GOLDENTREE ASSET MANAGEMENT LP Quant / Systematic

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
WAY	WAYSTAR HLDG CORP	4,443,671	$106,976	6.3%	$27.49	0.0%	COM	946784105
CBRE	CBRE GROUP INC	718,615	$97,184	5.8%	$161.40	0.0%	CL A	12504L109
ANIP	ANI PHARMACEUTICALS INC	667,981	$51,296	3.0%	$80.37	0.0%	COM	00182C103
VSNT	VERSANT MEDIA GROUP INC	1,305,960	$48,262	2.9%	$32.14	0.0%	COM CL A	925283103
CE	CELANESE CORP DEL	530,907	$34,859	2.1%	$49.52	0.0%	COM	150870103
TDS	TELEPHONE & DATA SYS INC	516,000	$21,688	1.3%	$44.36	0.0%	COM NEW	879433829
WK	WORKIVA INC	358,248	$21,325	1.3%	$74.81	0.0%	COM CL A	98139A105
VOD	VODAFONE GROUP PLC	300,000	$4,499	0.3%	$15.00	—	SPONSORED ADR	92857W308

Increased Positions (8)

ALLY ALLY FINL INC 4.9%

Value ($000) $83,368 (+58.3%) Shares 2,128,514 (+82.7%) Est. Cost $41.02 Unrealized +4.1%

ESTC ELASTIC N V 4.2%

Value ($000) $71,335 (+44.6%) Shares 1,429,383 (+118.2%) Est. Cost $73.66 Unrealized -9.1%

JAZZ JAZZ PHARMACEUTICALS PLC 5.3%

Value ($000) $89,763 (+25.8%) Shares 475,550 (+13.1%) Est. Cost $125.65 Unrealized +34.6%

GPOR GULFPORT ENERGY CORP 2.7%

Value ($000) $45,752 (+45.6%) Shares 216,250 (+43.1%) Est. Cost $180.27 Unrealized +8.0%

REZI RESIDEO TECHNOLOGIES INC 3.4%

Value ($000) $56,927 (+27.5%) Shares 1,691,343 (+32.8%) Est. Cost $36.81 Unrealized -1.6%

FBIN FORTUNE BRANDS INNOVATIONS I 1.9%

Value ($000) $31,368 (-18.8%) Shares 806,332 (+4.2%) Est. Cost $50.07 Unrealized +13.5%

NCLH NORWEGIAN CRUISE LINE HLDGS 5.8%

Value ($000) $96,989 (-5.0%) Shares 5,194,517 (+13.4%) Est. Cost $22.64 Unrealized +1.0%

SMA SMARTSTOP SELF STORAG REIT I 2.4%

Value ($000) $40,187 (+11.6%) Shares 1,329,575 (+14.0%) Est. Cost $35.67 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ALLY	ALLY FINL INC	2,128,514 (+82.7%)	$83,368 (+58.3%)	4.9%	$41.02	+4.1%	COM	02005N100
ESTC	ELASTIC N V	1,429,383 (+118.2%)	$71,335 (+44.6%)	4.2%	$73.66	-9.1%	ORD SHS	N14506104
JAZZ	JAZZ PHARMACEUTICALS PLC	475,550 (+13.1%)	$89,763 (+25.8%)	5.3%	$125.65	+34.6%	SHS USD	G50871105
GPOR	GULFPORT ENERGY CORP	216,250 (+43.1%)	$45,752 (+45.6%)	2.7%	$180.27	+8.0%	COMMON SHARES	402635502
REZI	RESIDEO TECHNOLOGIES INC	1,691,343 (+32.8%)	$56,927 (+27.5%)	3.4%	$36.81	-1.6%	COM	76118Y104
FBIN	FORTUNE BRANDS INNOVATIONS I	806,332 (+4.2%)	$31,368 (-18.8%)	1.9%	$50.07	+13.5%	COM	34964C106
NCLH	NORWEGIAN CRUISE LINE HLDGS	5,194,517 (+13.4%)	$96,989 (-5.0%)	5.8%	$22.64	+1.0%	SHS	G66721104
SMA	SMARTSTOP SELF STORAG REIT I	1,329,575 (+14.0%)	$40,187 (+11.6%)	2.4%	$35.67	—	COMMON STOCK	83192D402

Exited Positions (8)

IVV ISHARES TR 15.3%

Value ($000) $257,537 Shares 376,000 Est. Cost $684.94 Unrealized —

COF CAPITAL ONE FINL CORP 3.4%

Value ($000) $57,021 Shares 235,684 Est. Cost $222.19 Unrealized +0.5%

SOLS SOLSTICE ADVANCED MATLS INC 2.8%

Value ($000) $47,303 Shares 975,345 Est. Cost $47.08 Unrealized +38.5%

— INDIVIOR PLC 2.6%

Value ($000) $44,461 Shares 1,241,482 Est. Cost $24.06 Unrealized —

PFSI PENNYMAC FINL SVCS INC NEW 1.8%

Value ($000) $29,917 Shares 227,377 Est. Cost $95.94 Unrealized +24.6%

ASTL ALGOMA STL GROUP INC 0.6%

Value ($000) $10,224 Shares 2,493,548 Est. Cost $9.46 Unrealized -52.6%

NRP NATURAL RESOURCE PARTNERS L 0.2%

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

TIMB TIM S A 0.1%

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

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
IVV	ISHARES TR	376,000	$257,537	15.3%	$684.94	—	—	464287200
COF	CAPITAL ONE FINL CORP	235,684	$57,021	3.4%	$222.19	+0.5%	—	14040H105
SOLS	SOLSTICE ADVANCED MATLS INC	975,345	$47,303	2.8%	$47.08	+38.5%	—	83443Q103
—	INDIVIOR PLC	1,241,482	$44,461	2.6%	$24.06	—	—	G4766E116
PFSI	PENNYMAC FINL SVCS INC NEW	227,377	$29,917	1.8%	$95.94	+24.6%	—	70932M107
ASTL	ALGOMA STL GROUP INC	2,493,548	$10,224	0.6%	$9.46	-52.6%	—	015658107
NRP	NATURAL RESOURCE PARTNERS L	31,460	$3,284	0.2%	$37.88	—	—	63900P608
TIMB	TIM S A	65,010	$1,264	0.1%	$15.65	—	—	88706T108

Decreased Positions (6)

CMCSA COMCAST CORP NEW 11.1%

Value ($000) $186,980 (-19.9%) Shares 6,521,409 (-16.7%) Est. Cost $29.74 Unrealized +0.3%

OC OWENS CORNING NEW 1.1%

Value ($000) $19,039 (-67.7%) Shares 176,201 (-66.6%) Est. Cost $117.36 Unrealized +7.1%

PRKS UNITED PARKS & RESORTS INC 4.0%

Value ($000) $67,220 (-23.9%) Shares 2,061,450 (-15.5%) Est. Cost $47.58 Unrealized -23.4%

OVV OVINTIV INC 2.9%

Value ($000) $49,002 (-20.4%) Shares 825,502 (-47.4%) Est. Cost $38.77 Unrealized +12.7%

MPLX MPLX LP 1.2%

Value ($000) $19,671 (-13.3%) Shares 344,686 (-18.9%) Est. Cost $53.13 Unrealized —

ET ENERGY TRANSFER L P 0.3%

Value ($000) $5,014 (-10.3%) Shares 259,793 (-23.4%) Est. Cost $18.37 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
CMCSA	COMCAST CORP NEW	6,521,409 (-16.7%)	$186,980 (-19.9%)	11.1%	$29.74	+0.3%	CL A	20030N101
OC	OWENS CORNING NEW	176,201 (-66.6%)	$19,039 (-67.7%)	1.1%	$117.36	+7.1%	COM	690742101
PRKS	UNITED PARKS & RESORTS INC	2,061,450 (-15.5%)	$67,220 (-23.9%)	4.0%	$47.58	-23.4%	COM	81282V100
OVV	OVINTIV INC	825,502 (-47.4%)	$49,002 (-20.4%)	2.9%	$38.77	+12.7%	COM	69047Q102
MPLX	MPLX LP	344,686 (-18.9%)	$19,671 (-13.3%)	1.2%	$53.13	—	COM UNIT REP LTD	55336V100
ET	ENERGY TRANSFER L P	259,793 (-23.4%)	$5,014 (-10.3%)	0.3%	$18.37	—	COM UT LTD PTN	29273V100

Unchanged Positions (7)

BHC BAUSCH HEALTH COS INC 11.1%

Value ($000) $186,982 Shares 34,665,731 Est. Cost $9.81 Unrealized -34.6%

MGM MGM RESORTS INTERNATIONAL 10.5%

Value ($000) $176,607 Shares 4,771,865 Est. Cost $33.36 Unrealized +5.2%

BLCO BAUSCH PLUS LOMB CORP 2.5%

Value ($000) $42,210 Shares 2,660,508 Est. Cost $15.61 Unrealized +10.3%

— LIBERTY MEDIA CORP DEL 0.2%

Value ($000) $2,860 Shares 94,975,000 Est. Cost $0.37 Unrealized —

CABO CABLE ONE INC 0.4%

Value ($000) $6,640 Shares 73,180 Est. Cost $150.25 Unrealized -36.6%

— LIBERTY MEDIA CORP DEL 0.2%

Value ($000) $3,029 Shares 75,030,000 Est. Cost $0.40 Unrealized —

ARDT ARDENT HEALTH INC 1.2%

Value ($000) $19,683 Shares 2,303,113 Est. Cost $14.61 Unrealized -38.8%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
BHC	BAUSCH HEALTH COS INC	34,665,731	$186,982	11.1%	$9.81	-34.6%	COM	071734107
MGM	MGM RESORTS INTERNATIONAL	4,771,865	$176,607	10.5%	$33.36	+5.2%	COM	552953101
BLCO	BAUSCH PLUS LOMB CORP	2,660,508	$42,210	2.5%	$15.61	+10.3%	COMMON SHARES	071705107
—	LIBERTY MEDIA CORP DEL	94,975,000	$2,860	0.2%	$0.37	—	DEB 3.750% 2/1	530715AL5
CABO	CABLE ONE INC	73,180	$6,640	0.4%	$150.25	-36.6%	COM	12685J105
—	LIBERTY MEDIA CORP DEL	75,030,000	$3,029	0.2%	$0.40	—	DEB 4.000%11/1	530715AG6
ARDT	ARDENT HEALTH INC	2,303,113	$19,683	1.2%	$14.61	-38.8%	COM	03980N107