SILVERBACK ASSET MANAGEMENT LLC Quant / Systematic

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
SPY	STATE STR SPDR S&P 500 ETF T	150,000	$97,554	14.3%	—	—	PUT	78462F103
IWM	ISHARES TR	155,000	$38,429	5.6%	—	—	PUT	464287655
—	INDIE SEMICONDUCTOR INC	36,515,000	$34,923	5.1%	$0.96	—	Note 3.500 12815	45569UAC5
IWM	ISHARES TR	100,000	$24,793	3.6%	—	—	CALL	464287655
—	ORACLE CORP	490,000	$22,055	3.2%	$45.01	—	6.5 DEP CUM SR D	68389X204
—	SYNAPTICS INC	20,423,000	$21,137	3.1%	$1.03	—	NOTE 0.750%12/0	87157DAJ8
—	DROPBOX INC	17,800,000	$16,898	2.5%	$0.95	—	NOTE 3/0	26210CAD6
—	HAEMONETICS CORP MASS	14,283,000	$13,625	2.0%	$0.95	—	NOTE 2.500% 6/0	405024AD2
—	VERTEX INC	15,000,000	$13,055	1.9%	$0.87	—	NOTE 0.750% 5/0	92538JAB2
—	GUIDEWIRE SOFTWARE INC	12,500,000	$12,467	1.8%	$1.00	—	NOTE 1.250%11/0	40171VAC4
DFTX	DEFINIUM THERAPEUTICS INC	294,400	$5,564	0.8%	—	—	CALL	24477V105
KIE	SPDR SERIES TRUST	100,000	$5,500	0.8%	—	—	CALL	78464A789
KIE	SPDR SERIES TRUST	100,000	$5,500	0.8%	—	—	PUT	78464A789
VIAV	VIAVI SOLUTIONS INC	100,000	$3,328	0.5%	—	—	CALL	925550105
BKLN	INVESCO EXCH TRADED FD TR II	112,100	$2,288	0.3%	—	—	PUT	46138G508
PAR	PAR TECHNOLOGY CORP	150,000	$2,000	0.3%	—	—	CALL	698884103
EYPT	EYEPOINT INC	100,000	$1,289	0.2%	$15.22	0.0%	CALL	30233G209
EYPT	EYEPOINT INC	50,000	$645	0.1%	$15.22	0.0%	COM NEW	30233G209
KPTI	KARYOPHARM THERAPEUTICS INC	100,000	$557	0.1%	$7.55	+1.0%	CALL	48576U205
GOSS	GOSSAMER BIO INC	500,000	$164	0.0%	$1.47	+53.5%	CALL	38341P102

Increased Positions (12)

— SEMTECH CORP 3.9%

Value ($000) $26,654 (+70.1%) Shares 12,608,000 (+63.7%) Est. Cost $1.35 Unrealized —

— NUTANIX INC 3.3%

Value ($000) $22,508 (+59.9%) Shares 22,000,000 (+76.0%) Est. Cost $1.24 Unrealized —

— Porch Group Inc 2.5%

Value ($000) $17,270 (+30.6%) Shares 17,213,000 (+30.3%) Est. Cost $0.76 Unrealized —

— UBER TECHNOLOGIES INC 4.1%

Value ($000) $27,751 (+12.4%) Shares 23,000,000 (+21.1%) Est. Cost $1.41 Unrealized —

— EVOLENT HEALTH INC 1.2%

Value ($000) $8,545 (+48.2%) Shares 16,649,000 (+104.3%) Est. Cost $0.75 Unrealized —

VRM VROOM INC 0.9%

Value ($000) $5,829 (-31.2%) Shares 437,936 (+2.9%) Est. Cost $26.47 Unrealized -31.1%

— Alnylam Pharmaceuticals Inc 2.1%

Value ($000) $14,144 (+17.3%) Shares 15,161,000 (+21.3%) Est. Cost $0.96 Unrealized —

— HALOZYME THERAPEUTICS INC 1.7%

Value ($000) $11,607 (+9.2%) Shares 11,134,000 (+13.4%) Est. Cost $1.08 Unrealized —

ARAY ACCURAY INC DEL 0.1%

Value ($000) $640 (-49.3%) Shares 1,650,000 (+7.7%) Est. Cost $1.38 Unrealized -47.0%

— PORCH GROUP INC 2.9%

Value ($000) $19,633 (-1.1%) Shares 18,500,000 (+5.7%) Est. Cost $1.29 Unrealized —

TEM TEMPUS AI INC 0.2%

Value ($000) $1,614 (+10.6%) Shares 35,700 (+44.5%) Est. Cost $72.99 Unrealized -16.1%

KPTI KARYOPHARM THERAPEUTICS INC 0.1%

Value ($000) $362 (+23.0%) Shares 65,000 (+62.5%) Est. Cost $7.55 Unrealized +1.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	SEMTECH CORP	12,608,000 (+63.7%)	$26,654 (+70.1%)	3.9%	$1.35	—	NOTE 1.625%11/0	816850AF8
—	NUTANIX INC	22,000,000 (+76.0%)	$22,508 (+59.9%)	3.3%	$1.24	—	NOTE 0.250%10/0	67059NAH1
—	Porch Group Inc	17,213,000 (+30.3%)	$17,270 (+30.6%)	2.5%	$0.76	—	Note 6.750% 10/1	733245AC8
—	UBER TECHNOLOGIES INC	23,000,000 (+21.1%)	$27,751 (+12.4%)	4.1%	$1.41	—	NOTE 0.875%12/0	90353TAM2
—	EVOLENT HEALTH INC	16,649,000 (+104.3%)	$8,545 (+48.2%)	1.2%	$0.75	—	DEBT 4.500% 8/1	30050BAJ0
VRM	VROOM INC	437,936 (+2.9%)	$5,829 (-31.2%)	0.9%	$26.47	-31.1%	COM NEW	92918V307
—	Alnylam Pharmaceuticals Inc	15,161,000 (+21.3%)	$14,144 (+17.3%)	2.1%	$0.96	—	Note 0 09/15	02043QAC1
—	HALOZYME THERAPEUTICS INC	11,134,000 (+13.4%)	$11,607 (+9.2%)	1.7%	$1.08	—	NOTE 0.250% 3/0	40637HAD1
ARAY	ACCURAY INC DEL	1,650,000 (+7.7%)	$640 (-49.3%)	0.1%	$1.38	-47.0%	COM	004397105
—	PORCH GROUP INC	18,500,000 (+5.7%)	$19,633 (-1.1%)	2.9%	$1.29	—	DEBT 9.000% 5/1	733245AD6
TEM	TEMPUS AI INC	35,700 (+44.5%)	$1,614 (+10.6%)	0.2%	$72.99	-16.1%	CL A	88023B103
KPTI	KARYOPHARM THERAPEUTICS INC	65,000 (+62.5%)	$362 (+23.0%)	0.1%	$7.55	+1.0%	COM NEW	48576U205

Exited Positions (18)

— SEAGATE HDD CAYMAN 7.6%

Value ($000) $51,872 Shares 15,438,000 Est. Cost $1.31 Unrealized —

— COINBASE GLOBAL INC 4.8%

Value ($000) $32,915 Shares 32,977,000 Est. Cost $1.02 Unrealized —

— TYLER TEX INDPT SCH DIST 4.2%

Value ($000) $28,576 Shares 28,206,000 Est. Cost $1.20 Unrealized —

— JBT MAREL CORPORATION 4.1%

Value ($000) $28,000 Shares 27,300,000 Est. Cost $1.01 Unrealized —

— EVERGY INC 3.6%

Value ($000) $24,454 Shares 20,096,000 Est. Cost $1.18 Unrealized —

— EZPW 3.750 12/15/29 CVT 2.6%

Value ($000) $17,712 Shares 9,500,000 Est. Cost $1.86 Unrealized —

— EXACT SCIENCES CORP 2.0%

Value ($000) $13,863 Shares 13,500,000 Est. Cost $1.03 Unrealized —

— PACIRA BIOSCIENCES INC 1.8%

Value ($000) $12,405 Shares 12,275,000 Est. Cost $0.98 Unrealized —

— ADVANCED ENERGY INDS 1.8%

Value ($000) $12,305 Shares 7,500,000 Est. Cost $1.64 Unrealized —

— FIVE9 INC 1.5%

Value ($000) $10,384 Shares 11,530,000 Est. Cost $0.88 Unrealized —

— BANDWIDTH INC 1.3%

Value ($000) $9,214 Shares 10,500,000 Est. Cost $0.81 Unrealized —

— 8X8 INC NEW 0.9%

Value ($000) $6,208 Shares 6,970,000 Est. Cost $0.78 Unrealized —

— ECHOSTAR CORP 0.8%

Value ($000) $5,651 Shares 1,685,497 Est. Cost $1.06 Unrealized —

— FLUOR CORP 0.6%

Value ($000) $3,928 Shares 3,444,000 Est. Cost $1.16 Unrealized —

— CERENCE INC 0.4%

Value ($000) $3,066 Shares 3,400,000 Est. Cost $0.73 Unrealized —

— PG&E CORP 0.4%

Value ($000) $2,856 Shares 70,000 Est. Cost $37.60 Unrealized —

ARRY ARRAY TECHNOLOGIES INC 0.4%

Value ($000) $2,722 Shares 295,500 Est. Cost $8.58 Unrealized +24.2%

GOSS GOSSAMER BIO INC 0.2%

Value ($000) $1,550 Shares 500,000 Est. Cost $1.47 Unrealized +53.5%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	SEAGATE HDD CAYMAN	15,438,000	$51,872	7.6%	$1.31	—	—	81180WBL4
—	COINBASE GLOBAL INC	32,977,000	$32,915	4.8%	$1.02	—	—	19260QAB3
—	TYLER TEX INDPT SCH DIST	28,206,000	$28,576	4.2%	$1.20	—	—	902252AB1
—	JBT MAREL CORPORATION	27,300,000	$28,000	4.1%	$1.01	—	—	477839AB0
—	EVERGY INC	20,096,000	$24,454	3.6%	$1.18	—	—	30034WAD8
—	EZPW 3.750 12/15/29 CVT	9,500,000	$17,712	2.6%	$1.86	—	—	302301AG1
—	EXACT SCIENCES CORP	13,500,000	$13,863	2.0%	$1.03	—	—	30063PAC9
—	PACIRA BIOSCIENCES INC	12,275,000	$12,405	1.8%	$0.98	—	—	695127AJ9
—	ADVANCED ENERGY INDS	7,500,000	$12,305	1.8%	$1.64	—	—	007973AE0
—	FIVE9 INC	11,530,000	$10,384	1.5%	$0.88	—	—	338307AF8
—	BANDWIDTH INC	10,500,000	$9,214	1.3%	$0.81	—	—	05988JAD5
—	8X8 INC NEW	6,970,000	$6,208	0.9%	$0.78	—	—	282914AE0
—	ECHOSTAR CORP	1,685,497	$5,651	0.8%	$1.06	—	—	278768AB2
—	FLUOR CORP	3,444,000	$3,928	0.6%	$1.16	—	—	343412AJ1
—	CERENCE INC	3,400,000	$3,066	0.4%	$0.73	—	—	156727AD1
—	PG&E CORP	70,000	$2,856	0.4%	$37.60	—	—	69331C306
ARRY	ARRAY TECHNOLOGIES INC	295,500	$2,722	0.4%	$8.58	+24.2%	—	04271T100
GOSS	GOSSAMER BIO INC	500,000	$1,550	0.2%	$1.47	+53.5%	—	38341P102

Decreased Positions (15)

— COLLEGIUM PHARMACEUTICAL INC 1.7%

Value ($000) $11,954 (-53.7%) Shares 10,300,000 (-43.7%) Est. Cost $1.14 Unrealized —

— PENGUIN SOLUTIONS INC 0.6%

Value ($000) $4,003 (-74.2%) Shares 3,985,000 (-73.7%) Est. Cost $1.19 Unrealized —

— PELOTON INTERACTIVE INC 0.3%

Value ($000) $1,835 (-84.5%) Shares 1,368,000 (-80.8%) Est. Cost $2.23 Unrealized —

— AKAMAI TECHNOLOGIES INC 0.4%

Value ($000) $2,902 (-76.0%) Shares 2,500,000 (-79.2%) Est. Cost $1.01 Unrealized —

LCID LUCID GROUP INC 0.7%

Value ($000) $4,479 (-61.3%) Shares 470,000 (-57.1%) Est. Cost — Unrealized —

— IAC FinanceCo 2, Inc. 3.6%

Value ($000) $24,420 (-21.2%) Shares 24,603,000 (-22.1%) Est. Cost $0.97 Unrealized —

— BRIDGEBIO PHARMA INC 3.6%

Value ($000) $24,759 (-18.4%) Shares 22,032,000 (-18.2%) Est. Cost $1.03 Unrealized —

— EVOLENT HEALTH INC 0.8%

Value ($000) $5,314 (-49.0%) Shares 10,000,000 (-35.5%) Est. Cost $0.78 Unrealized —

— AMPHASTAR PHARMACEUTICALS IN 0.7%

Value ($000) $4,597 (-45.3%) Shares 5,080,000 (-44.1%) Est. Cost $0.90 Unrealized —

— VARONIS SYS INC 2.6%

Value ($000) $17,871 (-16.2%) Shares 20,455,000 (-10.9%) Est. Cost $0.93 Unrealized —

INDI INDIE SEMICONDUCTOR INC 0.0%

Value ($000) $322 (-89.9%) Shares 100,000 (-88.9%) Est. Cost — Unrealized —

— OMNICELL COM 1.4%

Value ($000) $9,372 (-21.1%) Shares 9,600,000 (-12.7%) Est. Cost $1.08 Unrealized —

— ON SEMICONDUCTOR CORP 4.3%

Value ($000) $29,094 (+3.5%) Shares 22,571,000 (-4.2%) Est. Cost $1.20 Unrealized —

— VISHAY INTERTECHNOLOGY INC 4.1%

Value ($000) $27,753 (+3.3%) Shares 28,833,000 (-3.4%) Est. Cost $0.91 Unrealized —

STNG SCORPIO TANKERS INC 0.1%

Value ($000) $747 (-51.0%) Shares 10,000 (-66.7%) Est. Cost $39.13 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	COLLEGIUM PHARMACEUTICAL INC	10,300,000 (-43.7%)	$11,954 (-53.7%)	1.7%	$1.14	—	NOTE 2.875% 2/1	19459JAC8
—	PENGUIN SOLUTIONS INC	3,985,000 (-73.7%)	$4,003 (-74.2%)	0.6%	$1.19	—	NOTE 2.000% 8/1	83205YAE4
—	PELOTON INTERACTIVE INC	1,368,000 (-80.8%)	$1,835 (-84.5%)	0.3%	$2.23	—	NOTE 5.500%12/0	70614WAD2
—	AKAMAI TECHNOLOGIES INC	2,500,000 (-79.2%)	$2,902 (-76.0%)	0.4%	$1.01	—	NOTE 0.375% 9/0	00971TAL5
LCID	LUCID GROUP INC	470,000 (-57.1%)	$4,479 (-61.3%)	0.7%	—	—	PUT	549498202
—	IAC FinanceCo 2, Inc.	24,603,000 (-22.1%)	$24,420 (-21.2%)	3.6%	$0.97	—	Note 0.875% 06/15	44932FAA5
—	BRIDGEBIO PHARMA INC	22,032,000 (-18.2%)	$24,759 (-18.4%)	3.6%	$1.03	—	NOTE 2.250% 2/0	10806XAD4
—	EVOLENT HEALTH INC	10,000,000 (-35.5%)	$5,314 (-49.0%)	0.8%	$0.78	—	NOTE 3.500%12/0	30050BAH4
—	AMPHASTAR PHARMACEUTICALS IN	5,080,000 (-44.1%)	$4,597 (-45.3%)	0.7%	$0.90	—	NOTE 2.000% 3/1	03209RAB9
—	VARONIS SYS INC	20,455,000 (-10.9%)	$17,871 (-16.2%)	2.6%	$0.93	—	NOTE 1.000% 9/1	922280AD4
INDI	INDIE SEMICONDUCTOR INC	100,000 (-88.9%)	$322 (-89.9%)	0.0%	—	—	PUT	45569U101
—	OMNICELL COM	9,600,000 (-12.7%)	$9,372 (-21.1%)	1.4%	$1.08	—	NOTE 1.000%12/0	68213NAF6
—	ON SEMICONDUCTOR CORP	22,571,000 (-4.2%)	$29,094 (+3.5%)	4.3%	$1.20	—	NOTE 5/0	682189AS4
—	VISHAY INTERTECHNOLOGY INC	28,833,000 (-3.4%)	$27,753 (+3.3%)	4.1%	$0.91	—	NOTE 2.250% 9/1	928298AR9
STNG	SCORPIO TANKERS INC	10,000 (-66.7%)	$747 (-51.0%)	0.1%	$39.13	—	SHS	Y7542C130

Unchanged Positions (11)

NEO NEOGENOMICS INC 0.2%

Value ($000) $1,225 Shares 165,101 Est. Cost $7.00 Unrealized +68.9%

AVAV AEROVIRONMENT INC 0.3%

Value ($000) $2,215 Shares 12,100 Est. Cost $314.38 Unrealized -5.7%

LPSN LIVEPERSON INC 0.2%

Value ($000) $1,237 Shares 485,001 Est. Cost $5.56 Unrealized -42.3%

HLIT HARMONIC INC 0.9%

Value ($000) $5,824 Shares 648,566 Est. Cost $12.68 Unrealized -19.9%

— WOLFSPEED INC 1.8%

Value ($000) $12,247 Shares 8,531,000 Est. Cost $1.49 Unrealized —

WULF TERAWULF INC 0.2%

Value ($000) $1,394 Shares 96,600 Est. Cost $13.40 Unrealized +8.8%

ASTS AST SPACEMOBILE INC 0.3%

Value ($000) $2,005 Shares 24,200 Est. Cost $71.36 Unrealized +37.5%

CORZ CORE SCIENTIFIC INC NEW 0.4%

Value ($000) $2,407 Shares 160,900 Est. Cost $17.44 Unrealized +1.5%

— Qimonda AG 0.5%

Value ($000) $3,224 Shares 12,400,000 Est. Cost $0.51 Unrealized —

MX MAGNACHIP SEMICONDUCTOR CORP 0.1%

Value ($000) $616 Shares 220,000 Est. Cost $18.49 Unrealized -84.4%

— INOTIV INC 0.6%

Value ($000) $4,063 Shares 17,092,000 Est. Cost $0.41 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
NEO	NEOGENOMICS INC	165,101	$1,225	0.2%	$7.00	+68.9%	COM NEW	64049M209
AVAV	AEROVIRONMENT INC	12,100	$2,215	0.3%	$314.38	-5.7%	COM	008073108
LPSN	LIVEPERSON INC	485,001	$1,237	0.2%	$5.56	-42.3%	COM	538146309
HLIT	HARMONIC INC	648,566	$5,824	0.9%	$12.68	-19.9%	COM	413160102
—	WOLFSPEED INC	8,531,000	$12,247	1.8%	$1.49	—	NOTE 2.500% 6/1	977852AP7
WULF	TERAWULF INC	96,600	$1,394	0.2%	$13.40	+8.8%	COM	88080T104
ASTS	AST SPACEMOBILE INC	24,200	$2,005	0.3%	$71.36	+37.5%	COM CL A	00217D100
CORZ	CORE SCIENTIFIC INC NEW	160,900	$2,407	0.4%	$17.44	+1.5%	COM	21874A106
—	Qimonda AG	12,400,000	$3,224	0.5%	$0.51	—	Note 6.750% 03/22	74732WAA7
MX	MAGNACHIP SEMICONDUCTOR CORP	220,000	$616	0.1%	$18.49	-84.4%	COM	55933J203
—	INOTIV INC	17,092,000	$4,063	0.6%	$0.41	—	NOTE 3.250%10/1	45783QAB6