Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
HYG	ISHARES TR	2,125,000	$169M	4.6%	—	—	PUT	464288513
KBR	KBR INC	2,091,565	$77.1M	2.1%	$42.75	0.0%	COM	48242W106
AOS	SMITH A O CORP	1,087,580	$71.72M	2.0%	$74.09	0.0%	COM	831865209
SIRI	SIRIUSXM HOLDINGS INC	2,742,359	$63.29M	1.7%	$20.94	0.0%	COMMON STOCK	829933100
VSNT	VERSANT MEDIA GROUP INC	1,507,561	$55.81M	1.5%	$32.14	0.0%	COM CL A	925283103

Increased Positions (9)

CRH CRH PLC 3.1%

Value $115M (+17.8%) Shares 1,089,281 (+39.9%) Est. Cost $76.66 Unrealized +62.2%

VLTO VERALTO CORP 2.6%

Value $95.49M (+20.7%) Shares 1,079,924 (+36.2%) Est. Cost $81.97 Unrealized +18.9%

MBC MASTERBRAND INC 2.3%

Value $85.98M (-15.6%) Shares 10,346,864 (+12.2%) Est. Cost $10.17 Unrealized +19.4%

Q QNITY ELECTRONICS INC 1.0%

Value $37.55M (+50.6%) Shares 325,463 (+6.5%) Est. Cost $85.91 Unrealized +17.8%

GTX GARRETT MOTION INC 2.9%

Value $108M (+13.0%) Shares 5,935,638 (+8.4%) Est. Cost $9.43 Unrealized +100.5%

SPGI S&P GLOBAL INC 3.8%

Value $139M (-7.2%) Shares 327,955 (+14.0%) Est. Cost $281.44 Unrealized +72.4%

TIC TIC SOLUTIONS INC 3.9%

Value $144M (-4.1%) Shares 21,850,000 (+47.3%) Est. Cost $11.12 Unrealized -7.8%

CCSI CONSENSUS CLOUD SOLUTIONS IN 1.2%

Value $43.64M (+11.4%) Shares 1,838,379 (+2.4%) Est. Cost $40.55 Unrealized -40.6%

AWI ARMSTRONG WORLD INDS INC NEW 2.2%

Value $82.11M (+0.5%) Shares 498,268 (+16.5%) Est. Cost $89.74 Unrealized +114.8%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
CRH	CRH PLC	1,089,281 (+39.9%)	$115M (+17.8%)	3.1%	$76.66	+62.2%	ORD	G25508105
VLTO	VERALTO CORP	1,079,924 (+36.2%)	$95.49M (+20.7%)	2.6%	$81.97	+18.9%	COM SHS	92338C103
MBC	MASTERBRAND INC	10,346,864 (+12.2%)	$85.98M (-15.6%)	2.3%	$10.17	+19.4%	COMMON STOCK	57638P104
Q	QNITY ELECTRONICS INC	325,463 (+6.5%)	$37.55M (+50.6%)	1.0%	$85.91	+17.8%	COMMON STOCK	74743L100
GTX	GARRETT MOTION INC	5,935,638 (+8.4%)	$108M (+13.0%)	2.9%	$9.43	+100.5%	COM	366505105
SPGI	S&P GLOBAL INC	327,955 (+14.0%)	$139M (-7.2%)	3.8%	$281.44	+72.4%	COM	78409V104
TIC	TIC SOLUTIONS INC	21,850,000 (+47.3%)	$144M (-4.1%)	3.9%	$11.12	-7.8%	COM	00510N102
CCSI	CONSENSUS CLOUD SOLUTIONS IN	1,838,379 (+2.4%)	$43.64M (+11.4%)	1.2%	$40.55	-40.6%	COM	20848V105
AWI	ARMSTRONG WORLD INDS INC NEW	498,268 (+16.5%)	$82.11M (+0.5%)	2.2%	$89.74	+114.8%	COM	04247X102

Exited Positions (3)

TKO TKO GROUP HOLDINGS INC 2.2%

Value $79.42M Shares 380,000 Est. Cost $98.70 Unrealized +108.3%

WH WYNDHAM HOTELS & RESORTS INC 1.5%

Value $56.43M Shares 746,848 Est. Cost $75.06 Unrealized +4.7%

PNR PENTAIR PLC 1.1%

Value $41.66M Shares 400,000 Est. Cost $51.58 Unrealized +98.9%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
TKO	TKO GROUP HOLDINGS INC	380,000	$79.42M	2.2%	$98.70	+108.3%	CALL	87256C101
WH	WYNDHAM HOTELS & RESORTS INC	746,848	$56.43M	1.5%	$75.06	+4.7%	—	98311A105
PNR	PENTAIR PLC	400,000	$41.66M	1.1%	$51.58	+98.9%	CALL	G7S00T104

Decreased Positions (18)

XLI SELECT SECTOR SPDR TR 10.7%

Value $390M (-24.2%) Shares 2,411,500 (-27.3%) Est. Cost — Unrealized —

XLB SELECT SECTOR SPDR TR 5.5%

Value $202M (-30.3%) Shares 4,050,000 (-36.7%) Est. Cost — Unrealized —

RAL RALLIANT CORP 1.6%

Value $57.82M (-49.6%) Shares 1,390,156 (-38.4%) Est. Cost $46.32 Unrealized +6.2%

CARR CARRIER GLOBAL CORPORATION 3.8%

Value $140M (-17.4%) Shares 2,494,791 (-22.5%) Est. Cost $26.12 Unrealized +128.4%

DAR DARLING INGREDIENTS INC 4.0%

Value $146M (-14.5%) Shares 2,361,119 (-50.2%) Est. Cost $40.24 Unrealized +12.4%

DVA DAVITA INC 3.0%

Value $111M (-16.8%) Shares 723,008 (-38.5%) Est. Cost $107.04 Unrealized +17.2%

FTV FORTIVE CORP 3.2%

Value $116M (-14.3%) Shares 2,089,472 (-14.4%) Est. Cost $52.83 Unrealized +6.3%

ATKR ATKORE INC 4.3%

Value $158M (-8.5%) Shares 2,685,718 (-1.7%) Est. Cost $92.81 Unrealized -26.6%

NVST ENVISTA HOLDINGS CORPORATION 3.7%

Value $136M (+7.9%) Shares 5,362,711 (-7.7%) Est. Cost $23.25 Unrealized +10.7%

ESI ELEMENT SOLUTIONS INC 2.9%

Value $104M (-8.4%) Shares 3,059,066 (-33.0%) Est. Cost $20.02 Unrealized +52.3%

OTIS OTIS WORLDWIDE CORP 1.6%

Value $56.85M (-14.1%) Shares 737,558 (-2.7%) Est. Cost $62.29 Unrealized +43.7%

TKO TKO GROUP HOLDINGS INC 2.4%

Value $86.28M (-8.2%) Shares 427,869 (-4.9%) Est. Cost $98.70 Unrealized +108.3%

VICI VICI PPTYS INC 2.4%

Value $88.36M (-7.8%) Shares 3,234,160 (-5.1%) Est. Cost $24.05 Unrealized +17.0%

APG API GROUP CORP 1.8%

Value $64.83M (-7.6%) Shares 1,599,946 (-12.7%) Est. Cost $23.94 Unrealized +78.8%

RTO RENTOKIL INITIAL PLC 3.7%

Value $137M (+3.0%) Shares 4,351,956 (-3.6%) Est. Cost $29.33 Unrealized —

AMRZ AMRIZE LTD 3.7%

Value $135M (+2.2%) Shares 2,412,533 (-1.3%) Est. Cost $50.65 Unrealized +12.7%

GLPI GAMING & LEISURE P 2.5%

Value $91.32M (-2.2%) Shares 2,058,130 (-1.5%) Est. Cost $41.30 Unrealized —

NEOG NEOGEN CORP 1.6%

Value $58.14M (-0.8%) Shares 6,258,649 (-25.4%) Est. Cost $9.13 Unrealized +9.7%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
XLI	SELECT SECTOR SPDR TR	2,411,500 (-27.3%)	$390M (-24.2%)	10.7%	—	—	PUT	81369Y704
XLB	SELECT SECTOR SPDR TR	4,050,000 (-36.7%)	$202M (-30.3%)	5.5%	—	—	PUT	81369Y100
RAL	RALLIANT CORP	1,390,156 (-38.4%)	$57.82M (-49.6%)	1.6%	$46.32	+6.2%	COM	750940108
CARR	CARRIER GLOBAL CORPORATION	2,494,791 (-22.5%)	$140M (-17.4%)	3.8%	$26.12	+128.4%	COM	14448C104
DAR	DARLING INGREDIENTS INC	2,361,119 (-50.2%)	$146M (-14.5%)	4.0%	$40.24	+12.4%	COM	237266101
DVA	DAVITA INC	723,008 (-38.5%)	$111M (-16.8%)	3.0%	$107.04	+17.2%	COM	23918K108
FTV	FORTIVE CORP	2,089,472 (-14.4%)	$116M (-14.3%)	3.2%	$52.83	+6.3%	COM	34959J108
ATKR	ATKORE INC	2,685,718 (-1.7%)	$158M (-8.5%)	4.3%	$92.81	-26.6%	COM	047649108
NVST	ENVISTA HOLDINGS CORPORATION	5,362,711 (-7.7%)	$136M (+7.9%)	3.7%	$23.25	+10.7%	COM	29415F104
ESI	ELEMENT SOLUTIONS INC	3,059,066 (-33.0%)	$104M (-8.4%)	2.9%	$20.02	+52.3%	COM	28618M106
OTIS	OTIS WORLDWIDE CORP	737,558 (-2.7%)	$56.85M (-14.1%)	1.6%	$62.29	+43.7%	COM	68902V107
TKO	TKO GROUP HOLDINGS INC	427,869 (-4.9%)	$86.28M (-8.2%)	2.4%	$98.70	+108.3%	CL A	87256C101
VICI	VICI PPTYS INC	3,234,160 (-5.1%)	$88.36M (-7.8%)	2.4%	$24.05	+17.0%	COM	925652109
APG	API GROUP CORP	1,599,946 (-12.7%)	$64.83M (-7.6%)	1.8%	$23.94	+78.8%	COM STK	00187Y100
RTO	RENTOKIL INITIAL PLC	4,351,956 (-3.6%)	$137M (+3.0%)	3.7%	$29.33	—	SPONSORED ADR	760125104
AMRZ	AMRIZE LTD	2,412,533 (-1.3%)	$135M (+2.2%)	3.7%	$50.65	+12.7%	SHS	H2927K103
GLPI	GAMING & LEISURE P	2,058,130 (-1.5%)	$91.32M (-2.2%)	2.5%	$41.30	—	COM	36467J108
NEOG	NEOGEN CORP	6,258,649 (-25.4%)	$58.14M (-0.8%)	1.6%	$9.13	+9.7%	COM	640491106

Unchanged Positions (2)

PNR PENTAIR PLC 2.1%

Value $78.63M Shares 902,606 Est. Cost $51.58 Unrealized +98.9%

XBP XBP GLOBAL HOLDINGS INC 0.4%

Value $14.05M Shares 3,193,149 Est. Cost $6.10 Unrealized +28.1%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
PNR	PENTAIR PLC	902,606	$78.63M	2.1%	$51.58	+98.9%	SHS	G7S00T104
XBP	XBP GLOBAL HOLDINGS INC	3,193,149	$14.05M	0.4%	$6.10	+28.1%	COM NEW	98400V200