Paloma Partners Management 13F-HR Quarterly holdings report by institutional manager

The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE

OMB APPROVAL

OMB Number:		3235-0006
Expires:	Oct 31, 2018
Estimated average burden
hours per response:		23.8

COLUMN 1	COLUMN 2	COLUMN 3	COLUMN 4	COLUMN 5			COLUMN 6	COLUMN 7	COLUMN 8
			VALUE	SHRS OR	SH/	PUT/	INVESTMENT	OTHER	VOTING AUTHORITY
NAME OF ISSUER	TITLE OF CLASS	CUSIP	(x$1000)	PRN AMT	PRN	CALL	DISCRETION	MANAGER	SOLE	SHARED	NONE
ADOBE INC	COM	00724F101	20,642,046	46,420	SH		DFND	1	46,420	0	0
ADVANCED MICRO DEVICES INC	COM	007903107	483,160	4,000	SH	Call	OTR	1,2	0	0	0
ADVANCED MICRO DEVICES INC	COM	007903107	495,239	4,100	SH	Put	OTR	1,2	0	0	0
ADVANCED MICRO DEVICES INC	COM	007903107	162,342	1,344	SH		OTR	1,2	0	1,344	0
AKAMAI TECHNOLOGIES INC	NOTE 0.125% 5/0	00971TAJ0	1,992,825	1,875,000	PRN		OTR	1,3,4	0	1,875,000	0
ALBEMARLE CORP	7.25% DEP SHS A	012653200	2,370,786	58,000	SH		OTR	1,3,4	0	58,000	0
ALCOA CORP	COM	013872106	9,445,000	250,000	SH	Call	DFND	1	0	0	0
ALCOA CORP	COM	013872106	70,158,027	1,857,015	SH		DFND	1	1,857,015	0	0
ALLEGRO MICROSYSTEMS INC	COM	01749D105	45,989,068	2,103,800	SH		DFND	1	2,103,800	0	0
ALLETE INC	COM NEW	018522300	394,502	6,088	SH		OTR	1,3,4	0	6,088	0
ALTA EQUIPMENT GROUP INC	COMMON STOCK	02128L106	1,323,428	202,359	SH		DFND	1	202,359	0	0
ALTICE USA INC	CL A	02156K103	469,950	195,000	SH		OTR	1,3,4	0	195,000	0
ALTICE USA INC	CL A	02156K103	5,911,588	2,452,941	SH		DFND	1	2,452,941	0	0
AMAZON COM INC	COM	023135106	658,170	3,000	SH		DFND	1	3,000	0	0
AMERICAN AIRLINES GROUP INC	NOTE 6.500% 7/0	02376RAF9	3,699,620	3,076,000	PRN		OTR	1,3,4	0	3,076,000	0
AMETEK INC	COM	031100100	7,661,050	42,500	SH		DFND	1	42,500	0	0
ANGLOGOLD ASHANTI PLC	COM SHS	G0378L100	288,385	12,495	SH		OTR	1	0	12,495	0
ANSYS INC	COM	03662Q105	1,151,982	3,415	SH		OTR	1,3,4	0	3,415	0
AON PLC	SHS CL A	G0403H108	538,740	1,500	SH	Call	OTR	1,2	0	0	0
AON PLC	SHS CL A	G0403H108	395,076	1,100	SH	Put	OTR	1,2	0	0	0
APOLLO GLOBAL MGMT INC	COM	03769M106	379,868	2,300	SH	Call	OTR	1,2	0	0	0
APOLLO GLOBAL MGMT INC	SER A MAND CNV	03769M304	2,839,171	32,500	SH		OTR	1,3,4	0	32,500	0
APTIV PLC	COM SHS	G3265R107	55,006,560	909,500	SH		DFND	1	909,500	0	0
ARCADIUM LITHIUM PLC	COM SHS	G0508H110	26,676	5,200	SH	Put	OTR	1,3,4	0	0	0
ARCADIUM LITHIUM PLC	COM SHS	G0508H110	1,452,965	283,229	SH		OTR	1,3,4	0	283,229	0
ARISTA NETWORKS INC	COM SHS	040413205	3,360,112	30,400	SH		DFND	1	30,400	0	0
ARM HOLDINGS PLC	SPONSORED ADS	042068205	1,224,718	9,928	SH		DFND	1	9,928	0	0
ASPEN TECHNOLOGY INC	COM	29109X106	355,723	1,425	SH		OTR	1,3,4	0	1,425	0
ATLASSIAN CORPORATION	CL A	049468101	596,768	2,452	SH		DFND	1	2,452	0	0
AVALONBAY CMNTYS INC	COM	053484101	1,143,844	5,200	SH	Call	OTR	1,2	0	0	0
BANK AMERICA CORP	COM	060505104	1,098,750	25,000	SH	Put	OTR	1,3,4	0	0	0
BERRY GLOBAL GROUP INC	COM	08579W103	615,658	9,520	SH		OTR	1,3,4	0	9,520	0
BITDEER TECHNOLOGIES GROUP	CL A ORD SHS	G11448100	3,861,594	178,200	SH		DFND	1	178,200	0	0
BITDEER TECHNOLOGIES GROUP	NOTE 8.500% 8/1	09175RAA8	2,193,847	794,000	PRN		OTR	1,3,4	0	794,000	0
BITFARMS LTD	COM	09173B107	2,684,831	1,801,900	SH		DFND	1	1,801,900	0	0
BLACKSTONE INC	COM	09260D107	896,584	5,200	SH	Call	OTR	1,2	0	0	0
BLACKSTONE INC	COM	09260D107	568,986	3,300	SH	Put	OTR	1,2	0	0	0
BLOCK INC	NOTE 0.125% 3/0	852234AF0	2,000,065	2,011,000	PRN		OTR	1,3,4	0	2,011,000	0
BRAZE INC	COM CL A	10576N102	5,181,561	123,724	SH		DFND	1	123,724	0	0
BRIDGEBIO PHARMA INC	NOTE 2.250% 2/0	10806XAD4	659,422	762,000	PRN		OTR	1,3,4	0	762,000	0
CADENCE DESIGN SYSTEM INC	COM	127387108	1,502,300	5,000	SH		DFND	1	5,000	0	0
CAESARS ENTERTAINMENT INC NE	COM	12769G100	417,750	12,500	SH		OTR	1,3,4	0	12,500	0
CALUMET INC	COM	131428104	1,321,200	60,000	SH	Put	OTR	1	0	0	0
CAPITAL SOUTHWEST CORP	NOTE 5.125%11/1	140501AE7	14,520,195	14,750,000	PRN		DFND	1	14,750,000	0	0
CAVA GROUP INC	COM	148929102	338,400	3,000	SH	Put	OTR	1,3,4	0	0	0
CENCORA INC	COM	03073E105	921,188	4,100	SH	Call	OTR	1,2	0	0	0
CENCORA INC	COM	03073E105	584,168	2,600	SH	Put	OTR	1,2	0	0	0
CENCORA INC	COM	03073E105	175,924	783	SH		OTR	1,2	0	783	0
CHEESECAKE FACTORY INC	NOTE 0.375% 6/1	163072AA9	5,920,158	6,000,000	PRN		DFND	1	6,000,000	0	0
CHENIERE ENERGY INC	COM NEW	16411R208	390,419	1,817	SH		OTR	1,2	0	1,817	0
CIPHER MINING INC	COM	17253J106	464,000	100,000	SH		DFND	1	100,000	0	0
CNFINANCE HLDGS LTD	SPON ADS	18979T105	2,900,708	3,053,377	SH		DFND	1	3,053,377	0	0
COCA COLA CO	COM	191216100	1,556,500	25,000	SH	Put	OTR	1	0	0	0
COCA COLA CO	COM	191216100	142,638	2,291	SH		OTR	1	0	2,291	0
COGNIZANT TECHNOLOGY SOLUTIO	CL A	192446102	884,350	11,500	SH	Call	OTR	1,2	0	0	0
COGNIZANT TECHNOLOGY SOLUTIO	CL A	192446102	592,130	7,700	SH	Put	OTR	1,2	0	0	0
COHERENT CORP	COM	19247G107	2,178,790	23,000	SH		DFND	1	23,000	0	0
COMMSCOPE HLDG CO INC	COM	20337X109	350,008	67,180	SH		OTR	1	0	67,180	0
COMMSCOPE HLDG CO INC	COM	20337X109	324,234	62,233	SH		OTR	1,3,4	0	62,233	0
CONFLUENT INC	CLASS A COM	20717M103	28	1	SH		OTR	1	0	1	0
CONFLUENT INC	CLASS A COM	20717M103	1,537,800	55,000	SH		DFND	1	55,000	0	0
CONOCOPHILLIPS	COM	20825C104	76,281,564	769,200	SH		DFND	1	769,200	0	0
CONSTELLIUM SE	CL A SHS	F21107101	2,567,500	250,000	SH		DFND	1	250,000	0	0
CRESCENT ENERGY COMPANY	CL A COM	44952J104	146,100	10,000	SH		DFND	1	10,000	0	0
CRH PLC	ORD	G25508105	443,541	4,794	SH		OTR	1,2	0	4,794	0
CROWDSTRIKE HLDGS INC	CL A	22788C105	615,888	1,800	SH	Call	OTR	1,2	0	0	0
CROWDSTRIKE HLDGS INC	CL A	22788C105	513,240	1,500	SH	Put	OTR	1,2	0	0	0
CROWDSTRIKE HLDGS INC	CL A	22788C105	485,525	1,419	SH		OTR	1,2	0	1,419	0
CROWDSTRIKE HLDGS INC	CL A	22788C105	1,197,560	3,500	SH		DFND	1	3,500	0	0
CUSTOM TRUCK ONE SOURCE INC	COM CL A	23204X103	817,700	170,000	SH		OTR	1	0	170,000	0
DARLING INGREDIENTS INC	COM	237266101	43,948,605	1,304,500	SH		DFND	1	1,304,500	0	0
DEXCOM INC	NOTE 0.375% 5/1	252131AM9	2,719,139	3,025,000	PRN		OTR	1,3,4	0	3,025,000	0
DIAMONDBACK ENERGY INC	COM	25278X109	23,755,350	145,000	SH		DFND	1	145,000	0	0
DIGITAL RLTY TR INC	COM	253868103	292,417	1,649	SH		OTR	1,2	0	1,649	0
DIGITAL RLTY TR INC	COM	253868103	229,642	1,295	SH		OTR	1,3,4	0	1,295	0
DISCOVER FINL SVCS	COM	254709108	1,734,725	10,014	SH		OTR	1,3,4	0	10,014	0
DOW INC	COM	260557103	200,650	5,000	SH		DFND	1	5,000	0	0
DRAFTKINGS INC NEW	COM CL A	26142V105	14,880,000	400,000	SH	Call	DFND	1	0	0	0
DRAFTKINGS INC NEW	COM CL A	26142V105	28,138,898	756,422	SH		DFND	1	756,422	0	0
DRAFTKINGS INC NEW	NOTE 3/1	26142RAB0	639,886	750,000	PRN		OTR	1,3,4	0	750,000	0
DROPBOX INC	NOTE 3/0	26210CAD6	408,885	400,000	PRN		OTR	1,3,4	0	400,000	0
DUPONT DE NEMOURS INC	COM	26614N102	3,050,000	40,000	SH		DFND	1	40,000	0	0
ECHOSTAR CORP	NOTE 3.875%11/3	278768AB2	426,532	400,000	PRN		OTR	1,3,4	0	400,000	0
EHEALTH INC	COM	28238P109	209,958	22,336	SH		OTR	1,3,4	0	22,336	0
ENVISTA HOLDINGS CORPORATION	NOTE 2.375% 6/0	29415FAB0	270,336	250,000	PRN		OTR	1,3,4	0	250,000	0
EOG RES INC	COM	26875P101	747,738	6,100	SH	Call	OTR	1,2	0	0	0
EOG RES INC	COM	26875P101	527,094	4,300	SH	Put	OTR	1,2	0	0	0
EOG RES INC	COM	26875P101	123	1	SH		OTR	1	0	1	0
EQT CORP	COM	26884L109	778,245	16,878	SH		OTR	1,3,4	0	16,878	0
EQT CORP	COM	26884L109	43,988,940	954,000	SH		DFND	1	954,000	0	0
EQUINOX GOLD CORP	NOTE 4.750%10/1	29446YAC0	3,861,880	3,500,000	PRN		DFND	1	3,500,000	0	0
EVERI HLDGS INC	COM	30034T103	543,318	40,216	SH		OTR	1,3,4	0	40,216	0
EVERSOURCE ENERGY	COM	30040W108	723,618	12,600	SH	Put	OTR	1,2	0	0	0
EVERSOURCE ENERGY	COM	30040W108	500,962	8,723	SH		OTR	1,2	0	8,723	0
EVGO INC	CL A COM	30052F100	121,500	30,000	SH		DFND	1	30,000	0	0
EXACT SCIENCES CORP	NOTE 0.375% 3/0	30063PAC9	543,055	613,000	PRN		OTR	1,3,4	0	613,000	0
EXACT SCIENCES CORP	NOTE 0.375% 3/1	30063PAB1	523,610	563,000	PRN		OTR	1,3,4	0	563,000	0
EXPEDIA GROUP INC	COM NEW	30212P303	31,303	168	SH		OTR	1,3,4	0	168	0
EXPEDIA GROUP INC	NOTE 2/1	30212PBE4	600,951	604,000	PRN		OTR	1,3,4	0	604,000	0
FORD MTR CO	COM	345370860	198,000	20,000	SH	Put	OTR	1	0	0	0
FORD MTR CO	NOTE 3/1	345370CZ1	2,108,140	2,175,000	PRN		OTR	1,3,4	0	2,175,000	0
FREEPORT-MCMORAN INC	CL B	35671D857	23,343,040	613,000	SH		DFND	1	613,000	0	0
FRONTIER COMMUNICATIONS PARE	COM	35909D109	2,047,127	58,995	SH		OTR	1,3,4	0	58,995	0
GREENFIRE RES LTD NEW	COM SHS	39525U107	3,082,163	436,567	SH		OTR	1,3,4	0	436,567	0
GUESS INC	NOTE 3.750% 4/1	401617AF2	17,880,671	18,790,000	PRN		DFND	1	18,790,000	0	0
HERTZ GLOBAL HLDGS INC	COM NEW	42806J700	36,600	10,000	SH	Call	OTR	1,3,4	0	0	0
HEWLETT PACKARD ENTERPRISE C	7.625 MAND CONV	42824C208	4,348,276	70,000	SH		OTR	1,3,4	0	70,000	0
HOME DEPOT INC	COM	437076102	972,475	2,500	SH	Call	OTR	1,2	0	0	0
HUBSPOT INC	COM	443573100	1,556,584	2,234	SH		DFND	1	2,234	0	0
HUNT J B TRANS SVCS INC	COM	445658107	7,679,700	45,000	SH		DFND	1	45,000	0	0
HYATT HOTELS CORP	COM CL A	448579102	3,924,500	25,000	SH		DFND	1	25,000	0	0
IDEX CORP	COM	45167R104	8,371,600	40,000	SH		DFND	1	40,000	0	0
IHS HOLDING LIMITED	ORD SHS	G4701H109	565,949	193,818	SH		OTR	1,3,4	0	193,818	0
INTEL CORP	COM	458140100	63,145,470	3,149,400	SH		DFND	1	3,149,400	0	0
INTEL CORP	COM	458140100	681,700	34,000	SH	Call	OTR	1,3,4	0	0	0
INTEL CORP	COM	458140100	5,012,500	250,000	SH	Call	DFND	1	0	0	0
INTERPUBLIC GROUP COS INC	COM	460690100	344,534	12,296	SH		OTR	1,3,4	0	12,296	0
INVESCO QQQ TR	UNIT SER 1	46090E103	20,449,200	40,000	SH	Call	OTR	1,2	0	0	0
INVESCO QQQ TR	UNIT SER 1	46090E103	20,500,323	40,100	SH	Put	OTR	1,2	0	0	0
INVESCO QQQ TR	UNIT SER 1	46090E103	5,720,664	11,190	SH		OTR	1,2	0	11,190	0
IREN LIMITED	ORDINARY SHARES	Q4982L109	5,336,581	543,440	SH		DFND	1	543,440	0	0
ISHARES BITCOIN TRUST ETF	SHS BEN INT	46438F101	1,591,500	30,000	SH	Put	OTR	1,3,4	0	0	0
ISHARES TR	20 YR TR BD ETF	464287432	706,674	8,092	SH		OTR	1	0	8,092	0
ISHARES TR	20 YR TR BD ETF	464287432	3,957,708	45,319	SH		OTR	1,2	0	45,319	0
ISHARES TR	20 YR TR BD ETF	464287432	8,733,000	100,000	SH		DFND	1	100,000	0	0
ISHARES TR	MSCI EMG MKT ETF	464287234	225,828	5,400	SH	Call	OTR	1,3,4	0	0	0
ISHARES TR	MSCI EAFE ETF	464287465	2,729,521	36,100	SH	Put	OTR	1,2	0	0	0
ISHARES TR	CHINA LG-CAP ETF	464287184	18,717,556	614,900	SH	Put	OTR	1,2	0	0	0
ISHARES TR	ISHARES BIOTECH	464287556	1,850,940	14,000	SH	Call	OTR	1,2	0	0	0
ISHARES TR	ISHARES BIOTECH	464287556	806,481	6,100	SH	Put	OTR	1,2	0	0	0
ISHARES TR	20 YR TR BD ETF	464287432	873,300	10,000	SH	Call	OTR	1,3,4	0	0	0
ISHARES TR	20 YR TR BD ETF	464287432	3,833,787	43,900	SH	Put	OTR	1,2	0	0	0
ISHARES TR	20 YR TR BD ETF	464287432	6,549,750	75,000	SH	Put	OTR	1,3,4	0	0	0
ISHARES TR	CHINA LG-CAP ETF	464287184	249,608	8,200	SH		OTR	1	0	8,200	0
ISHARES TR	CHINA LG-CAP ETF	464287184	18,985,093	623,689	SH		OTR	1,2	0	623,689	0
ISHARES TR	CHINA LG-CAP ETF	464287184	228,300	7,500	SH		OTR	1,3,4	0	7,500	0
ISHARES TR	IBOXX HI YD ETF	464288513	770,770	9,800	SH	Put	OTR	1,2	0	0	0
ISHARES TR	IBOXX HI YD ETF	464288513	11,954,800	152,000	SH	Put	OTR	1,3,4	0	0	0
ISHARES TR	IBOXX HI YD ETF	464288513	3,932,500	50,000	SH		OTR	1	0	50,000	0
ISHARES TR	IBOXX HI YD ETF	464288513	838,881	10,666	SH		OTR	1,2	0	10,666	0
ISHARES TR	IBOXX INV CP ETF	464287242	8,547,200	80,000	SH		OTR	1	0	80,000	0
ISHARES TR	MSCI EAFE ETF	464287465	1,145,492	15,150	SH		OTR	1	0	15,150	0
ISHARES TR	MSCI EAFE ETF	464287465	1,828,855	24,188	SH		OTR	1,2	0	24,188	0
ISHARES TR	MSCI EMG MKT ETF	464287234	3,341,418	79,900	SH		OTR	1	0	79,900	0
ISHARES TR	RUSSELL 2000 ETF	464287655	839,648	3,800	SH	Call	OTR	1,2	0	0	0
ISHARES TR	RUSSELL 2000 ETF	464287655	1,193,184	5,400	SH		OTR	1	0	5,400	0
ISHARES TR	U.S. REAL ES ETF	464287739	124,700	1,340	SH		OTR	1,2	0	1,340	0
ISHARES TR	ISHARES BIOTECH	464287556	222,113	1,680	SH		OTR	1,2	0	1,680	0
JANUS DETROIT STR TR	HENDRSON AAA CL	47103U845	1,217,040	24,000	SH		OTR	1,3,4	0	24,000	0
JAZZ INVESTMENTS I LTD	NOTE 2.000% 6/1	472145AF8	1,243,830	1,225,000	PRN		OTR	1,3,4	0	1,225,000	0
KELLANOVA	COM	487836108	2,260,925	27,923	SH		OTR	1,3,4	0	27,923	0
KRISPY KREME INC	COM	50101L106	8,992,151	905,554	SH		DFND	1	905,554	0	0
LATTICE SEMICONDUCTOR CORP	COM	518415104	3,399,000	60,000	SH		DFND	1	60,000	0	0
LESLIES INC	COM	527064109	490,600	220,000	SH		OTR	1	0	220,000	0
LIVE NATION ENTERTAINMENT IN	NOTE 3.125% 1/1	538034BA6	31,960,581	23,159,000	PRN		DFND	1	23,159,000	0	0
MAGNERA CORP	COM SHS	55939A107	219,366	12,073	SH		OTR	1	0	12,073	0
MARRIOTT INTL INC NEW	CL A	571903202	1,311,018	4,700	SH	Call	OTR	1,2	0	0	0
MARVELL TECHNOLOGY INC	COM	573874104	17,451	158	SH		OTR	1	0	158	0
MARVELL TECHNOLOGY INC	COM	573874104	2,761,250	25,000	SH		DFND	1	25,000	0	0
MICROSOFT CORP	COM	594918104	7,671,300	18,200	SH		DFND	1	18,200	0	0
MICROSTRATEGY INC	CL A NEW	594972408	202,734	700	SH	Put	OTR	1,3,4	0	0	0
MOBILEYE GLOBAL INC	COMMON CLASS A	60741F104	5,976,000	300,000	SH	Call	DFND	1	0	0	0
MOBILEYE GLOBAL INC	COMMON CLASS A	60741F104	21,200,856	1,064,300	SH		DFND	1	1,064,300	0	0
MOHAWK INDS INC	COM	608190104	27,519,030	231,000	SH		DFND	1	231,000	0	0
NABORS INDS INC	NOTE 1.750% 6/1	62957HAL9	699,020	961,000	PRN		OTR	1,3,4	0	961,000	0
NCL CORP LTD	NOTE 2.500% 2/1	62886HBK6	2,722,133	2,564,000	PRN		OTR	1,3,4	0	2,564,000	0
NEBIUS GROUP N.V.	SHS CLASS A	N97284108	55,400	2,000	SH		OTR	1,3,4	0	2,000	0
NEBIUS GROUP N.V.	SHS CLASS A	N97284108	1,246,500	45,000	SH		DFND	1	45,000	0	0
NEXTERA ENERGY INC	UNIT 06/01/2027	65339F663	3,356,292	68,750	SH		OTR	1,3,4	0	68,750	0
NEXTERA ENERGY INC	UNIT 11/01/2027	65339F119	1,257,598	27,500	SH		OTR	1,3,4	0	27,500	0
NIO INC	NOTE 3.875%10/1	62914VAJ5	13,259,569	17,602,000	PRN		DFND	1	17,602,000	0	0
NIO INC	NOTE 4.625%10/1	62914VAK2	49,850,984	70,926,000	PRN		DFND	1	70,926,000	0	0
NOBLE CORP PLC	ORD SHS A	G65431127	193,424	6,160	SH	Call	OTR	1,3,4	0	0	0
NOBLE CORP PLC	ORD SHS A	G65431127	23,770	757	SH		OTR	1,3,4	0	757	0
NOBLE CORP PLC	ORD SHS A	G65431127	26,746,646	851,804	SH		DFND	1	851,804	0	0
NORTHERN OIL & GAS INC	NOTE 3.625% 4/1	665531AJ8	29,779,537	25,260,000	PRN		DFND	1	25,260,000	0	0
NVIDIA CORPORATION	COM	67066G104	537,160	4,000	SH	Call	OTR	1,2	0	0	0
NVIDIA CORPORATION	COM	67066G104	550,589	4,100	SH	Put	OTR	1,2	0	0	0
NVIDIA CORPORATION	COM	67066G104	617,734	4,600	SH	Put	OTR	1,3,4	0	0	0
NVIDIA CORPORATION	COM	67066G104	33,572,500	250,000	SH	Put	DFND	1	0	0	0
NVIDIA CORPORATION	COM	67066G104	146,242	1,089	SH		OTR	1,2	0	1,089	0
OCCIDENTAL PETE CORP	COM	674599105	973,377	19,700	SH	Call	OTR	1,2	0	0	0
OKTA INC	CL A	679295105	17,655,376	224,053	SH		DFND	1	224,053	0	0
OLD DOMINION FREIGHT LINE IN	COM	679580100	7,056,000	40,000	SH		DFND	1	40,000	0	0
ON SEMICONDUCTOR CORP	COM	682189105	7,566,000	120,000	SH		DFND	1	120,000	0	0
ORACLE CORP	COM	68389X105	499,920	3,000	SH		DFND	1	3,000	0	0
PAYPAL HLDGS INC	COM	70450Y103	827,895	9,700	SH	Call	OTR	1,2	0	0	0
PDD HOLDINGS INC	NOTE 12/0	722304AC6	3,323,370	3,457,000	PRN		OTR	1,3,4	0	3,457,000	0
PEABODY ENGR CORP	NOTE 3.250% 3/0	704551AD2	640,485	500,000	PRN		OTR	1,3,4	0	500,000	0
PEPSICO INC	COM	713448108	957,978	6,300	SH	Call	OTR	1,2	0	0	0
PEPSICO INC	COM	713448108	1,383,746	9,100	SH	Put	OTR	1,2	0	0	0
PEPSICO INC	COM	713448108	252,420	1,660	SH		OTR	1,2	0	1,660	0
PERMIAN RESOURCES CORP	CLASS A COM	71424F105	215,700	15,000	SH		DFND	1	15,000	0	0
PG&E CORP	COM	69331C108	201,800	10,000	SH		DFND	1	10,000	0	0
QUALCOMM INC	COM	747525103	6,194,573	40,324	SH		DFND	1	40,324	0	0
REGAL REXNORD CORPORATION	COM	758750103	6,205,200	40,000	SH		DFND	1	40,000	0	0
RIO TINTO PLC	SPONSORED ADR	767204100	40,031,967	680,700	SH		DFND	1	680,700	0	0
RIVIAN AUTOMOTIVE INC	NOTE 4.625% 3/1	76954AAB9	288,706	280,000	PRN		OTR	1,3,4	0	280,000	0
ROCKWELL AUTOMATION INC	COM	773903109	7,859,225	27,500	SH		DFND	1	27,500	0	0
ROYAL CARIBBEAN GROUP	NOTE 6.000% 8/1	780153BQ4	8,776,511	1,882,000	PRN		OTR	1,3,4	0	1,882,000	0
SALESFORCE INC	COM	79466L302	29,822,236	89,200	SH		DFND	1	89,200	0	0
SEA LTD	NOTE 2.375%12/0	81141RAF7	5,403,843	4,250,000	PRN		OTR	1,3,4	0	4,250,000	0
SEAGATE HDD CAYMAN	NOTE 3.500% 6/0	81180WBL4	42,610,082	35,082,000	PRN		DFND	1	35,082,000	0	0
SELECT SECTOR SPDR TR	ENERGY	81369Y506	6,672,914	77,900	SH	Call	OTR	1,2	0	0	0
SELECT SECTOR SPDR TR	ENERGY	81369Y506	4,796,960	56,000	SH	Put	OTR	1,2	0	0	0
SELECT SECTOR SPDR TR	ENERGY	81369Y506	4,013,771	46,857	SH		OTR	1,2	0	46,857	0
SELECT SECTOR SPDR TR	SBI CONS DISCR	81369Y407	1,772,365	7,900	SH	Call	OTR	1,2	0	0	0
SELECT SECTOR SPDR TR	SBI CONS STPLS	81369Y308	6,037,484	76,803	SH		OTR	1	0	76,803	0
SELECT SECTOR SPDR TR	SBI HEALTHCARE	81369Y209	8,116,630	59,000	SH	Call	OTR	1,2	0	0	0
SELECT SECTOR SPDR TR	SBI HEALTHCARE	81369Y209	825	6	SH		OTR	1	0	6	0
SELECT SECTOR SPDR TR	SBI INT-UTILS	81369Y886	1,135,350	15,000	SH	Call	OTR	1	0	0	0
SELECT SECTOR SPDR TR	SBI INT-UTILS	81369Y886	1,059,660	14,000	SH	Call	OTR	1,2	0	0	0
SELECT SECTOR SPDR TR	SBI INT-UTILS	81369Y886	1,328,965	17,558	SH		OTR	1	0	17,558	0
SELECT SECTOR SPDR TR	SBI MATERIALS	81369Y100	5,990,768	71,200	SH	Put	OTR	1,2	0	0	0
SELECT SECTOR SPDR TR	SBI MATERIALS	81369Y100	6,891,066	81,900	SH		OTR	1,2	0	81,900	0
SELECT SECTOR SPDR TR	TECHNOLOGY	81369Y803	232,520	1,000	SH		OTR	1	0	1,000	0
SELECT SECTOR SPDR TR	FINANCIAL	81369Y605	2,387,502	49,400	SH	Call	OTR	1,2	0	0	0
SELECT SECTOR SPDR TR	FINANCIAL	81369Y605	376,974	7,800	SH	Put	OTR	1,2	0	0	0
SELECT SECTOR SPDR TR	FINANCIAL	81369Y605	3,086,547	63,864	SH		OTR	1	0	63,864	0
SELECT SECTOR SPDR TR	INDL	81369Y704	158,112	1,200	SH		OTR	1	0	1,200	0
SELECTQUOTE INC	COM	816307300	142,327	38,260	SH		OTR	1,3,4	0	38,260	0
SHERWIN WILLIAMS CO	COM	824348106	543,888	1,600	SH	Call	OTR	1,2	0	0	0
SHIFT4 PMTS INC	NOTE 0.500% 8/0	82452JAD1	151,871	140,000	PRN		OTR	1,3,4	0	140,000	0
SNOWFLAKE INC	CL A	833445109	34,151,786	221,176	SH		DFND	1	221,176	0	0
SOUTHWEST AIRLS CO	NOTE 1.250% 5/0	844741BG2	2,458,989	2,381,000	PRN		OTR	1,3,4	0	2,381,000	0
SPDR DOW JONES INDL AVERAGE	UT SER 1	78467X109	2,978,500	7,000	SH		OTR	1	0	7,000	0
SPDR DOW JONES INDL AVERAGE	UT SER 1	78467X109	177,434	417	SH		OTR	1,2	0	417	0
SPDR S&P 500 ETF TR	TR UNIT	78462F103	3,750,912	6,400	SH	Call	OTR	1,2	0	0	0
SPDR S&P 500 ETF TR	TR UNIT	78462F103	11,721,600	20,000	SH	Put	OTR	1	0	0	0
SPDR S&P 500 ETF TR	TR UNIT	78462F103	6,505,488	11,100	SH	Put	OTR	1,2	0	0	0
SPDR S&P 500 ETF TR	TR UNIT	78462F103	439,560,000	750,000	SH	Put	DFND	1	0	0	0
SPDR S&P 500 ETF TR	TR UNIT	78462F103	3,985,344	6,800	SH		OTR	1	0	6,800	0
SPDR S&P 500 ETF TR	TR UNIT	78462F103	5,134,647	8,761	SH		OTR	1,2	0	8,761	0
SPDR SER TR	S&P METALS MNG	78464A755	3,166,650	55,800	SH	Call	OTR	1,2	0	0	0
SPDR SER TR	S&P BIOTECH	78464A870	95,464	1,060	SH		OTR	1	0	1,060	0
SPDR SER TR	S&P BK ETF	78464A797	480,703	8,666	SH		OTR	1	0	8,666	0
SPDR SER TR	S&P METALS MNG	78464A755	153,452	2,704	SH		OTR	1	0	2,704	0
SPDR SER TR	S&P OILGAS EXP	78468R556	20,253	153	SH		OTR	1	0	153	0
SPIRIT AEROSYSTEMS HLDGS INC	COM CL A	848574109	404,939	11,882	SH		OTR	1,3,4	0	11,882	0
SSR MINING IN	COM	784730103	870,000	125,000	SH	Put	DFND	1	0	0	0
SSR MINING IN	NOTE 2.500% 4/0	784730AB9	44,198,962	45,679,000	PRN		DFND	1	45,679,000	0	0
STANDARDAERO INC	COM	85423L103	222,840	9,000	SH		DFND	1	9,000	0	0
STANLEY BLACK & DECKER INC	COM	854502101	18,346,265	228,500	SH		DFND	1	228,500	0	0
SUMMIT MATLS INC	CL A	86614U100	1,214,400	24,000	SH		OTR	1,3,4	0	24,000	0
SYNERGY CHC CORP	COM NEW	87165D208	96,800	22,000	SH		DFND	1	22,000	0	0
SYNOPSYS INC	COM	871607107	1,213,400	2,500	SH		DFND	1	2,500	0	0
TAKE-TWO INTERACTIVE SOFTWAR	COM	874054109	757,121	4,113	SH		OTR	1,2	0	4,113	0
TECHTARGET INC	NOTE 12/1	87874RAD2	1,314,915	1,320,000	PRN		OTR	1,3,4	0	1,320,000	0
TECK RESOURCES LTD	CL B	878742204	20,265,000	500,000	SH	Call	DFND	1	0	0	0
TECK RESOURCES LTD	CL B	878742204	52,089,156	1,285,200	SH		DFND	1	1,285,200	0	0
TELEDYNE TECHNOLOGIES INC	COM	879360105	2,320,650	5,000	SH		DFND	1	5,000	0	0
TENABLE HLDGS INC	COM	88025T102	1,575,200	40,000	SH		DFND	1	40,000	0	0
TERADYNE INC	COM	880770102	10,388,400	82,500	SH		DFND	1	82,500	0	0
TERAWULF INC	COM	88080T104	141,500	25,000	SH		OTR	1,3,4	0	25,000	0
THE REALREAL INC	NOTE 1.000% 3/0	88339PAD3	2,440,051	3,151,000	PRN		OTR	1,3,4	0	3,151,000	0
TOWER SEMICONDUCTOR LTD	SHS NEW	M87915274	1,854,360	36,000	SH		DFND	1	36,000	0	0
UBER TECHNOLOGIES INC	COM	90353T100	452,400	7,500	SH	Call	OTR	1,2	0	0	0
UBER TECHNOLOGIES INC	COM	90353T100	60	1	SH		OTR	1	0	1	0
UBER TECHNOLOGIES INC	NOTE 12/1	90353TAJ9	1,332,749	1,317,000	PRN		OTR	1,3,4	0	1,317,000	0
UBER TECHNOLOGIES INC	NOTE 0.875%12/0	90353TAM2	12,134,719	11,006,000	PRN		DFND	1	11,006,000	0	0
UNITED AIRLS HLDGS INC	COM	910047109	310,720	3,200	SH	Call	OTR	1,2	0	0	0
UNITED STATES STL CORP	NOTE 5.000%11/0	912909AT5	2,727,589	1,058,000	PRN		OTR	1,3,4	0	1,058,000	0
UNITED STATES STL CORP NEW	COM	912909108	210,738	6,200	SH	Call	OTR	1,3,4	0	0	0
UNITED STATES STL CORP NEW	COM	912909108	67,980	2,000	SH	Put	OTR	1,3,4	0	0	0
UNITI GROUP INC	COM	91325V108	200,860	36,520	SH		OTR	1,3,4	0	36,520	0
UNITI GROUP INC	COM	91325V108	6,836,500	1,243,000	SH		DFND	1	1,243,000	0	0
VALE S A	SPONSORED ADS	91912E105	9,558,161	1,077,583	SH		DFND	1	1,077,583	0	0
VALERO ENERGY CORP	COM	91913Y100	809,094	6,600	SH	Call	OTR	1,2	0	0	0
VALERO ENERGY CORP	COM	91913Y100	551,655	4,500	SH	Put	OTR	1,2	0	0	0
VANECK ETF TRUST	GOLD MINERS ETF	92189F106	183,114	5,400	SH	Call	OTR	1,2	0	0	0
VANECK ETF TRUST	GOLD MINERS ETF	92189F106	600,207	17,700	SH	Put	OTR	1,2	0	0	0
VANECK ETF TRUST	GOLD MINERS ETF	92189F106	400,341	11,806	SH		OTR	1,2	0	11,806	0
VANECK ETF TRUST	OIL SERVICES ETF	92189H607	286,419	1,056	SH		OTR	1	0	1,056	0
VANGUARD INDEX FDS	TOTAL STK MKT	922908769	57,962	200	SH		OTR	1	0	200	0
VANGUARD INDEX FDS	GROWTH ETF	922908736	3,940,224	9,600	SH		OTR	1	0	9,600	0
VERALTO CORP	COM SHS	92338C103	561,906	5,517	SH		OTR	1,2	0	5,517	0
VERALTO CORP	COM SHS	92338C103	1,395,345	13,700	SH	Put	OTR	1,2	0	0	0
VISHAY INTERTECHNOLOGY INC	COM	928298108	27,358	1,615	SH		OTR	1,3,4	0	1,615	0
VISHAY INTERTECHNOLOGY INC	NOTE 2.250% 9/1	928298AR9	7,906,779	8,753,000	PRN		DFND	1	8,753,000	0	0
VISTRA CORP	COM	92840M102	1,102,960	8,000	SH		OTR	1	0	8,000	0
WARNER BROS DISCOVERY INC	COM SER A	934423104	317,100	30,000	SH		OTR	1	0	30,000	0
WAYFAIR INC	NOTE 1.000% 8/1	94419LAF8	2,037,582	2,191,000	PRN		OTR	1,3,4	0	2,191,000	0
WAYFAIR INC	NOTE 3.500%11/1	94419LAR2	850,817	680,000	PRN		OTR	1,3,4	0	680,000	0
WEC ENERGY GROUP INC	COM	92939U106	930,996	9,900	SH	Call	OTR	1,2	0	0	0
WEC ENERGY GROUP INC	COM	92939U106	827,552	8,800	SH	Put	OTR	1,2	0	0	0
WEC ENERGY GROUP INC	COM	92939U106	543,739	5,782	SH		OTR	1,2	0	5,782	0
WESCO INTL INC	COM	95082P105	5,428,800	30,000	SH		DFND	1	30,000	0	0
WESTERN DIGITAL CORP	COM	958102105	230,351	3,863	SH		OTR	1,2	0	3,863	0
WOLFSPEED INC	COM	977852102	7,992,000	1,200,000	SH	Put	DFND	1	0	0	0
WOLFSPEED INC	NOTE 1.750% 5/0	225447AD3	446,467	500,000	PRN		OTR	1,3,4	0	500,000	0
WOLFSPEED INC	NOTE 1.750% 5/0	225447AD3	51,037,482	57,157,000	PRN		DFND	1	57,157,000	0	0
WORKDAY INC	CL A	98138H101	696,681	2,700	SH	Put	OTR	1,2	0	0	0
WORKDAY INC	CL A	98138H101	422,653	1,638	SH		OTR	1,2	0	1,638	0
WORKDAY INC	CL A	98138H101	14,364,788	55,671	SH		DFND	1	55,671	0	0
YUM BRANDS INC	COM	988498101	697,632	5,200	SH	Call	OTR	1,2	0	0	0
YUM BRANDS INC	COM	988498101	992,784	7,400	SH	Put	OTR	1,2	0	0	0
YUM BRANDS INC	COM	988498101	438,703	3,270	SH		OTR	1,2	0	3,270	0
ZTO EXPRESS CAYMAN INC	NOTE 1.500% 9/0	98980AAB1	2,166,730	2,175,000	PRN		OTR	1,3,4	0	2,175,000	0
ZTO EXPRESS CAYMAN INC	NOTE 1.500% 9/0	98980AAB1	40,983,565	41,140,000	PRN		DFND	1	41,140,000	0	0