Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
HON	HONEYWELL INTL INC	85,000	$19.21M	10.8%	$225.93	0.0%	COM	438516106
LH	LABCORP HOLDINGS INC	40,000	$10.67M	6.0%	$271.07	0.0%	COM SHS	504922105
MU	MICRON TECHNOLOGY INC	30,000	$10.14M	5.7%	$387.04	0.0%	COM	595112103
FANG	DIAMONDBACK ENERGY INC	30,000	$5.934M	3.3%	$159.83	0.0%	COM	25278X109
KKR	KKR & CO INC	60,000	$5.55M	3.1%	$114.76	0.0%	COM	48251W104
DHT	DHT HOLDINGS INC	260,000	$4.75M	2.7%	$14.32	0.0%	SHS NEW	Y2065G121
LAD	LITHIA MTRS INC	14,332	$3.579M	2.0%	$321.76	0.0%	COM	536797103
RKT	ROCKET COS INC	190,000	$2.708M	1.5%	$20.15	0.0%	COM CL A	77311W101
FTAI	FTAI AVIATION LTD	7,000	$1.715M	1.0%	$270.82	0.0%	SHS	G3730V105
CZR	CAESARS ENTERTAINMENT INC NE	60,000	$1.586M	0.9%	$22.01	0.0%	COM	12769G100
SNDA	SONIDA SENIOR LIVING INC	20,328	$656K	0.4%	$32.91	0.0%	COM	140475203

Increased Positions (4)

BKD BROOKDALE SR LIVING INC 2.7%

Value $4.788M (+1009.4%) Shares 350,000 (+775.0%) Est. Cost $13.39 Unrealized +3.4%

NSC NORFOLK SOUTHN CORP 18.5%

Value $33.01M (+14.3%) Shares 115,000 (+15.0%) Est. Cost $280.02 Unrealized +6.5%

OBDC BLUE OWL CAPITAL CORPORATION 1.7%

Value $2.986M (+299.1%) Shares 270,000 (+348.6%) Est. Cost $12.10 Unrealized -0.6%

UAL UNITED AIRLS HLDGS INC 4.4%

Value $7.826M (+40.0%) Shares 85,000 (+70.0%) Est. Cost $75.34 Unrealized +48.2%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
BKD	BROOKDALE SR LIVING INC	350,000 (+775.0%)	$4.788M (+1009.4%)	2.7%	$13.39	+3.4%	COM	112463104
NSC	NORFOLK SOUTHN CORP	115,000 (+15.0%)	$33.01M (+14.3%)	18.5%	$280.02	+6.5%	COM	655844108
OBDC	BLUE OWL CAPITAL CORPORATION	270,000 (+348.6%)	$2.986M (+299.1%)	1.7%	$12.10	-0.6%	COM	69121K104
UAL	UNITED AIRLS HLDGS INC	85,000 (+70.0%)	$7.826M (+40.0%)	4.4%	$75.34	+48.2%	COM	910047109

Exited Positions (15)

APO APOLLO GLOBAL MGMT INC 13.0%

Value $23.16M Shares 160,000 Est. Cost $137.17 Unrealized -2.7%

ALK ALASKA AIR GROUP INC 7.3%

Value $13.08M Shares 260,000 Est. Cost $46.23 Unrealized +13.6%

AMAT APPLIED MATLS INC 5.9%

Value $10.54M Shares 41,000 Est. Cost $239.49 Unrealized +36.4%

OWL BLUE OWL CAPITAL INC 5.9%

Value $10.46M Shares 700,085 Est. Cost $15.64 Unrealized -12.2%

HUM HUMANA INC 5.7%

Value $10.25M Shares 40,000 Est. Cost $261.32 Unrealized -14.5%

MPC MARATHON PETE CORP 3.6%

Value $6.505M Shares 40,000 Est. Cost $186.40 Unrealized -0.9%

FXI ISHARES TR 3.2%

Value $5.744M Shares 150,000 Est. Cost $38.29 Unrealized —

TOL TOLL BROTHERS INC 3.0%

Value $5.409M Shares 40,000 Est. Cost $130.97 Unrealized +14.5%

VST VISTRA CORP 2.7%

Value $4.84M Shares 30,000 Est. Cost $42.53 Unrealized +283.7%

C CITIGROUP INC 1.3%

Value $2.334M Shares 20,000 Est. Cost $103.64 Unrealized +12.1%

MOH MOLINA HEALTHCARE INC 1.0%

Value $1.735M Shares 10,000 Est. Cost $184.06 Unrealized -8.4%

APTV APTIV PLC 0.9%

Value $1.522M Shares 20,000 Est. Cost $75.43 Unrealized +7.3%

CCK CROWN HLDGS INC 0.6%

Value $1.03M Shares 10,000 Est. Cost $94.62 Unrealized +14.2%

PRMB PRIMO BRANDS CORPORATION 0.2%

Value $327K Shares 20,000 Est. Cost $18.48 Unrealized +1.2%

KPLT KATAPULT HOLDINGS INC 0.1%

Value $154K Shares 23,860 Est. Cost $8.95 Unrealized -26.1%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
APO	APOLLO GLOBAL MGMT INC	160,000	$23.16M	13.0%	$137.17	-2.7%	—	03769M106
ALK	ALASKA AIR GROUP INC	260,000	$13.08M	7.3%	$46.23	+13.6%	—	011659109
AMAT	APPLIED MATLS INC	41,000	$10.54M	5.9%	$239.49	+36.4%	—	038222105
OWL	BLUE OWL CAPITAL INC	700,085	$10.46M	5.9%	$15.64	-12.2%	—	09581B103
HUM	HUMANA INC	40,000	$10.25M	5.7%	$261.32	-14.5%	—	444859102
MPC	MARATHON PETE CORP	40,000	$6.505M	3.6%	$186.40	-0.9%	—	56585A102
FXI	ISHARES TR	150,000	$5.744M	3.2%	$38.29	—	—	464287184
TOL	TOLL BROTHERS INC	40,000	$5.409M	3.0%	$130.97	+14.5%	—	889478103
VST	VISTRA CORP	30,000	$4.84M	2.7%	$42.53	+283.7%	—	92840M102
C	CITIGROUP INC	20,000	$2.334M	1.3%	$103.64	+12.1%	—	172967424
MOH	MOLINA HEALTHCARE INC	10,000	$1.735M	1.0%	$184.06	-8.4%	—	60855R100
APTV	APTIV PLC	20,000	$1.522M	0.9%	$75.43	+7.3%	—	G3265R107
CCK	CROWN HLDGS INC	10,000	$1.03M	0.6%	$94.62	+14.2%	—	228368106
PRMB	PRIMO BRANDS CORPORATION	20,000	$327K	0.2%	$18.48	+1.2%	—	741623102
KPLT	KATAPULT HOLDINGS INC	23,860	$154K	0.1%	$8.95	-26.1%	—	485859201

Decreased Positions (9)

AL AIR LEASE CORP 10.9%

Value $19.45M (-32.7%) Shares 299,500 (-33.4%) Est. Cost $38.41 Unrealized +67.9%

GLD SPDR GOLD TR 12.0%

Value $21.51M (-27.6%) Shares 50,000 (-33.3%) Est. Cost $175.81 Unrealized —

EXE EXPAND ENERGY CORPORATION 5.5%

Value $9.858M (-25.6%) Shares 89,800 (-25.2%) Est. Cost $110.64 Unrealized -4.4%

TEVA TEVA PHARMACEUTICAL INDS LTD 0.4%

Value $753K (-79.6%) Shares 25,000 (-78.8%) Est. Cost $31.21 Unrealized —

VSAT VIASAT INC 0.5%

Value $870K (-74.7%) Shares 19,000 (-81.0%) Est. Cost $35.30 Unrealized +23.8%

CI THE CIGNA GROUP 3.7%

Value $6.669M (-19.2%) Shares 25,000 (-16.7%) Est. Cost $279.23 Unrealized +0.5%

HTZ HERTZ GLOBAL HLDGS INC 1.3%

Value $2.397M (-25.4%) Shares 520,000 (-16.8%) Est. Cost $6.32 Unrealized -17.9%

SOC SABLE OFFSHORE CORP 1.0%

Value $1.817M (-22.5%) Shares 110,000 (-57.7%) Est. Cost $10.69 Unrealized -10.1%

AMC AMC ENTMT HLDGS INC 0.1%

Value $167K (-57.3%) Shares 170,000 (-32.0%) Est. Cost $3.29 Unrealized -56.6%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
AL	AIR LEASE CORP	299,500 (-33.4%)	$19.45M (-32.7%)	10.9%	$38.41	+67.9%	CL A	00912X302
GLD	SPDR GOLD TR	50,000 (-33.3%)	$21.51M (-27.6%)	12.0%	$175.81	—	GOLD SHS	78463V107
EXE	EXPAND ENERGY CORPORATION	89,800 (-25.2%)	$9.858M (-25.6%)	5.5%	$110.64	-4.4%	COM	165167735
TEVA	TEVA PHARMACEUTICAL INDS LTD	25,000 (-78.8%)	$753K (-79.6%)	0.4%	$31.21	—	SPONSORED ADS	881624209
VSAT	VIASAT INC	19,000 (-81.0%)	$870K (-74.7%)	0.5%	$35.30	+23.8%	COM	92552V100
CI	THE CIGNA GROUP	25,000 (-16.7%)	$6.669M (-19.2%)	3.7%	$279.23	+0.5%	COM	125523100
HTZ	HERTZ GLOBAL HLDGS INC	520,000 (-16.8%)	$2.397M (-25.4%)	1.3%	$6.32	-17.9%	COM NEW	42806J700
SOC	SABLE OFFSHORE CORP	110,000 (-57.7%)	$1.817M (-22.5%)	1.0%	$10.69	-10.1%	COM SHS	78574H104
AMC	AMC ENTMT HLDGS INC	170,000 (-32.0%)	$167K (-57.3%)	0.1%	$3.29	-56.6%	CL A NEW	00165C302