/1 | 842587DP9 |  | 17015274 | 15200000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| SPOTIFY USA INC | NOTE         3/1 | 84921RAB6 |  | 29669190 | 24855000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| SSR MINING IN | NOTE  2.500% 4/0 | 784730AB9 |  | 433064 | 430000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| SUMMIT HOTEL PPTYS | NOTE  1.500% 2/1 | 866082AA8 |  | 2084653 | 2181000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| TETRA TECH INC NEW | DBCV  2.250% 8/1 | 88162GAB9 |  | 69828599 | 67529000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| TRANSMEDICS GROUP INC | NOTE  1.500% 6/0 | 89377MAB5 |  | 2711519 | 2500000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| TYLER TEX INDPT SCH DIST | NOTE  0.250% 3/1 | 902252AB1 |  | 39683905 | 32645000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| UBER TECHNOLOGIES INC | NOTE  0.875%12/0 | 90353TAM2 |  | 21521942 | 17700000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| UBER TECHNOLOGIES INC | NOTE        12/1 | 90353TAJ9 |  | 15674968 | 14760000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| VAREX IMAGING CORP | NOTE  4.000% 6/0 | 92214XAB2 |  | 8915647 | 8950000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| VENTAS RLTY LTD PARTNERSHIP | NOTE  3.750% 6/0 | 92277GAZ0 |  | 62493980 | 48490000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| WESTERN DIGITAL CORP | NOTE  3.000%11/1 | 958102AT2 |  | 5152974 | 4000000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| ZIFF DAVIS INC | NOTE  1.750%11/0 | 48123VAE2 |  | 370689 | 394000 | PRN |  | SOLE |  | 0 | 0 | 0 |
| EL PASO ENERGY CAP TR I | PFD CV TR SEC 28 | 283678209 |  | 64551 | 1321 | SH |  | SOLE |  | 1321 | 0 | 0 |
| RLJ LODGING TR | CUM CONV PFD A | 74965L200 |  | 226183 | 9266 | SH |  | SOLE |  | 9266 | 0 | 0 |
| BOEING CO | DEP CONV PFD A | 097023204 |  | 889875 | 15000 | SH |  | SOLE |  | 15000 | 0 | 0 |
| VANGUARD BD INDEX FDS | VANGUARD ULTRA | 92203C303 |  | 4985500 | 100000 | SH |  | SOLE |  | 100000 | 0 | 0 |
| AIRJOULE TECHNOLOGIES CORP | *W EXP 03/15/202 | 612160119 |  | 5267 | 9100 | SH |  | SOLE |  | 9100 | 0 | 0 |
| ALGOMA STL GROUP INC | *W EXP 10/19/202 | 015658115 |  | 3663 | 10000 | SH |  | SOLE |  | 10000 | 0 | 0 |
| ARCHER AVIATION INC | *W EXP 09/16/202 | 03945R110 |  | 178500 | 100000 | SH |  | SOLE |  | 100000 | 0 | 0 |
| ARKO CORP | *W EXP 12/22/202 | 041242116 |  | 36356 | 727117 | SH |  | SOLE |  | 727117 | 0 | 0 |
| GCT SEMICONDUCTOR HLDG INC | *W EXP 03/01/202 | 36170N115 |  | 41790 | 668646 | SH |  | SOLE |  | 668646 | 0 | 0 |
| JASPER THERAPEUTICS INC | *W EXP 09/24/202 | 471871111 |  | 7743 | 65456 | SH |  | SOLE |  | 65456 | 0 | 0 |
| LANDSEA HOMES CORP | *W EXP 01/08/202 | 51509P111 |  | 144496 | 2392316 | SH |  | SOLE |  | 2392316 | 0 | 0 |
| LANVIN GROUP HOLDINGS LIMITE | *W EXP 01/14/202 | G5380J118 |  | 32303 | 1334846 | SH |  | SOLE |  | 1334846 | 0 | 0 |
| NET POWER INC | *W EXP 06/08/202 | 64107A113 |  | 434255 | 1420990 | SH |  | SOLE |  | 1420990 | 0 | 0 |
| NEXTNAV INC | *W EXP 99/99/999 | 65345N114 |  | 24613 | 5500 | SH |  | SOLE |  | 5500 | 0 | 0 |
| NWTN INC | *W EXP 12/31/202 | G6693P114 |  | 1905 | 64571 | SH |  | SOLE |  | 64571 | 0 | 0 |
| PSQ HOLDINGS INC | *W EXP 07/19/202 | 693691115 |  | 105844 | 448492 | SH |  | SOLE |  | 448492 | 0 | 0 |
| PURECYCLE TECHNOLOGIES INC | *W EXP 03/17/202 | 74623V111 |  | 604063 | 396107 | SH |  | SOLE |  | 396107 | 0 | 0 |
| ROADZEN INC | *W EXP 11/30/202 | G7606H116 |  | 8208 | 150602 | SH |  | SOLE |  | 150602 | 0 | 0 |
| RUMBLE INC | *W EXP 09/16/202 | 78137L113 |  | 2490393 | 1078092 | SH |  | SOLE |  | 1078092 | 0 | 0 |
| COMPLETE SOLARIA INC | *W EXP 07/31/202 | 20460L112 |  | 5033 | 25171 | SH |  | SOLE |  | 25171 | 0 | 0 |
| T1 ENERGY INC | *W EXP 07/09/202 | 35834F112 |  | 22891 | 186863 | SH |  | SOLE |  | 186863 | 0 | 0 |
| ALLIANCEBERNSTEIN HLDG L P | CALL | 01881G906 |  | 420000 | 50000 | SH | Call | SOLE |  | 50000 | 0 | 0 |
| ALLIANCEBERNSTEIN HLDG L P | CALL | 01881G906 |  | 63510 | 17400 | SH | Call | SOLE |  | 17400 | 0 | 0 |
| B2GOLD CORP | CALL | 11777Q909 |  | 297500 | 350000 | SH | Call | SOLE |  | 350000 | 0 | 0 |
| CVR ENERGY INC | CALL | 12662P908 |  | 570400 | 71300 | SH | Call | SOLE |  | 71300 | 0 | 0 |
| ENOVIX CORPORATION | CALL | 293594907 |  | 37250 | 50000 | SH | Call | SOLE |  | 50000 | 0 | 0 |
| ENOVIX CORPORATION | CALL | 293594907 |  | 6750 | 25000 | SH | Call | SOLE |  | 25000 | 0 | 0 |
| EQUINOX GOLD CORP | CALL | 29446Y902 |  | 247000 | 130000 | SH | Call | SOLE |  | 130000 | 0 | 0 |
| HELIX ENERGY SOLUTIONS GRP I | CALL | 42330P907 |  | 58500 | 90000 | SH | Call | SOLE |  | 90000 | 0 | 0 |
| BARCLAYS BANK PLC | IPATH S 500 SH | 06748M196 |  | 28950 | 6000 | SH | Call | SOLE |  | 6000 | 0 | 0 |
| MP MATERIALS CORP | CALL | 553368901 |  | 112013 | 43500 | SH | Call | SOLE |  | 43500 | 0 | 0 |
| SILVERCORP METALS INC | CALL | 82835P903 |  | 71225 | 51800 | SH | Call | SOLE |  | 51800 | 0 | 0 |
| DIREXION SHS ETF TR | DAILY TSLA 2X SH | 25460G286 |  | 143250 | 50000 | SH | Put | SOLE |  | 50000 | 0 | 0 |
| G III APPAREL GROUP LTD | PUT | 36237H951 |  | 40125 | 15000 | SH | Put | SOLE |  | 15000 | 0 | 0 |
| INVESCO EXCH TRADED FD TR II | PUT | 46138G956 |  | 195000 | 50000 | SH | Put | SOLE |  | 50000 | 0 | 0 |
| ISHARES TR | PUT | 464288953 |  | 6688 | 12500 | SH | Put | SOLE |  | 12500 | 0 | 0 |
| MEDICAL PPTYS TRUST INC | PUT | 58463J954 |  | 39000 | 200000 | SH | Put | SOLE |  | 200000 | 0 | 0 |
| PLUG POWER INC | PUT | 72919P952 |  | 7367 | 10600 | SH | Put | SOLE |  | 10600 | 0 | 0 |
| SPDR S 500 ETF TR | PUT | 78462F953 |  | 4360 | 8000 | SH | Put | SOLE |  | 8000 | 0 | 0 |
| SPDR S 500 ETF TR | PUT | 78462F953 |  | 14675 | 5000 | SH | Put | SOLE |  | 5000 | 0 | 0 |
| SPDR S 500 ETF TR | PUT | 78462F953 |  | 5940 | 3000 | SH | Put | SOLE |  | 3000 | 0 | 0 |
| WILLIAMS SONOMA INC | PUT | 969904951 |  | 180625 | 12500 | SH | Put | SOLE |  | 12500 | 0 | 0 |

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