Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
RIOT	RIOT PLATFORMS, INC.	325,000	$4.017M	0.9%	$15.87	0.0%	COMMON STOCK	767292105
DAVE	DAVE INC.	7,000	$1.219M	0.3%	$188.03	0.0%	COMMON STOCK	23834J201
URG	UR-ENERGY INC.	600,000	$894K	0.2%	$1.71	0.0%	COMMON STOCK	91688R108
NN	NEXTNAV INC.	50,000	$801K	0.2%	$15.56	0.0%	COMMON STOCK	65345N106
XBP	XBP GLOBAL HOLDINGS, INC.	73,657	$324K	0.1%	$7.81	0.0%	COMMON STOCK	98400V200
OTGA	OTG ACQUISITION CORP. I	115,000	$236K	0.1%	$10.05	0.0%	ORDINARY SHARES CLASS A	G6791A100
MCW	MISTER CAR WASH, INC.	30,000	$209K	0.0%	$6.07	0.0%	COMMON STOCK	60646V105
NNAVW	NEXTNAV INC.	21,000	$133K	0.0%	$6.33	—	WARRANTS	65345N114
SDST	STARDUST POWER INC.	42,122	$99,408	0.0%	$3.81	0.0%	COMMON STOCK	854936200
DHC	DIVERSIFIED HEALTHCARE TRUST	10,000	$66,400	0.0%	$6.64	—	COMMON STOCK	25525P107

Increased Positions (3)

LFMD LIFEMD, INC. 0.7%

Value $3.146M (+1146.9%) Shares 871,580 (+1077.8%) Est. Cost $3.47 Unrealized -3.7%

TOI THE ONCOLOGY INSTITUTE, INC. 0.6%

Value $2.854M (+20.9%) Shares 929,734 (+40.2%) Est. Cost $2.73 Unrealized +13.4%

SQNS SEQUANS COMMUNICATIONS S.A. 1.0%

Value $4.446M (-5.5%) Shares 1,757,340 (+67.7%) Est. Cost $3.70 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
LFMD	LIFEMD, INC.	871,580 (+1077.8%)	$3.146M (+1146.9%)	0.7%	$3.47	-3.7%	COMMON STOCK	53216B104
TOI	THE ONCOLOGY INSTITUTE, INC.	929,734 (+40.2%)	$2.854M (+20.9%)	0.6%	$2.73	+13.4%	COMMON STOCK	68236X100
SQNS	SEQUANS COMMUNICATIONS S.A.	1,757,340 (+67.7%)	$4.446M (-5.5%)	1.0%	$3.70	—	SPONSORED ADS	817323405

Exited Positions (10)

APLD APPLIED DIGITAL CORPORATION 2.7%

Value $12.14M Shares 495,000 Est. Cost $28.80 Unrealized +19.1%

— SYNCHRONOSS TECHNOLOGIES, INC. 0.8%

Value $3.503M Shares 409,196 Est. Cost $6.17 Unrealized —

— XBP GLOBAL HOLDINGS, INC. 0.1%

Value $640K Shares 93,951 Est. Cost $0.81 Unrealized —

IBIT ISHARES BITCOIN TRUST ETF 0.1%

Value $497K Shares 10,000 Est. Cost $61.11 Unrealized —

CELH CELSIUS HOLDINGS, INC. 0.1%

Value $393K Shares 8,600 Est. Cost $50.38 Unrealized +0.6%

TGLS TECNOGLASS INC. 0.1%

Value $387K Shares 7,700 Est. Cost $54.59 Unrealized -6.0%

PGY PAGAYA TECHNOLOGIES LTD. 0.1%

Value $370K Shares 17,700 Est. Cost $25.47 Unrealized -27.2%

CRBP CORBUS PHARMACEUTICALS HOLDINGS, INC. 0.1%

Value $315K Shares 38,714 Est. Cost $12.34 Unrealized -34.3%

ELF e.l.f BEAUTY, INC. 0.1%

Value $274K Shares 3,600 Est. Cost $98.43 Unrealized -13.0%

OTGAU OTG ACQUISITION CORP. I 0.1%

Value $234K Shares 115,000 Est. Cost $2.01 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
APLD	APPLIED DIGITAL CORPORATION	495,000	$12.14M	2.7%	$28.80	+19.1%	—	038169207
—	SYNCHRONOSS TECHNOLOGIES, INC.	409,196	$3.503M	0.8%	$6.17	—	—	87157B400
—	XBP GLOBAL HOLDINGS, INC.	93,951	$640K	0.1%	$0.81	—	—	98400V101
IBIT	ISHARES BITCOIN TRUST ETF	10,000	$497K	0.1%	$61.11	—	—	46438F101
CELH	CELSIUS HOLDINGS, INC.	8,600	$393K	0.1%	$50.38	+0.6%	—	15118V207
TGLS	TECNOGLASS INC.	7,700	$387K	0.1%	$54.59	-6.0%	—	G87264100
PGY	PAGAYA TECHNOLOGIES LTD.	17,700	$370K	0.1%	$25.47	-27.2%	—	M7S64L123
CRBP	CORBUS PHARMACEUTICALS HOLDINGS, INC.	38,714	$315K	0.1%	$12.34	-34.3%	—	21833P301
ELF	e.l.f BEAUTY, INC.	3,600	$274K	0.1%	$98.43	-13.0%	—	26856L103
OTGAU	OTG ACQUISITION CORP. I	115,000	$234K	0.1%	$2.01	—	—	G6791A126

Decreased Positions (1)

— XEROX HOLDINGS CORPORATION 0.0%

Value $53,320 (-45.9%) Shares 200,000 (-40.7%) Est. Cost $0.29 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	XEROX HOLDINGS CORPORATION	200,000 (-40.7%)	$53,320 (-45.9%)	0.0%	$0.29	—	NOTE	98421MAE6

Unchanged Positions (7)

BW BABCOCK & WILCOX ENTERPRISES, INC. 88.4%

Value $403M Shares 27,446,522 Est. Cost $4.54 Unrealized +95.7%

DRDB ROMAN DBDR ACQUISITION CORP II 0.7%

Value $3.172M Shares 605,913 Est. Cost $9.96 Unrealized +5.1%

DDI DOUBLEDOWN INTERACTIVE CO., LTD. 6.4%

Value $29.3M Shares 3,467,509 Est. Cost $15.69 Unrealized —

TACT TRANSACT TECHNOLOGIES INCORPORATED. 0.4%

Value $1.796M Shares 545,812 Est. Cost $4.53 Unrealized -17.6%

BZAI BLAIZE HOLDINGS, INC. 0.0%

Value $152K Shares 83,353 Est. Cost $3.23 Unrealized -49.4%

GCTS GCT SEMICONDUCTOR HOLDING, INC. 0.0%

Value $64,773 Shares 56,818 Est. Cost $2.13 Unrealized -45.0%

RMCO ROYALTY MANAGEMENT HOLDING CORPORATION 0.0%

Value $59,400 Shares 20,000 Est. Cost $1.01 Unrealized +284.9%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
BW	BABCOCK & WILCOX ENTERPRISES, INC.	27,446,522	$403M	88.4%	$4.54	+95.7%	COMMON STOCK	05614L209
DRDB	ROMAN DBDR ACQUISITION CORP II	605,913	$3.172M	0.7%	$9.96	+5.1%	ORDINARY SHARES CLASS A	G7633M104
DDI	DOUBLEDOWN INTERACTIVE CO., LTD.	3,467,509	$29.3M	6.4%	$15.69	—	ADS	25862B109
TACT	TRANSACT TECHNOLOGIES INCORPORATED.	545,812	$1.796M	0.4%	$4.53	-17.6%	COMMON STOCK	892918103
BZAI	BLAIZE HOLDINGS, INC.	83,353	$152K	0.0%	$3.23	-49.4%	COMMON STOCK	092915107
GCTS	GCT SEMICONDUCTOR HOLDING, INC.	56,818	$64,773	0.0%	$2.13	-45.0%	COMMON STOCK	36170N107
RMCO	ROYALTY MANAGEMENT HOLDING CORPORATION	20,000	$59,400	0.0%	$1.01	+284.9%	CLASS A COMMON STOCK	02369M102