Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
IWM	ISHARES TR	217,300	$53.89M	10.6%	—	—	PUT	464287655
MTZ	MASTEC INC	114,000	$36.68M	7.2%	—	—	PUT	576323109
CTRI	CENTURI HOLDINGS INC	619,674	$18.1M	3.6%	$28.71	0.0%	COM SHS	155923105
PWR	QUANTA SVCS INC	32,600	$17.9M	3.5%	—	—	PUT	74762E102
NAVI	NAVIENT CORPORATION	1,500,000	$12.27M	2.4%	—	—	CALL	63938C108
RTX	RTX CORPORATION	48,000	$9.259M	1.8%	—	—	PUT	75513E101
NOC	NORTHROP GRUMMAN CORP	13,000	$8.869M	1.7%	—	—	PUT	666807102
LMT	LOCKHEED MARTIN CORP	14,500	$8.764M	1.7%	—	—	PUT	539830109
HPP	HUDSON PACIFIC PROPERTIES IN	1,475,000	$8.717M	1.7%	$5.91	—	CALL	444097406
LHX	L3HARRIS TECHNOLOGIES INC	20,000	$6.903M	1.4%	—	—	PUT	502431109
KRMN	KARMAN HLDGS INC	60,000	$4.803M	0.9%	—	—	PUT	485924104
ANET	ARISTA NETWORKS INC	34,000	$4.175M	0.8%	$135.05	0.0%	COM SHS	040413205
HST	HOST HOTELS & RESORTS INC	155,000	$2.97M	0.6%	$18.16	0.0%	COM	44107P104
PENN	PENN ENTERTAINMENT INC	190,000	$2.856M	0.6%	$13.52	0.0%	COM	707569109
IBM	INTERNATIONAL BUSINESS MACHS	10,000	$2.424M	0.5%	$283.93	0.0%	COM	459200101
SMTC	SEMTECH CORP	31,500	$2.422M	0.5%	$82.45	0.0%	COM	816850101
PRIM	PRIMORIS SVCS CORP	15,200	$2.174M	0.4%	—	—	PUT	74164F103
BYD	BOYD GAMING CORP	23,000	$1.89M	0.4%	$85.16	0.0%	COM	103304101
LTH	LIFE TIME GROUP HOLDINGS INC	70,000	$1.886M	0.4%	$28.49	0.0%	COMMON STOCK	53190C102
NOK	NOKIA CORP	215,000	$1.729M	0.3%	$8.04	—	SPONSORED ADR	654902204
ROG	ROGERS CORP	16,000	$1.717M	0.3%	$101.35	0.0%	COM	775133101
CZR	CAESARS ENTERTAINMENT INC NE	61,767	$1.633M	0.3%	$22.01	0.0%	COM	12769G100
CLBR/U	COLOMBIER ACQUISITION CORP I	119,596	$1.217M	0.2%	$10.18	—	UNIT 99/99/9999	G2284A129
GOOGL	ALPHABET INC	4,000	$1.15M	0.2%	$323.29	0.0%	CAP STK CL A	02079K305
ADI	ANALOG DEVICES INC	3,500	$1.113M	0.2%	$316.17	0.0%	COM	032654105
QADRU	QDRO ACQUISITION CORP	100,000	$992K	0.2%	$9.92	—	UNIT 01/28/2031	G7310E128
IPGP	IPG PHOTONICS CORP	6,250	$716K	0.1%	$101.69	0.0%	COM	44980X109
HPP	HUDSON PACIFIC PROPERTIES IN	100,736	$595K	0.1%	$5.91	—	COM	444097406
IACOU	IDEA ACQUISITION CORP	24,993	$248K	0.0%	$9.91	—	UNIT 01/06/2031	G4727U126

Increased Positions (9)

CHTR CHARTER COMMUNICATIONS INC 12.9%

Value $65.52M (+27.8%) Shares 303,500 (+23.6%) Est. Cost — Unrealized —

BTDR BITDEER TECHNOLOGIES GROUP 8.1%

Value $41.53M (+19.7%) Shares 4,800,800 (+55.2%) Est. Cost $14.04 Unrealized -14.5%

VSAT VIASAT INC 2.5%

Value $12.53M (+116.4%) Shares 273,560 (+62.8%) Est. Cost $38.55 Unrealized +13.4%

— ALIBABA GROUP HLDG LTD 9.5%

Value $48.65M (+15.8%) Shares 35,000,000 (+29.6%) Est. Cost $1.63 Unrealized —

BROS DUTCH BROS INC 0.4%

Value $2.128M (+131.7%) Shares 42,000 (+180.0%) Est. Cost $56.84 Unrealized +0.0%

GT GOODYEAR TIRE & RUBR CO 2.6%

Value $13.26M (+8.1%) Shares 2,000,000 (+42.9%) Est. Cost — Unrealized —

WH WYNDHAM HOTELS & RESORTS INC 0.7%

Value $3.33M (+31.6%) Shares 41,000 (+22.4%) Est. Cost $88.48 Unrealized -11.2%

TNL TRAVEL PLUS LEISURE CO 0.3%

Value $1.522M (+66.0%) Shares 22,000 (+69.2%) Est. Cost $65.55 Unrealized +11.1%

AMZN AMAZON COM INC 1.0%

Value $5.207M (-6.0%) Shares 25,000 (+4.2%) Est. Cost $228.12 Unrealized -0.6%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
CHTR	CHARTER COMMUNICATIONS INC	303,500 (+23.6%)	$65.52M (+27.8%)	12.9%	—	—	PUT	16119P108
BTDR	BITDEER TECHNOLOGIES GROUP	4,800,800 (+55.2%)	$41.53M (+19.7%)	8.1%	$14.04	-14.5%	CALL	G11448100
VSAT	VIASAT INC	273,560 (+62.8%)	$12.53M (+116.4%)	2.5%	$38.55	+13.4%	COM	92552V100
—	ALIBABA GROUP HLDG LTD	35,000,000 (+29.6%)	$48.65M (+15.8%)	9.5%	$1.63	—	NOTE 0.500% 6/0	01609WBG6
BROS	DUTCH BROS INC	42,000 (+180.0%)	$2.128M (+131.7%)	0.4%	$56.84	+0.0%	CL A	26701L100
GT	GOODYEAR TIRE & RUBR CO	2,000,000 (+42.9%)	$13.26M (+8.1%)	2.6%	—	—	CALL	382550101
WH	WYNDHAM HOTELS & RESORTS INC	41,000 (+22.4%)	$3.33M (+31.6%)	0.7%	$88.48	-11.2%	COM	98311A105
TNL	TRAVEL PLUS LEISURE CO	22,000 (+69.2%)	$1.522M (+66.0%)	0.3%	$65.55	+11.1%	COM	894164102
AMZN	AMAZON COM INC	25,000 (+4.2%)	$5.207M (-6.0%)	1.0%	$228.12	-0.6%	COM	023135106

Exited Positions (26)

BABA ALIBABA GROUP HLDG LTD 11.5%

Value $58.63M Shares 400,000 Est. Cost — Unrealized —

SPY SPDR S&P 500 ETF TR 6.4%

Value $32.39M Shares 47,500 Est. Cost — Unrealized —

— ECHOSTAR CORP 5.3%

Value $26.94M Shares 8,030,000 Est. Cost $2.46 Unrealized —

— COINBASE GLOBAL INC 2.8%

Value $14.06M Shares 13,684,000 Est. Cost $1.26 Unrealized —

QQQ INVESCO QQQ TR 2.5%

Value $12.84M Shares 20,900 Est. Cost — Unrealized —

— LUMENTUM HLDGS INC 2.1%

Value $10.64M Shares 2,000,000 Est. Cost $2.42 Unrealized —

NVDA NVIDIA CORPORATION 1.9%

Value $9.884M Shares 53,000 Est. Cost $163.37 Unrealized +14.2%

VFC V F CORP 1.5%

Value $7.729M Shares 427,500 Est. Cost — Unrealized —

— GUESS INC 1.5%

Value $7.639M Shares 7,623,000 Est. Cost $1.07 Unrealized —

AMD ADVANCED MICRO DEVICES INC 1.0%

Value $5.033M Shares 23,500 Est. Cost $160.60 Unrealized +38.0%

DKNG DRAFTKINGS INC NEW 0.9%

Value $4.824M Shares 140,000 Est. Cost $32.89 Unrealized -12.0%

WMT WALMART INC 0.7%

Value $3.677M Shares 33,000 Est. Cost $107.20 Unrealized +13.8%

CHDN CHURCHILL DOWNS INC 0.7%

Value $3.641M Shares 32,000 Est. Cost $103.46 Unrealized -3.5%

SNPS SYNOPSYS INC 0.6%

Value $2.818M Shares 6,000 Est. Cost $444.23 Unrealized +6.2%

CORZ CORE SCIENTIFIC INC NEW 0.5%

Value $2.694M Shares 185,000 Est. Cost $17.44 Unrealized +1.5%

CRWV COREWEAVE INC 0.5%

Value $2.685M Shares 37,500 Est. Cost $105.90 Unrealized -13.6%

PI IMPINJ INC 0.4%

Value $2.088M Shares 12,000 Est. Cost $178.15 Unrealized -14.7%

ROKU ROKU INC 0.4%

Value $1.844M Shares 17,000 Est. Cost $101.49 Unrealized -3.0%

NBIS NEBIUS GROUP N.V. 0.2%

Value $1.13M Shares 13,500 Est. Cost $69.43 Unrealized +38.8%

CIEN CIENA CORP 0.2%

Value $935K Shares 4,000 Est. Cost $194.00 Unrealized +39.6%

COHR COHERENT CORP 0.2%

Value $923K Shares 5,000 Est. Cost $99.69 Unrealized +114.0%

FLUT FLUTTER ENTMT PLC 0.1%

Value $753K Shares 3,500 Est. Cost $224.90 Unrealized -26.0%

LCID LUCID GROUP INC 0.1%

Value $608K Shares 57,500 Est. Cost $22.60 Unrealized -53.1%

TER TERADYNE INC 0.1%

Value $581K Shares 3,000 Est. Cost $109.09 Unrealized +143.7%

BTDR BITDEER TECHNOLOGIES GROUP 0.1%

Value $279K Shares 24,889 Est. Cost $14.04 Unrealized -14.5%

ALTS ALT5 SIGMA CORP 0.0%

Value $66,000 Shares 60,000 Est. Cost $5.99 Unrealized -69.9%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
BABA	ALIBABA GROUP HLDG LTD	400,000	$58.63M	11.5%	—	—	PUT	01609W102
SPY	SPDR S&P 500 ETF TR	47,500	$32.39M	6.4%	—	—	PUT	78462F103
—	ECHOSTAR CORP	8,030,000	$26.94M	5.3%	$2.46	—	—	278768AB2
—	COINBASE GLOBAL INC	13,684,000	$14.06M	2.8%	$1.26	—	—	19260QAF4
QQQ	INVESCO QQQ TR	20,900	$12.84M	2.5%	—	—	CALL	46090E103
—	LUMENTUM HLDGS INC	2,000,000	$10.64M	2.1%	$2.42	—	—	55024UAH2
NVDA	NVIDIA CORPORATION	53,000	$9.884M	1.9%	$163.37	+14.2%	—	67066G104
VFC	V F CORP	427,500	$7.729M	1.5%	—	—	CALL	918204108
—	GUESS INC	7,623,000	$7.639M	1.5%	$1.07	—	—	401617AF2
AMD	ADVANCED MICRO DEVICES INC	23,500	$5.033M	1.0%	$160.60	+38.0%	—	007903107
DKNG	DRAFTKINGS INC NEW	140,000	$4.824M	0.9%	$32.89	-12.0%	—	26142V105
WMT	WALMART INC	33,000	$3.677M	0.7%	$107.20	+13.8%	—	931142103
CHDN	CHURCHILL DOWNS INC	32,000	$3.641M	0.7%	$103.46	-3.5%	—	171484108
SNPS	SYNOPSYS INC	6,000	$2.818M	0.6%	$444.23	+6.2%	—	871607107
CORZ	CORE SCIENTIFIC INC NEW	185,000	$2.694M	0.5%	$17.44	+1.5%	—	21874A106
CRWV	COREWEAVE INC	37,500	$2.685M	0.5%	$105.90	-13.6%	—	21873S108
PI	IMPINJ INC	12,000	$2.088M	0.4%	$178.15	-14.7%	—	453204109
ROKU	ROKU INC	17,000	$1.844M	0.4%	$101.49	-3.0%	—	77543R102
NBIS	NEBIUS GROUP N.V.	13,500	$1.13M	0.2%	$69.43	+38.8%	—	N97284108
CIEN	CIENA CORP	4,000	$935K	0.2%	$194.00	+39.6%	—	171779309
COHR	COHERENT CORP	5,000	$923K	0.2%	$99.69	+114.0%	—	19247G107
FLUT	FLUTTER ENTMT PLC	3,500	$753K	0.1%	$224.90	-26.0%	—	G3643J108
LCID	LUCID GROUP INC	57,500	$608K	0.1%	$22.60	-53.1%	—	549498202
TER	TERADYNE INC	3,000	$581K	0.1%	$109.09	+143.7%	—	880770102
BTDR	BITDEER TECHNOLOGIES GROUP	24,889	$279K	0.1%	$14.04	-14.5%	—	G11448100
ALTS	ALT5 SIGMA CORP	60,000	$66,000	0.0%	$5.99	-69.9%	—	47089W104

Decreased Positions (17)

— NIO INC 0.8%

Value $4.071M (-89.7%) Shares 4,000,000 (-90.7%) Est. Cost $0.88 Unrealized —

— TRIP COM GROUP LTD 2.0%

Value $10.38M (-60.9%) Shares 10,000,000 (-53.5%) Est. Cost $1.17 Unrealized —

NWL NEWELL BRANDS INC 0.5%

Value $2.744M (-80.6%) Shares 800,000 (-79.0%) Est. Cost — Unrealized —

AFRM AFFIRM HLDGS INC 0.3%

Value $1.284M (-84.3%) Shares 28,029 (-74.5%) Est. Cost $57.86 Unrealized +11.8%

HAS HASBRO INC 0.2%

Value $936K (-81.9%) Shares 10,000 (-84.1%) Est. Cost $72.77 Unrealized +27.4%

AVGO BROADCOM INC 1.3%

Value $6.809M (-29.7%) Shares 22,000 (-21.4%) Est. Cost $251.87 Unrealized +32.7%

INTC INTEL CORP 1.3%

Value $6.62M (-23.7%) Shares 150,000 (-36.2%) Est. Cost $24.70 Unrealized +88.0%

TTWO TAKE-TWO INTERACTIVE SOFTWAR 0.9%

Value $4.345M (-26.2%) Shares 22,000 (-4.3%) Est. Cost $221.16 Unrealized +1.7%

META META PLATFORMS INC 0.5%

Value $2.718M (-31.4%) Shares 4,750 (-20.8%) Est. Cost $667.32 Unrealized -1.8%

RRR RED ROCK RESORTS INC 0.7%

Value $3.468M (-23.3%) Shares 65,000 (-11.0%) Est. Cost $51.04 Unrealized +23.1%

MTN VAIL RESORTS INC 0.4%

Value $2.181M (-17.9%) Shares 17,000 (-15.0%) Est. Cost $147.17 Unrealized -6.3%

LVS LAS VEGAS SANDS CORP 0.4%

Value $1.875M (-19.5%) Shares 34,796 (-2.8%) Est. Cost $43.52 Unrealized +34.2%

CTRI CENTURI HOLDINGS INC 1.6%

Value $8.004M (+5.7%) Shares 274,000 (-8.7%) Est. Cost $28.71 Unrealized 0.0%

— LIBERTY MEDIA CORP DEL 0.1%

Value $508K (-31.5%) Shares 7,000,000 (-30.0%) Est. Cost $0.11 Unrealized —

ASML ASML HLDG NV 0.4%

Value $1.981M (-7.4%) Shares 1,500 (-25.0%) Est. Cost $1069.86 Unrealized —

STM STMICROELECTRONICS N V 0.2%

Value $1.209M (+11.0%) Shares 35,000 (-16.7%) Est. Cost $25.94 Unrealized —

ELWT ELAUWIT CONNECTION INC 0.0%

Value $88,950 (-48.3%) Shares 15,000 (-55.8%) Est. Cost $6.38 Unrealized -12.2%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	NIO INC	4,000,000 (-90.7%)	$4.071M (-89.7%)	0.8%	$0.88	—	NOTE 4.625%10/1	62914VAK2
—	TRIP COM GROUP LTD	10,000,000 (-53.5%)	$10.38M (-60.9%)	2.0%	$1.17	—	NOTE 0.750% 6/1	89677QAB3
NWL	NEWELL BRANDS INC	800,000 (-79.0%)	$2.744M (-80.6%)	0.5%	—	—	CALL	651229106
AFRM	AFFIRM HLDGS INC	28,029 (-74.5%)	$1.284M (-84.3%)	0.3%	$57.86	+11.8%	COM CL A	00827B106
HAS	HASBRO INC	10,000 (-84.1%)	$936K (-81.9%)	0.2%	$72.77	+27.4%	COM	418056107
AVGO	BROADCOM INC	22,000 (-21.4%)	$6.809M (-29.7%)	1.3%	$251.87	+32.7%	COM	11135F101
INTC	INTEL CORP	150,000 (-36.2%)	$6.62M (-23.7%)	1.3%	$24.70	+88.0%	COM	458140100
TTWO	TAKE-TWO INTERACTIVE SOFTWAR	22,000 (-4.3%)	$4.345M (-26.2%)	0.9%	$221.16	+1.7%	COM	874054109
META	META PLATFORMS INC	4,750 (-20.8%)	$2.718M (-31.4%)	0.5%	$667.32	-1.8%	CL A	30303M102
RRR	RED ROCK RESORTS INC	65,000 (-11.0%)	$3.468M (-23.3%)	0.7%	$51.04	+23.1%	CL A	75700L108
MTN	VAIL RESORTS INC	17,000 (-15.0%)	$2.181M (-17.9%)	0.4%	$147.17	-6.3%	COM	91879Q109
LVS	LAS VEGAS SANDS CORP	34,796 (-2.8%)	$1.875M (-19.5%)	0.4%	$43.52	+34.2%	COM	517834107
CTRI	CENTURI HOLDINGS INC	274,000 (-8.7%)	$8.004M (+5.7%)	1.6%	$28.71	0.0%	CALL	155923105
—	LIBERTY MEDIA CORP DEL	7,000,000 (-30.0%)	$508K (-31.5%)	0.1%	$0.11	—	DEB 4.000%11/1	530715AG6
ASML	ASML HLDG NV	1,500 (-25.0%)	$1.981M (-7.4%)	0.4%	$1069.86	—	N Y REGISTRY SHS	N07059210
STM	STMICROELECTRONICS N V	35,000 (-16.7%)	$1.209M (+11.0%)	0.2%	$25.94	—	NY REGISTRY	861012102
ELWT	ELAUWIT CONNECTION INC	15,000 (-55.8%)	$88,950 (-48.3%)	0.0%	$6.38	-12.2%	COM	28417M109

Unchanged Positions (6)

VSAT VIASAT INC 3.6%

Value $18.32M Shares 400,000 Est. Cost $38.55 Unrealized +13.4%

OPTU OPTIMUM COMMUNICATIONS INC 0.6%

Value $3.073M Shares 2,363,922 Est. Cost $3.58 Unrealized -53.2%

CNF CNFINANCE HLDGS LTD 0.2%

Value $1.194M Shares 305,337 Est. Cost $4.19 Unrealized —

LRCX LAM RESEARCH CORP 0.5%

Value $2.35M Shares 11,000 Est. Cost $155.36 Unrealized +45.4%

PRMB PRIMO BRANDS CORPORATION 0.2%

Value $847K Shares 45,000 Est. Cost $23.41 Unrealized -20.1%

TLT ISHARES TR 2.6%

Value $13M Shares 150,000 Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
VSAT	VIASAT INC	400,000	$18.32M	3.6%	$38.55	+13.4%	CALL	92552V100
OPTU	OPTIMUM COMMUNICATIONS INC	2,363,922	$3.073M	0.6%	$3.58	-53.2%	CL A	02156K103
CNF	CNFINANCE HLDGS LTD	305,337	$1.194M	0.2%	$4.19	—	SPONSORED ADS	18979T204
LRCX	LAM RESEARCH CORP	11,000	$2.35M	0.5%	$155.36	+45.4%	COM NEW	512807306
PRMB	PRIMO BRANDS CORPORATION	45,000	$847K	0.2%	$23.41	-20.1%	CLASS A COM SHS	741623102
TLT	ISHARES TR	150,000	$13M	2.6%	—	—	CALL	464287432