# EDGAR Filing Document

**Accession Number:** 0002135379
**File Stem:** 0001104659-26-062638
**Filing Date:** 2026-5
**Character Count:** 20267
**Document Hash:** 045a9899216c578d277e8cb7dd53fea4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-062638.hdr.sgml**: 20260515

**ACCESSION NUMBER**: 0001104659-26-062638

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260515

**DATE AS OF CHANGE**: 20260515

**EFFECTIVENESS DATE**: 20260515

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Ares Systematic Credit Ltd
- **CENTRAL INDEX KEY:** 0002135379

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** X0
- **FISCAL YEAR END:** 1231
- **LEGAL ENTITY IDENTIFIER:** 213800VGTO11VEN4HZ47

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-26978
- **FILM NUMBER:** 26988505

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 10 NEW BURLINGTON STREET
- **CITY:** LONDON
- **PROVINCE COUNTRY:** X0
- **ZIP:** W1S 3BE
- **BUSINESS PHONE:** 44 (0) 203 146 1500

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 10 NEW BURLINGTON STREET
- **CITY:** LONDON
- **PROVINCE COUNTRY:** X0
- **ZIP:** W1S 3BE

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 03-31-2026

**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:** Ares Systematic Credit Ltd<br>**Address:** 10 NEW BURLINGTON STREET<br>LONDON, X0 W1S 3BE

**Form 13F File Number:** 028-26978

**CRD Number (if applicable):** 000307090

**SEC File Number (if applicable):** 801-121056

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:** Richa Gulati<br>**Title:** Chief Compliance Officer<br>**Phone:** 646-960-3838

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

/s/ Richa Gulati  New York, NY  05-15-2026<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:** 150

**Form 13F Information Table Value Total:** $126596317

      (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 |
| Advanced Energy Industries Inc | Convertible Bond | 007973AE0 |  | 223450 | 100000 | PRN |  | SOLE |  | 100000 | 0 | 0 |
| Affirm Holdings Inc | Common Stock | 00827B106 |  | 204479 | 4752 | SH |  | SOLE |  | 4752 | 0 | 0 |
| Akamai Technologies Inc | Convertible Bond | 00971TAL5 |  | 1812912 | 1600000 | PRN |  | SOLE |  | 1600000 | 0 | 0 |
| Akamai Technologies Inc | Convertible Bond | 00971TAN1 |  | 3359660 | 3000000 | PRN |  | SOLE |  | 3000000 | 0 | 0 |
| Alarm.com Holdings Inc | Convertible Bond | 011642AD7 |  | 4245904 | 4600000 | PRN |  | SOLE |  | 4600000 | 0 | 0 |
| Albemarle Corp | Preferred Shares | 012653200 |  | 480453 | 6813 | SH |  | SOLE |  | 6813 | 0 | 0 |
| Alphatec Holdings Inc. | Convertible Bond | 02081GAD4 |  | 1958290 | 1900000 | PRN |  | SOLE |  | 1900000 | 0 | 0 |
| Amphastar Pharmaceuticals Inc | Convertible Bond | 03209RAB9 |  | 90520 | 100000 | PRN |  | SOLE |  | 100000 | 0 | 0 |
| Applied Digital Corporation | Convertible Bond | 038169AB4 |  | 234550 | 100000 | PRN |  | SOLE |  | 100000 | 0 | 0 |
| Arrowhead Pharmaceuticals Inc | Common Stock | 04280A100 |  | 759193 | 13169 | SH |  | SOLE |  | 13169 | 0 | 0 |
| Arrowhead Pharmaceuticals Inc | Convertible Bond | 04280AAC4 |  | 990935 | 1000000 | PRN |  | SOLE |  | 1000000 | 0 | 0 |
| Astronics Corp | Common Stock | 046433108 |  | 463225 | 7433 | SH |  | SOLE |  | 7433 | 0 | 0 |
| Avnet Inc | Common Stock | 053807103 |  | 266480 | 4549 | SH |  | SOLE |  | 4549 | 0 | 0 |
| Bandwidth Inc | Convertible Bond | 05988JAD5 |  | 89500 | 100000 | PRN |  | SOLE |  | 100000 | 0 | 0 |
| Bank of America Corporation | Preferred Shares | 060505682 |  | 485614 | 408 | SH |  | SOLE |  | 408 | 0 | 0 |
| Bentley Systems Incorporated | Convertible Bond | 08265TAD1 |  | 950680 | 1000000 | PRN |  | SOLE |  | 1000000 | 0 | 0 |
| BILL Holdings Inc | Common Stock | 090043100 |  | 700782 | 18818 | SH |  | SOLE |  | 18818 | 0 | 0 |
| Blackstone Mortgage Trust Inc. | Convertible Bond | 09257WAE0 |  | 199000 | 200000 | PRN |  | SOLE |  | 200000 | 0 | 0 |
| Block Inc | Common Stock | 852234103 |  | 656872 | 11518 | SH |  | SOLE |  | 11518 | 0 | 0 |
| Block Inc | Convertible Bond | 852234AK9 |  | 281100 | 300000 | PRN |  | SOLE |  | 300000 | 0 | 0 |
| Bloom Energy Corp | Common Stock | 093712107 |  | 724470 | 6062 | SH |  | SOLE |  | 6062 | 0 | 0 |
| Boeing Co/The | Preferred Shares | 097023204 |  | 813884 | 13142 | SH |  | SOLE |  | 13142 | 0 | 0 |
| Box Inc | Convertible Bond | 10316TAD6 |  | 917430 | 1000000 | PRN |  | SOLE |  | 1000000 | 0 | 0 |
| BridgeBio Pharma Inc. | Convertible Bond | 10806XAJ1 |  | 485793 | 300000 | PRN |  | SOLE |  | 300000 | 0 | 0 |
| BrightSpring Health Services Inc | Preferred Shares | 10950A205 |  | 128565 | 923 | SH |  | SOLE |  | 923 | 0 | 0 |
| Capital Southwest Corp | Convertible Bond | 140501AE7 |  | 802400 | 800000 | PRN |  | SOLE |  | 800000 | 0 | 0 |
| Celcuity Inc | Convertible Bond | 15102KAA8 |  | 233557 | 100000 | PRN |  | SOLE |  | 100000 | 0 | 0 |
| Cerence Inc. | Common Stock | 156727109 |  | 462889 | 77666 | SH |  | SOLE |  | 77666 | 0 | 0 |
| Cerence Inc. | Convertible Bond | 156727AD1 |  | 1074600 | 1200000 | PRN |  | SOLE |  | 1200000 | 0 | 0 |
| Cogent Biosciences Inc | Convertible Bond | 19240QAA0 |  | 2107800 | 1800000 | PRN |  | SOLE |  | 1800000 | 0 | 0 |
| Coinbase Global Inc | Common Stock | 19260Q107 |  | 724359 | 4505 | SH |  | SOLE |  | 4505 | 0 | 0 |
| Coinbase Global Inc | Convertible Bond | 19260QAF4 |  | 362795 | 400000 | PRN |  | SOLE |  | 400000 | 0 | 0 |
| Collegium Pharmaceutical Inc | Common Stock | 19459J104 |  | 324954 | 10158 | SH |  | SOLE |  | 10158 | 0 | 0 |
| Datadog Inc | Common Stock | 23804L103 |  | 459766 | 3970 | SH |  | SOLE |  | 3970 | 0 | 0 |
| Dave Inc | Common Stock | 23834J201 |  | 678179 | 4002 | SH |  | SOLE |  | 4002 | 0 | 0 |
| DigitalOcean Holdings Inc | Common Stock | 25402D102 |  | 641441 | 8190 | SH |  | SOLE |  | 8190 | 0 | 0 |
| DigitalOcean Holdings Inc | Convertible Bond | 25402DAB8 |  | 2053275 | 2100000 | PRN |  | SOLE |  | 2100000 | 0 | 0 |
| DraftKings Holdings Inc | Convertible Bond | 26142RAB0 |  | 360827 | 400000 | PRN |  | SOLE |  | 400000 | 0 | 0 |
| Dropbox Inc | Common Stock | 26210C104 |  | 668769 | 29644 | SH |  | SOLE |  | 29644 | 0 | 0 |
| El Paso Energy Capital Trust I | Preferred Shares | 283678209 |  | 365328 | 7200 | SH |  | SOLE |  | 7200 | 0 | 0 |
| Etsy Inc | Common Stock | 29786A106 |  | 454195 | 9562 | SH |  | SOLE |  | 9562 | 0 | 0 |
| Etsy Inc | Convertible Bond | 29786AAJ5 |  | 2248399 | 2300000 | PRN |  | SOLE |  | 2300000 | 0 | 0 |
| Etsy Inc | Convertible Bond | 29786AAL0 |  | 372800 | 400000 | PRN |  | SOLE |  | 400000 | 0 | 0 |
| Evergy Inc | Convertible Bond | 30034WAD8 |  | 2152505 | 1600000 | PRN |  | SOLE |  | 1600000 | 0 | 0 |
| Fastly Inc | Common Stock | 31188V100 |  | 724462 | 28388 | SH |  | SOLE |  | 28388 | 0 | 0 |
| Five9 Inc | Common Stock | 338307101 |  | 461740 | 31262 | SH |  | SOLE |  | 31262 | 0 | 0 |
| Five9 Inc | Convertible Bond | 338307AF8 |  | 2004450 | 2300000 | PRN |  | SOLE |  | 2300000 | 0 | 0 |
| Global Payments Inc. | Convertible Bond | 37940XAU6 |  | 4116395 | 4700000 | PRN |  | SOLE |  | 4700000 | 0 | 0 |
| Granite Construction Inc | Convertible Bond | 387328AD9 |  | 255550 | 100000 | PRN |  | SOLE |  | 100000 | 0 | 0 |
| Granite Construction Inc | Convertible Bond | 387328AF4 |  | 639748 | 400000 | PRN |  | SOLE |  | 400000 | 0 | 0 |
| Green Plains Inc | Convertible Bond | 393222AM6 |  | 707750 | 500000 | PRN |  | SOLE |  | 500000 | 0 | 0 |
| Groupon Inc | Convertible Bond | 399473AH0 |  | 696760 | 700000 | PRN |  | SOLE |  | 700000 | 0 | 0 |
| Guardant Health Inc | Convertible Bond | 40131MAB5 |  | 405280 | 400000 | PRN |  | SOLE |  | 400000 | 0 | 0 |
| Guardant Health Inc | Convertible Bond | 40131MAD1 |  | 640236 | 400000 | PRN |  | SOLE |  | 400000 | 0 | 0 |
| Guidewire Software Inc | Common Stock | 40171V100 |  | 725225 | 5005 | SH |  | SOLE |  | 5005 | 0 | 0 |
| Halozyme Therapeutics Inc | Convertible Bond | 40637HAF6 |  | 125287 | 100000 | PRN |  | SOLE |  | 100000 | 0 | 0 |
| Herbalife Ltd | Common Stock | G4412G101 |  | 647312 | 44921 | SH |  | SOLE |  | 44921 | 0 | 0 |
| Herbalife Ltd | Convertible Bond | 42703MAF0 |  | 1898880 | 1600000 | PRN |  | SOLE |  | 1600000 | 0 | 0 |
| Hewlett Packard Enterprise Co | Preferred Shares | 42824C208 |  | 247112 | 4022 | SH |  | SOLE |  | 4022 | 0 | 0 |
| Immunocore Holdings PLC | Convertible Bond | 45258DAB1 |  | 1953512 | 2200000 | PRN |  | SOLE |  | 2200000 | 0 | 0 |
| InterDigital Inc | Convertible Bond | 45867GAD3 |  | 381000 | 100000 | PRN |  | SOLE |  | 100000 | 0 | 0 |
| Ionis Pharmaceuticals Inc | Convertible Bond | 462222AF7 |  | 735672 | 500000 | PRN |  | SOLE |  | 500000 | 0 | 0 |
| Jazz Investments I Ltd | Convertible Bond | 472145AH4 |  | 277200 | 200000 | PRN |  | SOLE |  | 200000 | 0 | 0 |
| JetBlue Airways Corporation | Convertible Bond | 477143AR2 |  | 3409721 | 3700000 | PRN |  | SOLE |  | 3700000 | 0 | 0 |
| KKR  Co Inc | Preferred Shares | 48251W500 |  | 231392 | 5861 | SH |  | SOLE |  | 5861 | 0 | 0 |
| LCI INDUSTRIES | Convertible Bond | 501812AD3 |  | 2011303 | 1700000 | PRN |  | SOLE |  | 1700000 | 0 | 0 |
| LeMaitre Vascular Inc | Convertible Bond | 525558AB8 |  | 112000 | 100000 | PRN |  | SOLE |  | 100000 | 0 | 0 |
| Life360 Inc | Common Stock | 532206109 |  | 107079 | 2809 | SH |  | SOLE |  | 2809 | 0 | 0 |
| Lumentum Holdings Inc. | Convertible Bond | 55024UAF6 |  | 249931 | 50000 | PRN |  | SOLE |  | 50000 | 0 | 0 |
| Lumentum Holdings Inc. | Convertible Bond | 55024UAH2 |  | 943612 | 100000 | PRN |  | SOLE |  | 100000 | 0 | 0 |
| M/A-COM Technology Solutions Holdings Inc. | Common Stock | 55405Y100 |  | 542370 | 2589 | SH |  | SOLE |  | 2589 | 0 | 0 |
| M/A-COM Technology Solutions Holdings Inc. | Convertible Bond | 55405YAD2 |  | 2803183 | 2000000 | PRN |  | SOLE |  | 2000000 | 0 | 0 |
| Marriott Vacations Worldwide Corp | Convertible Bond | 57164YAF4 |  | 1255482 | 1300000 | PRN |  | SOLE |  | 1300000 | 0 | 0 |
| Microchip Technology Incorporated | Convertible Bond | 595017BG8 |  | 97950 | 100000 | PRN |  | SOLE |  | 100000 | 0 | 0 |
| Microchip Technology Incorporated | Preferred Shares | 595017302 |  | 317990 | 5880 | SH |  | SOLE |  | 5880 | 0 | 0 |
| MicroStrategy Inc | Convertible Bond | 594972AN1 |  | 202400 | 200000 | PRN |  | SOLE |  | 200000 | 0 | 0 |
| MicroStrategy Inc | Convertible Bond | 594972AS0 |  | 498900 | 600000 | PRN |  | SOLE |  | 600000 | 0 | 0 |
| MicroStrategy Inc | Convertible Bond | 594972AU5 |  | 173871 | 200000 | PRN |  | SOLE |  | 200000 | 0 | 0 |
| MKS Inc. | Common Stock | 55306N104 |  | 655614 | 3115 | SH |  | SOLE |  | 3115 | 0 | 0 |
| MKS Inc. | Convertible Bond | 55306NAB0 |  | 309900 | 200000 | PRN |  | SOLE |  | 200000 | 0 | 0 |
| NCL Corporation Ltd | Convertible Bond | 62886HBD2 |  | 97200 | 100000 | PRN |  | SOLE |  | 100000 | 0 | 0 |
| NextEra Energy Capital Holdings Inc | Convertible Bond | 65339KCY4 |  | 1931139 | 1400000 | PRN |  | SOLE |  | 1400000 | 0 | 0 |
| NextEra Energy Partners LP | Common Stock | 65341B106 |  | 228489 | 22578 | SH |  | SOLE |  | 22578 | 0 | 0 |
| NextEra Energy Inc. | Preferred Shares | 65339F119 |  | 40186 | 774 | SH |  | SOLE |  | 774 | 0 | 0 |
| NextEra Energy Inc. | Preferred Shares | 65339F663 |  | 617960 | 11035 | SH |  | SOLE |  | 11035 | 0 | 0 |
| NOVAVAX INC. | Common Stock | 670002401 |  | 724354 | 89537 | SH |  | SOLE |  | 89537 | 0 | 0 |
| Okta Inc | Common Stock | 679295105 |  | 81734 | 1083 | SH |  | SOLE |  | 1083 | 0 | 0 |
| Omnicell Inc | Convertible Bond | 68213NAF6 |  | 96625 | 100000 | PRN |  | SOLE |  | 100000 | 0 | 0 |
| ON Semiconductor Corporation | Convertible Bond | 682189AU9 |  | 95300 | 100000 | PRN |  | SOLE |  | 100000 | 0 | 0 |
| Oracle Corp | Preferred Shares | 68389X204 |  | 458002 | 10483 | SH |  | SOLE |  | 10483 | 0 | 0 |
| Pacira BioSciences Inc | Convertible Bond | 695127AJ9 |  | 97313 | 100000 | PRN |  | SOLE |  | 100000 | 0 | 0 |
| PagerDuty Inc | Common Stock | 69553P100 |  | 297992 | 48454 | SH |  | SOLE |  | 48454 | 0 | 0 |
| Patrick Industries Inc | Convertible Bond | 703343AG8 |  | 829727 | 500000 | PRN |  | SOLE |  | 500000 | 0 | 0 |
| Peabody Energy Corp | Convertible Bond | 704551AD2 |  | 3842313 | 3800000 | PRN |  | SOLE |  | 3800000 | 0 | 0 |
| Peloton Interactive Inc. | Common Stock | 70614W100 |  | 239028 | 59757 | SH |  | SOLE |  | 59757 | 0 | 0 |
| PennyMac Corp | Convertible Bond | 70932AAH6 |  | 103979 | 100000 | PRN |  | SOLE |  | 100000 | 0 | 0 |
| PG Corporation | Preferred Shares | 69331C306 |  | 179322 | 4180 | SH |  | SOLE |  | 4180 | 0 | 0 |
| Pinnacle West Capital Corp | Convertible Bond | 723484AK7 |  | 1944358 | 1700000 | PRN |  | SOLE |  | 1700000 | 0 | 0 |
| Porch Group Inc | Common Stock | 733245104 |  | 539766 | 78227 | SH |  | SOLE |  | 78227 | 0 | 0 |
| PPL CAPITAL FUNDING INC. | Convertible Bond | 69352PAS2 |  | 233550 | 200000 | PRN |  | SOLE |  | 200000 | 0 | 0 |
| Progress Software Corp | Convertible Bond | 743312AD2 |  | 450965 | 500000 | PRN |  | SOLE |  | 500000 | 0 | 0 |
| PTC Therapeutics Inc | Common Stock | 69366J200 |  | 406705 | 6196 | SH |  | SOLE |  | 6196 | 0 | 0 |
| Q2 Holdings Inc | Common Stock | 74736L109 |  | 712488 | 15296 | SH |  | SOLE |  | 15296 | 0 | 0 |
| QXO Inc | Preferred Shares | 82846H504 |  | 66324 | 1265 | SH |  | SOLE |  | 1265 | 0 | 0 |
| Ramaco Resources Inc | Convertible Bond | 75134PAB1 |  | 385500 | 500000 | PRN |  | SOLE |  | 500000 | 0 | 0 |
| Rivian Automotive Inc | Convertible Bond | 76954AAB9 |  | 2200380 | 2100000 | PRN |  | SOLE |  | 2100000 | 0 | 0 |
| Rivian Automotive Inc | Convertible Bond | 76954AAD5 |  | 2154305 | 2300000 | PRN |  | SOLE |  | 2300000 | 0 | 0 |
| Seagate HDD Cayman | Convertible Bond | 81180WBL4 |  | 439636 | 100000 | PRN |  | SOLE |  | 100000 | 0 | 0 |
| Semtech Corp | Common Stock | 816850101 |  | 647635 | 9172 | SH |  | SOLE |  | 9172 | 0 | 0 |
| Shift4 Payments Inc | Preferred Shares | 82452J307 |  | 86694 | 1591 | SH |  | SOLE |  | 1591 | 0 | 0 |
| Sirius XM Holdings Inc | Convertible Bond | 531229AP7 |  | 413900 | 400000 | PRN |  | SOLE |  | 400000 | 0 | 0 |
| Snap Inc | Convertible Bond | 83304AAH9 |  | 91370 | 100000 | PRN |  | SOLE |  | 100000 | 0 | 0 |
| Snap Inc | Convertible Bond | 83304AAK2 |  | 1887480 | 2400000 | PRN |  | SOLE |  | 2400000 | 0 | 0 |
| Snowflake Inc | Common Stock | 833445109 |  | 710416 | 4623 | SH |  | SOLE |  | 4623 | 0 | 0 |
| Snowflake Inc | Convertible Bond | 833445AB5 |  | 238769 | 200000 | PRN |  | SOLE |  | 200000 | 0 | 0 |
| Snowflake Inc | Convertible Bond | 833445AD1 |  | 1727429 | 1400000 | PRN |  | SOLE |  | 1400000 | 0 | 0 |
| SoFi Technologies Inc | Common Stock | 83406F102 |  | 153863 | 10156 | SH |  | SOLE |  | 10156 | 0 | 0 |
| Solaris Oilfield Infrastructure Inc | Convertible Bond | 83419XAB4 |  | 716270 | 600000 | PRN |  | SOLE |  | 600000 | 0 | 0 |
| SOUTHERN CO/THE | Convertible Bond | 842587DZ7 |  | 2117696 | 1900000 | PRN |  | SOLE |  | 1900000 | 0 | 0 |
| Spectrum Brands Inc. | Convertible Bond | 84762LAZ8 |  | 1875386 | 1900000 | PRN |  | SOLE |  | 1900000 | 0 | 0 |
| Sphere Entertainment Co | Convertible Bond | 55826TAB8 |  | 306750 | 100000 | PRN |  | SOLE |  | 100000 | 0 | 0 |
| Starwood Property Trust Inc. | Convertible Bond | 85571BBA2 |  | 102175 | 100000 | PRN |  | SOLE |  | 100000 | 0 | 0 |
| Super Micro Computer Inc. | Convertible Bond | 86800UAB0 |  | 394293 | 500000 | PRN |  | SOLE |  | 500000 | 0 | 0 |
| Super Micro Computer Inc. | Convertible Bond | 86800UAD6 |  | 2742451 | 3200000 | PRN |  | SOLE |  | 3200000 | 0 | 0 |
| Synaptics Incorporated | Common Stock | 87157D109 |  | 548820 | 8433 | SH |  | SOLE |  | 8433 | 0 | 0 |
| T1 Energy Inc | Convertible Bond | 35834FAB0 |  | 1215000 | 1000000 | PRN |  | SOLE |  | 1000000 | 0 | 0 |
| Terawulf Inc | Common Stock | 88080T104 |  | 384723 | 28082 | SH |  | SOLE |  | 28082 | 0 | 0 |
| Transocean Ltd | Common Stock | H8817H100 |  | 324327 | 48771 | SH |  | SOLE |  | 48771 | 0 | 0 |
| UGI Corp | Convertible Bond | 902681AB1 |  | 707165 | 500000 | PRN |  | SOLE |  | 500000 | 0 | 0 |
| Unity Software Inc | Common Stock | 91332U101 |  | 868657 | 42291 | SH |  | SOLE |  | 42291 | 0 | 0 |
| Unity Software Inc | Convertible Bond | 91332UAB7 |  | 291902 | 300000 | PRN |  | SOLE |  | 300000 | 0 | 0 |
| Upwork Inc | Common Stock | 91688F104 |  | 704501 | 66651 | SH |  | SOLE |  | 66651 | 0 | 0 |
| Upwork Inc | Convertible Bond | 91688FAB0 |  | 98125 | 100000 | PRN |  | SOLE |  | 100000 | 0 | 0 |
| Vishay Intertechnology Inc | Convertible Bond | 928298AR9 |  | 187800 | 200000 | PRN |  | SOLE |  | 200000 | 0 | 0 |
| VSE Corp | Preferred Shares | 918284209 |  | 88520 | 1961 | SH |  | SOLE |  | 1961 | 0 | 0 |
| Wayfair Inc | Common Stock | 94419L101 |  | 307481 | 4421 | SH |  | SOLE |  | 4421 | 0 | 0 |
| Wayfair Inc | Convertible Bond | 94419LAP6 |  | 64220 | 52000 | PRN |  | SOLE |  | 52000 | 0 | 0 |
| Wayfair Inc | Convertible Bond | 94419LAR2 |  | 163750 | 100000 | PRN |  | SOLE |  | 100000 | 0 | 0 |
| WEC ENERGY GROUP INC. | Convertible Bond | 92939UAP1 |  | 4208172 | 3500000 | PRN |  | SOLE |  | 3500000 | 0 | 0 |
| Wells Fargo  Co | Preferred Shares | 949746804 |  | 628650 | 550 | SH |  | SOLE |  | 550 | 0 | 0 |
| Western Digital Corp | Convertible Bond | 958102AT2 |  | 1333233 | 200000 | PRN |  | SOLE |  | 200000 | 0 | 0 |
| Winnebago Industries Inc | Common Stock | 974637100 |  | 333231 | 10562 | SH |  | SOLE |  | 10562 | 0 | 0 |
| Winnebago Industries Inc | Convertible Bond | 974637AF7 |  | 1999800 | 2200000 | PRN |  | SOLE |  | 2200000 | 0 | 0 |
| Workiva Inc | Common Stock | 98139A105 |  | 679863 | 11582 | SH |  | SOLE |  | 11582 | 0 | 0 |
| Workiva Inc | Convertible Bond | 98139AAD7 |  | 2335446 | 2500000 | PRN |  | SOLE |  | 2500000 | 0 | 0 |
| Xometry Inc | Common Stock | 98423F109 |  | 603386 | 16129 | SH |  | SOLE |  | 16129 | 0 | 0 |
| Xometry Inc | Convertible Bond | 98423FAB5 |  | 836000 | 800000 | PRN |  | SOLE |  | 800000 | 0 | 0 |
| Ziff Davis Inc | Convertible Bond | 48123VAH5 |  | 490125 | 500000 | PRN |  | SOLE |  | 500000 | 0 | 0 |
| Zscaler Inc | Common Stock | 98980G102 |  | 190105 | 1385 | SH |  | SOLE |  | 1385 | 0 | 0 |
| Envista Holdings Corp | Convertible Bond | 29415FAD6 |  | 3657250 | 3700000 | PRN |  | SOLE |  | 3700000 | 0 | 0 |

---