# EDGAR Filing Document

**Accession Number:** 0001103882
**File Stem:** 0001103882-25-000008
**Filing Date:** 2025-8
**Character Count:** 14131
**Document Hash:** 6049b05fceffbd396f8edb2bbd837765
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001103882-25-000008.hdr.sgml**: 20250814

**ACCESSION NUMBER**: 0001103882-25-000008

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250814

**DATE AS OF CHANGE**: 20250814

**EFFECTIVENESS DATE**: 20250814

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Paloma Partners Management Co
- **CENTRAL INDEX KEY:** 0001103882

**ORGANIZATION NAME:**
- **EIN:** 133145891
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-05431
- **FILM NUMBER:** 251220560

**BUSINESS ADDRESS:**
- **STREET 1:** TWO AMERICAN LANE
- **CITY:** GREENWICH
- **STATE:** CT
- **ZIP:** 06836
- **BUSINESS PHONE:** 203-862-8000

**MAIL ADDRESS:**
- **STREET 1:** TWO AMERICAN LANE
- **CITY:** GREENWICH
- **STATE:** CT
- **ZIP:** 06836

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PALOMA PARTNERSMANAGEMENT Co
- **DATE OF NAME CHANGE:** 20150212

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SUNRISE PARTNERS LIMITED PARTNERSHIP
- **DATE OF NAME CHANGE:** 20141113

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SUNRISE PARTNERS LIMITED PARTNERSHIP /CT
- **DATE OF NAME CHANGE:** 20120213

### 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:** Paloma Partners Management Co<br>**Address:** TWO AMERICAN LANE<br>GREENWICH, CT 06836

**Form 13F File Number:** 028-05431

**CRD Number (if applicable):** 000291738

**SEC File Number (if applicable):** 801-112410

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:** PEI NG<br>**Title:** CHIEF FINANCIAL OFFICER<br>**Phone:** 203-861-3227

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

PEI NG  GREENWICH, CT  08-14-2025<br>[Signature]  [City, State]  [Date]

**Report Type (Check only one.):**

[ ] **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).)

[x] **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:** 1

**Form 13F Information Table Entry Total:** 97

**Form 13F Information Table Value Total:** $682300877

      (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.]

|   No. | Name                           | Form 13F File Number   |   CRD Number | SEC File Number   |
|---:|:---|:---|---:|:---|
|     1 | SONA ASSET MANAGEMENT (US) LLC | 028-21820              |    000291738 | 801-112410        |

### 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 |
| ABIVAX SA | SPONSORED ADS | 00370M103 |  | 727745 | 95130 | SH |  | OTR | 1 | 0 | 95130 | 0 |
| ADOBE INC | COM | 00724F101 |  | 2325149 | 6010 | SH |  | DFND | 1 | 6010 | 0 | 0 |
| ADVANCED MICRO DEVICES INC | COM | 007903107 |  | 202775 | 1429 | SH |  | DFND | 1 | 1429 | 0 | 0 |
| AFFIRM HLDGS INC | COM CL A | 00827B106 |  | 6483534 | 93774 | SH |  | DFND | 1 | 93774 | 0 | 0 |
| ALIBABA GROUP HLDG LTD | NOTE  0.500% 6/0 | 01609WBG6 |  | 19155414 | 15000000 | PRN |  | DFND | 1 | 15000000 | 0 | 0 |
| ALTICE USA INC | CL A | 02156K103 |  | 6085377 | 2843634 | SH |  | DFND | 1 | 2843634 | 0 | 0 |
| ANALOG DEVICES INC | COM | 032654105 |  | 3570300 | 15000 | SH |  | DFND | 1 | 15000 | 0 | 0 |
| ANYWHERE REAL ESTATE INC | COM | 75605Y106 |  | 5611000 | 1550000 | SH | Call | DFND | 1 | 0 | 0 | 0 |
| APPLE INC | COM | 037833100 |  | 6155100 | 30000 | SH |  | DFND | 1 | 30000 | 0 | 0 |
| ARISTA NETWORKS INC | COM SHS | 040413205 |  | 7161700 | 70000 | SH |  | DFND | 1 | 70000 | 0 | 0 |
| ASTERA LABS INC | COM | 04626A103 |  | 1084950 | 11999 | SH |  | DFND | 1 | 11999 | 0 | 0 |
| ATLASSIAN CORPORATION | CL A | 049468101 |  | 2429363 | 11962 | SH |  | DFND | 1 | 11962 | 0 | 0 |
| BENTLEY SYS INC | NOTE  0.375% 7/0 | 08265TAD1 |  | 7574168 | 8000000 | PRN |  | DFND | 1 | 8000000 | 0 | 0 |
| BICYCLE THERAPEUTICS PLC | SPONSORED ADS | 088786108 |  | 272788 | 39250 | SH |  | OTR | 1 | 0 | 39250 | 0 |
| BITDEER TECHNOLOGIES GROUP | CL A ORD SHS | G11448100 |  | 11566100 | 1007500 | SH | Call | DFND | 1 | 0 | 0 | 0 |
| BRAZE INC | COM CL A | 10576N102 |  | 2602285 | 92608 | SH |  | DFND | 1 | 92608 | 0 | 0 |
| BROADCOM INC | COM | 11135F101 |  | 11301650 | 41000 | SH |  | DFND | 1 | 41000 | 0 | 0 |
| CAESARS ENTERTAINMENT INC NE | COM | 12769G100 |  | 2043228 | 71970 | SH |  | DFND | 1 | 71970 | 0 | 0 |
| CELCUITY INC | COM | 15102K100 |  | 1096529 | 82137 | SH |  | OTR | 1 | 0 | 82137 | 0 |
| CHECK POINT SOFTWARE TECH LT | ORD | M22465104 |  | 2480876 | 11213 | SH |  | DFND | 1 | 11213 | 0 | 0 |
| CNFINANCE HLDGS LTD | SPON ADS | 18979T105 |  | 1984695 | 3053377 | SH |  | DFND | 1 | 3053377 | 0 | 0 |
| CORE SCIENTIFIC INC NEW | CALL | 21874A106 |  | 32245230 | 1889000 | SH | Call | DFND | 1 | 0 | 0 | 0 |
| CORE SCIENTIFIC INC NEW | COM | 21874A106 |  | 10242000 | 600000 | SH |  | DFND | 1 | 600000 | 0 | 0 |
| DATADOG INC | CL A COM | 23804L103 |  | 648814 | 4830 | SH |  | DFND | 1 | 4830 | 0 | 0 |
| DIANTHUS THERAPEUTICS INC | COM | 252828108 |  | 544257 | 29214 | SH |  | OTR | 1 | 0 | 29214 | 0 |
| DRAFTKINGS INC NEW | COM CL A | 26142V105 |  | 2595274 | 60510 | SH |  | DFND | 1 | 60510 | 0 | 0 |
| ELASTIC N V | ORD SHS | N14506104 |  | 1154478 | 13690 | SH |  | DFND | 1 | 13690 | 0 | 0 |
| ENGENE HOLDINGS INC | COM | 29286M105 |  | 37561 | 10319 | SH |  | OTR | 1 | 0 | 10319 | 0 |
| GUESS INC | NOTE  3.750% 4/1 | 401617AF2 |  | 15870293 | 16588000 | PRN |  | DFND | 1 | 16588000 | 0 | 0 |
| HARMONY BIOSCIENCES HLDGS IN | COM | 413197104 |  | 935897 | 29617 | SH |  | OTR | 1 | 0 | 29617 | 0 |
| HASBRO INC | COM | 418056107 |  | 1218030 | 16500 | SH |  | DFND | 1 | 16500 | 0 | 0 |
| HEWLETT PACKARD ENTERPRISE C | COM | 42824C109 |  | 5521500 | 270000 | SH |  | DFND | 1 | 270000 | 0 | 0 |
| HUDSON PAC PPTYS INC | COM | 444097109 |  | 1096000 | 400000 | SH |  | DFND | 1 | 400000 | 0 | 0 |
| HYATT HOTELS CORP | COM CL A | 448579102 |  | 2304225 | 16500 | SH |  | DFND | 1 | 16500 | 0 | 0 |
| INTEL CORP | COM | 458140100 |  | 6160000 | 275000 | SH |  | DFND | 1 | 275000 | 0 | 0 |
| INVESCO QQQ TR | UNIT SER 1 | 46090E103 |  | 2320749 | 4207 | SH |  | OTR | 1 | 0 | 4207 | 0 |
| IONIS PHARMACEUTICALS INC | COM | 462222100 |  | 496127 | 12557 | SH |  | OTR | 1 | 0 | 12557 | 0 |
| IREN LIMITED | ORDINARY SHARES | Q4982L109 |  | 22364950 | 1535000 | SH | Call | DFND | 1 | 0 | 0 | 0 |
| IREN LIMITED | ORDINARY SHARES | Q4982L109 |  | 6756109 | 463700 | SH |  | DFND | 1 | 463700 | 0 | 0 |
| ISHARES TR | 20 YR TR BD ETF | 464287432 |  | 8825000 | 100000 | SH |  | DFND | 1 | 100000 | 0 | 0 |
| ISHARES TR | CHINA LG-CAP ETF | 464287184 |  | 170419 | 4636 | SH |  | OTR | 1 | 0 | 4636 | 0 |
| ISHARES TR | CORE US AGGBD ET | 464287226 |  | 9089597 | 91629 | SH |  | OTR | 1 | 0 | 91629 | 0 |
| ISHARES TR | IBOXX INV CP ETF | 464287242 |  | 7571092 | 69073 | SH |  | OTR | 1 | 0 | 69073 | 0 |
| ISHARES TR | MSCI EAFE ETF | 464287465 |  | 4210358 | 47101 | SH |  | OTR | 1 | 0 | 47101 | 0 |
| ISHARES TR | RUSSELL 2000 ETF | 464287655 |  | 49631700 | 230000 | SH | Put | DFND | 1 | 0 | 0 | 0 |
| JAZZ PHARMACEUTICALS PLC | SHS USD | G50871105 |  | 369404 | 3481 | SH |  | OTR | 1 | 0 | 3481 | 0 |
| JD.COM INC | NOTE  0.250% 6/0 | 47215PAJ5 |  | 9401196 | 9000000 | PRN |  | DFND | 1 | 9000000 | 0 | 0 |
| LAS VEGAS SANDS CORP | COM | 517834107 |  | 2145913 | 49320 | SH |  | DFND | 1 | 49320 | 0 | 0 |
| LATTICE SEMICONDUCTOR CORP | COM | 518415104 |  | 9798000 | 200000 | SH |  | DFND | 1 | 200000 | 0 | 0 |
| LIBERTY MEDIA CORP DEL | DEB   4.000%11/1 | 530715AG6 |  | 794539 | 7000000 | PRN |  | DFND | 1 | 7000000 | 0 | 0 |
| MACYS INC | COM | 55616P104 |  | 5830000 | 500000 | SH | Call | DFND | 1 | 0 | 0 | 0 |
| MARVELL TECHNOLOGY INC | COM | 573874104 |  | 928800 | 12000 | SH |  | DFND | 1 | 12000 | 0 | 0 |
| MEREO BIOPHARMA GROUP PLC | SPON ADS | 589492107 |  | 803946 | 296659 | SH |  | OTR | 1 | 0 | 296659 | 0 |
| MICROCHIP TECHNOLOGY INC. | NOTE  0.750% 6/0 | 595017BG8 |  | 8229744 | 8350000 | PRN |  | DFND | 1 | 8350000 | 0 | 0 |
| MICROSOFT CORP | COM | 594918104 |  | 1628520 | 3274 | SH |  | DFND | 1 | 3274 | 0 | 0 |
| NEWELL BRANDS INC | COM | 651229106 |  | 5940000 | 1100000 | SH | Call | DFND | 1 | 0 | 0 | 0 |
| NIO INC | SPON ADS | 62914V106 |  | 857500 | 250000 | SH | Put | DFND | 1 | 0 | 0 | 0 |
| NIO INC | NOTE  3.875%10/1 | 62914VAJ5 |  | 21911519 | 30252000 | PRN |  | DFND | 1 | 30252000 | 0 | 0 |
| NIO INC | NOTE  4.625%10/1 | 62914VAK2 |  | 29728964 | 45976000 | PRN |  | DFND | 1 | 45976000 | 0 | 0 |
| NUVALENT INC | COM | 670703107 |  | 955352 | 12521 | SH |  | OTR | 1 | 0 | 12521 | 0 |
| NVIDIA CORPORATION | COM | 67066G104 |  | 6319600 | 40000 | SH |  | DFND | 1 | 40000 | 0 | 0 |
| OKTA INC | CL A | 679295105 |  | 2770868 | 27717 | SH |  | DFND | 1 | 27717 | 0 | 0 |
| ORACLE CORP | COM | 68389X105 |  | 1530410 | 7000 | SH |  | DFND | 1 | 7000 | 0 | 0 |
| RED ROCK RESORTS INC | CL A | 75700L108 |  | 2237290 | 43000 | SH |  | DFND | 1 | 43000 | 0 | 0 |
| REZOLUTE INC | COM NEW | 76200L309 |  | 557473 | 124994 | SH |  | OTR | 1 | 0 | 124994 | 0 |
| SALESFORCE INC | COM | 79466L302 |  | 4209243 | 15436 | SH |  | DFND | 1 | 15436 | 0 | 0 |
| SAMSARA INC | COM CL A | 79589L106 |  | 2636380 | 66274 | SH |  | DFND | 1 | 66274 | 0 | 0 |
| SELECT SECTOR SPDR TR | ENERGY | 81369Y506 |  | 1041212 | 12277 | SH |  | OTR | 1 | 0 | 12277 | 0 |
| SELECT SECTOR SPDR TR | SBI CONS DISCR | 81369Y407 |  | 5237436 | 24099 | SH |  | OTR | 1 | 0 | 24099 | 0 |
| SELECT SECTOR SPDR TR | SBI CONS STPLS | 81369Y308 |  | 2167243 | 26766 | SH |  | OTR | 1 | 0 | 26766 | 0 |
| SELECT SECTOR SPDR TR | SBI HEALTHCARE | 81369Y209 |  | 4202078 | 31175 | SH |  | OTR | 1 | 0 | 31175 | 0 |
| SELECT SECTOR SPDR TR | SBI INT-UTILS | 81369Y886 |  | 915000 | 11205 | SH |  | OTR | 1 | 0 | 11205 | 0 |
| SELECT SECTOR SPDR TR | SBI MATERIALS | 81369Y100 |  | 2403887 | 27376 | SH |  | OTR | 1 | 0 | 27376 | 0 |
| SELECT SECTOR SPDR TR | TECHNOLOGY | 81369Y803 |  | 9938771 | 39248 | SH |  | OTR | 1 | 0 | 39248 | 0 |
| SELECT SECTOR SPDR TR | FINANCIAL | 81369Y605 |  | 3667890 | 70038 | SH |  | OTR | 1 | 0 | 70038 | 0 |
| SELECT SECTOR SPDR TR | INDL | 81369Y704 |  | 2854660 | 19351 | SH |  | OTR | 1 | 0 | 19351 | 0 |
| SERVICENOW INC | COM | 81762P102 |  | 1028080 | 1000 | SH |  | DFND | 1 | 1000 | 0 | 0 |
| SPDR S 500 ETF TR | TR UNIT | 78462F103 |  | 101327400 | 164000 | SH | Put | DFND | 1 | 0 | 0 | 0 |
| SSR MINING IN | NOTE  2.500% 4/0 | 784730AB9 |  | 44663055 | 42769000 | PRN |  | DFND | 1 | 42769000 | 0 | 0 |
| STRUCTURE THERAPEUTICS INC | SPONSORED ADS | 86366E106 |  | 434503 | 20950 | SH |  | OTR | 1 | 0 | 20950 | 0 |
| SYNOPSYS INC | COM | 871607107 |  | 2050720 | 4000 | SH |  | DFND | 1 | 4000 | 0 | 0 |
| TAKE-TWO INTERACTIVE SOFTWAR | COM | 874054109 |  | 2428743 | 10001 | SH |  | DFND | 1 | 10001 | 0 | 0 |
| TENABLE HLDGS INC | COM | 88025T102 |  | 1473686 | 43626 | SH |  | DFND | 1 | 43626 | 0 | 0 |
| TRANSOCEAN LTD | REGISTERED SHS | H8817H100 |  | 10878000 | 4200000 | SH |  | DFND | 1 | 4200000 | 0 | 0 |
| TRIP COM GROUP LTD | NOTE  0.750% 6/1 | 89677QAB3 |  | 18942117 | 17039000 | PRN |  | DFND | 1 | 17039000 | 0 | 0 |
| TWILIO INC | CL A | 90138F102 |  | 609488 | 4901 | SH |  | DFND | 1 | 4901 | 0 | 0 |
| UNITI GROUP INC | COM | 91325V108 |  | 3114262 | 720894 | SH |  | DFND | 1 | 720894 | 0 | 0 |
| V F CORP | COM | 918204108 |  | 5875000 | 500000 | SH | Call | DFND | 1 | 0 | 0 | 0 |
| VANGUARD INDEX FDS | TOTAL STK MKT | 922908769 |  | 6380706 | 20994 | SH |  | OTR | 1 | 0 | 20994 | 0 |
| VARONIS SYS INC | COM | 922280102 |  | 583676 | 11501 | SH |  | DFND | 1 | 11501 | 0 | 0 |
| WENDYS CO | COM | 95058W100 |  | 199850 | 17500 | SH |  | DFND | 1 | 17500 | 0 | 0 |
| WOLFSPEED INC | NOTE  1.750% 5/0 | 225447AD3 |  | 17957461 | 43938000 | PRN |  | DFND | 1 | 43938000 | 0 | 0 |
| WOLFSPEED INC | NOTE  1.875%12/0 | 977852AD4 |  | 5845227 | 14302000 | PRN |  | DFND | 1 | 14302000 | 0 | 0 |
| WOLFSPEED INC | NOTE  0.250% 2/1 | 977852AB8 |  | 5146759 | 12593000 | PRN |  | DFND | 1 | 12593000 | 0 | 0 |
| WORKDAY INC | CL A | 98138H101 |  | 2864640 | 11936 | SH |  | DFND | 1 | 11936 | 0 | 0 |
| WYNDHAM HOTELS  RESORTS INC | COM | 98311A105 |  | 1015125 | 12500 | SH |  | DFND | 1 | 12500 | 0 | 0 |
| XEROX HOLDINGS CORP | NOTE  3.750% 3/1 | 98421MAE6 |  | 3545155 | 6000000 | PRN |  | DFND | 1 | 6000000 | 0 | 0 |

---