# EDGAR Filing Document

**Accession Number:** 0001386462
**File Stem:** 0000929638-26-000662
**Filing Date:** 2026-2
**Character Count:** 18834
**Document Hash:** 8d8eb7e35e299b900a9f6f7ef6c89b53
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000929638-26-000662.hdr.sgml**: 20260217

**ACCESSION NUMBER**: 0000929638-26-000662

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260217

**DATE AS OF CHANGE**: 20260217

**EFFECTIVENESS DATE**: 20260217

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Ionic Capital Management LLC
- **CENTRAL INDEX KEY:** 0001386462

**ORGANIZATION NAME:**
- **EIN:** 680629832
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-12913
- **FILM NUMBER:** 26640715

**BUSINESS ADDRESS:**
- **STREET 1:** 475 FIFTH AVENUE
- **STREET 2:** 9TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10017
- **BUSINESS PHONE:** 212-294-8531

**MAIL ADDRESS:**
- **STREET 1:** 475 FIFTH AVENUE
- **STREET 2:** 9TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10017

### 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:** Ionic Capital Management LLC<br>**Address:** 475 FIFTH AVENUE<br>9TH FLOOR<br>NEW YORK, NY 10017

**Form 13F File Number:** 028-12913

**CRD Number (if applicable):** 000156400

**SEC File Number (if applicable):** 801-72188

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:** Steven Vecchio<br>**Title:** Chief Compliance Officer and Associate General Counsel<br>**Phone:** (212) 294-8500

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

/s/ Steven Vecchio  New York, NY  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:** 147

**Form 13F Information Table Value Total:** $785885509

      (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 |
| ABOVE FOOD INGREDIENTS INC | *W EXP 06/28/202 | 00373V118 |  | 23714 | 67755 | SH |  | DFND |  | 67755 | 0 | 0 |
| ADVANCED MICRO DEVICES INC | COM | 007903107 |  | 1059664 | 4948 | SH |  | DFND |  | 4948 | 0 | 0 |
| AGNICO EAGLE MINES LTD | COM | 008474108 |  | 678120 | 4000 | SH |  | DFND |  | 4000 | 0 | 0 |
| ALIBABA GROUP HLDG LTD | SPONSORED ADS | 01609W102 |  | 1318341 | 8994 | SH |  | DFND |  | 8994 | 0 | 0 |
| ALIGHT INC | COM CL A | 01626W101 |  | 717116 | 367752 | SH |  | DFND |  | 367752 | 0 | 0 |
| AMAZON COM INC | COM | 023135106 |  | 473181 | 2050 | SH |  | DFND |  | 2050 | 0 | 0 |
| APPLE INC | COM | 037833100 |  | 1051011 | 3866 | SH |  | DFND |  | 3866 | 0 | 0 |
| ARCHER AVIATION INC | *W EXP 09/16/202 | 03945R110 |  | 93122 | 81329 | SH |  | DFND |  | 81329 | 0 | 0 |
| ARRAY TECHNOLOGIES INC | NOTE 1.000%12/0 | 04271TAB6 |  | 3172155 | 3500000 | PRN |  | DFND |  | 3500000 | 0 | 0 |
| ATLANTA BRAVES HLDGS INC | COM SER A | 047726104 |  | 263056 | 6191 | SH |  | DFND |  | 6191 | 0 | 0 |
| ATLANTA BRAVES HLDGS INC | COM SER C | 047726302 |  | 421681 | 10689 | SH |  | DFND |  | 10689 | 0 | 0 |
| ATMUS FILTRATION TECHNOLOGIE | COM | 04956D107 |  | 3114756 | 60003 | SH |  | DFND |  | 60003 | 0 | 0 |
| AURORA INNOVATION INC | *W EXP 11/03/202 | 051774115 |  | 121164 | 538267 | SH |  | DFND |  | 538267 | 0 | 0 |
| AVERY DENNISON CORP | COM | 053611109 |  | 545640 | 3000 | SH |  | DFND |  | 3000 | 0 | 0 |
| BED BATH  BEYOND INC | *W EXP 10/07/202 | 075896159 |  | 95780 | 145121 | SH |  | DFND |  | 145121 | 0 | 0 |
| BIGBEAR AI HLDGS INC | COM | 08975B109 |  | 291600 | 54000 | SH |  | DFND |  | 54000 | 0 | 0 |
| BITCOIN DEPOT INC | *W EXP 06/30/202 | 09174P113 |  | 7314 | 65132 | SH |  | DFND |  | 65132 | 0 | 0 |
| BLACKROCK CORPOR HI YLD FD I | COM | 09255P107 |  | 578500 | 65000 | SH |  | DFND |  | 65000 | 0 | 0 |
| BLAIZE HLDGS INC | *W EXP 01/13/203 | 092915115 |  | 33762 | 84427 | SH |  | DFND |  | 84427 | 0 | 0 |
| BLOOM ENERGY CORP | COM CL A | 093712107 |  | 259540 | 2987 | SH |  | DFND |  | 2987 | 0 | 0 |
| BLUE GOLD LTD | *W EXP 04/01/203 | G1331C112 |  | 56523 | 134194 | SH |  | DFND |  | 134194 | 0 | 0 |
| BOREALIS FOODS INC | *W EXP 02/07/202 | 09973D113 |  | 3507 | 70000 | SH |  | DFND |  | 70000 | 0 | 0 |
| BRIGHTHOUSE FINL INC | COM | 10922N103 |  | 631703 | 9750 | SH |  | DFND |  | 9750 | 0 | 0 |
| BROADCOM INC | COM | 11135F101 |  | 1021341 | 2951 | SH |  | DFND |  | 2951 | 0 | 0 |
| BUILDERS FIRSTSOURCE INC | COM | 12008R107 |  | 360115 | 3500 | SH | Call | DFND |  | 3500 | 0 | 0 |
| BUILDERS FIRSTSOURCE INC | COM | 12008R107 |  | 308670 | 3000 | SH |  | DFND |  | 3000 | 0 | 0 |
| CAESARS ENTERTAINMENT INC NE | COM | 12769G100 |  | 350850 | 15000 | SH |  | DFND |  | 15000 | 0 | 0 |
| CANTOR EQUITY PARTNERS II IN | CL A ORD SHS | G1827P106 |  | 394100 | 35000 | SH |  | DFND |  | 35000 | 0 | 0 |
| CIPHER MINING INC | COM | 17253J106 |  | 490032 | 33200 | SH |  | DFND |  | 33200 | 0 | 0 |
| CIRCLE INTERNET GROUP INC | COM CL A | 172573107 |  | 232190 | 2928 | SH |  | DFND |  | 2928 | 0 | 0 |
| COEUR MNG INC | COM NEW | 192108504 |  | 1783000 | 100000 | SH | Put | DFND |  | 100000 | 0 | 0 |
| COHERENT CORP | COM | 19247G107 |  | 1476560 | 8000 | SH |  | DFND |  | 8000 | 0 | 0 |
| COINBASE GLOBAL INC | COM CL A | 19260Q107 |  | 283127 | 1252 | SH |  | DFND |  | 1252 | 0 | 0 |
| CONFLUENT INC | CLASS A COM | 20717M103 |  | 1775088 | 58700 | SH | Call | DFND |  | 58700 | 0 | 0 |
| CONFLUENT INC | CLASS A COM | 20717M103 |  | 1663200 | 55000 | SH |  | DFND |  | 55000 | 0 | 0 |
| CONSTELLIUM SE | CL A SHS | F21107101 |  | 4119969 | 218566 | SH |  | DFND |  | 218566 | 0 | 0 |
| CORE SCIENTIFIC INC NEW | COM | 21874A106 |  | 364000 | 25000 | SH |  | DFND |  | 25000 | 0 | 0 |
| COREWEAVE INC | COM CL A | 21873S108 |  | 235740 | 3292 | SH |  | DFND |  | 3292 | 0 | 0 |
| CORNING INC | COM | 219350105 |  | 525360 | 6000 | SH |  | DFND |  | 6000 | 0 | 0 |
| CRANE HBR ACQUISITION CORP | CL A | G24979109 |  | 1077000 | 100000 | SH |  | DFND |  | 100000 | 0 | 0 |
| CRITICAL METALS CORP | *W EXP 02/27/202 | G2662B111 |  | 41010 | 15022 | SH |  | DFND |  | 15022 | 0 | 0 |
| DIGITALBRIDGE GROUP INC | CL A NEW | 25401T603 |  | 682630 | 44500 | SH |  | DFND |  | 44500 | 0 | 0 |
| EVOLV TECHNOLOGIES HLDNGS IN | *W EXP 07/16/202 | 30049H110 |  | 53183 | 197268 | SH |  | DFND |  | 197268 | 0 | 0 |
| EXXON MOBIL CORP | COM | 30231G102 |  | 2045780 | 17000 | SH | Call | DFND |  | 17000 | 0 | 0 |
| EXXON MOBIL CORP | COM | 30231G102 |  | 2045780 | 17000 | SH | Put | DFND |  | 17000 | 0 | 0 |
| EXZEO GROUP INC | COM SHS | 30234F101 |  | 327836 | 13519 | SH |  | DFND |  | 13519 | 0 | 0 |
| FLEX LTD | ORD | Y2573F102 |  | 2975866 | 49253 | SH |  | DFND |  | 49253 | 0 | 0 |
| FLOWSERVE CORP | COM | 34354P105 |  | 1873260 | 27000 | SH |  | DFND |  | 27000 | 0 | 0 |
| FREEPORT-MCMORAN INC | CL B | 35671D857 |  | 1086906 | 21400 | SH | Call | DFND |  | 21400 | 0 | 0 |
| FREEPORT-MCMORAN INC | CL B | 35671D857 |  | 126975 | 2500 | SH |  | DFND |  | 2500 | 0 | 0 |
| GALAXY DIGITAL INC. | CL A | 36317J209 |  | 782600 | 35000 | SH | Call | DFND |  | 35000 | 0 | 0 |
| GALAXY DIGITAL INC. | CL A | 36317J209 |  | 11180 | 500 | SH |  | DFND |  | 500 | 0 | 0 |
| GAMESTOP CORP NEW | CL A | 36467W109 |  | 1142552 | 56900 | SH | Call | DFND |  | 56900 | 0 | 0 |
| GCT SEMICONDUCTOR HLDG INC | *W EXP 03/01/202 | 36170N115 |  | 50677 | 673000 | SH |  | DFND |  | 673000 | 0 | 0 |
| GEN DIGITAL INC | COM | 668771108 |  | 3942550 | 145000 | SH | Put | DFND |  | 145000 | 0 | 0 |
| GEN DIGITAL INC | COM | 668771108 |  | 30344 | 1116 | SH |  | DFND |  | 1116 | 0 | 0 |
| GEN DIGITAL INC | RIGHT 99/99/9999 | 668771116 |  | 282093 | 62410 | SH |  | DFND |  | 62410 | 0 | 0 |
| GETTY IMAGES HOLDINGS INC | CL A COM | 374275105 |  | 247900 | 185000 | SH |  | DFND |  | 185000 | 0 | 0 |
| GIGCAPITAL7 CORP | *W EXP 08/29/202 | G38648120 |  | 9856 | 24038 | SH |  | DFND |  | 24038 | 0 | 0 |
| GIGCAPITAL7 CORP | ORD SHS CL A | G38648104 |  | 737800 | 70000 | SH |  | DFND |  | 70000 | 0 | 0 |
| GLOBAL BUSINESS TRAVEL GROUP | COM CL A | 37890B100 |  | 1208754 | 158007 | SH |  | DFND |  | 158007 | 0 | 0 |
| GLOBUS MED INC | CL A | 379577208 |  | 2758647 | 31596 | SH |  | DFND |  | 31596 | 0 | 0 |
| GXO LOGISTICS INCORPORATED | COMMON STOCK | 36262G101 |  | 3610156 | 68582 | SH |  | DFND |  | 68582 | 0 | 0 |
| HELPORT AI LTD | *W EXP 03/31/202 | G4R52R111 |  | 13156 | 82640 | SH |  | DFND |  | 82640 | 0 | 0 |
| HUBSPOT INC | COM | 443573100 |  | 1404550 | 3500 | SH | Call | DFND |  | 3500 | 0 | 0 |
| INTEL CORP | COM | 458140100 |  | 1981530 | 53700 | SH | Call | DFND |  | 53700 | 0 | 0 |
| INVESCO QQQ TR | UNIT SER 1 | 46090E103 |  | 30715500 | 50000 | SH | Call | DFND |  | 50000 | 0 | 0 |
| INVESCO QQQ TR | UNIT SER 1 | 46090E103 |  | 30715500 | 50000 | SH | Put | DFND |  | 50000 | 0 | 0 |
| INVESCO SR INCOME TR | COM | 46131H107 |  | 1988160 | 608000 | SH |  | DFND |  | 608000 | 0 | 0 |
| IQIYI INC | SPONSORED ADS | 46267X108 |  | 672000 | 350000 | SH | Call | DFND |  | 350000 | 0 | 0 |
| IQIYI INC | SPONSORED ADS | 46267X108 |  | 697920 | 363500 | SH | Put | DFND |  | 363500 | 0 | 0 |
| IQIYI INC | SPONSORED ADS | 46267X108 |  | 444334 | 231424 | SH |  | DFND |  | 231424 | 0 | 0 |
| ISHARES ETHEREUM TR | SHS | 46438R105 |  | 418813 | 18672 | SH |  | DFND |  | 18672 | 0 | 0 |
| ISHARES INC | MSCI BRAZIL ETF | 464286400 |  | 22239000 | 700000 | SH | Put | DFND |  | 700000 | 0 | 0 |
| ISHARES TR | IBOXX HI YD ETF | 464288513 |  | 370898000 | 4600000 | SH | Put | DFND |  | 4600000 | 0 | 0 |
| ISHARES TR | ISHARES SEMICDTR | 464287523 |  | 1269347 | 4215 | SH |  | DFND |  | 4215 | 0 | 0 |
| ISHARES TR | MSCI EMG MKT ETF | 464287234 |  | 54710000 | 1000000 | SH | Call | DFND |  | 1000000 | 0 | 0 |
| ISHARES TR | RUSSELL 2000 ETF | 464287655 |  | 73848000 | 300000 | SH | Call | DFND |  | 300000 | 0 | 0 |
| ISHARES TR | RUSSELL 2000 ETF | 464287655 |  | 73848000 | 300000 | SH | Put | DFND |  | 300000 | 0 | 0 |
| JAMES HARDIE INDS PLC | ORD SHS | G4253H101 |  | 1434385 | 69127 | SH |  | DFND |  | 69127 | 0 | 0 |
| K WAVE MEDIA LTD | *W EXP 05/14/203 | G53151125 |  | 12040 | 400000 | SH |  | DFND |  | 400000 | 0 | 0 |
| KINROSS GOLD CORP | COM | 496902404 |  | 563200 | 20000 | SH | Put | DFND |  | 20000 | 0 | 0 |
| KINROSS GOLD CORP | COM | 496902404 |  | 408320 | 14500 | SH |  | DFND |  | 14500 | 0 | 0 |
| KODIAK AI INC. | *W EXP 09/25/203 | 500081112 |  | 154553 | 101015 | SH |  | DFND |  | 101015 | 0 | 0 |
| LANVIN GROUP HOLDINGS LIMITE | *W EXP 01/14/202 | G5380J118 |  | 30198 | 1917304 | SH |  | DFND |  | 1917304 | 0 | 0 |
| LIBERTY ALL STAR EQUITY FD | SH BEN INT | 530158104 |  | 785000 | 125000 | SH |  | DFND |  | 125000 | 0 | 0 |
| LISTED FDS TR | ROUNDHILL MAGNIF | 53656G498 |  | 1171582 | 17762 | SH |  | DFND |  | 17762 | 0 | 0 |
| LIVEWIRE GROUP INC | *W EXP 09/26/202 | 53838J113 |  | 95290 | 1522201 | SH |  | DFND |  | 1522201 | 0 | 0 |
| MANCHESTER UTD PLC NEW | ORD CL A | G5784H106 |  | 626930 | 39380 | SH |  | DFND |  | 39380 | 0 | 0 |
| MARA HOLDINGS INC | COM | 565788106 |  | 898000 | 100000 | SH | Call | DFND |  | 100000 | 0 | 0 |
| MARA HOLDINGS INC | NOTE 6/0 | 565788AH9 |  | 1677060 | 2000000 | PRN |  | DFND |  | 2000000 | 0 | 0 |
| META PLATFORMS INC | CL A | 30303M102 |  | 709597 | 1075 | SH |  | DFND |  | 1075 | 0 | 0 |
| MICRON TECHNOLOGY INC | COM | 595112103 |  | 1831761 | 6418 | SH |  | DFND |  | 6418 | 0 | 0 |
| MICROSOFT CORP | COM | 594918104 |  | 1499222 | 3100 | SH |  | DFND |  | 3100 | 0 | 0 |
| NET POWER INC | *W EXP 06/08/202 | 64107A113 |  | 81986 | 163972 | SH |  | DFND |  | 163972 | 0 | 0 |
| NEW ERA ENERGY  DIGITAL INC | *W EXP 12/06/202 | 64428N117 |  | 25479 | 31068 | SH |  | DFND |  | 31068 | 0 | 0 |
| NIOCORP DEVS LTD | *W EXP 03/17/202 | 654484153 |  | 55021 | 29581 | SH |  | DFND |  | 29581 | 0 | 0 |
| NORTHERN DYNASTY MINERALS LT | COM NEW | 66510M204 |  | 608730 | 309000 | SH |  | DFND |  | 309000 | 0 | 0 |
| NUVEEN DOW 30 DYNMC OVERWRT | SHS | 67075F105 |  | 1100750 | 72133 | SH |  | DFND |  | 72133 | 0 | 0 |
| NUVEEN NASDAQ 100 DYNAMIC OV | COM SHS | 670699107 |  | 1763734 | 61842 | SH |  | DFND |  | 61842 | 0 | 0 |
| NUVEEN S 500 BUY-WRITE INC | COM | 6706ER101 |  | 630057 | 42861 | SH |  | DFND |  | 42861 | 0 | 0 |
| NVIDIA CORPORATION | COM | 67066G104 |  | 1453022 | 7791 | SH |  | DFND |  | 7791 | 0 | 0 |
| ON SEMICONDUCTOR CORP | NOTE 0.500% 3/0 | 682189AU9 |  | 3323040 | 3500000 | PRN |  | DFND |  | 3500000 | 0 | 0 |
| OPENDOOR TECHNOLOGIES INC | *W EXP 11/20/202 | 683712137 |  | 31530 | 60600 | SH |  | DFND |  | 60600 | 0 | 0 |
| OPENDOOR TECHNOLOGIES INC | *W EXP 11/20/202 | 683712129 |  | 50287 | 55874 | SH |  | DFND |  | 55874 | 0 | 0 |
| OPENDOOR TECHNOLOGIES INC | *W EXP 11/20/202 | 683712145 |  | 29131 | 72936 | SH |  | DFND |  | 72936 | 0 | 0 |
| OPENDOOR TECHNOLOGIES INC | COM | 683712103 |  | 69960 | 12000 | SH |  | DFND |  | 12000 | 0 | 0 |
| PALANTIR TECHNOLOGIES INC | CL A | 69608A108 |  | 938876 | 5282 | SH |  | DFND |  | 5282 | 0 | 0 |
| PENN ENTERTAINMENT INC | COM | 707569109 |  | 147500 | 10000 | SH |  | DFND |  | 10000 | 0 | 0 |
| PLANET LABS PBC | COM CL A | 72703X106 |  | 2997440 | 152000 | SH | Put | DFND |  | 152000 | 0 | 0 |
| POWERFLEET INC | COM | 73931J109 |  | 2766278 | 519977 | SH |  | DFND |  | 519977 | 0 | 0 |
| PRIMO BRANDS CORPORATION | CLASS A COM SHS | 741623102 |  | 2410611 | 147438 | SH |  | DFND |  | 147438 | 0 | 0 |
| RENEW ENERGY GLOBAL PLC | *W EXP 08/21/202 | G7500M120 |  | 1420 | 200000 | SH |  | DFND |  | 200000 | 0 | 0 |
| RH | COM | 74967X103 |  | 2490185 | 13900 | SH |  | DFND |  | 13900 | 0 | 0 |
| SALESFORCE INC | COM | 79466L302 |  | 2649100 | 10000 | SH | Call | DFND |  | 10000 | 0 | 0 |
| SCHOLASTIC CORP | COM | 807066105 |  | 444450 | 15000 | SH |  | DFND |  | 15000 | 0 | 0 |
| SHARPLINK GAMING INC | COM NEW | 820014405 |  | 177683 | 19875 | SH |  | DFND |  | 19875 | 0 | 0 |
| SHUTTERSTOCK INC | COM | 825690100 |  | 293777 | 15381 | SH |  | DFND |  | 15381 | 0 | 0 |
| SIRIUSXM HOLDINGS INC | COMMON STOCK | 829933100 |  | 449888 | 22500 | SH |  | DFND |  | 22500 | 0 | 0 |
| SOLSTICE ADVANCED MATLS INC | COM SHS | 83443Q103 |  | 1190210 | 24500 | SH |  | DFND |  | 24500 | 0 | 0 |
| SOUTHLAND HLDGS INC | *W EXP 02/14/202 | 84445C118 |  | 21779 | 253240 | SH |  | DFND |  | 253240 | 0 | 0 |
| SPERO THERAPEUTICS INC | COM | 84833T103 |  | 456538 | 195939 | SH |  | DFND |  | 195939 | 0 | 0 |
| STRATEGY INC | CL A NEW | 594972408 |  | 379875 | 2500 | SH | Put | DFND |  | 2500 | 0 | 0 |
| STRATEGY INC | CL A NEW | 594972408 |  | 215617 | 1419 | SH |  | DFND |  | 1419 | 0 | 0 |
| STRATEGY INC | SERIES A PERP PF | 594972887 |  | 2266083 | 28772 | SH |  | DFND |  | 28772 | 0 | 0 |
| STUBHUB HLDGS INC | CL A | 86384P109 |  | 338250 | 25000 | SH | Call | DFND |  | 25000 | 0 | 0 |
| TD SYNNEX CORPORATION | COM | 87162W100 |  | 1367093 | 9100 | SH |  | DFND |  | 9100 | 0 | 0 |
| TESLA INC | COM | 88160R101 |  | 742038 | 1650 | SH |  | DFND |  | 1650 | 0 | 0 |
| TMC THE METALS COMPANY INC | *W EXP 09/09/202 | 87261Y114 |  | 145374 | 112693 | SH |  | DFND |  | 112693 | 0 | 0 |
| TRAVEL PLUS LEISURE CO | COM | 894164102 |  | 4061752 | 57589 | SH |  | DFND |  | 57589 | 0 | 0 |
| TWENTY ONE CAP INC | COM SHS CL A | 90138L109 |  | 175200 | 20000 | SH | Call | DFND |  | 20000 | 0 | 0 |
| UNIFIRST CORP MASS | COM | 904708104 |  | 482250 | 2500 | SH |  | DFND |  | 2500 | 0 | 0 |
| UNITED STS OIL FD LP | UNITS | 91232N207 |  | 243996 | 3528 | SH |  | DFND |  | 3528 | 0 | 0 |
| UNITEDHEALTH GROUP INC | COM | 91324P102 |  | 418579 | 1268 | SH |  | DFND |  | 1268 | 0 | 0 |
| VANECK ETF TRUST | GOLD MINERS ETF | 92189F106 |  | 2561435 | 29864 | SH |  | DFND |  | 29864 | 0 | 0 |
| VARONIS SYS INC | NOTE 1.000% 9/1 | 922280AD4 |  | 2792790 | 3000000 | PRN |  | DFND |  | 3000000 | 0 | 0 |
| VIRTUS DIVIDEND INTEREST  P | COM | 92840R101 |  | 515600 | 40000 | SH |  | DFND |  | 40000 | 0 | 0 |
| VISIONWAVE HOLDINGS INC | *W EXP 07/14/203 | 927950113 |  | 259621 | 221898 | SH |  | DFND |  | 221898 | 0 | 0 |
| VISIONWAVE HOLDINGS INC | COM | 927950105 |  | 926 | 100 | SH |  | DFND |  | 100 | 0 | 0 |
| VOLATILITY SHS TR | 2X ETHER ETF NEW | 92864M798 |  | 207860 | 3800 | SH | Put | DFND |  | 3800 | 0 | 0 |
| VOLATILITY SHS TR | 2X ETHER ETF NEW | 92864M798 |  | 219 | 4 | SH |  | DFND |  | 4 | 0 | 0 |
| WARNER BROS DISCOVERY INC | COM SER A | 934423104 |  | 1008700 | 35000 | SH |  | DFND |  | 35000 | 0 | 0 |
| WESTERN ASSET HIGH YIELD OPP | COM | 95768B107 |  | 213301 | 19113 | SH |  | DFND |  | 19113 | 0 | 0 |
| WESTERN AST INFL LKD OPP  I | COM | 95766R104 |  | 1464286 | 170464 | SH |  | DFND |  | 170464 | 0 | 0 |
| WOLFSPEED INC | COMMON STOCK | 97785W106 |  | 444286 | 25519 | SH |  | DFND |  | 25519 | 0 | 0 |
| YETI HLDGS INC | COM | 98585X104 |  | 2186415 | 49500 | SH |  | DFND |  | 49500 | 0 | 0 |
| ZOOMINFO TECHNOLOGIES INC | COMMON STOCK | 98980F104 |  | 1428926 | 140504 | SH |  | DFND |  | 140504 | 0 | 0 |

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