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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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
ADVANCED MICRO DEVICES INC COM 007903107   2,022,375 12,500 SH   DFND   12,500 0 0
ALIBABA GROUP HLDG LTD NOTE 0.500% 6/0 01609WBG6   9,197,500 5,000,000 PRN   DFND   5,000,000 0 0
ANTERO RESOURCES CORP COM 03674X106   37,500 50,000 SH Call DFND   50,000 0 0
APA CORPORATION COM 03743Q108   500,000 100,000 SH Call DFND   100,000 0 0
ARRAY DIGITAL INFRASTRUCTURE COM 911684108   1,064,813 21,292 SH   DFND   21,292 0 0
BOLT PROJS HLDGS INC *W EXP 08/13/202 09769B115   766 19,150 SH   DFND   19,150 0 0
BOREALIS FOODS INC *W EXP 02/07/202 09973D113   1,782 23,300 SH   DFND   23,300 0 0
BRIGHTHOUSE FINL INC COM 10922N103   7,218,880 136,000 SH   DFND   136,000 0 0
BUILDERS FIRSTSOURCE INC COM 12008R107   495,000 100,000 SH Put DFND   100,000 0 0
CHEMOURS CO COM 163851108   871,200 55,000 SH   DFND   55,000 0 0
CHEMOURS CO COM 163851108   40,000 50,000 SH Call DFND   50,000 0 0
CHIMERA INVT CORP COM SHS 16934Q802   1,520,300 115,000 SH   DFND   115,000 0 0
COGENT COMMUNICATIONS HLDGS COM NEW 19239V302   362,250 105,000 SH Put DFND   105,000 0 0
COMCAST CORP NEW CL A 20030N101   161,400 120,000 SH Put DFND   120,000 0 0
CONSTELLATION ENERGY CORP COM 21037T109   2,665,467 8,100 SH   DFND   8,100 0 0
COREWEAVE INC COM CL A 21873S108   273,700 2,000 SH   DFND   2,000 0 0
CORNING INC COM 219350105   805,000 200,000 SH Call DFND   200,000 0 0
CRH PLC ORD G25508105   359,700 3,000 SH   DFND   3,000 0 0
CYCURION INC *W EXP 02/13/203 95758L115   1,212 30,000 SH   DFND   30,000 0 0
DANA INC COM 235825205   200,400 10,000 SH   DFND   10,000 0 0
DOW INC COM 260557103   688,388 433,500 SH Put DFND   433,500 0 0
DOXIMITY INC CL A 26622P107   47,002 40,100 SH Put DFND   40,100 0 0
DUKE ENERGY CORP NEW COM NEW 26441C204   4,950,000 40,000 SH   DFND   40,000 0 0
DUKE ENERGY CORP NEW COM NEW 26441C204   20,000 25,000 SH Call DFND   25,000 0 0
EATON VANCE MUN BD FD COM 27827X101   1,161,459 116,847 SH   DFND   116,847 0 0
EDISON INTL COM 281020107   5,063 22,500 SH Put DFND   22,500 0 0
ENTERGY CORP NEW COM 29364G103   4,193,550 45,000 SH   DFND   45,000 0 0
EQUINOR ASA SPONSORED ADR 29446M102   97,500 100,000 SH Call DFND   100,000 0 0
EXPRO GROUP HOLDINGS NV COM N3144W105   237,600 20,000 SH   DFND   20,000 0 0
FERGUSON ENTERPRISES INC COMMON STOCK NEW 31488V107   294,500 70,000 SH Call DFND   70,000 0 0
FLUOR CORP NOTE 1.125% 8/1 343412AJ1   6,063,900 5,100,000 PRN   DFND   5,100,000 0 0
FORD MTR CO NOTE 3/1 345370CZ1   10,160,000 10,000,000 PRN   DFND   10,000,000 0 0
FS KKR CAP CORP COM 302635206   332,500 200,000 SH Put DFND   200,000 0 0
ISHARES BITCOIN TRUST ETF SHS BEN INT 46438F101   130,981,110 2,015,094 SH   DFND   2,015,094 0 0
ISHARES TR EXPANDED TECH 464287515   97,500 50,000 SH Put DFND   50,000 0 0
ISHARES TR IBOXX HI YD ETF 464288513   124,132 506,400 SH Put DFND   506,400 0 0
ISHARES TR IBOXX INV CP ETF 464287242   20,956,360 188,000 SH   DFND   188,000 0 0
JD.COM INC NOTE 0.250% 6/0 47215PAJ5   10,770,000 10,000,000 PRN   DFND   10,000,000 0 0
KROGER CO COM 501044101   674,100 10,000 SH   DFND   10,000 0 0
LINCOLN ELEC HLDGS INC COM 533900106   3,537,450 15,000 SH   DFND   15,000 0 0
LUMEN TECHNOLOGIES INC COM 550241103   459,000 75,000 SH   DFND   75,000 0 0
LYONDELLBASELL INDUSTRIES N SHS - A - N53745100   862,500 200,000 SH Put DFND   200,000 0 0
MARTIN MARIETTA MATLS INC COM 573284106   315,140 500 SH   DFND   500 0 0
MASTEC INC COM 576323109   340,496 1,600 SH   DFND   1,600 0 0
NEXTERA ENERGY CAP HLDGS INC NOTE 3.000% 3/0 65339KCY4   11,835,000 10,000,000 PRN   DFND   10,000,000 0 0
NOBLE CORP PLC ORD SHS A G65431127   282,800 10,000 SH   DFND   10,000 0 0
NUVEEN FLOATING RATE INCOME COM 67072T108   18,463,847 2,257,194 SH   DFND   2,257,194 0 0
NVIDIA CORPORATION COM 67066G104   2,500 100,000 SH Put DFND   100,000 0 0
OLIN CORP COM PAR $1 680665205   161,250 100,000 SH Put DFND   100,000 0 0
ON SEMICONDUCTOR CORP NOTE 0.500% 3/0 682189AU9   4,625,856 5,000,000 PRN   DFND   5,000,000 0 0
ONEOK INC NEW COM 682680103   175,000 50,000 SH Put DFND   50,000 0 0
PENNYMAC CORP NOTE 8.500% 6/0 70932AAH6   1,033,500 1,000,000 PRN   DFND   1,000,000 0 0
POST HLDGS INC COM 737446104   55,000 50,000 SH Put DFND   50,000 0 0
PROSHARES TR II SHT VIX ST TRM 74347W130   636,750 12,500 SH   DFND   12,500 0 0
RANGE RES CORP COM 75281A109   564,600 15,000 SH   DFND   15,000 0 0
RANGE RES CORP COM 75281A109   334,125 285,000 SH Call DFND   285,000 0 0
REDFIN CORP NOTE 0.500% 4/0 75737FAE8   1,527,383 1,645,000 PRN   DFND   1,645,000 0 0
REDWOOD TRUST INC COM 758075402   4,906,510 847,411 SH   DFND   847,411 0 0
REDWOOD TRUST INC NOTE 7.750% 6/1 758075AF2   3,309,900 3,300,000 PRN   DFND   3,300,000 0 0
RITHM CAPITAL CORP COM NEW 64828T201   11,105,250 975,000 SH   DFND   975,000 0 0
SELECT SECTOR SPDR TR FINANCIAL 81369Y605   31,000 200,000 SH Put DFND   200,000 0 0
SHIFT4 PMTS INC CL A 82452J109   3,483,000 45,000 SH   DFND   45,000 0 0
SHUTTERSTOCK INC COM 825690100   335,977 16,114 SH   DFND   16,114 0 0
SNOWFLAKE INC NOTE 10/0 833445AB5   7,594,315 5,000,000 PRN   DFND   5,000,000 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103   25,595,968 38,422 SH   DFND   38,422 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103   384,825 335,000 SH Put DFND   335,000 0 0
TRANSALTA CORP COM 89346D107   60,000 100,000 SH Call DFND   100,000 0 0
UNITED PARCEL SERVICE INC CL B 911312106   835,300 10,000 SH   DFND   10,000 0 0
UNITED PARCEL SERVICE INC CL B 911312106   445,000 100,000 SH Put DFND   100,000 0 0
VALMONT INDS INC COM 920253101   775,460 2,000 SH   DFND   2,000 0 0
VISTRA CORP COM 92840M102   2,938,800 15,000 SH   DFND   15,000 0 0
VISTRA CORP COM 92840M102   363,750 50,000 SH Call DFND   50,000 0 0
VULCAN MATLS CO COM 929160109   307,620 1,000 SH   DFND   1,000 0 0
WILLIAMS COS INC COM 969457100   2,534,000 40,000 SH   DFND   40,000 0 0
WILLIAMS COS INC COM 969457100   43,750 50,000 SH Call DFND   50,000 0 0
WOLFSPEED INC COMMON STOCK 97785W106   715,000 25,000 SH   DFND   25,000 0 0