GOLDENTREE ASSET MANAGEMENT LP Quant / Systematic

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
IVV	ISHARES TR	376,000	$257,537	14.0%	$684.94	—	CORE S&P500 ETF	464287200
OVV	OVINTIV INC	1,570,000	$61,528	3.3%	$38.77	0.0%	COM	69047Q102
OC	OWENS CORNING NEW	528,201	$59,011	3.2%	$117.36	0.0%	COM	690742101
COF	CAPITAL ONE FINL CORP	235,684	$57,021	3.1%	$222.19	0.0%	COM	14040H105
ESTC	ELASTIC N V	655,020	$49,323	2.7%	$81.59	0.0%	ORD SHS	N14506104
SOLS	SOLSTICE ADVANCED MATLS INC	975,345	$47,303	2.6%	$47.08	0.0%	COM SHS	83443Q103
REZI	RESIDEO TECHNOLOGIES INC	1,273,489	$44,650	2.4%	$37.00	0.0%	COM	76118Y104
FBIN	FORTUNE BRANDS INNOVATIONS I	774,102	$38,648	2.1%	$49.79	0.0%	COM	34964C106

Increased Positions (8)

CMCSA COMCAST CORP NEW 12.7%

Value ($000) $233,557 (+266.0%) Shares 7,824,614 (+284.6%) Est. Cost $29.74 Unrealized -4.0%

MGM MGM RESORTS INTERNATIONAL 9.4%

Value ($000) $172,778 (+20.0%) Shares 4,734,946 (+14.0%) Est. Cost $33.36 Unrealized +1.7%

NCLH NORWEGIAN CRUISE LINE HLDG L 5.5%

Value ($000) $102,092 (+25.3%) Shares 4,582,391 (+38.3%) Est. Cost $22.61 Unrealized -6.6%

PRKS UNITED PARKS & RESORTS INC 4.8%

Value ($000) $88,366 (+28.9%) Shares 2,438,437 (+83.5%) Est. Cost $47.58 Unrealized -12.7%

ALLY ALLY FINL INC 2.9%

Value ($000) $52,673 (+38.1%) Shares 1,165,205 (+19.5%) Est. Cost $39.62 Unrealized +3.0%

MPLX MPLX LP 1.2%

Value ($000) $22,676 (+54.9%) Shares 424,886 (+45.0%) Est. Cost $53.13 Unrealized —

ARDT ARDENT HEALTH INC 1.1%

Value ($000) $20,302 (+33.2%) Shares 2,303,113 (+99.7%) Est. Cost $14.61 Unrealized -20.9%

— LIBERTY MEDIA CORP DEL 0.3%

Value ($000) $5,717 (-25.3%) Shares 94,975,000 (+2.8%) Est. Cost $0.37 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
CMCSA	COMCAST CORP NEW	7,824,614 (+284.6%)	$233,557 (+266.0%)	12.7%	$29.74	-4.0%	CL A	20030N101
MGM	MGM RESORTS INTERNATIONAL	4,734,946 (+14.0%)	$172,778 (+20.0%)	9.4%	$33.36	+1.7%	COM	552953101
NCLH	NORWEGIAN CRUISE LINE HLDG L	4,582,391 (+38.3%)	$102,092 (+25.3%)	5.5%	$22.61	-6.6%	SHS	G66721104
PRKS	UNITED PARKS & RESORTS INC	2,438,437 (+83.5%)	$88,366 (+28.9%)	4.8%	$47.58	-12.7%	COM	81282V100
ALLY	ALLY FINL INC	1,165,205 (+19.5%)	$52,673 (+38.1%)	2.9%	$39.62	+3.0%	COM	02005N100
MPLX	MPLX LP	424,886 (+45.0%)	$22,676 (+54.9%)	1.2%	$53.13	—	COM UNIT REP LTD	55336V100
ARDT	ARDENT HEALTH INC	2,303,113 (+99.7%)	$20,302 (+33.2%)	1.1%	$14.61	-20.9%	COM	03980N107
—	LIBERTY MEDIA CORP DEL	94,975,000 (+2.8%)	$5,717 (-25.3%)	0.3%	$0.37	—	DEB 3.750% 2/1	530715AL5

Exited Positions (4)

VSCO VICTORIAS SECRET AND CO 3.6%

Value ($000) $66,322 Shares 2,448,507 Est. Cost $25.29 Unrealized +57.1%

PHM PULTE GROUP INC 2.2%

Value ($000) $39,972 Shares 303,092 Est. Cost $123.78 Unrealized -1.1%

CRM SALESFORCE INC 2.2%

Value ($000) $39,784 Shares 168,186 Est. Cost $251.43 Unrealized -1.3%

SNEX STONEX GROUP INC 0.3%

Value ($000) $5,772 Shares 57,191 Est. Cost $84.58 Unrealized +11.5%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
VSCO	VICTORIAS SECRET AND CO	2,448,507	$66,322	3.6%	$25.29	+57.1%	—	926400102
PHM	PULTE GROUP INC	303,092	$39,972	2.2%	$123.78	-1.1%	—	745867101
CRM	SALESFORCE INC	168,186	$39,784	2.2%	$251.43	-1.3%	—	79466L302
SNEX	STONEX GROUP INC	57,191	$5,772	0.3%	$84.58	+11.5%	—	861896108

Decreased Positions (9)

JAZZ JAZZ PHARMACEUTICALS PLC 3.9%

Value ($000) $71,337 (-52.3%) Shares 420,341 (-63.0%) Est. Cost $119.94 Unrealized +27.8%

GPOR GULFPORT ENERGY CORP 1.7%

Value ($000) $31,426 (-29.6%) Shares 151,096 (-38.8%) Est. Cost $174.05 Unrealized +14.5%

SMA SMARTSTOP SELF STORAG REIT I 2.0%

Value ($000) $36,007 (-18.9%) Shares 1,166,075 (-1.3%) Est. Cost $36.43 Unrealized —

PFSI PENNYMAC FINL SVCS INC NEW 1.6%

Value ($000) $29,917 (-18.4%) Shares 227,377 (-23.3%) Est. Cost $95.94 Unrealized +32.2%

CABO CABLE ONE INC 0.4%

Value ($000) $8,214 (-37.0%) Shares 73,180 (-1.2%) Est. Cost $150.25 Unrealized -9.2%

— INDIVIOR PLC 2.4%

Value ($000) $44,461 (+4.3%) Shares 1,241,482 (-29.9%) Est. Cost $24.06 Unrealized —

ET ENERGY TRANSFER L P 0.3%

Value ($000) $5,590 (-21.7%) Shares 338,993 (-18.5%) Est. Cost $18.37 Unrealized —

NRP NATURAL RESOURCE PARTNERS L 0.2%

Value ($000) $3,284 (-31.7%) Shares 31,460 (-31.3%) Est. Cost $37.88 Unrealized —

TIMB TIM S A 0.1%

Value ($000) $1,264 (-31.6%) Shares 65,010 (-21.5%) Est. Cost $15.65 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
JAZZ	JAZZ PHARMACEUTICALS PLC	420,341 (-63.0%)	$71,337 (-52.3%)	3.9%	$119.94	+27.8%	SHS USD	G50871105
GPOR	GULFPORT ENERGY CORP	151,096 (-38.8%)	$31,426 (-29.6%)	1.7%	$174.05	+14.5%	COMMON SHARES	402635502
SMA	SMARTSTOP SELF STORAG REIT I	1,166,075 (-1.3%)	$36,007 (-18.9%)	2.0%	$36.43	—	COMMON STOCK	83192D402
PFSI	PENNYMAC FINL SVCS INC NEW	227,377 (-23.3%)	$29,917 (-18.4%)	1.6%	$95.94	+32.2%	COM	70932M107
CABO	CABLE ONE INC	73,180 (-1.2%)	$8,214 (-37.0%)	0.4%	$150.25	-9.2%	COM	12685J105
—	INDIVIOR PLC	1,241,482 (-29.9%)	$44,461 (+4.3%)	2.4%	$24.06	—	ORD	G4766E116
ET	ENERGY TRANSFER L P	338,993 (-18.5%)	$5,590 (-21.7%)	0.3%	$18.37	—	COM UT LTD PTN	29273V100
NRP	NATURAL RESOURCE PARTNERS L	31,460 (-31.3%)	$3,284 (-31.7%)	0.2%	$37.88	—	COM UNIT LTD PAR	63900P608
TIMB	TIM S A	65,010 (-21.5%)	$1,264 (-31.6%)	0.1%	$15.65	—	SPONSORED ADR	88706T108

Unchanged Positions (4)

BHC BAUSCH HEALTH COS INC 13.0%

Value ($000) $240,639 Shares 34,665,731 Est. Cost $9.81 Unrealized -33.0%

BLCO BAUSCH PLUS LOMB CORP 2.5%

Value ($000) $45,338 Shares 2,660,508 Est. Cost $15.61 Unrealized +1.6%

— LIBERTY MEDIA CORP DEL 0.2%

Value ($000) $4,540 Shares 75,030,000 Est. Cost $0.40 Unrealized —

ASTL ALGOMA STL GROUP INC 0.6%

Value ($000) $10,224 Shares 2,493,548 Est. Cost $9.46 Unrealized -57.9%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
BHC	BAUSCH HEALTH COS INC	34,665,731	$240,639	13.0%	$9.81	-33.0%	COM	071734107
BLCO	BAUSCH PLUS LOMB CORP	2,660,508	$45,338	2.5%	$15.61	+1.6%	COMMON SHARES	071705107
—	LIBERTY MEDIA CORP DEL	75,030,000	$4,540	0.2%	$0.40	—	DEB 4.000%11/1	530715AG6
ASTL	ALGOMA STL GROUP INC	2,493,548	$10,224	0.6%	$9.46	-57.9%	COM	015658107