Anson Funds Management LP Hedge Fund

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
KWEB	KraneShares CSI China Internet ETF	1,638,900	$46,594	4.1%	—	—	CALL	500767306
LAES	SEALSQ Corp	12,457,698	$32,639	2.9%	$4.21	0.0%	Equity	G79483106
SPSC	SPS Commerce Inc	575,000	$32,010	2.8%	$79.88	0.0%	Equity	78463M107
GOOG	Alphabet Inc	110,000	$31,555	2.8%	—	—	CALL	02079K107
XLE	State Street Energy Select Sector SPDR ETF	500,000	$30,630	2.7%	—	—	PUT	81369Y506
TLT	iShares 20 Year Treasury Bond ETF	300,000	$26,007	2.3%	—	—	CALL	464287432
MZYX/U	MOZAYYX Acquisition Corp	2,450,000	$24,378	2.1%	$9.95	—	Equity Unit	G63113123
VENU	Venu Holding Corp	5,508,548	$18,233	1.6%	$6.91	0.0%	Equity	92333E104
GLXY	Galaxy Digital Inc	600,000	$11,070	1.0%	$25.40	0.0%	Equity	36317J209
PSLV	Sprott Physical Silver Trust	406,900	$9,924	0.9%	$24.39	—	Exchange Traded Fund	85207K107
QQQ	Invesco QQQ Trust Series 1	15,000	$8,658	0.8%	—	—	PUT	46090E103
XXI	Twenty One Capital Inc	1,271,500	$8,138	0.7%	$7.71	0.0%	Equity	90138L109
BUG	Global X Cybersecurity ETF	300,000	$7,533	0.7%	—	—	CALL	37954Y384
GSAT	Globalstar Inc	100,000	$6,642	0.6%	$49.03	+25.4%	CALL	378973507
DJT	Trump Media & Technology Group Corp	710,986	$6,598	0.6%	$12.56	0.0%	Equity	25400Q105
PLD	PROLOGIS INC	48,050	$6,351	0.6%	$129.05	0.0%	Equity	74340W103
PSA	Public Storage	23,100	$6,257	0.5%	$258.44	0.0%	Equity	74460D109
WY	Weyerhaeuser Co	250,000	$6,108	0.5%	—	—	CALL	962166104
SMH	VanEck Semiconductor ETF	15,000	$5,751	0.5%	—	—	PUT	92189F676
META	Meta Platforms Inc	10,000	$5,721	0.5%	—	—	CALL	30303M102
O	Realty Income Corp	91,900	$5,622	0.5%	$57.31	0.0%	Equity	756109104
SPSC	SPS Commerce Inc	100,000	$5,567	0.5%	$79.88	0.0%	CALL	78463M107
CBRE	CBRE Group Inc	41,070	$5,563	0.5%	$161.40	0.0%	Equity	12504L109
MSFT	Microsoft Corporation	15,000	$5,553	0.5%	—	—	CALL	594918104
SPG	SIMON PROPERTY GROUP INC	26,100	$4,868	0.4%	$183.97	0.0%	Equity	828806109
JETS	US Global Jets ETF	190,000	$4,680	0.4%	—	—	CALL	26922A842
CORZ	Core Scientific Inc	306,000	$4,578	0.4%	$17.70	0.0%	Equity	21874A106
IRM	Iron Mountain Inc	42,200	$4,310	0.4%	$83.24	0.0%	Equity	46284V101
APO	Apollo Global Management Inc	38,500	$4,290	0.4%	—	—	CALL	03769M106
LRCX	LAM RESEARCH CORP	19,750	$4,220	0.4%	$225.94	0.0%	Equity	512807306
MDALF	MDA Space Ltd	151,848	$3,845	0.3%	$25.60	0.0%	Equity	55293N109
MKSI	MKS Inc	16,500	$3,792	0.3%	$225.13	0.0%	Equity	55306N104
SNDK	Sandisk Corp/DE	5,000	$3,177	0.3%	—	—	PUT	80004C200
AMT	American Tower Corp	18,100	$3,124	0.3%	$174.80	0.0%	Equity	03027X100
AQN	Algonquin Power & Utilities Corp	500,000	$3,061	0.3%	$6.51	0.0%	Equity	015857105
RDDT	Reddit Inc	22,500	$3,030	0.3%	$189.65	0.0%	Equity	75734B100
COLD	Americold Realty Trust Inc	259,000	$2,968	0.3%	$11.46	—	Equity	03064D108
BKD	Brookdale Senior Living Inc	200,000	$2,736	0.2%	$6.10	+127.1%	CALL	112463104
BGSI	Boyd Group Services Inc	20,000	$2,552	0.2%	$166.33	0.0%	Equity	103310108
PZZA	Papa John's International Inc	75,000	$2,431	0.2%	$35.19	0.0%	Equity	698813102
NWAX/WS	New America Acquisition I Corp	238,642	$2,389	0.2%	$10.01	—	Warrant	023634116
RKT	Rocket Cos Inc	165,000	$2,351	0.2%	$20.15	0.0%	Equity	77311W101
TEAM	Atlassian Corp	30,000	$2,048	0.2%	—	—	CALL	049468101
KWM	K Wave Media Ltd	3,823,333	$1,984	0.2%	$0.69	0.0%	Equity	G53151109
EWZ	iShares MSCI Brazil ETF	50,000	$1,920	0.2%	—	—	CALL	464286400
DDC	DDC Enterprise Ltd	956,694	$1,894	0.2%	$2.80	0.0%	Equity	G276AC119
AAOI	APPLIED OPTOELECTRONICS INC	20,000	$1,692	0.1%	—	—	CALL	03823U102
CP	Canadian Pacific Kansas City Ltd	20,000	$1,573	0.1%	$77.24	0.0%	Equity	13646K108
BILL	BILL Holdings Inc	40,000	$1,532	0.1%	$46.99	0.0%	Equity	090043100
SLNO	Soleno Therapeutics Inc	44,231	$1,481	0.1%	$41.63	0.0%	Equity	834203309
ASML	ASML Holding NV	1,000	$1,321	0.1%	$1320.83	—	ADR	N07059210
CURB	Curbline Properties Corp	51,000	$1,315	0.1%	$25.79	—	Equity	23128Q101
DASH	DoorDash Inc	8,750	$1,314	0.1%	$196.68	0.0%	Equity	25809K105
MOS	Mosaic Co/The	50,000	$1,275	0.1%	—	—	CALL	61945C103
DTCX	Datacentrex Inc	578,100	$1,243	0.1%	$2.09	0.0%	Equity	256918103
AVR	Anteris Technologies Global Corp	202,826	$1,126	0.1%	$5.58	0.0%	Equity	03675P102
MITK	Mitek Systems Inc	73,930	$998	0.1%	$11.21	0.0%	Equity	606710200
TER	TERADYNE INC	3,000	$889	0.1%	$265.87	0.0%	Equity	880770102
AGQ	ProShares Ultra Silver	6,228	$744	0.1%	$119.51	—	Exchange Traded Fund	74347W353
HYMC	Hycroft Mining Holding Corp	20,000	$704	0.1%	—	—	PUT	44862P208
FPS	Forgent Power Solutions Inc	18,381	$538	0.0%	$29.27	—	Equity	34631F102
VMET	Versamet Royalties Corp	52,600	$499	0.0%	$9.49	—	Equity	92528V200
VG	Venture Global Inc	25,000	$394	0.0%	$8.89	0.0%	Equity	92333F101
TTD	TRADE DESK INC/THE	5,000	$113	0.0%	$31.21	0.0%	Equity	88339J105
XXII	22ND CENTURY GROUP INC	50,881	$112	0.0%	$8.96	0.0%	Equity	90137F608
ZNB	Zeta Network Group	32,788	$65	0.0%	$1.98	—	Equity	G2287A142

Increased Positions (18)

EWC iShares MSCI Canada ETF 7.2%

Value ($000) $82,185 (+52.4%) Shares 1,500,000 (+50.0%) Est. Cost — Unrealized —

MSOS AdvisorShares Pure US Cannabis ETF 5.1%

Value ($000) $57,975 (+56.7%) Shares 16,330,922 (+108.4%) Est. Cost $4.11 Unrealized —

ODV Osisko Development Corp 1.1%

Value ($000) $12,555 (+1196.7%) Shares 3,862,208 (+1292.2%) Est. Cost $3.61 Unrealized +3.1%

GDXJ VanEck Junior Gold Miners ETF 2.1%

Value ($000) $24,008 (+58.3%) Shares 200,000 (+50.0%) Est. Cost — Unrealized —

GSAT Globalstar Inc 0.9%

Value ($000) $10,506 (+244.2%) Shares 158,179 (+216.4%) Est. Cost $49.03 Unrealized +25.4%

TSLA TESLA, INC. 1.4%

Value ($000) $16,054 (+86.6%) Shares 43,184 (+125.8%) Est. Cost $379.50 Unrealized +12.2%

CVNA CARVANA CO 0.4%

Value ($000) $5,030 (+1091.9%) Shares 16,000 (+1500.0%) Est. Cost $406.19 Unrealized +0.6%

SN SharkNinja Inc 0.4%

Value ($000) $4,236 (+657.1%) Shares 40,000 (+700.0%) Est. Cost $120.39 Unrealized +1.9%

TSM Taiwan Semiconductor Manufacturing Co Ltd 0.4%

Value ($000) $4,562 (+328.9%) Shares 13,500 (+285.7%) Est. Cost $329.12 Unrealized —

CAE CAE Inc 0.6%

Value ($000) $7,296 (+65.6%) Shares 280,000 (+93.1%) Est. Cost $29.91 Unrealized +6.4%

SGHC Super Group SGHC Ltd 0.5%

Value ($000) $5,737 (+88.3%) Shares 531,214 (+108.3%) Est. Cost $10.78 Unrealized -8.5%

LOVE LOVESAC CO/THE 1.5%

Value ($000) $17,487 (+10.7%) Shares 1,183,986 (+10.6%) Est. Cost $22.97 Unrealized -38.8%

BNL Broadstone Net Lease Inc 0.2%

Value ($000) $2,192 (+57.8%) Shares 120,000 (+50.0%) Est. Cost $17.67 Unrealized —

FIVN Five9 Inc 2.8%

Value ($000) $31,655 (+2.6%) Shares 2,086,675 (+35.6%) Est. Cost $27.82 Unrealized -35.2%

BHR Braemar Hotels & Resorts Inc 0.4%

Value ($000) $4,267 (+22.1%) Shares 1,808,219 (+48.5%) Est. Cost $2.70 Unrealized —

MTCH Match Group Inc 3.7%

Value ($000) $41,700 (-1.3%) Shares 1,357,879 (+3.8%) Est. Cost $32.17 Unrealized -2.4%

SE Sea Ltd 0.2%

Value ($000) $2,161 (-15.3%) Shares 26,100 (+30.5%) Est. Cost $117.11 Unrealized —

SSM Sono Group NV 0.1%

Value ($000) $632 (+137.1%) Shares 99,787 (+162.2%) Est. Cost $7.23 Unrealized -1.3%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
EWC	iShares MSCI Canada ETF	1,500,000 (+50.0%)	$82,185 (+52.4%)	7.2%	—	—	PUT	464286509
MSOS	AdvisorShares Pure US Cannabis ETF	16,330,922 (+108.4%)	$57,975 (+56.7%)	5.1%	$4.11	—	Exchange Traded Fund	00768Y453
ODV	Osisko Development Corp	3,862,208 (+1292.2%)	$12,555 (+1196.7%)	1.1%	$3.61	+3.1%	Equity	68828E809
GDXJ	VanEck Junior Gold Miners ETF	200,000 (+50.0%)	$24,008 (+58.3%)	2.1%	—	—	PUT	92189F791
GSAT	Globalstar Inc	158,179 (+216.4%)	$10,506 (+244.2%)	0.9%	$49.03	+25.4%	Equity	378973507
TSLA	TESLA, INC.	43,184 (+125.8%)	$16,054 (+86.6%)	1.4%	$379.50	+12.2%	Equity	88160R101
CVNA	CARVANA CO	16,000 (+1500.0%)	$5,030 (+1091.9%)	0.4%	$406.19	+0.6%	Equity	146869102
SN	SharkNinja Inc	40,000 (+700.0%)	$4,236 (+657.1%)	0.4%	$120.39	+1.9%	Equity	G8068L108
TSM	Taiwan Semiconductor Manufacturing Co Ltd	13,500 (+285.7%)	$4,562 (+328.9%)	0.4%	$329.12	—	ADR	874039100
CAE	CAE Inc	280,000 (+93.1%)	$7,296 (+65.6%)	0.6%	$29.91	+6.4%	Equity	124765108
SGHC	Super Group SGHC Ltd	531,214 (+108.3%)	$5,737 (+88.3%)	0.5%	$10.78	-8.5%	Equity	G8588X103
LOVE	LOVESAC CO/THE	1,183,986 (+10.6%)	$17,487 (+10.7%)	1.5%	$22.97	-38.8%	Equity	54738L109
BNL	Broadstone Net Lease Inc	120,000 (+50.0%)	$2,192 (+57.8%)	0.2%	$17.67	—	Equity	11135E203
FIVN	Five9 Inc	2,086,675 (+35.6%)	$31,655 (+2.6%)	2.8%	$27.82	-35.2%	Equity	338307101
BHR	Braemar Hotels & Resorts Inc	1,808,219 (+48.5%)	$4,267 (+22.1%)	0.4%	$2.70	—	Equity	10482B101
MTCH	Match Group Inc	1,357,879 (+3.8%)	$41,700 (-1.3%)	3.7%	$32.17	-2.4%	Equity	57667L107
SE	Sea Ltd	26,100 (+30.5%)	$2,161 (-15.3%)	0.2%	$117.11	—	ADR	81141R100
SSM	Sono Group NV	99,787 (+162.2%)	$632 (+137.1%)	0.1%	$7.23	-1.3%	Equity	N81409125

Exited Positions (56)

MSTR Strategy Inc 10.0%

Value ($000) $113,963 Shares 750,000 Est. Cost — Unrealized —

CCO Clear Channel Outdoor Holdings Inc 3.8%

Value ($000) $43,852 Shares 19,842,452 Est. Cost $1.43 Unrealized +53.9%

CP Canadian Pacific Kansas City Ltd 1.9%

Value ($000) $22,089 Shares 300,000 Est. Cost $77.24 Unrealized 0.0%

AVB AvalonBay Communities Inc 1.6%

Value ($000) $18,131 Shares 100,000 Est. Cost — Unrealized —

MCGA Yorkville Acquisition Corp 1.6%

Value ($000) $17,972 Shares 1,774,150 Est. Cost $10.65 Unrealized -4.7%

ORBS Eightco Holdings Inc 1.2%

Value ($000) $14,219 Shares 8,219,178 Est. Cost $5.47 Unrealized -73.5%

MSOS AdvisorShares Pure US Cannabis ETF 1.0%

Value ($000) $11,501 Shares 2,436,600 Est. Cost $4.11 Unrealized —

REKR Rekor Systems Inc 0.9%

Value ($000) $10,395 Shares 7,532,319 Est. Cost $2.04 Unrealized -42.3%

EMPD Empery Digital Inc 0.9%

Value ($000) $10,186 Shares 2,231,294 Est. Cost $9.03 Unrealized -51.9%

ORCL Oracle Corp 0.9%

Value ($000) $9,746 Shares 50,000 Est. Cost — Unrealized —

NRXP NRX Therapeutics Inc 0.7%

Value ($000) $8,249 Shares 3,043,957 Est. Cost $2.68 Unrealized -22.8%

BHVN Biohaven Ltd 0.7%

Value ($000) $7,535 Shares 667,381 Est. Cost $12.39 Unrealized -5.1%

LW Lamb Weston Holdings Inc 0.5%

Value ($000) $6,249 Shares 149,187 Est. Cost $55.66 Unrealized -17.9%

TU TELUS Corp 0.5%

Value ($000) $5,273 Shares 400,000 Est. Cost $14.08 Unrealized -2.9%

LOVE LOVESAC CO/THE 0.4%

Value ($000) $4,425 Shares 300,000 Est. Cost $22.97 Unrealized -38.8%

CIGI Colliers International Group Inc 0.3%

Value ($000) $3,675 Shares 25,000 Est. Cost $150.11 Unrealized -10.5%

HPP Hudson Pacific Properties Inc 0.3%

Value ($000) $3,612 Shares 333,500 Est. Cost $10.83 Unrealized —

TNYA Tenaya Therapeutics Inc 0.3%

Value ($000) $2,955 Shares 4,152,966 Est. Cost $1.36 Unrealized -46.6%

WELL Welltower Inc 0.3%

Value ($000) $2,877 Shares 15,500 Est. Cost $186.47 Unrealized +0.2%

SUI Sun Communities Inc 0.3%

Value ($000) $2,850 Shares 23,000 Est. Cost $123.91 Unrealized —

COLD Americold Realty Trust Inc 0.2%

Value ($000) $2,636 Shares 205,000 Est. Cost $11.46 Unrealized —

KRC Kilroy Realty Corp 0.2%

Value ($000) $2,616 Shares 70,000 Est. Cost $37.37 Unrealized —

CWK Cushman & Wakefield Ltd 0.2%

Value ($000) $2,414 Shares 149,103 Est. Cost $15.85 Unrealized -2.3%

ESS ESSEX PROPERTY TRUST INC 0.2%

Value ($000) $2,381 Shares 9,100 Est. Cost $256.27 Unrealized +0.2%

HPP Hudson Pacific Properties Inc 0.2%

Value ($000) $2,327 Shares 214,899 Est. Cost $10.83 Unrealized —

GRTUF Granite Real Estate Investment Trust 0.2%

Value ($000) $2,274 Shares 38,200 Est. Cost $59.54 Unrealized —

UWMC UWM Holdings Corp 0.2%

Value ($000) $2,224 Shares 507,800 Est. Cost — Unrealized —

FSV FirstService Corp 0.2%

Value ($000) $2,193 Shares 14,100 Est. Cost $162.42 Unrealized -3.0%

SITC SITE Centers Corp 0.2%

Value ($000) $2,189 Shares 341,025 Est. Cost $6.42 Unrealized —

KRG Kite Realty Group Trust 0.2%

Value ($000) $2,171 Shares 90,570 Est. Cost $22.36 Unrealized —

CAPR CAPRICOR THERAPEUTICS INC 0.2%

Value ($000) $1,963 Shares 68,018 Est. Cost $13.06 Unrealized +90.5%

CSR Centerspace 0.2%

Value ($000) $1,778 Shares 26,656 Est. Cost $66.72 Unrealized —

STI Solidion Technology Inc 0.1%

Value ($000) $1,704 Shares 240,400 Est. Cost $10.17 Unrealized -32.2%

FISV Fiserv Inc 0.1%

Value ($000) $1,679 Shares 25,000 Est. Cost $83.87 Unrealized -23.7%

AAT American Assets Trust Inc 0.1%

Value ($000) $1,435 Shares 75,785 Est. Cost $18.93 Unrealized —

EQX Equinox Gold Corp 0.1%

Value ($000) $1,404 Shares 100,000 Est. Cost — Unrealized —

B Barrick Mining Corp 0.1%

Value ($000) $1,089 Shares 25,000 Est. Cost — Unrealized —

LASE Laser Photonics Corp 0.1%

Value ($000) $1,018 Shares 412,087 Est. Cost $3.23 Unrealized -51.8%

CHWY Chewy Inc 0.1%

Value ($000) $992 Shares 30,000 Est. Cost $38.56 Unrealized -24.1%

RR Richtech Robotics Inc 0.1%

Value ($000) $969 Shares 300,000 Est. Cost — Unrealized —

SLG SL Green Realty Corp 0.1%

Value ($000) $917 Shares 20,000 Est. Cost $45.87 Unrealized —

VST Vistra Corp 0.1%

Value ($000) $807 Shares 5,000 Est. Cost $177.59 Unrealized -8.1%

WOLF Wolfspeed Inc 0.1%

Value ($000) $745 Shares 42,817 Est. Cost $25.35 Unrealized -27.9%

TCOM Trip.com Group Ltd 0.1%

Value ($000) $719 Shares 10,000 Est. Cost $58.64 Unrealized —

AVBP ArriVent Biopharma Inc 0.1%

Value ($000) $712 Shares 35,366 Est. Cost $19.65 Unrealized +12.3%

— 22ND CENTURY GROUP INC 0.1%

Value ($000) $588 Shares 763,212 Est. Cost $1.14 Unrealized —

USAS Americas Gold & Silver Corp 0.0%

Value ($000) $513 Shares 100,000 Est. Cost $4.50 Unrealized +62.8%

RIVN Rivian Automotive Inc 0.0%

Value ($000) $493 Shares 25,000 Est. Cost — Unrealized —

ZNB Zeta Network Group 0.0%

Value ($000) $345 Shares 595,397 Est. Cost $1.15 Unrealized -52.2%

UPST Upstart Holdings Inc 0.0%

Value ($000) $342 Shares 7,829 Est. Cost $70.35 Unrealized -42.9%

ONFOW Onfolio Holdings Inc 0.0%

Value ($000) $121 Shares 178,490 Est. Cost $1.16 Unrealized —

ALUR/WS Allurion Technologies Inc 0.0%

Value ($000) $74 Shares 59,881 Est. Cost $1.23 Unrealized —

RVSNW Rail Vision Ltd 0.0%

Value ($000) $73 Shares 226,120 Est. Cost $0.56 Unrealized —

— Digital Currency X Technology Inc 0.0%

Value ($000) $64 Shares 171,685 Est. Cost $0.37 Unrealized —

EDBLW Edible Garden AG Inc 0.0%

Value ($000) $30 Shares 50,000 Est. Cost $1.81 Unrealized —

RENX RenX Enterprises Corp 0.0%

Value ($000) $14 Shares 71,840 Est. Cost $0.87 Unrealized -81.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
MSTR	Strategy Inc	750,000	$113,963	10.0%	—	—	PUT	594972408
CCO	Clear Channel Outdoor Holdings Inc	19,842,452	$43,852	3.8%	$1.43	+53.9%	—	18453H106
CP	Canadian Pacific Kansas City Ltd	300,000	$22,089	1.9%	$77.24	0.0%	CALL	13646K108
AVB	AvalonBay Communities Inc	100,000	$18,131	1.6%	—	—	CALL	053484101
MCGA	Yorkville Acquisition Corp	1,774,150	$17,972	1.6%	$10.65	-4.7%	—	G98659116
ORBS	Eightco Holdings Inc	8,219,178	$14,219	1.2%	$5.47	-73.5%	—	22890A302
MSOS	AdvisorShares Pure US Cannabis ETF	2,436,600	$11,501	1.0%	$4.11	—	CALL	00768Y453
REKR	Rekor Systems Inc	7,532,319	$10,395	0.9%	$2.04	-42.3%	—	759419104
EMPD	Empery Digital Inc	2,231,294	$10,186	0.9%	$9.03	-51.9%	—	92864V608
ORCL	Oracle Corp	50,000	$9,746	0.9%	—	—	CALL	68389X105
NRXP	NRX Therapeutics Inc	3,043,957	$8,249	0.7%	$2.68	-22.8%	—	629444209
BHVN	Biohaven Ltd	667,381	$7,535	0.7%	$12.39	-5.1%	—	G1110E107
LW	Lamb Weston Holdings Inc	149,187	$6,249	0.5%	$55.66	-17.9%	—	513272104
TU	TELUS Corp	400,000	$5,273	0.5%	$14.08	-2.9%	—	87971M103
LOVE	LOVESAC CO/THE	300,000	$4,425	0.4%	$22.97	-38.8%	CALL	54738L109
CIGI	Colliers International Group Inc	25,000	$3,675	0.3%	$150.11	-10.5%	—	194693107
HPP	Hudson Pacific Properties Inc	333,500	$3,612	0.3%	$10.83	—	CALL	444097406
TNYA	Tenaya Therapeutics Inc	4,152,966	$2,955	0.3%	$1.36	-46.6%	—	87990A106
WELL	Welltower Inc	15,500	$2,877	0.3%	$186.47	+0.2%	—	95040Q104
SUI	Sun Communities Inc	23,000	$2,850	0.3%	$123.91	—	—	866674104
COLD	Americold Realty Trust Inc	205,000	$2,636	0.2%	$11.46	—	CALL	03064D108
KRC	Kilroy Realty Corp	70,000	$2,616	0.2%	$37.37	—	—	49427F108
CWK	Cushman & Wakefield Ltd	149,103	$2,414	0.2%	$15.85	-2.3%	—	G2717C106
ESS	ESSEX PROPERTY TRUST INC	9,100	$2,381	0.2%	$256.27	+0.2%	—	297178105
HPP	Hudson Pacific Properties Inc	214,899	$2,327	0.2%	$10.83	—	—	444097406
GRTUF	Granite Real Estate Investment Trust	38,200	$2,274	0.2%	$59.54	—	—	387437205
UWMC	UWM Holdings Corp	507,800	$2,224	0.2%	—	—	CALL	91823B109
FSV	FirstService Corp	14,100	$2,193	0.2%	$162.42	-3.0%	—	33767E202
SITC	SITE Centers Corp	341,025	$2,189	0.2%	$6.42	—	—	82981J851
KRG	Kite Realty Group Trust	90,570	$2,171	0.2%	$22.36	—	—	49803T300
CAPR	CAPRICOR THERAPEUTICS INC	68,018	$1,963	0.2%	$13.06	+90.5%	—	14070B309
CSR	Centerspace	26,656	$1,778	0.2%	$66.72	—	—	15202L107
STI	Solidion Technology Inc	240,400	$1,704	0.1%	$10.17	-32.2%	—	834212201
FISV	Fiserv Inc	25,000	$1,679	0.1%	$83.87	-23.7%	—	337738108
AAT	American Assets Trust Inc	75,785	$1,435	0.1%	$18.93	—	—	024013104
EQX	Equinox Gold Corp	100,000	$1,404	0.1%	—	—	CALL	29446Y502
B	Barrick Mining Corp	25,000	$1,089	0.1%	—	—	CALL	06849F108
LASE	Laser Photonics Corp	412,087	$1,018	0.1%	$3.23	-51.8%	—	51807Q100
CHWY	Chewy Inc	30,000	$992	0.1%	$38.56	-24.1%	—	16679L109
RR	Richtech Robotics Inc	300,000	$969	0.1%	—	—	CALL	765504105
SLG	SL Green Realty Corp	20,000	$917	0.1%	$45.87	—	—	78440X887
VST	Vistra Corp	5,000	$807	0.1%	$177.59	-8.1%	—	92840M102
WOLF	Wolfspeed Inc	42,817	$745	0.1%	$25.35	-27.9%	—	97785W106
TCOM	Trip.com Group Ltd	10,000	$719	0.1%	$58.64	—	—	89677Q107
AVBP	ArriVent Biopharma Inc	35,366	$712	0.1%	$19.65	+12.3%	—	04272N102
—	22ND CENTURY GROUP INC	763,212	$588	0.1%	$1.14	—	—	90137F509
USAS	Americas Gold & Silver Corp	100,000	$513	0.0%	$4.50	+62.8%	—	03062D803
RIVN	Rivian Automotive Inc	25,000	$493	0.0%	—	—	CALL	76954A103
ZNB	Zeta Network Group	595,397	$345	0.0%	$1.15	-52.2%	—	G2287A134
UPST	Upstart Holdings Inc	7,829	$342	0.0%	$70.35	-42.9%	—	91680M107
ONFOW	Onfolio Holdings Inc	178,490	$121	0.0%	$1.16	—	—	68277K124
ALUR/WS	Allurion Technologies Inc	59,881	$74	0.0%	$1.23	—	—	02008G110
RVSNW	Rail Vision Ltd	226,120	$73	0.0%	$0.56	—	—	M8186D114
—	Digital Currency X Technology Inc	171,685	$64	0.0%	$0.37	—	—	G4465R129
EDBLW	Edible Garden AG Inc	50,000	$30	0.0%	$1.81	—	—	28059P113
RENX	RenX Enterprises Corp	71,840	$14	0.0%	$0.87	-81.0%	—	78637J204

Decreased Positions (15)

MBAV M3-Brigade Acquisition V Corp 0.0%

Value ($000) $537 (-98.2%) Shares 50,000 (-98.2%) Est. Cost $10.62 Unrealized +0.4%

LION Lionsgate Studios Corp 5.1%

Value ($000) $58,425 (-33.0%) Shares 6,092,254 (-36.3%) Est. Cost $6.79 Unrealized +32.1%

SPY State Street SPDR S&P 500 ETF Trust 2.3%

Value ($000) $26,014 (-23.7%) Shares 40,000 (-20.0%) Est. Cost — Unrealized —

GROY Gold Royalty Corp 0.3%

Value ($000) $3,067 (-72.4%) Shares 856,814 (-68.8%) Est. Cost $3.83 Unrealized +18.2%

BRR Procap Financial Inc 0.1%

Value ($000) $861 (-90.1%) Shares 408,200 (-83.4%) Est. Cost $7.98 Unrealized -64.2%

ALIT Alight Inc 0.0%

Value ($000) $237 (-95.0%) Shares 406,000 (-83.4%) Est. Cost $2.46 Unrealized -40.6%

MLCI Mount Logan Capital Inc 0.0%

Value ($000) $279 (-92.6%) Shares 77,964 (-83.0%) Est. Cost $5.78 Unrealized +26.2%

IAUX/WS i-80 Gold Corp 0.2%

Value ($000) $1,780 (-59.9%) Shares 843,750 (-72.0%) Est. Cost $0.97 Unrealized —

REZI Resideo Technologies Inc 0.2%

Value ($000) $1,723 (-45.5%) Shares 51,113 (-43.2%) Est. Cost $37.00 Unrealized -2.1%

RSKD Riskified Ltd 0.2%

Value ($000) $1,896 (-39.8%) Shares 483,746 (-23.7%) Est. Cost $4.80 Unrealized -5.3%

TPR Tapestry Inc 0.2%

Value ($000) $2,822 (-26.4%) Shares 20,000 (-33.3%) Est. Cost $97.54 Unrealized +43.1%

APP AppLovin Corp 0.1%

Value ($000) $896 (-51.7%) Shares 2,250 (-18.2%) Est. Cost $630.10 Unrealized -19.5%

IMPP Imperial Petroleum Inc 1.3%

Value ($000) $14,837 (-6.0%) Shares 3,466,680 (-20.5%) Est. Cost $4.92 Unrealized -24.8%

SPRO Spero Therapeutics Inc 0.1%

Value ($000) $987 (-32.2%) Shares 421,956 (-32.5%) Est. Cost $1.44 Unrealized +64.2%

VYNE VYNE Therapeutics Inc 0.1%

Value ($000) $743 (+0.5%) Shares 1,243,106 (-2.5%) Est. Cost $0.40 Unrealized +42.5%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
MBAV	M3-Brigade Acquisition V Corp	50,000 (-98.2%)	$537 (-98.2%)	0.0%	$10.62	+0.4%	Equity	G63212107
LION	Lionsgate Studios Corp	6,092,254 (-36.3%)	$58,425 (-33.0%)	5.1%	$6.79	+32.1%	Equity	53626N102
SPY	State Street SPDR S&P 500 ETF Trust	40,000 (-20.0%)	$26,014 (-23.7%)	2.3%	—	—	PUT	78462F103
GROY	Gold Royalty Corp	856,814 (-68.8%)	$3,067 (-72.4%)	0.3%	$3.83	+18.2%	Equity	38071H106
BRR	Procap Financial Inc	408,200 (-83.4%)	$861 (-90.1%)	0.1%	$7.98	-64.2%	Equity	74277P105
ALIT	Alight Inc	406,000 (-83.4%)	$237 (-95.0%)	0.0%	$2.46	-40.6%	Equity	01626W101
MLCI	Mount Logan Capital Inc	77,964 (-83.0%)	$279 (-92.6%)	0.0%	$5.78	+26.2%	Equity	62188E103
IAUX/WS	i-80 Gold Corp	843,750 (-72.0%)	$1,780 (-59.9%)	0.2%	$0.97	—	Warrant	44955L155
REZI	Resideo Technologies Inc	51,113 (-43.2%)	$1,723 (-45.5%)	0.2%	$37.00	-2.1%	Equity	76118Y104
RSKD	Riskified Ltd	483,746 (-23.7%)	$1,896 (-39.8%)	0.2%	$4.80	-5.3%	Equity	M8216R109
TPR	Tapestry Inc	20,000 (-33.3%)	$2,822 (-26.4%)	0.2%	$97.54	+43.1%	Equity	876030107
APP	AppLovin Corp	2,250 (-18.2%)	$896 (-51.7%)	0.1%	$630.10	-19.5%	Equity	03831W108
IMPP	Imperial Petroleum Inc	3,466,680 (-20.5%)	$14,837 (-6.0%)	1.3%	$4.92	-24.8%	Equity	Y3894J187
SPRO	Spero Therapeutics Inc	421,956 (-32.5%)	$987 (-32.2%)	0.1%	$1.44	+64.2%	Equity	84833T103
VYNE	VYNE Therapeutics Inc	1,243,106 (-2.5%)	$743 (+0.5%)	0.1%	$0.40	+42.5%	Equity	92941V308

Unchanged Positions (33)

NVDA NVIDIA CORP 3.5%

Value ($000) $40,093 Shares 229,890 Est. Cost $126.35 Unrealized +47.7%

FGIWW FGI Industries Ltd 0.2%

Value ($000) $2,764 Shares 740,991 Est. Cost $2.94 Unrealized —

BKD Brookdale Senior Living Inc 0.4%

Value ($000) $4,651 Shares 340,000 Est. Cost $6.10 Unrealized +127.1%

Z Zillow Group Inc 0.1%

Value ($000) $1,241 Shares 30,000 Est. Cost $72.41 Unrealized -18.9%

FRMI Fermi Inc 0.2%

Value ($000) $2,060 Shares 352,672 Est. Cost $19.51 Unrealized -52.1%

BCE BCE Inc 1.1%

Value ($000) $12,611 Shares 500,000 Est. Cost — Unrealized —

TVA Texas Ventures Acquisition III Corp 2.0%

Value ($000) $22,857 Shares 2,199,942 Est. Cost $10.15 Unrealized +5.4%

NKE NIKE Inc 0.2%

Value ($000) $2,641 Shares 50,000 Est. Cost — Unrealized —

TOON Kartoon Studios Inc 0.3%

Value ($000) $3,244 Shares 5,198,384 Est. Cost $0.73 Unrealized -5.4%

JAKK JAKKS Pacific Inc 0.2%

Value ($000) $2,522 Shares 126,626 Est. Cost $21.54 Unrealized -12.3%

GROY/WS Gold Royalty Corp 0.2%

Value ($000) $2,417 Shares 675,000 Est. Cost $1.41 Unrealized —

TVACW Texas Ventures Acquisition III Corp 0.8%

Value ($000) $8,786 Shares 845,600 Est. Cost $10.71 Unrealized —

OR OR Royalties Inc 0.3%

Value ($000) $3,806 Shares 100,000 Est. Cost — Unrealized —

CEPO Cantor Equity Partners I Inc 1.9%

Value ($000) $21,417 Shares 2,039,750 Est. Cost $10.46 Unrealized -0.1%

BABA Alibaba Group Holding Ltd 0.1%

Value ($000) $1,004 Shares 8,000 Est. Cost $178.73 Unrealized —

FCRS/U FutureCrest Acquisition Corp 2.3%

Value ($000) $26,356 Shares 2,588,965 Est. Cost $10.58 Unrealized —

COST Costco Wholesale Corp 0.1%

Value ($000) $910 Shares 913 Est. Cost $873.63 Unrealized +10.3%

MKL Markel Group Inc 0.1%

Value ($000) $844 Shares 441 Est. Cost $1655.01 Unrealized +25.6%

BLUW Blue Water Acquisition Corp III 2.2%

Value ($000) $25,546 Shares 2,485,000 Est. Cost $10.13 Unrealized +2.0%

DAVEW Dave Inc 0.0%

Value ($000) $331 Shares 1,900 Est. Cost $268.41 Unrealized —

NWAX/U New America Acquisition I Corp 2.7%

Value ($000) $30,813 Shares 2,968,491 Est. Cost $10.41 Unrealized —

WFG West Fraser Timber Co Ltd 0.1%

Value ($000) $1,315 Shares 20,100 Est. Cost $67.76 Unrealized +2.3%

AMZN AMAZON.COM, INC. 0.1%

Value ($000) $804 Shares 3,859 Est. Cost $190.16 Unrealized +19.3%

BFRGW Bullfrog AI Holdings Inc 0.0%

Value ($000) $136 Shares 80,750 Est. Cost $0.88 Unrealized —

CCXIU Churchill Capital Corp XI 1.2%

Value ($000) $13,335 Shares 1,300,974 Est. Cost $10.21 Unrealized —

BLUWW Blue Water Acquisition Corp III 1.1%

Value ($000) $12,963 Shares 1,261,031 Est. Cost $10.32 Unrealized —

MDCXW Medicus Pharma Ltd 0.0%

Value ($000) $19 Shares 42,400 Est. Cost $2.43 Unrealized —

BRK/B Berkshire Hathaway Inc 0.1%

Value ($000) $828 Shares 1,727 Est. Cost $455.91 Unrealized +8.2%

XBPEW XBP Europe Holdings Inc 0.0%

Value ($000) $55 Shares 12,537 Est. Cost $5.30 Unrealized —

BLUWU Blue Water Acquisition Corp III 0.1%

Value ($000) $1,040 Shares 100,000 Est. Cost $10.55 Unrealized —

PRPL Purple Innovation Inc 0.0%

Value ($000) $198 Shares 300,000 Est. Cost $0.74 Unrealized -4.3%

MCGAW Yorkville Acquisition Corp 0.4%

Value ($000) $4,628 Shares 457,767 Est. Cost $10.30 Unrealized —

OABIW OmniAb Inc 0.0%

Value ($000) $19 Shares 11,833 Est. Cost $3.60 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
NVDA	NVIDIA CORP	229,890	$40,093	3.5%	$126.35	+47.7%	Equity	67066G104
FGIWW	FGI Industries Ltd	740,991	$2,764	0.2%	$2.94	—	Warrant	G3302D111
BKD	Brookdale Senior Living Inc	340,000	$4,651	0.4%	$6.10	+127.1%	Equity	112463104
Z	Zillow Group Inc	30,000	$1,241	0.1%	$72.41	-18.9%	Equity	98954M200
FRMI	Fermi Inc	352,672	$2,060	0.2%	$19.51	-52.1%	Equity	314911108
BCE	BCE Inc	500,000	$12,611	1.1%	—	—	CALL	05534B760
TVA	Texas Ventures Acquisition III Corp	2,199,942	$22,857	2.0%	$10.15	+5.4%	Equity	G8772L105
NKE	NIKE Inc	50,000	$2,641	0.2%	—	—	CALL	654106103
TOON	Kartoon Studios Inc	5,198,384	$3,244	0.3%	$0.73	-5.4%	Equity	37229T509
JAKK	JAKKS Pacific Inc	126,626	$2,522	0.2%	$21.54	-12.3%	Equity	47012E403
GROY/WS	Gold Royalty Corp	675,000	$2,417	0.2%	$1.41	—	Warrant	38071H122
TVACW	Texas Ventures Acquisition III Corp	845,600	$8,786	0.8%	$10.71	—	Warrant	G8772L113
OR	OR Royalties Inc	100,000	$3,806	0.3%	—	—	CALL	68390D106
CEPO	Cantor Equity Partners I Inc	2,039,750	$21,417	1.9%	$10.46	-0.1%	Equity	G1827K107
BABA	Alibaba Group Holding Ltd	8,000	$1,004	0.1%	$178.73	—	ADR	01609W102
FCRS/U	FutureCrest Acquisition Corp	2,588,965	$26,356	2.3%	$10.58	—	Equity Unit	G3730U123
COST	Costco Wholesale Corp	913	$910	0.1%	$873.63	+10.3%	Equity	22160K105
MKL	Markel Group Inc	441	$844	0.1%	$1655.01	+25.6%	Equity	570535104
BLUW	Blue Water Acquisition Corp III	2,485,000	$25,546	2.2%	$10.13	+2.0%	Equity	G1368E106
DAVEW	Dave Inc	1,900	$331	0.0%	$268.41	—	Warrant	23834J110
NWAX/U	New America Acquisition I Corp	2,968,491	$30,813	2.7%	$10.41	—	Equity Unit	023634207
WFG	West Fraser Timber Co Ltd	20,100	$1,315	0.1%	$67.76	+2.3%	Equity	952845105
AMZN	AMAZON.COM, INC.	3,859	$804	0.1%	$190.16	+19.3%	Equity	023135106
BFRGW	Bullfrog AI Holdings Inc	80,750	$136	0.0%	$0.88	—	Warrant	12021E117
CCXIU	Churchill Capital Corp XI	1,300,974	$13,335	1.2%	$10.21	—	Equity Unit	G2131A124
BLUWW	Blue Water Acquisition Corp III	1,261,031	$12,963	1.1%	$10.32	—	Warrant	G1368E114
MDCXW	Medicus Pharma Ltd	42,400	$19	0.0%	$2.43	—	Warrant	58471K111
BRK/B	Berkshire Hathaway Inc	1,727	$828	0.1%	$455.91	+8.2%	Equity	084670702
XBPEW	XBP Europe Holdings Inc	12,537	$55	0.0%	$5.30	—	Warrant	98400V119
BLUWU	Blue Water Acquisition Corp III	100,000	$1,040	0.1%	$10.55	—	Equity Unit	G1368E122
PRPL	Purple Innovation Inc	300,000	$198	0.0%	$0.74	-4.3%	Equity	74640Y106
MCGAW	Yorkville Acquisition Corp	457,767	$4,628	0.4%	$10.30	—	Warrant	G98659124
OABIW	OmniAb Inc	11,833	$19	0.0%	$3.60	—	Warrant	68218J111