QVT Financial LP Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
NXST	NEXSTAR MEDIA GROUP INC	155,281	$31,530	2.7%	$192.85	0.0%	COMMON STOCK	65336K103
QQQ	INVESCO QQQ TR	42,810	$26,299	2.3%	$614.31	—	UNIT SER 1	46090E103
AAPL	APPLE INC	76,337	$20,753	1.8%	$268.34	0.0%	COM	037833100
CVNA	CARVANA CO	30,000	$12,661	1.1%	$371.73	0.0%	CL A	146869102
BXSL	BLACKSTONE SECD LENDING FD	232,218	$6,114	0.5%	$26.09	0.0%	COMMON STOCK	09261X102
AVGO	BROADCOM INC	17,583	$6,085	0.5%	$357.00	0.0%	COM	11135F101
RGTI	RIGETTI COMPUTING INC	100,000	$2,215	0.2%	—	—	PUT	76655K103
MSFT	MICROSOFT CORP	2,189	$1,059	0.1%	$500.58	0.0%	COM	594918104
AMD	ADVANCED MICRO DEVICES INC	4,822	$1,033	0.1%	$224.60	0.0%	COM	007903107
MGNI	MAGNITE INC	61,293	$995	0.1%	$16.60	0.0%	COM	55955D100
ABNB	AIRBNB INC	5,159	$700	0.1%	$124.53	0.0%	COM CL A	009066101
SHOP	SHOPIFY INC	4,165	$670	0.1%	$160.56	0.0%	CL A SUB VTG SHS	82509L107
COHR	COHERENT CORP	2,161	$399	0.0%	$149.58	0.0%	COM	19247G107
SE	SEA LTD	2,811	$360	0.0%	$128.02	—	SPONSORD ADS	81141R100
NTNX	NUTANIX INC	5,730	$296	0.0%	$61.10	0.0%	CL A	67059N108
PANW	PALO ALTO NETWORKS INC	1,542	$284	0.0%	$201.75	0.0%	COM	697435105
U	UNITY SOFTWARE INC	4,630	$205	0.0%	$40.75	0.0%	COM	91332U101

Increased Positions (13)

NVDA NVIDIA CORPORATION 2.2%

Value ($000) $25,484 (+692.3%) Shares 136,645 (+692.6%) Est. Cost $178.52 Unrealized +4.3%

CVNA CARVANA CO 6.5%

Value ($000) $75,964 (+27.9%) Shares 180,000 (+14.3%) Est. Cost $371.73 Unrealized 0.0%

QBTS D-WAVE QUANTUM INC 1.4%

Value ($000) $16,775 (+2615.5%) Shares 641,500 (+2466.0%) Est. Cost — Unrealized —

KMX CARMAX INC 0.8%

Value ($000) $8,887 (+465.9%) Shares 230,000 (+557.1%) Est. Cost $42.99 Unrealized -7.0%

CCCX CHURCHILL CAP CORP X 2.0%

Value ($000) $22,978 (+28.0%) Shares 1,472,968 (+5.5%) Est. Cost $13.00 Unrealized —

CMTL COMTECH TELECOMMUNICATIONS C 0.6%

Value ($000) $6,997 (+190.0%) Shares 1,392,352 (+41.4%) Est. Cost $2.91 Unrealized +12.3%

ALLT ALLOT LTD 4.3%

Value ($000) $49,765 (+4.4%) Shares 5,062,523 (+12.4%) Est. Cost $7.56 Unrealized +26.9%

DASH DOORDASH INC 0.2%

Value ($000) $2,216 (+117.6%) Shares 9,786 (+161.4%) Est. Cost $232.41 Unrealized +0.9%

NOW SERVICENOW INC 0.0%

Value ($000) $254 (-68.4%) Shares 1,655 (+89.6%) Est. Cost $179.58 Unrealized -4.5%

DDOG DATADOG INC 0.1%

Value ($000) $621 (+27.7%) Shares 4,570 (+33.7%) Est. Cost $142.82 Unrealized +10.6%

SNPS SYNOPSYS INC 0.2%

Value ($000) $2,761 (+3.3%) Shares 5,879 (+8.5%) Est. Cost $519.36 Unrealized -14.5%

PDD PDD HOLDINGS INC 0.1%

Value ($000) $685 (+9.6%) Shares 6,042 (+27.8%) Est. Cost $128.09 Unrealized —

NFLX NETFLIX INC 0.0%

Value ($000) $555 (+10.8%) Shares 5,920 (+1316.3%) Est. Cost $108.82 Unrealized -0.9%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
NVDA	NVIDIA CORPORATION	136,645 (+692.6%)	$25,484 (+692.3%)	2.2%	$178.52	+4.3%	COM	67066G104
CVNA	CARVANA CO	180,000 (+14.3%)	$75,964 (+27.9%)	6.5%	$371.73	0.0%	PUT	146869102
QBTS	D-WAVE QUANTUM INC	641,500 (+2466.0%)	$16,775 (+2615.5%)	1.4%	—	—	PUT	26740W109
KMX	CARMAX INC	230,000 (+557.1%)	$8,887 (+465.9%)	0.8%	$42.99	-7.0%	COM	143130102
CCCX	CHURCHILL CAP CORP X	1,472,968 (+5.5%)	$22,978 (+28.0%)	2.0%	$13.00	—	SHS CL A	G2130T108
CMTL	COMTECH TELECOMMUNICATIONS C	1,392,352 (+41.4%)	$6,997 (+190.0%)	0.6%	$2.91	+12.3%	COM NEW	205826209
ALLT	ALLOT LTD	5,062,523 (+12.4%)	$49,765 (+4.4%)	4.3%	$7.56	+26.9%	SHS	M0854Q105
DASH	DOORDASH INC	9,786 (+161.4%)	$2,216 (+117.6%)	0.2%	$232.41	+0.9%	CL A	25809K105
NOW	SERVICENOW INC	1,655 (+89.6%)	$254 (-68.4%)	0.0%	$179.58	-4.5%	COM	81762P102
DDOG	DATADOG INC	4,570 (+33.7%)	$621 (+27.7%)	0.1%	$142.82	+10.6%	CL A COM	23804L103
SNPS	SYNOPSYS INC	5,879 (+8.5%)	$2,761 (+3.3%)	0.2%	$519.36	-14.5%	COM	871607107
PDD	PDD HOLDINGS INC	6,042 (+27.8%)	$685 (+9.6%)	0.1%	$128.09	—	SPONSORED ADS	722304102
NFLX	NETFLIX INC	5,920 (+1316.3%)	$555 (+10.8%)	0.0%	$108.82	-0.9%	COM	64110L106

Exited Positions (15)

HYG ISHARES TR 20.9%

Value ($000) $243,570 Shares 3,000,000 Est. Cost — Unrealized —

— TOURMALINE BIO INC 8.8%

Value ($000) $103,057 Shares 2,154,653 Est. Cost $19.08 Unrealized —

QQQ INVESCO QQQ TR 4.1%

Value ($000) $47,352 Shares 78,871 Est. Cost $614.31 Unrealized —

GS GOLDMAN SACHS GROUP INC 3.4%

Value ($000) $39,419 Shares 49,500 Est. Cost $289.38 Unrealized +181.1%

NXST NEXSTAR MEDIA GROUP INC 2.6%

Value ($000) $30,705 Shares 155,281 Est. Cost $192.85 Unrealized 0.0%

IONQ IONQ INC 1.3%

Value ($000) $14,713 Shares 239,228 Est. Cost $34.26 Unrealized +63.6%

— SOUTHERN CO 0.9%

Value ($000) $10,072 Shares 8,859,000 Est. Cost $1.14 Unrealized —

META META PLATFORMS INC 0.1%

Value ($000) $1,451 Shares 1,976 Est. Cost $619.42 Unrealized +7.7%

ORCL ORACLE CORP 0.1%

Value ($000) $1,406 Shares 5,000 Est. Cost $254.17 Unrealized -6.3%

WBD WARNER BROS DISCOVERY INC 0.1%

Value ($000) $1,144 Shares 58,555 Est. Cost $9.29 Unrealized +151.5%

GSBD GOLDMAN SACHS BDC INC 0.1%

Value ($000) $1,017 Shares 100,000 Est. Cost $11.02 Unrealized -11.0%

CFLT CONFLUENT INC 0.0%

Value ($000) $342 Shares 17,248 Est. Cost $20.91 Unrealized +17.4%

ORCL ORACLE CORP 0.0%

Value ($000) $302 Shares 1,075 Est. Cost $254.17 Unrealized -6.3%

MNDY MONDAY COM LTD 0.0%

Value ($000) $271 Shares 1,401 Est. Cost $278.41 Unrealized -39.5%

SNOW SNOWFLAKE INC 0.0%

Value ($000) $270 Shares 1,195 Est. Cost $187.27 Unrealized +30.3%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
HYG	ISHARES TR	3,000,000	$243,570	20.9%	—	—	PUT	464288513
—	TOURMALINE BIO INC	2,154,653	$103,057	8.8%	$19.08	—	—	89157D105
QQQ	INVESCO QQQ TR	78,871	$47,352	4.1%	$614.31	—	PUT	46090E103
GS	GOLDMAN SACHS GROUP INC	49,500	$39,419	3.4%	$289.38	+181.1%	PUT	38141G104
NXST	NEXSTAR MEDIA GROUP INC	155,281	$30,705	2.6%	$192.85	0.0%	PUT	65336K103
IONQ	IONQ INC	239,228	$14,713	1.3%	$34.26	+63.6%	—	46222L108
—	SOUTHERN CO	8,859,000	$10,072	0.9%	$1.14	—	—	842587DP9
META	META PLATFORMS INC	1,976	$1,451	0.1%	$619.42	+7.7%	—	30303M102
ORCL	ORACLE CORP	5,000	$1,406	0.1%	$254.17	-6.3%	CALL	68389X105
WBD	WARNER BROS DISCOVERY INC	58,555	$1,144	0.1%	$9.29	+151.5%	—	934423104
GSBD	GOLDMAN SACHS BDC INC	100,000	$1,017	0.1%	$11.02	-11.0%	—	38147U107
CFLT	CONFLUENT INC	17,248	$342	0.0%	$20.91	+17.4%	—	20717M103
ORCL	ORACLE CORP	1,075	$302	0.0%	$254.17	-6.3%	—	68389X105
MNDY	MONDAY COM LTD	1,401	$271	0.0%	$278.41	-39.5%	—	M7S64H106
SNOW	SNOWFLAKE INC	1,195	$270	0.0%	$187.27	+30.3%	—	833445109

Decreased Positions (7)

ROIV ROIVANT SCIENCES LTD 49.1%

Value ($000) $572,598 (+28.8%) Shares 26,387,021 (-10.2%) Est. Cost $8.32 Unrealized +137.2%

IONQ IONQ INC 1.6%

Value ($000) $18,172 (-80.6%) Shares 405,000 (-73.4%) Est. Cost $34.26 Unrealized +63.6%

ARGX ARGENX SE 0.4%

Value ($000) $4,388 (-31.5%) Shares 5,218 (-39.9%) Est. Cost $47.41 Unrealized —

APP APPLOVIN CORP 0.1%

Value ($000) $660 (-71.8%) Shares 979 (-69.9%) Est. Cost $336.51 Unrealized +87.2%

GS GOLDMAN SACHS GROUP INC 3.9%

Value ($000) $45,508 (-0.7%) Shares 51,773 (-10.0%) Est. Cost $289.38 Unrealized +181.1%

GOOGL ALPHABET INC 0.1%

Value ($000) $1,222 (-4.1%) Shares 3,903 (-25.5%) Est. Cost $209.20 Unrealized +36.5%

MTSI MACOM TECH SOLUTIONS HLDGS I 0.1%

Value ($000) $605 (+8.6%) Shares 3,534 (-21.1%) Est. Cost $131.97 Unrealized +20.3%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ROIV	ROIVANT SCIENCES LTD	26,387,021 (-10.2%)	$572,598 (+28.8%)	49.1%	$8.32	+137.2%	SHS	G76279101
IONQ	IONQ INC	405,000 (-73.4%)	$18,172 (-80.6%)	1.6%	$34.26	+63.6%	PUT	46222L108
ARGX	ARGENX SE	5,218 (-39.9%)	$4,388 (-31.5%)	0.4%	$47.41	—	SPONSORED ADR	04016X101
APP	APPLOVIN CORP	979 (-69.9%)	$660 (-71.8%)	0.1%	$336.51	+87.2%	COM CL A	03831W108
GS	GOLDMAN SACHS GROUP INC	51,773 (-10.0%)	$45,508 (-0.7%)	3.9%	$289.38	+181.1%	COM	38141G104
GOOGL	ALPHABET INC	3,903 (-25.5%)	$1,222 (-4.1%)	0.1%	$209.20	+36.5%	CAP STK CL A	02079K305
MTSI	MACOM TECH SOLUTIONS HLDGS I	3,534 (-21.1%)	$605 (+8.6%)	0.1%	$131.97	+20.3%	COM	55405Y100

Unchanged Positions (19)

ECO OKEANIS ECO TANKERS COR 3.7%

Value ($000) $43,369 Shares 1,423,997 Est. Cost $25.59 Unrealized +32.6%

NYT NEW YORK TIMES CO 1.9%

Value ($000) $22,002 Shares 316,947 Est. Cost $15.93 Unrealized +288.1%

WHWK WHITEHAWK THERAPEUTICS INC 0.9%

Value ($000) $10,612 Shares 4,615,709 Est. Cost $2.42 Unrealized -5.1%

— MAKEMYTRIP LIMITED MAURITIUS 1.2%

Value ($000) $13,998 Shares 6,500,000 Est. Cost $0.99 Unrealized —

NNI NELNET INC 2.6%

Value ($000) $30,536 Shares 229,665 Est. Cost $84.46 Unrealized +54.9%

LILAK LIBERTY LATIN AMERICA LTD 1.1%

Value ($000) $13,051 Shares 1,749,467 Est. Cost $8.76 Unrealized -6.0%

SMMT SUMMIT THERAPEUTICS INC 0.5%

Value ($000) $6,306 Shares 360,524 Est. Cost $5.40 Unrealized +248.4%

BHVN BIOHAVEN LTD 0.2%

Value ($000) $1,919 Shares 170,006 Est. Cost $20.78 Unrealized -40.4%

IOVA IOVANCE BIOTHERAPEUTICS INC 0.2%

Value ($000) $1,852 Shares 678,564 Est. Cost $14.41 Unrealized -83.9%

MDB MONGODB INC 0.1%

Value ($000) $1,345 Shares 3,205 Est. Cost $257.06 Unrealized +41.5%

GTN GRAY MEDIA INC 0.1%

Value ($000) $1,411 Shares 291,452 Est. Cost $14.47 Unrealized -66.2%

CCCXW CHURCHILL CAP CORP X 0.0%

Value ($000) $385 Shares 50,000 Est. Cost $3.55 Unrealized —

ATEX ANTERIX INC 0.9%

Value ($000) $11,001 Shares 503,941 Est. Cost $45.58 Unrealized -54.4%

— CYBERARK SOFTWARE LTD 0.1%

Value ($000) $882 Shares 1,977 Est. Cost $483.15 Unrealized —

JAAA JANUS DETROIT STR TR 0.6%

Value ($000) $7,515 Shares 148,582 Est. Cost $50.75 Unrealized —

TCOM TRIP COM GROUP LTD 0.0%

Value ($000) $206 Shares 2,867 Est. Cost $75.20 Unrealized —

NE NOBLE CORP PLC 0.5%

Value ($000) $5,892 Shares 208,634 Est. Cost $36.44 Unrealized -19.8%

BRK/B BERKSHIRE HATHAWAY INC DEL 2.1%

Value ($000) $24,100 Shares 47,946 Est. Cost $206.04 Unrealized +141.5%

IQ 6.5 03/15/28 IQIYI INC 0.1%

Value ($000) $1,008 Shares 1,000,000 Est. Cost $1.00 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ECO	OKEANIS ECO TANKERS COR	1,423,997	$43,369	3.7%	$25.59	+32.6%	SHS	Y64177101
NYT	NEW YORK TIMES CO	316,947	$22,002	1.9%	$15.93	+288.1%	CL A	650111107
WHWK	WHITEHAWK THERAPEUTICS INC	4,615,709	$10,612	0.9%	$2.42	-5.1%	COM	00032Q104
—	MAKEMYTRIP LIMITED MAURITIUS	6,500,000	$13,998	1.2%	$0.99	—	NOTE 2/1	56087FAB0
NNI	NELNET INC	229,665	$30,536	2.6%	$84.46	+54.9%	CL A	64031N108
LILAK	LIBERTY LATIN AMERICA LTD	1,749,467	$13,051	1.1%	$8.76	-6.0%	COM CL C	G9001E128
SMMT	SUMMIT THERAPEUTICS INC	360,524	$6,306	0.5%	$5.40	+248.4%	COM	86627T108
BHVN	BIOHAVEN LTD	170,006	$1,919	0.2%	$20.78	-40.4%	COM	G1110E107
IOVA	IOVANCE BIOTHERAPEUTICS INC	678,564	$1,852	0.2%	$14.41	-83.9%	COM	462260100
MDB	MONGODB INC	3,205	$1,345	0.1%	$257.06	+41.5%	CL A	60937P106
GTN	GRAY MEDIA INC	291,452	$1,411	0.1%	$14.47	-66.2%	COM	389375106
CCCXW	CHURCHILL CAP CORP X	50,000	$385	0.0%	$3.55	—	*W EXP 05/14/203	G2130T116
ATEX	ANTERIX INC	503,941	$11,001	0.9%	$45.58	-54.4%	COM	03676C100
—	CYBERARK SOFTWARE LTD	1,977	$882	0.1%	$483.15	—	SHS	M2682V108
JAAA	JANUS DETROIT STR TR	148,582	$7,515	0.6%	$50.75	—	HENDRSON AAA CL	47103U845
TCOM	TRIP COM GROUP LTD	2,867	$206	0.0%	$75.20	—	ADS	89677Q107
NE	NOBLE CORP PLC	208,634	$5,892	0.5%	$36.44	-19.8%	ORD SHS A	G65431127
BRK/B	BERKSHIRE HATHAWAY INC DEL	47,946	$24,100	2.1%	$206.04	+141.5%	CL B NEW	084670702
IQ 6.5 03/15/28	IQIYI INC	1,000,000	$1,008	0.1%	$1.00	—	NOTE 6.500% 3/1	G4939KAF3