WATER ISLAND CAPITAL LLC Hedge Fund

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
EXAS	Exact Sciences Corp	350,009	$35,547	3.8%	$80.31	0.0%	Equity	30063P105
HOLX	Hologic Inc	467,742	$34,842	3.8%	$73.07	0.0%	Equity	436440101
CMA	Comerica Inc	398,037	$34,601	3.7%	$79.98	0.0%	Equity	200340107
—	Cidara Therapeutics Inc	150,708	$33,290	3.6%	$220.89	—	Equity	171757206
WBD	Warner Bros Discovery Inc	1,139,634	$32,844	3.5%	$23.37	0.0%	Equity	934423104
JHG	Janus Henderson Group PLC	647,485	$30,801	3.3%	$44.24	0.0%	Equity	G4474Y214
—	Avadel Pharmaceuticals PLC	1,087,117	$23,427	2.5%	$21.55	—	Equity	G29687103
SEE	Sealed Air Corp	559,237	$23,169	2.5%	$38.57	0.0%	Equity	81211K100
CWAN	Clearwater Analytics Holdings	875,632	$21,120	2.3%	$20.03	0.0%	Equity	185123106
CFLT	Confluent Inc	640,113	$19,357	2.1%	$24.55	0.0%	Equity	20717M103
—	State Street SPDR S&P 500 ETF	25,000	$17,048	1.8%	—	—	CALL	78462F903
—	Cidara Therapeutics Inc	76,900	$16,986	1.8%	—	—	PUT	171757956
DBRG	DigitalBridge Group Inc	929,000	$14,251	1.5%	$12.01	0.0%	Equity	25401T603
—	Jamf Holding Corp	985,069	$12,816	1.4%	$13.01	—	Equity	47074L105
CADE	Cadence Bank	297,603	$12,749	1.4%	$39.41	0.0%	Equity	12740C103
—	Hillenbrand Inc	399,006	$12,656	1.4%	$31.72	—	Equity	431571108
PLYM	Plymouth Industrial REIT Inc	559,215	$12,236	1.3%	$21.88	—	Equity	729640102
—	Avidity Biosciences Inc	168,700	$12,168	1.3%	—	—	PUT	05370A958
RNA	Avidity Biosciences Inc	168,385	$12,146	1.3%	$64.59	0.0%	Equity	05370A108
—	Kenvue Inc	695,000	$11,989	1.3%	—	—	PUT	49177J952
KVUE	Kenvue Inc	690,191	$11,906	1.3%	$16.26	0.0%	Equity	49177J102
CSGS	CSG Systems International Inc	150,720	$11,559	1.2%	$73.52	0.0%	Equity	126349109
FOLD	Amicus Therapeutics Inc	706,617	$10,062	1.1%	$9.82	0.0%	Equity	03152W109
—	Hillenbrand Inc	315,000	$9,992	1.1%	—	—	PUT	431571958
—	Dynavax Technologies Corp	610,261	$9,386	1.0%	$15.38	—	Equity	268158201
QRVO	Qorvo Inc	109,521	$9,256	1.0%	$88.25	0.0%	Equity	74736K101
FRGE	Forge Global Holdings Inc	197,075	$8,782	0.9%	$33.80	0.0%	Equity	34629L202
—	Astria Therapeutics Inc	615,790	$8,061	0.9%	$13.09	—	Equity	04635X102
SEMR	SEMrush Holdings Inc	628,602	$7,474	0.8%	$9.37	0.0%	Equity	81686C104
AXTA	Axalta Coating Systems Ltd	205,722	$6,647	0.7%	$29.34	0.0%	Equity	G0750C108
—	Amicus Therapeutics Inc	451,000	$6,422	0.7%	—	—	CALL	03152W909
—	CSG SYSTEMS INTERNATIONA	5,000,000	$5,967	0.6%	$1.19	—	Convertible Bond	126349AH2
ALEX	Alexander & Baldwin Inc	263,012	$5,429	0.6%	$20.64	—	Equity	014491104
—	CONFLUENT INC	5,000,000	$4,855	0.5%	$0.97	—	Convertible Bond	20717MAB9
—	Hologic Inc	60,600	$4,514	0.5%	—	—	PUT	436440951
EB	Eventbrite Inc	987,653	$4,395	0.5%	$3.10	0.0%	Equity	29975E109
—	Kimberly-Clark Corp	42,200	$4,258	0.5%	—	—	CALL	494368903
—	NUTANIX INC	3,500,000	$3,377	0.4%	$0.96	—	Convertible Bond	67059NAK4
—	VARONIS SYSTEM INC	3,000,000	$2,794	0.3%	$0.93	—	Convertible Bond	922280AD4
—	Warner Bros Discovery Inc	94,900	$2,735	0.3%	—	—	PUT	934423954
—	ITRON INC	2,500,000	$2,473	0.3%	$0.99	—	Convertible Bond	465741AN6
—	TreeHouse Foods Inc	99,421	$2,345	0.3%	$23.59	—	Equity	89469A104
—	Axalta Coating Systems Ltd	67,100	$2,168	0.2%	—	—	PUT	G0750C958
—	Core Scientific Inc	143,800	$2,094	0.2%	—	—	CALL	21874A906
—	Kenvue Inc	118,400	$2,042	0.2%	—	—	CALL	49177J902
NGD	New Gold Inc	226,878	$1,976	0.2%	$7.53	0.0%	Equity	644535106
—	REV Group Inc	31,261	$1,901	0.2%	$60.81	—	Equity	749527107
BHF	Brighthouse Financial Inc	28,841	$1,869	0.2%	$58.76	0.0%	Equity	10922N103
WTRG	Essential Utilities Inc	36,646	$1,406	0.2%	$39.35	0.0%	Equity	29670G102
—	Denny's Corp	213,445	$1,328	0.1%	$6.22	—	Equity	24869P104
—	Anywhere Real Estate Inc	71,100	$1,007	0.1%	—	—	CALL	75605Y906
MOFG	MidWestOne Financial Group Inc	21,980	$846	0.1%	$36.46	0.0%	Equity	598511103
UDMY	Udemy Inc	135,922	$795	0.1%	$5.83	0.0%	Equity	902685106
ZEUS	Olympic Steel Inc	16,293	$697	0.1%	$35.69	0.0%	Equity	68162K106
—	Janus Henderson Group PLC	12,000	$571	0.1%	—	—	PUT	G4474Y954
DHIL	Diamond Hill Investment Group	2,482	$421	0.0%	$135.06	0.0%	Equity	25264R207
HTBK	Heritage Commerce Corp	33,924	$407	0.0%	$10.85	0.0%	Equity	426927109
FFWM	First Foundation Inc	65,919	$406	0.0%	$5.60	0.0%	Equity	32026V104
—	TrueCar Inc	173,620	$392	0.0%	$2.26	—	Equity	89785L107
FSFG	First Savings Financial Group	8,788	$280	0.0%	$30.96	0.0%	Equity	33621E109
DKS	Dick's Sporting Goods Inc	1,100	$218	0.0%	$217.13	0.0%	Equity	253393102

Increased Positions (9)

EA Electronic Arts Inc 4.0%

Value ($000) $36,951 (+106.8%) Shares 180,838 (+104.1%) Est. Cost $183.85 Unrealized +9.7%

GTLS Chart Industries Inc 4.2%

Value ($000) $38,838 (+52.6%) Shares 188,325 (+48.1%) Est. Cost $194.13 Unrealized +4.4%

TXNM TXNM Energy Inc 3.7%

Value ($000) $33,939 (+33.2%) Shares 576,411 (+27.9%) Est. Cost $55.91 Unrealized +3.2%

— Teck Resources Ltd 1.5%

Value ($000) $13,989 (+52.1%) Shares 292,100 (+39.4%) Est. Cost — Unrealized —

— RAPID7 INC 0.5%

Value ($000) $5,100 (+118.3%) Shares 5,501,530 (+120.1%) Est. Cost $0.92 Unrealized —

NSC Norfolk Southern Corp 4.0%

Value ($000) $37,257 (-1.4%) Shares 129,043 (+2.6%) Est. Cost $276.35 Unrealized +4.4%

IMXI International Money Express In 0.1%

Value ($000) $1,359 (+12.9%) Shares 88,476 (+2.7%) Est. Cost $12.46 Unrealized +20.6%

— Soho House & Co Inc 0.1%

Value ($000) $634 (+9.3%) Shares 70,756 (+8.0%) Est. Cost $8.86 Unrealized —

— City Office REIT Inc 0.0%

Value ($000) $430 (+13.7%) Shares 61,498 (+13.2%) Est. Cost $6.96 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
EA	Electronic Arts Inc	180,838 (+104.1%)	$36,951 (+106.8%)	4.0%	$183.85	+9.7%	Equity	285512109
GTLS	Chart Industries Inc	188,325 (+48.1%)	$38,838 (+52.6%)	4.2%	$194.13	+4.4%	Equity	16115Q308
TXNM	TXNM Energy Inc	576,411 (+27.9%)	$33,939 (+33.2%)	3.7%	$55.91	+3.2%	Equity	69349H107
—	Teck Resources Ltd	292,100 (+39.4%)	$13,989 (+52.1%)	1.5%	—	—	PUT	878742954
—	RAPID7 INC	5,501,530 (+120.1%)	$5,100 (+118.3%)	0.5%	$0.92	—	Convertible Bond	753422AF1
NSC	Norfolk Southern Corp	129,043 (+2.6%)	$37,257 (-1.4%)	4.0%	$276.35	+4.4%	Equity	655844108
IMXI	International Money Express In	88,476 (+2.7%)	$1,359 (+12.9%)	0.1%	$12.46	+20.6%	Equity	46005L101
—	Soho House & Co Inc	70,756 (+8.0%)	$634 (+9.3%)	0.1%	$8.86	—	Equity	586001109
—	City Office REIT Inc	61,498 (+13.2%)	$430 (+13.7%)	0.0%	$6.96	—	Equity	178587101

Exited Positions (54)

— VERONA PHARMA PLC 3.3%

Value ($000) $30,965 Shares 290,182 Est. Cost $106.71 Unrealized —

— AVIDXCHANGE HOLDINGS INC 3.1%

Value ($000) $28,685 Shares 2,882,867 Est. Cost $9.84 Unrealized —

— INFORMATICA INC 3.1%

Value ($000) $28,556 Shares 1,149,598 Est. Cost $24.50 Unrealized —

— VERITEX HLDGS INC 2.9%

Value ($000) $27,350 Shares 815,698 Est. Cost $33.53 Unrealized —

— VERINT SYS INC 2.6%

Value ($000) $24,360 Shares 1,202,967 Est. Cost $20.25 Unrealized —

— POTBELLY CORP 2.5%

Value ($000) $23,031 Shares 1,351,588 Est. Cost $17.04 Unrealized —

— WNS HLDGS LTD 2.4%

Value ($000) $22,579 Shares 296,042 Est. Cost $76.27 Unrealized —

— SYNOVUS FINL CORP 2.2%

Value ($000) $20,687 Shares 421,500 Est. Cost — Unrealized —

— CORE SCIENTIFIC INC NEW 2.0%

Value ($000) $18,693 Shares 1,042,000 Est. Cost — Unrealized —

— MERIDIANLINK INC 2.0%

Value ($000) $18,540 Shares 930,234 Est. Cost $19.93 Unrealized —

— SAPIENS INTL CORP N V 2.0%

Value ($000) $18,122 Shares 421,434 Est. Cost $43.00 Unrealized —

— HANESBRANDS INC 1.6%

Value ($000) $14,924 Shares 2,264,676 Est. Cost $6.59 Unrealized —

CORZ CORE SCIENTIFIC INC NEW 1.5%

Value ($000) $14,091 Shares 785,446 Est. Cost $14.67 Unrealized +18.9%

— VIMEO INC 1.3%

Value ($000) $12,059 Shares 1,555,942 Est. Cost $7.75 Unrealized —

MGRC MCGRATH RENTCORP 1.3%

Value ($000) $11,648 Shares 99,363 Est. Cost $120.89 Unrealized -10.3%

— PROS HOLDINGS INC 1.2%

Value ($000) $11,283 Shares 492,502 Est. Cost $22.91 Unrealized —

— INTEGRAL AD SCIENCE HLDNG CO 1.2%

Value ($000) $10,894 Shares 1,071,160 Est. Cost $10.17 Unrealized —

TECK TECK RESOURCES LTD 1.0%

Value ($000) $9,213 Shares 209,900 Est. Cost $36.34 Unrealized +19.2%

— Merus NV 1.0%

Value ($000) $9,038 Shares 96,000 Est. Cost — Unrealized —

— MERUS N V 1.0%

Value ($000) $9,038 Shares 96,000 Est. Cost $94.15 Unrealized —

— VERONA PHARMA PLC 1.0%

Value ($000) $8,974 Shares 84,100 Est. Cost — Unrealized —

— KELLANOVA 1.0%

Value ($000) $8,924 Shares 108,800 Est. Cost — Unrealized —

— WIDEOPENWEST INC 0.9%

Value ($000) $8,040 Shares 1,558,174 Est. Cost $5.16 Unrealized —

— PREMIER INC 0.8%

Value ($000) $7,740 Shares 278,420 Est. Cost $27.80 Unrealized —

— 89BIO INC 0.8%

Value ($000) $7,254 Shares 493,500 Est. Cost — Unrealized —

— PARAMOUNT GROUP INC 0.7%

Value ($000) $6,271 Shares 958,918 Est. Cost $6.54 Unrealized —

— UBER TECHNOLOGIES INC 0.7%

Value ($000) $6,090 Shares 5,000,000 Est. Cost $1.01 Unrealized —

— COMPASS INC 0.6%

Value ($000) $5,264 Shares 655,600 Est. Cost — Unrealized —

— AKAMAI TECHNOLOGIES INC 0.5%

Value ($000) $4,306 Shares 4,500,000 Est. Cost $0.97 Unrealized —

— CUREVAC N V 0.4%

Value ($000) $4,108 Shares 762,138 Est. Cost $5.43 Unrealized —

— DEXCOM INC 0.3%

Value ($000) $3,195 Shares 3,500,000 Est. Cost $0.89 Unrealized —

— VERINT SYSTEMS INC 0.3%

Value ($000) $2,936 Shares 3,000,000 Est. Cost $0.88 Unrealized —

— SANDSTORM GOLD LTD 0.3%

Value ($000) $2,682 Shares 214,205 Est. Cost $12.52 Unrealized —

— TOURMALINE BIO INC 0.3%

Value ($000) $2,438 Shares 50,968 Est. Cost $47.83 Unrealized —

LBRDK LIBERTY BROADBAND CORP 0.2%

Value ($000) $2,275 Shares 35,810 Est. Cost $69.01 Unrealized -24.6%

— INTERPUBLIC GROUP COS INC 0.2%

Value ($000) $1,761 Shares 63,104 Est. Cost $25.99 Unrealized -0.1%

— STEELCASE INC 0.2%

Value ($000) $1,632 Shares 94,905 Est. Cost $17.20 Unrealized —

— FUBOTV INC 0.2%

Value ($000) $1,578 Shares 1,591,000 Est. Cost $0.97 Unrealized —

— ZIMVIE INC 0.1%

Value ($000) $1,370 Shares 72,353 Est. Cost $18.94 Unrealized —

— MAC COPPER LIMITED 0.1%

Value ($000) $1,261 Shares 103,254 Est. Cost $12.13 Unrealized —

— LIVE NATION ENTERTAINMENT IN 0.1%

Value ($000) $1,226 Shares 7,500 Est. Cost — Unrealized —

AMWD AMERICAN WOODMARK CORPORATIO 0.1%

Value ($000) $1,224 Shares 18,336 Est. Cost $61.36 Unrealized -4.6%

— REDWOOD TRUST INC 0.1%

Value ($000) $1,023 Shares 1,000,000 Est. Cost $1.02 Unrealized —

— METSERA INC 0.1%

Value ($000) $980 Shares 18,730 Est. Cost $52.33 Unrealized —

— METSERA INC 0.1%

Value ($000) $979 Shares 18,700 Est. Cost — Unrealized —

— MRC GLOBAL INC 0.1%

Value ($000) $845 Shares 58,605 Est. Cost $14.42 Unrealized —

CCRN CROSS CTRY HEALTHCARE INC 0.1%

Value ($000) $609 Shares 42,897 Est. Cost $13.47 Unrealized -18.9%

— PERFORMANT HEALTHCARE INC 0.1%

Value ($000) $563 Shares 72,772 Est. Cost $7.73 Unrealized —

— BERRY CORP 0.1%

Value ($000) $540 Shares 142,979 Est. Cost $3.78 Unrealized —

— PROVIDENT BANCORP INC 0.1%

Value ($000) $505 Shares 40,282 Est. Cost $12.51 Unrealized —

— CORECARD CORPORATION 0.0%

Value ($000) $447 Shares 16,595 Est. Cost $26.92 Unrealized —

— HARBORONE BANCORP INC NEW 0.0%

Value ($000) $306 Shares 22,464 Est. Cost $11.91 Unrealized —

AURA AURA BIOSCIENCES INC 0.0%

Value ($000) $64 Shares 10,372 Est. Cost $6.54 Unrealized -9.2%

PACB PACIFIC BIOSCIENCES CALIF IN 0.0%

Value ($000) $46 Shares 35,754 Est. Cost $1.35 Unrealized +41.9%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	VERONA PHARMA PLC	290,182	$30,965	3.3%	$106.71	—	—	925050106
—	AVIDXCHANGE HOLDINGS INC	2,882,867	$28,685	3.1%	$9.84	—	—	05368X102
—	INFORMATICA INC	1,149,598	$28,556	3.1%	$24.50	—	—	45674M101
—	VERITEX HLDGS INC	815,698	$27,350	2.9%	$33.53	—	—	923451108
—	VERINT SYS INC	1,202,967	$24,360	2.6%	$20.25	—	—	92343X100
—	POTBELLY CORP	1,351,588	$23,031	2.5%	$17.04	—	—	73754Y100
—	WNS HLDGS LTD	296,042	$22,579	2.4%	$76.27	—	—	G98196101
—	SYNOVUS FINL CORP	421,500	$20,687	2.2%	—	—	PUT	87161C951
—	CORE SCIENTIFIC INC NEW	1,042,000	$18,693	2.0%	—	—	PUT	21874A956
—	MERIDIANLINK INC	930,234	$18,540	2.0%	$19.93	—	—	58985J105
—	SAPIENS INTL CORP N V	421,434	$18,122	2.0%	$43.00	—	—	G7T16G103
—	HANESBRANDS INC	2,264,676	$14,924	1.6%	$6.59	—	—	410345102
CORZ	CORE SCIENTIFIC INC NEW	785,446	$14,091	1.5%	$14.67	+18.9%	—	21874A106
—	VIMEO INC	1,555,942	$12,059	1.3%	$7.75	—	—	92719V100
MGRC	MCGRATH RENTCORP	99,363	$11,648	1.3%	$120.89	-10.3%	—	580589109
—	PROS HOLDINGS INC	492,502	$11,283	1.2%	$22.91	—	—	74346Y103
—	INTEGRAL AD SCIENCE HLDNG CO	1,071,160	$10,894	1.2%	$10.17	—	—	45828L108
TECK	TECK RESOURCES LTD	209,900	$9,213	1.0%	$36.34	+19.2%	—	878742204
—	Merus NV	96,000	$9,038	1.0%	—	—	PUT	N5749R950
—	MERUS N V	96,000	$9,038	1.0%	$94.15	—	—	N5749R100
—	VERONA PHARMA PLC	84,100	$8,974	1.0%	—	—	PUT	925050956
—	KELLANOVA	108,800	$8,924	1.0%	—	—	CALL	487836908
—	WIDEOPENWEST INC	1,558,174	$8,040	0.9%	$5.16	—	—	96758W101
—	PREMIER INC	278,420	$7,740	0.8%	$27.80	—	—	74051N102
—	89BIO INC	493,500	$7,254	0.8%	—	—	CALL	282559903
—	PARAMOUNT GROUP INC	958,918	$6,271	0.7%	$6.54	—	—	69924R108
—	UBER TECHNOLOGIES INC	5,000,000	$6,090	0.7%	$1.01	—	—	90353TAJ9
—	COMPASS INC	655,600	$5,264	0.6%	—	—	CALL	20464U900
—	AKAMAI TECHNOLOGIES INC	4,500,000	$4,306	0.5%	$0.97	—	—	00971TAL5
—	CUREVAC N V	762,138	$4,108	0.4%	$5.43	—	—	N2451R105
—	DEXCOM INC	3,500,000	$3,195	0.3%	$0.89	—	—	252131AM9
—	VERINT SYSTEMS INC	3,000,000	$2,936	0.3%	$0.88	—	—	92343XAC4
—	SANDSTORM GOLD LTD	214,205	$2,682	0.3%	$12.52	—	—	80013R206
—	TOURMALINE BIO INC	50,968	$2,438	0.3%	$47.83	—	—	89157D105
LBRDK	LIBERTY BROADBAND CORP	35,810	$2,275	0.2%	$69.01	-24.6%	—	530307305
—	INTERPUBLIC GROUP COS INC	63,104	$1,761	0.2%	$25.99	-0.1%	—	460690100
—	STEELCASE INC	94,905	$1,632	0.2%	$17.20	—	—	858155203
—	FUBOTV INC	1,591,000	$1,578	0.2%	$0.97	—	—	35953DAB0
—	ZIMVIE INC	72,353	$1,370	0.1%	$18.94	—	—	98888T107
—	MAC COPPER LIMITED	103,254	$1,261	0.1%	$12.13	—	—	G60409110
—	LIVE NATION ENTERTAINMENT IN	7,500	$1,226	0.1%	—	—	CALL	538034909
AMWD	AMERICAN WOODMARK CORPORATIO	18,336	$1,224	0.1%	$61.36	-4.6%	—	030506109
—	REDWOOD TRUST INC	1,000,000	$1,023	0.1%	$1.02	—	—	758075AF2
—	METSERA INC	18,730	$980	0.1%	$52.33	—	—	59267L107
—	METSERA INC	18,700	$979	0.1%	—	—	PUT	59267L957
—	MRC GLOBAL INC	58,605	$845	0.1%	$14.42	—	—	55345K103
CCRN	CROSS CTRY HEALTHCARE INC	42,897	$609	0.1%	$13.47	-18.9%	—	227483104
—	PERFORMANT HEALTHCARE INC	72,772	$563	0.1%	$7.73	—	—	71377E105
—	BERRY CORP	142,979	$540	0.1%	$3.78	—	—	08579X101
—	PROVIDENT BANCORP INC	40,282	$505	0.1%	$12.51	—	—	74383L105
—	CORECARD CORPORATION	16,595	$447	0.0%	$26.92	—	—	45816D100
—	HARBORONE BANCORP INC NEW	22,464	$306	0.0%	$11.91	—	—	41165Y100
AURA	AURA BIOSCIENCES INC	10,372	$64	0.0%	$6.54	-9.2%	—	05153U107
PACB	PACIFIC BIOSCIENCES CALIF IN	35,754	$46	0.0%	$1.35	+41.9%	—	69404D108

Decreased Positions (9)

STAA STAAR Surgical Co 0.2%

Value ($000) $1,567 (-91.1%) Shares 67,862 (-89.7%) Est. Cost $23.84 Unrealized +8.1%

— Dayforce Inc 0.4%

Value ($000) $3,282 (-74.1%) Shares 47,453 (-74.2%) Est. Cost $62.23 Unrealized +10.6%

PRA ProAssurance Corp 0.1%

Value ($000) $1,135 (-77.5%) Shares 46,992 (-77.7%) Est. Cost $17.52 Unrealized +37.3%

— Anywhere Real Estate Inc 0.1%

Value ($000) $1,007 (-79.2%) Shares 71,100 (-84.4%) Est. Cost — Unrealized —

TGNA TEGNA Inc 2.5%

Value ($000) $22,902 (-7.9%) Shares 1,179,885 (-3.6%) Est. Cost $19.06 Unrealized +3.7%

AHL Aspen Insurance Holdings Ltd 2.3%

Value ($000) $21,247 (-6.7%) Shares 572,685 (-7.7%) Est. Cost $32.87 Unrealized +12.2%

— Anywhere Real Estate Inc 0.7%

Value ($000) $6,299 (+30.3%) Shares 444,821 (-2.6%) Est. Cost $10.59 Unrealized —

— Synovus Financial Corp 2.2%

Value ($000) $20,203 (-2.3%) Shares 403,650 (-4.2%) Est. Cost $49.08 Unrealized —

CTLP Cantaloupe Inc 0.2%

Value ($000) $1,400 (-17.7%) Shares 131,794 (-18.1%) Est. Cost $8.65 Unrealized +22.5%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
STAA	STAAR Surgical Co	67,862 (-89.7%)	$1,567 (-91.1%)	0.2%	$23.84	+8.1%	Equity	852312305
—	Dayforce Inc	47,453 (-74.2%)	$3,282 (-74.1%)	0.4%	$62.23	+10.6%	Equity	15677J108
PRA	ProAssurance Corp	46,992 (-77.7%)	$1,135 (-77.5%)	0.1%	$17.52	+37.3%	Equity	74267C106
—	Anywhere Real Estate Inc	71,100 (-84.4%)	$1,007 (-79.2%)	0.1%	—	—	PUT	75605Y956
TGNA	TEGNA Inc	1,179,885 (-3.6%)	$22,902 (-7.9%)	2.5%	$19.06	+3.7%	Equity	87901J105
AHL	Aspen Insurance Holdings Ltd	572,685 (-7.7%)	$21,247 (-6.7%)	2.3%	$32.87	+12.2%	Equity	G05384501
—	Anywhere Real Estate Inc	444,821 (-2.6%)	$6,299 (+30.3%)	0.7%	$10.59	—	Equity	75605Y106
—	Synovus Financial Corp	403,650 (-4.2%)	$20,203 (-2.3%)	2.2%	$49.08	—	Equity	87161C501
CTLP	Cantaloupe Inc	131,794 (-18.1%)	$1,400 (-17.7%)	0.2%	$8.65	+22.5%	Equity	138103106

Unchanged Positions (12)

— CyberArk Software Ltd 4.2%

Value ($000) $38,650 Shares 86,648 Est. Cost $483.15 Unrealized —

— SPOTIFY USA INC 0.6%

Value ($000) $5,675 Shares 5,000,000 Est. Cost $1.05 Unrealized —

— EVOLENT HEALTH INC 0.1%

Value ($000) $1,346 Shares 2,000,000 Est. Cost $0.81 Unrealized —

— HALOZYME THERAPEUTICS IN 0.3%

Value ($000) $3,235 Shares 3,000,000 Est. Cost $0.95 Unrealized —

NWE Northwestern Energy Group Inc 0.1%

Value ($000) $923 Shares 14,307 Est. Cost $54.14 Unrealized +16.0%

— TXNM ENERGY INC 0.4%

Value ($000) $4,038 Shares 3,000,000 Est. Cost $1.30 Unrealized —

— REDFIN CORP 0.5%

Value ($000) $4,218 Shares 4,500,000 Est. Cost $0.88 Unrealized —

— BLACKLINE INC 0.3%

Value ($000) $3,034 Shares 3,071,000 Est. Cost $0.94 Unrealized —

— BOEING CO/THE 0.6%

Value ($000) $5,525 Shares 80,000 Est. Cost $60.89 Unrealized —

AL Air Lease Corp 2.1%

Value ($000) $19,169 Shares 298,440 Est. Cost $59.40 Unrealized +7.2%

— GLADSTONE CAPITAL CORP 0.2%

Value ($000) $1,986 Shares 2,000,000 Est. Cost $0.99 Unrealized —

— BENTLEY SYSTEMS 0.5%

Value ($000) $4,712 Shares 5,000,000 Est. Cost $0.91 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	CyberArk Software Ltd	86,648	$38,650	4.2%	$483.15	—	Equity	M2682V108
—	SPOTIFY USA INC	5,000,000	$5,675	0.6%	$1.05	—	Convertible Bond	84921RAB6
—	EVOLENT HEALTH INC	2,000,000	$1,346	0.1%	$0.81	—	Convertible Bond	30050BAH4
—	HALOZYME THERAPEUTICS IN	3,000,000	$3,235	0.3%	$0.95	—	Convertible Bond	40637HAD1
NWE	Northwestern Energy Group Inc	14,307	$923	0.1%	$54.14	+16.0%	Equity	668074305
—	TXNM ENERGY INC	3,000,000	$4,038	0.4%	$1.30	—	Convertible Bond	69349HAF4
—	REDFIN CORP	4,500,000	$4,218	0.5%	$0.88	—	Convertible Bond	75737FAE8
—	BLACKLINE INC	3,071,000	$3,034	0.3%	$0.94	—	Convertible Bond	09239BAD1
—	BOEING CO/THE	80,000	$5,525	0.6%	$60.89	—	Convertible Preferred Stock	097023204
AL	Air Lease Corp	298,440	$19,169	2.1%	$59.40	+7.2%	Equity	00912X302
—	GLADSTONE CAPITAL CORP	2,000,000	$1,986	0.2%	$0.99	—	Convertible Bond	376535AG5
—	BENTLEY SYSTEMS	5,000,000	$4,712	0.5%	$0.91	—	Convertible Bond	08265TAD1