Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
HTO	H2O AMERICA	162,217	$9.517M	9.6%	—	—	COM	784305104
TGS	TRANSPORTADORA DE GAS DEL SU	274,049	$9.485M	9.6%	—	—	SPONSORED ADS B	893870204
PAM	PAMPA ENERGIA SA	105,963	$9.378M	9.5%	—	—	SPONS ADR LVL I	697660207
MWH	SOLV ENERGY INC	272,818	$8.193M	8.3%	—	—	COM SHS CL A	78475V103
BKV	BKV CORP	235,363	$6.713M	6.8%	—	—	COM	05603J108
CLSK	CLEANSPARK INC	644,865	$5.488M	5.5%	—	—	COM NEW	18452B209
IMSR	TERRESTRIAL ENERGY INC	575,499	$3.456M	3.5%	—	—	COM SHS	881454102
HUT	HUT 8 CORP	69,001	$3.237M	3.3%	—	—	COM	44812J104
ES	EVERSOURCE ENERGY	40,500	$2.806M	2.8%	—	—	COM	30040W108
ENPH	ENPHASE ENERGY INC	55,448	$2.096M	2.1%	—	—	COM	29355A107
PCG	PG&E CORP	119,300	$2.096M	2.1%	—	—	COM	69331C108

Increased Positions (5)

FER FERROVIAL SE 13.2%

Value $13.04M (+74.2%) Shares 200,455 (+73.0%) Est. Cost — Unrealized —

GLXY GALAXY DIGITAL INC. 4.2%

Value $4.205M (+108.8%) Shares 227,889 (+153.0%) Est. Cost — Unrealized —

ETR ENTERGY CORP NEW 5.1%

Value $5.056M (+74.6%) Shares 45,000 (+43.6%) Est. Cost — Unrealized —

BTDR BITDEER TECHNOLOGIES GROUP 3.2%

Value $3.118M (+202.6%) Shares 360,442 (+292.2%) Est. Cost — Unrealized —

DGXX DIGI PWR X INC 6.0%

Value $5.926M (+32.6%) Shares 2,919,404 (+66.5%) Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
FER	FERROVIAL SE	200,455 (+73.0%)	$13.04M (+74.2%)	13.2%	—	—	ORD SHS	N3168P101
GLXY	GALAXY DIGITAL INC.	227,889 (+153.0%)	$4.205M (+108.8%)	4.2%	—	—	CL A	36317J209
ETR	ENTERGY CORP NEW	45,000 (+43.6%)	$5.056M (+74.6%)	5.1%	—	—	COM	29364G103
BTDR	BITDEER TECHNOLOGIES GROUP	360,442 (+292.2%)	$3.118M (+202.6%)	3.2%	—	—	CL A ORD SHS	G11448100
DGXX	DIGI PWR X INC	2,919,404 (+66.5%)	$5.926M (+32.6%)	6.0%	—	—	COM SUB VTG	25380B102

Exited Positions (21)

XEL XCEL ENERGY INC 11.4%

Value $11.24M Shares 152,239 Est. Cost — Unrealized —

IMSR TERRESTRIAL ENERGY INC 6.7%

Value $6.584M Shares 1,077,500 Est. Cost — Unrealized —

GPRK GEOPARK LTD 5.9%

Value $5.854M Shares 789,978 Est. Cost — Unrealized —

CPK CHESAPEAKE UTILS CORP 5.5%

Value $5.438M Shares 43,586 Est. Cost — Unrealized —

LNT ALLIANT ENERGY CORP 4.7%

Value $4.648M Shares 71,500 Est. Cost — Unrealized —

CIFR CIPHER MINING INC 4.4%

Value $4.344M Shares 294,292 Est. Cost — Unrealized —

IDA IDACORP INC 3.8%

Value $3.809M Shares 30,100 Est. Cost — Unrealized —

NI NISOURCE INC 3.8%

Value $3.801M Shares 91,024 Est. Cost — Unrealized —

BE BLOOM ENERGY CORP 3.2%

Value $3.169M Shares 36,467 Est. Cost — Unrealized —

SR SPIRE INC 3.0%

Value $2.977M Shares 36,000 Est. Cost — Unrealized —

AES AES CORP 2.2%

Value $2.204M Shares 153,692 Est. Cost — Unrealized —

BWXT BWX TECHNOLOGIES INC 2.2%

Value $2.135M Shares 12,350 Est. Cost — Unrealized —

IREN IREN LIMITED 2.0%

Value $1.992M Shares 52,749 Est. Cost — Unrealized —

BITF BITFARMS LTD 2.0%

Value $1.96M Shares 834,075 Est. Cost — Unrealized —

HIVE HIVE DIGITAL TECHNOLOGIES LT 2.0%

Value $1.957M Shares 758,683 Est. Cost — Unrealized —

APLD APPLIED DIGITAL CORP 1.9%

Value $1.864M Shares 76,037 Est. Cost — Unrealized —

TLN TALEN ENERGY CORP 1.7%

Value $1.664M Shares 4,440 Est. Cost — Unrealized —

ETN EATON CORP PLC 1.0%

Value $1.027M Shares 3,225 Est. Cost — Unrealized —

FLNC FLUENCE ENERGY INC 1.0%

Value $989K Shares 50,000 Est. Cost — Unrealized —

WULF TERAWULF INC 0.7%

Value $661K Shares 57,500 Est. Cost — Unrealized —

IREN IREN LIMITED 0.6%

Value $604K Shares 16,000 Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
XEL	XCEL ENERGY INC	152,239	$11.24M	11.4%	—	—	—	98389B100
IMSR	TERRESTRIAL ENERGY INC	1,077,500	$6.584M	6.7%	—	—	CALL	881454102
GPRK	GEOPARK LTD	789,978	$5.854M	5.9%	—	—	—	G38327105
CPK	CHESAPEAKE UTILS CORP	43,586	$5.438M	5.5%	—	—	—	165303108
LNT	ALLIANT ENERGY CORP	71,500	$4.648M	4.7%	—	—	—	018802108
CIFR	CIPHER MINING INC	294,292	$4.344M	4.4%	—	—	—	17253J106
IDA	IDACORP INC	30,100	$3.809M	3.8%	—	—	—	451107106
NI	NISOURCE INC	91,024	$3.801M	3.8%	—	—	—	65473P105
BE	BLOOM ENERGY CORP	36,467	$3.169M	3.2%	—	—	—	093712107
SR	SPIRE INC	36,000	$2.977M	3.0%	—	—	—	84857L101
AES	AES CORP	153,692	$2.204M	2.2%	—	—	—	00130H105
BWXT	BWX TECHNOLOGIES INC	12,350	$2.135M	2.2%	—	—	—	05605H100
IREN	IREN LIMITED	52,749	$1.992M	2.0%	—	—	—	Q4982L109
BITF	BITFARMS LTD	834,075	$1.96M	2.0%	—	—	—	09173B107
HIVE	HIVE DIGITAL TECHNOLOGIES LT	758,683	$1.957M	2.0%	—	—	—	433921103
APLD	APPLIED DIGITAL CORP	76,037	$1.864M	1.9%	—	—	—	038169207
TLN	TALEN ENERGY CORP	4,440	$1.664M	1.7%	—	—	—	87422Q109
ETN	EATON CORP PLC	3,225	$1.027M	1.0%	—	—	—	G29183103
FLNC	FLUENCE ENERGY INC	50,000	$989K	1.0%	—	—	PUT	34379V103
WULF	TERAWULF INC	57,500	$661K	0.7%	—	—	CALL	88080T104
IREN	IREN LIMITED	16,000	$604K	0.6%	—	—	CALL	Q4982L109

Decreased Positions (2)

NKLR TERRA INNOVATUM GLOBAL NV 1.4%

Value $1.424M (-50.4%) Shares 306,833 (-50.6%) Est. Cost — Unrealized —

WULF TERAWULF INC 3.8%

Value $3.725M (-22.7%) Shares 258,133 (-38.5%) Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
NKLR	TERRA INNOVATUM GLOBAL NV	306,833 (-50.6%)	$1.424M (-50.4%)	1.4%	—	—	ORD SHS	N85083108
WULF	TERAWULF INC	258,133 (-38.5%)	$3.725M (-22.7%)	3.8%	—	—	COM	88080T104