Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
SPY	STATE STR SPDR S&P 500 ETF T	500,000	$325M	30.4%	—	—	PUT	78462F103
IWM	ISHARES TR	400,000	$99.2M	9.3%	—	—	PUT	464287655
—	NEBIUS GROUP N.V.	40,000,000	$38.51M	3.6%	$0.96	—	CONVERTIBLE BOND	63954QAJ5
—	NEBIUS GROUP N.V.	40,000,000	$37.22M	3.5%	$0.93	—	CONVERTIBLE BOND	63954QAL0
FBIN	FORTUNE BRANDS INNOVATIONS I	680,000	$26.5M	2.5%	$56.84	0.0%	COM	34964C106
BKNG	BOOKING HOLDINGS INC	6,000	$25.26M	2.4%	—	—	PUT	09857L108
PCG	PG&E CORP	1,200,000	$21.08M	2.0%	$16.39	0.0%	COM	69331C108
UWMC	UWM HOLDINGS CORPORATION	5,800,000	$21M	2.0%	$5.08	0.0%	COM CL A	91823B109
ARKK	ARK ETF TR	300,000	$20.28M	1.9%	—	—	PUT	00214Q104
XLI	SELECT SECTOR SPDR TR	125,000	$20.22M	1.9%	—	—	PUT	81369Y704
VISN	VISTANCE NETWORKS INC	800,000	$14.56M	1.4%	$18.49	0.0%	COM	20337X109
CMCO	COLUMBUS MCKINNON CORP N Y	715,783	$10.4M	1.0%	$20.34	0.0%	COM	199333105
SATS	ECHOSTAR CORP	17,100	$2.002M	0.2%	$33.22	+250.3%	CALL	278768106

Increased Positions (5)

UNIT UNITI GROUP LLC 5.0%

Value $53.29M (+406.8%) Shares 5,681,528 (+278.8%) Est. Cost $7.39 Unrealized +5.1%

SLRC SLR INVESTMENT CORP 1.1%

Value $11.84M (+93.6%) Shares 827,099 (+109.2%) Est. Cost $15.03 Unrealized +0.6%

BBDC BARINGS BDC INC 1.1%

Value $12.11M (+36.5%) Shares 1,471,800 (+52.3%) Est. Cost $8.82 Unrealized +3.0%

PFLT PENNANTPARK FLOATING RATE CA 1.2%

Value $13.31M (+21.2%) Shares 1,655,246 (+39.7%) Est. Cost $8.83 Unrealized +2.8%

NCDL NUVEEN CHURCHILL DIRECT LEND 1.6%

Value $17.55M (+7.7%) Shares 1,379,361 (+13.0%) Est. Cost $13.73 Unrealized -1.0%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
UNIT	UNITI GROUP LLC	5,681,528 (+278.8%)	$53.29M (+406.8%)	5.0%	$7.39	+5.1%	COM SHS	912932100
SLRC	SLR INVESTMENT CORP	827,099 (+109.2%)	$11.84M (+93.6%)	1.1%	$15.03	+0.6%	COM	83413U100
BBDC	BARINGS BDC INC	1,471,800 (+52.3%)	$12.11M (+36.5%)	1.1%	$8.82	+3.0%	COM	06759L103
PFLT	PENNANTPARK FLOATING RATE CA	1,655,246 (+39.7%)	$13.31M (+21.2%)	1.2%	$8.83	+2.8%	COM	70806A106
NCDL	NUVEEN CHURCHILL DIRECT LEND	1,379,361 (+13.0%)	$17.55M (+7.7%)	1.6%	$13.73	-1.0%	COM SHS	67090S108

Exited Positions (24)

TDS TELEPHONE & DATA SYS INC 4.1%

Value $43.76M Shares 1,067,297 Est. Cost $33.50 Unrealized +32.4%

— ALIBABA GROUP HLDG LTD 3.9%

Value $41.31M Shares 40,000,000 Est. Cost $1.03 Unrealized —

FSK FS KKR CAP CORP 3.2%

Value $33.65M Shares 2,272,393 Est. Cost $14.70 Unrealized -6.1%

AES AES CORP 2.6%

Value $27.96M Shares 1,950,000 Est. Cost $12.85 Unrealized +17.8%

AAL AMERICAN AIRLS GROUP INC 2.2%

Value $23M Shares 1,500,000 Est. Cost — Unrealized —

BCSS/U BAIN CAP GSS INVT CORP 1.9%

Value $20.44M Shares 2,000,000 Est. Cost $10.09 Unrealized —

CZR CAESARS ENTERTAINMENT INC NE 1.9%

Value $19.88M Shares 850,000 Est. Cost $22.48 Unrealized -2.1%

ETR ENTERGY CORP NEW 1.8%

Value $19.23M Shares 208,000 Est. Cost $88.11 Unrealized +10.5%

DBRG DIGITALBRIDGE GROUP INC 1.8%

Value $19.18M Shares 1,250,000 Est. Cost $12.01 Unrealized +28.1%

EVRG EVERGY INC 1.8%

Value $18.85M Shares 260,000 Est. Cost $71.05 Unrealized +8.7%

— FIVE9 INC 1.5%

Value $15.83M Shares 17,550,000 Est. Cost $0.90 Unrealized —

MFIC MIDCAP FINANCIAL INVSTMNT CO 1.1%

Value $11.59M Shares 1,013,005 Est. Cost $11.59 Unrealized -2.6%

MDLN MEDLINE INC 1.0%

Value $10.5M Shares 250,000 Est. Cost $42.23 Unrealized +6.2%

WOLF WOLFSPEED INC 0.6%

Value $6.049M Shares 347,427 Est. Cost $22.94 Unrealized -20.4%

OPTU OPTIMUM COMMUNICATIONS INC 0.5%

Value $5.262M Shares 3,188,947 Est. Cost $2.13 Unrealized -21.4%

— RAPID7 INC 0.4%

Value $4.56M Shares 5,000,000 Est. Cost $0.91 Unrealized —

ULS UL SOLUTIONS INC 0.4%

Value $3.943M Shares 50,000 Est. Cost $80.28 Unrealized -5.5%

MERC MERCER INTL INC 0.2%

Value $2.179M Shares 1,100,397 Est. Cost $2.11 Unrealized +1.9%

LLY ELI LILLY & CO 0.1%

Value $1.451M Shares 1,350 Est. Cost $955.55 Unrealized +9.6%

MRK MERCK & CO INC 0.1%

Value $1.447M Shares 13,750 Est. Cost $93.24 Unrealized +22.6%

NVS NOVARTIS AG 0.1%

Value $1.434M Shares 10,400 Est. Cost $137.87 Unrealized —

AZN ASTRAZENECA PLC 0.1%

Value $1.379M Shares 15,000 Est. Cost $91.93 Unrealized —

SNY SANOFI SA 0.1%

Value $1.357M Shares 28,000 Est. Cost $48.46 Unrealized —

PFE PFIZER INC 0.1%

Value $1.32M Shares 53,000 Est. Cost $25.03 Unrealized +4.6%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
TDS	TELEPHONE & DATA SYS INC	1,067,297	$43.76M	4.1%	$33.50	+32.4%	—	879433829
—	ALIBABA GROUP HLDG LTD	40,000,000	$41.31M	3.9%	$1.03	—	—	01609WBG6
FSK	FS KKR CAP CORP	2,272,393	$33.65M	3.2%	$14.70	-6.1%	—	302635206
AES	AES CORP	1,950,000	$27.96M	2.6%	$12.85	+17.8%	—	00130H105
AAL	AMERICAN AIRLS GROUP INC	1,500,000	$23M	2.2%	—	—	PUT	02376R102
BCSS/U	BAIN CAP GSS INVT CORP	2,000,000	$20.44M	1.9%	$10.09	—	—	G0R78B122
CZR	CAESARS ENTERTAINMENT INC NE	850,000	$19.88M	1.9%	$22.48	-2.1%	—	12769G100
ETR	ENTERGY CORP NEW	208,000	$19.23M	1.8%	$88.11	+10.5%	—	29364G103
DBRG	DIGITALBRIDGE GROUP INC	1,250,000	$19.18M	1.8%	$12.01	+28.1%	—	25401T603
EVRG	EVERGY INC	260,000	$18.85M	1.8%	$71.05	+8.7%	—	30034W106
—	FIVE9 INC	17,550,000	$15.83M	1.5%	$0.90	—	—	338307AF8
MFIC	MIDCAP FINANCIAL INVSTMNT CO	1,013,005	$11.59M	1.1%	$11.59	-2.6%	—	03761U502
MDLN	MEDLINE INC	250,000	$10.5M	1.0%	$42.23	+6.2%	—	58507V107
WOLF	WOLFSPEED INC	347,427	$6.049M	0.6%	$22.94	-20.4%	—	97785W106
OPTU	OPTIMUM COMMUNICATIONS INC	3,188,947	$5.262M	0.5%	$2.13	-21.4%	—	02156K103
—	RAPID7 INC	5,000,000	$4.56M	0.4%	$0.91	—	—	753422AH7
ULS	UL SOLUTIONS INC	50,000	$3.943M	0.4%	$80.28	-5.5%	—	903731107
MERC	MERCER INTL INC	1,100,397	$2.179M	0.2%	$2.11	+1.9%	—	588056101
LLY	ELI LILLY & CO	1,350	$1.451M	0.1%	$955.55	+9.6%	—	532457108
MRK	MERCK & CO INC	13,750	$1.447M	0.1%	$93.24	+22.6%	—	58933Y105
NVS	NOVARTIS AG	10,400	$1.434M	0.1%	$137.87	—	—	66987V109
AZN	ASTRAZENECA PLC	15,000	$1.379M	0.1%	$91.93	—	—	046353108
SNY	SANOFI SA	28,000	$1.357M	0.1%	$48.46	—	—	80105N105
PFE	PFIZER INC	53,000	$1.32M	0.1%	$25.03	+4.6%	—	717081103

Decreased Positions (9)

SATS ECHOSTAR CORP 16.1%

Value $172M (-58.0%) Shares 1,470,584 (-61.0%) Est. Cost $33.22 Unrealized +250.3%

MBC MASTERBRAND INC 1.2%

Value $12.84M (-80.6%) Shares 1,545,571 (-74.3%) Est. Cost $12.04 Unrealized +0.8%

HCA HCA HEALTHCARE INC 2.1%

Value $22.24M (-60.3%) Shares 47,000 (-60.8%) Est. Cost — Unrealized —

JHX JAMES HARDIE INDS PLC 0.1%

Value $947K (-95.4%) Shares 50,000 (-95.0%) Est. Cost $21.61 Unrealized +9.9%

GOOGL ALPHABET INC 0.7%

Value $7.189M (-69.4%) Shares 25,000 (-66.7%) Est. Cost — Unrealized —

SILA SILA REALTY TRUST INC 2.3%

Value $24.87M (-39.0%) Shares 1,050,429 (-40.0%) Est. Cost $24.82 Unrealized —

CZR CAESARS ENTERTAINMENT INC NE 2.3%

Value $24.33M (-30.6%) Shares 920,600 (-38.6%) Est. Cost $22.48 Unrealized -2.1%

RH RH 0.4%

Value $4.296M (-67.2%) Shares 30,725 (-57.9%) Est. Cost $175.04 Unrealized +18.9%

AMBP ARDAGH METAL PACKAGING S A 1.7%

Value $18.09M (-17.9%) Shares 4,467,420 (-16.9%) Est. Cost $3.92 Unrealized +15.1%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
SATS	ECHOSTAR CORP	1,470,584 (-61.0%)	$172M (-58.0%)	16.1%	$33.22	+250.3%	CL A	278768106
MBC	MASTERBRAND INC	1,545,571 (-74.3%)	$12.84M (-80.6%)	1.2%	$12.04	+0.8%	COMMON STOCK	57638P104
HCA	HCA HEALTHCARE INC	47,000 (-60.8%)	$22.24M (-60.3%)	2.1%	—	—	PUT	40412C101
JHX	JAMES HARDIE INDS PLC	50,000 (-95.0%)	$947K (-95.4%)	0.1%	$21.61	+9.9%	ORD SHS	G4253H101
GOOGL	ALPHABET INC	25,000 (-66.7%)	$7.189M (-69.4%)	0.7%	—	—	CALL	02079K305
SILA	SILA REALTY TRUST INC	1,050,429 (-40.0%)	$24.87M (-39.0%)	2.3%	$24.82	—	COMMON STOCK	146280508
CZR	CAESARS ENTERTAINMENT INC NE	920,600 (-38.6%)	$24.33M (-30.6%)	2.3%	$22.48	-2.1%	CALL	12769G100
RH	RH	30,725 (-57.9%)	$4.296M (-67.2%)	0.4%	$175.04	+18.9%	COM	74967X103
AMBP	ARDAGH METAL PACKAGING S A	4,467,420 (-16.9%)	$18.09M (-17.9%)	1.7%	$3.92	+15.1%	SHS	L02235106

Unchanged Positions (2)

MAGN MAGNERA CORP 1.1%

Value $11.47M Shares 1,205,793 Est. Cost $12.42 Unrealized +13.1%

— LIBERTY MEDIA CORP DEL 0.0%

Value $320K Shares 7,783,528 Est. Cost $0.72 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
MAGN	MAGNERA CORP	1,205,793	$11.47M	1.1%	$12.42	+13.1%	COM SHS	55939A107
—	LIBERTY MEDIA CORP DEL	7,783,528	$320K	0.0%	$0.72	—	DEB 3.750% 2/1	530715AL5