Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
BA	BOEING CO	41,000	$8.16M	6.5%	$238.54	0.0%	—	097023105
UNH	UNITEDHEALTH GROUP INC	20,825	$5.603M	4.5%	$308.69	0.0%	—	91324P102
VZ	VERIZON COMMUNICATIONS	87,070	$4.306M	3.4%	$43.82	0.0%	—	92343V104
CVX	CHEVRON CORP	15,300	$3.137M	2.5%	$171.87	0.0%	—	166764100
SHEL	SHELL PLC ADR	33,650	$3.101M	2.5%	$92.16	—	—	780259305
XOM	EXXON MOBIL CORP	18,390	$3.099M	2.5%	$168.52	—	—	30233Q108
JPM	JPMORGAN CHASE CO	10,590	$3.085M	2.5%	$311.42	0.0%	—	46625H100
MRK	MERCK CO INC NEW	25,665	$3.065M	2.5%	$114.28	0.0%	—	58933Y105
JNJ	JOHNSON JOHNSON	12,220	$2.97M	2.4%	$227.87	0.0%	—	478160104
AMGN	AMGEN INC	7,445	$2.6M	2.1%	$349.67	0.0%	—	031162100
MS	MORGAN STANLEY CO	15,875	$2.599M	2.1%	$179.67	0.0%	—	617446448
ABBV	ABBVIE INC	11,755	$2.536M	2.0%	$222.57	0.0%	—	00287Y109
BMY	BRISTOL MYERS SQUIBB CO	41,000	$2.434M	1.9%	$57.43	0.0%	—	110122108
PEP	PEPSICO INCORPORATED	15,590	$2.396M	1.9%	$154.74	0.0%	—	713448108
GS	GOLDMAN SACHS GROUP INC	2,790	$2.35M	1.9%	$932.60	0.0%	—	38141G104
MMM	3M CO	16,260	$2.349M	1.9%	$163.96	0.0%	—	88579Y101
PFE	PFIZER INCORPORATED	83,250	$2.3M	1.8%	$26.18	0.0%	—	717081103
PRU	PRUDENTIAL FINANCIAL INC	23,790	$2.293M	1.8%	$107.39	0.0%	—	744320102
PM	PHILIP MORRIS INTERNATIONAL INC	13,505	$2.215M	1.8%	$175.91	0.0%	—	718172109
CSCO	CISCO SYSTEMS INC	26,100	$2.007M	1.6%	$77.91	0.0%	—	17275R102
PG	PROCTER GAMBLE CO	13,830	$1.983M	1.6%	$151.77	0.0%	—	742718109
KO	COCA-COLA COMPANY	25,960	$1.962M	1.6%	$74.76	0.0%	—	191216100
LMT	LOCKHEED MARTIN CORP	3,254	$1.954M	1.6%	$600.88	0.0%	—	539830109
ARCC	ARES CAPITAL CORP	107,500	$1.889M	1.5%	$20.01	0.0%	—	04010L103
ABT	ABBOTT LABORATORIES	17,960	$1.832M	1.5%	$115.41	0.0%	—	002824100
ADP	AUTOMATIC DATA PROCESSING	8,940	$1.803M	1.4%	$240.81	0.0%	—	053015103
MO	ALTRIA GROUP INC	27,600	$1.794M	1.4%	$63.03	0.0%	—	02209S103
MSFT	MICROSOFT CORP	4,340	$1.603M	1.3%	$434.61	0.0%	—	594918104
MSDL	MORGAN STANLEY DIRECT LENDING FUND	99,200	$1.345M	1.1%	$16.03	0.0%	—	61774A103
OHI	OMEGA HEALTHCARE REIT INVESTORS INC	30,750	$1.328M	1.1%	$43.20	—	—	681936100
NEE	NEXTERA ENERGY INC	14,200	$1.309M	1.0%	$87.17	0.0%	—	65339F101
ENB	ENBRIDGE INC	20,500	$1.096M	0.9%	$48.57	0.0%	—	29250N105
KMB	KIMBERLY-CLARK CORP	11,250	$1.071M	0.9%	$103.08	0.0%	—	494368103
LYB	LYONDELLBASELL INDUSTRIES AF SCA CLASS A	11,850	$945K	0.8%	$52.41	0.0%	—	N53745100
DIS	WALT DISNEY COMPANY	7,785	$745K	0.6%	$109.45	0.0%	—	254687106
GOOG	ALPHABET INC NON VOTING CAP STK CL C	1,995	$572K	0.5%	$323.67	0.0%	—	02079K107
AMZN	AMAZON COM INC	2,085	$434K	0.3%	$226.83	0.0%	—	023135106
WFC	WELLS FARGO CO NEW	4,600	$364K	0.3%	$90.04	0.0%	—	949746101
QCOM	QUALCOMM INC	2,460	$316K	0.3%	$153.90	0.0%	—	747525103
META	META PLATFORMS INC CLASS A	436	$249K	0.2%	$655.57	0.0%	—	30303M102
AAPL	APPLE INC	975	$247K	0.2%	$262.82	0.0%	—	037833100
ABNB	AIRBNB INC	1,720	$217K	0.2%	$129.40	0.0%	—	009066101
MCD	MCDONALDS CORP	700	$216K	0.2%	$317.25	0.0%	—	580135101
SHAK	SHAKE SHACK INC	2,410	$213K	0.2%	$92.97	0.0%	—	819047101
OBDC	BLUE OWL CAPITAL CORP	11,100	$119K	0.1%	$12.03	0.0%	—	69121K104

Increased Positions (12)

GENI GENIUS SPORTS LIMITED 1.0%

Value $1.201M (-54.6%) Shares 271,000 (+12.9%) Est. Cost $5.20 Unrealized +59.7%

EEFT EURONET WORLDWIDE INC 3.2%

Value $4.019M (+32.0%) Shares 60,550 (+51.4%) Est. Cost $90.71 Unrealized -20.0%

PUBM PUBMATIC INC CL A 1.2%

Value $1.472M (+107.5%) Shares 180,000 (+125.0%) Est. Cost $8.59 Unrealized -14.8%

CMRC COMMERCE.COM INC 1.5%

Value $1.869M (-24.4%) Shares 700,000 (+16.7%) Est. Cost $4.98 Unrealized -33.4%

APPS DIGITAL TURBINE INC 0.7%

Value $865K (-40.4%) Shares 300,200 (+3.5%) Est. Cost $5.02 Unrealized -4.8%

SMWB SIMILARWEB LTD 1.0%

Value $1.305M (-27.4%) Shares 500,000 (+108.3%) Est. Cost $6.43 Unrealized -21.1%

PENG PENGUIN SOLUTIONS INC 4.3%

Value $5.377M (-8.4%) Shares 305,500 (+1.8%) Est. Cost $24.38 Unrealized -19.7%

MGNI MAGNITE INC 1.6%

Value $2.02M (-11.1%) Shares 170,000 (+21.4%) Est. Cost $13.82 Unrealized -0.1%

FIVN FIVE9 INC 3.0%

Value $3.8M (+5.3%) Shares 250,500 (+39.2%) Est. Cost $23.49 Unrealized -23.3%

BLZE BACKBLAZE INC CL A 1.0%

Value $1.242M (-11.2%) Shares 360,000 (+20.0%) Est. Cost $6.31 Unrealized -28.2%

INDI INDIE SEMICONDUCTOR INC 2.6%

Value $3.227M (-3.8%) Shares 1,002,150 (+5.5%) Est. Cost $8.34 Unrealized -52.6%

OPRX OPTIMIZERX CORP 0.5%

Value $565K (-16.2%) Shares 90,000 (+63.6%) Est. Cost $11.19 Unrealized -3.3%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
GENI	GENIUS SPORTS LIMITED	271,000 (+12.9%)	$1.201M (-54.6%)	1.0%	$5.20	+59.7%	—	G3934V109
EEFT	EURONET WORLDWIDE INC	60,550 (+51.4%)	$4.019M (+32.0%)	3.2%	$90.71	-20.0%	—	298736109
PUBM	PUBMATIC INC CL A	180,000 (+125.0%)	$1.472M (+107.5%)	1.2%	$8.59	-14.8%	—	74467Q103
CMRC	COMMERCE.COM INC	700,000 (+16.7%)	$1.869M (-24.4%)	1.5%	$4.98	-33.4%	—	08975P108
APPS	DIGITAL TURBINE INC	300,200 (+3.5%)	$865K (-40.4%)	0.7%	$5.02	-4.8%	—	25400W102
SMWB	SIMILARWEB LTD	500,000 (+108.3%)	$1.305M (-27.4%)	1.0%	$6.43	-21.1%	—	M84137104
PENG	PENGUIN SOLUTIONS INC	305,500 (+1.8%)	$5.377M (-8.4%)	4.3%	$24.38	-19.7%	—	706915105
MGNI	MAGNITE INC	170,000 (+21.4%)	$2.02M (-11.1%)	1.6%	$13.82	-0.1%	—	55955D100
FIVN	FIVE9 INC	250,500 (+39.2%)	$3.8M (+5.3%)	3.0%	$23.49	-23.3%	—	338307101
BLZE	BACKBLAZE INC CL A	360,000 (+20.0%)	$1.242M (-11.2%)	1.0%	$6.31	-28.2%	—	05637B105
INDI	INDIE SEMICONDUCTOR INC	1,002,150 (+5.5%)	$3.227M (-3.8%)	2.6%	$8.34	-52.6%	—	45569U101
OPRX	OPTIMIZERX CORP	90,000 (+63.6%)	$565K (-16.2%)	0.5%	$11.19	-3.3%	—	68401U204

Exited Positions (2)

— FIVE9 INC 0.8%

Value $1.002M Shares 50,000 Est. Cost — Unrealized —

— MAGNITE INC 0.8%

Value $974K Shares 60,000 Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	FIVE9 INC	50,000	$1.002M	0.8%	—	—	CALL	338307901
—	MAGNITE INC	60,000	$974K	0.8%	—	—	CALL	55955D900

Decreased Positions (2)

ALLT ALLOT LTD 3.0%

Value $3.763M (-39.2%) Shares 565,000 (-10.3%) Est. Cost $3.19 Unrealized +220.1%

ONTF ON24 INC 1.0%

Value $1.296M (-45.7%) Shares 160,000 (-46.7%) Est. Cost $5.73 Unrealized +38.8%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
ALLT	ALLOT LTD	565,000 (-10.3%)	$3.763M (-39.2%)	3.0%	$3.19	+220.1%	—	M0854Q105
ONTF	ON24 INC	160,000 (-46.7%)	$1.296M (-45.7%)	1.0%	$5.73	+38.8%	—	68339B104

Unchanged Positions (5)

DCGO DOCGO INC 1.5%

Value $1.89M Shares 3,005,000 Est. Cost $4.13 Unrealized -80.5%

GDYN GRID DYNAMICS HLDGS CL A 0.5%

Value $570K Shares 100,000 Est. Cost $8.66 Unrealized -7.5%

GAIA GAIA INC NEW 0.3%

Value $416K Shares 150,000 Est. Cost $11.75 Unrealized -70.8%

ASUR ASURE SOFTWARE INC 1.0%

Value $1.29M Shares 150,000 Est. Cost $8.11 Unrealized +9.7%

MCHX MARCHEX INC 0.5%

Value $620K Shares 400,000 Est. Cost $3.37 Unrealized -51.1%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
DCGO	DOCGO INC	3,005,000	$1.89M	1.5%	$4.13	-80.5%	—	256086109
GDYN	GRID DYNAMICS HLDGS CL A	100,000	$570K	0.5%	$8.66	-7.5%	—	39813G109
GAIA	GAIA INC NEW	150,000	$416K	0.3%	$11.75	-70.8%	—	36269P104
ASUR	ASURE SOFTWARE INC	150,000	$1.29M	1.0%	$8.11	+9.7%	—	04649U102
MCHX	MARCHEX INC	400,000	$620K	0.5%	$3.37	-51.1%	—	56624R108