# EDGAR Filing Document

**Accession Number:** 0001097278
**File Stem:** 0001140361-26-004346
**Filing Date:** 2026-2
**Character Count:** 28153
**Document Hash:** 9842695bc925d65e7f7e1d0b70364384
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001140361-26-004346.hdr.sgml**: 20260209

**ACCESSION NUMBER**: 0001140361-26-004346

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260209

**DATE AS OF CHANGE**: 20260209

**EFFECTIVENESS DATE**: 20260209

**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:** 26610627

**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:** 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:** 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  01-29-2026<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:** 228

**Form 13F Information Table Value Total:** $4977969271

      (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 |
| APPLIED OPTOELECTRONICS | CONV | 03823UAE2 |  | 9074924 | 7756000 | PRN |  | SOLE |  | 6246000 | 1510000 | 0 |
| ADVANCED ENERGY IND | CONV | 007973AE0 |  | 5962692 | 3615000 | PRN |  | SOLE |  | 1835000 | 0 | 1780000 |
| AFFIRM HOLDINGS INC | CONV | 00827BAD8 |  | 50596329 | 45578000 | PRN |  | SOLE |  | 19480000 | 320000 | 25778000 |
| AKAMAI TECHNOLOGIES INC | CONV | 00971TAL5 |  | 9414572 | 9356000 | PRN |  | SOLE |  | 7278000 | 630000 | 1448000 |
| AKAMAI TECHNOLOGIES INC | CONV | 00971TAN1 |  | 34271213 | 34451000 | PRN |  | SOLE |  | 21394000 | 1921000 | 11136000 |
| AMC NETWORKS INC | CONV | 00164VAJ2 |  | 495361 | 476000 | PRN |  | SOLE |  | 476000 | 0 | 0 |
| AMPHASTAR PHARMACEUTICAL | CONV | 03209RAB9 |  | 3812370 | 4086000 | PRN |  | SOLE |  | 2911000 | 1175000 | 0 |
| ARRAY TECHNOLOGIES INC | CONV | 04271TAB6 |  | 21042363 | 23121000 | PRN |  | SOLE |  | 12936000 | 1602000 | 8583000 |
| AEROVIRONMENT INC | CONV | 008073AA6 |  | 21552087 | 19818000 | PRN |  | SOLE |  | 13198000 | 235000 | 6385000 |
| ALIBABA GROUP HOLDING | CONV | 01609WBG6 |  | 15064519 | 9682000 | PRN |  | SOLE |  | 9682000 | 0 | 0 |
| BOFA FINANCE LLC | CONV | 09709UV70 |  | 7411093 | 6800000 | PRN |  | SOLE |  | 6800000 | 0 | 0 |
| BANDWIDTH INC | CONV | 05988JAD5 |  | 2886721 | 3300000 | PRN |  | SOLE |  | 3300000 | 0 | 0 |
| BRIDGEBIO PHARMA INC | CONV | 10806XAD4 |  | 23296354 | 20513000 | PRN |  | SOLE |  | 9260000 | 1374000 | 9879000 |
| BRIDGEBIO PHARMA INC | CONV | 10806XAB8 |  | 568778 | 300000 | PRN |  | SOLE |  | 300000 | 0 | 0 |
| BLOOM ENERGY CORP | CONV | 093712AM9 |  | 3555868 | 832000 | PRN |  | SOLE |  | 553000 | 44000 | 235000 |
| BILL HOLDINGS INC | CONV | 090043AF7 |  | 24142828 | 26181000 | PRN |  | SOLE |  | 7234000 | 1344000 | 17603000 |
| BLACKLINE INC | CONV | 09239BAD1 |  | 1150430 | 1160000 | PRN |  | SOLE |  | 1160000 | 0 | 0 |
| BLACKLINE INC | CONV | 09239BAF6 |  | 27149472 | 25656000 | PRN |  | SOLE |  | 9734000 | 1064000 | 14858000 |
| BOX INC | CONV | 10316TAB0 |  | 4629400 | 3950000 | PRN |  | SOLE |  | 3950000 | 0 | 0 |
| BOX INC | CONV | 10316TAD6 |  | 47308822 | 48301000 | PRN |  | SOLE |  | 24885000 | 2218000 | 21198000 |
| BENTLEY SYSTEMS INC | CONV | 08265TAB5 |  | 3736155 | 3741000 | PRN |  | SOLE |  | 3741000 | 0 | 0 |
| BENTLEY SYSTEMS | CONV | 08265TAD1 |  | 1867161 | 1980000 | PRN |  | SOLE |  | 1980000 | 0 | 0 |
| BURLINGTON STORES INC | CONV | 122017AD8 |  | 2229885 | 1500000 | PRN |  | SOLE |  | 1500000 | 0 | 0 |
| BLACKSTONE MORTGAGE TR | CONV | 09257WAE0 |  | 6441809 | 6398000 | PRN |  | SOLE |  | 6398000 | 0 | 0 |
| CABLE ONE INC | CONV | 12685JAG0 |  | 1019637 | 1244000 | PRN |  | SOLE |  | 1244000 | 0 | 0 |
| CRACKER BARREL OLD COUNT | CONV | 22410JAB2 |  | 1029270 | 1058000 | PRN |  | SOLE |  | 1058000 | 0 | 0 |
| CELCUITY INC | CONV | 15102KAA8 |  | 2139766 | 980000 | PRN |  | SOLE |  | 980000 | 0 | 0 |
| CONFLUENT INC | CONV | 20717MAB9 |  | 277448 | 285000 | PRN |  | SOLE |  | 285000 | 0 | 0 |
| CLEANSPARK INC | CONV | 18452BAC4 |  | 13825058 | 13301000 | PRN |  | SOLE |  | 6856000 | 148000 | 6297000 |
| CMS ENERGY CORP | CONV | 125896BX7 |  | 94277761 | 87479000 | PRN |  | SOLE |  | 79750000 | 474000 | 7255000 |
| CENTERPOINT ENERGY INC | CONV | 15189TBD8 |  | 65102196 | 58536000 | PRN |  | SOLE |  | 54159000 | 447000 | 3930000 |
| COGENT BIOSCIENCES INC | CONV | 19240QAA0 |  | 5182259 | 4400000 | PRN |  | SOLE |  | 2909000 | 0 | 1491000 |
| COINBASE GLOBAL INC | CONV | 19260QAF4 |  | 4469112 | 4350000 | PRN |  | SOLE |  | 3079000 | 452000 | 819000 |
| COINBASE GLOBAL INC | CONV | 19260QAB3 |  | 16976300 | 16969000 | PRN |  | SOLE |  | 15016000 | 1953000 | 0 |
| CERENCE INC | CONV | 156727AD1 |  | 5598858 | 6200000 | PRN |  | SOLE |  | 6200000 | 0 | 0 |
| CAPITAL SOUTHWEST CORP | CONV | 140501AE7 |  | 7244134 | 7250000 | PRN |  | SOLE |  | 7250000 | 0 | 0 |
| CYTOKINETICS INC | CONV | 23282WAC4 |  | 2494795 | 1750000 | PRN |  | SOLE |  | 1750000 | 0 | 0 |
| DROPBOX INC | CONV | 26210CAC8 |  | 2585772 | 2604000 | PRN |  | SOLE |  | 2604000 | 0 | 0 |
| DATADOG INC | CONV | 23804LAD5 |  | 37455814 | 37409000 | PRN |  | SOLE |  | 18293000 | 1670000 | 17446000 |
| DRAFTKINGS HOLDINGS INC | CONV | 26142RAB0 |  | 44888471 | 49037000 | PRN |  | SOLE |  | 18382000 | 2766000 | 27889000 |
| DIGITALOCEAN HOLDINGS | CONV | 25402DAB8 |  | 1497341 | 1549000 | PRN |  | SOLE |  | 1549000 | 0 | 0 |
| DUKE ENERGY CORP | CONV | 26441CBY0 |  | 74447379 | 71579000 | PRN |  | SOLE |  | 65877000 | 513000 | 5189000 |
| DEXCOM INC | CONV | 252131AM9 |  | 20562978 | 22321000 | PRN |  | SOLE |  | 6006000 | 1091000 | 15224000 |
| EURONET WORLDWIDE INC | CONV | 298736AL3 |  | 3403 | 4000 | PRN |  | SOLE |  | 4000 | 0 | 0 |
| ENOVIS CORP | CONV | 194014AB2 |  | 14602730 | 14787000 | PRN |  | SOLE |  | 5075000 | 1616000 | 8096000 |
| ENPHASE ENERGY INC | CONV | 29355AAH0 |  | 2153250 | 2175000 | PRN |  | SOLE |  | 2175000 | 0 | 0 |
| ENPHASE ENERGY INC | CONV | 29355AAK3 |  | 23057426 | 26389000 | PRN |  | SOLE |  | 8117000 | 1158000 | 17114000 |
| ETSY INC | CONV | 29786AAL0 |  | 22759456 | 24534000 | PRN |  | SOLE |  | 6849000 | 1135000 | 16550000 |
| ETSY INC | CONV | 29786AAJ5 |  | 8645143 | 8537000 | PRN |  | SOLE |  | 7483000 | 1054000 | 0 |
| EVOLENT HEALTH INC | CONV | 30050BAH4 |  | 15304783 | 22573000 | PRN |  | SOLE |  | 7378000 | 1559000 | 13636000 |
| EVOLENT HEALTH INC | CONV | 30050BAJ0 |  | 12775483 | 17588000 | PRN |  | SOLE |  | 7551000 | 72000 | 9965000 |
| EVERGY INC | CONV | 30034WAD8 |  | 5525025 | 4525000 | PRN |  | SOLE |  | 4525000 | 0 | 0 |
| EXACT SCIENCES CORP | CONV | 30063PAB1 |  | 1644283 | 1570000 | PRN |  | SOLE |  | 1396000 | 174000 | 0 |
| EXPEDIA GROUP INC | CONV | 30212PBE4 |  | 25790024 | 23068000 | PRN |  | SOLE |  | 20681000 | 0 | 2387000 |
| FORD MOTOR COMPANY | CONV | 345370CZ1 |  | 26928588 | 25868000 | PRN |  | SOLE |  | 23793000 | 0 | 2075000 |
| FIRSTENERGY CORP | CONV | 337932AR8 |  | 5827140 | 5660000 | PRN |  | SOLE |  | 4012000 | 1648000 | 0 |
| FIVE9 INC | CONV | 338307AF8 |  | 25118695 | 27741000 | PRN |  | SOLE |  | 8965000 | 2482000 | 16294000 |
| FLUENCE ENERGY INC | CONV | 34379VAB9 |  | 1699863 | 1400000 | PRN |  | SOLE |  | 1400000 | 0 | 0 |
| FLUOR CORP | CONV | 343412AJ1 |  | 17472776 | 15247000 | PRN |  | SOLE |  | 12651000 | 210000 | 2386000 |
| SHIFT4 PAYMENTS INC | CONV | 82452JAD1 |  | 25051452 | 25944000 | PRN |  | SOLE |  | 12974000 | 1406000 | 11564000 |
| FRESHPET INC | CONV | 358039AB1 |  | 16232402 | 13767000 | PRN |  | SOLE |  | 5439000 | 752000 | 7576000 |
| FASTLY INC | CONV | 31188VAD2 |  | 3507127 | 3150000 | PRN |  | SOLE |  | 3150000 | 0 | 0 |
| LIBERTY MEDIA CORP | CONV | 531229AQ5 |  | 2807338 | 2200000 | PRN |  | SOLE |  | 0 | 0 | 2200000 |
| GOSSAMER BIO INC | CONV | 38341PAA0 |  | 4102083 | 6000000 | PRN |  | SOLE |  | 6000000 | 0 | 0 |
| GLOBAL PAYMENTS INC | CONV | 37940XAU6 |  | 108378571 | 119816000 | PRN |  | SOLE |  | 94386000 | 1825000 | 23605000 |
| GREEN PLAINS INC | CONV | 393222AM6 |  | 3293375 | 3100000 | PRN |  | SOLE |  | 3100000 | 0 | 0 |
| GUIDEWIRE SOFTWARE INC | CONV | 40171VAC4 |  | 12885059 | 11670000 | PRN |  | SOLE |  | 6072000 | 226000 | 5372000 |
| HAEMONETICS CORP | CONV | 405024AD2 |  | 18751560 | 17981000 | PRN |  | SOLE |  | 4390000 | 954000 | 12637000 |
| HALOZYME THERAPEUTICS IN | CONV | 40637HAD1 |  | 4621521 | 4266000 | PRN |  | SOLE |  | 3039000 | 1227000 | 0 |
| HALOZYME THERAPEUTICS IN | CONV | 40637HAF6 |  | 309327 | 232000 | PRN |  | SOLE |  | 133000 | 99000 | 0 |
| HERBALIFE LTD | CONV | 42703MAF0 |  | 601925 | 554000 | PRN |  | SOLE |  | 554000 | 0 | 0 |
| IMMUNOCORE HOLDINGS | CONV | 45258DAB1 |  | 5147722 | 5600000 | PRN |  | SOLE |  | 5600000 | 0 | 0 |
| IONIS PHARMACEUTICALS IN | CONV | 462222AF7 |  | 8053584 | 5056000 | PRN |  | SOLE |  | 3299000 | 174000 | 1583000 |
| IRONWOOD PHARMACEUTICALS | CONV | 46333XAH1 |  | 2837126 | 3000000 | PRN |  | SOLE |  | 3000000 | 0 | 0 |
| INTEGER HOLDINGS CORP | CONV | 45826HAB5 |  | 6505898 | 5714000 | PRN |  | SOLE |  | 4037000 | 1677000 | 0 |
| ITRON INC | CONV | 465741AN6 |  | 4469682 | 4508000 | PRN |  | SOLE |  | 4508000 | 0 | 0 |
| ITRON INC | CONV | 465741AQ9 |  | 31008265 | 30415000 | PRN |  | SOLE |  | 12208000 | 2093000 | 16114000 |
| JAZZ INVESTMENTS I LTD | CONV | 472145AF8 |  | 3349764 | 2886000 | PRN |  | SOLE |  | 2886000 | 0 | 0 |
| JAZZ INVESTMENTS I LTD | CONV | 472145AH4 |  | 25958782 | 19332000 | PRN |  | SOLE |  | 13344000 | 387000 | 5601000 |
| JD.COM INC | CONV | 47215PAJ5 |  | 9459393 | 9415000 | PRN |  | SOLE |  | 9415000 | 0 | 0 |
| LITHIUM ARGENTINA AG | CONV | 53680QAA6 |  | 5324635 | 5809000 | PRN |  | SOLE |  | 3868000 | 205000 | 1736000 |
| LUMENTUM HOLDINGS INC | CONV | 55024UAH2 |  | 5320523 | 1001000 | PRN |  | SOLE |  | 895000 | 106000 | 0 |
| ALLIANT ENERGY CORP | CONV | 018802AC2 |  | 8760053 | 8319000 | PRN |  | SOLE |  | 6284000 | 0 | 2035000 |
| LANTHEUS HOLDINGS INC | CONV | 516544AB9 |  | 53016707 | 46122000 | PRN |  | SOLE |  | 25870000 | 1927000 | 18325000 |
| STRIDE INC | CONV | 86333MAA6 |  | 2738563 | 2000000 | PRN |  | SOLE |  | 1292000 | 68000 | 640000 |
| LIVE NATION ENTERTAINMEN | CONV | 538034BC2 |  | 69739473 | 65401000 | PRN |  | SOLE |  | 28028000 | 1097000 | 36276000 |
| LIVE NATION ENTERTAINMEN | CONV | 538034BA6 |  | 21504583 | 14629000 | PRN |  | SOLE |  | 10164000 | 432000 | 4033000 |
| MARA HOLDINGS INC | CONV | 565788AH9 |  | 12082095 | 14435000 | PRN |  | SOLE |  | 2821000 | 113000 | 11501000 |
| MARA HOLDINGS INC | CONV | 565788AD8 |  | 264921 | 325000 | PRN |  | SOLE |  | 325000 | 0 | 0 |
| MGP INGREDIENTS INC | CONV | 55303JAB2 |  | 5737443 | 5900000 | PRN |  | SOLE |  | 5900000 | 0 | 0 |
| MIRUM PHARMACEUTICALS | CONV | 604749AB7 |  | 3565871 | 1376000 | PRN |  | SOLE |  | 830000 | 66000 | 480000 |
| MKS INC | CONV | 55306NAB0 |  | 3645367 | 2850000 | PRN |  | SOLE |  | 0 | 0 | 2850000 |
| STRATEGY INC | CONV | 594972AL5 |  | 7343005 | 7094000 | PRN |  | SOLE |  | 5002000 | 389000 | 1703000 |
| STRATEGY INC | CONV | 594972AS0 |  | 273435 | 332000 | PRN |  | SOLE |  | 332000 | 0 | 0 |
| STRATEGY INC | CONV | 594972AN1 |  | 5002031 | 4500000 | PRN |  | SOLE |  | 1625000 | 0 | 2875000 |
| MERITAGE HOMES CORP | CONV | 59001ABF8 |  | 104156800 | 105126000 | PRN |  | SOLE |  | 73798000 | 1875000 | 29453000 |
| M/A-COM TECH SOLUTIONS | CONV | 55405YAB6 |  | 676257 | 325000 | PRN |  | SOLE |  | 250000 | 75000 | 0 |
| NABORS INDUSTRIES INC | CONV | 62957HAL9 |  | 1715052 | 2103000 | PRN |  | SOLE |  | 1613000 | 490000 | 0 |
| NCL CORPORATION LTD | CONV | 62886HBD2 |  | 10344105 | 10300000 | PRN |  | SOLE |  | 7502000 | 2798000 | 0 |
| NEXTERA ENERGY CAPITAL | CONV | 65339KCY4 |  | 81583202 | 65080000 | PRN |  | SOLE |  | 59580000 | 0 | 5500000 |
| NEOGENOMICS INC | CONV | 64049MAB6 |  | 14519046 | 16224000 | PRN |  | SOLE |  | 6586000 | 1074000 | 8564000 |
| NORTHERN OIL  GAS INC | CONV | 665531AJ8 |  | 29069714 | 29815000 | PRN |  | SOLE |  | 22628000 | 1780000 | 5407000 |
| NUTANIX INC | CONV | 67059NAH1 |  | 45633147 | 40522000 | PRN |  | SOLE |  | 20175000 | 1623000 | 18724000 |
| NUTANIX INC | CONV | 67059NAK4 |  | 16944040 | 17518000 | PRN |  | SOLE |  | 4877000 | 1018000 | 11623000 |
| ON SEMICONDUCTOR CORP | CONV | 682189AS4 |  | 34217626 | 28682000 | PRN |  | SOLE |  | 12613000 | 1046000 | 15023000 |
| ON SEMICONDUCTOR CORP | CONV | 682189AU9 |  | 29982946 | 31555000 | PRN |  | SOLE |  | 10170000 | 2143000 | 19242000 |
| PG CORP | CONV | 69331CAL2 |  | 37313577 | 36095000 | PRN |  | SOLE |  | 8513000 | 1913000 | 25669000 |
| PACIRA BIOSCIENCES INC | CONV | 695127AJ9 |  | 3324861 | 3289000 | PRN |  | SOLE |  | 2337000 | 952000 | 0 |
| PENN ENTERTAINMENT INC | CONV | 707569AU3 |  | 867936 | 872000 | PRN |  | SOLE |  | 589000 | 283000 | 0 |
| PAGAYA TECHNOLOGIES LTD | CONV | 69549FAB5 |  | 5196382 | 2822000 | PRN |  | SOLE |  | 2348000 | 0 | 474000 |
| PENNYMAC CORP | CONV | 70932AAF0 |  | 1862670 | 1830000 | PRN |  | SOLE |  | 1305000 | 525000 | 0 |
| PENNYMAC CORP | CONV | 70932AAH6 |  | 29397392 | 27466000 | PRN |  | SOLE |  | 13591000 | 488000 | 13387000 |
| PINNACLE WEST CAPITAL | CONV | 723484AK7 |  | 847071 | 790000 | PRN |  | SOLE |  | 320000 | 470000 | 0 |
| PPL CAPITAL FUNDING INC | CONV | 69352PAS2 |  | 74848723 | 67596000 | PRN |  | SOLE |  | 58926000 | 477000 | 8193000 |
| PORCH GROUP INC | CONV | 733245AD6 |  | 3595883 | 3150000 | PRN |  | SOLE |  | 3150000 | 0 | 0 |
| PROGRESS SOFTWARE CORP | CONV | 743312AD2 |  | 44842915 | 43706000 | PRN |  | SOLE |  | 19279000 | 3076000 | 21351000 |
| PARSONS CORP | CONV | 70202LAD4 |  | 34626083 | 33316000 | PRN |  | SOLE |  | 30227000 | 327000 | 2762000 |
| PELOTON INTERACTIVE INC | CONV | 70614WAD2 |  | 6655499 | 3980000 | PRN |  | SOLE |  | 3076000 | 87000 | 817000 |
| Q2 HOLDINGS INC | CONV | 74736LAD1 |  | 35424900 | 34948000 | PRN |  | SOLE |  | 15843000 | 1829000 | 17276000 |
| THE REALREAL INC | CONV | 88339PAJ0 |  | 4809622 | 2800000 | PRN |  | SOLE |  | 2800000 | 0 | 0 |
| REPLIGEN CORP | CONV | 759916AD1 |  | 26824601 | 24431000 | PRN |  | SOLE |  | 8412000 | 1223000 | 14796000 |
| RIOT PLATFORMS INC | CONV | 767292AB1 |  | 19552379 | 17193000 | PRN |  | SOLE |  | 8990000 | 297000 | 7906000 |
| RIVIAN AUTO INC | CONV | 76954AAD5 |  | 7278963 | 6433000 | PRN |  | SOLE |  | 2425000 | 0 | 4008000 |
| RIVIAN AUTO INC | CONV | 76954AAB9 |  | 6969068 | 5474000 | PRN |  | SOLE |  | 3448000 | 237000 | 1789000 |
| RAPID7 INC | CONV | 753422AF1 |  | 4196924 | 4426000 | PRN |  | SOLE |  | 4426000 | 0 | 0 |
| RAPID7 INC | CONV | 753422AH7 |  | 2822272 | 3073000 | PRN |  | SOLE |  | 2148000 | 925000 | 0 |
| SUNRUN INC | CONV | 86771WAD7 |  | 14461331 | 10085000 | PRN |  | SOLE |  | 5748000 | 139000 | 4198000 |
| REDWOOD TRUST INC | CONV | 758075AF2 |  | 1802088 | 1800000 | PRN |  | SOLE |  | 1800000 | 0 | 0 |
| SOLARIS ENERGY INFRASTRU | CONV | 83419XAB4 |  | 8386728 | 7730000 | PRN |  | SOLE |  | 2850000 | 0 | 4880000 |
| SOLARIS ENERGY INFRASTRU | CONV | 83419XAA6 |  | 7836352 | 3905000 | PRN |  | SOLE |  | 2692000 | 116000 | 1097000 |
| SHAKE SHACK INC | CONV | 819047AB7 |  | 6783246 | 7159000 | PRN |  | SOLE |  | 6267000 | 892000 | 0 |
| SIRIUS XM HOLDINGS | CONV | 531229AP7 |  | 5237824 | 5147000 | PRN |  | SOLE |  | 5147000 | 0 | 0 |
| SUPER MICRO COMPUTER INC | CONV | 86800UAB0 |  | 40822537 | 45147000 | PRN |  | SOLE |  | 17905000 | 2751000 | 24491000 |
| SNAP INC | CONV | 83304AAH9 |  | 4404867 | 4850000 | PRN |  | SOLE |  | 4850000 | 0 | 0 |
| SNAP INC | CONV | 83304AAK2 |  | 23905693 | 27271000 | PRN |  | SOLE |  | 8133000 | 2156000 | 16982000 |
| SNOWFLAKE INC | CONV | 833445AD1 |  | 37216274 | 24026000 | PRN |  | SOLE |  | 17275000 | 446000 | 6305000 |
| SOUTHERN CO | CONV | 842587DZ7 |  | 57109042 | 53292000 | PRN |  | SOLE |  | 49755000 | 327000 | 3210000 |
| SOFI TECHNOLOGIES INC | CONV | 83406FAA0 |  | 3303471 | 2554000 | PRN |  | SOLE |  | 1754000 | 0 | 800000 |
| SPOTIFY USA INC | CONV | 84921RAB6 |  | 16522192 | 14525000 | PRN |  | SOLE |  | 10571000 | 0 | 3954000 |
| SAREPTA THERAPEUTICS INC | CONV | 803607AD2 |  | 9033290 | 10085000 | PRN |  | SOLE |  | 2787000 | 71000 | 7227000 |
| SSR MINING INC | CONV | 784730AB9 |  | 5525396 | 4208000 | PRN |  | SOLE |  | 4208000 | 0 | 0 |
| STARWOOD PROPERTY TRUST | CONV | 85571BBA2 |  | 3204188 | 3000000 | PRN |  | SOLE |  | 3000000 | 0 | 0 |
| SEAGATE HDD CAYMAN | CONV | 81180WBL4 |  | 4725368 | 1400000 | PRN |  | SOLE |  | 896000 | 70000 | 434000 |
| TRIP.COM GROUP LTD | CONV | 89677QAB3 |  | 24631635 | 19947000 | PRN |  | SOLE |  | 11912000 | 0 | 8035000 |
| TELADOC HEALTH INC | CONV | 87918AAF2 |  | 18840413 | 19706000 | PRN |  | SOLE |  | 6276000 | 1483000 | 11947000 |
| T1 ENERGY INC | CONV | 35834FAB0 |  | 8862589 | 6900000 | PRN |  | SOLE |  | 5645000 | 0 | 1255000 |
| TANDEM DIABETES CARE INC | CONV | 875372AD6 |  | 16541100 | 16156000 | PRN |  | SOLE |  | 4668000 | 966000 | 10522000 |
| TETRA TECH INC | CONV | 88162GAB9 |  | 48088648 | 43876000 | PRN |  | SOLE |  | 36958000 | 236000 | 6682000 |
| TRAVERE THERAPEUTICS INC | CONV | 89422GAA5 |  | 20388016 | 14212000 | PRN |  | SOLE |  | 5669000 | 782000 | 7761000 |
| TXNM ENERGY INC | CONV | 69349HAF4 |  | 3343556 | 2479000 | PRN |  | SOLE |  | 2294000 | 185000 | 0 |
| TYLER TECHNOLOGIES INC | CONV | 902252AB1 |  | 79293519 | 78180000 | PRN |  | SOLE |  | 48903000 | 2924000 | 26353000 |
| UNITY SOFTWARE INC | CONV | 91332UAB7 |  | 6212594 | 6413000 | PRN |  | SOLE |  | 6413000 | 0 | 0 |
| UBER TECHNOLOGIES INC | CONV | 90353TAM2 |  | 184945457 | 142238000 | PRN |  | SOLE |  | 125796000 | 537000 | 15905000 |
| UGI CORP | CONV | 902681AB1 |  | 11403259 | 8009000 | PRN |  | SOLE |  | 2299000 | 327000 | 5383000 |
| UPSTART HOLDINGS INC | CONV | 91680MAF4 |  | 8001546 | 9118000 | PRN |  | SOLE |  | 7491000 | 1627000 | 0 |
| UPSTART HOLDINGS INC | CONV | 91680MAD9 |  | 2940178 | 2315000 | PRN |  | SOLE |  | 2128000 | 187000 | 0 |
| UPWORK INC | CONV | 91688FAB0 |  | 28312630 | 28914000 | PRN |  | SOLE |  | 16378000 | 121000 | 12415000 |
| MARRIOTT VACATION WORLDW | CONV | 57164YAF4 |  | 40147642 | 42082000 | PRN |  | SOLE |  | 15101000 | 2087000 | 24894000 |
| VERITONE INC | CONV | 92347MAB6 |  | 2006464 | 2107000 | PRN |  | SOLE |  | 2107000 | 0 | 0 |
| VERTEX INC | CONV | 92538JAB2 |  | 20689455 | 21751000 | PRN |  | SOLE |  | 6082000 | 1489000 | 14180000 |
| VARONIS SYSTEM INC | CONV | 922280AD4 |  | 19857232 | 21261000 | PRN |  | SOLE |  | 7506000 | 1980000 | 11775000 |
| VISHAY INTERTECHNOLOGY | CONV | 928298AR9 |  | 23065293 | 25404000 | PRN |  | SOLE |  | 7441000 | 1790000 | 16173000 |
| VENTAS REALTY LP | CONV | 92277GAZ0 |  | 104300921 | 73569000 | PRN |  | SOLE |  | 68196000 | 262000 | 5111000 |
| WESTERN DIGITAL CORP | CONV | 958102AT2 |  | 15441487 | 3364000 | PRN |  | SOLE |  | 2291000 | 117000 | 956000 |
| WEC ENERGY GROUP INC | CONV | 92939UAR7 |  | 33756937 | 28784000 | PRN |  | SOLE |  | 26018000 | 0 | 2766000 |
| WINNEBAGO INDUSTRIES | CONV | 974637AF7 |  | 18179569 | 18985000 | PRN |  | SOLE |  | 5694000 | 1259000 | 12032000 |
| WORKIVA INC | CONV | 98139AAB1 |  | 15270487 | 13072000 | PRN |  | SOLE |  | 7447000 | 896000 | 4729000 |
| WORKIVA INC | CONV | 98139AAD7 |  | 35191798 | 35404000 | PRN |  | SOLE |  | 9825000 | 2098000 | 23481000 |
| BLOCK INC | CONV | 852234AK9 |  | 22576058 | 24310000 | PRN |  | SOLE |  | 9612000 | 1053000 | 13645000 |
| ZIFF DAVIS INC | CONV | 48123VAE2 |  | 761798 | 775000 | PRN |  | SOLE |  | 775000 | 0 | 0 |
| AbbVie Inc | COM | 00287Y109 |  | 3427350 | 15000 | SH |  | SOLE |  | 15000 | 0 | 0 |
| Advent Convertible Bond ETF | COM | 75526L845 |  | 26501566 | 990250 | SH |  | SOLE |  | 990000 | 250 | 0 |
| Apellis Pharmaceuticals Inc | COM | 03753U106 |  | 452160 | 18000 | SH |  | SOLE |  | 18000 | 0 | 0 |
| Broadcom Inc | COM | 11135F101 |  | 2768800 | 8000 | SH |  | SOLE |  | 8000 | 0 | 0 |
| Boston Scientific Corp | COM | 101137107 |  | 2860500 | 30000 | SH |  | SOLE |  | 30000 | 0 | 0 |
| Carnival Corp | COM | 143658300 |  | 3054000 | 100000 | SH |  | SOLE |  | 100000 | 0 | 0 |
| Esperion Therapeutics Inc | COM | 29664W105 |  | 333000 | 90000 | SH |  | SOLE |  | 90000 | 0 | 0 |
| Eaton Corp PLC | COM | G29183103 |  | 4140630 | 13000 | SH |  | SOLE |  | 13000 | 0 | 0 |
| General Motors Co | COM | 37045V100 |  | 3252800 | 40000 | SH |  | SOLE |  | 40000 | 0 | 0 |
| Northrop Grumman Corp | COM | 666807102 |  | 3991470 | 7000 | SH |  | SOLE |  | 7000 | 0 | 0 |
| PNC Financial Services Group I | COM | 693475105 |  | 2922220 | 14000 | SH |  | SOLE |  | 14000 | 0 | 0 |
| Royal Caribbean Cruises Ltd | COM | V7780T103 |  | 2510280 | 9000 | SH |  | SOLE |  | 9000 | 0 | 0 |
| Uniti Group Inc | COM | 912932100 |  | 701000 | 100000 | SH |  | SOLE |  | 100000 | 0 | 0 |
| Vertiv Holdings Co | COM | 92537N108 |  | 3240200 | 20000 | SH |  | SOLE |  | 20000 | 0 | 0 |
| Zoetis Inc | COM | 98978V103 |  | 704592 | 5600 | SH |  | SOLE |  | 5600 | 0 | 0 |
| Akamai Technologies Inc | COM | 00971T101 |  | 3490000 | 40000 | SH | Call | SOLE |  | 40000 | 0 | 0 |
| Alibaba Group Holding Ltd | COM | 01609W102 |  | 2198700 | 15000 | SH | Call | SOLE |  | 15000 | 0 | 0 |
| BigBear.ai Holdings Inc | COM | 08975B109 |  | 540000 | 100000 | SH | Call | SOLE |  | 100000 | 0 | 0 |
| Bitdeer Technologies Group | COM | G11448100 |  | 1177050 | 105000 | SH | Call | SOLE |  | 105000 | 0 | 0 |
| Cisco Systems Inc | COM | 17275R102 |  | 30812000 | 400000 | SH | Call | SOLE |  | 400000 | 0 | 0 |
| Esperion Therapeutics Inc | COM | 29664W105 |  | 370000 | 100000 | SH | Call | SOLE |  | 100000 | 0 | 0 |
| Home Depot Inc/The | COM | 437076102 |  | 6882000 | 20000 | SH | Call | SOLE |  | 20000 | 0 | 0 |
| Lululemon Athletica Inc | COM | 550021109 |  | 207810 | 1000 | SH | Call | SOLE |  | 1000 | 0 | 0 |
| MARA Holdings Inc | COM | 565788106 |  | 898000 | 100000 | SH | Call | SOLE |  | 100000 | 0 | 0 |
| Norwegian Cruise Line Holdings | COM | G66721104 |  | 6696000 | 300000 | SH | Call | SOLE |  | 300000 | 0 | 0 |
| Opendoor Technologies Inc | COM | 683712103 |  | 116600 | 20000 | SH | Call | SOLE |  | 20000 | 0 | 0 |
| Oracle Corp | COM | 68389X105 |  | 3898200 | 20000 | SH | Call | SOLE |  | 20000 | 0 | 0 |
| Oracle Corp | COM | 68389X105 |  | 974550 | 5000 | SH | Call | SOLE |  | 5000 | 0 | 0 |
| Riot Platforms Inc | COM | 767292105 |  | 1267000 | 100000 | SH | Put | SOLE |  | 100000 | 0 | 0 |
| SoFi Technologies Inc | COM | 83406F102 |  | 1178100 | 45000 | SH | Call | SOLE |  | 45000 | 0 | 0 |
| SPDR S 500 ETF Trust | COM | 78462F103 |  | 68192000 | 100000 | SH | Call | SOLE |  | 100000 | 0 | 0 |
| SPDR S 500 ETF Trust | COM | 78462F103 |  | 40915200 | 60000 | SH | Call | SOLE |  | 60000 | 0 | 0 |
| SPDR S 500 ETF Trust | COM | 78462F103 |  | 477344000 | 700000 | SH | Call | SOLE |  | 700000 | 0 | 0 |
| Terawulf Inc | COM | 88080T104 |  | 344700 | 30000 | SH | Call | SOLE |  | 30000 | 0 | 0 |
| ALBEMARLE CORP | CONV PFD | 012653200 |  | 4583187 | 77747 | SH |  | SOLE |  | 57385 | 4362 | 16000 |
| APOLLO GLOBAL MANAGEMENT | CONV PFD | 03769M304 |  | 96419115 | 1277582 | SH |  | SOLE |  | 1145985 | 8000 | 123597 |
| ARES MANAGEMENT CORP | CONV PFD | 03990B309 |  | 46539116 | 920473 | SH |  | SOLE |  | 860149 | 0 | 60324 |
| BOEING CO/THE | CONV PFD | 097023204 |  | 59037919 | 849161 | SH |  | SOLE |  | 704376 | 20116 | 124669 |
| BANK OF AMERICA CORP | CONV PFD | 060505682 |  | 196973067 | 157311 | SH |  | SOLE |  | 101738 | 4187 | 51386 |
| BRUKER CORP | CONV PFD | 116794207 |  | 31545088 | 86679 | SH |  | SOLE |  | 65594 | 593 | 20492 |
| BRIGHTSPRING HEALTH SERV | CONV PFD | 10950A205 |  | 1708587 | 13528 | SH |  | SOLE |  | 12114 | 1414 | 0 |
| SHIFT4 PAYMENTS INC | CONV PFD | 82452J307 |  | 25852612 | 323380 | SH |  | SOLE |  | 232271 | 3817 | 87292 |
| HP ENTERPRISE CO | CONV PFD | 42824C208 |  | 34923543 | 527546 | SH |  | SOLE |  | 362097 | 6447 | 159002 |
| KKR  CO INC | CONV PFD | 48251W500 |  | 103732616 | 1997547 | SH |  | SOLE |  | 1811375 | 13200 | 172972 |
| MICROCHIP TECHNOLOGY INC | CONV PFD | 595017302 |  | 30975930 | 529956 | SH |  | SOLE |  | 364967 | 8448 | 156541 |
| STRATEGY INC | CONV PFD | 594972887 |  | 8360176 | 105738 | SH |  | SOLE |  | 71684 | 5194 | 28860 |
| NEXTERA ENERGY INC | CONV PFD | 65339F663 |  | 102716715 | 1988322 | SH |  | SOLE |  | 1745811 | 12819 | 229692 |
| NOVANTA INC | CONV PFD | 67000B203 |  | 31703905 | 581990 | SH |  | SOLE |  | 460648 | 5000 | 116342 |
| PG CORP | CONV PFD | 69331C306 |  | 19156990 | 466504 | SH |  | SOLE |  | 353152 | 14000 | 99352 |
| QXO INC | CONV PFD | 82846H504 |  | 14745625 | 265400 | SH |  | SOLE |  | 147273 | 5047 | 113080 |
| SOUTHERN CO | CONV PFD | 842587842 |  | 45638552 | 916989 | SH |  | SOLE |  | 772289 | 7050 | 137650 |
| WELLS FARGO  COMPANY | CONV PFD | 949746804 |  | 191804296 | 157600 | SH |  | SOLE |  | 97801 | 4514 | 55285 |
| AURORA INNOVATION INC | COM | 051774115 |  | 13844 | 61500 | SH |  | SOLE |  | 61500 | 0 | 0 |
| BIGBEAR.AI HOLDINGS INC | COM | 08975B117 |  | 29218 | 18260 | SH |  | SOLE |  | 18260 | 0 | 0 |
| GAMESTOP CORP-CLASS A | COM | 36467W117 |  | 20402 | 6778 | SH |  | SOLE |  | 6778 | 0 | 0 |
| OPENDOOR TECHNOLOGIES INC | COM | 683712137 |  | 624 | 1199 | SH |  | SOLE |  | 1199 | 0 | 0 |
| OPENDOOR TECHNOLOGIES INC | COM | 683712129 |  | 1079 | 1199 | SH |  | SOLE |  | 1199 | 0 | 0 |
| OPENDOOR TECHNOLOGIES INC | COM | 683712145 |  | 479 | 1199 | SH |  | SOLE |  | 1199 | 0 | 0 |

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