Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
HYG	ISHARES TR	14,000	$111M	16.6%	—	—	PUT	464288513
IWM	ISHARES TR	2,000	$49.6M	7.4%	—	—	PUT	464287655
PCG	PG&E CORP	10,000	$17.57M	2.6%	$15.58	+5.2%	CALL	69331C108
LYB	LYONDELLBASELL INDUSTRIES NV	60,000	$4.834M	0.7%	$52.41	0.0%	SHS - A -	N53745100
UTI	UNIVERSAL TECHNICAL INST INC	85,000	$3.068M	0.5%	$28.59	0.0%	COM	913915104
POOL	POOL CORP	15,000	$3.035M	0.5%	$251.76	0.0%	COM	73278L105
BAK	BRASKEM SA	500,000	$1.83M	0.3%	$3.66	—	SP ADR PFD A	105532105
SMCI	SUPER MICRO COMPUTER INC	45,000	$1.025M	0.2%	$31.10	0.0%	COM NEW	86800U302

Increased Positions (6)

DOW DOW HLDGS INC 1.1%

Value $7.497M (+113.8%) Shares 180,000 (+20.0%) Est. Cost $23.82 Unrealized +21.9%

VST VISTRA CORP 1.1%

Value $7.516M (+94.1%) Shares 50,000 (+108.3%) Est. Cost $172.18 Unrealized -5.2%

TLN TALEN ENERGY CORP 1.4%

Value $9.577M (+59.7%) Shares 30,000 (+87.5%) Est. Cost $379.13 Unrealized -2.9%

NRG NRG ENERGY INC 1.3%

Value $8.768M (+48.8%) Shares 60,000 (+62.2%) Est. Cost $119.46 Unrealized +32.7%

EQT EQT CORP 0.9%

Value $5.728M (+78.1%) Shares 90,000 (+50.0%) Est. Cost $45.55 Unrealized +21.4%

EXE EXPAND ENERGY CORPORATION 1.4%

Value $9.331M (+12.7%) Shares 85,000 (+13.3%) Est. Cost $100.00 Unrealized +5.8%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
DOW	DOW HLDGS INC	180,000 (+20.0%)	$7.497M (+113.8%)	1.1%	$23.82	+21.9%	COM	260557103
VST	VISTRA CORP	50,000 (+108.3%)	$7.516M (+94.1%)	1.1%	$172.18	-5.2%	COM	92840M102
TLN	TALEN ENERGY CORP	30,000 (+87.5%)	$9.577M (+59.7%)	1.4%	$379.13	-2.9%	COM	87422Q109
NRG	NRG ENERGY INC	60,000 (+62.2%)	$8.768M (+48.8%)	1.3%	$119.46	+32.7%	COM NEW	629377508
EQT	EQT CORP	90,000 (+50.0%)	$5.728M (+78.1%)	0.9%	$45.55	+21.4%	COM	26884L109
EXE	EXPAND ENERGY CORPORATION	85,000 (+13.3%)	$9.331M (+12.7%)	1.4%	$100.00	+5.8%	COM	165167735

Exited Positions (7)

DRVN DRIVEN BRANDS HLDGS INC 1.2%

Value $8.299M Shares 560,000 Est. Cost $14.88 Unrealized +6.3%

ADT ADT INC DEL 0.6%

Value $4.196M Shares 520,000 Est. Cost $6.25 Unrealized +28.2%

COMP COMPASS INC 0.4%

Value $2.854M Shares 270,000 Est. Cost $9.12 Unrealized +28.8%

HPP HUDSON PAC PPTYS INC 0.4%

Value $2.708M Shares 250,000 Est. Cost $10.83 Unrealized —

WLAC WILLOW LANE ACQUISITION CORP 0.4%

Value $2.454M Shares 194,185 Est. Cost $12.30 Unrealized -4.8%

COTY COTY INC 0.3%

Value $2.31M Shares 750,000 Est. Cost $3.64 Unrealized -18.3%

STRA STRATEGIC ED INC 0.2%

Value $1.436M Shares 17,900 Est. Cost $79.45 Unrealized +2.2%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
DRVN	DRIVEN BRANDS HLDGS INC	560,000	$8.299M	1.2%	$14.88	+6.3%	—	26210V102
ADT	ADT INC DEL	520,000	$4.196M	0.6%	$6.25	+28.2%	—	00090Q103
COMP	COMPASS INC	270,000	$2.854M	0.4%	$9.12	+28.8%	—	20464U100
HPP	HUDSON PAC PPTYS INC	250,000	$2.708M	0.4%	$10.83	—	—	444097406
WLAC	WILLOW LANE ACQUISITION CORP	194,185	$2.454M	0.4%	$12.30	-4.8%	—	G9675P102
COTY	COTY INC	750,000	$2.31M	0.3%	$3.64	-18.3%	—	222070203
STRA	STRATEGIC ED INC	17,900	$1.436M	0.2%	$79.45	+2.2%	—	86272C103

Decreased Positions (14)

SPY STATE STR SPDR S&P 500 ETF T 15.5%

Value $104M (-39.0%) Shares 1,600 (-36.0%) Est. Cost — Unrealized —

QQQ INVESCO QQQ TR 17.2%

Value $115M (-24.8%) Shares 2,000 (-20.0%) Est. Cost — Unrealized —

TLT ISHARES TR 12.9%

Value $86.69M (-23.5%) Shares 10,000 (-23.1%) Est. Cost — Unrealized —

DCH DAUCH CORP 1.3%

Value $8.895M (-35.7%) Shares 1,500,000 (-30.4%) Est. Cost $6.17 Unrealized +24.9%

DHC DIVERSIFIED HEALTHCARE TR 1.6%

Value $10.62M (-27.0%) Shares 1,600,000 (-46.7%) Est. Cost $1.41 Unrealized —

CE CELANESE CORP DEL 2.0%

Value $13.15M (+32.4%) Shares 200,000 (-14.9%) Est. Cost $40.78 Unrealized +21.4%

SDRL SEADRILL LTD 0.7%

Value $4.55M (-34.2%) Shares 100,000 (-50.0%) Est. Cost $31.15 Unrealized +25.1%

PCG PG&E CORP 1.0%

Value $6.677M (-24.5%) Shares 380,000 (-30.9%) Est. Cost $15.58 Unrealized +5.2%

ET ENERGY TRANSFER L P 2.6%

Value $17.37M (+13.4%) Shares 900,000 (-3.1%) Est. Cost $9.39 Unrealized —

RIG TRANSOCEAN LTD 0.9%

Value $5.967M (-19.7%) Shares 900,000 (-50.0%) Est. Cost $3.88 Unrealized +33.0%

LINC LINCOLN EDL SVCS CORP 0.9%

Value $6.102M (+26.3%) Shares 150,000 (-25.0%) Est. Cost $21.79 Unrealized +25.9%

GTX GARRETT MOTION INC 2.2%

Value $14.54M (-7.3%) Shares 800,000 (-11.1%) Est. Cost $8.56 Unrealized +121.1%

LUMN LUMEN TECHNOLOGIES INC 0.4%

Value $2.954M (-27.6%) Shares 425,000 (-19.0%) Est. Cost $4.80 Unrealized +68.3%

TH TARGET HOSPITALITY CORP 0.5%

Value $3.48M (-13.1%) Shares 375,000 (-25.0%) Est. Cost $7.59 Unrealized -2.7%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
SPY	STATE STR SPDR S&P 500 ETF T	1,600 (-36.0%)	$104M (-39.0%)	15.5%	—	—	PUT	78462F103
QQQ	INVESCO QQQ TR	2,000 (-20.0%)	$115M (-24.8%)	17.2%	—	—	PUT	46090E103
TLT	ISHARES TR	10,000 (-23.1%)	$86.69M (-23.5%)	12.9%	—	—	PUT	464287432
DCH	DAUCH CORP	1,500,000 (-30.4%)	$8.895M (-35.7%)	1.3%	$6.17	+24.9%	COM	024061103
DHC	DIVERSIFIED HEALTHCARE TR	1,600,000 (-46.7%)	$10.62M (-27.0%)	1.6%	$1.41	—	COM SH BEN INT	25525P107
CE	CELANESE CORP DEL	200,000 (-14.9%)	$13.15M (+32.4%)	2.0%	$40.78	+21.4%	COM	150870103
SDRL	SEADRILL LTD	100,000 (-50.0%)	$4.55M (-34.2%)	0.7%	$31.15	+25.1%	COM	G7997W102
PCG	PG&E CORP	380,000 (-30.9%)	$6.677M (-24.5%)	1.0%	$15.58	+5.2%	COM	69331C108
ET	ENERGY TRANSFER L P	900,000 (-3.1%)	$17.37M (+13.4%)	2.6%	$9.39	—	COM UT LTD PTN	29273V100
RIG	TRANSOCEAN LTD	900,000 (-50.0%)	$5.967M (-19.7%)	0.9%	$3.88	+33.0%	REGISTERED SHS	H8817H100
LINC	LINCOLN EDL SVCS CORP	150,000 (-25.0%)	$6.102M (+26.3%)	0.9%	$21.79	+25.9%	COM	533535100
GTX	GARRETT MOTION INC	800,000 (-11.1%)	$14.54M (-7.3%)	2.2%	$8.56	+121.1%	COM	366505105
LUMN	LUMEN TECHNOLOGIES INC	425,000 (-19.0%)	$2.954M (-27.6%)	0.4%	$4.80	+68.3%	COM	550241103
TH	TARGET HOSPITALITY CORP	375,000 (-25.0%)	$3.48M (-13.1%)	0.5%	$7.59	-2.7%	COM	87615L107

Unchanged Positions (4)

BKD BROOKDALE SR LIVING INC 1.3%

Value $9.029M Shares 660,000 Est. Cost $9.83 Unrealized +40.8%

GDX VANECK ETF TRUST 1.1%

Value $7.342M Shares 80,000 Est. Cost $52.06 Unrealized —

GDXJ VANECK ETF TRUST 1.1%

Value $7.202M Shares 60,000 Est. Cost $67.59 Unrealized —

GSL GLOBAL SHIP LEASE INC 0.9%

Value $5.957M Shares 160,000 Est. Cost $25.35 Unrealized +46.4%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
BKD	BROOKDALE SR LIVING INC	660,000	$9.029M	1.3%	$9.83	+40.8%	COM	112463104
GDX	VANECK ETF TRUST	80,000	$7.342M	1.1%	$52.06	—	GOLD MINERS ETF	92189F106
GDXJ	VANECK ETF TRUST	60,000	$7.202M	1.1%	$67.59	—	JUNIOR GOLD MINE	92189F791
GSL	GLOBAL SHIP LEASE INC	160,000	$5.957M	0.9%	$25.35	+46.4%	COM CL A	Y27183600