MARINER INVESTMENT GROUP LLC Hedge Fund

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
MSFT	MICROSOFT CORP	344,000	$166,365	9.7%	$500.58	0.0%	COM	594918104
LRCX	LAM RESEARCH CORP	736,000	$125,988	7.4%	$155.36	0.0%	COM NEW	512807306
GOOG	ALPHABET INC	350,000	$109,830	6.4%	$286.33	0.0%	CAP STK CL C	02079K107
COST	COSTCO WHSL CORP NEW	125,000	$107,793	6.3%	$905.73	0.0%	COM	22160K105
CSCO	CISCO SYS INC	1,372,000	$105,685	6.2%	$73.79	0.0%	COM	17275R102
ASML	ASML HOLDING N V	93,000	$99,497	5.8%	$1069.86	—	N Y REGISTRY SHS	N07059210
TXN	TEXAS INSTRS INC	559,000	$96,981	5.7%	$170.73	0.0%	COM	882508104
NVDA	NVIDIA CORPORATION	497,000	$92,691	5.4%	$186.13	0.0%	COM	67066G104
LIN	LINDE PLC	200,000	$85,278	5.0%	$427.28	0.0%	SHS	G54950103
INTC	INTEL CORP	2,200,000	$81,180	4.7%	$37.76	0.0%	COM	458140100
HON	HONEYWELL INTL INC	392,000	$76,475	4.5%	$195.03	0.0%	COM	438516106
AAPL	APPLE INC	248,000	$67,421	3.9%	$268.34	0.0%	COM	037833100
MA	MASTERCARD INCORPORATED	100,000	$57,088	3.3%	$558.95	0.0%	CL A	57636Q104
CTAS	CINTAS CORP	269,000	$50,591	3.0%	$188.13	0.0%	COM	172908105
MCD	MCDONALDS CORP	163,000	$49,818	2.9%	$305.09	0.0%	COM	580135101
LOW	LOWES COS INC	101,000	$24,357	1.4%	$239.83	0.0%	COM	548661107
IGLB	ISHARES TR	400,000	$20,180	1.2%	$50.45	—	10+ YR INVST GRD	464289511
—	LIVE NATION ENTERTAINMENT IN	5,000,000	$7,278	0.4%	$1.46	—	NOTE 3.125% 1/1	538034BA6
—	LIVE NATION ENTERTAINMENT IN	5,000,000	$5,265	0.3%	$1.05	—	NOTE 2.875% 1/1	538034BC2
AERO	GRUPO AEROMEXICO SAB DE CV	169,280	$3,717	0.2%	$21.96	—	SPONSORED ADS	40054J109
TLN	TALEN ENERGY CORP	5,000	$1,874	0.1%	$388.68	0.0%	COM	87422Q109
FIX	COMFORT SYS USA INC	2,000	$1,867	0.1%	$922.99	0.0%	COM	199908104
FERG	FERGUSON ENTERPRISES INC	6,000	$1,336	0.1%	$237.95	0.0%	COMMON STOCK NEW	31488V107
AR	ANTERO RESOURCES CORP	38,500	$1,327	0.1%	$33.87	0.0%	COM	03674X106
CMCSA	COMCAST CORP NEW	42,500	$1,270	0.1%	$28.53	0.0%	CL A	20030N101
EQT	EQT CORP	20,000	$1,072	0.1%	$56.13	0.0%	COM	26884L109
DY	DYCOM INDS INC	3,000	$1,014	0.1%	$315.29	0.0%	COM	267475101
VRT	VERTIV HOLDINGS CO	75,000	$664	0.0%	—	—	CALL	92537N108
CEG	CONSTELLATION ENERGY CORP	30,000	$563	0.0%	$299.49	+21.3%	CALL	21037T109
CCK	CROWN HLDGS INC	5,000	$515	0.0%	$97.34	0.0%	COM	228368106
LEN	LENNAR CORP	58,500	$459	0.0%	—	—	PUT	526057104
LGN	LEGENCE CORP	10,000	$430	0.0%	$39.53	0.0%	CL A	52476L109
—	WOLFSPEED INC	271,000	$403	0.0%	$1.49	—	NOTE 2.500% 6/1	977852AP7
CRDO	CREDO TECHNOLOGY GROUP HOLDI	2,000	$288	0.0%	$153.78	0.0%	ORDINARY SHARES	G25457105
DHI	D R HORTON INC	61,500	$258	0.0%	—	—	PUT	23331A109
SHY	ISHARES TR	2,636	$218	0.0%	$82.82	—	1 3 YR TREAS BD	464287457
WOR	WORTHINGTON ENTERPRISES INC	4,196	$216	0.0%	$55.20	0.0%	COM	981811102
CAT	CATERPILLAR INC	40,000	$210	0.0%	—	—	CALL	149123101
TDS	TELEPHONE & DATA SYS INC	5,000	$205	0.0%	$38.95	0.0%	COM NEW	879433829
HYG	ISHARES TR	2,500	$202	0.0%	$80.63	—	IBOXX HI YD ETF	464288513
AVGO	BROADCOM INC	10,000	$181	0.0%	—	—	CALL	11135F101
COP	CONOCOPHILLIPS	50,000	$175	0.0%	—	—	PUT	20825C104
HAL	HALLIBURTON CO	100,000	$126	0.0%	—	—	PUT	406216101
CARR	CARRIER GLOBAL CORPORATION	50,000	$125	0.0%	—	—	PUT	14448C104
IP	INTERNATIONAL PAPER CO	100,000	$118	0.0%	—	—	PUT	460146103
IWM	ISHARES TR	206,500	$90	0.0%	—	—	PUT	464287655
QQQ	INVESCO QQQ TR	50,000	$67	0.0%	—	—	CALL	46090E103
FMC	FMC CORP	50,000	$66	0.0%	—	—	PUT	302491303
UAL	UNITED AIRLS HLDGS INC	75,000	$64	0.0%	—	—	PUT	910047109
BXSL	BLACKSTONE SECD LENDING FD	125,000	$44	0.0%	—	—	PUT	09261X102
SW	SMURFIT WESTROCK PLC	50,000	$40	0.0%	—	—	PUT	G8267P108
SPY	SPDR S&P 500 ETF TR	50,000	$39	0.0%	$527.89	—	CALL	78462F103
DAL	DELTA AIR LINES INC DEL	50,000	$30	0.0%	—	—	PUT	247361702
HWM	HOWMET AEROSPACE INC	25,000	$19	0.0%	—	—	PUT	443201108
CRWV	COREWEAVE INC	25,000	$4	0.0%	$118.31	-14.3%	CALL	21873S108

Increased Positions (21)

IBIT ISHARES BITCOIN TRUST ETF 6.2%

Value ($000) $106,576 (-18.6%) Shares 2,146,536 (+6.5%) Est. Cost $62.59 Unrealized —

— ALIBABA GROUP HLDG LTD 1.4%

Value ($000) $23,333 (+153.7%) Shares 15,000,000 (+200.0%) Est. Cost $1.65 Unrealized —

— FLUOR CORP 1.0%

Value ($000) $17,240 (+184.3%) Shares 15,100,000 (+196.1%) Est. Cost $1.16 Unrealized —

— FORD MTR CO 1.2%

Value ($000) $20,820 (+104.9%) Shares 20,000,000 (+100.0%) Est. Cost $1.03 Unrealized —

— ON SEMICONDUCTOR CORP 0.6%

Value ($000) $9,485 (+105.0%) Shares 10,000,000 (+100.0%) Est. Cost $0.94 Unrealized —

FOUR SHIFT4 PMTS INC 0.5%

Value ($000) $7,871 (+126.0%) Shares 125,000 (+177.8%) Est. Cost $78.68 Unrealized -10.2%

MTZ MASTEC INC 0.2%

Value ($000) $3,152 (+825.7%) Shares 14,500 (+806.3%) Est. Cost $202.59 Unrealized +3.6%

CIM CHIMERA INVT CORP 0.2%

Value ($000) $3,605 (+137.1%) Shares 290,000 (+152.2%) Est. Cost $12.74 Unrealized —

RRC RANGE RES CORP 0.1%

Value ($000) $1,622 (+187.3%) Shares 46,000 (+206.7%) Est. Cost $36.43 Unrealized +2.2%

DUK DUKE ENERGY CORP NEW 0.4%

Value ($000) $6,007 (+21.4%) Shares 51,250 (+28.1%) Est. Cost $116.78 Unrealized +4.1%

LYB LYONDELLBASELL INDUSTRIES N 0.1%

Value ($000) $1,316 (+52.6%) Shares 500,000 (+150.0%) Est. Cost — Unrealized —

LECO LINCOLN ELEC HLDGS INC 0.2%

Value ($000) $3,834 (+8.4%) Shares 16,000 (+6.7%) Est. Cost $215.56 Unrealized +9.9%

DOW DOW INC 0.0%

Value ($000) $412 (-40.2%) Shares 550,000 (+26.9%) Est. Cost — Unrealized —

KR KROGER CO 0.1%

Value ($000) $937 (+39.0%) Shares 15,000 (+50.0%) Est. Cost $59.97 Unrealized +8.8%

OLN OLIN CORP 0.0%

Value ($000) $363 (+124.8%) Shares 200,000 (+100.0%) Est. Cost — Unrealized —

WMB WILLIAMS COS INC 0.2%

Value ($000) $2,705 (+6.7%) Shares 45,000 (+12.5%) Est. Cost $56.85 Unrealized +5.7%

POST POST HLDGS INC 0.0%

Value ($000) $225 (+309.1%) Shares 75,000 (+50.0%) Est. Cost — Unrealized —

WMB WILLIAMS COS INC 0.0%

Value ($000) $125 (+185.7%) Shares 150,000 (+200.0%) Est. Cost $56.85 Unrealized +5.7%

HYG ISHARES TR 0.0%

Value ($000) $193 (+55.2%) Shares 1,496,000 (+195.4%) Est. Cost $80.63 Unrealized —

FSK FS KKR CAP CORP 0.0%

Value ($000) $266 (-19.9%) Shares 425,000 (+112.5%) Est. Cost — Unrealized —

OKE ONEOK INC NEW 0.0%

Value ($000) $128 (-27.1%) Shares 100,000 (+100.0%) Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
IBIT	ISHARES BITCOIN TRUST ETF	2,146,536 (+6.5%)	$106,576 (-18.6%)	6.2%	$62.59	—	SHS BEN INT	46438F101
—	ALIBABA GROUP HLDG LTD	15,000,000 (+200.0%)	$23,333 (+153.7%)	1.4%	$1.65	—	NOTE 0.500% 6/0	01609WBG6
—	FLUOR CORP	15,100,000 (+196.1%)	$17,240 (+184.3%)	1.0%	$1.16	—	NOTE 1.125% 8/1	343412AJ1
—	FORD MTR CO	20,000,000 (+100.0%)	$20,820 (+104.9%)	1.2%	$1.03	—	NOTE 3/1	345370CZ1
—	ON SEMICONDUCTOR CORP	10,000,000 (+100.0%)	$9,485 (+105.0%)	0.6%	$0.94	—	NOTE 0.500% 3/0	682189AU9
FOUR	SHIFT4 PMTS INC	125,000 (+177.8%)	$7,871 (+126.0%)	0.5%	$78.68	-10.2%	CL A	82452J109
MTZ	MASTEC INC	14,500 (+806.3%)	$3,152 (+825.7%)	0.2%	$202.59	+3.6%	COM	576323109
CIM	CHIMERA INVT CORP	290,000 (+152.2%)	$3,605 (+137.1%)	0.2%	$12.74	—	COM SHS	16934Q802
RRC	RANGE RES CORP	46,000 (+206.7%)	$1,622 (+187.3%)	0.1%	$36.43	+2.2%	COM	75281A109
DUK	DUKE ENERGY CORP NEW	51,250 (+28.1%)	$6,007 (+21.4%)	0.4%	$116.78	+4.1%	COM NEW	26441C204
LYB	LYONDELLBASELL INDUSTRIES N	500,000 (+150.0%)	$1,316 (+52.6%)	0.1%	—	—	PUT	N53745100
LECO	LINCOLN ELEC HLDGS INC	16,000 (+6.7%)	$3,834 (+8.4%)	0.2%	$215.56	+9.9%	COM	533900106
DOW	DOW INC	550,000 (+26.9%)	$412 (-40.2%)	0.0%	—	—	PUT	260557103
KR	KROGER CO	15,000 (+50.0%)	$937 (+39.0%)	0.1%	$59.97	+8.8%	COM	501044101
OLN	OLIN CORP	200,000 (+100.0%)	$363 (+124.8%)	0.0%	—	—	PUT	680665205
WMB	WILLIAMS COS INC	45,000 (+12.5%)	$2,705 (+6.7%)	0.2%	$56.85	+5.7%	COM	969457100
POST	POST HLDGS INC	75,000 (+50.0%)	$225 (+309.1%)	0.0%	—	—	PUT	737446104
WMB	WILLIAMS COS INC	150,000 (+200.0%)	$125 (+185.7%)	0.0%	$56.85	+5.7%	CALL	969457100
HYG	ISHARES TR	1,496,000 (+195.4%)	$193 (+55.2%)	0.0%	$80.63	—	PUT	464288513
FSK	FS KKR CAP CORP	425,000 (+112.5%)	$266 (-19.9%)	0.0%	—	—	PUT	302635206
OKE	ONEOK INC NEW	100,000 (+100.0%)	$128 (-27.1%)	0.0%	—	—	PUT	682680103

Exited Positions (21)

SPY SPDR S&P 500 ETF TR 1.5%

Value ($000) $25,596 Shares 38,422 Est. Cost $527.89 Unrealized —

LQD ISHARES TR 1.2%

Value ($000) $20,956 Shares 188,000 Est. Cost $110.25 Unrealized —

— JD.COM INC 0.6%

Value ($000) $10,770 Shares 10,000,000 Est. Cost $1.08 Unrealized —

BHF BRIGHTHOUSE FINL INC 0.4%

Value ($000) $7,219 Shares 136,000 Est. Cost $48.82 Unrealized +20.4%

CEG CONSTELLATION ENERGY CORP 0.2%

Value ($000) $2,665 Shares 8,100 Est. Cost $299.49 Unrealized +21.3%

AMD ADVANCED MICRO DEVICES INC 0.1%

Value ($000) $2,022 Shares 12,500 Est. Cost $161.38 Unrealized +39.2%

AD ARRAY DIGITAL INFRASTRUCTURE 0.1%

Value ($000) $1,065 Shares 21,292 Est. Cost $35.88 Unrealized +14.1%

UPS UNITED PARCEL SERVICE INC 0.0%

Value ($000) $835 Shares 10,000 Est. Cost $88.13 Unrealized +5.2%

SVXY PROSHARES TR II 0.0%

Value ($000) $637 Shares 12,500 Est. Cost $50.94 Unrealized —

APA APA CORPORATION 0.0%

Value ($000) $500 Shares 100,000 Est. Cost — Unrealized —

UPS UNITED PARCEL SERVICE INC 0.0%

Value ($000) $445 Shares 100,000 Est. Cost $88.13 Unrealized +5.2%

CRH CRH PLC 0.0%

Value ($000) $360 Shares 3,000 Est. Cost $91.00 Unrealized +30.9%

SSTK SHUTTERSTOCK INC 0.0%

Value ($000) $336 Shares 16,114 Est. Cost $20.38 Unrealized +4.9%

FERG FERGUSON ENTERPRISES INC 0.0%

Value ($000) $295 Shares 70,000 Est. Cost $237.95 Unrealized 0.0%

DAN DANA INC 0.0%

Value ($000) $200 Shares 10,000 Est. Cost $14.74 Unrealized +43.3%

EQNR EQUINOR ASA 0.0%

Value ($000) $98 Shares 100,000 Est. Cost — Unrealized —

TAC TRANSALTA CORP 0.0%

Value ($000) $60 Shares 100,000 Est. Cost — Unrealized —

AR ANTERO RESOURCES CORP 0.0%

Value ($000) $38 Shares 50,000 Est. Cost $33.87 Unrealized 0.0%

XLF SELECT SECTOR SPDR TR 0.0%

Value ($000) $31 Shares 200,000 Est. Cost — Unrealized —

EIX EDISON INTL 0.0%

Value ($000) $5 Shares 22,500 Est. Cost — Unrealized —

NVDA NVIDIA CORPORATION 0.0%

Value ($000) $3 Shares 100,000 Est. Cost $186.13 Unrealized 0.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
SPY	SPDR S&P 500 ETF TR	38,422	$25,596	1.5%	$527.89	—	—	78462F103
LQD	ISHARES TR	188,000	$20,956	1.2%	$110.25	—	—	464287242
—	JD.COM INC	10,000,000	$10,770	0.6%	$1.08	—	—	47215PAJ5
BHF	BRIGHTHOUSE FINL INC	136,000	$7,219	0.4%	$48.82	+20.4%	—	10922N103
CEG	CONSTELLATION ENERGY CORP	8,100	$2,665	0.2%	$299.49	+21.3%	—	21037T109
AMD	ADVANCED MICRO DEVICES INC	12,500	$2,022	0.1%	$161.38	+39.2%	—	007903107
AD	ARRAY DIGITAL INFRASTRUCTURE	21,292	$1,065	0.1%	$35.88	+14.1%	—	911684108
UPS	UNITED PARCEL SERVICE INC	10,000	$835	0.0%	$88.13	+5.2%	—	911312106
SVXY	PROSHARES TR II	12,500	$637	0.0%	$50.94	—	—	74347W130
APA	APA CORPORATION	100,000	$500	0.0%	—	—	CALL	03743Q108
UPS	UNITED PARCEL SERVICE INC	100,000	$445	0.0%	$88.13	+5.2%	PUT	911312106
CRH	CRH PLC	3,000	$360	0.0%	$91.00	+30.9%	—	G25508105
SSTK	SHUTTERSTOCK INC	16,114	$336	0.0%	$20.38	+4.9%	—	825690100
FERG	FERGUSON ENTERPRISES INC	70,000	$295	0.0%	$237.95	0.0%	CALL	31488V107
DAN	DANA INC	10,000	$200	0.0%	$14.74	+43.3%	—	235825205
EQNR	EQUINOR ASA	100,000	$98	0.0%	—	—	CALL	29446M102
TAC	TRANSALTA CORP	100,000	$60	0.0%	—	—	CALL	89346D107
AR	ANTERO RESOURCES CORP	50,000	$38	0.0%	$33.87	0.0%	CALL	03674X106
XLF	SELECT SECTOR SPDR TR	200,000	$31	0.0%	—	—	PUT	81369Y605
EIX	EDISON INTL	22,500	$5	0.0%	—	—	PUT	281020107
NVDA	NVIDIA CORPORATION	100,000	$3	0.0%	$186.13	0.0%	PUT	67066G104

Decreased Positions (10)

— NUVEEN FLOATING RATE INCOME 0.3%

Value ($000) $4,960 (-73.1%) Shares 633,488 (-71.9%) Est. Cost $8.47 Unrealized —

VST VISTRA CORP 0.0%

Value ($000) $807 (-72.6%) Shares 5,000 (-66.7%) Est. Cost $148.62 Unrealized +22.4%

RITM RITHM CAPITAL CORP 0.6%

Value ($000) $9,469 (-14.7%) Shares 868,711 (-10.9%) Est. Cost $11.38 Unrealized —

— REDWOOD TRUST INC 0.1%

Value ($000) $1,796 (-45.8%) Shares 1,800,000 (-45.5%) Est. Cost $1.00 Unrealized —

— EATON VANCE MUN BD FD 0.0%

Value ($000) $119 (-89.8%) Shares 12,181 (-89.6%) Est. Cost $9.67 Unrealized —

RWT REDWOOD TRUST INC 0.2%

Value ($000) $4,122 (-16.0%) Shares 745,346 (-12.0%) Est. Cost $5.85 Unrealized —

WOLF WOLFSPEED INC 0.0%

Value ($000) $348 (-51.3%) Shares 20,000 (-20.0%) Est. Cost $25.35 Unrealized -9.5%

SPY SPDR S&P 500 ETF TR 0.0%

Value ($000) $54 (-86.1%) Shares 75,000 (-77.6%) Est. Cost $527.89 Unrealized —

RRC RANGE RES CORP 0.0%

Value ($000) $91 (-72.8%) Shares 130,000 (-54.4%) Est. Cost $36.43 Unrealized +2.2%

VST VISTRA CORP 0.0%

Value ($000) $197 (-45.9%) Shares 35,000 (-30.0%) Est. Cost $148.62 Unrealized +22.4%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	NUVEEN FLOATING RATE INCOME	633,488 (-71.9%)	$4,960 (-73.1%)	0.3%	$8.47	—	COM	67072T108
VST	VISTRA CORP	5,000 (-66.7%)	$807 (-72.6%)	0.0%	$148.62	+22.4%	COM	92840M102
RITM	RITHM CAPITAL CORP	868,711 (-10.9%)	$9,469 (-14.7%)	0.6%	$11.38	—	COM NEW	64828T201
—	REDWOOD TRUST INC	1,800,000 (-45.5%)	$1,796 (-45.8%)	0.1%	$1.00	—	NOTE 7.750% 6/1	758075AF2
—	EATON VANCE MUN BD FD	12,181 (-89.6%)	$119 (-89.8%)	0.0%	$9.67	—	COM	27827X101
RWT	REDWOOD TRUST INC	745,346 (-12.0%)	$4,122 (-16.0%)	0.2%	$5.85	—	COM	758075402
WOLF	WOLFSPEED INC	20,000 (-20.0%)	$348 (-51.3%)	0.0%	$25.35	-9.5%	COMMON STOCK	97785W106
SPY	SPDR S&P 500 ETF TR	75,000 (-77.6%)	$54 (-86.1%)	0.0%	$527.89	—	PUT	78462F103
RRC	RANGE RES CORP	130,000 (-54.4%)	$91 (-72.8%)	0.0%	$36.43	+2.2%	CALL	75281A109
VST	VISTRA CORP	35,000 (-30.0%)	$197 (-45.9%)	0.0%	$148.62	+22.4%	CALL	92840M102

Unchanged Positions (24)

— NEXTERA ENERGY CAP HLDGS INC 0.7%

Value ($000) $12,435 Shares 10,000,000 Est. Cost $1.18 Unrealized —

BLDR BUILDERS FIRSTSOURCE INC 0.0%

Value ($000) $238 Shares 100,000 Est. Cost — Unrealized —

CC CHEMOURS CO 0.0%

Value ($000) $648 Shares 55,000 Est. Cost $14.36 Unrealized -10.9%

— SNOWFLAKE INC 0.4%

Value ($000) $7,435 Shares 5,000,000 Est. Cost $1.52 Unrealized —

CRWV COREWEAVE INC 0.0%

Value ($000) $143 Shares 2,000 Est. Cost $118.31 Unrealized -14.3%

LUMN LUMEN TECHNOLOGIES INC 0.0%

Value ($000) $583 Shares 75,000 Est. Cost $4.88 Unrealized +68.6%

CMCSA COMCAST CORP NEW 0.0%

Value ($000) $41 Shares 120,000 Est. Cost $28.53 Unrealized 0.0%

CCOI COGENT COMMUNICATIONS HLDGS 0.0%

Value ($000) $478 Shares 105,000 Est. Cost — Unrealized —

GLW CORNING INC 0.0%

Value ($000) $738 Shares 200,000 Est. Cost — Unrealized —

IGV ISHARES TR 0.0%

Value ($000) $38 Shares 50,000 Est. Cost — Unrealized —

DOCS DOXIMITY INC 0.0%

Value ($000) $5 Shares 40,000 Est. Cost — Unrealized —

CC CHEMOURS CO 0.0%

Value ($000) $3 Shares 50,000 Est. Cost $14.36 Unrealized -10.9%

ETR ENTERGY CORP NEW 0.2%

Value ($000) $4,159 Shares 45,000 Est. Cost $77.80 Unrealized +21.5%

— PENNYMAC CORP 0.1%

Value ($000) $1,063 Shares 1,000,000 Est. Cost $1.03 Unrealized —

XPRO EXPRO GROUP HOLDINGS NV 0.0%

Value ($000) $267 Shares 20,000 Est. Cost $10.86 Unrealized +24.2%

VMI VALMONT INDS INC 0.0%

Value ($000) $805 Shares 2,000 Est. Cost $306.70 Unrealized +32.7%

VMC VULCAN MATLS CO 0.0%

Value ($000) $285 Shares 1,000 Est. Cost $256.02 Unrealized +14.5%

— REDFIN CORP 0.1%

Value ($000) $1,548 Shares 1,645,000 Est. Cost $0.78 Unrealized —

DUK DUKE ENERGY CORP NEW 0.0%

Value ($000) $1 Shares 25,000 Est. Cost $116.78 Unrealized +4.1%

MLM MARTIN MARIETTA MATLS INC 0.0%

Value ($000) $311 Shares 500 Est. Cost $526.61 Unrealized +18.0%

BRLSW BOREALIS FOODS INC 0.0%

Value ($000) $1 Shares 23,300 Est. Cost $0.14 Unrealized —

BSLKW BOLT PROJS HLDGS INC 0.0%

Value ($000) $0 Shares 19,150 Est. Cost $0.04 Unrealized —

NE NOBLE CORP PLC 0.0%

Value ($000) $282 Shares 10,000 Est. Cost $22.94 Unrealized +27.5%

CYCUW CYCURION INC 0.0%

Value ($000) $1 Shares 30,000 Est. Cost $0.00 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	NEXTERA ENERGY CAP HLDGS INC	10,000,000	$12,435	0.7%	$1.18	—	NOTE 3.000% 3/0	65339KCY4
BLDR	BUILDERS FIRSTSOURCE INC	100,000	$238	0.0%	—	—	PUT	12008R107
CC	CHEMOURS CO	55,000	$648	0.0%	$14.36	-10.9%	COM	163851108
—	SNOWFLAKE INC	5,000,000	$7,435	0.4%	$1.52	—	NOTE 10/0	833445AB5
CRWV	COREWEAVE INC	2,000	$143	0.0%	$118.31	-14.3%	COM CL A	21873S108
LUMN	LUMEN TECHNOLOGIES INC	75,000	$583	0.0%	$4.88	+68.6%	COM	550241103
CMCSA	COMCAST CORP NEW	120,000	$41	0.0%	$28.53	0.0%	PUT	20030N101
CCOI	COGENT COMMUNICATIONS HLDGS	105,000	$478	0.0%	—	—	PUT	19239V302
GLW	CORNING INC	200,000	$738	0.0%	—	—	CALL	219350105
IGV	ISHARES TR	50,000	$38	0.0%	—	—	PUT	464287515
DOCS	DOXIMITY INC	40,000	$5	0.0%	—	—	PUT	26622P107
CC	CHEMOURS CO	50,000	$3	0.0%	$14.36	-10.9%	CALL	163851108
ETR	ENTERGY CORP NEW	45,000	$4,159	0.2%	$77.80	+21.5%	COM	29364G103
—	PENNYMAC CORP	1,000,000	$1,063	0.1%	$1.03	—	NOTE 8.500% 6/0	70932AAH6
XPRO	EXPRO GROUP HOLDINGS NV	20,000	$267	0.0%	$10.86	+24.2%	COM	N3144W105
VMI	VALMONT INDS INC	2,000	$805	0.0%	$306.70	+32.7%	COM	920253101
VMC	VULCAN MATLS CO	1,000	$285	0.0%	$256.02	+14.5%	COM	929160109
—	REDFIN CORP	1,645,000	$1,548	0.1%	$0.78	—	NOTE 0.500% 4/0	75737FAE8
DUK	DUKE ENERGY CORP NEW	25,000	$1	0.0%	$116.78	+4.1%	CALL	26441C204
MLM	MARTIN MARIETTA MATLS INC	500	$311	0.0%	$526.61	+18.0%	COM	573284106
BRLSW	BOREALIS FOODS INC	23,300	$1	0.0%	$0.14	—	*W EXP 02/07/202	09973D113
BSLKW	BOLT PROJS HLDGS INC	19,150	$0	0.0%	$0.04	—	*W EXP 08/13/202	09769B115
NE	NOBLE CORP PLC	10,000	$282	0.0%	$22.94	+27.5%	ORD SHS A	G65431127
CYCUW	CYCURION INC	30,000	$1	0.0%	$0.00	—	*W EXP 02/13/203	95758L115