APPLIED OPTOELECTRONICS INC

CUSIP: 03823UAE2 Class: NOTE 2.750% 1/1

Holders for Q4 2025 Position Changes for Q4 2025

Note: Option positions (PUT/CALL) are excluded.

New Positions (3)

AGF MANAGEMENT LTD

Value ($000) $5,278 Shares 4,600,000

INSIGNEO ADVISORY SERVICES, LLC

Value ($000) $20 Shares 17,000

WEALTH ENHANCEMENT ADVISORY SERVICES, LLC

Value ($000) $15 Shares 12,000

Institution	Shares	Value ($000)
AGF MANAGEMENT LTD	4,600,000	$5,278
INSIGNEO ADVISORY SERVICES, LLC	17,000	$20
WEALTH ENHANCEMENT ADVISORY SERVICES, LLC	12,000	$15

Increased Positions (3)

Context Capital Management, LLC

Value ($000) $18,006 (-21.8%) Shares 15,559,000 (+67840.3%)

Graham Capital Management, L.P.

Value ($000) $26,510 (+429.9%) Shares 23,067,000 (+361.8%)

ADVENT CAPITAL MANAGEMENT /DE/

Value ($000) $9,075 (+222.1%) Shares 7,756,000 (+177.0%)

Institution	Prev Shares	Curr Shares	Change
Context Capital Management, LLC	22,901	15,559,000	+15,536,099 (+67840.3%)
Graham Capital Management, L.P.	4,995,000	23,067,000	+18,072,000 (+361.8%)
ADVENT CAPITAL MANAGEMENT /DE/	2,800,000	7,756,000	+4,956,000 (+177.0%)

Decreased Positions (3)

Value ($000) $3,178 (-14.6%) Shares 2,755,000 (-26.6%)

BNP PARIBAS ARBITRAGE, SA

Value ($000) $608 (-93.5%) Shares 530,000 (-94.3%)

LAZARD ASSET MANAGEMENT LLC

Value ($000) $4 (-93.7%) Shares 312,000 (-94.5%)

Institution	Prev Shares	Curr Shares	Change
CSS LLC/IL	3,755,000	2,755,000	-1,000,000 (-26.6%)
BNP PARIBAS ARBITRAGE, SA	9,324,000	530,000	-8,794,000 (-94.3%)
LAZARD ASSET MANAGEMENT LLC	5,676,000	312,000	-5,364,000 (-94.5%)

Exited Positions (2)

PALISADE CAPITAL MANAGEMENT, LP

Value ($000) $995 Shares 1,000,000

Walleye Capital LLC

Value ($000) $4,150 Shares 4,125,000

Institution	Prev Shares	Prev Value ($000)
PALISADE CAPITAL MANAGEMENT, LP	1,000,000	$995
Walleye Capital LLC	4,125,000	$4,150