OCONNOR, A Distinct Business Unit of UBS ASSET MANAGEMENT AMERICAS (LLC) — Q4 2025 13F Holdings

Holdings as of December 31, 2025

Portfolio value

$857.84B

Holdings count

221

221 positions reported

Accession #

0001132716-26-000004

Form 13F-HR

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All Reported Positions

221 positions sorted by value

221 positions

Issuer	CUSIP	Valuev	Weight	Shares/Prin.	Discretion	Voting (Sole/Shared/None)
EXACT SCIENOTE0	30063PAB1	$93.67B	10.92%	90,000,000principal	DFND	90,000,000 / 0 / 0
CIDARA THECOMNE	171757206	$69.69B	8.12%	315,474shares	DFND	315,474 / 0 / 0
SYNOVUS FICOMNE	87161C501	$34.99B	4.08%	699,181shares	DFND	699,181 / 0 / 0
BROADCOM ICOM	11135F101	$27.31B	3.18%	78,896shares	DFND	78,896 / 0 / 0
PELOTON INNOTE2	70614WAB6	$27.08B	3.16%	27,352,000principal	DFND	27,352,000 / 0 / 0
MATTEL INCCOM	577081102	$19.32B	2.25%	973,829shares	DFND	973,829 / 0 / 0
SNOWFLAKENOTE1	833445AD1	$19.03B	2.22%	12,300,000principal	DFND	12,300,000 / 0 / 0
DRAFTKINGSNOTE3	26142RAB0	$18.33B	2.14%	20,000,000principal	DFND	20,000,000 / 0 / 0
NVIDIA CORCOM	67066G104	$18.11B	2.11%	97,116shares	DFND	97,116 / 0 / 0
AMERICAN ECOM	025537101	$15.02B	1.75%	130,250shares	DFND	130,250 / 0 / 0
CENTERPOINCOM	15189T107	$14.63B	1.71%	381,495shares	DFND	381,495 / 0 / 0
ALLIANT ENCOM	018802108	$14.58B	1.70%	224,205shares	DFND	224,205 / 0 / 0
AMICUS THECOM	03152W109	$14.24B	1.66%	1,000,000shares	DFND	1,000,000 / 0 / 0
CRH PLCORD	G25508105	$13.68B	1.60%	109,645shares	DFND	109,645 / 0 / 0
PARKER-HANCOM	701094104	$13.59B	1.58%	15,460shares	DFND	15,460 / 0 / 0
WASTE MGMTCOM	94106L109	$13.55B	1.58%	61,675shares	DFND	61,675 / 0 / 0
ISHARES TRRUSSE	464287655	$12.80B	1.49%	52,000shares	DFND	52,000 / 0 / 0
BOEING COCOM	097023105	$11.19B	1.30%	51,535shares	DFND	51,535 / 0 / 0
CROCS INCCOM	227046109	$10.60B	1.24%	124,000shares	DFND	124,000 / 0 / 0
FIRSTENERGNOTE4	337932AR8	$10.23B	1.19%	10,000,000principal	DFND	10,000,000 / 0 / 0
TALEN ENERCOM	87422Q109	$9.83B	1.15%	26,225shares	DFND	26,225 / 0 / 0
NEXTERA ENCOM	65339F101	$8.77B	1.02%	109,300shares	DFND	109,300 / 0 / 0
B2GOLD CORCOM	11777Q209	$8.31B	0.97%	1,842,462shares	DFND	1,842,462 / 0 / 0
PALO ALTOCOM	697435105	$8.29B	0.97%	45,000shares	DFND	45,000 / 0 / 0
SOUTHERN CNOTE4	842587DZ7	$8.01B	0.93%	7,500,000principal	DFND	7,500,000 / 0 / 0
ALPHABET ICAPST	02079K305	$7.83B	0.91%	25,010shares	DFND	25,010 / 0 / 0
JENA ACQUIUSDCL	G5093B105	$7.12B	0.83%	700,000shares	DFND	700,000 / 0 / 0
TOAST INCCLA	888787108	$7.10B	0.83%	200,000shares	DFND	200,000 / 0 / 0
KNIGHT-SWICLA	499049104	$7.00B	0.82%	133,935shares	DFND	133,935 / 0 / 0
TESLA INCCOM	88160R101	$6.12B	0.71%	13,617shares	DFND	13,617 / 0 / 0
TE CONNECTORDSH	G87052109	$6.00B	0.70%	26,355shares	DFND	26,355 / 0 / 0
FUTU HLDGSSPONA	36118L106	$5.92B	0.69%	36,021shares	DFND	36,021 / 0 / 0
UNITED AIRCOM	910047109	$5.59B	0.65%	50,000shares	DFND	50,000 / 0 / 0
SAIA INCCOM	78709Y105	$5.17B	0.60%	15,840shares	DFND	15,840 / 0 / 0
EGH ACQUISSHSCL	G2946P100	$5.07B	0.59%	500,000shares	DFND	500,000 / 0 / 0
MERCADOLIBCOM	58733R102	$5.04B	0.59%	2,500shares	DFND	2,500 / 0 / 0
FLOWSERVECOM	34354P105	$5.02B	0.59%	72,341shares	DFND	72,341 / 0 / 0
HONEYWELLCOM	438516106	$5.02B	0.58%	25,712shares	DFND	25,712 / 0 / 0
LIVE NATIOCOM	538034109	$4.87B	0.57%	34,200shares	DFND	34,200 / 0 / 0
GORES HLDGSHSCL	G4002F109	$4.87B	0.57%	474,941shares	DFND	474,941 / 0 / 0
CANTOR EQUSHSCL	G1828S109	$4.61B	0.54%	450,000shares	DFND	450,000 / 0 / 0
AXALTA COACOM	G0750C108	$4.54B	0.53%	140,600shares	DFND	140,600 / 0 / 0
ENTERGY COCOM	29364G103	$4.51B	0.53%	48,830shares	DFND	48,830 / 0 / 0
UNITED RENCOM	911363109	$4.37B	0.51%	5,400shares	DFND	5,400 / 0 / 0
AGRICULTURSHSCL	G0131Y100	$4.29B	0.50%	384,160shares	DFND	384,160 / 0 / 0
BOOKING HOCOM	09857L108	$4.28B	0.50%	800shares	DFND	800 / 0 / 0
CONSTELLATCOM	21037T109	$4.27B	0.50%	12,100shares	DFND	12,100 / 0 / 0
LUCID GROUCOM Put	549498202	$4.14B	0.48%	2,777,800shares	DFND	2,777,800 / 0 / 0
HOWMET AERCOM	443201108	$4.10B	0.48%	20,000shares	DFND	20,000 / 0 / 0
DELTA AIRCOMNE	247361702	$4.08B	0.48%	58,731shares	DFND	58,731 / 0 / 0
TRAILBLAZEORDSH	G9009S103	$4.00B	0.47%	400,000shares	DFND	400,000 / 0 / 0
SYNOPSYS ICOM	871607107	$3.76B	0.44%	8,000shares	DFND	8,000 / 0 / 0
COHERENT CCOM	19247G107	$3.74B	0.44%	20,257shares	DFND	20,257 / 0 / 0
INTEL CORPCOM	458140100	$3.69B	0.43%	100,000shares	DFND	100,000 / 0 / 0
VERTIV HOLCOMCL	92537N108	$3.57B	0.42%	22,057shares	DFND	22,057 / 0 / 0
PDD HOLDINSPONS	722304102	$3.53B	0.41%	31,107shares	DFND	31,107 / 0 / 0
NEWHOLD INORDSH	G6486E102	$3.36B	0.39%	324,604shares	DFND	324,604 / 0 / 0
LIVE OAK ACLASH	G5509P102	$3.35B	0.39%	324,923shares	DFND	324,923 / 0 / 0
OAKTREE ACSHSCL	G6717R104	$3.17B	0.37%	300,000shares	DFND	300,000 / 0 / 0
TKO GROUPCLA	87256C101	$3.13B	0.37%	15,000shares	DFND	15,000 / 0 / 0
SPRING VYSHSCL	G8377R101	$3.04B	0.35%	300,000shares	DFND	300,000 / 0 / 0
NORWEGIANSHS	G66721104	$3.01B	0.35%	135,000shares	DFND	135,000 / 0 / 0
AMPHENOL CCLA	032095101	$2.99B	0.35%	22,110shares	DFND	22,110 / 0 / 0
FIRST SOLACOM	336433107	$2.95B	0.34%	11,300shares	DFND	11,300 / 0 / 0
C H ROBINSCOMNE	12541W209	$2.92B	0.34%	18,170shares	DFND	18,170 / 0 / 0
ACCEL ENTECOMCL	00436Q106	$2.82B	0.33%	246,728shares	DFND	246,728 / 0 / 0
GP-ACT IIICLA	G4035N103	$2.67B	0.31%	250,000shares	DFND	250,000 / 0 / 0
AA MISSIONORDSH	G1000R101	$2.67B	0.31%	250,000shares	DFND	250,000 / 0 / 0
STELLAR VSHSCL	G8475V103	$2.59B	0.30%	250,000shares	DFND	250,000 / 0 / 0
BLUE WTR AORDSH	G1368E106	$2.58B	0.30%	250,000shares	DFND	250,000 / 0 / 0
CARTESIANCOMCL	G19307100	$2.57B	0.30%	250,000shares	DFND	250,000 / 0 / 0
NEW PROVIDUSDCL	G6476A102	$2.56B	0.30%	250,000shares	DFND	250,000 / 0 / 0
PFIZER INCCOM	717081103	$2.56B	0.30%	102,623shares	DFND	102,623 / 0 / 0
DUNE ACQUISHSCL	G2867S109	$2.55B	0.30%	250,000shares	DFND	250,000 / 0 / 0
EQV VENTURCLAOR	G3106N109	$2.54B	0.30%	242,175shares	DFND	242,175 / 0 / 0
THAYER VENCLA	G87890102	$2.53B	0.29%	250,000shares	DFND	250,000 / 0 / 0
TALON CAPORDSH	G86652107	$2.52B	0.29%	250,000shares	DFND	250,000 / 0 / 0
OXLEY BRIDUSDCL	G6858G107	$2.52B	0.29%	250,000shares	DFND	250,000 / 0 / 0
PIONEER ACCLAOR	G7117W107	$2.52B	0.29%	250,000shares	DFND	250,000 / 0 / 0
SOLARIUS CSHSCL	G82617104	$2.51B	0.29%	250,000shares	DFND	250,000 / 0 / 0
GE VERNOVACOM	36828A101	$2.51B	0.29%	3,834shares	DFND	3,834 / 0 / 0
M3-BRIGADEORDSH	G63221108	$2.50B	0.29%	250,000shares	DFND	250,000 / 0 / 0
HIGHVIEW MORDSH	G4569C101	$2.50B	0.29%	250,000shares	DFND	250,000 / 0 / 0
CSLM DIGITUSDCL	G2584S101	$2.49B	0.29%	250,000shares	DFND	250,000 / 0 / 0
BOLD EAGLECLA	G2003N105	$2.32B	0.27%	219,217shares	DFND	219,217 / 0 / 0
TJX COS INCOM	872540109	$2.30B	0.27%	15,000shares	DFND	15,000 / 0 / 0
RANGE CAPCLAOR	G7375J103	$2.25B	0.26%	225,000shares	DFND	225,000 / 0 / 0
ASML HOLDINYREG	N07059210	$2.14B	0.25%	2,000shares	DFND	2,000 / 0 / 0
WABTECCOM	929740108	$2.13B	0.25%	10,000shares	DFND	10,000 / 0 / 0
CHURCHILLCLASH	G21301109	$2.12B	0.25%	199,274shares	DFND	199,274 / 0 / 0
ARCHIMEDESORDSH	G04537109	$2.07B	0.24%	200,000shares	DFND	200,000 / 0 / 0
COHEN CIRCSHSCL	G2254C121	$2.05B	0.24%	200,000shares	DFND	200,000 / 0 / 0
GESHER ACQUSDCL	G3852D107	$2.05B	0.24%	200,000shares	DFND	200,000 / 0 / 0
BLUE ACQUIORDSH	G1331A108	$2.04B	0.24%	200,000shares	DFND	200,000 / 0 / 0
CAL REDWOOCOMCL	G17564108	$2.04B	0.24%	200,000shares	DFND	200,000 / 0 / 0
D. BORAL ASHSCL	G2616F101	$2.01B	0.23%	200,000shares	DFND	200,000 / 0 / 0
CHECK POINORD	M22465104	$1.92B	0.22%	10,370shares	DFND	10,370 / 0 / 0
BURLINGTONCOM	122017106	$1.88B	0.22%	6,500shares	DFND	6,500 / 0 / 0
CANTOR EQUSHSCL	G1828E100	$1.79B	0.21%	174,570shares	DFND	174,570 / 0 / 0
AXIOM INTEORDSH	G0750N104	$1.76B	0.21%	175,000shares	DFND	175,000 / 0 / 0
OTG ACQUISORDCL	G6791A100	$1.75B	0.20%	175,000shares	DFND	175,000 / 0 / 0
ARTIUS IISHSCL	G0509J115	$1.65B	0.19%	160,000shares	DFND	160,000 / 0 / 0
CENTURIONSHSCL	G20315100	$1.60B	0.19%	150,000shares	DFND	150,000 / 0 / 0
ANDRETTI AORDSH	G26745102	$1.58B	0.18%	150,000shares	DFND	150,000 / 0 / 0
MOUNTAIN LSHSCL	G6301B101	$1.56B	0.18%	149,912shares	DFND	149,912 / 0 / 0
ARMADA ACQCOMCL	G0R38G104	$1.54B	0.18%	150,000shares	DFND	150,000 / 0 / 0
CUMMINS INCOM	231021106	$1.53B	0.18%	3,000shares	DFND	3,000 / 0 / 0
SOULPOWERUSDCL	G82745103	$1.52B	0.18%	150,000shares	DFND	150,000 / 0 / 0
FUTURECRESCLAOR	G3730U107	$1.51B	0.18%	150,000shares	DFND	150,000 / 0 / 0
PYROPHYTECLASH	G7309T102	$1.51B	0.18%	150,000shares	DFND	150,000 / 0 / 0
EQV VENTURORDSH	G3106Q102	$1.50B	0.18%	150,000shares	DFND	150,000 / 0 / 0
TOWER SEMISHSNE	M87915274	$1.50B	0.17%	12,739shares	DFND	12,739 / 0 / 0
AA MISSIONORDSH	G1000S109	$1.49B	0.17%	150,000shares	DFND	150,000 / 0 / 0
VIKING ACQORDCL	G9582G104	$1.49B	0.17%	150,000shares	DFND	150,000 / 0 / 0
WARNER BROCOMSE	934423104	$1.44B	0.17%	50,000shares	DFND	50,000 / 0 / 0
ALCHEMY INCLAOR	G0232F109	$1.42B	0.17%	100,248shares	DFND	100,248 / 0 / 0
ACM RESH ICOMCL	00108J109	$1.42B	0.17%	35,958shares	DFND	35,958 / 0 / 0
TAPESTRY ICOM	876030107	$1.28B	0.15%	10,000shares	DFND	10,000 / 0 / 0
CHENGHE ACORDSH	G2086N105	$1.25B	0.15%	125,000shares	DFND	125,000 / 0 / 0
GALATA ACQORDSH	G3R25N108	$1.25B	0.15%	125,000shares	DFND	125,000 / 0 / 0
GEN DIGITARIGHT	668771116	$1.23B	0.14%	274,523shares	DFND	274,523 / 0 / 0
DOLLAR TRECOM	256746108	$1.23B	0.14%	10,000shares	DFND	10,000 / 0 / 0
SILVER PEGSHSCL	G8192J102	$1.21B	0.14%	120,000shares	DFND	120,000 / 0 / 0
CANADIAN SCOM	136635109	$1.14B	0.13%	47,962shares	DFND	47,962 / 0 / 0
LUMENTUM HCOM	55024U109	$1.14B	0.13%	3,083shares	DFND	3,083 / 0 / 0
HAYMAKER ACLASS	G4375F108	$1.14B	0.13%	100,248shares	DFND	100,248 / 0 / 0
SHARKNINJACOMSH	G8068L108	$1.12B	0.13%	10,020shares	DFND	10,020 / 0 / 0
WALMART INCOM	931142103	$1.11B	0.13%	10,000shares	DFND	10,000 / 0 / 0
LEGATO MERORDSH	G5451A103	$1.09B	0.13%	100,000shares	DFND	100,000 / 0 / 0
ALDEL FINLCLA	G01558108	$1.05B	0.12%	100,000shares	DFND	100,000 / 0 / 0
ROMAN DBDRORDSH	G7633M104	$1.04B	0.12%	100,000shares	DFND	100,000 / 0 / 0
JACKSON ACCOMSH	G4992A110	$1.04B	0.12%	100,000shares	DFND	100,000 / 0 / 0
RITHM ACQUCLA	G75751100	$1.04B	0.12%	100,000shares	DFND	100,000 / 0 / 0
COPLEY ACQORDSH	G24243100	$1.02B	0.12%	100,000shares	DFND	100,000 / 0 / 0
CANTOR EQUSHSCL	G1828A108	$1.02B	0.12%	100,000shares	DFND	100,000 / 0 / 0
1RT ACQUISUSDCL	G6757R105	$1.02B	0.12%	100,000shares	DFND	100,000 / 0 / 0
PELICAN ACSHS	G6993G103	$1.02B	0.12%	100,000shares	DFND	100,000 / 0 / 0
SIZZLE ACQUSDCL	G8193F109	$1.02B	0.12%	100,000shares	DFND	100,000 / 0 / 0
INFLECTIONCLAOR	G47875102	$1.01B	0.12%	100,000shares	DFND	100,000 / 0 / 0
BERTO ACQUORDSH	G1051H101	$1.01B	0.12%	100,000shares	DFND	100,000 / 0 / 0
OYSTER ENTORDSH	G6861F104	$1.01B	0.12%	100,000shares	DFND	100,000 / 0 / 0
WEN ACQUISCOMCL	G9R39C103	$1.01B	0.12%	100,000shares	DFND	100,000 / 0 / 0
FIGX CAP AUSDCL	G3473K100	$1.01B	0.12%	100,000shares	DFND	100,000 / 0 / 0
BTC DEV COORDSH	G0701G109	$1.00B	0.12%	100,000shares	DFND	100,000 / 0 / 0
MCKINLEY ASHSCL	G6005T101	$997.00M	0.12%	100,000shares	DFND	100,000 / 0 / 0
IRON HORSEUNIT0	46283H202	$994.00M	0.12%	100,000shares	DFND	100,000 / 0 / 0
APEX TREASORDSH	G04104108	$989.00M	0.12%	100,000shares	DFND	100,000 / 0 / 0
SPDR GOLDGOLDS	78463V107	$970.96M	0.11%	2,450shares	DFND	2,450 / 0 / 0
META PLATFCLA	30303M102	$931.39M	0.11%	1,411shares	DFND	1,411 / 0 / 0
NEWMONT COCOM	651639106	$925.61M	0.11%	9,270shares	DFND	9,270 / 0 / 0
REAL ASSETSHSCL	G73944103	$914.02M	0.11%	89,610shares	DFND	89,610 / 0 / 0
ROSS STORECOM	778296103	$900.70M	0.10%	5,000shares	DFND	5,000 / 0 / 0
PACKAGINGCOM	695156109	$884.73M	0.10%	4,290shares	DFND	4,290 / 0 / 0
MASCO CORPCOM	574599106	$762.79M	0.09%	12,020shares	DFND	12,020 / 0 / 0
H WORLD GRSPONS	44332N106	$760.66M	0.09%	16,167shares	DFND	16,167 / 0 / 0
INDIGO ACQORDSH	G4791J106	$756.00M	0.09%	75,000shares	DFND	75,000 / 0 / 0
SPARK I ACORDSH	G8316B100	$754.53M	0.09%	66,832shares	DFND	66,832 / 0 / 0
HUNT J B TCOM	445658107	$754.04M	0.09%	3,880shares	DFND	3,880 / 0 / 0
HERTZ GLOBCOM Put	42806J700	$752.45M	0.09%	1,194,300shares	DFND	1,194,300 / 0 / 0
STRATEGY ISERIE	594972887	$751.12M	0.09%	9,500shares	DFND	9,500 / 0 / 0
SABRE CORPCOM	78573M104	$749.22M	0.09%	550,900shares	DFND	550,900 / 0 / 0
SABRE CORPCOM Put	78573M104	$705.82M	0.08%	688,600shares	DFND	688,600 / 0 / 0
CENTRUS ENCLA	15643U104	$654.24M	0.08%	2,695shares	DFND	2,695 / 0 / 0
CAMECO CORCOM	13321L108	$653.06M	0.08%	7,138shares	DFND	7,138 / 0 / 0
CHEMOURS CCOM Put	163851108	$619.08M	0.07%	46,900shares	DFND	46,900 / 0 / 0
AMERICAN EORDCL	G0273J101	$569.50M	0.07%	50,000shares	DFND	50,000 / 0 / 0
HARLEY DAVCOM Put	412822108	$550.00M	0.06%	250,000shares	DFND	250,000 / 0 / 0
AMERICAN ACOM Put	02376R102	$534.23M	0.06%	5,460,000shares	DFND	5,460,000 / 0 / 0
SEA LTDSPONS	81141R100	$510.28M	0.06%	4,000shares	DFND	4,000 / 0 / 0
CHARTER COCOM Put	16119P108	$509.74M	0.06%	21,100shares	DFND	21,100 / 0 / 0
GRAB HOLDICLASS	G4124C109	$506.49M	0.06%	101,500shares	DFND	101,500 / 0 / 0
SILVERBOXSHSCL	G81354105	$506.04M	0.06%	47,830shares	DFND	47,830 / 0 / 0
BAIN CAP GORDCL	G0R78B106	$504.00M	0.06%	50,000shares	DFND	50,000 / 0 / 0
TRANSOCEANCOM Call	H8817H100	$460.00M	0.05%	400,000shares	DFND	400,000 / 0 / 0
FORD MTR CCOM Put	345370860	$447.80M	0.05%	900,000shares	DFND	900,000 / 0 / 0
CROCS INCCOM Put	227046109	$425.25M	0.05%	81,000shares	DFND	81,000 / 0 / 0
SKILLSOFTCLA	83066P309	$387.74M	0.05%	41,692shares	DFND	41,692 / 0 / 0
TRANSOCEANCOM Put	H8817H100	$188.07M	0.02%	483,400shares	DFND	483,400 / 0 / 0
MGM RESORTCOM Put	552953101	$181.43M	0.02%	82,600shares	DFND	82,600 / 0 / 0
COMCAST COCOM Call	20030N101	$172.50M	0.02%	100,000shares	DFND	100,000 / 0 / 0
XPLR INFRACOM Put	65341B106	$163.77M	0.02%	20,600shares	DFND	20,600 / 0 / 0
BOLD EAGLERIGHT	G2003N121	$134.00M	0.02%	400,000shares	DFND	400,000 / 0 / 0
B & G FOODCOM Put	05508R106	$79.52M	0.01%	113,600shares	DFND	113,600 / 0 / 0
TRAILBLAZE*WEXP	G9009S111	$68.68M	0.01%	133,333shares	DFND	133,333 / 0 / 0
AMC ENTMTCLANE	00165C302	$61.91M	0.01%	39,688shares	DFND	39,688 / 0 / 0
BLUE ACQUIRIGHT	G1331A116	$60.14M	0.01%	200,000shares	DFND	200,000 / 0 / 0
CALUMET INCOM Put	131428104	$50.50M	0.01%	175,000shares	DFND	175,000 / 0 / 0
EQV VENTUR*WEXP	G3106N117	$41.18M	0.00%	80,724shares	DFND	80,724 / 0 / 0
HERBALIFECOM Put	G4412G101	$32.96M	0.00%	82,400shares	DFND	82,400 / 0 / 0
SPRING VY*WEXP	G8377R119	$31.50M	0.00%	50,000shares	DFND	50,000 / 0 / 0
STARWOOD PCOM Put	85571B105	$30.19M	0.00%	172,500shares	DFND	172,500 / 0 / 0
WISDOMTREECOM Put	97717P104	$30.00M	0.00%	100,000shares	DFND	100,000 / 0 / 0
ROYALTY MG*WEXP	02369M110	$28.84M	0.00%	221,686shares	DFND	221,686 / 0 / 0
FIRSTENERGCOM Put	337932107	$26.00M	0.00%	26,000shares	DFND	26,000 / 0 / 0
VORNADO RLCOM Put	929042109	$25.13M	0.00%	33,500shares	DFND	33,500 / 0 / 0
CID HOLDCO*WEXP	171756117	$23.66M	0.00%	282,640shares	DFND	282,640 / 0 / 0
CHEESECAKECOM Put	163072101	$21.00M	0.00%	20,000shares	DFND	20,000 / 0 / 0
VIKING ACQ*WEXP	G9582G112	$19.50M	0.00%	50,000shares	DFND	50,000 / 0 / 0
MACYS INCCOM Put	55616P104	$18.80M	0.00%	80,000shares	DFND	80,000 / 0 / 0
PELOTON INCOM Put	70614W100	$14.00M	0.00%	400,000shares	DFND	400,000 / 0 / 0
MCKINLEY ARIGHT	G6005T119	$12.50M	0.00%	100,000shares	DFND	100,000 / 0 / 0
INDIGO ACQRIGHT	G4791J114	$10.88M	0.00%	75,000shares	DFND	75,000 / 0 / 0
ISHARES TRCOM Put	464287655	$10.80M	0.00%	45,000shares	DFND	45,000 / 0 / 0
SYNCHRONYCOM Put	87165B103	$9.31M	0.00%	21,900shares	DFND	21,900 / 0 / 0
EXPAND ENECOM Call	165167735	$8.40M	0.00%	20,000shares	DFND	20,000 / 0 / 0
SYNTEC OPT*WEXP	87169M113	$8.33M	0.00%	32,034shares	DFND	32,034 / 0 / 0
SCAGE FUTU*WEXP	G7840J118	$7.99M	0.00%	127,590shares	DFND	127,590 / 0 / 0
TEVOGEN BI*WEXP	88165K119	$6.96M	0.00%	181,387shares	DFND	181,387 / 0 / 0
BRAND ENGA*WEXP	104932116	$6.85M	0.00%	150,251shares	DFND	150,251 / 0 / 0
BROADCOM ICOM Call	11135F101	$6.20M	0.00%	40,000shares	DFND	40,000 / 0 / 0
LAS VEGASCOM Put	517834107	$5.93M	0.00%	37,200shares	DFND	37,200 / 0 / 0
NORWEGIANCOM Put	G66721104	$5.66M	0.00%	188,800shares	DFND	188,800 / 0 / 0
ONEMAIN HLCOM Put	68268W103	$5.64M	0.00%	34,400shares	DFND	34,400 / 0 / 0
MULTISENSO*WEXP	456948116	$5.58M	0.00%	142,585shares	DFND	142,585 / 0 / 0
BOREALIS F*WEXP	09973D113	$3.83M	0.00%	70,030shares	DFND	70,030 / 0 / 0
VIASAT INCCOM Put	92552V100	$3.67M	0.00%	73,300shares	DFND	73,300 / 0 / 0
DIGITALOCECOM Put	25402D102	$3.00M	0.00%	15,000shares	DFND	15,000 / 0 / 0
MEDICAL PPCOM Put	58463J304	$1.98M	0.00%	396,500shares	DFND	396,500 / 0 / 0
BOLT PROJS*WEXP	09769B115	$1.86M	0.00%	110,914shares	DFND	110,914 / 0 / 0
ADVANCE AUCOM Put	00751Y106	$1.26M	0.00%	12,000shares	DFND	12,000 / 0 / 0
MAGNITE INCOM Call	55955D100	$800K	0.00%	32,000shares	DFND	32,000 / 0 / 0

Filing Metadata

Form type

13F-HR

Filing date

Feb 13, 2026

Holdings as of

December 31, 2025

Accession

0001132716-26-000004

CIK

0001132716

View on SEC

Portfolio Snapshot

Total Portfolio Value

$857.84B

Number of Positions

221

221 reported by filer

Top 10 Concentration

39.9%

Top 20 Concentration

55.0%

Unique Issuers

215

By CUSIP

Avg. Position Size

$3.88B

Across 221 holdings

Top 5 Holdings

EXACT SCIE10.9%

CIDARA THE8.1%

SYNOVUS FI4.1%

BROADCOM I3.2%

PELOTON IN3.2%