Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
VSAT	VIASAT INC	2,203,640	$198M	21.3%	—	—	COM	92552V100
OPI	OFFICE PPTYS INCOME TR	4,327,521	$73.57M	7.9%	—	—	COM OF BENEFICIA	67623C307
KBR	KBR INC	575,000	$19.85M	2.1%	—	—	COM	48242W106
FBIN	FORTUNE BRANDS INNOVATIONS I	332,000	$18.23M	2.0%	—	—	COM	34964C106
SOC	SABLE OFFSHORE CORP	3,000,000	$9.24M	1.0%	—	—	COM SHS	78574H104
AZUL	AZUL S A	816,991	$7.345M	0.8%	—	—	SPONSORED ADS	05501U601
NCLH	NORWEGIAN CRUISE LINE HLDGS	260,000	$5.489M	0.6%	—	—	SHS	G66721104

Increased Positions (2)

MBC MASTERBRAND INC 10.9%

Value $101M (+845.7%) Shares 9,821,896 (+663.7%) Est. Cost — Unrealized —

AERO GRUPO AEROMEXICO SAB DE CV 1.1%

Value $10.5M (+35.9%) Shares 583,580 (+5.8%) Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
MBC	MASTERBRAND INC	9,821,896 (+663.7%)	$101M (+845.7%)	10.9%	—	—	COMMON STOCK	57638P104
AERO	GRUPO AEROMEXICO SAB DE CV	583,580 (+5.8%)	$10.5M (+35.9%)	1.1%	—	—	SPONSORED ADS	40054J109

Exited Positions (4)

VISN VISTANCE NETWORKS INC 2.7%

Value $24.91M Shares 1,368,663 Est. Cost — Unrealized —

AMWD AMERICAN WOODMARK CORP 0.3%

Value $2.884M Shares 72,402 Est. Cost — Unrealized —

KLC KINDERCARE LEARNING COMPANIE 0.3%

Value $2.75M Shares 1,250,000 Est. Cost — Unrealized —

GOCO GOHEALTH INC 0.2%

Value $1.396M Shares 924,244 Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
VISN	VISTANCE NETWORKS INC	1,368,663	$24.91M	2.7%	—	—	—	20337X109
AMWD	AMERICAN WOODMARK CORP	72,402	$2.884M	0.3%	—	—	—	030506109
KLC	KINDERCARE LEARNING COMPANIE	1,250,000	$2.75M	0.3%	—	—	—	49456W105
GOCO	GOHEALTH INC	924,244	$1.396M	0.2%	—	—	—	38046W204

Decreased Positions (5)

— ECHOSTAR CORP 0.6%

Value $5.895M (-93.0%) Shares 1,915,906 (-91.7%) Est. Cost — Unrealized —

SATS ECHOSTAR CORP 13.9%

Value $129M (-30.5%) Shares 1,270,079 (-19.9%) Est. Cost — Unrealized —

GBTG GLOBAL BUSINESS TRAVEL GROUP 11.1%

Value $103M (-15.7%) Shares 10,998,642 (-49.9%) Est. Cost — Unrealized —

MOH MOLINA HEALTHCARE INC 4.9%

Value $45.74M (+10.7%) Shares 200,000 (-35.5%) Est. Cost — Unrealized —

OPTU OPTIMUM COMMUNICATIONS INC 0.8%

Value $7.524M (-29.3%) Shares 5,189,270 (-36.6%) Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	ECHOSTAR CORP	1,915,906 (-91.7%)	$5.895M (-93.0%)	0.6%	—	—	NOTE 3.875%11/3	278768AB2
SATS	ECHOSTAR CORP	1,270,079 (-19.9%)	$129M (-30.5%)	13.9%	—	—	CL A	278768106
GBTG	GLOBAL BUSINESS TRAVEL GROUP	10,998,642 (-49.9%)	$103M (-15.7%)	11.1%	—	—	COM CL A	37890B100
MOH	MOLINA HEALTHCARE INC	200,000 (-35.5%)	$45.74M (+10.7%)	4.9%	—	—	COM	60855R100
OPTU	OPTIMUM COMMUNICATIONS INC	5,189,270 (-36.6%)	$7.524M (-29.3%)	0.8%	—	—	CL A	02156K103

Unchanged Positions (11)

ELV ELEVANCE HEALTH INC FORMERLY 3.5%

Value $32.79M Shares 84,800 Est. Cost — Unrealized —

CNC CENTENE CORP DEL 1.4%

Value $13.38M Shares 208,500 Est. Cost — Unrealized —

TDS TELEPHONE & DATA SYS INC 5.1%

Value $47.2M Shares 1,275,282 Est. Cost — Unrealized —

UNH UNITEDHEALTH GROUP INC 1.2%

Value $11.43M Shares 27,500 Est. Cost — Unrealized —

MERC MERCER INTL INC 0.3%

Value $3.068M Shares 4,648,133 Est. Cost — Unrealized —

AER AERCAP HOLDINGS NV 6.4%

Value $58.93M Shares 404,266 Est. Cost — Unrealized —

MSC STUDIO CITY INTL HLDGS LTD 0.6%

Value $5.928M Shares 3,239,073 Est. Cost — Unrealized —

CBL CBL & ASSOC PPTYS INC 0.7%

Value $6.244M Shares 117,613 Est. Cost — Unrealized —

CZR CAESARS ENTERTAINMENT INC NE 1.4%

Value $12.68M Shares 420,000 Est. Cost — Unrealized —

EHTH EHEALTH INC 0.1%

Value $696K Shares 467,395 Est. Cost — Unrealized —

APEI AMERICAN PUB ED INC 0.1%

Value $537K Shares 10,000 Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
ELV	ELEVANCE HEALTH INC FORMERLY	84,800	$32.79M	3.5%	—	—	COM	036752103
CNC	CENTENE CORP DEL	208,500	$13.38M	1.4%	—	—	COM	15135B101
TDS	TELEPHONE & DATA SYS INC	1,275,282	$47.2M	5.1%	—	—	COM NEW	879433829
UNH	UNITEDHEALTH GROUP INC	27,500	$11.43M	1.2%	—	—	COM	91324P102
MERC	MERCER INTL INC	4,648,133	$3.068M	0.3%	—	—	COM	588056101
AER	AERCAP HOLDINGS NV	404,266	$58.93M	6.4%	—	—	SHS	N00985106
MSC	STUDIO CITY INTL HLDGS LTD	3,239,073	$5.928M	0.6%	—	—	SPON ADS	86389T106
CBL	CBL & ASSOC PPTYS INC	117,613	$6.244M	0.7%	—	—	COMMON STOCK	124830878
CZR	CAESARS ENTERTAINMENT INC NE	420,000	$12.68M	1.4%	—	—	COM	12769G100
EHTH	EHEALTH INC	467,395	$696K	0.1%	—	—	COM	28238P109
APEI	AMERICAN PUB ED INC	10,000	$537K	0.1%	—	—	COM	02913V103