ZAZOVE ASSOCIATES LLC

INCLINE VILLAGE, NV · CIK 1009012 · 13F filing filed 2026-07-16

SEC-registered investment adviser since 1989 · limited liability company

Assets managed$2.0bn
Staff21 · 11 in investment roles
Main clients (by assets)Insurers 63%, Private funds 14%, Companies 10%
Private funds5 (5 hedge) · $269.4m gross assets
Form ADV · 2026-04-29SEC adviser record

Legal entityZAZOVE ASSOCIATES, L.L.C. (US)

$1.2bn reported value -42.1% vs Q1 2026

139positions

39.6%in top 10

33 new 11 added 85 reduced 66 sold out vs Q1 2026

Options: 6 call positions ($1.4m notional), 6 put positions ($495.5k notional) – listed below, not included above.

Holdings, Q2 2026

The small lines show how much was held over the last 4 quarters (adjusted for stock splits).

#	Security	Ticker	Shares	Value	% of portfolio	Change	Shares change
1	TETRA TECH INC NEW DBCV 2.250% 8/1 · principal TTEK 2.25 08.15.28 · principal	TTEK 2.25 08.15.28	59,095,000	$62.4m5.11%	5.11%	Reduced -56.7m	-56,665,000 -49.0%
2	PARSONS CORP DEL NOTE 2.625% 3/0 · principal PSN 2.625 03.01.29 · principal	PSN 2.625 03.01.29	57,602,000	$56.9m4.65%	4.65%	Reduced -63.9m	-63,872,000 -52.6%
3	SOUTHERN CO NOTE 4.500% 6/1 · principal SO 4.5 06.15.27 · principal	SO 4.5 06.15.27	49,750,000	$54.9m4.49%	4.49%	Reduced -7.3m	-7,350,000 -12.9%
4	ALIBABA GROUP HLDG LTD NOTE 0.500% 6/0 · principal BABA 0.5 06.01.31 · principal	BABA 0.5 06.01.31	45,820,000	$54.1m4.42%	4.42%	New
5	FLUOR CORP NOTE 1.125% 8/1 · principal FLR 1.125 08.15.29 · principal	FLR 1.125 08.15.29	37,865,000	$50.1m4.10%	4.10%	Reduced -42.4m	-42,380,000 -52.8%
6	BANK AMERICA CORP 7.25%CNV PFD L BAC 7.25 PERP L	BAC 7.25 PERP L	35,925	$45.1m3.69%	3.69%	Reduced -7.6k	-7,557 -17.4%
7	ITRON INC NOTE 1.375% 7/1 · principal ITRI 1.375 07.15.30 · principal	ITRI 1.375 07.15.30	43,380,000	$43.3m3.54%	3.54%	Reduced -33.8m	-33,780,000 -43.8%
8	BOFA FIN LLC MTNF 0.600% 5/2 · principal BAC 0.6 05.25.27 MTN · principal	BAC 0.6 05.25.27 MTN	31,982,000	$40.3m3.30%	3.30%	Reduced -13.9m	-13,902,000 -30.3%
9	CYBERARK SOFTWARE LTD NOTE 6/1 · principal CYBR 0 06.15.30 · principal	CYBR 0 06.15.30	23,380,000	$39.0m3.19%	3.19%	New
10	NUTANIX INC NOTE 0.250%10/0 · principal NTNX 0.25 10.01.27 · principal	NTNX 0.25 10.01.27	33,525,000	$37.9m3.10%	3.10%	Reduced -28.4m	-28,425,000 -45.9%
11	UBER TECHNOLOGIES INC NOTE 0.875%12/0 · principal UBER 0.875 12.01.28 2028 · principal	UBER 0.875 12.01.28 2028	31,000,000	$37.2m3.04%	3.04%	Reduced -9.0m	-9,000,000 -22.5%
12	CLOUDFLARE INC NOTE 6/1 · principal NET 0 06.15.30 · principal	NET 0 06.15.30	27,735,000	$35.2m2.88%	2.88%	New
13	PPL CAP FDG INC NOTE 2.875% 3/1 · principal PPL 2.875 03.15.28 · principal	PPL 2.875 03.15.28	27,815,000	$31.6m2.58%	2.58%	Reduced -27.9m	-27,945,000 -50.1%
14	GUIDEWIRE SOFTWARE INC NOTE 1.250%11/0 · principal GWRE 1.25 11.01.29 · principal	GWRE 1.25 11.01.29	32,195,000	$31.0m2.54%	2.54%	Reduced -22.7m	-22,695,000 -41.4%
15	BROOKDALE SR LIVING INC NOTE 2.000%10/1 · principal BKD 2 10.15.26 · principal	BKD 2 10.15.26	14,350,000	$28.6m2.34%	2.34%	Reduced -14.3m	-14,350,000 -50.0%
16	REVOLUTION MEDICINES INC NOTE 0.500% 5/0 · principal RVMD 0.5 05.01.33 · principal	RVMD 0.5 05.01.33	21,900,000	$27.7m2.26%	2.26%	New
17	REPLIGEN CORP NOTE 1.000%12/1 · principal RGEN 1 12.15.28 · principal	RGEN 1 12.15.28	26,305,000	$27.0m2.21%	2.21%	Reduced -26.3m	-26,295,000 -50.0%
18	AEROVIRONMENT INC NOTE 7/1 · principal AVAV 0 07.15.30 · principal	AVAV 0 07.15.30	28,490,000	$26.8m2.19%	2.19%	Reduced -19.8m	-19,845,000 -41.1%
19	MICROCHIP TECHNOLOGY INC. NOTE 0.750% 6/0 · principal MCHP 0.75 06.01.30 · principal	MCHP 0.75 06.01.30	23,750,000	$26.2m2.14%	2.14%	New
20	EVERGY INC NOTE 4.500%12/1 · principal EVRG 4.5 12.15.27 · principal	EVRG 4.5 12.15.27	16,895,000	$24.1m1.97%	1.97%	Reduced -17.4m	-17,395,000 -50.7%
21	FRESHPET INC NOTE 3.000% 4/0 · principal FRPT 3 04.01.28 · principal	FRPT 3 04.01.28	19,770,000	$23.1m1.89%	1.89%	Added +8.2m	+8,230,000 71.3%
22	INTEGER HLDGS CORP NOTE 2.125% 2/1 · principal ITGR 2.125 02.15.28 · principal	ITGR 2.125 02.15.28	18,745,000	$23.0m1.88%	1.88%	Reduced -15.5m	-15,483,000 -45.2%
23	MAKEMYTRIP LIMITED MAURITIUS NOTE 7/0 · principal MMYT 0 07.01.30 · principal	MMYT 0 07.01.30	21,755,000	$19.8m1.62%	1.62%	New
24	NORTHERN OIL & GAS INC NOTE 3.625% 4/1 · principal NOG 3.625 04.15.29 · principal	NOG 3.625 04.15.29	18,381,000	$17.6m1.44%	1.44%	Reduced -8.4m	-8,421,000 -31.4%
25	THE REALREAL INC DEBT 4.000% 2/1 · principal REAL 4 02.15.31 · principal	REAL 4 02.15.31	11,118,000	$15.7m1.28%	1.28%	Reduced -20.0k	-20,000 -0.2%
26	GLOBAL PMTS INC NOTE 1.500% 3/0 · principal GPN 1.5 03.01.31 · principal	GPN 1.5 03.01.31	17,365,000	$15.6m1.28%	1.28%	Reduced -15.1m	-15,055,000 -46.4%
27	GOLAR LNG LTD NOTE 2.750%12/1 · principal GLNG 2.75 12.15.30 · principal	GLNG 2.75 12.15.30	13,515,000	$15.4m1.26%	1.26%	New
28	HAEMONETICS CORP MASS NOTE 2.500% 6/0 · principal HAE 2.5 06.01.29 · principal	HAE 2.5 06.01.29	12,735,000	$12.9m1.05%	1.05%	Reduced -29.4m	-29,415,000 -69.8%
29	PURECYCLE TECHNOLOGIES INC NOTE 4.750% 7/0 · principal PCT 4.75 07.01.32 · principal	PCT 4.75 07.01.32	11,750,000	$11.9m0.97%	0.97%	New
30	WORLD KINECT CORPORATION NOTE 3.250% 7/0 · principal WKC 3.25 07.01.28 · principal	WKC 3.25 07.01.28	8,545,000	$11.1m0.91%	0.91%	Reduced -1.6m	-1,645,000 -16.1%
31	CHEESECAKE FACTORY INC NOTE 2.000% 3/1 · principal CAKE 2 03.15.30 · principal	CAKE 2 03.15.30	8,490,000	$10.8m0.88%	0.88%	Reduced -12.2m	-12,180,000 -58.9%
32	RIVIAN AUTOMOTIVE INC NOTE 4.625% 3/1 · principal RIVN 4.625 03.15.29 · principal	RIVN 4.625 03.15.29	9,000,000	$10.7m0.87%	0.87%	Unchanged
33	PG&E CORP NOTE 4.250%12/0 · principal PCG 4.25 12.01.27 · principal	PCG 4.25 12.01.27	9,500,000	$9.8m0.80%	0.80%	Reduced -2.5m	-2,500,000 -20.8%
34	OPKO HEALTH INC NOTE 3.750% 1/1 · principal OPK 3.75 01.15.29 · principal	OPK 3.75 01.15.29	5,903,000	$9.0m0.74%	0.74%	Reduced -5.9m	-5,933,000 -50.1%
35	AFFIRM HLDGS INC NOTE 0.750%12/1 · principal AFRM 0.75 12.15.29 · principal	AFRM 0.75 12.15.29	7,500,000	$8.7m0.71%	0.71%	Reduced -1.5m	-1,500,000 -16.7%
36	ON SEMICONDUCTOR CORP NOTE 0.500% 3/0 · principal ON 0.5 03.01.29 · principal	ON 0.5 03.01.29	7,000,000	$8.5m0.69%	0.69%	Reduced -1.0m	-1,000,000 -12.5%
37	NCL CORP LTD NOTE 0.875% 4/1 · principal NCLH 0.875 04.15.30 · principal	NCLH 0.875 04.15.30	7,540,000	$8.4m0.69%	0.69%	New
38	SITIME CORP NOTE 6/1 · principal SITM 0 06.15.31 · principal	SITM 0 06.15.31	7,500,000	$8.3m0.68%	0.68%	New
39	DATADOG INC NOTE 12/0 · principal DDOG 0 12.01.29 · principal	DDOG 0 12.01.29	5,800,000	$8.2m0.67%	0.67%	Added +200.0k	+200,000 3.6%
40	VISHAY INTERTECHNOLOGY INC NOTE 2.250% 9/1 · principal VSH 2.25 09.15.30 · principal	VSH 2.25 09.15.30	4,000,000	$7.9m0.65%	0.65%	New
41	WEC ENERGY GROUP INC NOTE 3.375% 6/0 · principal WEC 3.375 06.01.28 · principal	WEC 3.375 06.01.28	7,500,000	$7.8m0.64%	0.64%	New
42	LANTHEUS HLDGS INC NOTE 2.625%12/1 · principal LNTH 2.625 12.15.27 · principal	LNTH 2.625 12.15.27	5,000,000	$7.3m0.60%	0.60%	Unchanged
43	VERTEX INC NOTE 0.750% 5/0 · principal VERX 0.75 05.01.29 · principal	VERX 0.75 05.01.29	7,860,000	$7.0m0.58%	0.58%	Reduced -8.3m	-8,330,000 -51.5%
44	IMPINJ INC NOTE 1.125% 5/1 · principal PI 1.125 05.15.27 · principal	PI 1.125 05.15.27	4,990,000	$7.0m0.57%	0.57%	Reduced -10.0k	-10,000 -0.2%
45	LYFT INC NOTE 0.625% 3/0 · principal LYFT 0.625 03.01.29 · principal	LYFT 0.625 03.01.29	6,500,000	$6.8m0.56%	0.56%	Reduced -15.5m	-15,500,000 -70.5%
46	ALLIANT ENERGY CORP NOTE 3.250% 5/3 · principal LNT 3.25 05.30.28 · principal	LNT 3.25 05.30.28	6,000,000	$6.6m0.54%	0.54%	New
47	FLUENCE ENERGY INC NOTE 2.250% 6/1 · principal FLNC 2.25 06.15.30 · principal	FLNC 2.25 06.15.30	5,000,000	$6.4m0.52%	0.52%	Unchanged
48	ALNYLAM PHARMACEUTICALS INC NOTE 1.000% 9/1 · principal ALNY 1 09.15.27 · principal	ALNY 1 09.15.27	5,075,000	$6.1m0.50%	0.50%	New
49	SUPER MICRO COMPUTER INC NOTE 2.250% 7/1 · principal SMCI 2.25 07.15.28 · principal	SMCI 2.25 07.15.28	6,000,000	$5.9m0.48%	0.48%	Added +2.0m	+2,000,000 50.0%
50	RUBRIK INC. NOTE 6/1 · principal RBRK 0 06.15.30 · principal	RBRK 0 06.15.30	5,685,000	$5.8m0.47%	0.47%	New
51	CMS ENERGY CORP NOTE 3.375% 5/0 · principal CMS 3.375 05.01.28 · principal	CMS 3.375 05.01.28	4,545,000	$5.1m0.42%	0.42%	Added +335.0k	+335,000 8.0%
52	SNOWFLAKE INC NOTE 10/0 · principal SNOW 0 10.01.27 · principal	SNOW 0 10.01.27	3,000,000	$5.0m0.41%	0.41%	Reduced -7.0m	-7,000,000 -70.0%
53	VANGUARD BD INDEX FDS VANGUARD ULTRA VUSB	VUSB	100,000	$5.0m0.41%	0.41%	Reduced -100.0k	-100,000 -50.0%
54	TRANSMEDICS GROUP INC NOTE 1.500% 6/0 · principal TMDX 1.5 06.01.28 · principal	TMDX 1.5 06.01.28	4,500,000	$4.9m0.40%	0.40%	Reduced -500.0k	-500,000 -10.0%
55	AKAMAI TECHNOLOGIES INC NOTE 0.375% 9/0 · principal AKAM 0.375 09.01.27 · principal	AKAM 0.375 09.01.27	4,000,000	$4.8m0.39%	0.39%	New
56	BRAEMAR HOTELS & RESORTS INC COM BHR	BHR	2,217,055	$4.8m0.39%	0.39%	Reduced -1.9m	-1,911,698 -46.3%
57	CELCUITY INC NOTE 0.250% 8/0 · principal CELC 0.25 08.01.32 · principal	CELC 0.25 08.01.32	3,425,000	$3.9m0.32%	0.32%	New
58	UPSTART HLDGS INC NOTE 1.000%11/1 · principal UPST 1 11.15.30 · principal	UPST 1 11.15.30	4,500,000	$3.7m0.30%	0.30%	Reduced -500.0k	-500,000 -10.0%
59	FIRST MAJESTIC SILVER CORP NOTE 0.375% 1/1 · principal AGCN 0.375 01.15.27 · principal	AGCN 0.375 01.15.27	3,000,000	$3.7m0.30%	0.30%	Added +400.0k	+400,000 15.4%
60	WESTROCK COFFEE CO COM WEST	WEST	450,508	$3.7m0.30%	0.30%	Reduced -703.2k	-703,222 -61.0%
61	LIBERTY MEDIA CORP DEL NOTE 2.250% 8/1 · principal FWONK 2.25 08.15.27 · principal	FWONK 2.25 08.15.27	2,920,000	$3.6m0.30%	0.30%	Reduced -2.9m	-2,920,000 -50.0%
62	LCI INDS NOTE 3.000% 3/0 · principal LCII 3 03.01.30 · principal	LCII 3 03.01.30	3,000,000	$3.4m0.28%	0.28%	New
63	PELOTON INTERACTIVE INC NOTE 5.500%12/0 · principal PTON 5.5 12.01.29 · principal	PTON 5.5 12.01.29	2,000,000	$3.2m0.26%	0.26%	New
64	GUARDANT HEALTH INC NOTE 11/1 · principal GH 0 11.15.27 · principal	GH 0 11.15.27	2,500,000	$3.1m0.25%	0.25%	New
65	TRIP COM GROUP LTD NOTE 0.750% 6/1 · principal TCOM 0.75 06.15.29 · principal	TCOM 0.75 06.15.29	3,000,000	$3.0m0.24%	0.24%	Added +1.6m	+1,650,000 122.2%
66	JAZZ INVESTMENTS I LTD NOTE 3.125% 9/1 · principal JAZZ 3.125 09.15.30 · principal	JAZZ 3.125 09.15.30	1,720,000	$2.9m0.24%	0.24%	Reduced -37.0m	-37,050,000 -95.6%
67	URBAN ONE INC COM SHS CL D NON UONEK	UONEK	512,035	$2.5m0.20%	0.20%	Added +3.7k	+3,719 0.7%
68	TANDEM DIABETES CARE INC NOTE 1.500% 3/1 · principal TNDM 1.5 03.15.29 2024 · principal	TNDM 1.5 03.15.29 2024	2,500,000	$2.4m0.20%	0.20%	New
69	RUMBLE INC *W EXP 09/16/202 RUMBW	RUMBW	1,222,995	$2.3m0.19%	0.19%	Reduced -1.1m	-1,053,224 -46.3%
70	GROUPON INC NOTE 6.250% 3/1 · principal GRPN 6.25 03.15.27 * · principal	GRPN 6.25 03.15.27 *	2,000,000	$2.3m0.19%	0.19%	Reduced -2.0m	-2,000,000 -50.0%
71	GRANITE RIDGE RESOURCES INC COM GRNT	GRNT	508,970	$2.2m0.18%	0.18%	Reduced -867.0k	-867,042 -63.0%
72	THE REALREAL INC COM REAL	REAL	185,000	$2.2m0.18%	0.18%	Reduced -70.0k	-70,000 -27.4%
73	BROOKDALE SR LIVING INC COM BKD	BKD	135,000	$2.2m0.18%	0.18%	Reduced -90.0k	-90,000 -40.0%
74	BRAEMAR HOTELS & RESORTS INC 5.5 CUM CV PFD B BHR 5.5 PERP b	BHR 5.5 PERP b	147,383	$2.0m0.17%	0.17%	Reduced -145.8k	-145,843 -49.7%
75	PURECYCLE TECHNOLOGIES INC *W EXP 03/17/202 PCTTW	PCTTW	759,412	$2.0m0.17%	0.17%	Reduced -471.9k	-471,864 -38.3%
76	SNAP INC NOTE 0.500% 5/0 · principal SNAP 0.5 05.01.30 · principal	SNAP 0.5 05.01.30	2,500,000	$2.0m0.17%	0.17%	New
77	SNOWFLAKE INC NOTE 10/0 · principal SNOW 0 10.01.29 · principal	SNOW 0 10.01.29	1,070,000	$1.9m0.15%	0.15%	Reduced -4.9m	-4,860,000 -82.0%
78	MNTN INC CL A MNTN	MNTN	200,000	$1.8m0.15%	0.15%	Reduced -76.9k	-76,923 -27.8%
79	LIBERTY MEDIA CORP DEL NOTE 3.750% 3/1 · principal SIRI 3.75 03.15.28 · principal	SIRI 3.75 03.15.28	1,550,000	$1.8m0.15%	0.15%	Reduced -3.3m	-3,300,000 -68.0%
80	ASA GOLD AND PRECIOUS MTLS L SHS ASA	ASA	32,655	$1.7m0.14%	0.14%	Reduced -31.7k	-31,655 -49.2%
81	NUVATION BIO INC NOTE 0.750% 7/0 · principal NUVB 0.75 07.01.32 · principal	NUVB 0.75 07.01.32	1,500,000	$1.6m0.13%	0.13%	New
82	INTEGER HLDGS CORP DBCV 1.875% 3/1 · principal ITGR 1.875 03.15.30 · principal	ITGR 1.875 03.15.30	1,565,000	$1.5m0.12%	0.12%	Unchanged
83	LUXEXPERIENCE BV ADS LUXE	LUXE	200,374	$1.5m0.12%	0.12%	Reduced -200.4k	-200,374 -50.0%
84	BKV CORP COM BKV	BKV	46,912	$1.3m0.10%	0.10%	Reduced -3.1k	-3,088 -6.2%
85	BRC INC COM CL A COM CL A		1,010,918	$1.1m0.09%	0.09%	Reduced -1.5m	-1,528,536 -60.2%
86	JD.COM INC NOTE 0.250% 6/0 · principal JD 0.25 06.01.29 · principal	JD 0.25 06.01.29	1,130,000	$1.1m0.09%	0.09%	Reduced -2.1m	-2,130,000 -65.3%
87	OSISKO DEVELOPMENT CORP COM NEW COM NEW		450,000	$1.1m0.09%	0.09%	Reduced -70.0k	-70,000 -13.5%
88	GLASS HOUSE BRANDS INC SUB REG LTD VTG GLAS	GLAS	79,844	$1.0m0.08%	0.08%	New
89	AKAMAI TECHNOLOGIES INC NOTE 1.125% 2/1 · principal AKAM 1.125 02.15.29 · principal	AKAM 1.125 02.15.29	800,000	$954.9k0.08%	0.08%	New
90	AMERICAS GOLD AND SILVER COR COM NEW USAS	USAS	200,000	$944.0k0.08%	0.08%	Unchanged
91	KOSMOS ENERGY LTD NOTE 3.125% 3/1 · principal KOS 3.125 03.15.30 · principal	KOS 3.125 03.15.30	1,230,000	$902.7k0.07%	0.07%	Reduced -6.8m	-6,795,000 -84.7%
92	GOLD ROYALTY CORP COMMON SHARES GROY	GROY	300,000	$828.0k0.07%	0.07%	Reduced -335.0k	-335,000 -52.8%
93	WHIRLPOOL CORP 8.5 DEP SR A CNV WHR 8.5 02.15.29 A	WHR 8.5 02.15.29 A	22,500	$788.4k0.06%	0.06%	Unchanged
94	SHIFT4 PMTS INC NOTE 0.500% 8/0 · principal FOUR 0.5 08.01.27 · principal	FOUR 0.5 08.01.27	810,000	$773.7k0.06%	0.06%	Reduced -2.6m	-2,600,000 -76.2%
95	ALLIANCEBERNSTEIN HLDG L P UNIT LTD PARTN AB	AB	19,300	$679.7k0.06%	0.06%	Added +1.0k	+1,000 5.5%
96	ALPHABET INC DEP SHS RP1/20 A GOOGL 6.25 05.15.29 A	GOOGL 6.25 05.15.29 A	12,500	$631.0k0.05%	0.05%	New
97	AMPRIUS TECHNOLOGIES INC *W EXP 09/14/202 AMPX.WS	AMPX.WS	102,096	$594.7k0.05%	0.05%	Reduced -36.9k	-36,891 -26.5%
98	AMPHASTAR PHARMACEUTICALS IN NOTE 2.000% 3/1 · principal AMPH 2 03.15.29 · principal	AMPH 2 03.15.29	640,000	$581.2k0.05%	0.05%	New
99	BANDWIDTH INC NOTE 0.500% 4/0 · principal BAND 0.5 04.01.28 · principal	BAND 0.5 04.01.28	601,000	$565.1k0.05%	0.05%	Reduced -659.0k	-659,000 -52.3%
100	CLOUDFLARE INC NOTE 8/1 · principal NET 0 08.15.26 · principal	NET 0 08.15.26	400,000	$515.5k0.04%	0.04%	Reduced -1.6m	-1,550,000 -79.5%

Sold out since Q1 2026

Security	Ticker	Shares held before	Value then
DUKE ENERGY CORP NEW DUK 4.125 04.15.26	DUK 4.125 04.15.26	69,400,000	$72.2m69.4m shares
VENTAS RLTY LTD PARTNERSHIP VTR 3.75 06.01.26	VTR 3.75 06.01.26	47,328,000	$67.5m47.3m shares
TYLER TEX INDPT SCH DIST TYL 0.25 03.15.26	TYL 0.25 03.15.26	60,945,000	$61.8m60.9m shares
MKS INC. MKSI 1.25 06.01.30	MKSI 1.25 06.01.30	43,680,000	$56.9m43.7m shares
SPOTIFY USA INC SPOT 0 03.15.26	SPOT 0 03.15.26	49,276,000	$56.1m49.3m shares
BRAEMAR HOTELS & RESORTS INC BHR 4.5 06.01.26	BHR 4.5 06.01.26	34,470,000	$34.1m34.5m shares
SSR MINING IN SSRMCN 2.5 04.01.39	SSRMCN 2.5 04.01.39	21,755,000	$28.6m21.8m shares
VARONIS SYS INC VRNS 1 09.15.29	VRNS 1 09.15.29	23,985,000	$22.3m24.0m shares
AMERICAN WTR CAP CORP AWK 3.625 06.15.26	AWK 3.625 06.15.26	19,110,000	$19.1m19.1m shares
GRANITE CONSTR INC GVA 3.25 06.15.30	GVA 3.25 06.15.30	8,175,000	$13.1m8.2m shares
LIVE NATION ENTERTAINMENT IN LYV 2.875 01.15.30	LYV 2.875 01.15.30	12,290,000	$13.0m12.3m shares
FORD MTR CO DEL F 0 03.15.26	F 0 03.15.26	10,685,000	$11.1m10.7m shares
KAYNE ANDERSON ENERGY INFRST KYN	KYN	829,922	$11.1m829.9k shares
PEABODY ENGR CORP BTU 3.25 03.01.28	BTU 3.25 03.01.28	6,000,000	$10.1m6.0m shares
EXPEDIA GROUP INC EXPE 0 02.15.26	EXPE 0 02.15.26	8,297,000	$9.3m8.3m shares
CVR PARTNERS LP UAN	UAN	77,923	$8.9m77.9k shares
ENOVIS CORPORATION ENOV 3.875 10.15.28	ENOV 3.875 10.15.28	9,055,000	$8.9m9.1m shares
JOBY AVIATION INC JOBY 0.75 02.15.32	JOBY 0.75 02.15.32	9,630,000	$8.2m9.6m shares
T1 ENERGY INC TE 5.25 12.01.30	TE 5.25 12.01.30	5,950,000	$6.3m6.0m shares
SPDR SER TR SPSB	SPSB	200,000	$6.0m200.0k shares
ALLIANT ENERGY CORP LNT 3.875 03.15.26	LNT 3.875 03.15.26	5,000,000	$5.2m5.0m shares
URBAN ONE INC		5,083,163	$4.3m5.1m shares
MERITAGE HOMES CORP MTH 1.75 05.15.28	MTH 1.75 05.15.28	4,150,000	$4.1m4.2m shares
ASCENDIS PHARMA A/S ASND 2.25 04.01.28	ASND 2.25 04.01.28	2,100,000	$3.0m2.1m shares
CLEAR CHANNEL OUTDOOR HLDGS CCO	CCO	1,360,000	$3.0m1.4m shares

Options (notional value)

Underlying	Ticker	Type	Shares controlled	Notional	Change
B2GOLD CORP BTG · Call	BTG	Call	792,000	$613.8k792.0k shares	Reduced
NATIONAL FUEL GAS CO NFG · Call	NFG	Call	29,900	$243.7k29.9k shares	New
SYMBOTIC INC SYM · Call	SYM	Call	55,000	$236.2k55.0k shares	Added
ALPHABET INC GOOG · Call	GOOG	Call	17,500	$201.7k17.5k shares	New
HELEN OF TROY LTD HELE · Put	HELE	Put	50,000	$151.2k50.0k shares	New
ISHARES INC EWG · Put	EWG	Put	74,500	$132.2k74.5k shares	New
FIVE BELOW INC FIVE · Call	FIVE	Call	15,000	$89.2k15.0k shares	New
FIVE9 INC FIVN · Put	FIVN	Put	15,000	$61.5k15.0k shares	New
HIMS & HERS HEALTH INC HIMS · Put	HIMS	Put	40,000	$57.0k40.0k shares	New
SPDR S&P 500 ETF TR SPY · Put	SPY	Put	60,500	$48.0k60.5k shares	Reduced
SPX TECHNOLOGIES INC SPXC · Put	SPXC	Put	4,000	$45.5k4.0k shares	New
ALLIANCEBERNSTEIN HLDG L P AB · Call	AB	Call	49,000	$35.5k49.0k shares	Reduced

Stakes above 5%

Companies where this manager has reported owning more than 5% of a class of shares, on Schedule 13D (may seek influence) or 13G (passive): its latest filing for each, from 19 Dec 2024 on.

Company	Ticker	Stake	Change	Schedule	Last filed
URBAN ONE INC 13G · filed 2025-05-06		11.5%	+2.3 pts	13G	2025-05-06
BRAEMAR HOTELS & RESORTS INC BHR 5.5 PERP b · 13G · filed 2026-08-14	BHR 5.5 PERP b	8.0%≈ $3.4m	new	13G	2026-08-14
CUMULUS MEDIA INC 13G · filed 2026-08-14		7.9%	-4.3 pts	13G	2026-08-14
BRAEMAR HOTELS & RESORTS INC BHR · 13G · filed 2026-08-14	BHR	7.6%≈ $11.3m	-1.4 pts	13G	2026-08-14