Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
ARES	ARES MANAGEMENT CORPORATION	220,118	$24.5M	2.0%	—	—	CL A COM STK	03990B101
DASH	DOORDASH INC	130,176	$24.02M	2.0%	—	—	CL A	25809K105
KWEB	KRANESHARES TRUST	971,100	$23.76M	2.0%	—	—	CALL	500767306
RCL	ROYAL CARIBBEAN GROUP	69,856	$22.18M	1.8%	—	—	COM	V7780T103
UBER	UBER TECHNOLOGIES INC	272,488	$19.66M	1.6%	—	—	COM	90353T100
UAL	UNITED AIRLS HLDGS INC	137,695	$18.73M	1.5%	—	—	COM	910047109
CCL	CARNIVAL CORP LTD	569,159	$16.26M	1.3%	—	—	COMMON SHARES	G2004J103
RKT	ROCKET COS INC	1,024,109	$16.13M	1.3%	—	—	COM CL A	77311W101
FLEX	FLEX LTD	90,918	$14.74M	1.2%	—	—	ORD	Y2573F102
UWMC	UWM HOLDINGS CORPORATION	4,911,463	$11.25M	0.9%	—	—	COM CL A	91823B109
EWY	ISHARES INC	50,600	$10.22M	0.8%	—	—	PUT	464286772
MLCO	MELCO RESORTS AND ENTMNT LTD	1,722,262	$9.076M	0.8%	—	—	ADR	585464100
SE	SEA LTD	93,152	$8.927M	0.7%	—	—	SPONSORD ADS	81141R100
MSFT	MICROSOFT CORP	18,647	$6.956M	0.6%	—	—	COM	594918104
META	META PLATFORMS INC	12,248	$6.899M	0.6%	—	—	CL A	30303M102
NN	NEXTNAV INC	341,803	$6.094M	0.5%	—	—	COMMON STOCK	65345N106
Z	ZILLOW GROUP INC	126,293	$3.981M	0.3%	—	—	CL C CAP STK	98954M200
GEV	GE VERNOVA INC	2,565	$3.014M	0.2%	—	—	COM	36828A101
BWA	BORGWARNER INC	33,648	$2.234M	0.2%	—	—	COM	099724106

Increased Positions (6)

PCG PG&E CORP 6.6%

Value $79.5M (+62.5%) Shares 4,726,388 (+69.7%) Est. Cost — Unrealized —

APP APPLOVIN CORP 2.3%

Value $27.98M (+726.0%) Shares 54,304 (+538.0%) Est. Cost — Unrealized —

ALK ALASKA AIR GROUP INC 2.1%

Value $25.17M (+335.4%) Shares 482,112 (+206.8%) Est. Cost — Unrealized —

RJET REPUBLIC AWYS HLDGS INC 7.4%

Value $89.9M (+18.8%) Shares 4,278,689 (+1.1%) Est. Cost — Unrealized —

VST VISTRA CORP 2.0%

Value $23.76M (+147.8%) Shares 149,799 (+134.9%) Est. Cost — Unrealized —

AIV APARTMENT INVT & MGMT CO 1.5%

Value $17.61M (+43.1%) Shares 5,927,644 (+96.1%) Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
PCG	PG&E CORP	4,726,388 (+69.7%)	$79.5M (+62.5%)	6.6%	—	—	COM	69331C108
APP	APPLOVIN CORP	54,304 (+538.0%)	$27.98M (+726.0%)	2.3%	—	—	COM CL A	03831W108
ALK	ALASKA AIR GROUP INC	482,112 (+206.8%)	$25.17M (+335.4%)	2.1%	—	—	COM	011659109
RJET	REPUBLIC AWYS HLDGS INC	4,278,689 (+1.1%)	$89.9M (+18.8%)	7.4%	—	—	COM SHS	590479408
VST	VISTRA CORP	149,799 (+134.9%)	$23.76M (+147.8%)	2.0%	—	—	COM	92840M102
AIV	APARTMENT INVT & MGMT CO	5,927,644 (+96.1%)	$17.61M (+43.1%)	1.5%	—	—	CL A	03748R747

Exited Positions (15)

SPY STATE STR SPDR S&P 500 ETF T 39.1%

Value $473M Shares 726,700 Est. Cost — Unrealized —

IWM ISHARES TR 17.2%

Value $208M Shares 839,000 Est. Cost — Unrealized —

F FORD MTR CO 4.8%

Value $57.75M Shares 5,003,900 Est. Cost — Unrealized —

ECH ISHARES INC 3.5%

Value $41.75M Shares 1,050,000 Est. Cost — Unrealized —

APP APPLOVIN CORP 1.0%

Value $11.94M Shares 30,000 Est. Cost — Unrealized —

IGV ISHARES TR 1.0%

Value $11.89M Shares 148,500 Est. Cost — Unrealized —

AMZN AMAZON COM INC 0.9%

Value $10.79M Shares 51,800 Est. Cost — Unrealized —

ISRG INTUITIVE SURGICAL INC 0.7%

Value $7.869M Shares 17,069 Est. Cost — Unrealized —

INTU INTUIT 0.5%

Value $5.924M Shares 13,702 Est. Cost — Unrealized —

DUOL DUOLINGO INC 0.3%

Value $3.844M Shares 39,000 Est. Cost — Unrealized —

NVDA NVIDIA CORPORATION 0.3%

Value $3.658M Shares 20,977 Est. Cost — Unrealized —

GE GE AEROSPACE 0.3%

Value $3.219M Shares 11,342 Est. Cost — Unrealized —

AMZN AMAZON COM INC 0.2%

Value $2.973M Shares 14,277 Est. Cost — Unrealized —

HWM HOWMET AEROSPACE INC 0.1%

Value $1.565M Shares 6,790 Est. Cost — Unrealized —

BTM BITCOIN DEPOT INC 0.1%

Value $1.094M Shares 502,014 Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
SPY	STATE STR SPDR S&P 500 ETF T	726,700	$473M	39.1%	—	—	PUT	78462F103
IWM	ISHARES TR	839,000	$208M	17.2%	—	—	PUT	464287655
F	FORD MTR CO	5,003,900	$57.75M	4.8%	—	—	PUT	345370860
ECH	ISHARES INC	1,050,000	$41.75M	3.5%	—	—	CALL	464286640
APP	APPLOVIN CORP	30,000	$11.94M	1.0%	—	—	CALL	03831W108
IGV	ISHARES TR	148,500	$11.89M	1.0%	—	—	CALL	464287515
AMZN	AMAZON COM INC	51,800	$10.79M	0.9%	—	—	CALL	023135106
ISRG	INTUITIVE SURGICAL INC	17,069	$7.869M	0.7%	—	—	—	46120E602
INTU	INTUIT	13,702	$5.924M	0.5%	—	—	—	461202103
DUOL	DUOLINGO INC	39,000	$3.844M	0.3%	—	—	CALL	26603R106
NVDA	NVIDIA CORPORATION	20,977	$3.658M	0.3%	—	—	—	67066G104
GE	GE AEROSPACE	11,342	$3.219M	0.3%	—	—	—	369604301
AMZN	AMAZON COM INC	14,277	$2.973M	0.2%	—	—	—	023135106
HWM	HOWMET AEROSPACE INC	6,790	$1.565M	0.1%	—	—	—	443201108
BTM	BITCOIN DEPOT INC	502,014	$1.094M	0.1%	—	—	—	09174P303

Decreased Positions (6)

FTAI FTAI AVIATION LTD 2.9%

Value $34.48M (-31.5%) Shares 127,453 (-37.9%) Est. Cost — Unrealized —

SKYW SKYWEST INC 1.5%

Value $18.26M (-39.1%) Shares 183,793 (-43.7%) Est. Cost — Unrealized —

DHR DANAHER CORP DEL 0.1%

Value $1.36M (-79.3%) Shares 7,138 (-79.4%) Est. Cost — Unrealized —

SPOT SPOTIFY TECHNOLOGY S A 0.1%

Value $1.081M (-82.4%) Shares 2,354 (-81.4%) Est. Cost — Unrealized —

TLN TALEN ENERGY CORP 1.8%

Value $21.19M (+3.7%) Shares 55,150 (-13.9%) Est. Cost — Unrealized —

BWXT BWX TECHNOLOGIES INC 0.6%

Value $7.473M (-7.1%) Shares 38,391 (-2.4%) Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
FTAI	FTAI AVIATION LTD	127,453 (-37.9%)	$34.48M (-31.5%)	2.9%	—	—	SHS	G3730V105
SKYW	SKYWEST INC	183,793 (-43.7%)	$18.26M (-39.1%)	1.5%	—	—	COM	830879102
DHR	DANAHER CORP DEL	7,138 (-79.4%)	$1.36M (-79.3%)	0.1%	—	—	COM	235851102
SPOT	SPOTIFY TECHNOLOGY S A	2,354 (-81.4%)	$1.081M (-82.4%)	0.1%	—	—	SHS	L8681T102
TLN	TALEN ENERGY CORP	55,150 (-13.9%)	$21.19M (+3.7%)	1.8%	—	—	COM	87422Q109
BWXT	BWX TECHNOLOGIES INC	38,391 (-2.4%)	$7.473M (-7.1%)	0.6%	—	—	COM	05605H100

Unchanged Positions (3)

ATEX ANTERIX INC 46.1%

Value $557M Shares 5,411,776 Est. Cost — Unrealized —

CYH COMMUNITY HEALTH SYS INC NEW 0.7%

Value $8.452M Shares 2,530,622 Est. Cost — Unrealized —

MSFT MICROSOFT CORP 3.9%

Value $47.08M Shares 126,200 Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
ATEX	ANTERIX INC	5,411,776	$557M	46.1%	—	—	COM	03676C100
CYH	COMMUNITY HEALTH SYS INC NEW	2,530,622	$8.452M	0.7%	—	—	COM	203668108
MSFT	MICROSOFT CORP	126,200	$47.08M	3.9%	—	—	CALL	594918104