SILVERBACK ASSET MANAGEMENT LLC Quant / Systematic

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	VARONIS SYS INC	22,955,000	$21,334	3.1%	$0.93	—	NOTE 1.000% 9/1	922280AD4
—	EZPW 3.750 12/15/29 CVT	9,500,000	$17,712	2.6%	$1.86	—	Note 3.750% 12/15	302301AG1
—	EXACT SCIENCES CORP	13,500,000	$13,863	2.0%	$1.03	—	NOTE 0.375% 3/0	30063PAC9
—	WOLFSPEED INC	8,465,000	$12,618	1.8%	$1.49	—	NOTE 2.500% 6/1	977852AP7
—	ADVANCED ENERGY INDS	7,500,000	$12,305	1.8%	$1.64	—	NOTE 2.500% 9/1	007973AE0
—	AKAMAI TECHNOLOGIES INC	12,000,000	$12,075	1.8%	$1.01	—	NOTE 0.375% 9/0	00971TAL5
—	ALNY 09/15/28 CVT	12,500,000	$12,063	1.8%	$0.96	—	Note 0 09/15	02043QAC1
—	OMNICELL COM	11,000,000	$11,873	1.7%	$1.08	—	NOTE 1.000%12/0	68213NAF6
—	HALOZYME THERAPEUTICS INC	9,819,000	$10,629	1.6%	$1.08	—	NOTE 0.250% 3/0	40637HAD1
AVAV	AEROVIRONMENT INC	12,100	$2,927	0.4%	$314.38	0.0%	COM	008073108
ARRY	ARRAY TECHNOLOGIES INC	295,500	$2,722	0.4%	$8.58	0.0%	COM SHS	04271T100
CORZ	CORE SCIENTIFIC INC NEW	160,900	$2,343	0.3%	$17.44	0.0%	COM	21874A106
LPSN	LIVEPERSON INC	485,001	$1,877	0.3%	$5.56	0.0%	COM	538146309
ASTS	AST SPACEMOBILE INC	24,200	$1,758	0.3%	$71.36	0.0%	COM CL A	00217D100
TEM	TEMPUS AI INC	24,700	$1,459	0.2%	$78.23	0.0%	CL A	88023B103
WULF	TERAWULF INC	96,600	$1,110	0.2%	$13.40	0.0%	COM	88080T104

Increased Positions (12)

— BRIDGEBIO PHARMA INC 4.4%

Value ($000) $30,352 (+224.6%) Shares 26,950,000 (+185.2%) Est. Cost $1.03 Unrealized —

— ON SEMICONDUCTOR CORP 4.1%

Value ($000) $28,108 (+48.6%) Shares 23,571,000 (+42.2%) Est. Cost $1.20 Unrealized —

— COLLEGIUM PHARMACEUTICAL INC 3.8%

Value ($000) $25,826 (+47.2%) Shares 18,300,000 (+23.6%) Est. Cost $1.14 Unrealized —

— COINBASE GLOBAL INC 4.8%

Value ($000) $32,915 (+24.6%) Shares 32,977,000 (+39.0%) Est. Cost $1.02 Unrealized —

— VISHAY INTERTECHNOLOGY INC 3.9%

Value ($000) $26,868 (+30.0%) Shares 29,833,000 (+31.3%) Est. Cost $0.91 Unrealized —

VRM VROOM INC 1.2%

Value ($000) $8,468 (-24.5%) Shares 425,488 (+2.5%) Est. Cost $26.71 Unrealized -12.5%

— IAC 0.875 06/15/26 CVT 4.5%

Value ($000) $30,971 (+9.0%) Shares 31,603,000 (+8.3%) Est. Cost $0.97 Unrealized —

— PACIRA BIOSCIENCES INC 1.8%

Value ($000) $12,405 (+6.2%) Shares 12,275,000 (+6.5%) Est. Cost $0.98 Unrealized —

ARAY ACCURAY INC 0.2%

Value ($000) $1,264 (-29.0%) Shares 1,532,519 (+43.8%) Est. Cost $1.43 Unrealized -12.5%

— UBER TECHNOLOGIES INC 3.6%

Value ($000) $24,688 (+1.7%) Shares 19,000,000 (+15.2%) Est. Cost $1.45 Unrealized —

— EVOLENT HEALTH INC 1.5%

Value ($000) $10,414 (+3.4%) Shares 15,500,000 (+24.0%) Est. Cost $0.78 Unrealized —

— PRCH 6.750 10/01/28 '26 CVT 1.9%

Value ($000) $13,221 (+2.1%) Shares 13,213,000 (+5.5%) Est. Cost $0.69 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	BRIDGEBIO PHARMA INC	26,950,000 (+185.2%)	$30,352 (+224.6%)	4.4%	$1.03	—	NOTE 2.250% 2/0	10806XAD4
—	ON SEMICONDUCTOR CORP	23,571,000 (+42.2%)	$28,108 (+48.6%)	4.1%	$1.20	—	NOTE 5/0	682189AS4
—	COLLEGIUM PHARMACEUTICAL INC	18,300,000 (+23.6%)	$25,826 (+47.2%)	3.8%	$1.14	—	NOTE 2.875% 2/1	19459JAC8
—	COINBASE GLOBAL INC	32,977,000 (+39.0%)	$32,915 (+24.6%)	4.8%	$1.02	—	NOTE 0.500% 6/0	19260QAB3
—	VISHAY INTERTECHNOLOGY INC	29,833,000 (+31.3%)	$26,868 (+30.0%)	3.9%	$0.91	—	NOTE 2.250% 9/1	928298AR9
VRM	VROOM INC	425,488 (+2.5%)	$8,468 (-24.5%)	1.2%	$26.71	-12.5%	COM NEW	92918V307
—	IAC 0.875 06/15/26 CVT	31,603,000 (+8.3%)	$30,971 (+9.0%)	4.5%	$0.97	—	Note 0.875% 06/15	44932FAA5
—	PACIRA BIOSCIENCES INC	12,275,000 (+6.5%)	$12,405 (+6.2%)	1.8%	$0.98	—	NOTE 2.125% 5/1	695127AJ9
ARAY	ACCURAY INC	1,532,519 (+43.8%)	$1,264 (-29.0%)	0.2%	$1.43	-12.5%	COM	004397105
—	UBER TECHNOLOGIES INC	19,000,000 (+15.2%)	$24,688 (+1.7%)	3.6%	$1.45	—	NOTE 0.875%12/0	90353TAM2
—	EVOLENT HEALTH INC	15,500,000 (+24.0%)	$10,414 (+3.4%)	1.5%	$0.78	—	NOTE 3.500%12/0	30050BAH4
—	PRCH 6.750 10/01/28 '26 CVT	13,213,000 (+5.5%)	$13,221 (+2.1%)	1.9%	$0.69	—	Note 6.750% 10/1	733245AC8

Exited Positions (23)

HYG ISHARES TR 19.0%

Value ($000) $129,904 Shares 1,600,000 Est. Cost — Unrealized —

HYG ISHARES TR 11.9%

Value ($000) $81,190 Shares 1,000,000 Est. Cost — Unrealized —

— Ast Spacemobile Inc 6.4%

Value ($000) $43,576 Shares 20,755,000 Est. Cost $2.06 Unrealized —

— WESTERN DIGITAL CORP 5.0%

Value ($000) $34,317 Shares 10,695,000 Est. Cost $1.45 Unrealized —

— FORD MTR CO 4.0%

Value ($000) $27,134 Shares 26,750,000 Est. Cost $1.01 Unrealized —

IWM ISHARES TR 3.5%

Value ($000) $24,196 Shares 100,000 Est. Cost — Unrealized —

— LIVE NATION ENTERTAINMENT IN 3.2%

Value ($000) $22,102 Shares 13,632,000 Est. Cost $1.60 Unrealized —

— VIAVI SOLUTIONS INC 2.9%

Value ($000) $19,603 Shares 18,533,000 Est. Cost $1.02 Unrealized —

— AKAMAI TECHNOLOGIES INC 2.1%

Value ($000) $14,385 Shares 15,282,000 Est. Cost $0.95 Unrealized —

— VERITONE INC 1.5%

Value ($000) $9,999 Shares 13,244,000 Est. Cost $0.54 Unrealized —

— LUMENTUM HLDGS INC 1.3%

Value ($000) $9,082 Shares 6,502,000 Est. Cost $1.40 Unrealized —

WOLF WOLFSPEED INC 1.2%

Value ($000) $8,191 Shares 286,407 Est. Cost $25.35 Unrealized -9.5%

— LUMINAR TECHNOLOGIES INC 1.2%

Value ($000) $8,094 Shares 21,690,000 Est. Cost $0.63 Unrealized —

— HAEMONETICS CORP MASS 1.1%

Value ($000) $7,807 Shares 8,440,000 Est. Cost $0.93 Unrealized —

ASTS AST SPACEMOBILE INC 1.0%

Value ($000) $6,518 Shares 132,800 Est. Cost $71.36 Unrealized 0.0%

— BEYOND MEAT INC 0.9%

Value ($000) $5,841 Shares 29,266,000 Est. Cost $0.36 Unrealized —

— OATLY GROUP AB 0.7%

Value ($000) $4,649 Shares 5,052,969 Est. Cost $0.92 Unrealized —

— BENTLEY SYS INC 0.6%

Value ($000) $4,244 Shares 4,500,000 Est. Cost $0.90 Unrealized —

— LUMINAR TECHNOLOGIES INC 0.5%

Value ($000) $3,107 Shares 9,249,000 Est. Cost $0.70 Unrealized —

— PATRICK INDS INC 0.3%

Value ($000) $2,279 Shares 1,400,000 Est. Cost $1.49 Unrealized —

— AVADEL PHARMACEUTICALS PLC 0.2%

Value ($000) $1,680 Shares 110,000 Est. Cost $7.83 Unrealized —

HTZ HERTZ GLOBAL HLDGS INC 0.1%

Value ($000) $680 Shares 100,000 Est. Cost — Unrealized —

AISPW AIRSHIP AI HLDGS INC 0.0%

Value ($000) $21 Shares 12,500 Est. Cost $1.12 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
HYG	ISHARES TR	1,600,000	$129,904	19.0%	—	—	PUT	464288513
HYG	ISHARES TR	1,000,000	$81,190	11.9%	—	—	CALL	464288513
—	Ast Spacemobile Inc	20,755,000	$43,576	6.4%	$2.06	—	—	00217DAA8
—	WESTERN DIGITAL CORP	10,695,000	$34,317	5.0%	$1.45	—	—	958102AT2
—	FORD MTR CO	26,750,000	$27,134	4.0%	$1.01	—	—	345370CZ1
IWM	ISHARES TR	100,000	$24,196	3.5%	—	—	CALL	464287655
—	LIVE NATION ENTERTAINMENT IN	13,632,000	$22,102	3.2%	$1.60	—	—	538034BA6
—	VIAVI SOLUTIONS INC	18,533,000	$19,603	2.9%	$1.02	—	—	925550AH8
—	AKAMAI TECHNOLOGIES INC	15,282,000	$14,385	2.1%	$0.95	—	—	00971TAN1
—	VERITONE INC	13,244,000	$9,999	1.5%	$0.54	—	—	92347MAB6
—	LUMENTUM HLDGS INC	6,502,000	$9,082	1.3%	$1.40	—	—	55024UAF6
WOLF	WOLFSPEED INC	286,407	$8,191	1.2%	$25.35	-9.5%	—	97785W106
—	LUMINAR TECHNOLOGIES INC	21,690,000	$8,094	1.2%	$0.63	—	—	550424AE5
—	HAEMONETICS CORP MASS	8,440,000	$7,807	1.1%	$0.93	—	—	405024AD2
ASTS	AST SPACEMOBILE INC	132,800	$6,518	1.0%	$71.36	0.0%	PUT	00217D100
—	BEYOND MEAT INC	29,266,000	$5,841	0.9%	$0.36	—	—	08862EAB5
—	OATLY GROUP AB	5,052,969	$4,649	0.7%	$0.92	—	—	67421JAC2
—	BENTLEY SYS INC	4,500,000	$4,244	0.6%	$0.90	—	—	08265TAD1
—	LUMINAR TECHNOLOGIES INC	9,249,000	$3,107	0.5%	$0.70	—	—	550424AD7
—	PATRICK INDS INC	1,400,000	$2,279	0.3%	$1.49	—	—	703343AG8
—	AVADEL PHARMACEUTICALS PLC	110,000	$1,680	0.2%	$7.83	—	—	G29687103
HTZ	HERTZ GLOBAL HLDGS INC	100,000	$680	0.1%	—	—	CALL	42806J700
AISPW	AIRSHIP AI HLDGS INC	12,500	$21	0.0%	$1.12	—	—	008940116

Decreased Positions (16)

— ECHOSTAR CORP 0.8%

Value ($000) $5,651 (-71.5%) Shares 1,685,497 (-79.0%) Est. Cost $1.06 Unrealized —

— FLUOR CORP 0.6%

Value ($000) $3,928 (-73.4%) Shares 3,444,000 (-72.3%) Est. Cost $1.16 Unrealized —

— PORCH GROUP INC 2.9%

Value ($000) $19,852 (-32.0%) Shares 17,500,000 (-10.3%) Est. Cost $1.30 Unrealized —

— CERENCE INC 0.4%

Value ($000) $3,066 (-72.9%) Shares 3,400,000 (-75.1%) Est. Cost $0.73 Unrealized —

— NUTANIX INC 2.1%

Value ($000) $14,078 (-31.8%) Shares 12,500,000 (-16.7%) Est. Cost $1.41 Unrealized —

— FIVE9 INC 1.5%

Value ($000) $10,384 (-30.0%) Shares 11,530,000 (-31.3%) Est. Cost $0.88 Unrealized —

— EVOLENT HEALTH INC 0.8%

Value ($000) $5,765 (-43.3%) Shares 8,149,000 (-19.7%) Est. Cost $1.00 Unrealized —

— TYLER TEX INDPT SCH DIST 4.2%

Value ($000) $28,576 (-10.8%) Shares 28,206,000 (-3.2%) Est. Cost $1.20 Unrealized —

— PENGUIN SOLUTIONS INC 2.3%

Value ($000) $15,494 (-17.0%) Shares 15,135,000 (-3.2%) Est. Cost $1.19 Unrealized —

— 8X8 INC NEW 0.9%

Value ($000) $6,208 (-26.3%) Shares 6,970,000 (-28.3%) Est. Cost $0.78 Unrealized —

— BANDWIDTH INC 1.3%

Value ($000) $9,214 (-13.1%) Shares 10,500,000 (-16.0%) Est. Cost $0.81 Unrealized —

— PG&E CORP 0.4%

Value ($000) $2,856 (-30.9%) Shares 70,000 (-33.3%) Est. Cost $37.60 Unrealized —

— AMPHASTAR PHARMACEUTICALS IN 1.2%

Value ($000) $8,410 (-7.7%) Shares 9,080,000 (-9.3%) Est. Cost $0.90 Unrealized —

HLIT HARMONIC INC 0.9%

Value ($000) $6,429 (-6.4%) Shares 650,000 (-3.6%) Est. Cost $12.68 Unrealized -20.6%

NEO NEOGENOMICS INC 0.3%

Value ($000) $1,942 (+24.9%) Shares 165,101 (-18.0%) Est. Cost $7.00 Unrealized +54.0%

— SEMTECH CORP 2.3%

Value ($000) $15,670 (-1.2%) Shares 7,700,000 (-3.8%) Est. Cost $0.86 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	ECHOSTAR CORP	1,685,497 (-79.0%)	$5,651 (-71.5%)	0.8%	$1.06	—	NOTE 3.875%11/3	278768AB2
—	FLUOR CORP	3,444,000 (-72.3%)	$3,928 (-73.4%)	0.6%	$1.16	—	NOTE 1.125% 8/1	343412AJ1
—	PORCH GROUP INC	17,500,000 (-10.3%)	$19,852 (-32.0%)	2.9%	$1.30	—	DEBT 9.000% 5/1	733245AD6
—	CERENCE INC	3,400,000 (-75.1%)	$3,066 (-72.9%)	0.4%	$0.73	—	NOTE 1.500% 7/0	156727AD1
—	NUTANIX INC	12,500,000 (-16.7%)	$14,078 (-31.8%)	2.1%	$1.41	—	NOTE 0.250%10/0	67059NAH1
—	FIVE9 INC	11,530,000 (-31.3%)	$10,384 (-30.0%)	1.5%	$0.88	—	NOTE 1.000% 3/1	338307AF8
—	EVOLENT HEALTH INC	8,149,000 (-19.7%)	$5,765 (-43.3%)	0.8%	$1.00	—	DEBT 4.500% 8/1	30050BAJ0
—	TYLER TEX INDPT SCH DIST	28,206,000 (-3.2%)	$28,576 (-10.8%)	4.2%	$1.20	—	NOTE 0.250% 3/1	902252AB1
—	PENGUIN SOLUTIONS INC	15,135,000 (-3.2%)	$15,494 (-17.0%)	2.3%	$1.19	—	NOTE 2.000% 8/1	83205YAE4
—	8X8 INC NEW	6,970,000 (-28.3%)	$6,208 (-26.3%)	0.9%	$0.78	—	NOTE 4.000% 2/0	282914AE0
—	BANDWIDTH INC	10,500,000 (-16.0%)	$9,214 (-13.1%)	1.3%	$0.81	—	NOTE 0.500% 4/0	05988JAD5
—	PG&E CORP	70,000 (-33.3%)	$2,856 (-30.9%)	0.4%	$37.60	—	PFD CONV SER A	69331C306
—	AMPHASTAR PHARMACEUTICALS IN	9,080,000 (-9.3%)	$8,410 (-7.7%)	1.2%	$0.90	—	NOTE 2.000% 3/1	03209RAB9
HLIT	HARMONIC INC	650,000 (-3.6%)	$6,429 (-6.4%)	0.9%	$12.68	-20.6%	COM	413160102
NEO	NEOGENOMICS INC	165,101 (-18.0%)	$1,942 (+24.9%)	0.3%	$7.00	+54.0%	COM NEW	64049M209
—	SEMTECH CORP	7,700,000 (-3.8%)	$15,670 (-1.2%)	2.3%	$0.86	—	NOTE 1.625%11/0	816850AF8

Unchanged Positions (12)

LCID LUCID GROUP INC 1.7%

Value ($000) $11,571 Shares 1,094,700 Est. Cost — Unrealized —

— SEAGATE HDD CAYMAN 7.6%

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

— PELOTON INTERACTIVE INC 1.7%

Value ($000) $11,837 Shares 7,120,000 Est. Cost $2.23 Unrealized —

— EVERGY INC 3.6%

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

INDI INDIE SEMICONDUCTOR INC 0.5%

Value ($000) $3,182 Shares 901,300 Est. Cost — Unrealized —

— JBT MAREL CORPORATION 4.1%

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

GOSS GOSSAMER BIO INC 0.2%

Value ($000) $1,550 Shares 500,000 Est. Cost $1.47 Unrealized +94.0%

— QMNDQ 6.750 03/22/13 CVT DFTd 0.5%

Value ($000) $3,162 Shares 12,400,000 Est. Cost $0.51 Unrealized —

STNG SCORPIO TANKERS INC 0.2%

Value ($000) $1,525 Shares 30,000 Est. Cost $39.13 Unrealized —

MX MAGNACHIP SEMICONDUCTOR CORP 0.1%

Value ($000) $561 Shares 220,000 Est. Cost $18.49 Unrealized -84.9%

— INOTIV INC 0.6%

Value ($000) $4,102 Shares 17,092,000 Est. Cost $0.41 Unrealized —

KPTI KARYOPHARM THERAPEUTICS INC 0.0%

Value ($000) $294 Shares 40,000 Est. Cost $7.50 Unrealized -18.5%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
LCID	LUCID GROUP INC	1,094,700	$11,571	1.7%	—	—	PUT	549498202
—	SEAGATE HDD CAYMAN	15,438,000	$51,872	7.6%	$1.31	—	NOTE 3.500% 6/0	81180WBL4
—	PELOTON INTERACTIVE INC	7,120,000	$11,837	1.7%	$2.23	—	NOTE 5.500%12/0	70614WAD2
—	EVERGY INC	20,096,000	$24,454	3.6%	$1.18	—	NOTE 4.500%12/1	30034WAD8
INDI	INDIE SEMICONDUCTOR INC	901,300	$3,182	0.5%	—	—	PUT	45569U101
—	JBT MAREL CORPORATION	27,300,000	$28,000	4.1%	$1.01	—	NOTE 0.250% 5/1	477839AB0
GOSS	GOSSAMER BIO INC	500,000	$1,550	0.2%	$1.47	+94.0%	COM	38341P102
—	QMNDQ 6.750 03/22/13 CVT DFTd	12,400,000	$3,162	0.5%	$0.51	—	Note 6.750% 03/22	74732WAA7
STNG	SCORPIO TANKERS INC	30,000	$1,525	0.2%	$39.13	—	SHS	Y7542C130
MX	MAGNACHIP SEMICONDUCTOR CORP	220,000	$561	0.1%	$18.49	-84.9%	COM	55933J203
—	INOTIV INC	17,092,000	$4,102	0.6%	$0.41	—	NOTE 3.250%10/1	45783QAB6
KPTI	KARYOPHARM THERAPEUTICS INC	40,000	$294	0.0%	$7.50	-18.5%	COM NEW	48576U205