Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
AMZN	AMAZON COM INC	143,200	$34.13M	5.6%	—	—	COM	023135106
BKH	BLACK HILLS CORP	178,800	$13.3M	2.2%	—	—	COM	092113109
AMTM	AMENTUM HOLDINGS INC	186,200	$3.849M	0.6%	—	—	COM	023939101
IACQ	IRENIC ACQUISITION CORP	300,000	$3.048M	0.5%	—	—	ORD SHS CL A	G4939F107
AAC/U	ARES ACQUISITION CORP III	300,000	$3.015M	0.5%	—	—	UNIT 99/99/9999	G3303U112
ANSC	AGRICULTURE & NAT SOL ACQ CO	250,000	$2.855M	0.5%	—	—	SHS CL A	G0131Y100
GCGR	GENERAL CATALYST GBL RESIL M	100,000	$1.029M	0.2%	—	—	CL A	G3793T104

Increased Positions (6)

SARO STANDARDAERO INC 7.5%

Value $45.52M (+98.1%) Shares 1,521,900 (+71.1%) Est. Cost — Unrealized —

CTRI CENTURI HOLDINGS INC 11.0%

Value $66.43M (+28.4%) Shares 2,196,660 (+24.0%) Est. Cost — Unrealized —

OR OR ROYALTIES INC. 10.1%

Value $60.85M (+23.6%) Shares 1,923,700 (+48.6%) Est. Cost — Unrealized —

DNOW DNOW INC 7.7%

Value $46.78M (+19.1%) Shares 3,607,059 (+9.4%) Est. Cost — Unrealized —

ETR ENTERGY CORP NEW 5.7%

Value $34.46M (+20.7%) Shares 300,000 (+18.1%) Est. Cost — Unrealized —

AEP AMERICAN ELEC PWR CO INC 7.4%

Value $45M (+14.9%) Shares 328,923 (+10.1%) Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
SARO	STANDARDAERO INC	1,521,900 (+71.1%)	$45.52M (+98.1%)	7.5%	—	—	COM	85423L103
CTRI	CENTURI HOLDINGS INC	2,196,660 (+24.0%)	$66.43M (+28.4%)	11.0%	—	—	COM SHS	155923105
OR	OR ROYALTIES INC.	1,923,700 (+48.6%)	$60.85M (+23.6%)	10.1%	—	—	COM SHS	68390D106
DNOW	DNOW INC	3,607,059 (+9.4%)	$46.78M (+19.1%)	7.7%	—	—	COM	67011P100
ETR	ENTERGY CORP NEW	300,000 (+18.1%)	$34.46M (+20.7%)	5.7%	—	—	COM	29364G103
AEP	AMERICAN ELEC PWR CO INC	328,923 (+10.1%)	$45M (+14.9%)	7.4%	—	—	COM	025537101

Exited Positions (2)

CMS CMS ENERGY CORP 2.8%

Value $17.03M Shares 219,500 Est. Cost — Unrealized —

KGS KODIAK GAS SVCS INC 1.1%

Value $6.847M Shares 117,400 Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
CMS	CMS ENERGY CORP	219,500	$17.03M	2.8%	—	—	—	125896100
KGS	KODIAK GAS SVCS INC	117,400	$6.847M	1.1%	—	—	—	50012A108

Decreased Positions (7)

JBL JABIL INC 2.5%

Value $14.89M (-65.2%) Shares 38,627 (-76.0%) Est. Cost — Unrealized —

AGI ALAMOS GOLD INC 2.3%

Value $13.77M (-66.4%) Shares 453,700 (-50.9%) Est. Cost — Unrealized —

GFL GFL ENVIRONMENTAL INC 4.9%

Value $29.85M (-40.9%) Shares 811,300 (-33.0%) Est. Cost — Unrealized —

SW SMURFIT WESTROCK PLC 3.9%

Value $23.83M (-44.5%) Shares 515,100 (-52.2%) Est. Cost — Unrealized —

GLNG GOLAR LNG LTD 9.0%

Value $54.7M (-16.5%) Shares 1,097,502 (-9.3%) Est. Cost — Unrealized —

SWX SOUTHWEST GAS HLDGS INC 1.8%

Value $10.65M (-26.2%) Shares 120,146 (-27.7%) Est. Cost — Unrealized —

EVRG EVERGY INC 2.0%

Value $12.2M (-0.3%) Shares 141,100 (-5.5%) Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
JBL	JABIL INC	38,627 (-76.0%)	$14.89M (-65.2%)	2.5%	—	—	COM	466313103
AGI	ALAMOS GOLD INC	453,700 (-50.9%)	$13.77M (-66.4%)	2.3%	—	—	COM CL A	011532108
GFL	GFL ENVIRONMENTAL INC	811,300 (-33.0%)	$29.85M (-40.9%)	4.9%	—	—	SUB VTG SHS	36168Q104
SW	SMURFIT WESTROCK PLC	515,100 (-52.2%)	$23.83M (-44.5%)	3.9%	—	—	SHS	G8267P108
GLNG	GOLAR LNG LTD	1,097,502 (-9.3%)	$54.7M (-16.5%)	9.0%	—	—	SHS	G9456A100
SWX	SOUTHWEST GAS HLDGS INC	120,146 (-27.7%)	$10.65M (-26.2%)	1.8%	—	—	COM	844895102
EVRG	EVERGY INC	141,100 (-5.5%)	$12.2M (-0.3%)	2.0%	—	—	COM	30034W106

Unchanged Positions (11)

FIS FIDELITY NATL INFORMATION SV 1.5%

Value $9.251M Shares 237,925 Est. Cost — Unrealized —

PPL PPL CORP 4.5%

Value $27.15M Shares 746,800 Est. Cost — Unrealized —

MTAL/U METALS ACQUISITION CORP II 1.6%

Value $9.855M Shares 900,000 Est. Cost — Unrealized —

TACO BERTO ACQUISITION CORP 1.6%

Value $9.417M Shares 897,745 Est. Cost — Unrealized —

CCXI CHURCHILL CAP CORP XI 0.1%

Value $407K Shares 22,500 Est. Cost — Unrealized —

HVII HENNESSY CAP INVT CORP VII 2.1%

Value $12.78M Shares 1,222,740 Est. Cost — Unrealized —

IEAG INFINITE EAGLE ACQUISITION C 1.0%

Value $6.15M Shares 600,000 Est. Cost — Unrealized —

CCIX CHURCHILL CAPITAL CORP IX 0.5%

Value $3.059M Shares 280,938 Est. Cost — Unrealized —

EGHA EGH ACQUISITION CORP. 0.8%

Value $5.02M Shares 487,810 Est. Cost — Unrealized —

SAC SAFEGUARD ACQUISITION CORP 0.2%

Value $1.024M Shares 100,000 Est. Cost — Unrealized —

GPAC GENERAL PURP ACQUISITION COR 0.2%

Value $1.01M Shares 100,000 Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
FIS	FIDELITY NATL INFORMATION SV	237,925	$9.251M	1.5%	—	—	COM	31620M106
PPL	PPL CORP	746,800	$27.15M	4.5%	—	—	COM	69351T106
MTAL/U	METALS ACQUISITION CORP II	900,000	$9.855M	1.6%	—	—	UNIT 99/99/9999	G60420125
TACO	BERTO ACQUISITION CORP	897,745	$9.417M	1.6%	—	—	ORD SHS	G1051H101
CCXI	CHURCHILL CAP CORP XI	22,500	$407K	0.1%	—	—	CL A ORD SHS	G2131A108
HVII	HENNESSY CAP INVT CORP VII	1,222,740	$12.78M	2.1%	—	—	ORD SHS CL A	G4405D107
IEAG	INFINITE EAGLE ACQUISITION C	600,000	$6.15M	1.0%	—	—	CL A	G4802J103
CCIX	CHURCHILL CAPITAL CORP IX	280,938	$3.059M	0.5%	—	—	CL A SHS	G21301109
EGHA	EGH ACQUISITION CORP.	487,810	$5.02M	0.8%	—	—	SHS CL A	G2946P100
SAC	SAFEGUARD ACQUISITION CORP	100,000	$1.024M	0.2%	—	—	CL A ORD SHS	G77676107
GPAC	GENERAL PURP ACQUISITION COR	100,000	$1.01M	0.2%	—	—	USD CL A ORD SHS	G3810N106