Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
IWM	ISHARES TR	97,500	$24.18M	6.6%	—	—	PUT	464287655
CF	CF INDUSTRIES HOLD	99,500	$12.92M	3.5%	—	—	PUT	125269100
OIH	VANECK ETF TRUST	30,000	$12.13M	3.3%	—	—	PUT	92189H607
GFF	GRIFFON CORP	120,000	$8.722M	2.4%	$85.00	0.0%	COM	398433102
PUMP	PROPETRO HLDG CORP	486,000	$7.003M	1.9%	$10.86	0.0%	COM	74347M108
APTV	APTIV PLC	95,000	$6.597M	1.8%	$80.93	0.0%	COM SHS	G3265R107
SMTC	SEMTECH CORP	72,400	$5.567M	1.5%	$82.45	0.0%	COM	816850101
MEOH	METHANEX CORP	91,418	$5.443M	1.5%	$47.45	0.0%	COM	59151K108
TSAT	TELESAT CORP	148,000	$5.358M	1.5%	$29.88	0.0%	CL A & CL B SHS	879512309
BN	BROOKFIELD CORP	132,000	$5.342M	1.4%	—	—	PUT	11271J107
CP	CANADIAN PACIFIC KANSAS CITY	67,500	$5.31M	1.4%	—	—	PUT	13646K108
BMO	BANK MONTREAL MEDIUM	35,000	$4.737M	1.3%	—	—	PUT	063671101
LULU	LULULEMON ATHLETICA INC	25,000	$3.828M	1.0%	$188.79	0.0%	COM	550021109
CLMT	CALUMET INC	95,000	$3.41M	0.9%	$13.45	+75.7%	PUT	131428104
ICLR	ICON PLC	30,000	$3.32M	0.9%	—	—	PUT	G4705A100
ICLR	ICON PLC	30,000	$3.32M	0.9%	—	—	CALL	G4705A100
MGA	MAGNA INTL INC	50,000	$2.791M	0.8%	—	—	PUT	559222401
EA	ELECTRONIC ARTS INC	13,500	$2.752M	0.7%	—	—	PUT	285512109
SHC	SOTERA HEALTH CO	180,000	$2.581M	0.7%	$18.05	0.0%	COM	83601L102
VOYG	VOYAGER TECHNOLOGIES INC	110,000	$2.573M	0.7%	$30.02	0.0%	COM CL A	92892B103
GLNG	GOLAR LNG LTD	45,000	$2.435M	0.7%	$33.13	+24.7%	CALL	G9456A100
LULU	LULULEMON ATHLETICA INC	15,000	$2.296M	0.6%	$188.79	0.0%	CALL	550021109
NGVT	INGEVITY CORP	30,463	$2.17M	0.6%	$68.69	0.0%	COM	45688C107
TIPT	TIPTREE INC	32,523	$550K	0.1%	$17.50	0.0%	COM	88822Q103
CIGI	COLLIERS INTL GROUP INC	5,000	$534K	0.1%	$134.30	0.0%	SUB VTG SHS	194693107
ASTL	ALGOMA STL GROUP INC	95,000	$392K	0.1%	$4.48	0.0%	COM	015658107
APTV-W	APTIV PLC	1,000	$58,500	0.0%	$58.50	—	ORDINARY SHARES	G3265R115

Increased Positions (15)

CLS CELESTICA INC 2.6%

Value $9.521M (+109.1%) Shares 33,800 (+119.5%) Est. Cost $212.26 Unrealized +41.8%

HYG ISHARES TR 17.2%

Value $63.37M (+8.4%) Shares 796,500 (+9.9%) Est. Cost — Unrealized —

TFII TRANSFORCE INC 2.4%

Value $8.68M (+115.6%) Shares 79,900 (+105.1%) Est. Cost $105.35 Unrealized +8.3%

PAR PAR TECHNOLOGY CORP 0.8%

Value $2.974M (-60.0%) Shares 223,138 (+8.8%) Est. Cost $45.75 Unrealized -38.1%

NVRI ENVIRI CORP 1.4%

Value $5.297M (+294.2%) Shares 270,000 (+260.0%) Est. Cost $9.07 Unrealized +106.5%

REZI RESIDEO TECHNOLOGIES INC 2.3%

Value $8.428M (+70.4%) Shares 250,000 (+77.5%) Est. Cost $36.66 Unrealized -1.2%

OFIX ORTHOFIX MED INC 2.4%

Value $8.989M (-20.1%) Shares 783,689 (+5.6%) Est. Cost $12.46 Unrealized +11.1%

SLM SLM CORP 1.7%

Value $6.423M (+40.3%) Shares 300,000 (+77.3%) Est. Cost $28.87 Unrealized -10.5%

PRCH PORCH GROUP INC 1.4%

Value $5.067M (+36.5%) Shares 706,662 (+73.8%) Est. Cost $10.42 Unrealized -21.1%

ACA ARCOSA INC 2.1%

Value $7.791M (+9.4%) Shares 73,400 (+9.6%) Est. Cost $97.16 Unrealized +21.2%

TAC TRANSALTA CORP 0.2%

Value $852K (+163.1%) Shares 65,000 (+153.9%) Est. Cost $12.68 Unrealized +1.9%

SPY STATE STR SPDR S&P 500 ETF TR 3.7%

Value $13.66M (+2.7%) Shares 21,000 (+7.7%) Est. Cost — Unrealized —

BGSI BOYD GROUP SERVICES INC 2.5%

Value $9.104M (-1.6%) Shares 71,200 (+22.6%) Est. Cost $161.37 Unrealized +3.1%

MIDD MIDDLEBY CORP 1.8%

Value $6.629M (+1.3%) Shares 50,000 (+13.6%) Est. Cost $134.17 Unrealized +15.8%

CAE CAE INC 0.1%

Value $430K (+4.7%) Shares 16,500 (+22.2%) Est. Cost $28.73 Unrealized +10.7%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
CLS	CELESTICA INC	33,800 (+119.5%)	$9.521M (+109.1%)	2.6%	$212.26	+41.8%	COM	15101Q207
HYG	ISHARES TR	796,500 (+9.9%)	$63.37M (+8.4%)	17.2%	—	—	PUT	464288513
TFII	TRANSFORCE INC	79,900 (+105.1%)	$8.68M (+115.6%)	2.4%	$105.35	+8.3%	COM	87241L109
PAR	PAR TECHNOLOGY CORP	223,138 (+8.8%)	$2.974M (-60.0%)	0.8%	$45.75	-38.1%	COM	698884103
NVRI	ENVIRI CORP	270,000 (+260.0%)	$5.297M (+294.2%)	1.4%	$9.07	+106.5%	CALL	415864107
REZI	RESIDEO TECHNOLOGIES INC	250,000 (+77.5%)	$8.428M (+70.4%)	2.3%	$36.66	-1.2%	COM	76118Y104
OFIX	ORTHOFIX MED INC	783,689 (+5.6%)	$8.989M (-20.1%)	2.4%	$12.46	+11.1%	COM	68752M108
SLM	SLM CORP	300,000 (+77.3%)	$6.423M (+40.3%)	1.7%	$28.87	-10.5%	COM	78442P106
PRCH	PORCH GROUP INC	706,662 (+73.8%)	$5.067M (+36.5%)	1.4%	$10.42	-21.1%	COM	733245104
ACA	ARCOSA INC	73,400 (+9.6%)	$7.791M (+9.4%)	2.1%	$97.16	+21.2%	COM	039653100
TAC	TRANSALTA CORP	65,000 (+153.9%)	$852K (+163.1%)	0.2%	$12.68	+1.9%	COM	89346D107
SPY	STATE STR SPDR S&P 500 ETF TR	21,000 (+7.7%)	$13.66M (+2.7%)	3.7%	—	—	PUT	78462F103
BGSI	BOYD GROUP SERVICES INC	71,200 (+22.6%)	$9.104M (-1.6%)	2.5%	$161.37	+3.1%	COM	103310108
MIDD	MIDDLEBY CORP	50,000 (+13.6%)	$6.629M (+1.3%)	1.8%	$134.17	+15.8%	COM	596278101
CAE	CAE INC	16,500 (+22.2%)	$430K (+4.7%)	0.1%	$28.73	+10.7%	COM	124765108

Exited Positions (13)

NVRI ENVIRI CORP 4.1%

Value $15.05M Shares 840,000 Est. Cost $9.07 Unrealized +106.5%

BIO BIO RAD LABS INC 1.6%

Value $6.06M Shares 20,000 Est. Cost $277.12 Unrealized +7.8%

KD KYNDRYL HLDGS INC 1.4%

Value $5.046M Shares 190,000 Est. Cost $27.11 Unrealized -24.1%

GENI GENIUS SPORTS LIMITED 1.1%

Value $3.879M Shares 352,009 Est. Cost $10.90 Unrealized -23.8%

SGRY SURGERY PARTNERS INC 0.9%

Value $3.476M Shares 225,000 Est. Cost $20.52 Unrealized -25.6%

SOLS SOLSTICE ADVANCED MATLS INC 0.9%

Value $3.401M Shares 70,000 Est. Cost $47.08 Unrealized +38.5%

MGNI MAGNITE INC 0.9%

Value $3.246M Shares 200,000 Est. Cost $16.21 Unrealized -14.8%

LLYVA LIBERTY LIVE HOLDINGS INC 0.7%

Value $2.526M Shares 31,000 Est. Cost $83.24 Unrealized +1.8%

CDNL CARDINAL INFRASTRUCTURE GROUP 0.6%

Value $2.278M Shares 94,200 Est. Cost $24.69 Unrealized +7.9%

ATS ATS CORPORATION 0.5%

Value $1.988M Shares 72,200 Est. Cost $26.71 Unrealized +12.2%

SWIM LATHAM GROUP INC 0.5%

Value $1.905M Shares 300,000 Est. Cost $6.51 Unrealized +1.1%

PRCH PORCH GROUP INC 0.4%

Value $1.369M Shares 150,000 Est. Cost $10.42 Unrealized -21.1%

TU TELUS CORPORATION 0.2%

Value $790K Shares 60,000 Est. Cost $14.08 Unrealized -2.9%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
NVRI	ENVIRI CORP	840,000	$15.05M	4.1%	$9.07	+106.5%	—	415864107
BIO	BIO RAD LABS INC	20,000	$6.06M	1.6%	$277.12	+7.8%	—	090572207
KD	KYNDRYL HLDGS INC	190,000	$5.046M	1.4%	$27.11	-24.1%	—	50155Q100
GENI	GENIUS SPORTS LIMITED	352,009	$3.879M	1.1%	$10.90	-23.8%	—	G3934V109
SGRY	SURGERY PARTNERS INC	225,000	$3.476M	0.9%	$20.52	-25.6%	—	86881A100
SOLS	SOLSTICE ADVANCED MATLS INC	70,000	$3.401M	0.9%	$47.08	+38.5%	—	83443Q103
MGNI	MAGNITE INC	200,000	$3.246M	0.9%	$16.21	-14.8%	—	55955D100
LLYVA	LIBERTY LIVE HOLDINGS INC	31,000	$2.526M	0.7%	$83.24	+1.8%	—	530909100
CDNL	CARDINAL INFRASTRUCTURE GROUP	94,200	$2.278M	0.6%	$24.69	+7.9%	—	14154A102
ATS	ATS CORPORATION	72,200	$1.988M	0.5%	$26.71	+12.2%	—	00217Y104
SWIM	LATHAM GROUP INC	300,000	$1.905M	0.5%	$6.51	+1.1%	—	51819L107
PRCH	PORCH GROUP INC	150,000	$1.369M	0.4%	$10.42	-21.1%	CALL	733245104
TU	TELUS CORPORATION	60,000	$790K	0.2%	$14.08	-2.9%	—	87971M103

Decreased Positions (10)

ARKK ARK ETF TR 1.0%

Value $3.684M (-86.5%) Shares 54,500 (-84.6%) Est. Cost — Unrealized —

GXO GXO LOGISTICS INCORPORATED 0.8%

Value $2.852M (-45.8%) Shares 55,000 (-45.0%) Est. Cost $39.85 Unrealized +48.3%

ATEX ANTERIX INC 2.0%

Value $7.528M (+30.1%) Shares 197,119 (-25.6%) Est. Cost $29.13 Unrealized -5.9%

CLMT CALUMET INC 1.5%

Value $5.452M (+40.7%) Shares 151,877 (-22.1%) Est. Cost $13.45 Unrealized +75.7%

NTGR NETGEAR INC 1.1%

Value $3.931M (-21.3%) Shares 180,000 (-11.6%) Est. Cost $26.86 Unrealized -19.4%

SEI SOLARIS ENERGY INFRAS INC 4.1%

Value $15.19M (+6.9%) Shares 268,800 (-13.0%) Est. Cost $26.88 Unrealized +97.3%

SGHC SUPER GROUP SGHC LIMITED 1.1%

Value $4.018M (-10.9%) Shares 372,000 (-1.4%) Est. Cost $12.02 Unrealized -18.0%

SEI SOLARIS ENERGY INFRAS INC 0.7%

Value $2.543M (-7.8%) Shares 45,000 (-25.0%) Est. Cost $26.88 Unrealized +97.3%

CTRI CENTURI HOLDINGS INC 1.4%

Value $5.112M (+1.2%) Shares 175,000 (-12.5%) Est. Cost $22.36 Unrealized +28.4%

GLNG GOLAR LNG LTD 1.6%

Value $6.045M (+0.7%) Shares 111,719 (-30.7%) Est. Cost $33.13 Unrealized +24.7%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
ARKK	ARK ETF TR	54,500 (-84.6%)	$3.684M (-86.5%)	1.0%	—	—	PUT	00214Q104
GXO	GXO LOGISTICS INCORPORATED	55,000 (-45.0%)	$2.852M (-45.8%)	0.8%	$39.85	+48.3%	COMMON STOCK	36262G101
ATEX	ANTERIX INC	197,119 (-25.6%)	$7.528M (+30.1%)	2.0%	$29.13	-5.9%	COM	03676C100
CLMT	CALUMET INC	151,877 (-22.1%)	$5.452M (+40.7%)	1.5%	$13.45	+75.7%	COM	131428104
NTGR	NETGEAR INC	180,000 (-11.6%)	$3.931M (-21.3%)	1.1%	$26.86	-19.4%	COM	64111Q104
SEI	SOLARIS ENERGY INFRAS INC	268,800 (-13.0%)	$15.19M (+6.9%)	4.1%	$26.88	+97.3%	COM CL A	83418M103
SGHC	SUPER GROUP SGHC LIMITED	372,000 (-1.4%)	$4.018M (-10.9%)	1.1%	$12.02	-18.0%	ORD SHS	G8588X103
SEI	SOLARIS ENERGY INFRAS INC	45,000 (-25.0%)	$2.543M (-7.8%)	0.7%	$26.88	+97.3%	PUT	83418M103
CTRI	CENTURI HOLDINGS INC	175,000 (-12.5%)	$5.112M (+1.2%)	1.4%	$22.36	+28.4%	COM SHS	155923105
GLNG	GOLAR LNG LTD	111,719 (-30.7%)	$6.045M (+0.7%)	1.6%	$33.13	+24.7%	SHS	G9456A100

Unchanged Positions (4)

DCO DUCOMMUN INC DEL 1.3%

Value $4.88M Shares 40,000 Est. Cost $90.38 Unrealized +27.8%

SRI STONERIDGE INC 1.4%

Value $5.26M Shares 1,089,000 Est. Cost $9.95 Unrealized -27.4%

DCH DAUCH CORP 1.3%

Value $4.744M Shares 800,000 Est. Cost $5.35 Unrealized +44.0%

SKYH SKY HARBOUR GROUP CORPORATION 1.1%

Value $4.089M Shares 424,592 Est. Cost $11.69 Unrealized -21.9%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
DCO	DUCOMMUN INC DEL	40,000	$4.88M	1.3%	$90.38	+27.8%	COM	264147109
SRI	STONERIDGE INC	1,089,000	$5.26M	1.4%	$9.95	-27.4%	COM	86183P102
DCH	DAUCH CORP	800,000	$4.744M	1.3%	$5.35	+44.0%	COM	024061103
SKYH	SKY HARBOUR GROUP CORPORATION	424,592	$4.089M	1.1%	$11.69	-21.9%	COM CL A	83085C107