Slate Path Capital LP Quant / Systematic

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ON	ON SEMICONDUCTOR CORP	10,480,200	$567,503	7.7%	$51.30	0.0%	COM	682189105
FCX	FREEPORT-MCMORAN INC	5,155,000	$261,822	3.5%	$43.31	0.0%	CL B	35671D857
HUM	HUMANA INC	953,000	$244,092	3.3%	$261.32	0.0%	COM	444859102
KNX	KNIGHT-SWIFT TRANSN HLDGS IN	4,285,700	$224,056	3.0%	$46.76	0.0%	CL A	499049104
Q	QNITY ELECTRONICS INC	1,916,800	$156,507	2.1%	$84.91	0.0%	COMMON STOCK	74743L100
STM	STMICROELECTRONICS N V	5,280,500	$136,976	1.8%	$25.94	—	NY REGISTRY	861012102
FIGR	FIGURE TECHNOLOGY SOLUTIO	1,853,900	$75,713	1.0%	$40.00	0.0%	COM CL A	349381103
NKE	NIKE INC	1,106,400	$70,489	1.0%	$64.91	0.0%	CL B	654106103
AMBA	AMBARELLA INC	814,400	$57,692	0.8%	$80.81	0.0%	SHS	G037AX101
FISV	FISERV INC	727,400	$48,859	0.7%	$83.87	0.0%	COM	337738108
NVTS	NAVITAS SEMICONDUCTOR CORP	2,880,200	$20,565	0.3%	$9.62	0.0%	COM	63942X106
STUB	STUBHUB HLDGS INC	1,459,200	$19,743	0.3%	$15.72	0.0%	CL A	86384P109
LULU	LULULEMON ATHLETICA INC	88,600	$18,412	0.2%	$181.15	0.0%	COM	550021109
CSX	CSX CORP	479,800	$17,393	0.2%	$35.70	0.0%	COM	126408103
KRE	SPDR SERIES TRUST	130,003	$8,425	0.1%	$64.81	—	STATE STREET SPD	78464A698

Increased Positions (11)

RKT ROCKET COS INC 6.7%

Value ($000) $497,345 (+86.0%) Shares 25,689,300 (+86.2%) Est. Cost $17.64 Unrealized +1.3%

TWLO TWILIO INC 3.0%

Value ($000) $222,264 (+388.2%) Shares 1,562,600 (+243.5%) Est. Cost $120.58 Unrealized +2.7%

HPE HEWLETT PACKARD ENTERPRISE C 7.9%

Value ($000) $585,998 (+36.3%) Shares 24,396,242 (+39.3%) Est. Cost $19.27 Unrealized +21.6%

GFS GLOBALFOUNDRIES INC 2.3%

Value ($000) $169,572 (+167.4%) Shares 4,856,000 (+174.5%) Est. Cost $35.61 Unrealized -0.1%

DAL DELTA AIR LINES INC DEL 2.7%

Value ($000) $203,137 (+106.4%) Shares 2,927,048 (+68.7%) Est. Cost $53.08 Unrealized +17.6%

UAL UNITED AIRLS HLDGS INC 2.9%

Value ($000) $211,334 (+89.1%) Shares 1,889,952 (+63.2%) Est. Cost $68.48 Unrealized +47.6%

GTLB GITLAB INC 3.0%

Value ($000) $224,197 (+57.6%) Shares 5,973,800 (+89.3%) Est. Cost $44.59 Unrealized -2.9%

JHX JAMES HARDIE INDS PLC 1.5%

Value ($000) $111,313 (+154.0%) Shares 5,364,500 (+135.2%) Est. Cost $21.71 Unrealized -7.6%

NUE NUCOR CORP 3.7%

Value ($000) $271,443 (+30.4%) Shares 1,664,170 (+8.3%) Est. Cost $141.22 Unrealized +6.1%

CLF CLEVELAND-CLIFFS INC NEW 4.0%

Value ($000) $297,688 (+23.5%) Shares 22,416,281 (+13.5%) Est. Cost $12.74 Unrealized -0.9%

EQT EQT CORP 4.5%

Value ($000) $336,200 (+4.0%) Shares 6,272,388 (+5.6%) Est. Cost $48.11 Unrealized +16.7%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
RKT	ROCKET COS INC	25,689,300 (+86.2%)	$497,345 (+86.0%)	6.7%	$17.64	+1.3%	COM CL A	77311W101
TWLO	TWILIO INC	1,562,600 (+243.5%)	$222,264 (+388.2%)	3.0%	$120.58	+2.7%	CL A	90138F102
HPE	HEWLETT PACKARD ENTERPRISE C	24,396,242 (+39.3%)	$585,998 (+36.3%)	7.9%	$19.27	+21.6%	COM	42824C109
GFS	GLOBALFOUNDRIES INC	4,856,000 (+174.5%)	$169,572 (+167.4%)	2.3%	$35.61	-0.1%	ORDINARY SHARES	G39387108
DAL	DELTA AIR LINES INC DEL	2,927,048 (+68.7%)	$203,137 (+106.4%)	2.7%	$53.08	+17.6%	COM NEW	247361702
UAL	UNITED AIRLS HLDGS INC	1,889,952 (+63.2%)	$211,334 (+89.1%)	2.9%	$68.48	+47.6%	COM	910047109
GTLB	GITLAB INC	5,973,800 (+89.3%)	$224,197 (+57.6%)	3.0%	$44.59	-2.9%	CLASS A COM	37637K108
JHX	JAMES HARDIE INDS PLC	5,364,500 (+135.2%)	$111,313 (+154.0%)	1.5%	$21.71	-7.6%	ORD SHS	G4253H101
NUE	NUCOR CORP	1,664,170 (+8.3%)	$271,443 (+30.4%)	3.7%	$141.22	+6.1%	COM	670346105
CLF	CLEVELAND-CLIFFS INC NEW	22,416,281 (+13.5%)	$297,688 (+23.5%)	4.0%	$12.74	-0.9%	COM	185899101
EQT	EQT CORP	6,272,388 (+5.6%)	$336,200 (+4.0%)	4.5%	$48.11	+16.7%	COM	26884L109

Exited Positions (15)

SNDK SANDISK CORP 4.1%

Value ($000) $302,228 Shares 2,693,657 Est. Cost $49.32 Unrealized +306.1%

WBD WARNER BROS DISCOVERY INC 3.1%

Value ($000) $230,546 Shares 11,804,700 Est. Cost $8.21 Unrealized +184.6%

TEVA TEVA PHARMACEUTICAL INDS LTD 2.2%

Value ($000) $160,146 Shares 7,927,998 Est. Cost $9.84 Unrealized —

STX SEAGATE TECHNOLOGY HLDNGS PL 2.1%

Value ($000) $155,532 Shares 658,867 Est. Cost $65.01 Unrealized +298.3%

UPST UPSTART HLDGS INC 1.9%

Value ($000) $138,784 Shares 2,731,974 Est. Cost $70.35 Unrealized -34.5%

GE GE AEROSPACE 1.0%

Value ($000) $77,248 Shares 256,792 Est. Cost $88.63 Unrealized +239.4%

STNE STONECO LTD 1.0%

Value ($000) $71,452 Shares 3,778,541 Est. Cost $12.55 Unrealized —

DOW DOW INC 0.8%

Value ($000) $56,534 Shares 2,465,500 Est. Cost $24.31 Unrealized -6.3%

LYB LYONDELLBASELL INDUSTRIES N 0.7%

Value ($000) $55,258 Shares 1,126,800 Est. Cost $54.04 Unrealized -17.7%

SNAP SNAP INC 0.7%

Value ($000) $51,705 Shares 6,706,200 Est. Cost $8.30 Unrealized -4.7%

RUN SUNRUN INC 0.6%

Value ($000) $47,268 Shares 2,733,850 Est. Cost $13.39 Unrealized +43.2%

UWMC UWM HOLDINGS CORPORATION 0.4%

Value ($000) $28,343 Shares 4,654,000 Est. Cost $5.24 Unrealized +2.6%

SBSW SIBANYE STILLWATER LTD 0.3%

Value ($000) $21,570 Shares 1,919,000 Est. Cost $7.22 Unrealized —

LEN LENNAR CORP 0.2%

Value ($000) $15,642 Shares 124,102 Est. Cost $123.58 Unrealized -2.3%

SW SMURFIT WESTROCK PLC 0.1%

Value ($000) $7,961 Shares 187,000 Est. Cost $49.47 Unrealized -22.9%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
SNDK	SANDISK CORP	2,693,657	$302,228	4.1%	$49.32	+306.1%	—	80004C200
WBD	WARNER BROS DISCOVERY INC	11,804,700	$230,546	3.1%	$8.21	+184.6%	—	934423104
TEVA	TEVA PHARMACEUTICAL INDS LTD	7,927,998	$160,146	2.2%	$9.84	—	—	881624209
STX	SEAGATE TECHNOLOGY HLDNGS PL	658,867	$155,532	2.1%	$65.01	+298.3%	—	G7997R103
UPST	UPSTART HLDGS INC	2,731,974	$138,784	1.9%	$70.35	-34.5%	—	91680M107
GE	GE AEROSPACE	256,792	$77,248	1.0%	$88.63	+239.4%	—	369604301
STNE	STONECO LTD	3,778,541	$71,452	1.0%	$12.55	—	—	G85158106
DOW	DOW INC	2,465,500	$56,534	0.8%	$24.31	-6.3%	—	260557103
LYB	LYONDELLBASELL INDUSTRIES N	1,126,800	$55,258	0.7%	$54.04	-17.7%	—	N53745100
SNAP	SNAP INC	6,706,200	$51,705	0.7%	$8.30	-4.7%	—	83304A106
RUN	SUNRUN INC	2,733,850	$47,268	0.6%	$13.39	+43.2%	—	86771W105
UWMC	UWM HOLDINGS CORPORATION	4,654,000	$28,343	0.4%	$5.24	+2.6%	—	91823B109
SBSW	SIBANYE STILLWATER LTD	1,919,000	$21,570	0.3%	$7.22	—	—	82575P107
LEN	LENNAR CORP	124,102	$15,642	0.2%	$123.58	-2.3%	—	526057104
SW	SMURFIT WESTROCK PLC	187,000	$7,961	0.1%	$49.47	-22.9%	—	G8267P108

Decreased Positions (19)

UNP UNION PAC CORP 2.3%

Value ($000) $173,537 (-55.0%) Shares 750,204 (-54.0%) Est. Cost $223.15 Unrealized +1.9%

WDC WESTERN DIGITAL CORP 0.7%

Value ($000) $55,347 (-67.4%) Shares 321,278 (-77.3%) Est. Cost $40.19 Unrealized +277.1%

B BARRICK MNG CORP 0.2%

Value ($000) $11,478 (-86.3%) Shares 263,552 (-89.7%) Est. Cost $19.29 Unrealized +94.0%

NEM NEWMONT CORP 0.1%

Value ($000) $10,877 (-86.8%) Shares 108,936 (-88.8%) Est. Cost $43.26 Unrealized +108.5%

U UNITY SOFTWARE INC 4.9%

Value ($000) $362,227 (-15.4%) Shares 8,200,752 (-23.3%) Est. Cost $22.42 Unrealized +81.8%

PAAS PAN AMERN SILVER CORP 0.9%

Value ($000) $69,129 (-44.1%) Shares 1,334,280 (-58.2%) Est. Cost $16.80 Unrealized +149.2%

COIN COINBASE GLOBAL INC 0.8%

Value ($000) $56,983 (-48.2%) Shares 251,980 (-22.7%) Est. Cost $233.78 Unrealized +27.5%

PSKY PARAMOUNT SKYDANCE CORP 0.9%

Value ($000) $68,250 (-39.1%) Shares 5,093,293 (-14.0%) Est. Cost $14.51 Unrealized +7.3%

NOK NOKIA CORP 2.9%

Value ($000) $217,952 (+22.8%) Shares 33,686,602 (-8.7%) Est. Cost $4.36 Unrealized —

WHR WHIRLPOOL CORP 0.4%

Value ($000) $31,287 (-52.0%) Shares 433,700 (-47.7%) Est. Cost $91.77 Unrealized -19.5%

IP INTERNATIONAL PAPER CO 1.4%

Value ($000) $101,511 (-22.4%) Shares 2,577,076 (-8.5%) Est. Cost $51.87 Unrealized -21.2%

AAL AMERICAN AIRLS GROUP INC 1.9%

Value ($000) $138,497 (+23.4%) Shares 9,034,394 (-9.5%) Est. Cost $12.10 Unrealized +11.5%

AMRZ AMRIZE LTD 4.3%

Value ($000) $316,861 (+6.6%) Shares 5,859,119 (-4.3%) Est. Cost $50.99 Unrealized +0.1%

AER AERCAP HOLDINGS NV 1.8%

Value ($000) $134,868 (+9.1%) Shares 938,144 (-8.2%) Est. Cost $63.06 Unrealized +110.0%

GLW CORNING INC 1.0%

Value ($000) $76,282 (-9.2%) Shares 871,200 (-14.9%) Est. Cost $40.86 Unrealized +110.4%

GEV GE VERNOVA INC 1.1%

Value ($000) $77,878 (-7.8%) Shares 119,158 (-13.3%) Est. Cost $154.92 Unrealized +293.1%

NYT NEW YORK TIMES CO 0.1%

Value ($000) $9,652 (-39.1%) Shares 139,039 (-49.7%) Est. Cost $35.57 Unrealized +73.8%

ARWR ARROWHEAD PHARMACEUTICALS IN 2.3%

Value ($000) $167,535 (-2.5%) Shares 2,523,500 (-49.3%) Est. Cost $28.77 Unrealized +70.3%

EXE EXPAND ENERGY CORPORATION 2.3%

Value ($000) $172,991 (+0.8%) Shares 1,567,514 (-3.0%) Est. Cost $90.29 Unrealized +22.5%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
UNP	UNION PAC CORP	750,204 (-54.0%)	$173,537 (-55.0%)	2.3%	$223.15	+1.9%	COM	907818108
WDC	WESTERN DIGITAL CORP	321,278 (-77.3%)	$55,347 (-67.4%)	0.7%	$40.19	+277.1%	COM	958102105
B	BARRICK MNG CORP	263,552 (-89.7%)	$11,478 (-86.3%)	0.2%	$19.29	+94.0%	COM SHS	06849F108
NEM	NEWMONT CORP	108,936 (-88.8%)	$10,877 (-86.8%)	0.1%	$43.26	+108.5%	COM	651639106
U	UNITY SOFTWARE INC	8,200,752 (-23.3%)	$362,227 (-15.4%)	4.9%	$22.42	+81.8%	COM	91332U101
PAAS	PAN AMERN SILVER CORP	1,334,280 (-58.2%)	$69,129 (-44.1%)	0.9%	$16.80	+149.2%	COM	697900108
COIN	COINBASE GLOBAL INC	251,980 (-22.7%)	$56,983 (-48.2%)	0.8%	$233.78	+27.5%	COM CL A	19260Q107
PSKY	PARAMOUNT SKYDANCE CORP	5,093,293 (-14.0%)	$68,250 (-39.1%)	0.9%	$14.51	+7.3%	COM CL B	69932A204
NOK	NOKIA CORP	33,686,602 (-8.7%)	$217,952 (+22.8%)	2.9%	$4.36	—	SPONSORED ADR	654902204
WHR	WHIRLPOOL CORP	433,700 (-47.7%)	$31,287 (-52.0%)	0.4%	$91.77	-19.5%	COM	963320106
IP	INTERNATIONAL PAPER CO	2,577,076 (-8.5%)	$101,511 (-22.4%)	1.4%	$51.87	-21.2%	COM	460146103
AAL	AMERICAN AIRLS GROUP INC	9,034,394 (-9.5%)	$138,497 (+23.4%)	1.9%	$12.10	+11.5%	COM	02376R102
AMRZ	AMRIZE LTD	5,859,119 (-4.3%)	$316,861 (+6.6%)	4.3%	$50.99	+0.1%	SHS	H2927K103
AER	AERCAP HOLDINGS NV	938,144 (-8.2%)	$134,868 (+9.1%)	1.8%	$63.06	+110.0%	SHS	N00985106
GLW	CORNING INC	871,200 (-14.9%)	$76,282 (-9.2%)	1.0%	$40.86	+110.4%	COM	219350105
GEV	GE VERNOVA INC	119,158 (-13.3%)	$77,878 (-7.8%)	1.1%	$154.92	+293.1%	COM	36828A101
NYT	NEW YORK TIMES CO	139,039 (-49.7%)	$9,652 (-39.1%)	0.1%	$35.57	+73.8%	CL A	650111107
ARWR	ARROWHEAD PHARMACEUTICALS IN	2,523,500 (-49.3%)	$167,535 (-2.5%)	2.3%	$28.77	+70.3%	COM	04280A100
EXE	EXPAND ENERGY CORPORATION	1,567,514 (-3.0%)	$172,991 (+0.8%)	2.3%	$90.29	+22.5%	COM	165167735

Unchanged Positions (6)

TVRD TVARDI THERAPEUTICS INC 0.0%

Value ($000) $3,028 Shares 704,118 Est. Cost $23.65 Unrealized -62.1%

APTV APTIV PLC 0.9%

Value ($000) $68,198 Shares 896,277 Est. Cost $75.43 Unrealized +6.4%

OUST OUSTER INC 0.2%

Value ($000) $17,940 Shares 829,000 Est. Cost $27.89 Unrealized -5.3%

NAMS NEWAMSTERDAM PHARMA COMPANY 0.2%

Value ($000) $11,191 Shares 319,000 Est. Cost $21.24 Unrealized +71.3%

AUROW AURORA INNOVATION INC 0.0%

Value ($000) $98 Shares 437,500 Est. Cost $3.11 Unrealized —

LAB STANDARD BIOTOOLS INC 0.0%

Value ($000) $2,067 Shares 1,615,000 Est. Cost $2.41 Unrealized -44.4%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
TVRD	TVARDI THERAPEUTICS INC	704,118	$3,028	0.0%	$23.65	-62.1%	COM	140755307
APTV	APTIV PLC	896,277	$68,198	0.9%	$75.43	+6.4%	COM SHS	G3265R107
OUST	OUSTER INC	829,000	$17,940	0.2%	$27.89	-5.3%	COM NEW	68989M202
NAMS	NEWAMSTERDAM PHARMA COMPANY	319,000	$11,191	0.2%	$21.24	+71.3%	ORDINARY SHARES	N62509109
AUROW	AURORA INNOVATION INC	437,500	$98	0.0%	$3.11	—	*W EXP 11/03/202	051774115
LAB	STANDARD BIOTOOLS INC	1,615,000	$2,067	0.0%	$2.41	-44.4%	COM	34385P108