Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
SPY	STATE STR SPDR S&P 500 ETF T	726,700	$473M	34.2%	—	—	PUT	78462F103
F	FORD MTR CO	5,003,900	$57.75M	4.2%	—	—	PUT	345370860
MSFT	MICROSOFT CORP	126,200	$46.72M	3.4%	$462.87	-6.1%	CALL	594918104
ECH	ISHARES INC	1,050,000	$41.75M	3.0%	—	—	CALL	464286640
AIV	APARTMENT INVT & MGMT CO	3,023,200	$12.3M	0.9%	$4.07	—	CL A	03748R747
APP	APPLOVIN CORP	30,000	$11.94M	0.9%	$630.10	-19.5%	CALL	03831W108
AMZN	AMAZON COM INC	51,800	$10.79M	0.8%	$179.52	+26.4%	CALL	023135106
ISRG	INTUITIVE SURGICAL INC	17,069	$7.869M	0.6%	$520.97	0.0%	COM NEW	46120E602
SPOT	SPOTIFY TECHNOLOGY S A	12,678	$6.148M	0.4%	$497.31	0.0%	SHS	L8681T102
INTU	INTUIT	13,702	$5.924M	0.4%	$497.56	0.0%	COM	461202103
ALK	ALASKA AIR GROUP INC	157,156	$5.78M	0.4%	$52.50	0.0%	COM	011659109
DUOL	DUOLINGO INC	39,000	$3.844M	0.3%	—	—	CALL	26603R106
GE	GE AEROSPACE	11,342	$3.219M	0.2%	$318.19	0.0%	COM NEW	369604301
HWM	HOWMET AEROSPACE INC	6,790	$1.565M	0.1%	$226.53	0.0%	COM	443201108
BTM	BITCOIN DEPOT INC	502,014	$1.094M	0.1%	$2.18	—	COM	09174P303

Increased Positions (3)

CYH COMMUNITY HEALTH SYS INC NEW 0.5%

Value $7.44M (+55.9%) Shares 2,530,622 (+65.4%) Est. Cost $3.48 Unrealized -5.6%

SKYW SKYWEST INC 2.2%

Value $29.97M (-6.2%) Shares 326,332 (+2.6%) Est. Cost $104.20 Unrealized -2.1%

RJET REPUBLIC AWYS HLDGS INC 5.5%

Value $75.65M (+0.1%) Shares 4,231,246 (+2.9%) Est. Cost $20.75 Unrealized -9.4%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
CYH	COMMUNITY HEALTH SYS INC NEW	2,530,622 (+65.4%)	$7.44M (+55.9%)	0.5%	$3.48	-5.6%	COM	203668108
SKYW	SKYWEST INC	326,332 (+2.6%)	$29.97M (-6.2%)	2.2%	$104.20	-2.1%	COM	830879102
RJET	REPUBLIC AWYS HLDGS INC	4,231,246 (+2.9%)	$75.65M (+0.1%)	5.5%	$20.75	-9.4%	COM SHS	590479408

Exited Positions (30)

QQQ INVESCO QQQ TR 113.6%

Value $1.571B Shares 2,557,200 Est. Cost — Unrealized —

IEF ISHARES TR 11.2%

Value $154M Shares 1,604,000 Est. Cost — Unrealized —

KWEB KRANESHARES TRUST 6.1%

Value $83.94M Shares 2,465,200 Est. Cost — Unrealized —

NVDA NVIDIA CORPORATION 5.4%

Value $74.28M Shares 398,300 Est. Cost $186.13 Unrealized +0.3%

ASHR DBX ETF TR 5.1%

Value $70.46M Shares 2,145,000 Est. Cost — Unrealized —

PLTR PALANTIR TECHNOLOGIES INC 2.6%

Value $36.53M Shares 205,500 Est. Cost — Unrealized —

MSFT MICROSOFT CORP 2.3%

Value $32.41M Shares 67,011 Est. Cost $462.87 Unrealized -6.1%

UAL UNITED AIRLS HLDGS INC 2.3%

Value $31.78M Shares 284,195 Est. Cost $96.93 Unrealized +15.2%

SLV ISHARES SILVER TR 2.2%

Value $30.12M Shares 467,500 Est. Cost — Unrealized —

HUM HUMANA INC 2.1%

Value $28.36M Shares 110,723 Est. Cost $261.09 Unrealized -14.4%

DKNG DRAFTKINGS INC NEW 2.0%

Value $27.57M Shares 799,953 Est. Cost $41.48 Unrealized -30.2%

FLUT FLUTTER ENTMT PLC 1.9%

Value $26.6M Shares 123,697 Est. Cost $223.00 Unrealized -25.3%

DASH DOORDASH INC 1.9%

Value $26.59M Shares 117,394 Est. Cost $234.56 Unrealized -16.2%

IWM ISHARES TR 1.8%

Value $25.23M Shares 102,500 Est. Cost — Unrealized —

EWY ISHARES INC 1.6%

Value $22.19M Shares 228,263 Est. Cost $97.22 Unrealized —

ORCL ORACLE CORP 1.6%

Value $21.73M Shares 111,500 Est. Cost $238.05 Unrealized -28.8%

TSLA TESLA INC 1.5%

Value $20.69M Shares 46,000 Est. Cost — Unrealized —

AVGO BROADCOM INC 1.4%

Value $18.87M Shares 54,533 Est. Cost $357.00 Unrealized -6.4%

GEV GE VERNOVA INC 1.3%

Value $18.41M Shares 28,174 Est. Cost $415.97 Unrealized +77.2%

AAL AMERICAN AIRLS GROUP INC 1.3%

Value $17.32M Shares 1,130,000 Est. Cost — Unrealized —

CW CURTISS WRIGHT CORP 1.1%

Value $15.11M Shares 27,411 Est. Cost $492.21 Unrealized +32.2%

SE SEA LTD 1.0%

Value $14.2M Shares 111,350 Est. Cost $127.57 Unrealized —

ORCL ORACLE CORP 1.0%

Value $14.09M Shares 72,287 Est. Cost $238.05 Unrealized -28.8%

UBER UBER TECHNOLOGIES INC 0.9%

Value $11.85M Shares 144,965 Est. Cost $46.22 Unrealized +70.3%

CRWV COREWEAVE INC 0.8%

Value $10.74M Shares 150,000 Est. Cost — Unrealized —

LYFT LYFT INC 0.8%

Value $10.68M Shares 551,524 Est. Cost $16.73 Unrealized +0.2%

EWY ISHARES INC 0.5%

Value $7.126M Shares 73,300 Est. Cost $97.22 Unrealized —

HUT HUT 8 CORP 0.3%

Value $3.571M Shares 77,731 Est. Cost $44.08 Unrealized +28.4%

— BITCOIN DEPOT INC 0.1%

Value $1.935M Shares 1,500,000 Est. Cost $15.34 Unrealized -51.2%

TSE TRINSEO PLC 0.1%

Value $830K Shares 1,669,952 Est. Cost $3.45 Unrealized -86.2%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
QQQ	INVESCO QQQ TR	2,557,200	$1.571B	113.6%	—	—	PUT	46090E103
IEF	ISHARES TR	1,604,000	$154M	11.2%	—	—	PUT	464287440
KWEB	KRANESHARES TRUST	2,465,200	$83.94M	6.1%	—	—	CALL	500767306
NVDA	NVIDIA CORPORATION	398,300	$74.28M	5.4%	$186.13	+0.3%	CALL	67066G104
ASHR	DBX ETF TR	2,145,000	$70.46M	5.1%	—	—	CALL	233051879
PLTR	PALANTIR TECHNOLOGIES INC	205,500	$36.53M	2.6%	—	—	PUT	69608A108
MSFT	MICROSOFT CORP	67,011	$32.41M	2.3%	$462.87	-6.1%	—	594918104
UAL	UNITED AIRLS HLDGS INC	284,195	$31.78M	2.3%	$96.93	+15.2%	—	910047109
SLV	ISHARES SILVER TR	467,500	$30.12M	2.2%	—	—	PUT	46428Q109
HUM	HUMANA INC	110,723	$28.36M	2.1%	$261.09	-14.4%	—	444859102
DKNG	DRAFTKINGS INC NEW	799,953	$27.57M	2.0%	$41.48	-30.2%	—	26142V105
FLUT	FLUTTER ENTMT PLC	123,697	$26.6M	1.9%	$223.00	-25.3%	—	G3643J108
DASH	DOORDASH INC	117,394	$26.59M	1.9%	$234.56	-16.2%	—	25809K105
IWM	ISHARES TR	102,500	$25.23M	1.8%	—	—	CALL	464287655
EWY	ISHARES INC	228,263	$22.19M	1.6%	$97.22	—	—	464286772
ORCL	ORACLE CORP	111,500	$21.73M	1.6%	$238.05	-28.8%	CALL	68389X105
TSLA	TESLA INC	46,000	$20.69M	1.5%	—	—	PUT	88160R101
AVGO	BROADCOM INC	54,533	$18.87M	1.4%	$357.00	-6.4%	—	11135F101
GEV	GE VERNOVA INC	28,174	$18.41M	1.3%	$415.97	+77.2%	—	36828A101
AAL	AMERICAN AIRLS GROUP INC	1,130,000	$17.32M	1.3%	—	—	CALL	02376R102
CW	CURTISS WRIGHT CORP	27,411	$15.11M	1.1%	$492.21	+32.2%	—	231561101
SE	SEA LTD	111,350	$14.2M	1.0%	$127.57	—	—	81141R100
ORCL	ORACLE CORP	72,287	$14.09M	1.0%	$238.05	-28.8%	—	68389X105
UBER	UBER TECHNOLOGIES INC	144,965	$11.85M	0.9%	$46.22	+70.3%	—	90353T100
CRWV	COREWEAVE INC	150,000	$10.74M	0.8%	—	—	CALL	21873S108
LYFT	LYFT INC	551,524	$10.68M	0.8%	$16.73	+0.2%	—	55087P104
EWY	ISHARES INC	73,300	$7.126M	0.5%	$97.22	—	CALL	464286772
HUT	HUT 8 CORP	77,731	$3.571M	0.3%	$44.08	+28.4%	—	44812J104
—	BITCOIN DEPOT INC	1,500,000	$1.935M	0.1%	$15.34	-51.2%	—	09174P105
TSE	TRINSEO PLC	1,669,952	$830K	0.1%	$3.45	-86.2%	—	G9059U107

Decreased Positions (11)

IWM ISHARES TR 15.0%

Value $208M (-36.6%) Shares 839,000 (-37.1%) Est. Cost — Unrealized —

PCG PG&E CORP 3.5%

Value $48.92M (-42.9%) Shares 2,784,437 (-47.8%) Est. Cost $14.57 Unrealized +12.4%

AMZN AMAZON COM INC 0.2%

Value $2.973M (-92.0%) Shares 14,277 (-91.1%) Est. Cost $179.52 Unrealized +26.4%

NVDA NVIDIA CORPORATION 0.3%

Value $3.658M (-83.7%) Shares 20,977 (-82.6%) Est. Cost $186.13 Unrealized +0.3%

IGV ISHARES TR 0.9%

Value $11.89M (-61.2%) Shares 148,500 (-48.8%) Est. Cost — Unrealized —

TLN TALEN ENERGY CORP 1.5%

Value $20.44M (-43.0%) Shares 64,043 (-33.0%) Est. Cost $237.27 Unrealized +55.2%

VST VISTRA CORP 0.7%

Value $9.588M (-61.2%) Shares 63,778 (-58.4%) Est. Cost $160.23 Unrealized +1.8%

DHR DANAHER CORP DEL 0.5%

Value $6.57M (-54.8%) Shares 34,653 (-45.4%) Est. Cost $219.54 Unrealized +2.3%

BWXT BWX TECHNOLOGIES INC 0.6%

Value $8.045M (-43.8%) Shares 39,343 (-52.5%) Est. Cost $160.55 Unrealized +26.4%

APP APPLOVIN CORP 0.2%

Value $3.387M (-57.1%) Shares 8,511 (-27.3%) Est. Cost $630.10 Unrealized -19.5%

FTAI FTAI AVIATION LTD 3.6%

Value $50.32M (-4.8%) Shares 205,370 (-23.5%) Est. Cost $114.39 Unrealized +136.8%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
IWM	ISHARES TR	839,000 (-37.1%)	$208M (-36.6%)	15.0%	—	—	PUT	464287655
PCG	PG&E CORP	2,784,437 (-47.8%)	$48.92M (-42.9%)	3.5%	$14.57	+12.4%	COM	69331C108
AMZN	AMAZON COM INC	14,277 (-91.1%)	$2.973M (-92.0%)	0.2%	$179.52	+26.4%	COM	023135106
NVDA	NVIDIA CORPORATION	20,977 (-82.6%)	$3.658M (-83.7%)	0.3%	$186.13	+0.3%	COM	67066G104
IGV	ISHARES TR	148,500 (-48.8%)	$11.89M (-61.2%)	0.9%	—	—	CALL	464287515
TLN	TALEN ENERGY CORP	64,043 (-33.0%)	$20.44M (-43.0%)	1.5%	$237.27	+55.2%	COM	87422Q109
VST	VISTRA CORP	63,778 (-58.4%)	$9.588M (-61.2%)	0.7%	$160.23	+1.8%	COM	92840M102
DHR	DANAHER CORP DEL	34,653 (-45.4%)	$6.57M (-54.8%)	0.5%	$219.54	+2.3%	COM	235851102
BWXT	BWX TECHNOLOGIES INC	39,343 (-52.5%)	$8.045M (-43.8%)	0.6%	$160.55	+26.4%	COM	05605H100
APP	APPLOVIN CORP	8,511 (-27.3%)	$3.387M (-57.1%)	0.2%	$630.10	-19.5%	COM CL A	03831W108
FTAI	FTAI AVIATION LTD	205,370 (-23.5%)	$50.32M (-4.8%)	3.6%	$114.39	+136.8%	SHS	G3730V105

Unchanged Positions (1)

ATEX ANTERIX INC 14.9%

Value $207M Shares 5,411,776 Est. Cost $42.53 Unrealized -35.6%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
ATEX	ANTERIX INC	5,411,776	$207M	14.9%	$42.53	-35.6%	COM	03676C100