Balboa Wealth Partners 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
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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
ABBOTT LABS	COM	002824100	822,448	7,236	SH		DFND	1	0	0	7,236
ADVANCED MICRO DEVICES INC	COM	007903107	13,792,143	76,415	SH		DFND	1	0	0	76,415
ALBEMARLE CORP	COM	012653101	729,049	5,534	SH		SOLE		0	0	5,534
AMAZON COM INC	COM	023135106	13,310,781	73,793	SH		DFND	3	0	0	73,793
AMERICAN CENTY ETF TR	EMERGING MKT VAL	025072372	260,328	5,493	SH		SOLE		0	0	5,493
AMERICAN CENTY ETF TR	INTL SMCP VLU	025072802	275,438	4,182	SH		SOLE		0	0	4,182
AMERICAN CENTY ETF TR	US SML CP VALU	025072877	559,037	5,966	SH		SOLE		0	0	5,966
AMGEN INC	COM	031162100	305,937	1,076	SH		DFND	1	0	0	1,076
APPLE INC	COM	037833100	12,455,226	72,634	SH		DFND	1	0	0	72,634
APPLIED MATLS INC	COM	038222105	787,244	3,817	SH		DFND	1	0	0	3,817
APTARGROUP INC	COM	038336103	226,627	1,575	SH		SOLE		0	0	1,575
ARISTA NETWORKS INC	COM	040413106	692,472	2,388	SH		DFND	2	0	0	2,388
ARM HOLDINGS PLC	SPONSORED ADR	042068205	343,723	2,750	SH		SOLE		0	0	2,750
ASHFORD HOSPITALITY TR INC	COM SHS	044103869	35,620	26,000	SH		SOLE		0	0	26,000
ATKORE INC	COM	047649108	250,704	1,317	SH		DFND	1	0	0	1,317
BP PLC	SPONSORED ADR	055622104	800,135	21,235	SH		DFND	8	0	0	21,235
BAIDU INC	SPON ADR REP A	056752108	302,575	2,874	SH		DFND	8	0	0	2,874
BANK AMERICA CORP	COM	060505104	276,171	7,283	SH		DFND	1	0	0	7,283
BERKSHIRE HATHAWAY INC DEL	CL B NEW	084670702	3,816,219	9,075	SH		SOLE		0	0	9,075
BITWISE FUNDS TRUST	WEB3 ETF	091748103	448,241	9,495	SH		SOLE		0	0	9,495
BOEING CO	COM	097023105	2,810,706	14,564	SH		SOLE		0	0	14,564
THE CIGNA GROUP	COM	125523100	225,858	622	SH		SOLE		0	0	622
CVS HEALTH CORP	COM	126650100	221,879	2,782	SH		SOLE		0	0	2,782
CATERPILLAR INC	COM	149123101	304,334	831	SH		DFND	1	0	0	831
CHEVRON CORP NEW	COM	166764100	1,176,080	7,456	SH		DFND	1	0	0	7,456
CITIGROUP INC	COM NEW	172967424	650,593	10,288	SH		DFND	1	0	0	10,288
COCA COLA CO	COM	191216100	214,906	3,513	SH		DFND	1	0	0	3,513
CONSOLIDATED EDISON INC	COM	209115104	204,145	2,248	SH		SOLE		0	0	2,248
DELTA AIR LINES INC DEL	COM NEW	247361702	366,769	7,662	SH		SOLE		0	0	7,662
DEXCOM INC	COM	252131107	210,269	1,516	SH		SOLE		0	0	1,516
DISNEY WALT CO	COM	254687106	1,633,353	13,349	SH		DFND	3	0	0	13,349
EMERSON ELEC CO	COM	291011104	294,571	2,597	SH		DFND	1	0	0	2,597
EQUITRANS MIDSTREAM CORP	COM	294600101	214,791	17,197	SH		SOLE		0	0	17,197
EXCHANGE TRADED CONCEPTS TRU	BITWISE CRYPTO	301505624	259,910	19,750	SH		SOLE		0	0	19,750
FEDERAL AGRIC MTG CORP	CL C	313148306	733,378	3,725	SH		SOLE		0	0	3,725
GALLAGHER ARTHUR J & CO	COM	363576109	507,081	2,028	SH		DFND	1	0	0	2,028
GAP INC	COM	364760108	363,798	13,205	SH		SOLE		0	0	13,205
GENERAL ELECTRIC CO	COM NEW	369604301	510,233	2,907	SH		SOLE		0	0	2,907
GILEAD SCIENCES INC	COM	375558103	257,421	3,514	SH		DFND	1	0	0	3,514
GODADDY INC	CL A	380237107	205,910	1,735	SH		DFND	3	0	0	1,735
HILLENBRAND INC	COM	431571108	306,769	6,100	SH		SOLE		0	0	6,100
HOME DEPOT INC	COM	437076102	1,425,330	3,716	SH		DFND	3	0	0	3,716
HUNTINGTON BANCSHARES INC	COM	446150104	355,502	25,484	SH		DFND	1	0	0	25,484
ILLINOIS TOOL WKS INC	COM	452308109	312,131	1,163	SH		SOLE		0	0	1,163
INTEL CORP	COM	458140100	431,742	9,775	SH		DFND	1	0	0	9,775
INTERNATIONAL BUSINESS MACHS	COM	459200101	284,397	1,489	SH		DFND	1	0	0	1,489
INTUIT	COM	461202103	213,299	328	SH		DFND	1	0	0	328
ISHARES INC	EM MKTS DIV ETF	464286319	725,263	27,724	SH		SOLE		0	0	27,724
ISHARES TR	CORE S&P500 ETF	464287200	591,446	1,125	SH		DFND	6	0	0	1,125
ISHARES TR	CORE US AGGBD ET	464287226	267,779	2,734	SH		DFND	1	0	0	2,734
ISHARES TR	IBOXX INV CP ETF	464287242	247,139	2,269	SH		SOLE		0	0	2,269
ISHARES TR	S&P 500 GRWT ETF	464287309	1,231,744	14,587	SH		SOLE		0	0	14,587
ISHARES TR	S&P 500 VAL ETF	464287408	1,251,841	6,701	SH		SOLE		0	0	6,701
ISHARES TR	20 YR TR BD ETF	464287432	260,773	2,756	SH		SOLE		0	0	2,756
ISHARES TR	US CONSUM DISCRE	464287580	2,520,332	30,747	SH		SOLE		0	0	30,747
ISHARES TR	RUSSELL 2000 ETF	464287655	803,346	3,820	SH		SOLE		0	0	3,820
ISHARES TR	U.S. TECH ETF	464287721	2,630,429	19,476	SH		SOLE		0	0	19,476
ISHARES TR	US INDUSTRIALS	464287754	2,601,443	20,694	SH		SOLE		0	0	20,694
ISHARES TR	U.S. FINLS ETF	464287788	2,590,585	27,084	SH		SOLE		0	0	27,084
ISHARES TR	IBOXX HI YD ETF	464288513	249,980	3,216	SH		SOLE		0	0	3,216
ISHARES TR	10-20 YR TRS ETF	464288653	221,088	2,105	SH		SOLE		0	0	2,105
ELI LILLY & CO	COM	532457108	1,429,976	1,838	SH		DFND	2	0	0	1,838
JOHNSON & JOHNSON	COM	478160104	990,115	6,259	SH		DFND	1	0	0	6,259
LAM RESEARCH CORP	COM	512807108	381,827	393	SH		SOLE		0	0	393
LEIDOS HOLDINGS INC	COM	525327102	217,872	1,662	SH		SOLE		0	0	1,662
QUALCOMM INC	COM	747525103	1,013,294	5,985	SH		DFND	2	0	0	5,985
LOCKHEED MARTIN CORP	COM	539830109	792,295	1,742	SH		DFND	1	0	0	1,742
LOOP INDS INC	COM	543518104	97,146	34,695	SH		SOLE		0	0	34,695
MARVELL TECHNOLOGY INC	COM	573874104	613,183	8,651	SH		SOLE		0	0	8,651
MCDONALDS CORP	COM	580135101	774,696	2,748	SH		DFND	1	0	0	2,748
MICROSOFT CORP	COM	594918104	23,606,689	56,110	SH		DFND	1	0	0	56,110
MICRON TECHNOLOGY INC	COM	595112103	966,130	8,195	SH		SOLE		0	0	8,195
MILLER HOWARD HIGH INC EQTY	COM SHS BEN IN	600379101	1,743,692	157,231	SH		SOLE		0	0	157,231
MOODYS CORP	COM	615369105	302,139	769	SH		DFND	1	0	0	769
NNN REIT INC	COM	637417106	203,015	4,750	SH		SOLE		0	0	4,750
NIKOLA CORP	COM	654110105	18,008	17,315	SH		SOLE		0	0	17,315
NORTHROP GRUMMAN CORP	COM	666807102	251,541	526	SH		SOLE		0	0	526
NOVO-NORDISK A S	ADR	670100205	350,537	2,730	SH		DFND	8	0	0	2,730
ON SEMICONDUCTOR CORP	COM	682189105	878,408	11,943	SH		SOLE		0	0	11,943
ONEOK INC NEW	COM	682680103	644,086	8,034	SH		SOLE		0	0	8,034
PALO ALTO NETWORKS INC	COM	697435105	1,755,355	6,178	SH		DFND	5	0	0	6,178
PARKER-HANNIFIN CORP	COM	701094104	370,156	666	SH		DFND	1	0	0	666
PEPSICO INC	COM	713448108	381,410	2,179	SH		DFND	1	0	0	2,179
PFIZER INC	COM	717081103	393,470	14,179	SH		DFND	1	0	0	14,179
PHILIP MORRIS INTL INC	COM	718172109	215,215	2,349	SH		DFND	1	0	0	2,349
PDD HOLDINGS INC	SPONSORED ADS	722304102	708,544	6,095	SH		SOLE		0	0	6,095
PROCTER AND GAMBLE CO	COM	742718109	812,960	5,011	SH		DFND	1	0	0	5,011
TEXAS INSTRS INC	COM	882508104	258,444	1,484	SH		DFND	2	0	0	1,484
REALTY INCOME CORP	COM	756109104	584,767	10,809	SH		SOLE		0	0	10,809
ROBLOX CORP	CL A	771049103	320,712	8,400	SH		SOLE		0	0	8,400
SCHWAB CHARLES CORP	COM	808513105	1,346,734	18,617	SH		SOLE		0	0	18,617
SCHWAB STRATEGIC TR	MUN BD ETF	808524649	555,349	10,670	SH		SOLE		0	0	10,670
SCHWAB STRATEGIC TR	INTERNL DIVID	808524672	241,120	9,939	SH		SOLE		0	0	9,939
SCHWAB STRATEGIC TR	SCHWB FDT INT LG	808524755	224,450	6,303	SH		SOLE		0	0	6,303
FORTINET INC	COM	34959E109	248,239	3,634	SH		DFND	2	0	0	3,634
SIMPSON MFG INC	COM	829073105	637,699	3,108	SH		SOLE		0	0	3,108
SINCLAIR INC	CL A	829242106	163,264	12,121	SH		SOLE		0	0	12,121
SNOWFLAKE INC	CL A	833445109	212,827	1,317	SH		SOLE		0	0	1,317
SOUTHERN CO	COM	842587107	737,640	10,282	SH		DFND	1	0	0	10,282
SOUTHERN MO BANCORP INC	COM	843380106	706,997	16,175	SH		SOLE		0	0	16,175
STARBUCKS CORP	COM	855244109	247,301	2,706	SH		SOLE		0	0	2,706
STERLING INFRASTRUCTURE INC	COM	859241101	2,115,746	19,180	SH		SOLE		0	0	19,180
TAIWAN SEMICONDUCTOR MFG LTD	SPONSORED ADS	874039100	4,232,659	31,111	SH		DFND	5	0	0	31,111
COSTCO WHSL CORP NEW	COM	22160K105	3,206,742	4,377	SH		DFND	2	0	0	4,377
THERMO FISHER SCIENTIFIC INC	COM	883556102	296,557	510	SH		DFND	3	0	0	510
UNITED PARCEL SERVICE INC	CL B	911312106	228,111	1,535	SH		DFND	5	0	0	1,535
UNITED STATES STL CORP NEW	COM	912909108	284,155	6,968	SH		SOLE		0	0	6,968
VANGUARD BD INDEX FDS	TOTAL BND MRKT	921937835	682,991	9,404	SH		SOLE		0	0	9,404
VANGUARD WHITEHALL FDS	HIGH DIV YLD	921946406	631,216	5,217	SH		SOLE		0	0	5,217
VANGUARD INDEX FDS	S&P 500 ETF SHS	922908363	1,088,211	2,264	SH		SOLE		0	0	2,264
VANGUARD INDEX FDS	VALUE ETF	922908744	390,245	2,396	SH		DFND	6	0	0	2,396
VANGUARD INDEX FDS	SMALL CP ETF	922908751	303,568	1,328	SH		DFND	6	0	0	1,328
WALMART INC	COM	931142103	347,677	5,778	SH		DFND	1	0	0	5,778
RTX CORPORATION	COM	75513E101	1,129,361	11,580	SH		DFND	5	0	0	11,580
INVESCO QQQ TR	UNIT SER 1	46090E103	5,563,886	12,531	SH		SOLE		0	0	12,531
TARGET CORP	COM	87612E106	220,000	1,241	SH		DFND	5	0	0	1,241
CROWDSTRIKE HLDGS INC	CL A	22788C105	1,051,856	3,281	SH		DFND	2	0	0	3,281
AT&T INC	COM	00206R102	1,034,358	58,770	SH		DFND	1	0	0	58,770
ABBVIE INC	COM	00287Y109	1,237,967	6,798	SH		DFND	1	0	0	6,798
ADOBE INC	COM	00724F101	1,914,905	3,795	SH		DFND	3	0	0	3,795
AFFIRM HLDGS INC	COM CL A	00827B106	970,027	26,034	SH		SOLE		0	0	26,034
AKAMAI TECHNOLOGIES INC	NOTE 0.125% 5/0	00971TAJ0	26,021	22,000	PRN		SOLE		0	0	22,000
ALIBABA GROUP HLDG LTD	SPONSORED ADS	01609W102	765,062	10,573	SH		DFND	8	0	0	10,573
ALPHABET INC	CAP STK CL C	02079K107	7,963,807	52,304	SH		DFND	1	0	0	52,304
ALPHABET INC	CAP STK CL A	02079K305	2,174,054	14,404	SH		DFND	3	0	0	14,404
APPLOVIN CORP	COM CL A	03831W108	460,867	6,658	SH		SOLE		0	0	6,658
AQUA METALS INC	COM	03837J101	6,456	12,000	SH		SOLE		0	0	12,000
ARCH RESOURCES INC	CL A	03940R107	715,626	4,451	SH		SOLE		0	0	4,451
ARES CAPITAL CORP	COM	04010L103	677,824	32,556	SH		DFND	7	0	0	32,556
ARRAY TECHNOLOGIES INC	NOTE 1.000%12/0	04271TAB6	24,053	26,000	PRN		SOLE		0	0	26,000
BABCOCK & WILCOX ENTERPRISES	COM	05614L209	18,148	16,060	SH		SOLE		0	0	16,060
BIOMARIN PHARMACEUTICAL INC	NOTE 0.599% 8/0	09061GAH4	46,068	47,000	PRN		SOLE		0	0	47,000
BLACKSTONE INC	COM	09260D107	344,694	2,624	SH		DFND	7	0	0	2,624
BROADCOM INC	COM	11135F101	1,854,249	1,399	SH		DFND	1	0	0	1,399
CAMECO CORP	COM	13321L108	663,907	15,326	SH		SOLE		0	0	15,326
CAPITAL GROUP CORE EQUITY ET	SHS CREATION UNI	14020V108	209,333	6,718	SH		SOLE		0	0	6,718
CAPITAL GRP FIXED INCM ETF T	US MULTI-SECTOR	14020Y300	305,611	11,302	SH		SOLE		0	0	11,302
CHEESECAKE FACTORY INC	NOTE 0.375% 6/1	163072AA9	33,758	38,000	PRN		SOLE		0	0	38,000
CHEFS WHSE INC	NOTE 2.375%12/1	163086AE1	35,011	32,000	PRN		SOLE		0	0	32,000
CHENIERE ENERGY INC	COM NEW	16411R208	1,137,941	7,056	SH		SOLE		0	0	7,056
CONMED CORP	NOTE 2.250% 6/1	207410AH4	29,267	32,000	PRN		SOLE		0	0	32,000
META PLATFORMS INC	CL A	30303M102	7,753,330	15,967	SH		DFND	2	0	0	15,967
INTUITIVE SURGICAL INC	COM NEW	46120E602	2,140,320	5,363	SH		DFND	2	0	0	5,363
CYBIN INC	COM	23256X100	7,074	17,108	SH		SOLE		0	0	17,108
DATADOG INC	NOTE 0.125% 6/1	23804LAB9	35,094	25,000	PRN		SOLE		0	0	25,000
DEXCOM INC	NOTE 0.250%11/1	252131AK3	41,741	38,000	PRN		SOLE		0	0	38,000
DIAMONDBACK ENERGY INC	COM	25278X109	357,102	1,802	SH		SOLE		0	0	1,802
DIMENSIONAL ETF TRUST	US EQUITY ETF	25434V401	1,001,214	17,571	SH		SOLE		0	0	17,571
DIMENSIONAL ETF TRUST	US TARGETED VLU	25434V609	1,367,175	25,118	SH		SOLE		0	0	25,118
DIMENSIONAL ETF TRUST	US CORE EQUITY 2	25434V708	523,597	16,388	SH		SOLE		0	0	16,388
DIMENSIONAL ETF TRUST	US MKTWIDE VALUE	25434V724	923,236	22,573	SH		SOLE		0	0	22,573
DRAFTKINGS INC NEW	COM CL A	26142V105	624,251	13,747	SH		SOLE		0	0	13,747
DROPBOX INC	NOTE 3/0	26210CAC8	35,053	37,000	PRN		SOLE		0	0	37,000
DUKE ENERGY CORP NEW	COM NEW	26441C204	366,250	3,787	SH		SOLE		0	0	3,787
DUOLINGO INC	CL A COM	26603R106	325,356	1,475	SH		SOLE		0	0	1,475
ENPHASE ENERGY INC	NOTE 3/0	29355AAH0	30,431	33,000	PRN		SOLE		0	0	33,000
ETSY INC	NOTE 0.125%10/0	29786AAJ5	19,023	18,000	PRN		SOLE		0	0	18,000
EXACT SCIENCES CORP	NOTE 0.375% 3/0	30063PAC9	23,809	26,000	PRN		SOLE		0	0	26,000
EXXON MOBIL CORP	COM	30231G102	991,208	8,527	SH		DFND	1	0	0	8,527
MSCI INC	COM	55354G100	465,171	830	SH		DFND	2	0	0	830
FORD MTR CO DEL	NOTE 3/1	345370CZ1	40,182	39,000	PRN		SOLE		0	0	39,000
GABELLI UTIL TR	COM	36240A101	679,265	122,390	SH		SOLE		0	0	122,390
GLOBAL SELF STORAGE INC	COM	37955N106	56,880	12,782	SH		SOLE		0	0	12,782
GOLDMAN SACHS GROUP INC	COM	38141G104	609,020	1,458	SH		DFND	7	0	0	1,458
HAEMONETICS CORP MASS	NOTE 3/0	405024AB6	34,877	38,000	PRN		SOLE		0	0	38,000
HALOZYME THERAPEUTICS INC	COM	40637H109	234,642	5,768	SH		SOLE		0	0	5,768
HALOZYME THERAPEUTICS INC	NOTE 1.000% 8/1	40637HAF6	32,083	33,000	PRN		SOLE		0	0	33,000
IMMUNIC INC	COM	4525EP101	15,840	12,000	SH		SOLE		0	0	12,000
INSEEGO CORP	NOTE 3.250% 5/0	45782BAD6	7,459	20,000	PRN		SOLE		0	0	20,000
INNOVATOR ETFS TRUST	US EQTY PWR BUF	45782C748	2,087,183	60,463	SH		SOLE		0	0	60,463
INTEGRA LIFESCIENCES HLDGS C	NOTE 0.500% 8/1	457985AM1	31,611	33,000	PRN		SOLE		0	0	33,000
INTEGER HLDGS CORP	NOTE 2.125% 2/1	45826HAB5	37,341	26,000	PRN		SOLE		0	0	26,000
SERVICENOW INC	COM	81762P102	1,230,514	1,614	SH		DFND	2	0	0	1,614
INVESCO SR INCOME TR	COM	46131H107	44,940	10,500	SH		SOLE		0	0	10,500
INVESCO EXCHANGE TRADED FD T	S&P 500 TOP 50	46137V233	393,916	9,350	SH		SOLE		0	0	9,350
INVESCO EXCH TRADED FD TR II	S&P500 LOW VOL	46138E354	217,371	3,300	SH		DFND	1	0	0	3,300
IONIS PHARMACEUTICALS INC	NOTE 4/0	462222AD2	16,829	17,000	PRN		SOLE		0	0	17,000
ISHARES TR	CORE DIV GRWTH	46434V621	519,184	8,942	SH		SOLE		0	0	8,942
ISHARES TR	TRS FLT RT BD	46434V860	448,607	8,850	SH		SOLE		0	0	8,850
ISHARES TR	US INFRASTRUC	46435U713	264,851	6,108	SH		SOLE		0	0	6,108
JPMORGAN CHASE & CO	COM	46625H100	1,685,838	8,417	SH		DFND	7	0	0	8,417
ASML HOLDING N V	N Y REGISTRY SHS	N07059210	4,216,649	4,345	SH		DFND	2	0	0	4,345
J P MORGAN EXCHANGE TRADED F	ULTRA SHRT INC	46641Q837	1,144,205	22,680	SH		SOLE		0	0	22,680
J P MORGAN EXCHANGE TRADED F	NASDAQ EQT PREM	46654Q203	1,268,731	23,391	SH		DFND	7	0	0	23,391
KYNDRYL HLDGS INC	COMMON STOCK	50155Q100	258,095	11,861	SH		SOLE		0	0	11,861
LANTHEUS HLDGS INC	NOTE 2.625%12/1	516544AB9	28,755	26,000	PRN		SOLE		0	0	26,000
LIBERTY MEDIA CORP DEL	NOTE 2.250% 8/1	531229AQ5	33,471	33,000	PRN		SOLE		0	0	33,000
LITHIUM AMERS CORP NEW	COM SHS	53681J103	310,645	46,227	SH		SOLE		0	0	46,227
LITHIUM AMERICAS ARGENTINA C	COM SHS	53681K100	240,664	44,650	SH		SOLE		0	0	44,650
LIVE NATION ENTERTAINMENT IN	NOTE 3.125% 1/1	538034BA6	37,030	31,000	PRN		SOLE		0	0	31,000
LUMENTUM HLDGS INC	NOTE 0.500%12/1	55024UAD1	28,975	33,000	PRN		SOLE		0	0	33,000
MGP INGREDIENTS INC NEW	NOTE 1.875%11/1	55303JAB2	26,926	25,000	PRN		SOLE		0	0	25,000
MPLX LP	COM UNIT REP LTD	55336V100	200,361	4,821	SH		SOLE		0	0	4,821
ISHARES TR	PFD AND INCM SEC	464288687	719,688	22,330	SH		DFND	4	0	0	22,330
MAIN STR CAP CORP	COM	56035L104	607,792	12,847	SH		SOLE		0	0	12,847
MARATHON PETE CORP	COM	56585A102	385,599	1,914	SH		SOLE		0	0	1,914
MASTERCARD INCORPORATED	CL A	57636Q104	3,697,921	7,679	SH		DFND	3	0	0	7,679
MCKESSON CORP	COM	58155Q103	441,525	822	SH		SOLE		0	0	822
MEDICAL PPTYS TRUST INC	COM	58463J304	49,841	10,604	SH		SOLE		0	0	10,604
MERCADOLIBRE INC	COM	58733R102	566,985	375	SH		SOLE		0	0	375
MERCK & CO INC	COM	58933Y105	583,248	4,420	SH		DFND	1	0	0	4,420
MICROCHIP TECHNOLOGY INC.	NOTE 0.125%11/1	595017AU8	35,257	33,000	PRN		SOLE		0	0	33,000
NCL CORP LTD	NOTE 5.375% 8/0	62886HAX9	32,412	25,000	PRN		SOLE		0	0	25,000
NRG ENERGY INC	DBCV 2.750% 6/0	629377CG5	57,857	35,000	PRN		SOLE		0	0	35,000
NETAPP INC	COM	64110D104	320,159	3,050	SH		SOLE		0	0	3,050
NETFLIX INC	COM	64110L106	1,606,995	2,646	SH		DFND	1	0	0	2,646
RITHM CAPITAL CORP	COM NEW	64828T201	178,555	16,000	SH		SOLE		0	0	16,000
NEXTERA ENERGY INC	COM	65339F101	521,486	8,160	SH		DFND	1	0	0	8,160
NICE LTD	NOTE 9/1	653656AB4	54,228	52,000	PRN		SOLE		0	0	52,000
NORTHERN OIL & GAS INC	NOTE 3.625% 4/1	665531AJ8	30,529	25,000	PRN		SOLE		0	0	25,000
NUTANIX INC	NOTE 0.250%10/0	67059NAH1	36,903	30,000	PRN		SOLE		0	0	30,000
NUVEEN ARIZONA QLTY MUN INC	COM	67061W104	112,226	10,221	SH		SOLE		0	0	10,221
NVIDIA CORPORATION	COM	67066G104	35,814,302	39,637	SH		DFND	5	0	0	39,637
OCULAR THERAPEUTIX INC	COM	67576A100	345,800	38,000	SH		SOLE		0	0	38,000
ORACLE CORP	COM	68389X105	285,543	2,273	SH		DFND	1	0	0	2,273
PALANTIR TECHNOLOGIES INC	CL A	69608A108	992,766	43,145	SH		SOLE		0	0	43,145
PALO ALTO NETWORKS INC	NOTE 0.375% 6/0	697435AF2	51,259	18,000	PRN		SOLE		0	0	18,000
PATRICK INDS INC	NOTE 1.750%12/0	703343AG8	49,033	38,000	PRN		SOLE		0	0	38,000
PEBBLEBROOK HOTEL TR	NOTE 1.750%12/1	70509VAA8	28,666	32,000	PRN		SOLE		0	0	32,000
PIONEER NAT RES CO	NOTE 0.250% 5/1	723787AP2	77,255	27,000	PRN		SOLE		0	0	27,000
POST HLDGS INC	NOTE 2.500% 8/1	737446AT1	37,067	33,000	PRN		SOLE		0	0	33,000
PURE STORAGE INC	CL A	74624M102	201,097	3,868	SH		DFND	1	0	0	3,868
REGENERON PHARMACEUTICALS	COM	75886F107	2,206,027	2,292	SH		SOLE		0	0	2,292
S&P GLOBAL INC	COM	78409V104	789,388	1,855	SH		DFND	3	0	0	1,855
SPDR S&P 500 ETF TR	TR UNIT	78462F103	11,965,736	22,876	SH		DFND	9	0	0	22,876
SPDR GOLD TR	GOLD SHS	78463V107	4,740,200	23,042	SH		DFND	6	0	0	23,042
SPDR INDEX SHS FDS	PORTFOLIO EMG MK	78463X509	980,351	27,089	SH		DFND	9	0	0	27,089
SPDR INDEX SHS FDS	S&P INTL SMLCP	78463X871	217,973	6,711	SH		DFND	9	0	0	6,711
SPDR INDEX SHS FDS	PORTFOLIO DEVLPD	78463X889	1,306,189	36,445	SH		DFND	9	0	0	36,445
SPDR SER TR	BLOOMBERG EMERGI	78464A391	380,132	18,543	SH		DFND	9	0	0	18,543
SPDR SER TR	AEROSPACE DEF	78464A631	554,171	3,944	SH		SOLE		0	0	3,944
SPDR SER TR	PORTFOLIO AGRGTE	78464A649	256,769	10,157	SH		DFND	9	0	0	10,157
SPDR SER TR	S&P DIVID ETF	78464A763	225,113	1,715	SH		SOLE		0	0	1,715
SPDR SER TR	PORTFOLIO S&P400	78464A847	292,197	5,478	SH		DFND	9	0	0	5,478
SPDR SER TR	S&P BIOTECH	78464A870	685,106	7,220	SH		SOLE		0	0	7,220
SSGA ACTIVE ETF TR	BLACKSTONE SENR	78467V608	250,162	5,941	SH		DFND	9	0	0	5,941
SPDR DOW JONES INDL AVERAGE	UT SER 1	78467X109	2,462,409	6,191	SH		SOLE		0	0	6,191
SPDR S&P MIDCAP 400 ETF TR	UTSER1 S&PDCRP	78467Y107	5,069,591	9,111	SH		SOLE		0	0	9,111
SPDR SER TR	BLOOMBERG EMG MK	78468R515	221,615	9,169	SH		DFND	9	0	0	9,169
SPDR SER TR	BLOOMBERG HIGH Y	78468R622	918,870	9,652	SH		DFND	9	0	0	9,652
SPDR SER TR	BLOOMBERG 1-3 MO	78468R663	717,050	7,811	SH		DFND	9	0	0	7,811
SPDR SER TR	PORTFOLIO S&P600	78468R853	686,433	15,949	SH		DFND	9	0	0	15,949
SPDR SER TR	BLOOMBERG 1 10 Y	78468R861	326,498	17,516	SH		DFND	9	0	0	17,516
SSGA ACTIVE TR	SPDR SSGA US SCT	78470P408	1,488,149	29,849	SH		DFND	9	0	0	29,849
SSGA ACTIVE TR	SPDR SSGA FXD	78470P507	1,827,803	71,315	SH		DFND	9	0	0	71,315
SALESFORCE INC	COM	79466L302	457,191	1,518	SH		DFND	5	0	0	1,518
SELECT SECTOR SPDR TR	SBI HEALTHCARE	81369Y209	555,433	3,760	SH		SOLE		0	0	3,760
SELECT SECTOR SPDR TR	SBI CONS STPLS	81369Y308	312,270	4,089	SH		SOLE		0	0	4,089
SELECT SECTOR SPDR TR	SBI CONS DISCR	81369Y407	251,719	1,369	SH		SOLE		0	0	1,369
SELECT SECTOR SPDR TR	ENERGY	81369Y506	1,765,821	18,704	SH		DFND	7	0	0	18,704
SELECT SECTOR SPDR TR	FINANCIAL	81369Y605	695,898	16,522	SH		SOLE		0	0	16,522
SELECT SECTOR SPDR TR	TECHNOLOGY	81369Y803	1,790,961	8,599	SH		SOLE		0	0	8,599
SENTINELONE INC	CL A	81730H109	255,175	10,947	SH		SOLE		0	0	10,947
SCHWAB STRATEGIC TR	US DIVIDEND EQ	808524797	911,432	11,304	SH		DFND	4	0	0	11,304
SHIFT4 PMTS INC	NOTE 12/1	82452JAB5	32,190	30,000	PRN		SOLE		0	0	30,000
SHOPIFY INC	CL A	82509L107	238,995	3,097	SH		DFND	5	0	0	3,097
SOFI TECHNOLOGIES INC	COM	83406F102	89,608	12,275	SH		SOLE		0	0	12,275
SOLO BRANDS INC	COM CL A	83425V104	29,838	13,750	SH		SOLE		0	0	13,750
SOUTHERN COPPER CORP	COM	84265V105	371,659	3,489	SH		SOLE		0	0	3,489
SOUTHWEST AIRLS CO	NOTE 1.250% 5/0	844741BG2	32,183	32,000	PRN		SOLE		0	0	32,000
BLOCK INC	NOTE 0.125% 3/0	852234AF0	18,365	18,000	PRN		SOLE		0	0	18,000
SUPER MICRO COMPUTER INC	COM	86800U104	228,267	226	SH		SOLE		0	0	226
TELADOC HEALTH INC	NOTE 1.250% 6/0	87918AAF2	26,783	32,000	PRN		SOLE		0	0	32,000
TESLA INC	CALL	88160R901	24,603,318	185,806	PRN	Call	DFND	5	0	0	185,806
TETRA TECHNOLOGIES INC DEL	COM	88162F105	47,729	10,774	SH		SOLE		0	0	10,774
UBER TECHNOLOGIES INC	COM	90353T100	418,749	5,439	SH		DFND	1	0	0	5,439
UBER TECHNOLOGIES INC	NOTE 12/1	90353TAJ9	37,337	33,000	PRN		SOLE		0	0	33,000
ULTA BEAUTY INC	COM	90384S303	329,937	631	SH		SOLE		0	0	631
UNITEDHEALTH GROUP INC	COM	91324P102	465,242	940	SH		DFND	5	0	0	940
VAIL RESORTS INC	NOTE 1/0	91879QAN9	35,010	38,000	PRN		SOLE		0	0	38,000
VANECK ETF TRUST	FALLEN ANGEL HG	92189F437	363,446	12,524	SH		SOLE		0	0	12,524
VANECK ETF TRUST	MRNGSTR WDE MOAT	92189F643	1,161,778	12,923	SH		SOLE		0	0	12,923
VANECK ETF TRUST	JP MRGAN EM LOC	92189H300	221,827	9,050	SH		SOLE		0	0	9,050
VANECK ETF TRUST	ETHEREUM STRATEG	92189H698	218,367	7,749	SH		SOLE		0	0	7,749
VANECK ETF TRUST	MORNINGSTAR SMID	92189H730	541,462	15,874	SH		SOLE		0	0	15,874
VANECK BITCOIN TR	SH BEN INT	92189K105	237,244	2,953	SH		SOLE		0	0	2,953
VANGUARD SCOTTSDALE FDS	SHORT TERM TREAS	92206C102	453,021	7,801	SH		DFND	7	0	0	7,801
VENTAS INC	COM	92276F100	272,996	6,270	SH		SOLE		0	0	6,270
VERIZON COMMUNICATIONS INC	COM	92343V104	936,320	22,315	SH		DFND	1	0	0	22,315
VISA INC	COM CL A	92826C839	3,067,357	10,991	SH		DFND	7	0	0	10,991
VISTRA CORP	COM	92840M102	225,596	3,239	SH		SOLE		0	0	3,239
WASTE MGMT INC DEL	COM	94106L109	258,679	1,214	SH		SOLE		0	0	1,214
WELLTOWER INC	COM	95040Q104	246,868	2,642	SH		SOLE		0	0	2,642
AG MTG INVT TR INC	NOTE 6.750% 9/1	95790DAD7	24,701	25,000	PRN		SOLE		0	0	25,000
WISDOMTREE TR	EMER MKT HIGH FD	97717W315	212,399	5,076	SH		SOLE		0	0	5,076
WISDOMTREE TR	ITL HIGH DIV FD	97717W802	201,681	5,089	SH		SOLE		0	0	5,089
WOLFSPEED INC	NOTE 0.250% 2/1	977852AB8	21,979	38,000	PRN		SOLE		0	0	38,000
ZILLOW GROUP INC	NOTE 2.750% 5/1	98954MAH4	32,697	31,000	PRN		SOLE		0	0	31,000
ZSCALER INC	NOTE 0.125% 7/0	98980GAB8	42,308	31,000	PRN		SOLE		0	0	31,000
EATON CORP PLC	SHS	G29183103	468,395	1,498	SH		DFND	5	0	0	1,498
NORDIC AMERICAN TANKERS LIMI	COM	G65773106	55,965	14,277	SH		SOLE		0	0	14,277
AERCAP HOLDINGS NV	SHS	N00985106	1,434,015	16,500	SH		SOLE		0	0	16,500
J P MORGAN EXCHANGE TRADED F	EQUITY PREMIUM	46641Q332	2,732,036	47,218	SH		DFND	4	0	0	47,218