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
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 FIGI (to the nearest dollar) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
ANTERO RESOURCES CORP COM 03674X106   1,051,500 30,000 SH   DFND   30,000 0 0
BLACKROCK MUNIYIELD FD INC COM 09253W104   527,126 50,734 SH   DFND   50,734 0 0
BLACKROCK MUNIYIELD QUALITY COM 09254E103   450,631 40,818 SH   DFND   40,818 0 0
BOLT PROJS HLDGS INC *W EXP 08/13/202 09769B115   1,053 19,150 SH   DFND   19,150 0 0
BOREALIS FOODS INC *W EXP 02/07/202 09973D113   1,800 23,300 SH   DFND   23,300 0 0
CANADIAN NAT RES LTD COM 136385101   926,100 30,000 SH   DFND   30,000 0 0
CARNIVAL CORP CALL 143658300   7,500 250,000 SH Call DFND   250,000 0 0
CIPHER MINING INC COM 17253J106   232,000 50,000 SH   DFND   50,000 0 0
CONSTELLATION ENERGY CORP COM 21037T109   1,118,550 5,000 SH   DFND   5,000 0 0
CORNING INC COM 219350105   2,613,600 55,000 SH   DFND   55,000 0 0
CORNING INC PUT 219350105   80,000 100,000 SH Put DFND   100,000 0 0
CUMMINS INC COM 231021106   1,045,800 3,000 SH   DFND   3,000 0 0
DOW INC COM 260557103   1,023,315 25,500 SH   DFND   25,500 0 0
DYCOM INDS INC COM 267475101   1,914,660 11,000 SH   DFND   11,000 0 0
EAGLE MATLS INC COM 26969P108   2,590,980 10,500 SH   DFND   10,500 0 0
ECHOSTAR CORP NOTE 3.875%11/3 278768AB2   2,112,258 2,003,500 PRN   DFND   2,003,500 0 0
ENTERGY CORP NEW COM 29364G103   1,137,300 15,000 SH   DFND   15,000 0 0
EQT CORP COM 26884L109   461,100 10,000 SH   DFND   10,000 0 0
EXPAND ENERGY CORPORATION COM 165167735   995,500 10,000 SH   DFND   10,000 0 0
FEDEX CORP CALL 31428X106   59,500 100,000 SH Call DFND   100,000 0 0
FEDEX CORP COM 31428X106   7,736,575 27,500 SH   DFND   27,500 0 0
INVESCO EXCH TRADED FD TR II PUT 46138G508   341 3,100 SH Put DFND   3,100 0 0
INVESCO EXCH TRADED FD TR II SR LN ETF 46138G508   10,553,626 500,884 SH   DFND   500,884 0 0
IREN LIMITED CALL Q4982L109   75,000 100,000 SH Call DFND   100,000 0 0
IREN LIMITED ORDINARY SHARES Q4982L109   1,473,000 150,000 SH   DFND   150,000 0 0
ISHARES TR 20 YR TR BD ETF 464287432   5,938,440 68,000 SH   DFND   68,000 0 0
ISHARES TR PUT 464288513   87,000 190,000 SH Put DFND   190,000 0 0
KROGER CO COM 501044101   1,223,000 20,000 SH   DFND   20,000 0 0
LUMEN TECHNOLOGIES INC COM 550241103   531,000 100,000 SH   DFND   100,000 0 0
LYONDELLBASELL INDUSTRIES N SHS - A - N53745100   854,105 11,500 SH   DFND   11,500 0 0
OLIN CORP COM PAR $1 680665205   354,900 10,500 SH   DFND   10,500 0 0
RANGE RES CORP COM 75281A109   1,619,100 45,000 SH   DFND   45,000 0 0
REALOGY GRP LLC/REALOGY CO NOTE 0.250% 6/1 75606DAP6   1,777,500 2,000,000 PRN   DFND   2,000,000 0 0
REDFIN CORP NOTE 0.500% 4/0 75737FAE8   1,277,014 1,645,000 PRN   DFND   1,645,000 0 0
RIOT PLATFORMS INC CALL 767292105   96,500 100,000 SH Call DFND   100,000 0 0
RIOT PLATFORMS INC COM 767292105   1,531,500 150,000 SH   DFND   150,000 0 0
SELECT SECTOR SPDR TR PUT 81369Y605   6,875 55,000 SH Put DFND   55,000 0 0
SEMPRA COM 816851109   614,040 7,000 SH   DFND   7,000 0 0
SPDR S&P 500 ETF TR CALL 78462F103   1,750 70,000 SH Call DFND   70,000 0 0
SPDR S&P 500 ETF TR PUT 78462F103   763,300 1,830,000 SH Put DFND   1,830,000 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103   445,232,082 759,678 SH   DFND   759,678 0 0
TRANSOCEAN LTD REGISTERED SHS H8817H100   93,750 25,000 SH   DFND   25,000 0 0
UNITED STATES CELLULAR CORP COM 911684108   1,944,320 31,000 SH   DFND   31,000 0 0
VALERO ENERGY CORP COM 91913Y100   1,532,375 12,500 SH   DFND   12,500 0 0
WALMART INC COM 931142103   903,500 10,000 SH   DFND   10,000 0 0
WESTERN ACQSTN VENTURES CORP *W EXP 99/99/999 95758L115   513 30,000 SH   DFND   30,000 0 0