Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
TRIP	TRIPADVISOR INC	1,075,000	$11.46M	2.0%	$12.70	0.0%	COM	896945201
DK	DELEK US HLDGS INC NEW	218,658	$9.855M	1.7%	$31.21	0.0%	COM	24665A103
CAE	CAE INC	350,000	$9.12M	1.6%	—	—	CALL	124765108
ITB	ISHARES TR	100,000	$9.055M	1.5%	—	—	CALL	464288752
—	GLOBAL PMTS INC	10,000,000	$8.831M	1.5%	$0.88	—	NOTE 1.500% 3/0	37940XAU6
MCO	MOODYS CORP	20,000	$8.725M	1.5%	—	—	PUT	615369105
FOUR	SHIFT4 PMTS INC	125,000	$5.466M	0.9%	—	—	CALL	82452J109
VTRS	VIATRIS INC	330,000	$4.458M	0.8%	—	—	CALL	92556V106
AAL	AMERICAN AIRLINES GROUP INC	380,000	$4.081M	0.7%	—	—	CALL	02376R102
OI	O-I GLASS INC	225,000	$2.365M	0.4%	$15.33	0.0%	COM	67098H104
XRXDW	XEROX HOLDINGS CORP	511,097	$46,254	0.0%	$0.09	—	*W EXP 02/11/202	98421M114

Increased Positions (7)

— SHIFT4 PMTS INC 3.5%

Value $20.24M (+110.1%) Shares 21,500,000 (+115.0%) Est. Cost $0.95 Unrealized —

DCH DAUCH CORP 3.5%

Value $20.46M (+56.5%) Shares 3,450,000 (+69.1%) Est. Cost $6.65 Unrealized +16.0%

DCH DAUCH CORP 3.6%

Value $21.14M (+29.7%) Shares 3,565,044 (+40.2%) Est. Cost $6.65 Unrealized +16.0%

— ON SEMICONDUCTOR CORP 2.5%

Value $14.7M (+19.2%) Shares 15,000,000 (+15.4%) Est. Cost $0.95 Unrealized —

TROX TRONOX HOLDINGS PLC 0.3%

Value $1.954M (+212.4%) Shares 200,000 (+33.3%) Est. Cost $4.48 Unrealized +45.1%

SPY STATE STR SPDR S&P 500 ETF T 27.7%

Value $163M (-0.7%) Shares 250,000 (+4.2%) Est. Cost — Unrealized —

SBGI SINCLAIR INC 2.3%

Value $13.75M (-2.1%) Shares 1,062,452 (+15.8%) Est. Cost $14.84 Unrealized -0.6%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	SHIFT4 PMTS INC	21,500,000 (+115.0%)	$20.24M (+110.1%)	3.5%	$0.95	—	NOTE 0.500% 8/0	82452JAD1
DCH	DAUCH CORP	3,450,000 (+69.1%)	$20.46M (+56.5%)	3.5%	$6.65	+16.0%	CALL	024061103
DCH	DAUCH CORP	3,565,044 (+40.2%)	$21.14M (+29.7%)	3.6%	$6.65	+16.0%	COM	024061103
—	ON SEMICONDUCTOR CORP	15,000,000 (+15.4%)	$14.7M (+19.2%)	2.5%	$0.95	—	NOTE 0.500% 3/0	682189AU9
TROX	TRONOX HOLDINGS PLC	200,000 (+33.3%)	$1.954M (+212.4%)	0.3%	$4.48	+45.1%	SHS	G9087Q102
SPY	STATE STR SPDR S&P 500 ETF T	250,000 (+4.2%)	$163M (-0.7%)	27.7%	—	—	PUT	78462F103
SBGI	SINCLAIR INC	1,062,452 (+15.8%)	$13.75M (-2.1%)	2.3%	$14.84	-0.6%	CL A	829242106

Exited Positions (8)

EIX EDISON INTL 3.2%

Value $18.61M Shares 310,000 Est. Cost — Unrealized —

SN SHARKNINJA INC 2.4%

Value $13.99M Shares 125,000 Est. Cost — Unrealized —

XME SPDR SERIES TRUST 1.8%

Value $10.36M Shares 100,000 Est. Cost — Unrealized —

— LITHIUM ARGENTINA AG 1.5%

Value $8.631M Shares 9,500,000 Est. Cost $0.91 Unrealized —

DOCN DIGITALOCEAN HLDGS INC 1.4%

Value $8.18M Shares 170,000 Est. Cost — Unrealized —

PCG PG&E CORP 1.1%

Value $6.428M Shares 400,000 Est. Cost — Unrealized —

KVUE KENVUE INC 0.9%

Value $5.175M Shares 300,000 Est. Cost — Unrealized —

FUN SIX FLAGS ENTERTAINMENT CORP 0.3%

Value $1.557M Shares 101,500 Est. Cost $18.08 Unrealized -6.4%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
EIX	EDISON INTL	310,000	$18.61M	3.2%	—	—	CALL	281020107
SN	SHARKNINJA INC	125,000	$13.99M	2.4%	—	—	CALL	G8068L108
XME	SPDR SERIES TRUST	100,000	$10.36M	1.8%	—	—	PUT	78464A755
—	LITHIUM ARGENTINA AG	9,500,000	$8.631M	1.5%	$0.91	—	—	53680QAA6
DOCN	DIGITALOCEAN HLDGS INC	170,000	$8.18M	1.4%	—	—	PUT	25402D102
PCG	PG&E CORP	400,000	$6.428M	1.1%	—	—	CALL	69331C108
KVUE	KENVUE INC	300,000	$5.175M	0.9%	—	—	CALL	49177J102
FUN	SIX FLAGS ENTERTAINMENT CORP	101,500	$1.557M	0.3%	$18.08	-6.4%	—	83001C108

Decreased Positions (4)

IWM ISHARES TR 10.1%

Value $59.52M (-50.1%) Shares 240,000 (-50.5%) Est. Cost — Unrealized —

VALE VALE S A 3.3%

Value $19.09M (-28.5%) Shares 1,200,000 (-41.5%) Est. Cost — Unrealized —

SBSW SIBANYE STILLWATER LTD 0.8%

Value $4.928M (-23.2%) Shares 400,000 (-11.1%) Est. Cost — Unrealized —

INTC INTEL CORP 1.1%

Value $6.178M (+11.6%) Shares 140,000 (-6.7%) Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
IWM	ISHARES TR	240,000 (-50.5%)	$59.52M (-50.1%)	10.1%	—	—	PUT	464287655
VALE	VALE S A	1,200,000 (-41.5%)	$19.09M (-28.5%)	3.3%	—	—	CALL	91912E105
SBSW	SIBANYE STILLWATER LTD	400,000 (-11.1%)	$4.928M (-23.2%)	0.8%	—	—	CALL	82575P107
INTC	INTEL CORP	140,000 (-6.7%)	$6.178M (+11.6%)	1.1%	—	—	CALL	458140100

Unchanged Positions (14)

— KOSMOS ENERGY LTD 3.8%

Value $22.27M Shares 28,300,000 Est. Cost $0.43 Unrealized —

GLD SPDR GOLD TR 5.5%

Value $32.27M Shares 75,000 Est. Cost — Unrealized —

YPF YPF SOCIEDAD ANONIMA 1.5%

Value $8.782M Shares 190,000 Est. Cost — Unrealized —

FSP FRANKLIN STR PPTYS CORP 0.7%

Value $4.391M Shares 6,608,478 Est. Cost $0.95 Unrealized —

FCX FREEPORT MCMORAN INC 1.5%

Value $8.817M Shares 150,000 Est. Cost — Unrealized —

FLR FLUOR CORP 1.2%

Value $6.997M Shares 150,000 Est. Cost — Unrealized —

GDX VANECK ETF TRUST 2.2%

Value $13.08M Shares 142,500 Est. Cost — Unrealized —

NEM NEWMONT CORP 1.8%

Value $10.82M Shares 100,000 Est. Cost — Unrealized —

— XEROX HOLDINGS CORP 1.0%

Value $5.892M Shares 21,300,000 Est. Cost $0.30 Unrealized —

B BARRICK MNG CORP 1.4%

Value $7.954M Shares 195,000 Est. Cost — Unrealized —

KMB KIMBERLY-CLARK CORP 2.0%

Value $11.58M Shares 120,000 Est. Cost — Unrealized —

RKLB ROCKET LAB CORP 0.7%

Value $3.853M Shares 60,000 Est. Cost — Unrealized —

LKQ LKQ CORP 1.0%

Value $5.874M Shares 200,000 Est. Cost — Unrealized —

— PG&E CORP 4.4%

Value $25.91M Shares 25,000,000 Est. Cost $1.03 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	KOSMOS ENERGY LTD	28,300,000	$22.27M	3.8%	$0.43	—	NOTE 3.125% 3/1	500688AH9
GLD	SPDR GOLD TR	75,000	$32.27M	5.5%	—	—	CALL	78463V107
YPF	YPF SOCIEDAD ANONIMA	190,000	$8.782M	1.5%	—	—	PUT	984245100
FSP	FRANKLIN STR PPTYS CORP	6,608,478	$4.391M	0.7%	$0.95	—	COM	35471R106
FCX	FREEPORT MCMORAN INC	150,000	$8.817M	1.5%	—	—	CALL	35671D857
FLR	FLUOR CORP	150,000	$6.997M	1.2%	—	—	CALL	343412102
GDX	VANECK ETF TRUST	142,500	$13.08M	2.2%	—	—	CALL	92189F106
NEM	NEWMONT CORP	100,000	$10.82M	1.8%	—	—	CALL	651639106
—	XEROX HOLDINGS CORP	21,300,000	$5.892M	1.0%	$0.30	—	NOTE 3.750% 3/1	98421MAE6
B	BARRICK MNG CORP	195,000	$7.954M	1.4%	—	—	CALL	06849F108
KMB	KIMBERLY-CLARK CORP	120,000	$11.58M	2.0%	—	—	CALL	494368103
RKLB	ROCKET LAB CORP	60,000	$3.853M	0.7%	—	—	PUT	773121108
LKQ	LKQ CORP	200,000	$5.874M	1.0%	—	—	CALL	501889208
—	PG&E CORP	25,000,000	$25.91M	4.4%	$1.03	—	NOTE 4.250%12/0	69331CAL2