BlueCrest Capital Management Ltd Hedge Fund

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
IVV	ISHARES TR	2,222,669	$1,522,395	45.7%	$684.94	—	CORE S&P500 ETF	464287200
VST	VISTRA CORP	637,266	$102,810	3.1%	$181.92	0.0%	COM	92840M102
XLF	SELECT SECTOR SPDR TR	1,200,000	$65,724	2.0%	$54.77	—	PUT	81369Y605
WFC	WELLS FARGO CO NEW	645,093	$60,123	1.8%	$86.63	0.0%	COM	949746101
C	CITIGROUP INC	512,538	$59,808	1.8%	$103.64	0.0%	COM NEW	172967424
BAC	BANK AMERICA CORP	1,049,093	$57,700	1.7%	$52.67	0.0%	COM	060505104
PCG	PG&E CORP	2,000,000	$32,140	1.0%	$14.52	+9.7%	PUT	69331C108
KWEB	KRANESHARES TRUST	900,000	$30,645	0.9%	$40.59	—	CALL	500767306
HYG	ISHARES TR	332,728	$26,828	0.8%	$80.63	—	IBOXX HI YD ETF	464288513
JPM	JPMORGAN CHASE & CO.	79,128	$25,497	0.8%	$309.53	0.0%	COM	46625H100
CAT	CATERPILLAR INC	40,500	$23,201	0.7%	—	—	PUT	149123101
IBIT	ISHARES BITCOIN TRUST ETF	461,000	$22,889	0.7%	—	—	PUT	46438F101
INDA	ISHARES TR	400,000	$21,620	0.6%	$53.41	—	CALL	46429B598
GDXJ	VANECK ETF TRUST	135,244	$15,388	0.5%	$113.78	—	JUNIOR GOLD MINE	92189F791
CPNG	COUPANG INC	607,533	$14,332	0.4%	$28.45	0.0%	CL A	22266T109
BA	BOEING CO	59,928	$13,012	0.4%	$205.66	0.0%	COM	097023105
LQD	ISHARES TR	99,000	$10,909	0.3%	$110.19	—	IBOXX INV CP ETF	464287242
AXTI	AXT INC	653,063	$10,678	0.3%	$9.66	0.0%	COM	00246W103
—	NOVANTA INC	192,963	$10,609	0.3%	$54.98	—	UNIT 11/01/2028	67000B203
IWM	ISHARES TR	41,000	$10,093	0.3%	—	—	PUT	464287655
—	UPSTART HLDGS INC	10,000,000	$8,800	0.3%	$0.88	—	NOTE 1.000%11/1	91680MAF4
USHY	ISHARES TR	212,761	$7,956	0.2%	$37.40	—	BROAD USD HIGH	46435U853
—	APOLLO GLOBAL MGMT INC	103,069	$7,784	0.2%	$75.52	—	SER A MAND CNV	03769M304
GEV	GE VERNOVA INC	10,000	$6,536	0.2%	$605.52	+0.6%	PUT	36828A101
—	LEMAITRE VASCULAR INC	6,000,000	$5,988	0.2%	$1.00	—	NOTE 2.500% 2/0	525558AB8
—	GREEN PLAINS INC	5,500,000	$5,791	0.2%	$1.05	—	NOTE 5.250%11/0	393222AM6
XLF	SELECT SECTOR SPDR TR	105,000	$5,751	0.2%	$54.77	—	STATE STREET FIN	81369Y605
CCXIU	CHURCHILL CAP CORP XI	500,000	$5,105	0.2%	$10.21	—	UNIT 12/10/2030	G2131A124
KBONU	KARBON CAP PARTNERS CORP	500,000	$5,035	0.2%	$10.07	—	UNIT 12/11/2030	G5225W126
ADACU	AMERICAN DRIVE ACQUISITION C	500,000	$4,985	0.1%	$9.97	—	UNIT 12/04/2030	G0R91M121
TAC	TRANSALTA CORP	393,880	$4,979	0.1%	$14.93	0.0%	COM	89346D107
SVAQU	SILICON VY ACQUISITION CORP	500,000	$4,973	0.1%	$9.95	—	UNIT 12/08/2030	G81306105
—	T1 ENERGY INC	3,750,000	$4,753	0.1%	$1.27	—	NOTE 5.250%12/0	35834FAB0
—	JAZZ INVESTMENTS I LTD	3,500,000	$4,676	0.1%	$1.34	—	NOTE 3.125% 9/1	472145AH4
EWY	ISHARES INC	42,454	$4,127	0.1%	$97.22	—	MSCI STH KOR ETF	464286772
—	SOUTHERN CO	78,186	$3,937	0.1%	$50.36	—	UNIT 12/15/2028	842587842
—	NUTANIX INC	3,920,000	$3,783	0.1%	$0.97	—	NOTE 0.500%12/1	67059NAK4
MCHP	MICROCHIP TECHNOLOGY INC.	52,753	$3,361	0.1%	$61.35	0.0%	COM	595017104
CBC	CENTRAL BANCOMPANY	125,540	$3,028	0.1%	$23.43	0.0%	COM CL A	152413100
QCOM	QUALCOMM INC	17,588	$3,008	0.1%	$170.79	0.0%	COM	747525103
CHKP	CHECK POINT SOFTWARE TECH LT	15,495	$2,875	0.1%	$193.34	0.0%	ORD	M22465104
ECH	ISHARES INC	70,000	$2,828	0.1%	$40.40	—	MSCI CHILE ETF	464286640
HAVAU	HARVARD AVE ACQUISITION CORP	250,000	$2,503	0.1%	$10.01	—	UNIT 10/03/2030	G4330A129
MKSI	MKS INC.	15,640	$2,499	0.1%	$148.21	0.0%	COM	55306N104
MMTXU	MILUNA ACQUISITION CORP	250,000	$2,498	0.1%	$9.99	—	UNIT 09/29/2030	G6180J126
HAVA	HARVARD AVE ACQUISITION CORP	250,000	$2,483	0.1%	$9.91	0.0%	USD CL A ORD SHS	G4330A103
MU	MICRON TECHNOLOGY INC	8,461	$2,415	0.1%	$229.35	0.0%	COM	595112103
BEBE/U	TGE VALUE CREATIVE SOLUTIONS	238,500	$2,371	0.1%	$9.94	—	UNIT 99/99/9999	G8773E126
DSACU	DAEDALUS SPL ACQUISITION COR	225,000	$2,261	0.1%	$10.05	—	UNIT 11/10/2030	G2616C124
AEAQU	ACTIVATE ENERGY ACQUISITION	220,000	$2,200	0.1%	$10.00	—	UNIT 11/10/2030	G0081J129
TSM	TAIWAN SEMICONDUCTOR MFG LTD	6,734	$2,046	0.1%	$303.89	—	SPONSORED ADS	874039100
TLN	TALEN ENERGY CORP	5,436	$2,038	0.1%	$388.68	0.0%	COM	87422Q109
MDU	MDU RES GROUP INC	100,000	$1,952	0.1%	$19.57	0.0%	COM	552690109
CEG	CONSTELLATION ENERGY CORP	5,426	$1,917	0.1%	$363.20	0.0%	COM	21037T109
AVGO	BROADCOM INC	5,148	$1,782	0.1%	$357.00	0.0%	COM	11135F101
VRT	VERTIV HOLDINGS CO	10,750	$1,742	0.1%	$173.58	0.0%	COM CL A	92537N108
IRHOU	IRON HORSE ACQUISIT CORP II	175,000	$1,740	0.1%	$9.94	—	UNIT 07/11/2030	46283H202
YPF	YPF SOCIEDAD ANONIMA	43,500	$1,573	0.0%	$36.16	—	SPON ADR CL D	984245100
SATS	ECHOSTAR CORP	13,868	$1,507	0.0%	$81.43	0.0%	CL A	278768106
TEM	TEMPUS AI INC	24,241	$1,431	0.0%	$78.23	0.0%	CL A	88023B103
BETA	BETA TECHNOLOGIES INC	50,000	$1,411	0.0%	$29.84	0.0%	COM SHS CL A	086921103
CLS	CELESTICA INC	4,632	$1,369	0.0%	$301.37	0.0%	COM	15101Q207
LFACU	LEAPFROG ACQUISITION CORP	125,000	$1,251	0.0%	$10.01	—	UNIT 11/10/2030	G5414D129
CMCSA	COMCAST CORP NEW	40,000	$1,196	0.0%	—	—	CALL	20030N101
KKR	KKR & CO INC	9,341	$1,191	0.0%	$124.29	0.0%	COM	48251W104
AVAV	AEROVIRONMENT INC	4,900	$1,185	0.0%	$314.38	0.0%	COM	008073108
CCJ	CAMECO CORP	11,226	$1,027	0.0%	$89.94	0.0%	COM	13321L108
CEPV	CANTOR EQUITY PARTNERS V INC	100,000	$1,025	0.0%	$10.25	0.0%	SHS CL A S	G1828S109
SCPQU	SOCIAL COMM PARTNERS CORP	100,000	$1,000	0.0%	$10.00	—	UNIT 11/24/2030	G8254P129
MESHU	MESHFLOW ACQUISITION CORP	100,000	$1,000	0.0%	$10.00	—	UNIT 11/19/2030	G6032N127
XZO	EXZEO GROUP INC	40,000	$970	0.0%	$19.02	0.0%	COM SHS	30234F101
IWD	ISHARES TR	4,500	$947	0.0%	$210.34	—	RUS 1000 VAL ETF	464287598
CIEN	CIENA CORP	4,044	$946	0.0%	$194.00	0.0%	COM NEW	171779309
LITE	LUMENTUM HLDGS INC	2,416	$891	0.0%	$256.82	0.0%	COM	55024U109
IREN	IREN LIMITED	23,000	$869	0.0%	$24.29	+112.4%	PUT	Q4982L109
MRVL	MARVELL TECHNOLOGY INC	10,036	$853	0.0%	$87.46	0.0%	COM	573874104
OPAL	OPAL FUELS INC	358,018	$843	0.0%	$2.41	0.0%	CLASS A COM	68347P103
ANET	ARISTA NETWORKS INC	6,245	$818	0.0%	$137.66	0.0%	COM SHS	040413205
COHR	COHERENT CORP	4,309	$795	0.0%	$149.58	0.0%	COM	19247G107
XHB	SPDR SERIES TRUST	6,800	$700	0.0%	$110.80	—	CALL	78464A888
CRDO	CREDO TECHNOLOGY GROUP HOLDI	4,501	$648	0.0%	$153.78	0.0%	ORDINARY SHARES	G25457105
NE	NOBLE CORP PLC	20,669	$584	0.0%	$29.24	0.0%	ORD SHS A	G65431127
BTDR	BITDEER TECHNOLOGIES GROUP	50,000	$561	0.0%	$14.04	+14.8%	PUT	G11448100
LRCX	LAM RESEARCH CORP	3,123	$535	0.0%	$155.36	0.0%	COM NEW	512807306
SAC/U	SAFEGUARD ACQUISITION CORP	50,000	$504	0.0%	$10.09	—	UNIT 99/99/9999	G77676123
KLAC	KLA CORP	407	$495	0.0%	$1171.91	0.0%	COM NEW	482480100
RDDT	REDDIT INC	2,112	$485	0.0%	$210.30	0.0%	CL A	75734B100
AMAT	APPLIED MATLS INC	1,850	$475	0.0%	$239.49	0.0%	COM	038222105
EVH	EVOLENT HEALTH INC	106,300	$425	0.0%	—	—	PUT	30050B101
FINV	FINVOLUTION GROUP	80,000	$418	0.0%	—	—	PUT	31810T101
MOH	MOLINA HEALTHCARE INC	2,000	$347	0.0%	$164.37	0.0%	COM	60855R100
CLSK	CLEANSPARK INC	30,000	$304	0.0%	—	—	PUT	18452B209
VOYG	VOYAGER TECHNOLOGIES INC	11,500	$301	0.0%	$27.13	0.0%	COM CL A	92892B103
KRSP/U	RICE ACQUISITION CORP 3	25,000	$263	0.0%	$10.50	—	UNIT 99/99/9999	G7553X122
NBIS	NEBIUS GROUP N.V.	3,000	$251	0.0%	—	—	PUT	N97284108
BLRKU	BLUEROCK ACQUISITION CORP	25,000	$250	0.0%	$10.00	—	UNIT 11/06/2030	G1352R121
AIRS	AIRSCULPT TECHNOLOGIES INC	125,800	$249	0.0%	—	—	CALL	009496100
GLXY	GALAXY DIGITAL INC.	10,000	$224	0.0%	—	—	PUT	36317J209
—	WOLFSPEED INC	88,000	$130	0.0%	$1.48	—	NOTE 2.500% 6/1	977852AP7
PMTR	PERIMETER ACQUISITION CORP I	10,000	$103	0.0%	$10.32	0.0%	COM CL A	G7010A129
XGN	EXAGEN INC	10,000	$61	0.0%	$9.10	0.0%	COM	30068X103
STIM	NEURONETICS INC	40,000	$55	0.0%	$2.09	0.0%	COM	64131A105

Increased Positions (19)

GDX VANECK ETF TRUST 1.1%

Value ($000) $36,089 (+791.3%) Shares 420,762 (+693.9%) Est. Cost $84.59 Unrealized —

BABA ALIBABA GROUP HLDG LTD 0.6%

Value ($000) $20,362 (+797.0%) Shares 138,911 (+993.8%) Est. Cost $143.74 Unrealized —

— ON SEMICONDUCTOR CORP 0.8%

Value ($000) $27,495 (+183.9%) Shares 23,000,000 (+170.6%) Est. Cost $1.17 Unrealized —

EWZ ISHARES INC 0.9%

Value ($000) $30,976 (+99.8%) Shares 975,000 (+95.0%) Est. Cost $28.85 Unrealized —

— HEWLETT PACKARD ENTERPRISE C 0.4%

Value ($000) $14,427 (+677.8%) Shares 216,326 (+691.9%) Est. Cost $65.09 Unrealized —

GGAL GRUPO FINANCIERO GALICIA S.A 0.3%

Value ($000) $8,916 (+223.5%) Shares 165,300 (+65.3%) Est. Cost — Unrealized —

AEXA AMERICAN EXCEPTIONALISM ACQU 0.3%

Value ($000) $10,153 (+35.4%) Shares 891,386 (+29.9%) Est. Cost $10.88 Unrealized +3.2%

BIDU BAIDU INC 0.2%

Value ($000) $5,464 (+69.2%) Shares 41,817 (+70.7%) Est. Cost $104.35 Unrealized —

INDA ISHARES TR 0.2%

Value ($000) $8,135 (+34.7%) Shares 150,500 (+29.7%) Est. Cost $53.41 Unrealized —

AFRM AFFIRM HLDGS INC 0.1%

Value ($000) $4,994 (+51.9%) Shares 67,100 (+49.1%) Est. Cost — Unrealized —

— SHIFT4 PMTS INC 0.3%

Value ($000) $8,458 (-12.1%) Shares 105,709 (+4.2%) Est. Cost $113.79 Unrealized —

WLAC WILLOW LANE ACQUISITION CORP 0.0%

Value ($000) $1,264 (+627.8%) Shares 100,000 (+566.8%) Est. Cost $12.04 Unrealized +2.2%

— EVOLENT HEALTH INC 0.1%

Value ($000) $3,538 (+41.2%) Shares 4,969,000 (+98.8%) Est. Cost $0.86 Unrealized —

GDS GDS HLDGS LTD 0.0%

Value ($000) $1,101 (+268.2%) Shares 31,535 (+308.3%) Est. Cost $35.83 Unrealized —

VNET VNET GROUP INC 0.0%

Value ($000) $1,029 (+211.2%) Shares 121,670 (+280.0%) Est. Cost $8.95 Unrealized —

— ARES MANAGEMENT CORPORATION 0.1%

Value ($000) $2,569 (+35.9%) Shares 50,965 (+34.0%) Est. Cost $52.34 Unrealized —

CNC CENTENE CORP DEL 0.0%

Value ($000) $823 (+130.7%) Shares 20,000 (+100.0%) Est. Cost — Unrealized —

ATHM AUTOHOME INC 0.0%

Value ($000) $1,102 (-15.2%) Shares 49,500 (+8.8%) Est. Cost $27.60 Unrealized —

TIC TIC SOLUTIONS INC 0.0%

Value ($000) $758 (+13.9%) Shares 75,000 (+50.0%) Est. Cost $11.31 Unrealized -1.6%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
GDX	VANECK ETF TRUST	420,762 (+693.9%)	$36,089 (+791.3%)	1.1%	$84.59	—	GOLD MINERS ETF	92189F106
BABA	ALIBABA GROUP HLDG LTD	138,911 (+993.8%)	$20,362 (+797.0%)	0.6%	$143.74	—	SPONSORED ADS	01609W102
—	ON SEMICONDUCTOR CORP	23,000,000 (+170.6%)	$27,495 (+183.9%)	0.8%	$1.17	—	NOTE 5/0	682189AS4
EWZ	ISHARES INC	975,000 (+95.0%)	$30,976 (+99.8%)	0.9%	$28.85	—	CALL	464286400
—	HEWLETT PACKARD ENTERPRISE C	216,326 (+691.9%)	$14,427 (+677.8%)	0.4%	$65.09	—	7.625 MAND CONV	42824C208
GGAL	GRUPO FINANCIERO GALICIA S.A	165,300 (+65.3%)	$8,916 (+223.5%)	0.3%	—	—	CALL	399909100
AEXA	AMERICAN EXCEPTIONALISM ACQU	891,386 (+29.9%)	$10,153 (+35.4%)	0.3%	$10.88	+3.2%	ORD CL A	G0273J101
BIDU	BAIDU INC	41,817 (+70.7%)	$5,464 (+69.2%)	0.2%	$104.35	—	SPON ADR REP A	056752108
INDA	ISHARES TR	150,500 (+29.7%)	$8,135 (+34.7%)	0.2%	$53.41	—	MSCI INDIA ETF	46429B598
AFRM	AFFIRM HLDGS INC	67,100 (+49.1%)	$4,994 (+51.9%)	0.1%	—	—	CALL	00827B106
—	SHIFT4 PMTS INC	105,709 (+4.2%)	$8,458 (-12.1%)	0.3%	$113.79	—	6 SER A CNV PREF	82452J307
WLAC	WILLOW LANE ACQUISITION CORP	100,000 (+566.8%)	$1,264 (+627.8%)	0.0%	$12.04	+2.2%	ORD SHS CL A	G9675P102
—	EVOLENT HEALTH INC	4,969,000 (+98.8%)	$3,538 (+41.2%)	0.1%	$0.86	—	DEBT 4.500% 8/1	30050BAJ0
GDS	GDS HLDGS LTD	31,535 (+308.3%)	$1,101 (+268.2%)	0.0%	$35.83	—	SPONSORED ADS	36165L108
VNET	VNET GROUP INC	121,670 (+280.0%)	$1,029 (+211.2%)	0.0%	$8.95	—	SPONSORED ADS A	90138A103
—	ARES MANAGEMENT CORPORATION	50,965 (+34.0%)	$2,569 (+35.9%)	0.1%	$52.34	—	6.75 SE B PFD	03990B309
CNC	CENTENE CORP DEL	20,000 (+100.0%)	$823 (+130.7%)	0.0%	—	—	CALL	15135B101
ATHM	AUTOHOME INC	49,500 (+8.8%)	$1,102 (-15.2%)	0.0%	$27.60	—	SP ADS RP CL A	05278C107
TIC	TIC SOLUTIONS INC	75,000 (+50.0%)	$758 (+13.9%)	0.0%	$11.31	-1.6%	COM	00510N102

Exited Positions (109)

QQQ INVESCO QQQ TR 13.9%

Value ($000) $462,285 Shares 770,000 Est. Cost — Unrealized —

OEF ISHARES TR 9.2%

Value ($000) $307,934 Shares 925,172 Est. Cost $332.84 Unrealized —

QQQ INVESCO QQQ TR 6.0%

Value ($000) $199,683 Shares 332,600 Est. Cost — Unrealized —

MSFT MICROSOFT CORP 4.7%

Value ($000) $155,592 Shares 300,400 Est. Cost $508.71 Unrealized -1.6%

CROX CROCS INC 4.0%

Value ($000) $133,680 Shares 1,600,000 Est. Cost — Unrealized —

GOOGL ALPHABET INC 3.7%

Value ($000) $122,279 Shares 503,000 Est. Cost $186.35 Unrealized +53.3%

XOP SPDR SERIES TRUST 3.2%

Value ($000) $105,760 Shares 800,000 Est. Cost $132.20 Unrealized —

ETHA ISHARES ETHEREUM TR 1.9%

Value ($000) $62,390 Shares 1,980,000 Est. Cost $19.07 Unrealized —

META META PLATFORMS INC 1.7%

Value ($000) $55,079 Shares 75,000 Est. Cost $743.23 Unrealized -10.2%

IBIT ISHARES BITCOIN TRUST ETF 1.6%

Value ($000) $52,000 Shares 800,000 Est. Cost — Unrealized —

AMZN AMAZON COM INC 1.3%

Value ($000) $43,914 Shares 200,000 Est. Cost $226.35 Unrealized +1.1%

GDX VANECK ETF TRUST 1.1%

Value ($000) $36,672 Shares 480,000 Est. Cost $84.59 Unrealized —

GTX GARRETT MOTION INC 1.1%

Value ($000) $36,539 Shares 2,682,733 Est. Cost $12.66 Unrealized +25.7%

GLD SPDR GOLD TR 1.1%

Value ($000) $35,609 Shares 100,175 Est. Cost $323.56 Unrealized —

VRT VERTIV HOLDINGS CO 0.9%

Value ($000) $30,172 Shares 200,000 Est. Cost $173.58 Unrealized 0.0%

RBRK RUBRIK INC. 0.8%

Value ($000) $25,909 Shares 315,000 Est. Cost $81.75 Unrealized -6.2%

CIEN CIENA CORP 0.7%

Value ($000) $24,764 Shares 170,000 Est. Cost $194.00 Unrealized 0.0%

ITB ISHARES TR 0.7%

Value ($000) $24,399 Shares 227,500 Est. Cost $107.25 Unrealized —

AMD ADVANCED MICRO DEVICES INC 0.7%

Value ($000) $24,269 Shares 150,000 Est. Cost — Unrealized —

NVDA NVIDIA CORPORATION 0.7%

Value ($000) $22,837 Shares 122,400 Est. Cost $145.88 Unrealized +27.6%

FSLR FIRST SOLAR INC 0.7%

Value ($000) $22,053 Shares 100,000 Est. Cost — Unrealized —

POWL POWELL INDS INC 0.6%

Value ($000) $20,178 Shares 66,200 Est. Cost $253.93 Unrealized +32.5%

— ITRON INC 0.5%

Value ($000) $18,197 Shares 15,826,000 Est. Cost $1.17 Unrealized —

NIQ NIQ GLOBAL INTELLIGENCE PLC 0.5%

Value ($000) $16,904 Shares 1,076,676 Est. Cost $17.40 Unrealized -15.9%

TSM TAIWAN SEMICONDUCTOR MFG LTD 0.5%

Value ($000) $15,082 Shares 54,000 Est. Cost $303.89 Unrealized —

KRE SPDR SERIES TRUST 0.4%

Value ($000) $14,559 Shares 230,000 Est. Cost — Unrealized —

RIOT RIOT PLATFORMS INC 0.4%

Value ($000) $14,273 Shares 750,000 Est. Cost $13.85 Unrealized +23.5%

SERV SERVE ROBOTICS INC 0.4%

Value ($000) $13,840 Shares 1,190,000 Est. Cost — Unrealized —

KVUE KENVUE INC 0.4%

Value ($000) $12,984 Shares 800,000 Est. Cost — Unrealized —

HUT HUT 8 CORP 0.4%

Value ($000) $12,058 Shares 346,400 Est. Cost — Unrealized —

RRX REGAL REXNORD CORPORATION 0.4%

Value ($000) $11,719 Shares 81,700 Est. Cost — Unrealized —

TSLA TESLA INC 0.3%

Value ($000) $11,207 Shares 25,200 Est. Cost — Unrealized —

XRT SPDR SERIES TRUST 0.3%

Value ($000) $11,159 Shares 129,483 Est. Cost $86.18 Unrealized —

HUMN ROUNDHILL ETF TRUST 0.3%

Value ($000) $10,700 Shares 355,728 Est. Cost $30.08 Unrealized —

GOOG ALPHABET INC 0.3%

Value ($000) $9,730 Shares 39,950 Est. Cost $209.93 Unrealized +36.4%

RGTI RIGETTI COMPUTING INC 0.3%

Value ($000) $9,530 Shares 319,900 Est. Cost — Unrealized —

BIDU BAIDU INC 0.3%

Value ($000) $9,487 Shares 72,000 Est. Cost $104.35 Unrealized —

QUBT QUANTUM COMPUTING INC 0.3%

Value ($000) $9,205 Shares 500,000 Est. Cost — Unrealized —

AS AMER SPORTS INC 0.3%

Value ($000) $8,688 Shares 250,000 Est. Cost $37.71 Unrealized -9.0%

— BOEING CO 0.2%

Value ($000) $8,322 Shares 119,614 Est. Cost $63.73 Unrealized —

LTH LIFE TIME GROUP HOLDINGS INC 0.2%

Value ($000) $8,280 Shares 300,000 Est. Cost $28.53 Unrealized -8.7%

— MICROCHIP TECHNOLOGY INC. 0.2%

Value ($000) $8,243 Shares 139,644 Est. Cost $59.03 Unrealized —

CIFR CIPHER MINING INC 0.2%

Value ($000) $7,554 Shares 600,000 Est. Cost — Unrealized —

ASHR DBX ETF TR 0.2%

Value ($000) $7,461 Shares 226,222 Est. Cost $32.98 Unrealized —

V VISA INC 0.2%

Value ($000) $6,047 Shares 17,712 Est. Cost $345.14 Unrealized -1.4%

IGV ISHARES TR 0.2%

Value ($000) $5,290 Shares 46,000 Est. Cost $115.01 Unrealized —

ROOT ROOT INC 0.2%

Value ($000) $5,156 Shares 57,600 Est. Cost — Unrealized —

GEV GE VERNOVA INC 0.2%

Value ($000) $5,105 Shares 8,302 Est. Cost $605.52 Unrealized +0.6%

INDY ISHARES TR 0.2%

Value ($000) $5,090 Shares 100,000 Est. Cost — Unrealized —

EWJ ISHARES INC 0.2%

Value ($000) $5,050 Shares 62,956 Est. Cost $80.21 Unrealized —

NTSK NETSKOPE INC 0.2%

Value ($000) $5,035 Shares 221,500 Est. Cost $23.79 Unrealized -12.3%

EQT EQT CORP 0.1%

Value ($000) $4,994 Shares 91,743 Est. Cost $52.61 Unrealized +6.7%

UBER UBER TECHNOLOGIES INC 0.1%

Value ($000) $4,899 Shares 50,000 Est. Cost — Unrealized —

PYPL PAYPAL HLDGS INC 0.1%

Value ($000) $4,828 Shares 72,000 Est. Cost — Unrealized —

CCJ CAMECO CORP 0.1%

Value ($000) $4,679 Shares 55,800 Est. Cost $89.94 Unrealized 0.0%

XHB SPDR SERIES TRUST 0.1%

Value ($000) $4,598 Shares 41,497 Est. Cost $110.80 Unrealized —

MRVL MARVELL TECHNOLOGY INC 0.1%

Value ($000) $4,540 Shares 54,000 Est. Cost $87.46 Unrealized 0.0%

— MARA HOLDINGS INC 0.1%

Value ($000) $4,520 Shares 3,700,000 Est. Cost $1.22 Unrealized —

— KKR & CO INC 0.1%

Value ($000) $4,251 Shares 81,211 Est. Cost $49.40 Unrealized —

LUNR INTUITIVE MACHINES INC 0.1%

Value ($000) $3,787 Shares 360,000 Est. Cost — Unrealized —

SEDG SOLAREDGE TECHNOLOGIES INC 0.1%

Value ($000) $2,547 Shares 68,832 Est. Cost $29.86 Unrealized +16.8%

LGN LEGENCE CORP 0.1%

Value ($000) $2,462 Shares 79,913 Est. Cost $31.48 Unrealized +25.6%

ETSY ETSY INC 0.1%

Value ($000) $2,390 Shares 36,000 Est. Cost — Unrealized —

ETHA ISHARES ETHEREUM TR 0.1%

Value ($000) $2,303 Shares 73,099 Est. Cost $19.07 Unrealized —

LTM LATAM AIRLINES GROUP SA 0.1%

Value ($000) $2,263 Shares 50,000 Est. Cost $45.25 Unrealized —

UMAC UNUSUAL MACHS INC 0.1%

Value ($000) $2,168 Shares 143,588 Est. Cost $10.53 Unrealized +11.3%

PONY PONY AI INC 0.1%

Value ($000) $2,146 Shares 95,400 Est. Cost — Unrealized —

BILI BILIBILI INC 0.1%

Value ($000) $2,107 Shares 75,000 Est. Cost $28.09 Unrealized —

SKYT SKYWATER TECHNOLOGY INC 0.1%

Value ($000) $2,082 Shares 111,600 Est. Cost — Unrealized —

RIOT RIOT PLATFORMS INC 0.1%

Value ($000) $2,078 Shares 109,200 Est. Cost $13.85 Unrealized +23.5%

XLB SELECT SECTOR SPDR TR 0.1%

Value ($000) $2,061 Shares 23,000 Est. Cost $89.62 Unrealized —

POWL POWELL INDS INC 0.1%

Value ($000) $2,024 Shares 6,641 Est. Cost $253.93 Unrealized +32.5%

XOP SPDR SERIES TRUST 0.1%

Value ($000) $1,990 Shares 15,051 Est. Cost $132.20 Unrealized —

MCGAU YORKVILLE ACQUISITION CORP. 0.1%

Value ($000) $1,956 Shares 176,991 Est. Cost $11.05 Unrealized —

B BARRICK MNG CORP 0.1%

Value ($000) $1,889 Shares 57,645 Est. Cost $25.15 Unrealized +48.8%

IMSR HCM II ACQUISITION CORP 0.1%

Value ($000) $1,816 Shares 110,644 Est. Cost $11.89 Unrealized +12.4%

URA GLOBAL X FDS 0.1%

Value ($000) $1,802 Shares 37,800 Est. Cost $47.67 Unrealized —

— DIVERSIFIED ENERGY COMPANY P 0.1%

Value ($000) $1,751 Shares 125,000 Est. Cost $14.01 Unrealized —

SHW SHERWIN WILLIAMS CO 0.1%

Value ($000) $1,731 Shares 5,000 Est. Cost — Unrealized —

— KELLANOVA 0.0%

Value ($000) $1,640 Shares 20,000 Est. Cost $79.21 Unrealized +4.3%

IONS IONIS PHARMACEUTICALS INC 0.0%

Value ($000) $1,529 Shares 23,370 Est. Cost $48.82 Unrealized +54.2%

APO APOLLO GLOBAL MGMT INC 0.0%

Value ($000) $1,529 Shares 11,470 Est. Cost $140.75 Unrealized -5.8%

XLU SELECT SECTOR SPDR TR 0.0%

Value ($000) $1,408 Shares 16,144 Est. Cost $79.66 Unrealized —

FLYW FLYWIRE CORPORATION 0.0%

Value ($000) $1,354 Shares 100,000 Est. Cost $12.30 Unrealized +11.3%

— KELLANOVA 0.0%

Value ($000) $1,271 Shares 15,500 Est. Cost $79.21 Unrealized +4.3%

XLRE SELECT SECTOR SPDR TR 0.0%

Value ($000) $1,268 Shares 30,099 Est. Cost $41.85 Unrealized —

— CIPHER MINING INC 0.0%

Value ($000) $1,229 Shares 414,000 Est. Cost $1.27 Unrealized —

XLP SELECT SECTOR SPDR TR 0.0%

Value ($000) $1,226 Shares 15,644 Est. Cost $81.67 Unrealized —

XLV SELECT SECTOR SPDR TR 0.0%

Value ($000) $1,202 Shares 8,636 Est. Cost $146.01 Unrealized —

KLAR KLARNA GROUP PLC 0.0%

Value ($000) $1,145 Shares 31,255 Est. Cost $42.59 Unrealized -19.4%

FXI ISHARES TR 0.0%

Value ($000) $1,111 Shares 27,000 Est. Cost $41.14 Unrealized —

— KELLANOVA 0.0%

Value ($000) $1,066 Shares 13,000 Est. Cost $79.21 Unrealized +4.3%

TACO BERTO ACQUISITION CORP 0.0%

Value ($000) $1,003 Shares 96,413 Est. Cost $10.37 Unrealized -1.0%

— GLADSTONE CAP CORP 0.0%

Value ($000) $992 Shares 1,000,000 Est. Cost $0.99 Unrealized —

BTDR BITDEER TECHNOLOGIES GROUP 0.0%

Value ($000) $969 Shares 56,700 Est. Cost $14.04 Unrealized +14.8%

IREN IREN LIMITED 0.0%

Value ($000) $939 Shares 20,000 Est. Cost $24.29 Unrealized +112.4%

CEPT CANTOR EQUITY PARTNERS II IN 0.0%

Value ($000) $917 Shares 87,260 Est. Cost $10.76 Unrealized +4.9%

OPEN OPENDOOR TECHNOLOGIES INC 0.0%

Value ($000) $861 Shares 108,000 Est. Cost — Unrealized —

CEPO CANTOR EQUITY PARTNERS I INC 0.0%

Value ($000) $711 Shares 67,935 Est. Cost $11.06 Unrealized -5.5%

BHP BHP GROUP LTD 0.0%

Value ($000) $699 Shares 12,541 Est. Cost $55.75 Unrealized —

BBAI BIGBEAR AI HLDGS INC 0.0%

Value ($000) $652 Shares 100,000 Est. Cost — Unrealized —

USAR USA RARE EARTH INC 0.0%

Value ($000) $619 Shares 36,000 Est. Cost — Unrealized —

— CHART INDS INC 0.0%

Value ($000) $592 Shares 8,329 Est. Cost $59.18 Unrealized —

ALNY ALNYLAM PHARMACEUTICALS INC 0.0%

Value ($000) $561 Shares 1,231 Est. Cost $407.20 Unrealized +8.7%

KNTK KINETIK HOLDINGS INC 0.0%

Value ($000) $513 Shares 12,000 Est. Cost $42.27 Unrealized -14.6%

SPXC SPX TECHNOLOGIES INC 0.0%

Value ($000) $504 Shares 2,699 Est. Cost $186.78 Unrealized —

WTGUU WINTERGREEN ACQUISITION CORP 0.0%

Value ($000) $462 Shares 45,320 Est. Cost $10.19 Unrealized —

RR RICHTECH ROBOTICS INC 0.0%

Value ($000) $429 Shares 100,000 Est. Cost — Unrealized —

UPXI UPEXI INC 0.0%

Value ($000) $407 Shares 70,565 Est. Cost $6.08 Unrealized -37.9%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
QQQ	INVESCO QQQ TR	770,000	$462,285	13.9%	—	—	CALL	46090E103
OEF	ISHARES TR	925,172	$307,934	9.2%	$332.84	—	—	464287101
QQQ	INVESCO QQQ TR	332,600	$199,683	6.0%	—	—	PUT	46090E103
MSFT	MICROSOFT CORP	300,400	$155,592	4.7%	$508.71	-1.6%	CALL	594918104
CROX	CROCS INC	1,600,000	$133,680	4.0%	—	—	CALL	227046109
GOOGL	ALPHABET INC	503,000	$122,279	3.7%	$186.35	+53.3%	CALL	02079K305
XOP	SPDR SERIES TRUST	800,000	$105,760	3.2%	$132.20	—	CALL	78468R556
ETHA	ISHARES ETHEREUM TR	1,980,000	$62,390	1.9%	$19.07	—	PUT	46438R105
META	META PLATFORMS INC	75,000	$55,079	1.7%	$743.23	-10.2%	CALL	30303M102
IBIT	ISHARES BITCOIN TRUST ETF	800,000	$52,000	1.6%	—	—	CALL	46438F101
AMZN	AMAZON COM INC	200,000	$43,914	1.3%	$226.35	+1.1%	CALL	023135106
GDX	VANECK ETF TRUST	480,000	$36,672	1.1%	$84.59	—	CALL	92189F106
GTX	GARRETT MOTION INC	2,682,733	$36,539	1.1%	$12.66	+25.7%	—	366505105
GLD	SPDR GOLD TR	100,175	$35,609	1.1%	$323.56	—	—	78463V107
VRT	VERTIV HOLDINGS CO	200,000	$30,172	0.9%	$173.58	0.0%	CALL	92537N108
RBRK	RUBRIK INC.	315,000	$25,909	0.8%	$81.75	-6.2%	—	781154109
CIEN	CIENA CORP	170,000	$24,764	0.7%	$194.00	0.0%	CALL	171779309
ITB	ISHARES TR	227,500	$24,399	0.7%	$107.25	—	—	464288752
AMD	ADVANCED MICRO DEVICES INC	150,000	$24,269	0.7%	—	—	CALL	007903107
NVDA	NVIDIA CORPORATION	122,400	$22,837	0.7%	$145.88	+27.6%	CALL	67066G104
FSLR	FIRST SOLAR INC	100,000	$22,053	0.7%	—	—	CALL	336433107
POWL	POWELL INDS INC	66,200	$20,178	0.6%	$253.93	+32.5%	CALL	739128106
—	ITRON INC	15,826,000	$18,197	0.5%	$1.17	—	—	465741AQ9
NIQ	NIQ GLOBAL INTELLIGENCE PLC	1,076,676	$16,904	0.5%	$17.40	-15.9%	—	G63755105
TSM	TAIWAN SEMICONDUCTOR MFG LTD	54,000	$15,082	0.5%	$303.89	—	CALL	874039100
KRE	SPDR SERIES TRUST	230,000	$14,559	0.4%	—	—	CALL	78464A698
RIOT	RIOT PLATFORMS INC	750,000	$14,273	0.4%	$13.85	+23.5%	CALL	767292105
SERV	SERVE ROBOTICS INC	1,190,000	$13,840	0.4%	—	—	CALL	81758H106
KVUE	KENVUE INC	800,000	$12,984	0.4%	—	—	CALL	49177J102
HUT	HUT 8 CORP	346,400	$12,058	0.4%	—	—	CALL	44812J104
RRX	REGAL REXNORD CORPORATION	81,700	$11,719	0.4%	—	—	CALL	758750103
TSLA	TESLA INC	25,200	$11,207	0.3%	—	—	CALL	88160R101
XRT	SPDR SERIES TRUST	129,483	$11,159	0.3%	$86.18	—	—	78464A714
HUMN	ROUNDHILL ETF TRUST	355,728	$10,700	0.3%	$30.08	—	—	77926X650
GOOG	ALPHABET INC	39,950	$9,730	0.3%	$209.93	+36.4%	—	02079K107
RGTI	RIGETTI COMPUTING INC	319,900	$9,530	0.3%	—	—	PUT	76655K103
BIDU	BAIDU INC	72,000	$9,487	0.3%	$104.35	—	CALL	056752108
QUBT	QUANTUM COMPUTING INC	500,000	$9,205	0.3%	—	—	PUT	74766W108
AS	AMER SPORTS INC	250,000	$8,688	0.3%	$37.71	-9.0%	—	G0260P102
—	BOEING CO	119,614	$8,322	0.2%	$63.73	—	—	097023204
LTH	LIFE TIME GROUP HOLDINGS INC	300,000	$8,280	0.2%	$28.53	-8.7%	—	53190C102
—	MICROCHIP TECHNOLOGY INC.	139,644	$8,243	0.2%	$59.03	—	—	595017302
CIFR	CIPHER MINING INC	600,000	$7,554	0.2%	—	—	CALL	17253J106
ASHR	DBX ETF TR	226,222	$7,461	0.2%	$32.98	—	—	233051879
V	VISA INC	17,712	$6,047	0.2%	$345.14	-1.4%	—	92826C839
IGV	ISHARES TR	46,000	$5,290	0.2%	$115.01	—	—	464287515
ROOT	ROOT INC	57,600	$5,156	0.2%	—	—	CALL	77664L207
GEV	GE VERNOVA INC	8,302	$5,105	0.2%	$605.52	+0.6%	—	36828A101
INDY	ISHARES TR	100,000	$5,090	0.2%	—	—	CALL	464289529
EWJ	ISHARES INC	62,956	$5,050	0.2%	$80.21	—	—	46434G822
NTSK	NETSKOPE INC	221,500	$5,035	0.2%	$23.79	-12.3%	—	64119N608
EQT	EQT CORP	91,743	$4,994	0.1%	$52.61	+6.7%	—	26884L109
UBER	UBER TECHNOLOGIES INC	50,000	$4,899	0.1%	—	—	CALL	90353T100
PYPL	PAYPAL HLDGS INC	72,000	$4,828	0.1%	—	—	CALL	70450Y103
CCJ	CAMECO CORP	55,800	$4,679	0.1%	$89.94	0.0%	CALL	13321L108
XHB	SPDR SERIES TRUST	41,497	$4,598	0.1%	$110.80	—	—	78464A888
MRVL	MARVELL TECHNOLOGY INC	54,000	$4,540	0.1%	$87.46	0.0%	CALL	573874104
—	MARA HOLDINGS INC	3,700,000	$4,520	0.1%	$1.22	—	—	565788AD8
—	KKR & CO INC	81,211	$4,251	0.1%	$49.40	—	—	48251W500
LUNR	INTUITIVE MACHINES INC	360,000	$3,787	0.1%	—	—	CALL	46125A100
SEDG	SOLAREDGE TECHNOLOGIES INC	68,832	$2,547	0.1%	$29.86	+16.8%	—	83417M104
LGN	LEGENCE CORP	79,913	$2,462	0.1%	$31.48	+25.6%	—	52476L109
ETSY	ETSY INC	36,000	$2,390	0.1%	—	—	CALL	29786A106
ETHA	ISHARES ETHEREUM TR	73,099	$2,303	0.1%	$19.07	—	—	46438R105
LTM	LATAM AIRLINES GROUP SA	50,000	$2,263	0.1%	$45.25	—	—	51817R205
UMAC	UNUSUAL MACHS INC	143,588	$2,168	0.1%	$10.53	+11.3%	—	91532F102
PONY	PONY AI INC	95,400	$2,146	0.1%	—	—	CALL	732908108
BILI	BILIBILI INC	75,000	$2,107	0.1%	$28.09	—	—	090040106
SKYT	SKYWATER TECHNOLOGY INC	111,600	$2,082	0.1%	—	—	CALL	83089J108
RIOT	RIOT PLATFORMS INC	109,200	$2,078	0.1%	$13.85	+23.5%	—	767292105
XLB	SELECT SECTOR SPDR TR	23,000	$2,061	0.1%	$89.62	—	—	81369Y100
POWL	POWELL INDS INC	6,641	$2,024	0.1%	$253.93	+32.5%	—	739128106
XOP	SPDR SERIES TRUST	15,051	$1,990	0.1%	$132.20	—	—	78468R556
MCGAU	YORKVILLE ACQUISITION CORP.	176,991	$1,956	0.1%	$11.05	—	—	G98659108
B	BARRICK MNG CORP	57,645	$1,889	0.1%	$25.15	+48.8%	—	06849F108
IMSR	HCM II ACQUISITION CORP	110,644	$1,816	0.1%	$11.89	+12.4%	—	G43658106
URA	GLOBAL X FDS	37,800	$1,802	0.1%	$47.67	—	—	37954Y871
—	DIVERSIFIED ENERGY COMPANY P	125,000	$1,751	0.1%	$14.01	—	—	G2891G204
SHW	SHERWIN WILLIAMS CO	5,000	$1,731	0.1%	—	—	PUT	824348106
—	KELLANOVA	20,000	$1,640	0.0%	$79.21	+4.3%	CALL	487836108
IONS	IONIS PHARMACEUTICALS INC	23,370	$1,529	0.0%	$48.82	+54.2%	—	462222100
APO	APOLLO GLOBAL MGMT INC	11,470	$1,529	0.0%	$140.75	-5.8%	—	03769M106
XLU	SELECT SECTOR SPDR TR	16,144	$1,408	0.0%	$79.66	—	—	81369Y886
FLYW	FLYWIRE CORPORATION	100,000	$1,354	0.0%	$12.30	+11.3%	—	302492103
—	KELLANOVA	15,500	$1,271	0.0%	$79.21	+4.3%	PUT	487836108
XLRE	SELECT SECTOR SPDR TR	30,099	$1,268	0.0%	$41.85	—	—	81369Y860
—	CIPHER MINING INC	414,000	$1,229	0.0%	$1.27	—	—	17253JAA4
XLP	SELECT SECTOR SPDR TR	15,644	$1,226	0.0%	$81.67	—	—	81369Y308
XLV	SELECT SECTOR SPDR TR	8,636	$1,202	0.0%	$146.01	—	—	81369Y209
KLAR	KLARNA GROUP PLC	31,255	$1,145	0.0%	$42.59	-19.4%	—	G5279N105
FXI	ISHARES TR	27,000	$1,111	0.0%	$41.14	—	—	464287184
—	KELLANOVA	13,000	$1,066	0.0%	$79.21	+4.3%	—	487836108
TACO	BERTO ACQUISITION CORP	96,413	$1,003	0.0%	$10.37	-1.0%	—	G1051H101
—	GLADSTONE CAP CORP	1,000,000	$992	0.0%	$0.99	—	—	376535AG5
BTDR	BITDEER TECHNOLOGIES GROUP	56,700	$969	0.0%	$14.04	+14.8%	—	G11448100
IREN	IREN LIMITED	20,000	$939	0.0%	$24.29	+112.4%	—	Q4982L109
CEPT	CANTOR EQUITY PARTNERS II IN	87,260	$917	0.0%	$10.76	+4.9%	—	G1827P106
OPEN	OPENDOOR TECHNOLOGIES INC	108,000	$861	0.0%	—	—	CALL	683712103
CEPO	CANTOR EQUITY PARTNERS I INC	67,935	$711	0.0%	$11.06	-5.5%	—	G1827K107
BHP	BHP GROUP LTD	12,541	$699	0.0%	$55.75	—	—	088606108
BBAI	BIGBEAR AI HLDGS INC	100,000	$652	0.0%	—	—	CALL	08975B109
USAR	USA RARE EARTH INC	36,000	$619	0.0%	—	—	CALL	91733P107
—	CHART INDS INC	8,329	$592	0.0%	$59.18	—	—	16115Q407
ALNY	ALNYLAM PHARMACEUTICALS INC	1,231	$561	0.0%	$407.20	+8.7%	—	02043Q107
KNTK	KINETIK HOLDINGS INC	12,000	$513	0.0%	$42.27	-14.6%	—	02215L209
SPXC	SPX TECHNOLOGIES INC	2,699	$504	0.0%	$186.78	—	—	78473E103
WTGUU	WINTERGREEN ACQUISITION CORP	45,320	$462	0.0%	$10.19	—	—	G9717M125
RR	RICHTECH ROBOTICS INC	100,000	$429	0.0%	—	—	CALL	765504105
UPXI	UPEXI INC	70,565	$407	0.0%	$6.08	-37.9%	—	39959A205

Decreased Positions (30)

NVDA NVIDIA CORPORATION 0.2%

Value ($000) $6,394 (-96.9%) Shares 34,284 (-96.9%) Est. Cost $145.88 Unrealized +27.6%

SPY SPDR S&P 500 ETF TR 0.2%

Value ($000) $7,842 (-96.2%) Shares 11,500 (-96.3%) Est. Cost — Unrealized —

GLD SPDR GOLD TR 7.0%

Value ($000) $233,823 (-42.4%) Shares 590,000 (-48.3%) Est. Cost $323.56 Unrealized —

PCG PG&E CORP 1.4%

Value ($000) $48,210 (-67.6%) Shares 3,000,000 (-69.6%) Est. Cost $14.52 Unrealized +9.7%

GLD SPDR GOLD TR 6.7%

Value ($000) $223,915 (-24.6%) Shares 565,000 (-32.3%) Est. Cost $323.56 Unrealized —

MSFT MICROSOFT CORP 0.1%

Value ($000) $3,525 (-95.2%) Shares 7,289 (-94.9%) Est. Cost $508.71 Unrealized -1.6%

KWEB KRANESHARES TRUST 0.7%

Value ($000) $22,597 (-74.7%) Shares 663,641 (-68.8%) Est. Cost $40.59 Unrealized —

HYG ISHARES TR 0.7%

Value ($000) $24,189 (-71.6%) Shares 300,000 (-71.4%) Est. Cost $80.63 Unrealized —

AMZN AMAZON COM INC 0.7%

Value ($000) $23,460 (-61.9%) Shares 101,637 (-63.7%) Est. Cost $226.35 Unrealized +1.1%

LLY ELI LILLY & CO 0.6%

Value ($000) $21,101 (-45.2%) Shares 19,635 (-61.1%) Est. Cost $748.00 Unrealized +27.7%

META META PLATFORMS INC 0.1%

Value ($000) $1,962 (-89.7%) Shares 2,973 (-88.6%) Est. Cost $743.23 Unrealized -10.2%

— ITRON INC 0.1%

Value ($000) $3,228 (-82.8%) Shares 3,256,000 (-81.7%) Est. Cost $1.08 Unrealized —

— QXO INC 0.1%

Value ($000) $3,088 (-82.6%) Shares 55,998 (-82.7%) Est. Cost $57.24 Unrealized —

— ALIBABA GROUP HLDG LTD 0.5%

Value ($000) $17,103 (-40.0%) Shares 11,000,000 (-29.0%) Est. Cost $1.47 Unrealized —

— NEXTERA ENERGY CAP HLDGS INC 0.1%

Value ($000) $2,237 (-79.7%) Shares 1,800,000 (-80.6%) Est. Cost $1.17 Unrealized —

— WISDOMTREE INC 0.1%

Value ($000) $3,859 (-67.3%) Shares 3,196,000 (-64.7%) Est. Cost $1.31 Unrealized —

— AKAMAI TECHNOLOGIES INC 0.2%

Value ($000) $8,326 (-48.1%) Shares 8,270,000 (-50.6%) Est. Cost $0.98 Unrealized —

— BRIGHTSPRING HEALTH SVCS INC 0.0%

Value ($000) $1,289 (-81.4%) Shares 10,213 (-85.1%) Est. Cost $67.08 Unrealized —

GOOGL ALPHABET INC 0.2%

Value ($000) $7,066 (-43.8%) Shares 22,575 (-56.4%) Est. Cost $186.35 Unrealized +53.3%

— NEXTERA ENERGY INC 0.0%

Value ($000) $1,007 (-79.4%) Shares 19,451 (-80.1%) Est. Cost $48.70 Unrealized —

— PG&E CORP 0.0%

Value ($000) $305 (-91.7%) Shares 7,435 (-92.0%) Est. Cost $38.60 Unrealized —

— JETBLUE AIRWAYS CORP 0.4%

Value ($000) $13,913 (-15.2%) Shares 14,320,000 (-9.5%) Est. Cost $1.04 Unrealized —

DDOG DATADOG INC 0.0%

Value ($000) $775 (-70.2%) Shares 5,700 (-68.8%) Est. Cost $137.70 Unrealized +14.8%

— ALBEMARLE CORP 0.3%

Value ($000) $8,506 (-17.1%) Shares 143,217 (-47.1%) Est. Cost $38.80 Unrealized —

— BRUKER CORP 0.2%

Value ($000) $6,528 (+30.9%) Shares 17,835 (-2.8%) Est. Cost $271.80 Unrealized —

KHC KRAFT HEINZ CO 0.0%

Value ($000) $485 (-73.4%) Shares 20,000 (-71.4%) Est. Cost — Unrealized —

INFQ CHURCHILL CAP CORP X 0.0%

Value ($000) $156 (-86.3%) Shares 10,000 (-88.7%) Est. Cost $12.86 Unrealized —

TLT ISHARES TR 0.1%

Value ($000) $1,743 (-30.3%) Shares 20,000 (-28.6%) Est. Cost — Unrealized —

CLMT CALUMET INC 0.0%

Value ($000) $795 (-27.4%) Shares 40,000 (-33.3%) Est. Cost $16.61 Unrealized +15.8%

WRD WERIDE INC 0.0%

Value ($000) $162 (-64.5%) Shares 18,678 (-59.5%) Est. Cost $9.08 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
NVDA	NVIDIA CORPORATION	34,284 (-96.9%)	$6,394 (-96.9%)	0.2%	$145.88	+27.6%	COM	67066G104
SPY	SPDR S&P 500 ETF TR	11,500 (-96.3%)	$7,842 (-96.2%)	0.2%	—	—	PUT	78462F103
GLD	SPDR GOLD TR	590,000 (-48.3%)	$233,823 (-42.4%)	7.0%	$323.56	—	PUT	78463V107
PCG	PG&E CORP	3,000,000 (-69.6%)	$48,210 (-67.6%)	1.4%	$14.52	+9.7%	COM	69331C108
GLD	SPDR GOLD TR	565,000 (-32.3%)	$223,915 (-24.6%)	6.7%	$323.56	—	CALL	78463V107
MSFT	MICROSOFT CORP	7,289 (-94.9%)	$3,525 (-95.2%)	0.1%	$508.71	-1.6%	COM	594918104
KWEB	KRANESHARES TRUST	663,641 (-68.8%)	$22,597 (-74.7%)	0.7%	$40.59	—	CSI CHI INTERNET	500767306
HYG	ISHARES TR	300,000 (-71.4%)	$24,189 (-71.6%)	0.7%	$80.63	—	PUT	464288513
AMZN	AMAZON COM INC	101,637 (-63.7%)	$23,460 (-61.9%)	0.7%	$226.35	+1.1%	COM	023135106
LLY	ELI LILLY & CO	19,635 (-61.1%)	$21,101 (-45.2%)	0.6%	$748.00	+27.7%	COM	532457108
META	META PLATFORMS INC	2,973 (-88.6%)	$1,962 (-89.7%)	0.1%	$743.23	-10.2%	CL A	30303M102
—	ITRON INC	3,256,000 (-81.7%)	$3,228 (-82.8%)	0.1%	$1.08	—	NOTE 3/1	465741AN6
—	QXO INC	55,998 (-82.7%)	$3,088 (-82.6%)	0.1%	$57.24	—	5.50 DEP PFD	82846H504
—	ALIBABA GROUP HLDG LTD	11,000,000 (-29.0%)	$17,103 (-40.0%)	0.5%	$1.47	—	NOTE 0.500% 6/0	01609WBG6
—	NEXTERA ENERGY CAP HLDGS INC	1,800,000 (-80.6%)	$2,237 (-79.7%)	0.1%	$1.17	—	NOTE 3.000% 3/0	65339KCY4
—	WISDOMTREE INC	3,196,000 (-64.7%)	$3,859 (-67.3%)	0.1%	$1.31	—	NOTE 3.250% 8/1	97717PAH7
—	AKAMAI TECHNOLOGIES INC	8,270,000 (-50.6%)	$8,326 (-48.1%)	0.2%	$0.98	—	NOTE 0.375% 9/0	00971TAL5
—	BRIGHTSPRING HEALTH SVCS INC	10,213 (-85.1%)	$1,289 (-81.4%)	0.0%	$67.08	—	UNIT 02/01/2027	10950A205
GOOGL	ALPHABET INC	22,575 (-56.4%)	$7,066 (-43.8%)	0.2%	$186.35	+53.3%	CAP STK CL A	02079K305
—	NEXTERA ENERGY INC	19,451 (-80.1%)	$1,007 (-79.4%)	0.0%	$48.70	—	UNIT 06/01/2027	65339F663
—	PG&E CORP	7,435 (-92.0%)	$305 (-91.7%)	0.0%	$38.60	—	PFD CONV SER A	69331C306
—	JETBLUE AIRWAYS CORP	14,320,000 (-9.5%)	$13,913 (-15.2%)	0.4%	$1.04	—	NOTE 2.500% 9/0	477143AR2
DDOG	DATADOG INC	5,700 (-68.8%)	$775 (-70.2%)	0.0%	$137.70	+14.8%	CL A COM	23804L103
—	ALBEMARLE CORP	143,217 (-47.1%)	$8,506 (-17.1%)	0.3%	$38.80	—	7.25% DEP SHS A	012653200
—	BRUKER CORP	17,835 (-2.8%)	$6,528 (+30.9%)	0.2%	$271.80	—	6.375 PREF SER A	116794207
KHC	KRAFT HEINZ CO	20,000 (-71.4%)	$485 (-73.4%)	0.0%	—	—	CALL	500754106
INFQ	CHURCHILL CAP CORP X	10,000 (-88.7%)	$156 (-86.3%)	0.0%	$12.86	—	SHS CL A	G2130T108
TLT	ISHARES TR	20,000 (-28.6%)	$1,743 (-30.3%)	0.1%	—	—	CALL	464287432
CLMT	CALUMET INC	40,000 (-33.3%)	$795 (-27.4%)	0.0%	$16.61	+15.8%	COM	131428104
WRD	WERIDE INC	18,678 (-59.5%)	$162 (-64.5%)	0.0%	$9.08	—	SPONSORED ADS	950915108

Unchanged Positions (19)

— ECHOSTAR CORP 0.8%

Value ($000) $28,106 Shares 8,375,000 Est. Cost $2.46 Unrealized —

CRTO CRITEO S A 1.4%

Value ($000) $46,579 Shares 2,260,000 Est. Cost $38.87 Unrealized —

FLY FIREFLY AEROSPACE INC 0.3%

Value ($000) $10,708 Shares 478,698 Est. Cost $44.96 Unrealized -48.5%

RITM RITHM CAPITAL CORP 0.5%

Value ($000) $16,182 Shares 1,484,608 Est. Cost $7.68 Unrealized —

FCRS/U FUTURECREST ACQUISITION CORP 0.3%

Value ($000) $10,240 Shares 1,000,000 Est. Cost $10.60 Unrealized —

PINS PINTEREST INC 0.0%

Value ($000) $1,070 Shares 41,324 Est. Cost $33.88 Unrealized -15.0%

EIS ISHARES INC 0.0%

Value ($000) $1,320 Shares 12,000 Est. Cost $94.88 Unrealized —

RTAC RENATUS TACTICAL ACQUIS 0.1%

Value ($000) $4,302 Shares 403,226 Est. Cost $11.24 Unrealized -2.9%

BCSS/U BAIN CAP GSS INVT CORP 0.1%

Value ($000) $4,599 Shares 450,000 Est. Cost $10.09 Unrealized —

DQ DAQO NEW ENERGY CORP 0.0%

Value ($000) $1,227 Shares 41,600 Est. Cost $28.13 Unrealized —

EDU NEW ORIENTAL ED & TECHNOLOGY 0.0%

Value ($000) $869 Shares 15,800 Est. Cost $64.18 Unrealized —

EWZ ISHARES INC 0.0%

Value ($000) $1,112 Shares 35,000 Est. Cost $28.85 Unrealized —

VNMEU VENDOME ACQUISITION CORP I 0.0%

Value ($000) $431 Shares 41,594 Est. Cost $9.98 Unrealized —

DMIIU DRUGS MADE IN AMER ACQ II CO 0.1%

Value ($000) $2,500 Shares 250,000 Est. Cost $9.95 Unrealized —

CCIIU COHEN CIRCLE ACQUISIT CORP I 0.0%

Value ($000) $1,540 Shares 148,651 Est. Cost $10.28 Unrealized —

GTERU GLOBA TERRA ACQUISITION COR 0.0%

Value ($000) $1,019 Shares 99,157 Est. Cost $10.17 Unrealized —

KCHVU KOCHAV DEFENSE ACQUI CO 0.0%

Value ($000) $935 Shares 90,528 Est. Cost $10.24 Unrealized —

DAAQ DIGITAL ASSET ACQUISITION CO 0.0%

Value ($000) $821 Shares 80,793 Est. Cost $10.31 Unrealized -0.5%

DIS DISNEY WALT CO 0.0%

Value ($000) $341 Shares 3,000 Est. Cost $96.47 Unrealized +13.5%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	ECHOSTAR CORP	8,375,000	$28,106	0.8%	$2.46	—	NOTE 3.875%11/3	278768AB2
CRTO	CRITEO S A	2,260,000	$46,579	1.4%	$38.87	—	SPONS ADS	226718104
FLY	FIREFLY AEROSPACE INC	478,698	$10,708	0.3%	$44.96	-48.5%	COM	31816X106
RITM	RITHM CAPITAL CORP	1,484,608	$16,182	0.5%	$7.68	—	COM NEW	64828T201
FCRS/U	FUTURECREST ACQUISITION CORP	1,000,000	$10,240	0.3%	$10.60	—	UNIT 99/99/9999	G3730U123
PINS	PINTEREST INC	41,324	$1,070	0.0%	$33.88	-15.0%	CL A	72352L106
EIS	ISHARES INC	12,000	$1,320	0.0%	$94.88	—	MSCI ISRAEL ETF	464286632
RTAC	RENATUS TACTICAL ACQUIS	403,226	$4,302	0.1%	$11.24	-2.9%	SHS CL A	G7490F101
BCSS/U	BAIN CAP GSS INVT CORP	450,000	$4,599	0.1%	$10.09	—	UNIT 99/99/9999	G0R78B122
DQ	DAQO NEW ENERGY CORP	41,600	$1,227	0.0%	$28.13	—	SPNSRD ADS NEW	23703Q203
EDU	NEW ORIENTAL ED & TECHNOLOGY	15,800	$869	0.0%	$64.18	—	SPON ADR	647581206
EWZ	ISHARES INC	35,000	$1,112	0.0%	$28.85	—	MSCI BRAZIL ETF	464286400
VNMEU	VENDOME ACQUISITION CORP I	41,594	$431	0.0%	$9.98	—	UNIT 06/20/2030	G9580A125
DMIIU	DRUGS MADE IN AMER ACQ II CO	250,000	$2,500	0.1%	$9.95	—	UNIT 09/16/2030	G2851K120
CCIIU	COHEN CIRCLE ACQUISIT CORP I	148,651	$1,540	0.0%	$10.28	—	UNIT 07/01/2030	G2254C105
GTERU	GLOBA TERRA ACQUISITION COR	99,157	$1,019	0.0%	$10.17	—	UNIT 99/99/9999	G3933N108
KCHVU	KOCHAV DEFENSE ACQUI CO	90,528	$935	0.0%	$10.24	—	UNIT 05/21/2030	G5304D122
DAAQ	DIGITAL ASSET ACQUISITION CO	80,793	$821	0.0%	$10.31	-0.5%	SHS CL A	G2868C103
DIS	DISNEY WALT CO	3,000	$341	0.0%	$96.47	+13.5%	COM	254687106