Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
IAU	ISHARES GOLD TR	3,363,600	$254M	20.5%	—	—	ISHARES NEW	464285204
—	SHARONAI HOLDINGS INC	108,500,000	$127M	10.2%	—	—	CONV BOND	778920AC2
TDS	TELEPHONE & DATA SYS INC	1,675,955	$62.03M	5.0%	—	—	COM NEW	879433829
SPCX	SPACE EXPLORATION TECHN CORP	250,000	$42.72M	3.4%	—	—	CLASS A COM STK	84615Q103
—	WOLFSPEED INC	11,970,000	$29.69M	2.4%	—	—	CONV BOND	97785WAC0
CMCSA	COMCAST CORP NEW	840,000	$20.62M	1.7%	—	—	CL A	20030N101
OVV	OVINTIV INC	390,000	$20.53M	1.7%	—	—	COM	69047Q102
—	KEEL INFRASTRUCTURE CORP	12,500,000	$14.59M	1.2%	—	—	CONV BOND	09173BAA5
SEI	SOLARIS ENERGY INFRAS INC	150,000	$12.07M	1.0%	—	—	COM CL A	83418M103
CHTR	CHARTER COMMUNICATIONS INC	75,000	$10.67M	0.9%	—	—	CL A	16119P108
—	KEEL INFRASTRUCTURE CORP	8,000,000	$8.895M	0.7%	—	—	CONV BOND	486917AA5
CBRS	CEREBRAS SYSTEMS INC	35,000	$7.735M	0.6%	—	—	COM CL A	15675D103
WING	WINGSTOP INC	40,000	$6.936M	0.6%	—	—	COM	974155103
CYH	COMMUNITY HEALTH SYS INC NEW	1,837,962	$6.139M	0.5%	—	—	COM	203668108
CGBD	CARLYLE SECURED LENDING INC	508,387	$5.353M	0.4%	—	—	COM	872280102
EAT	BRINKER INTL INC	29,500	$4.956M	0.4%	—	—	COM	109641100
FWRD	FORWARD AIR CORP	350,000	$4.729M	0.4%	—	—	COM	34986A104
MWH	SOLV ENERGY INC	80,000	$2.724M	0.2%	—	—	COM SHS CL A	78475V103
INIO	INNIO NV	50,000	$1.978M	0.2%	—	—	ORDINARY SHARES	N52A8C105

Increased Positions (5)

MBC MASTERBRAND INC 4.0%

Value $49.18M (+282.9%) Shares 4,779,445 (+209.2%) Est. Cost — Unrealized —

JHX JAMES HARDIE INDS PLC 2.5%

Value $30.69M (+3140.3%) Shares 1,172,112 (+2244.2%) Est. Cost — Unrealized —

FBIN FORTUNE BRANDS INNOVATIONS I 3.1%

Value $38.23M (+44.3%) Shares 696,350 (+2.4%) Est. Cost — Unrealized —

VISN VISTANCE NETWORKS INC 1.8%

Value $22.36M (+53.6%) Shares 1,750,000 (+118.8%) Est. Cost — Unrealized —

AMBP ARDAGH METAL PACKAGING S A 1.9%

Value $23.84M (+31.8%) Shares 5,030,465 (+12.6%) Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
MBC	MASTERBRAND INC	4,779,445 (+209.2%)	$49.18M (+282.9%)	4.0%	—	—	COMMON STOCK	57638P104
JHX	JAMES HARDIE INDS PLC	1,172,112 (+2244.2%)	$30.69M (+3140.3%)	2.5%	—	—	ORD SHS	G4253H101
FBIN	FORTUNE BRANDS INNOVATIONS I	696,350 (+2.4%)	$38.23M (+44.3%)	3.1%	—	—	COM	34964C106
VISN	VISTANCE NETWORKS INC	1,750,000 (+118.8%)	$22.36M (+53.6%)	1.8%	—	—	COM	20337X109
AMBP	ARDAGH METAL PACKAGING S A	5,030,465 (+12.6%)	$23.84M (+31.8%)	1.9%	—	—	SHS	L02235106

Exited Positions (14)

IWM ISHARES TR 8.0%

Value $99.2M Shares 400,000 Est. Cost — Unrealized —

— NEBIUS GROUP N.V. 3.1%

Value $38.51M Shares 40,000,000 Est. Cost — Unrealized —

— NEBIUS GROUP N.V. 3.0%

Value $37.22M Shares 40,000,000 Est. Cost — Unrealized —

BKNG BOOKING HOLDINGS INC 2.0%

Value $25.26M Shares 6,000 Est. Cost — Unrealized —

CZR CAESARS ENTERTAINMENT INC NE 2.0%

Value $24.33M Shares 920,600 Est. Cost — Unrealized —

HCA HCA HEALTHCARE INC 1.8%

Value $22.24M Shares 47,000 Est. Cost — Unrealized —

PCG PG&E CORP 1.7%

Value $21.08M Shares 1,200,000 Est. Cost — Unrealized —

UWMC UWM HOLDINGS CORPORATION 1.7%

Value $21M Shares 5,800,000 Est. Cost — Unrealized —

ARKK ARK ETF TR 1.6%

Value $20.28M Shares 300,000 Est. Cost — Unrealized —

XLI SELECT SECTOR SPDR TR 1.6%

Value $20.22M Shares 125,000 Est. Cost — Unrealized —

SLRC SLR INVESTMENT CORP 1.0%

Value $11.84M Shares 827,099 Est. Cost — Unrealized —

GOOGL ALPHABET INC 0.6%

Value $7.189M Shares 25,000 Est. Cost — Unrealized —

RH RH 0.3%

Value $4.296M Shares 30,725 Est. Cost — Unrealized —

— LIBERTY MEDIA CORP DEL 0.0%

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

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
IWM	ISHARES TR	400,000	$99.2M	8.0%	—	—	PUT	464287655
—	NEBIUS GROUP N.V.	40,000,000	$38.51M	3.1%	—	—	—	63954QAJ5
—	NEBIUS GROUP N.V.	40,000,000	$37.22M	3.0%	—	—	—	63954QAL0
BKNG	BOOKING HOLDINGS INC	6,000	$25.26M	2.0%	—	—	PUT	09857L108
CZR	CAESARS ENTERTAINMENT INC NE	920,600	$24.33M	2.0%	—	—	CALL	12769G100
HCA	HCA HEALTHCARE INC	47,000	$22.24M	1.8%	—	—	PUT	40412C101
PCG	PG&E CORP	1,200,000	$21.08M	1.7%	—	—	—	69331C108
UWMC	UWM HOLDINGS CORPORATION	5,800,000	$21M	1.7%	—	—	—	91823B109
ARKK	ARK ETF TR	300,000	$20.28M	1.6%	—	—	PUT	00214Q104
XLI	SELECT SECTOR SPDR TR	125,000	$20.22M	1.6%	—	—	PUT	81369Y704
SLRC	SLR INVESTMENT CORP	827,099	$11.84M	1.0%	—	—	—	83413U100
GOOGL	ALPHABET INC	25,000	$7.189M	0.6%	—	—	CALL	02079K305
RH	RH	30,725	$4.296M	0.3%	—	—	—	74967X103
—	LIBERTY MEDIA CORP DEL	7,783,528	$320K	0.0%	—	—	—	530715AL5

Decreased Positions (7)

SATS ECHOSTAR CORP 2.7%

Value $33.17M (-80.7%) Shares 326,754 (-77.8%) Est. Cost — Unrealized —

SPY STATE STR SPDR S&P 500 ETF T 24.1%

Value $299M (-8.1%) Shares 400,000 (-20.0%) Est. Cost — Unrealized —

SILA SILA REALTY TRUST INC 1.1%

Value $13.28M (-46.6%) Shares 437,473 (-58.4%) Est. Cost — Unrealized —

BBDC BARINGS BDC INC 0.1%

Value $823K (-93.2%) Shares 96,589 (-93.4%) Est. Cost — Unrealized —

NCDL NUVEEN CHURCHILL DIRECT LEND 0.6%

Value $7.51M (-57.2%) Shares 604,645 (-56.2%) Est. Cost — Unrealized —

UNIT UNITI GROUP LLC 3.7%

Value $45.88M (-13.9%) Shares 4,000,000 (-29.6%) Est. Cost — Unrealized —

PFLT PENNANTPARK FLOATING RATE CA 0.5%

Value $6.732M (-49.4%) Shares 900,000 (-45.6%) Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
SATS	ECHOSTAR CORP	326,754 (-77.8%)	$33.17M (-80.7%)	2.7%	—	—	CL A	278768106
SPY	STATE STR SPDR S&P 500 ETF T	400,000 (-20.0%)	$299M (-8.1%)	24.1%	—	—	PUT	78462F103
SILA	SILA REALTY TRUST INC	437,473 (-58.4%)	$13.28M (-46.6%)	1.1%	—	—	COMMON STOCK	146280508
BBDC	BARINGS BDC INC	96,589 (-93.4%)	$823K (-93.2%)	0.1%	—	—	COM	06759L103
NCDL	NUVEEN CHURCHILL DIRECT LEND	604,645 (-56.2%)	$7.51M (-57.2%)	0.6%	—	—	COM SHS	67090S108
UNIT	UNITI GROUP LLC	4,000,000 (-29.6%)	$45.88M (-13.9%)	3.7%	—	—	COM SHS	912932100
PFLT	PENNANTPARK FLOATING RATE CA	900,000 (-45.6%)	$6.732M (-49.4%)	0.5%	—	—	COM	70806A106

Unchanged Positions (3)

MAGN MAGNERA CORP 1.1%

Value $14.17M Shares 1,205,793 Est. Cost — Unrealized —

CMCO COLUMBUS MCKINNON CORP N Y 0.9%

Value $10.83M Shares 715,783 Est. Cost — Unrealized —

SATS ECHOSTAR CORP 0.1%

Value $1.736M Shares 17,100 Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
MAGN	MAGNERA CORP	1,205,793	$14.17M	1.1%	—	—	COM SHS	55939A107
CMCO	COLUMBUS MCKINNON CORP N Y	715,783	$10.83M	0.9%	—	—	COM	199333105
SATS	ECHOSTAR CORP	17,100	$1.736M	0.1%	—	—	CALL	278768106