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
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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
22ND CENTURY GROUP INC Equity 90137F707 67,208 80,000 SH DFND 80,000 0 0
Abivax SA ADR 00370M103 1,351,227 13,646 SH DFND 13,646 0 0
AdvisorShares Pure US Cannabis ETF Exchange Traded Fund 00768Y453 39,105,015 8,651,552 SH DFND 8,651,552 0 0
AdvisorShares Pure US Cannabis ETF Option 00768Y453 20,340,000 4,500,000 SH Call DFND 4,500,000 0 0
AIB Data Centers Inc Equity 093919108 3,935,527 2,959,043 SH DFND 2,959,043 0 0
Alexandria Real Estate Equities Inc Equity 015271109 1,423,800 30,000 SH DFND 30,000 0 0
Algonquin Power & Utilities Corp Equity 015857105 37,688,339 7,500,000 SH DFND 7,500,000 0 0
Alibaba Group Holding Ltd ADR 01609W102 860,320 8,000 SH DFND 8,000 0 0
Alight Inc Equity 01626W200 181,076 20,300 SH DFND 20,300 0 0
Alkami Technology Inc Equity 01644J108 2,327,711 170,030 SH DFND 170,030 0 0
Alkami Technology Inc Option 01644J108 4,107,000 300,000 SH Call DFND 300,000 0 0
Americold Realty Trust Inc Equity 03064D108 349,500 25,000 SH DFND 25,000 0 0
Applied Aerospace & Defense Inc Equity 03815J107 1,792,987 149,043 SH DFND 149,043 0 0
AppLovin Corp Equity 03831W108 3,485,160 12,000 SH DFND 12,000 0 0
ARGAN INC Equity 04010E109 1,889,750 5,000 SH DFND 5,000 0 0
ARK Genomic Revolution ETF Option 00214Q302 10,844,000 200,000 SH Put DFND 200,000 0 0
AXT Inc Option 00246W103 3,870,500 50,000 SH Put DFND 50,000 0 0
BCE Inc Equity 05534B760 4,071,107 200,000 SH DFND 200,000 0 0
Berto Acquisition Corp II Equity Unit G1051M126 3,000,013 298,212 SH DFND 298,212 0 0
BioStem Technologies Inc Equity 090684200 1,215,398 367,648 SH DFND 367,648 0 0
Blackstone Digital Infrastructure Trust Inc Equity 09264B107 2,110,555 121,716 SH DFND 121,716 0 0
Blue Water Acquisition Corp III Equity G1368E106 25,794,300 2,485,000 SH DFND 2,485,000 0 0
Blue Water Acquisition Corp III Equity Unit G1368E122 1,050,000 100,000 SH DFND 100,000 0 0
Blue Water Acquisition Corp III Warrant G1368E114 340,478 1,261,031 SH DFND 1,261,031 0 0
Boyd Group Services Inc Equity 103310108 3,037,374 38,700 SH DFND 38,700 0 0
Brixmor Property Group Inc Equity 11120U105 4,029,600 146,000 SH DFND 146,000 0 0
Brookdale Senior Living Inc Equity 112463104 7,004,844 646,800 SH DFND 646,800 0 0
Bullfrog AI Holdings Inc Warrant 12021E117 11,870 80,750 SH DFND 80,750 0 0
CAE Inc Equity 124765108 1,202,572 50,000 SH DFND 50,000 0 0
Camden Property Trust Equity 133131102 1,450,950 15,000 SH DFND 15,000 0 0
Cantor Equity Partners I Inc Equity G1827K107 21,968,108 2,039,750 SH DFND 2,039,750 0 0
CARVANA CO Equity 146869102 859,925 13,750 SH DFND 13,750 0 0
Catheter Precision Inc. Equity 74933X807 1,261,874 189,281 SH DFND 189,281 0 0
CBRE Group Inc Equity 12504L109 1,734,345 13,500 SH DFND 13,500 0 0
Churchill Capital Corp XIII Equity Unit G2132G120 5,277,500 500,000 SH DFND 500,000 0 0
Coeur Mining Inc Option 192108504 2,640,000 150,000 SH Call DFND 150,000 0 0
Core Scientific Inc Equity 21874A106 3,362,735 210,434 SH DFND 210,434 0 0
Csquare Inc Equity 22946R101 2,782,560 176,000 SH DFND 176,000 0 0
Dave Inc Equity 23834J201 3,215,100 10,000 SH DFND 10,000 0 0
Destiny Tech100 Inc Exchange Traded Fund 25063F107 2,186,031 70,860 SH DFND 70,860 0 0
DLH Holdings Corp Equity 23335Q100 134,377 36,318 SH DFND 36,318 0 0
Enhanced Group Inc Equity 29333R107 1,777,255 1,269,468 SH DFND 1,269,468 0 0
EW Scripps Co/The Equity 811054402 4,520,890 1,738,804 SH DFND 1,738,804 0 0
Expedia Group Inc Option 30212P303 1,316,800 5,000 SH Put DFND 5,000 0 0
Federal Realty Investment Trust Equity 313745101 1,786,785 16,500 SH DFND 16,500 0 0
FGI Industries Ltd Warrant G3302D111 35,345 740,991 SH DFND 740,991 0 0
Five9 Inc Equity 338307101 85,007,349 2,499,481 SH DFND 2,499,481 0 0
Forgent Power Solutions Inc Equity 34631F102 5,911,289 157,887 SH DFND 157,887 0 0
FTAI Aviation Ltd Equity G3730V105 2,505,450 15,000 SH DFND 15,000 0 0
FutureCrest Acquisition Corp Equity Unit G3730U123 26,899,346 2,588,965 SH DFND 2,588,965 0 0
Galaxy Digital Inc Equity 36317J209 10,548,586 463,878 SH DFND 463,878 0 0
Gildan Activewear Inc Equity 375916103 1,010,544 23,705 SH DFND 23,705 0 0
Gold Royalty Corp Equity 38071H106 4,597,455 1,532,485 SH DFND 1,532,485 0 0
Gold Royalty Corp Warrant 38071H122 742,500 675,000 SH DFND 675,000 0 0
Gold Royalty Corp Option 38071H106 600,000 200,000 SH Call DFND 200,000 0 0
Host Digital Inc Equity 42227T303 831,250 175,000 SH DFND 175,000 0 0
Hub Cyber Security Ltd Warrant M6000J127 829 101,139 SH DFND 101,139 0 0
Hut 8 Corp Option 44812J104 3,444,000 40,000 SH Call DFND 40,000 0 0
Imperial Oil Ltd Equity 453038408 2,116,460 17,200 SH DFND 17,200 0 0
InvenTrust Properties Corp Equity 46124J201 753,750 25,000 SH DFND 25,000 0 0
Invesco QQQ Trust Series 1 Option 46090E103 49,564,590 67,000 SH Put DFND 67,000 0 0
Iron Mountain Inc Equity 46284V101 1,830,675 16,500 SH DFND 16,500 0 0
iShares 20 Year Treasury Bond ETF Option 464287432 77,780,000 1,000,000 SH Call DFND 1,000,000 0 0
iShares Bitcoin Trust ETF Exchange Traded Fund 46438F101 22,321,378 471,512 SH DFND 471,512 0 0
iShares MSCI Brazil ETF Option 464286400 3,725,000 100,000 SH Call DFND 100,000 0 0
iShares MSCI Canada ETF Option 464286509 58,911,258 1,009,100 SH Put DFND 1,009,100 0 0
iShares Russell 2000 ETF Option 464287655 109,766,550 395,000 SH Put DFND 395,000 0 0
iShares Semiconductor ETF Exchange Traded Fund 464287523 14,955,232 26,300 SH DFND 26,300 0 0
iShares Semiconductor ETF Option 464287523 11,372,800 20,000 SH Put DFND 20,000 0 0
iShares U.S. Real Estate ETF Option 464287739 18,390,240 193,500 SH Call DFND 193,500 0 0
JAKKS Pacific Inc Equity 47012E403 845,800 33,657 SH DFND 33,657 0 0
Kartoon Studios Inc Equity 37229T509 2,849,346 4,809,834 SH DFND 4,809,834 0 0
KraneShares CSI China Internet ETF Option 500767306 22,059,000 900,000 SH Call DFND 900,000 0 0
LAM RESEARCH CORP Equity 512807306 3,285,100 10,000 SH DFND 10,000 0 0
Lineage Inc Equity 53566V106 2,388,400 70,000 SH DFND 70,000 0 0
Lionsgate Studios Corp Option 53626N102 12,096,000 1,080,000 SH Call DFND 1,080,000 0 0
Lionsgate Studios Corp Equity 53626N102 67,643,621 6,039,609 SH DFND 6,039,609 0 0
Lithium Argentina AG Equity H5012F103 1,100,000 200,000 SH DFND 200,000 0 0
LOVESAC CO/THE Equity 54738L109 17,366,225 1,153,902 SH DFND 1,153,902 0 0
Malibu Boats Inc Equity 56117J100 3,807,562 166,124 SH DFND 166,124 0 0
Match Group Inc Equity 57667L107 61,946,592 1,542,879 SH DFND 1,542,879 0 0
Match Group Inc Option 57667L107 4,143,480 103,200 SH Call DFND 103,200 0 0
Medicus Pharma Ltd Warrant 58471K111 12,720 42,400 SH DFND 42,400 0 0
Meta Platforms Inc Option 30303M102 35,896,410 49,500 SH Put DFND 49,500 0 0
Metals Royalty Co Inc/The Equity 591322102 3,474,529 902,475 SH DFND 902,475 0 0
Micron Technology Inc Equity 595112103 2,130,220 2,000 SH DFND 2,000 0 0
Micron Technology Inc Option 595112103 6,390,660 6,000 SH Put DFND 6,000 0 0
MKS Inc Equity 55306N104 5,174,520 19,500 SH DFND 19,500 0 0
MOZAYYX Acquisition Corp Equity Unit G63113123 24,720,500 2,450,000 SH DFND 2,450,000 0 0
Nektar Therapeutics Equity 640268306 2,387,168 39,428 SH DFND 39,428 0 0
New America Acquisition I Corp Equity Unit 023634207 30,400,316 2,968,491 SH DFND 2,968,491 0 0
New America Acquisition I Corp Warrant 023634116 90,684 238,642 SH DFND 238,642 0 0
NexGen Energy Ltd Option 65340P106 1,824,000 200,000 SH Call DFND 200,000 0 0
Nexus Advanced Technologies Inc Equity G53151133 75,164 77,625 SH DFND 77,625 0 0
NIKE Inc Option 654106103 3,540,000 100,000 SH Call DFND 100,000 0 0
Nouveau Monde Graphite Inc Equity 66979W842 1,502,040 1,251,700 SH DFND 1,251,700 0 0
NVIDIA CORP Equity 67066G104 52,502,278 229,890 SH DFND 229,890 0 0
OmniAb Inc Warrant 68218J111 4,349 11,833 SH DFND 11,833 0 0
Osisko Gold Group Inc Equity 68827X105 3,751,779 1,330,418 SH DFND 1,330,418 0 0
Ovintiv Inc Equity 69047Q102 1,288,230 22,280 SH DFND 22,280 0 0
Permian Resources Corp Equity 71424F105 331,816 15,711 SH DFND 15,711 0 0
ProShares Bitcoin ETF Exchange Traded Fund 74347G440 14,672,000 1,310,000 SH DFND 1,310,000 0 0
Reddit Inc Equity 75734B100 2,676,448 18,790 SH DFND 18,790 0 0
Renatus Tactical Acquisition Corp I Warrant G7490F127 77,303 36,364 SH DFND 36,364 0 0
RenX Enterprises Corp Equity 78637J402 339,909 162,636 SH DFND 162,636 0 0
Resideo Technologies Inc Equity 76118Y104 378,845 20,873 SH DFND 20,873 0 0
Riskified Ltd Equity M8216R109 1,138,383 143,917 SH DFND 143,917 0 0
Robinhood Markets Inc Equity 770700102 1,125,000 10,000 SH DFND 10,000 0 0
Roundhill Memory ETF Option 77926X320 6,036,000 100,000 SH Call DFND 100,000 0 0
Roundhill Memory ETF Option 77926X320 6,036,000 100,000 SH Put DFND 100,000 0 0
Roundhill Memory ETF Exchange Traded Fund 77926X320 3,018,000 50,000 SH DFND 50,000 0 0
Sea Ltd ADR 81141R100 3,407,600 35,000 SH DFND 35,000 0 0
SELLAS Life Sciences Group Inc Option 81642T209 38,161,000 3,100,000 SH Call DFND 3,100,000 0 0
SELLAS Life Sciences Group Inc Option 81642T209 65,744,017 5,340,700 SH Put DFND 5,340,700 0 0
SharonAI Holdings Inc Equity 778920306 6,630,351 121,435 SH DFND 121,435 0 0
SHF Holdings Inc Warrant 824430110 133 12,500 SH DFND 12,500 0 0
Silo Pharma Inc Equity 82711P300 157,014 103,983 SH DFND 103,983 0 0
Sinda Ltd Equity G81569108 18,959,530 1,373,879 SH DFND 1,373,879 0 0
Smartbird Inc Equity 01675A208 167,833 64,304 SH DFND 64,304 0 0
Solstice Advanced Materials Inc Equity 83443Q103 1,126,400 20,000 SH DFND 20,000 0 0
SOS LTD Equity G8274W104 333,407 1,004,540 SH DFND 1,004,540 0 0
SPDR Gold Shares Option 78463V107 19,042,000 50,000 SH Call DFND 50,000 0 0
SPS Commerce Inc Equity 78463M107 76,711,244 930,510 SH DFND 930,510 0 0
SPS Commerce Inc Option 78463M107 6,595,200 80,000 SH Call DFND 80,000 0 0
Stablecoin Development Corp Equity 66987P508 279,720 108,000 SH DFND 108,000 0 0
State Street Energy Select Sector SPDR ETF Option 81369Y506 18,450,000 300,000 SH Put DFND 300,000 0 0
State Street SPDR S&P 500 ETF Trust Option 78462F103 251,667,900 330,000 SH Put DFND 330,000 0 0
Sunshine Silver Mining & Refining Co Equity 867866105 33,604,803 2,282,935 SH DFND 2,282,935 0 0
Super Group SGHC Ltd Equity G8588X103 4,313,000 380,000 SH DFND 380,000 0 0
Take-Two Interactive Software Inc Option 874054109 4,150,000 20,000 SH Call DFND 20,000 0 0
TELUS Corp Equity 87971M103 2,523,187 300,000 SH DFND 300,000 0 0
TERADYNE INC Equity 880770102 2,004,550 5,000 SH DFND 5,000 0 0
Terawulf Inc Equity 88080T104 3,566,800 241,000 SH DFND 241,000 0 0
Terawulf Inc Option 88080T104 5,846,000 395,000 SH Call DFND 395,000 0 0
TESLA, INC. Equity 88160R101 13,548,065 38,184 SH DFND 38,184 0 0
Texas Ventures Acquisition III Corp Warrant G8772L113 185,186 845,600 SH DFND 845,600 0 0
TMC the metals co Inc Equity 87261Y106 11,306,788 2,944,476 SH DFND 2,944,476 0 0
Uniti Group Inc Equity 912932100 10,203,337 1,217,582 SH DFND 1,217,582 0 0
Unity Software Inc Option 91332U101 4,093,000 100,000 SH Call DFND 100,000 0 0
VanEck Junior Gold Miners ETF Option 92189F791 19,941,250 175,000 SH Put DFND 175,000 0 0
VanEck Oil Refiners ETF Option 92189F585 7,113,082 112,300 SH Put DFND 112,300 0 0
Venture Global Inc Equity 92333F101 1,896,000 150,000 SH DFND 150,000 0 0
Venu Holding Corp Equity 92333E104 6,867,532 4,836,290 SH DFND 4,836,290 0 0
Vnet Group Inc Option 90138A103 1,110,000 200,000 SH Call DFND 200,000 0 0
Weyerhaeuser Co Option 962166104 4,762,500 250,000 SH Call DFND 250,000 0 0
XBP Global Holdings Inc Warrant 98400V119 652 12,537 SH DFND 12,537 0 0
Xtrackers Harvest CSI 300 China A-Shares ETF Option 233051879 6,534,000 200,000 SH Call DFND 200,000 0 0
Yorkville Acquisition Corp Warrant G98659124 130,464 457,767 SH DFND 457,767 0 0
Yorkville International Capital Corp Equity Unit G98665121 5,250,000 500,000 SH DFND 500,000 0 0
Zillow Group Inc Equity 98954M200 813,900 30,000 SH DFND 30,000 0 0