# EDGAR Filing Document

**Accession Number:** 0001278960
**File Stem:** 0001398344-25-020867
**Filing Date:** 2025-11
**Character Count:** 11398
**Document Hash:** a5445fe8a0adaf6cdd6811782dba4dc6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398344-25-020867.hdr.sgml**: 20251113

**ACCESSION NUMBER**: 0001398344-25-020867

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251113

**DATE AS OF CHANGE**: 20251113

**EFFECTIVENESS DATE**: 20251113

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SILVERBACK ASSET MANAGEMENT LLC
- **CENTRAL INDEX KEY:** 0001278960

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-10791
- **FILM NUMBER:** 251478567

**BUSINESS ADDRESS:**
- **STREET 1:** 1414 RALEIGH ROAD
- **STREET 2:** SUITE 250
- **CITY:** CHAPEL HILL
- **STATE:** NC
- **ZIP:** 27517
- **BUSINESS PHONE:** 919-969-9300

**MAIL ADDRESS:**
- **STREET 1:** 1414 RALEIGH ROAD
- **STREET 2:** SUITE 250
- **CITY:** CHAPEL HILL
- **STATE:** NC
- **ZIP:** 27517

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SILVERBACK ASET MANAGEMENT LLC
- **DATE OF NAME CHANGE:** 20040206

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 09-30-2025

**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:** SILVERBACK ASSET MANAGEMENT LLC<br>**Address:** 1414 RALEIGH ROAD<br>SUITE 250<br>CHAPEL HILL, NC 27517

**Form 13F File Number:** 028-10791

**CRD Number (if applicable):** 000141407

**SEC File Number (if applicable):** 801-67159

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:** Robert Barron<br>**Title:** Managing Member<br>**Phone:** 919-969-9300

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

/s/ Robert Barron  Chapel Hill, NC  11-11-2025<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:** 68

**Form 13F Information Table Value Total:** $1044225389

      (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 |
| AKAMAI TECHNOLOGIES INC | NOTE 1.125% 2/1 | 00971TAN1 |  | 14384565 | 15282000 | PRN |  | SOLE |  | 15282000 | 0 | 0 |
| AMPHASTAR PHARMACEUTICALS IN | NOTE 2.000% 3/1 | 03209RAB9 |  | 9113470 | 10008000 | PRN |  | SOLE |  | 10008000 | 0 | 0 |
| BANDWIDTH INC | NOTE 0.500% 4/0 | 05988JAD5 |  | 10596875 | 12500000 | PRN |  | SOLE |  | 12500000 | 0 | 0 |
| BRIDGEBIO PHARMA INC | NOTE 2.250% 2/0 | 10806XAD4 |  | 9349763 | 9450000 | PRN |  | SOLE |  | 9450000 | 0 | 0 |
| BENTLEY SYS INC | NOTE 0.375% 7/0 | 08265TAD1 |  | 4244288 | 4500000 | PRN |  | SOLE |  | 4500000 | 0 | 0 |
| BEYOND MEAT INC | NOTE  3/1 | 08862EAB5 |  | 5841006 | 29266000 | PRN |  | SOLE |  | 29266000 | 0 | 0 |
| COINBASE GLOBAL INC | NOTE 0.500% 6/0 | 19260QAB3 |  | 26411046 | 23727000 | PRN |  | SOLE |  | 23727000 | 0 | 0 |
| COLLEGIUM PHARMACEUTICAL INC | NOTE 2.875% 2/1 | 19459JAC8 |  | 17545709 | 14800000 | PRN |  | SOLE |  | 14800000 | 0 | 0 |
| CERENCE INC | NOTE 1.500% 7/0 | 156727AD1 |  | 11321538 | 13650000 | PRN |  | SOLE |  | 13650000 | 0 | 0 |
| 8X8 INC NEW | NOTE 4.000% 2/0 | 282914AE0 |  | 8424000 | 9720000 | PRN |  | SOLE |  | 9720000 | 0 | 0 |
| EVOLENT HEALTH INC | NOTE 3.500%12/0 | 30050BAH4 |  | 10070330 | 12500000 | PRN |  | SOLE |  | 12500000 | 0 | 0 |
| EVOLENT HEALTH INC | DEBT 4.500% 8/1 | 30050BAJ0 |  | 10170130 | 10149000 | PRN |  | SOLE |  | 10149000 | 0 | 0 |
| EVERGY INC | NOTE 4.500%12/1 | 30034WAD8 |  | 25246834 | 20096000 | PRN |  | SOLE |  | 20096000 | 0 | 0 |
| FORD MTR CO | NOTE  3/1 | 345370CZ1 |  | 27134197 | 26750000 | PRN |  | SOLE |  | 26750000 | 0 | 0 |
| FIVE9 INC | NOTE 1.000% 3/1 | 338307AF8 |  | 14829409 | 16780000 | PRN |  | SOLE |  | 16780000 | 0 | 0 |
| FLUOR CORP | NOTE 1.125% 8/1 | 343412AJ1 |  | 14769369 | 12444000 | PRN |  | SOLE |  | 12444000 | 0 | 0 |
| HAEMONETICS CORP MASS | NOTE 2.500% 6/0 | 405024AD2 |  | 7807078 | 8440000 | PRN |  | SOLE |  | 8440000 | 0 | 0 |
| JBT MAREL CORPORATION | NOTE 0.250% 5/1 | 477839AB0 |  | 27608413 | 27300000 | PRN |  | SOLE |  | 27300000 | 0 | 0 |
| LUMINAR TECHNOLOGIES INC | DEBT 9.000% 1/1 | 550424AD7 |  | 3107202 | 9249000 | PRN |  | SOLE |  | 9249000 | 0 | 0 |
| LUMINAR TECHNOLOGIES INC | DEBT 11.500% 1/1 | 550424AE5 |  | 8093624 | 21690000 | PRN |  | SOLE |  | 21690000 | 0 | 0 |
| LUMENTUM HLDGS INC | NOTE 0.500% 6/1 | 55024UAF6 |  | 9082293 | 6502000 | PRN |  | SOLE |  | 6502000 | 0 | 0 |
| LIVE NATION ENTERTAINMENT IN | NOTE 3.125% 1/1 | 538034BA6 |  | 22102043 | 13632000 | PRN |  | SOLE |  | 13632000 | 0 | 0 |
| INOTIV INC | NOTE 3.250%10/1 | 45783QAB6 |  | 4048571 | 17092000 | PRN |  | SOLE |  | 17092000 | 0 | 0 |
| NUTANIX INC | NOTE 0.250%10/0 | 67059NAH1 |  | 20653688 | 15000000 | PRN |  | SOLE |  | 15000000 | 0 | 0 |
| ON SEMICONDUCTOR CORP | NOTE  5/0 | 682189AS4 |  | 18911074 | 16571000 | PRN |  | SOLE |  | 16571000 | 0 | 0 |
| OATLY GROUP AB | NOTE 9.250% 9/1 | 67421JAC2 |  | 4648731 | 5052969 | PRN |  | SOLE |  | 5052969 | 0 | 0 |
| PATRICK INDS INC | NOTE 1.750%12/0 | 703343AG8 |  | 2279451 | 1400000 | PRN |  | SOLE |  | 1400000 | 0 | 0 |
| PACIRA BIOSCIENCES INC | NOTE 2.125% 5/1 | 695127AJ9 |  | 11685390 | 11525000 | PRN |  | SOLE |  | 11525000 | 0 | 0 |
| PENGUIN SOLUTIONS INC | NOTE 2.000% 8/1 | 83205YAE4 |  | 18659591 | 15635000 | PRN |  | SOLE |  | 15635000 | 0 | 0 |
| PORCH GROUP INC | DEBT 9.000% 5/1 | 733245AD6 |  | 29198522 | 19500000 | PRN |  | SOLE |  | 19500000 | 0 | 0 |
| PELOTON INTERACTIVE INC | NOTE 5.500%12/0 | 70614WAD2 |  | 15908698 | 7120000 | PRN |  | SOLE |  | 7120000 | 0 | 0 |
| ECHOSTAR CORP | NOTE 3.875%11/3 | 278768AB2 |  | 19813286 | 8038496 | PRN |  | SOLE |  | 8038496 | 0 | 0 |
| SEMTECH CORP | NOTE 1.625%11/0 | 816850AF8 |  | 15856275 | 8000000 | PRN |  | SOLE |  | 8000000 | 0 | 0 |
| SEAGATE HDD CAYMAN | NOTE 3.500% 6/0 | 81180WBL4 |  | 44509877 | 15438000 | PRN |  | SOLE |  | 15438000 | 0 | 0 |
| TYLER TEX INDPT SCH DIST | NOTE 0.250% 3/1 | 902252AB1 |  | 32042609 | 29147000 | PRN |  | SOLE |  | 29147000 | 0 | 0 |
| UBER TECHNOLOGIES INC | NOTE 0.875%12/0 | 90353TAM2 |  | 24286426 | 16500000 | PRN |  | SOLE |  | 16500000 | 0 | 0 |
| VERITONE INC | NOTE 1.750%11/1 | 92347MAB6 |  | 9999220 | 13244000 | PRN |  | SOLE |  | 13244000 | 0 | 0 |
| VIAVI SOLUTIONS INC | NOTE 1.625% 3/1 | 925550AH8 |  | 19603173 | 18533000 | PRN |  | SOLE |  | 18533000 | 0 | 0 |
| VISHAY INTERTECHNOLOGY INC | NOTE 2.250% 9/1 | 928298AR9 |  | 20661703 | 22720000 | PRN |  | SOLE |  | 22720000 | 0 | 0 |
| WESTERN DIGITAL CORP | NOTE 3.000%11/1 | 958102AT2 |  | 34317153 | 10695000 | PRN |  | SOLE |  | 10695000 | 0 | 0 |
| PG CORP | PFD CONV SER A | 69331C306 |  | 4134900 | 105000 | PRN |  | SOLE |  | 105000 | 0 | 0 |
| ACCURAY INC | COM | 004397105 |  | 1780310 | 1066054 | SH |  | SOLE |  | 1066054 | 0 | 0 |
| AVADEL PHARMACEUTICALS PLC | COM SHS | G29687103 |  | 1679700 | 110000 | SH |  | SOLE |  | 110000 | 0 | 0 |
| GOSSAMER BIO INC | COM | 38341P102 |  | 1315000 | 500000 | SH |  | SOLE |  | 500000 | 0 | 0 |
| HARMONIC INC | COM | 413160102 |  | 6867428 | 674600 | SH |  | SOLE |  | 674600 | 0 | 0 |
| KARYOPHARM THERAPEUTICS INC | COM NEW | 48576U205 |  | 261600 | 40000 | SH |  | SOLE |  | 40000 | 0 | 0 |
| MAGNACHIP SEMICONDUCTOR CORP | COM | 55933J203 |  | 688600 | 220000 | SH |  | SOLE |  | 220000 | 0 | 0 |
| NEOGENOMICS INC | COM NEW | 64049M209 |  | 1554136 | 201313 | SH |  | SOLE |  | 201313 | 0 | 0 |
| SCORPIO TANKERS INC | SHS | Y7542C130 |  | 1681500 | 30000 | SH |  | SOLE |  | 30000 | 0 | 0 |
| VROOM INC | COM NEW | 92918V307 |  | 11216071 | 414949 | SH |  | SOLE |  | 414949 | 0 | 0 |
| WOLFSPEED INC | COMMON STOCK | 97785W106 |  | 8191240 | 286407 | SH |  | SOLE |  | 286407 | 0 | 0 |
| AST SPACEMOBILE INC | COM CL A | 00217D100 |  | 3175476 | 64700 | SH | Put | SOLE |  | 64700 | 0 | 0 |
| AST SPACEMOBILE INC | COM CL A | 00217D100 |  | 3342348 | 68100 | SH | Put | SOLE |  | 68100 | 0 | 0 |
| HERTZ GLOBAL HLDGS INC | COM NEW | 42806J700 |  | 680000 | 100000 | SH | Call | SOLE |  | 100000 | 0 | 0 |
| ISHARES TR | IBOXX HI YD ETF | 464288513 |  | 81190000 | 1000000 | SH | Put | SOLE |  | 1000000 | 0 | 0 |
| ISHARES TR | IBOXX HI YD ETF | 464288513 |  | 81190000 | 1000000 | SH | Call | SOLE |  | 1000000 | 0 | 0 |
| ISHARES TR | IBOXX HI YD ETF | 464288513 |  | 48714000 | 600000 | SH | Put | SOLE |  | 600000 | 0 | 0 |
| INDIE SEMICONDUCTOR INC | CLASS A COM | 45569U101 |  | 3668291 | 901300 | SH | Put | SOLE |  | 901300 | 0 | 0 |
| ISHARES TR | RUSSELL 2000 ETF | 464287655 |  | 12098000 | 50000 | SH | Call | SOLE |  | 50000 | 0 | 0 |
| ISHARES TR | RUSSELL 2000 ETF | 464287655 |  | 12098000 | 50000 | SH | Call | SOLE |  | 50000 | 0 | 0 |
| LUCID GROUP INC | COM NEW | 549498202 |  | 1189500 | 50000 | SH | Put | SOLE |  | 50000 | 0 | 0 |
| LUCID GROUP INC | COM NEW | 549498202 |  | 11895000 | 500000 | SH | Put | SOLE |  | 500000 | 0 | 0 |
| LUCID GROUP INC | COM NEW | 549498202 |  | 12958413 | 544700 | SH | Put | SOLE |  | 544700 | 0 | 0 |
| AIRSHIP AI HLDGS INC | *W EXP 12/21/202 | 008940116 |  | 21000 | 12500 | SH |  | SOLE |  | 12500 | 0 | 0 |
| Ast Spacemobile Inc | Note 4.250 03/01 | 00217DAA8 |  | 43575814 | 20755000 | PRN |  | SOLE |  | 20755000 | 0 | 0 |
| IAC FinanceCo 2 Inc. | Note 0.875 06/15 | 44932FAA5 |  | 28426677 | 29192000 | PRN |  | SOLE |  | 29192000 | 0 | 0 |
| Porch Group Inc | Note 6.750 10/1 | 733245AC8 |  | 12947765 | 12523000 | PRN |  | SOLE |  | 12523000 | 0 | 0 |
| Qimonda AG | Note 6.750 03/22 | 74732WAA7 |  | 3348000 | 12400000 | PRN |  | SOLE |  | 12400000 | 0 | 0 |

---