Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
SLS	SELLAS Life Sciences Group Inc	4,500,000	$66.42M	3.9%	$14.76	—	Equity	81642T209
SSMR	Sunshine Silver Mining & Refining Co	2,440,495	$32.26M	1.9%	$13.22	—	Equity	867866105
SLS	SELLAS Life Sciences Group Inc	1,845,900	$27.25M	1.6%	$14.76	—	PUT	81642T209
MSOS	AdvisorShares Pure US Cannabis ETF	5,322,500	$27.04M	1.6%	$4.11	—	CALL	00768Y453
GIL	Gildan Activewear Inc	515,011	$26.56M	1.6%	$51.56	—	Equity	375916103
BOT	Robostrategy Inc	869,566	$25.49M	1.5%	$29.32	—	Equity	77106T107
SOXX	iShares Semiconductor ETF	26,300	$16.85M	1.0%	$640.76	—	Exchange Traded Fund	464287523
SIND	Sinda Ltd	1,298,800	$15.59M	0.9%	$12.00	—	Equity	G81569108
LION	Lionsgate Studios Corp	1,000,000	$15.31M	0.9%	$6.79	—	CALL	53626N102
EWY	iShares MSCI South Korea ETF	60,000	$12.11M	0.7%	$201.90	—	Exchange Traded Fund	464286772
SLS	SELLAS Life Sciences Group Inc	800,000	$11.81M	0.7%	$14.76	—	CALL	81642T209
TMC	TMC the metals co Inc	2,644,476	$11.72M	0.7%	$4.43	—	Equity	87261Y106
CXIIU	Churchill Capital Corp XII	1,000,000	$10.8M	0.6%	$10.80	—	Equity Unit	G2131M128
FXI	iShares China Large-Cap ETF	300,000	$9.477M	0.6%	—	—	CALL	464287184
DXYZ	Destiny Tech100 Inc	323,199	$8.326M	0.5%	$25.76	—	Exchange Traded Fund	25063F107
CDE	Coeur Mining Inc	500,000	$8.16M	0.5%	—	—	CALL	192108504
ASHR	Xtrackers Harvest CSI 300 China A-Shares ETF	200,000	$7.332M	0.4%	—	—	CALL	233051879
TMCR	Metals Royalty Co Inc/The	1,009,000	$7.204M	0.4%	$7.14	—	Equity	591322102
MU	Micron Technology Inc	6,000	$6.926M	0.4%	$1154.29	—	PUT	595112103
AIB	AIB Data Centers Inc	3,030,300	$6.424M	0.4%	$2.12	—	Equity	093919108
EQIX	Equinix Inc	6,150	$6.411M	0.4%	$1042.39	—	Equity	29444U700
MU	Micron Technology Inc	5,300	$6.118M	0.4%	$1154.29	—	Equity	595112103
CNI	Canadian National Railway Co	50,000	$5.962M	0.4%	—	—	CALL	136375102
AVGO	Broadcom Inc	15,000	$5.666M	0.3%	$377.75	—	Equity	11135F101
TCNNF	Trulieve Cannabis Corp	524,500	$5.575M	0.3%	$10.63	—	Equity	89788C104
XLE	State Street Energy Select Sector SPDR ETF	100,000	$5.311M	0.3%	—	—	CALL	81369Y506
IYR	iShares U.S. Real Estate ETF	50,000	$5.112M	0.3%	—	—	PUT	464287739
YICCU	Yorkville International Capital Corp	500,000	$5.02M	0.3%	$10.04	—	Equity Unit	G98665121
DRAM	Roundhill Memory ETF	65,000	$4.8M	0.3%	—	—	PUT	77926X320
CPT	Camden Property Trust	41,000	$4.694M	0.3%	$114.49	—	Equity	133131102
AHR	American Healthcare REIT Inc	72,620	$3.787M	0.2%	$52.15	—	Equity	398182303
RVMD	REVOLUTION Medicines Inc	20,000	$3.746M	0.2%	$187.28	—	Equity	76155X100
DAVE	Dave Inc	10,000	$3.726M	0.2%	$372.59	—	Equity	23834J201
CVE	Cenovus Energy Inc	150,000	$3.718M	0.2%	$24.79	—	Equity	15135U109
HUT	Hut 8 Corp	31,300	$3.613M	0.2%	$115.45	—	Equity	44812J104
DLR	Digital Realty Trust Inc	19,500	$3.502M	0.2%	$179.58	—	Equity	253868103
RAAQ	Real Asset Acquisition Corp	300,000	$3.24M	0.2%	$10.80	—	Equity	G73944103
GUACU	Berto Acquisition Corp II	298,212	$3.018M	0.2%	$10.12	—	Equity Unit	G1051M126
AAC/U	Ares Acquisition Corp III	300,000	$3.015M	0.2%	$10.05	—	Equity Unit	G3303U112
SUI	Sun Communities Inc	24,000	$2.878M	0.2%	$119.91	—	Equity	866674104
AADX	Applied Aerospace & Defense Inc	125,000	$2.848M	0.2%	$22.78	—	Equity	03815J107
NKTR	Nektar Therapeutics	40,535	$2.83M	0.2%	$69.81	—	Equity	640268306
PPC	Pilgrim's Pride Corp	100,000	$2.811M	0.2%	$28.11	—	Equity	72147K108
ENHA	Enhanced Group Inc	1,285,347	$2.721M	0.2%	$2.12	—	Equity	29333R107
STI	Solidion Technology Inc	240,400	$2.233M	0.1%	$9.29	—	Equity	834212201
FVR	FrontView REIT Inc	102,419	$2.072M	0.1%	$20.23	—	Equity	35922N100
DVN	Devon Energy Corp	50,000	$2.066M	0.1%	—	—	CALL	25179M103
QNT	Quantinuum Inc	25,000	$2.043M	0.1%	$81.74	—	Equity	74768A104
GDS	GDS Holdings Ltd	64,500	$1.937M	0.1%	$30.03	—	ADR	36165L108
IMO	Imperial Oil Ltd	17,200	$1.927M	0.1%	$112.02	—	Equity	453038408
NMG	Nouveau Monde Graphite Inc	1,251,700	$1.878M	0.1%	$1.50	—	Equity	66979W842
FIVE	Five Below Inc	10,000	$1.798M	0.1%	$179.79	—	Equity	33829M101
GDXJ	VanEck Junior Gold Miners ETF	17,200	$1.69M	0.1%	$98.25	—	Exchange Traded Fund	92189F791
RNA	Atrium Therapeutics Inc	125,000	$1.681M	0.1%	$13.45	—	Equity	04965N104
LAR	Lithium Argentina AG	200,000	$1.654M	0.1%	$8.27	—	Equity	H5012F103
CNQ	Canadian Natural Resources Ltd	40,000	$1.581M	0.1%	$39.53	—	Equity	136385101
INMD	Inmode Ltd	100,000	$1.462M	0.1%	$14.62	—	Equity	M5425M103
CIGI	Colliers International Group Inc	15,000	$1.407M	0.1%	$93.79	—	Equity	194693107
OVV	Ovintiv Inc	22,280	$1.173M	0.1%	$52.65	—	Equity	69047Q102
WK	Workiva Inc	23,781	$1.154M	0.1%	$48.51	—	Equity	98139A105
GLASF	Glass House Brands Inc	87,191	$1.133M	0.1%	$13.00	—	Equity	377130406
BMM	Blue Moon Metals Inc	172,300	$1.092M	0.1%	$6.34	—	Equity	09570Q509
LITE	Lumentum Holdings Inc	1,200	$1.03M	0.1%	$858.06	—	Equity	55024U109
CIFR	Cipher Digital Inc	42,000	$1.029M	0.1%	$24.50	—	Equity	17253J106
BTDR	Bitdeer Technologies Group	64,000	$1.016M	0.1%	$15.87	—	Equity	G11448100
RIOT	Riot Platforms Inc	37,000	$1.013M	0.1%	$27.38	—	Equity	767292105
IREN	IREN Ltd	22,000	$1.006M	0.1%	$45.73	—	Equity	Q4982L109
INIO	Innio NV	25,000	$989K	0.1%	$39.55	—	Equity	N52A8C105
WULF	Terawulf Inc	40,000	$988K	0.1%	$24.70	—	Equity	88080T104
XE	X-Energy Inc	50,000	$918K	0.1%	$18.36	—	Equity	98386P102
NFGC	New Found Gold Corp	549,500	$848K	0.1%	$1.54	—	Equity	64440N103
WEN	Wendy's Co/The	100,000	$829K	0.0%	—	—	CALL	95058W100
FRVO	Fervo Energy Co	25,000	$731K	0.0%	$29.23	—	Equity	31556C106
HIVE	Hive Digital Technologies Ltd	200,000	$728K	0.0%	$3.64	—	Equity	433921103
CAPR	CAPRICOR THERAPEUTICS INC	25,000	$602K	0.0%	$24.08	—	Equity	14070B309
CLSK	Cleanspark Inc	40,000	$582K	0.0%	$14.55	—	Equity	18452B209
KEEL	Keel Infrastructure Corp	100,000	$574K	0.0%	$5.74	—	Equity	486917107
DPC	Dpc Holdings Ltd	10,000	$491K	0.0%	$49.06	—	Equity	G2R11M108
PR	Permian Resources Corp	15,711	$289K	0.0%	$18.41	—	Equity	71424F105
BIRD	Smartbird Inc	64,304	$257K	0.0%	$4.00	—	Equity	01675A208
HUBCW	Hub Cyber Security Ltd	101,139	$170K	0.0%	$1.68	—	Warrant	M6000J127
CELZ	Creative Medical Technology Holdings Inc	105,549	$153K	0.0%	$1.45	—	Equity	22529Y408
XXII	22ND CENTURY GROUP INC	34,565	$140K	0.0%	$4.05	—	Equity	90137F707
DLHC	DLH Holdings Corp	20,011	$105K	0.0%	$5.25	—	Equity	23335Q100

Increased Positions (20)

QQQ Invesco QQQ Trust Series 1 15.7%

Value $265M (+2962.1%) Shares 360,000 (+2300.0%) Est. Cost — Unrealized —

SNDK SanDisk LLC 1.7%

Value $28.42M (+794.7%) Shares 12,500 (+150.0%) Est. Cost — Unrealized —

FIVN Five9 Inc 3.2%

Value $53.29M (+68.3%) Shares 2,499,481 (+19.8%) Est. Cost $26.74 Unrealized —

MTCH Match Group Inc 3.3%

Value $55.28M (+32.6%) Shares 1,452,879 (+7.0%) Est. Cost $32.56 Unrealized —

FPS Forgent Power Solutions Inc 0.7%

Value $11.6M (+2056.9%) Shares 207,737 (+1030.2%) Est. Cost $53.51 Unrealized —

SPSC SPS Commerce Inc 2.5%

Value $42.59M (+33.1%) Shares 745,000 (+29.6%) Est. Cost $74.70 Unrealized —

SE Sea Ltd 0.4%

Value $6.334M (+193.1%) Shares 66,100 (+153.3%) Est. Cost $104.23 Unrealized —

RDDT Reddit Inc 0.4%

Value $6.646M (+119.4%) Shares 38,290 (+70.2%) Est. Cost $183.02 Unrealized —

NKE NIKE Inc 0.4%

Value $6.157M (+133.2%) Shares 150,000 (+200.0%) Est. Cost — Unrealized —

APP AppLovin Corp 0.2%

Value $3.349M (+274.0%) Shares 6,500 (+188.9%) Est. Cost $554.99 Unrealized —

CVNA CARVANA CO 0.2%

Value $2.88M (-42.8%) Shares 43,750 (+173.4%) Est. Cost $190.30 Unrealized —

TER TERADYNE INC 0.2%

Value $2.903M (+226.4%) Shares 6,000 (+100.0%) Est. Cost $374.85 Unrealized —

TPR Tapestry Inc 0.3%

Value $4.391M (+55.6%) Shares 30,000 (+50.0%) Est. Cost $113.82 Unrealized —

BKD Brookdale Senior Living Inc 0.4%

Value $6.066M (+30.4%) Shares 377,000 (+10.9%) Est. Cost $7.08 Unrealized —

MITK Mitek Systems Inc 0.1%

Value $2.275M (+128.0%) Shares 113,030 (+52.9%) Est. Cost $14.29 Unrealized —

VG Venture Global Inc 0.1%

Value $1.391M (+253.1%) Shares 125,000 (+400.0%) Est. Cost $10.68 Unrealized —

BGSI Boyd Group Services Inc 0.2%

Value $2.838M (+11.2%) Shares 30,000 (+50.0%) Est. Cost $142.42 Unrealized —

CBRE CBRE Group Inc 0.3%

Value $5.697M (+2.4%) Shares 42,300 (+3.0%) Est. Cost $160.62 Unrealized —

MBAV M3-Brigade Acquisition V Corp 0.0%

Value $600K (+11.7%) Shares 180,180 (+260.4%) Est. Cost $5.35 Unrealized —

SSM Sono Group NV 0.0%

Value $618K (-2.2%) Shares 142,000 (+42.3%) Est. Cost $6.37 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
QQQ	Invesco QQQ Trust Series 1	360,000 (+2300.0%)	$265M (+2962.1%)	15.7%	—	—	PUT	46090E103
SNDK	SanDisk LLC	12,500 (+150.0%)	$28.42M (+794.7%)	1.7%	—	—	PUT	80004C200
FIVN	Five9 Inc	2,499,481 (+19.8%)	$53.29M (+68.3%)	3.2%	$26.74	—	Equity	338307101
MTCH	Match Group Inc	1,452,879 (+7.0%)	$55.28M (+32.6%)	3.3%	$32.56	—	Equity	57667L107
FPS	Forgent Power Solutions Inc	207,737 (+1030.2%)	$11.6M (+2056.9%)	0.7%	$53.51	—	Equity	34631F102
SPSC	SPS Commerce Inc	745,000 (+29.6%)	$42.59M (+33.1%)	2.5%	$74.70	—	Equity	78463M107
SE	Sea Ltd	66,100 (+153.3%)	$6.334M (+193.1%)	0.4%	$104.23	—	ADR	81141R100
RDDT	Reddit Inc	38,290 (+70.2%)	$6.646M (+119.4%)	0.4%	$183.02	—	Equity	75734B100
NKE	NIKE Inc	150,000 (+200.0%)	$6.157M (+133.2%)	0.4%	—	—	CALL	654106103
APP	AppLovin Corp	6,500 (+188.9%)	$3.349M (+274.0%)	0.2%	$554.99	—	Equity	03831W108
CVNA	CARVANA CO	43,750 (+173.4%)	$2.88M (-42.8%)	0.2%	$190.30	—	Equity	146869102
TER	TERADYNE INC	6,000 (+100.0%)	$2.903M (+226.4%)	0.2%	$374.85	—	Equity	880770102
TPR	Tapestry Inc	30,000 (+50.0%)	$4.391M (+55.6%)	0.3%	$113.82	—	Equity	876030107
BKD	Brookdale Senior Living Inc	377,000 (+10.9%)	$6.066M (+30.4%)	0.4%	$7.08	—	Equity	112463104
MITK	Mitek Systems Inc	113,030 (+52.9%)	$2.275M (+128.0%)	0.1%	$14.29	—	Equity	606710200
VG	Venture Global Inc	125,000 (+400.0%)	$1.391M (+253.1%)	0.1%	$10.68	—	Equity	92333F101
BGSI	Boyd Group Services Inc	30,000 (+50.0%)	$2.838M (+11.2%)	0.2%	$142.42	—	Equity	103310108
CBRE	CBRE Group Inc	42,300 (+3.0%)	$5.697M (+2.4%)	0.3%	$160.62	—	Equity	12504L109
MBAV	M3-Brigade Acquisition V Corp	180,180 (+260.4%)	$600K (+11.7%)	0.0%	$5.35	—	Equity	G63212107
SSM	Sono Group NV	142,000 (+42.3%)	$618K (-2.2%)	0.0%	$6.37	—	Equity	N81409125

Exited Positions (45)

LAES SEALSQ Corp 1.9%

Value $32.64M Shares 12,457,698 Est. Cost $4.21 Unrealized —

GOOG Alphabet Inc 1.9%

Value $31.55M Shares 110,000 Est. Cost — Unrealized —

XLE State Street Energy Select Sector SPDR ETF 1.8%

Value $30.63M Shares 500,000 Est. Cost — Unrealized —

CCXIU Churchill Capital Corp XI 0.8%

Value $13.33M Shares 1,300,974 Est. Cost $10.21 Unrealized —

BCE BCE Inc 0.7%

Value $12.61M Shares 500,000 Est. Cost — Unrealized —

ODV Osisko Development Corp 0.7%

Value $12.55M Shares 3,862,208 Est. Cost $3.61 Unrealized —

GSAT Globalstar Inc 0.6%

Value $10.51M Shares 158,179 Est. Cost $49.03 Unrealized —

BUG Global X Cybersecurity ETF 0.4%

Value $7.533M Shares 300,000 Est. Cost — Unrealized —

GSAT Globalstar Inc 0.4%

Value $6.642M Shares 100,000 Est. Cost $49.03 Unrealized —

DJT Trump Media & Technology Group Corp 0.4%

Value $6.598M Shares 710,986 Est. Cost $12.56 Unrealized —

PSA Public Storage 0.4%

Value $6.257M Shares 23,100 Est. Cost $258.44 Unrealized —

SMH VanEck Semiconductor ETF 0.3%

Value $5.751M Shares 15,000 Est. Cost — Unrealized —

O Realty Income Corp 0.3%

Value $5.622M Shares 91,900 Est. Cost $57.31 Unrealized —

MSFT Microsoft Corporation 0.3%

Value $5.553M Shares 15,000 Est. Cost — Unrealized —

SPG SIMON PROPERTY GROUP INC 0.3%

Value $4.868M Shares 26,100 Est. Cost $183.97 Unrealized —

JETS US Global Jets ETF 0.3%

Value $4.68M Shares 190,000 Est. Cost — Unrealized —

IRM Iron Mountain Inc 0.3%

Value $4.31M Shares 42,200 Est. Cost $83.24 Unrealized —

APO Apollo Global Management Inc 0.3%

Value $4.29M Shares 38,500 Est. Cost — Unrealized —

BHR Braemar Hotels & Resorts Inc 0.3%

Value $4.267M Shares 1,808,219 Est. Cost $2.70 Unrealized —

SN SharkNinja Inc 0.3%

Value $4.236M Shares 40,000 Est. Cost $120.39 Unrealized —

MDALF MDA Space Ltd 0.2%

Value $3.845M Shares 151,848 Est. Cost $25.60 Unrealized —

AMT American Tower Corp 0.2%

Value $3.124M Shares 18,100 Est. Cost $174.80 Unrealized —

AQN Algonquin Power & Utilities Corp 0.2%

Value $3.061M Shares 500,000 Est. Cost $6.51 Unrealized —

COLD Americold Realty Trust Inc 0.2%

Value $2.968M Shares 259,000 Est. Cost $11.46 Unrealized —

BNL Broadstone Net Lease Inc 0.1%

Value $2.192M Shares 120,000 Est. Cost $17.67 Unrealized —

TEAM Atlassian Corp 0.1%

Value $2.047M Shares 30,000 Est. Cost — Unrealized —

EWZ iShares MSCI Brazil ETF 0.1%

Value $1.919M Shares 50,000 Est. Cost — Unrealized —

AAOI APPLIED OPTOELECTRONICS INC 0.1%

Value $1.692M Shares 20,000 Est. Cost — Unrealized —

CP Canadian Pacific Kansas City Ltd 0.1%

Value $1.573M Shares 20,000 Est. Cost $77.24 Unrealized —

BILL BILL Holdings Inc 0.1%

Value $1.532M Shares 40,000 Est. Cost $46.99 Unrealized —

SLNO Soleno Therapeutics Inc 0.1%

Value $1.481M Shares 44,231 Est. Cost $41.63 Unrealized —

CURB Curbline Properties Corp 0.1%

Value $1.315M Shares 51,000 Est. Cost $25.79 Unrealized —

WFG West Fraser Timber Co Ltd 0.1%

Value $1.315M Shares 20,100 Est. Cost $67.76 Unrealized —

MOS Mosaic Co/The 0.1%

Value $1.275M Shares 50,000 Est. Cost — Unrealized —

DTCX Datacentrex Inc 0.1%

Value $1.243M Shares 578,100 Est. Cost $2.09 Unrealized —

AVR Anteris Technologies Global Corp 0.1%

Value $1.126M Shares 202,826 Est. Cost $5.58 Unrealized —

SPRO Spero Therapeutics Inc 0.1%

Value $987K Shares 421,956 Est. Cost $1.44 Unrealized —

AGQ ProShares Ultra Silver 0.0%

Value $744K Shares 6,228 Est. Cost $119.51 Unrealized —

HYMC Hycroft Mining Holding Corp 0.0%

Value $704K Shares 20,000 Est. Cost — Unrealized —

VMET Versamet Royalties Corp 0.0%

Value $499K Shares 52,600 Est. Cost $9.49 Unrealized —

MLCI Mount Logan Capital Inc 0.0%

Value $279K Shares 77,964 Est. Cost $5.78 Unrealized —

TTD TRADE DESK INC/THE 0.0%

Value $113K Shares 5,000 Est. Cost $31.21 Unrealized —

XXII 22ND CENTURY GROUP INC 0.0%

Value $112K Shares 50,881 Est. Cost $8.96 Unrealized —

ZNB Zeta Network Group 0.0%

Value $64,920 Shares 32,788 Est. Cost $1.98 Unrealized —

XBPEW XBP Europe Holdings Inc 0.0%

Value $55,163 Shares 12,537 Est. Cost $5.30 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
LAES	SEALSQ Corp	12,457,698	$32.64M	1.9%	$4.21	—	—	G79483106
GOOG	Alphabet Inc	110,000	$31.55M	1.9%	—	—	CALL	02079K107
XLE	State Street Energy Select Sector SPDR ETF	500,000	$30.63M	1.8%	—	—	PUT	81369Y506
CCXIU	Churchill Capital Corp XI	1,300,974	$13.33M	0.8%	$10.21	—	—	G2131A124
BCE	BCE Inc	500,000	$12.61M	0.7%	—	—	CALL	05534B760
ODV	Osisko Development Corp	3,862,208	$12.55M	0.7%	$3.61	—	—	68828E809
GSAT	Globalstar Inc	158,179	$10.51M	0.6%	$49.03	—	—	378973507
BUG	Global X Cybersecurity ETF	300,000	$7.533M	0.4%	—	—	CALL	37954Y384
GSAT	Globalstar Inc	100,000	$6.642M	0.4%	$49.03	—	CALL	378973507
DJT	Trump Media & Technology Group Corp	710,986	$6.598M	0.4%	$12.56	—	—	25400Q105
PSA	Public Storage	23,100	$6.257M	0.4%	$258.44	—	—	74460D109
SMH	VanEck Semiconductor ETF	15,000	$5.751M	0.3%	—	—	PUT	92189F676
O	Realty Income Corp	91,900	$5.622M	0.3%	$57.31	—	—	756109104
MSFT	Microsoft Corporation	15,000	$5.553M	0.3%	—	—	CALL	594918104
SPG	SIMON PROPERTY GROUP INC	26,100	$4.868M	0.3%	$183.97	—	—	828806109
JETS	US Global Jets ETF	190,000	$4.68M	0.3%	—	—	CALL	26922A842
IRM	Iron Mountain Inc	42,200	$4.31M	0.3%	$83.24	—	—	46284V101
APO	Apollo Global Management Inc	38,500	$4.29M	0.3%	—	—	CALL	03769M106
BHR	Braemar Hotels & Resorts Inc	1,808,219	$4.267M	0.3%	$2.70	—	—	10482B101
SN	SharkNinja Inc	40,000	$4.236M	0.3%	$120.39	—	—	G8068L108
MDALF	MDA Space Ltd	151,848	$3.845M	0.2%	$25.60	—	—	55293N109
AMT	American Tower Corp	18,100	$3.124M	0.2%	$174.80	—	—	03027X100
AQN	Algonquin Power & Utilities Corp	500,000	$3.061M	0.2%	$6.51	—	—	015857105
COLD	Americold Realty Trust Inc	259,000	$2.968M	0.2%	$11.46	—	—	03064D108
BNL	Broadstone Net Lease Inc	120,000	$2.192M	0.1%	$17.67	—	—	11135E203
TEAM	Atlassian Corp	30,000	$2.047M	0.1%	—	—	CALL	049468101
EWZ	iShares MSCI Brazil ETF	50,000	$1.919M	0.1%	—	—	CALL	464286400
AAOI	APPLIED OPTOELECTRONICS INC	20,000	$1.692M	0.1%	—	—	CALL	03823U102
CP	Canadian Pacific Kansas City Ltd	20,000	$1.573M	0.1%	$77.24	—	—	13646K108
BILL	BILL Holdings Inc	40,000	$1.532M	0.1%	$46.99	—	—	090043100
SLNO	Soleno Therapeutics Inc	44,231	$1.481M	0.1%	$41.63	—	—	834203309
CURB	Curbline Properties Corp	51,000	$1.315M	0.1%	$25.79	—	—	23128Q101
WFG	West Fraser Timber Co Ltd	20,100	$1.315M	0.1%	$67.76	—	—	952845105
MOS	Mosaic Co/The	50,000	$1.275M	0.1%	—	—	CALL	61945C103
DTCX	Datacentrex Inc	578,100	$1.243M	0.1%	$2.09	—	—	256918103
AVR	Anteris Technologies Global Corp	202,826	$1.126M	0.1%	$5.58	—	—	03675P102
SPRO	Spero Therapeutics Inc	421,956	$987K	0.1%	$1.44	—	—	84833T103
AGQ	ProShares Ultra Silver	6,228	$744K	0.0%	$119.51	—	—	74347W353
HYMC	Hycroft Mining Holding Corp	20,000	$704K	0.0%	—	—	PUT	44862P208
VMET	Versamet Royalties Corp	52,600	$499K	0.0%	$9.49	—	—	92528V200
MLCI	Mount Logan Capital Inc	77,964	$279K	0.0%	$5.78	—	—	62188E103
TTD	TRADE DESK INC/THE	5,000	$113K	0.0%	$31.21	—	—	88339J105
XXII	22ND CENTURY GROUP INC	50,881	$112K	0.0%	$8.96	—	—	90137F608
ZNB	Zeta Network Group	32,788	$64,920	0.0%	$1.98	—	—	G2287A142
XBPEW	XBP Europe Holdings Inc	12,537	$55,163	0.0%	$5.30	—	Warrant	98400V119

Decreased Positions (31)

KWEB KraneShares CSI China Internet ETF 0.6%

Value $9.788M (-79.0%) Shares 400,000 (-75.6%) Est. Cost — Unrealized —

EWC iShares MSCI Canada ETF 3.4%

Value $57.64M (-29.9%) Shares 1,000,000 (-33.3%) Est. Cost — Unrealized —

SHAZ SharonAI Holdings Inc 1.3%

Value $22.71M (+111.7%) Shares 363,742 (-22.9%) Est. Cost $22.73 Unrealized —

GDXJ VanEck Junior Gold Miners ETF 0.9%

Value $14.74M (-38.6%) Shares 150,000 (-25.0%) Est. Cost $98.25 Unrealized —

LION Lionsgate Studios Corp 3.9%

Value $66.22M (+13.3%) Shares 4,325,000 (-29.0%) Est. Cost $6.79 Unrealized —

IMPP Imperial Petroleum Inc 0.4%

Value $7.286M (-50.9%) Shares 1,580,490 (-54.4%) Est. Cost $4.92 Unrealized —

VENU Venu Holding Corp 0.7%

Value $11.34M (-37.8%) Shares 4,996,578 (-9.3%) Est. Cost $6.91 Unrealized —

PSLV Sprott Physical Silver Trust 0.2%

Value $4.063M (-59.1%) Shares 215,327 (-47.1%) Est. Cost $24.39 Unrealized —

MSOS AdvisorShares Pure US Cannabis ETF 3.7%

Value $61.65M (+6.3%) Shares 12,136,662 (-25.7%) Est. Cost $4.11 Unrealized —

SPY State Street SPDR S&P 500 ETF Trust 1.3%

Value $22.4M (-13.9%) Shares 30,000 (-25.0%) Est. Cost — Unrealized —

PLD PROLOGIS INC 0.2%

Value $3.224M (-49.2%) Shares 23,800 (-50.5%) Est. Cost $129.05 Unrealized —

META Meta Platforms Inc 0.2%

Value $2.816M (-50.8%) Shares 5,000 (-50.0%) Est. Cost — Unrealized —

OR OR Royalties Inc 0.1%

Value $1.582M (-58.4%) Shares 50,000 (-50.0%) Est. Cost — Unrealized —

MKSI MKS Inc 0.3%

Value $5.782M (+52.5%) Shares 13,000 (-21.2%) Est. Cost $225.13 Unrealized —

KWM K Wave Media Ltd 0.0%

Value $120K (-94.0%) Shares 805,795 (-78.9%) Est. Cost $0.69 Unrealized —

LRCX LAM RESEARCH CORP 0.3%

Value $5.85M (+38.6%) Shares 13,500 (-31.6%) Est. Cost $225.94 Unrealized —

RSKD Riskified Ltd 0.0%

Value $319K (-83.2%) Shares 63,349 (-86.9%) Est. Cost $4.80 Unrealized —

TSM Taiwan Semiconductor Manufacturing Co Ltd 0.4%

Value $5.97M (+30.8%) Shares 12,500 (-7.4%) Est. Cost $329.12 Unrealized —

DDC DDC Enterprise Ltd 0.0%

Value $711K (-62.5%) Shares 764,395 (-20.1%) Est. Cost $2.80 Unrealized —

RKT Rocket Cos Inc 0.1%

Value $1.181M (-49.8%) Shares 75,000 (-54.5%) Est. Cost $20.15 Unrealized —

CAE CAE Inc 0.4%

Value $6.379M (-12.6%) Shares 255,000 (-8.9%) Est. Cost $29.91 Unrealized —

BRR Procap Financial Inc 0.0%

Value $79,618 (-90.8%) Shares 51,700 (-87.3%) Est. Cost $7.98 Unrealized —

VYNE VYNE Therapeutics Inc 0.0%

Value $9,406 (-98.7%) Shares 14,455 (-98.8%) Est. Cost $0.40 Unrealized —

REZI Resideo Technologies Inc 0.1%

Value $1.089M (-36.8%) Shares 35,000 (-31.5%) Est. Cost $37.00 Unrealized —

GLXY Galaxy Digital Inc 0.6%

Value $10.73M (-3.0%) Shares 392,612 (-34.6%) Est. Cost $25.40 Unrealized —

FRMI Fermi Inc 0.1%

Value $2.382M (+15.6%) Shares 260,000 (-26.3%) Est. Cost $19.51 Unrealized —

BKD Brookdale Senior Living Inc 0.2%

Value $3.057M (+11.7%) Shares 190,000 (-5.0%) Est. Cost $7.08 Unrealized —

CORZ Core Scientific Inc 0.3%

Value $4.837M (+5.7%) Shares 189,000 (-38.2%) Est. Cost $17.70 Unrealized —

SGHC Super Group SGHC Ltd 0.4%

Value $5.962M (+3.9%) Shares 440,000 (-17.2%) Est. Cost $10.78 Unrealized —

JAKK JAKKS Pacific Inc 0.1%

Value $2.406M (-4.6%) Shares 103,372 (-18.4%) Est. Cost $21.54 Unrealized —

PZZA Papa John's International Inc 0.1%

Value $2.39M (-1.7%) Shares 65,000 (-13.3%) Est. Cost $35.19 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
KWEB	KraneShares CSI China Internet ETF	400,000 (-75.6%)	$9.788M (-79.0%)	0.6%	—	—	CALL	500767306
EWC	iShares MSCI Canada ETF	1,000,000 (-33.3%)	$57.64M (-29.9%)	3.4%	—	—	PUT	464286509
SHAZ	SharonAI Holdings Inc	363,742 (-22.9%)	$22.71M (+111.7%)	1.3%	$22.73	—	Equity	778920306
GDXJ	VanEck Junior Gold Miners ETF	150,000 (-25.0%)	$14.74M (-38.6%)	0.9%	$98.25	—	PUT	92189F791
LION	Lionsgate Studios Corp	4,325,000 (-29.0%)	$66.22M (+13.3%)	3.9%	$6.79	—	Equity	53626N102
IMPP	Imperial Petroleum Inc	1,580,490 (-54.4%)	$7.286M (-50.9%)	0.4%	$4.92	—	Equity	Y3894J187
VENU	Venu Holding Corp	4,996,578 (-9.3%)	$11.34M (-37.8%)	0.7%	$6.91	—	Equity	92333E104
PSLV	Sprott Physical Silver Trust	215,327 (-47.1%)	$4.063M (-59.1%)	0.2%	$24.39	—	Exchange Traded Fund	85207K107
MSOS	AdvisorShares Pure US Cannabis ETF	12,136,662 (-25.7%)	$61.65M (+6.3%)	3.7%	$4.11	—	Exchange Traded Fund	00768Y453
SPY	State Street SPDR S&P 500 ETF Trust	30,000 (-25.0%)	$22.4M (-13.9%)	1.3%	—	—	PUT	78462F103
PLD	PROLOGIS INC	23,800 (-50.5%)	$3.224M (-49.2%)	0.2%	$129.05	—	Equity	74340W103
META	Meta Platforms Inc	5,000 (-50.0%)	$2.816M (-50.8%)	0.2%	—	—	CALL	30303M102
OR	OR Royalties Inc	50,000 (-50.0%)	$1.582M (-58.4%)	0.1%	—	—	CALL	68390D106
MKSI	MKS Inc	13,000 (-21.2%)	$5.782M (+52.5%)	0.3%	$225.13	—	Equity	55306N104
KWM	K Wave Media Ltd	805,795 (-78.9%)	$120K (-94.0%)	0.0%	$0.69	—	Equity	G53151109
LRCX	LAM RESEARCH CORP	13,500 (-31.6%)	$5.85M (+38.6%)	0.3%	$225.94	—	Equity	512807306
RSKD	Riskified Ltd	63,349 (-86.9%)	$319K (-83.2%)	0.0%	$4.80	—	Equity	M8216R109
TSM	Taiwan Semiconductor Manufacturing Co Ltd	12,500 (-7.4%)	$5.97M (+30.8%)	0.4%	$329.12	—	ADR	874039100
DDC	DDC Enterprise Ltd	764,395 (-20.1%)	$711K (-62.5%)	0.0%	$2.80	—	Equity	G276AC119
RKT	Rocket Cos Inc	75,000 (-54.5%)	$1.181M (-49.8%)	0.1%	$20.15	—	Equity	77311W101
CAE	CAE Inc	255,000 (-8.9%)	$6.379M (-12.6%)	0.4%	$29.91	—	Equity	124765108
BRR	Procap Financial Inc	51,700 (-87.3%)	$79,618 (-90.8%)	0.0%	$7.98	—	Equity	74277P105
VYNE	VYNE Therapeutics Inc	14,455 (-98.8%)	$9,406 (-98.7%)	0.0%	$0.40	—	Equity	92941V308
REZI	Resideo Technologies Inc	35,000 (-31.5%)	$1.089M (-36.8%)	0.1%	$37.00	—	Equity	76118Y104
GLXY	Galaxy Digital Inc	392,612 (-34.6%)	$10.73M (-3.0%)	0.6%	$25.40	—	Equity	36317J209
FRMI	Fermi Inc	260,000 (-26.3%)	$2.382M (+15.6%)	0.1%	$19.51	—	Equity	314911108
BKD	Brookdale Senior Living Inc	190,000 (-5.0%)	$3.057M (+11.7%)	0.2%	$7.08	—	CALL	112463104
CORZ	Core Scientific Inc	189,000 (-38.2%)	$4.837M (+5.7%)	0.3%	$17.70	—	Equity	21874A106
SGHC	Super Group SGHC Ltd	440,000 (-17.2%)	$5.962M (+3.9%)	0.4%	$10.78	—	Equity	G8588X103
JAKK	JAKKS Pacific Inc	103,372 (-18.4%)	$2.406M (-4.6%)	0.1%	$21.54	—	Equity	47012E403
PZZA	Papa John's International Inc	65,000 (-13.3%)	$2.39M (-1.7%)	0.1%	$35.19	—	Equity	698813102

Unchanged Positions (38)

NVDA NVIDIA CORP 2.7%

Value $46M Shares 229,890 Est. Cost $126.35 Unrealized —

LOVE LOVESAC CO/THE 1.2%

Value $19.76M Shares 1,183,986 Est. Cost $22.97 Unrealized —

TSLA TESLA, INC. 1.1%

Value $18.16M Shares 43,184 Est. Cost $379.50 Unrealized —

XXI Twenty One Capital Inc 0.4%

Value $6.355M Shares 1,283,744 Est. Cost $7.71 Unrealized —

GROY Gold Royalty Corp 0.1%

Value $2.365M Shares 856,814 Est. Cost $3.83 Unrealized —

FCRS/U FutureCrest Acquisition Corp 1.6%

Value $27.05M Shares 2,588,965 Est. Cost $10.58 Unrealized —

ASML ASML Holding NV 0.1%

Value $1.989M Shares 1,000 Est. Cost $1320.83 Unrealized —

IAUX/WS i-80 Gold Corp 0.1%

Value $1.224M Shares 843,750 Est. Cost $0.97 Unrealized —

GROY/WS Gold Royalty Corp 0.1%

Value $1.863M Shares 675,000 Est. Cost $1.41 Unrealized —

TOON Kartoon Studios Inc 0.2%

Value $3.691M Shares 5,198,384 Est. Cost $0.73 Unrealized —

FGIWW FGI Industries Ltd 0.2%

Value $3.157M Shares 740,991 Est. Cost $2.94 Unrealized —

DAVEW Dave Inc 0.0%

Value $708K Shares 1,900 Est. Cost $268.41 Unrealized —

TVA Texas Ventures Acquisition III Corp 1.4%

Value $23.21M Shares 2,199,942 Est. Cost $10.15 Unrealized —

CEPO Cantor Equity Partners I Inc 1.3%

Value $21.72M Shares 2,039,750 Est. Cost $10.46 Unrealized —

DASH DoorDash Inc 0.1%

Value $1.615M Shares 8,750 Est. Cost $196.68 Unrealized —

Z Zillow Group Inc 0.1%

Value $946K Shares 30,000 Est. Cost $72.41 Unrealized —

MZYX/U MOZAYYX Acquisition Corp 1.5%

Value $24.62M Shares 2,450,000 Est. Cost $9.95 Unrealized —

BABA Alibaba Group Holding Ltd 0.0%

Value $768K Shares 8,000 Est. Cost $178.73 Unrealized —

SPSC SPS Commerce Inc 0.3%

Value $5.717M Shares 100,000 Est. Cost $74.70 Unrealized —

TVACW Texas Ventures Acquisition III Corp 0.5%

Value $8.921M Shares 845,600 Est. Cost $10.71 Unrealized —

BLUW Blue Water Acquisition Corp III 1.5%

Value $25.67M Shares 2,485,000 Est. Cost $10.13 Unrealized —

WY Weyerhaeuser Co 0.4%

Value $5.985M Shares 250,000 Est. Cost — Unrealized —

NWAX/U New America Acquisition I Corp 1.8%

Value $30.93M Shares 2,968,491 Est. Cost $10.41 Unrealized —

AMZN AMAZON.COM, INC. 0.1%

Value $920K Shares 3,859 Est. Cost $190.16 Unrealized —

PRPL Purple Innovation Inc 0.0%

Value $107K Shares 300,000 Est. Cost $0.74 Unrealized —

TLT iShares 20 Year Treasury Bond ETF 1.5%

Value $25.93M Shares 300,000 Est. Cost — Unrealized —

BFRGW Bullfrog AI Holdings Inc 0.0%

Value $57,333 Shares 80,750 Est. Cost $0.88 Unrealized —

BLUWW Blue Water Acquisition Corp III 0.8%

Value $13.03M Shares 1,261,031 Est. Cost $10.32 Unrealized —

COST Costco Wholesale Corp 0.1%

Value $854K Shares 913 Est. Cost $873.63 Unrealized —

MCGAW Yorkville Acquisition Corp 0.3%

Value $4.674M Shares 457,767 Est. Cost $10.30 Unrealized —

BRK/B Berkshire Hathaway Inc 0.1%

Value $864K Shares 1,727 Est. Cost $455.91 Unrealized —

NWAX/WS New America Acquisition I Corp 0.1%

Value $2.422M Shares 238,642 Est. Cost $10.01 Unrealized —

XBPEW XBP Global Holdings Inc 0.0%

Value $29,086 Shares 12,537 Est. Cost $5.30 Unrealized —

MKL Markel Group Inc 0.1%

Value $861K Shares 441 Est. Cost $1655.01 Unrealized —

OABIW OmniAb Inc 0.0%

Value $29,109 Shares 11,833 Est. Cost $3.60 Unrealized —

ALIT Alight Inc 0.0%

Value $227K Shares 406,000 Est. Cost $2.46 Unrealized —

BLUWU Blue Water Acquisition Corp III 0.1%

Value $1.048M Shares 100,000 Est. Cost $10.55 Unrealized —

MDCXW Medicus Pharma Ltd 0.0%

Value $18,923 Shares 42,400 Est. Cost $2.43 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
NVDA	NVIDIA CORP	229,890	$46M	2.7%	$126.35	—	Equity	67066G104
LOVE	LOVESAC CO/THE	1,183,986	$19.76M	1.2%	$22.97	—	Equity	54738L109
TSLA	TESLA, INC.	43,184	$18.16M	1.1%	$379.50	—	Equity	88160R101
XXI	Twenty One Capital Inc	1,283,744	$6.355M	0.4%	$7.71	—	Equity	90138L109
GROY	Gold Royalty Corp	856,814	$2.365M	0.1%	$3.83	—	Equity	38071H106
FCRS/U	FutureCrest Acquisition Corp	2,588,965	$27.05M	1.6%	$10.58	—	Equity Unit	G3730U123
ASML	ASML Holding NV	1,000	$1.989M	0.1%	$1320.83	—	ADR	N07059210
IAUX/WS	i-80 Gold Corp	843,750	$1.224M	0.1%	$0.97	—	Warrant	44955L155
GROY/WS	Gold Royalty Corp	675,000	$1.863M	0.1%	$1.41	—	Warrant	38071H122
TOON	Kartoon Studios Inc	5,198,384	$3.691M	0.2%	$0.73	—	Equity	37229T509
FGIWW	FGI Industries Ltd	740,991	$3.157M	0.2%	$2.94	—	Warrant	G3302D111
DAVEW	Dave Inc	1,900	$708K	0.0%	$268.41	—	Warrant	23834J110
TVA	Texas Ventures Acquisition III Corp	2,199,942	$23.21M	1.4%	$10.15	—	Equity	G8772L105
CEPO	Cantor Equity Partners I Inc	2,039,750	$21.72M	1.3%	$10.46	—	Equity	G1827K107
DASH	DoorDash Inc	8,750	$1.615M	0.1%	$196.68	—	Equity	25809K105
Z	Zillow Group Inc	30,000	$946K	0.1%	$72.41	—	Equity	98954M200
MZYX/U	MOZAYYX Acquisition Corp	2,450,000	$24.62M	1.5%	$9.95	—	Equity Unit	G63113123
BABA	Alibaba Group Holding Ltd	8,000	$768K	0.0%	$178.73	—	ADR	01609W102
SPSC	SPS Commerce Inc	100,000	$5.717M	0.3%	$74.70	—	CALL	78463M107
TVACW	Texas Ventures Acquisition III Corp	845,600	$8.921M	0.5%	$10.71	—	Warrant	G8772L113
BLUW	Blue Water Acquisition Corp III	2,485,000	$25.67M	1.5%	$10.13	—	Equity	G1368E106
WY	Weyerhaeuser Co	250,000	$5.985M	0.4%	—	—	CALL	962166104
NWAX/U	New America Acquisition I Corp	2,968,491	$30.93M	1.8%	$10.41	—	Equity Unit	023634207
AMZN	AMAZON.COM, INC.	3,859	$920K	0.1%	$190.16	—	Equity	023135106
PRPL	Purple Innovation Inc	300,000	$107K	0.0%	$0.74	—	Equity	74640Y106
TLT	iShares 20 Year Treasury Bond ETF	300,000	$25.93M	1.5%	—	—	CALL	464287432
BFRGW	Bullfrog AI Holdings Inc	80,750	$57,333	0.0%	$0.88	—	Warrant	12021E117
BLUWW	Blue Water Acquisition Corp III	1,261,031	$13.03M	0.8%	$10.32	—	Warrant	G1368E114
COST	Costco Wholesale Corp	913	$854K	0.1%	$873.63	—	Equity	22160K105
MCGAW	Yorkville Acquisition Corp	457,767	$4.674M	0.3%	$10.30	—	Warrant	G98659124
BRK/B	Berkshire Hathaway Inc	1,727	$864K	0.1%	$455.91	—	Equity	084670702
NWAX/WS	New America Acquisition I Corp	238,642	$2.422M	0.1%	$10.01	—	Warrant	023634116
XBPEW	XBP Global Holdings Inc	12,537	$29,086	0.0%	$5.30	—	Warrant	98400V119
MKL	Markel Group Inc	441	$861K	0.1%	$1655.01	—	Equity	570535104
OABIW	OmniAb Inc	11,833	$29,109	0.0%	$3.60	—	Warrant	68218J111
ALIT	Alight Inc	406,000	$227K	0.0%	$2.46	—	Equity	01626W101
BLUWU	Blue Water Acquisition Corp III	100,000	$1.048M	0.1%	$10.55	—	Equity Unit	G1368E122
MDCXW	Medicus Pharma Ltd	42,400	$18,923	0.0%	$2.43	—	Warrant	58471K111