Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
CTRA	COTERRA ENERGY INC	1,360,808	$47.82M	5.7%	$28.33	0.0%	COM	127097103
TDAY	USA TODAY CO INC	3,681,483	$25.95M	3.1%	$5.91	0.0%	COM	36472T109
KYIV	KYIVSTAR GROUP LTD	1,666,276	$16.86M	2.0%	$12.37	0.0%	ORD SHS	G5331N101
NU	NU HLDGS LTD	1,000,000	$14.37M	1.7%	$17.34	0.0%	ORD SHS CL A	G6683N103
CF	CF INDUSTRIES HOLD	80,780	$10.49M	1.2%	$90.08	0.0%	COM	125269100
PARR	PAR PAC HOLDINGS INC	150,000	$9.396M	1.1%	$38.86	0.0%	COM NEW	69888T207
MU	MICRON TECHNOLOGY INC	23,000	$7.77M	0.9%	$387.04	0.0%	COM	595112103

Increased Positions (9)

AERO GRUPO AEROMEXICO SAB DE CV 8.6%

Value $72.68M (-33.8%) Shares 5,187,423 (+3.8%) Est. Cost $21.67 Unrealized —

PUMP PROPETRO HLDG CORP 4.2%

Value $35.52M (+330.7%) Shares 2,464,913 (+184.3%) Est. Cost $9.29 Unrealized +16.9%

AER AERCAP HOLDINGS NV 6.2%

Value $52.79M (+83.6%) Shares 384,793 (+92.4%) Est. Cost $121.95 Unrealized +19.5%

VEON VEON LTD 2.2%

Value $18.23M (+246.1%) Shares 393,647 (+293.0%) Est. Cost $45.81 Unrealized —

LTH LIFE TIME GROUP HOLDINGS INC 3.8%

Value $31.78M (+67.0%) Shares 1,179,594 (+64.8%) Est. Cost $27.00 Unrealized +5.5%

ECO OKEANIS ECO TANKERS COR 2.1%

Value $17.39M (+99.7%) Shares 343,729 (+33.6%) Est. Cost $32.11 Unrealized +27.9%

TDS TELEPHONE & DATA SYS INC 3.6%

Value $30.77M (+31.0%) Shares 730,904 (+27.6%) Est. Cost $40.12 Unrealized +10.6%

CORZ CORE SCIENTIFIC INC NEW 4.3%

Value $36.1M (+21.9%) Shares 2,412,954 (+18.6%) Est. Cost $16.09 Unrealized +10.0%

LULU LULULEMON ATHLETICA INC 2.7%

Value $22.77M (-7.2%) Shares 148,702 (+26.0%) Est. Cost $182.73 Unrealized +3.3%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
AERO	GRUPO AEROMEXICO SAB DE CV	5,187,423 (+3.8%)	$72.68M (-33.8%)	8.6%	$21.67	—	SPONSORED ADS	40054J109
PUMP	PROPETRO HLDG CORP	2,464,913 (+184.3%)	$35.52M (+330.7%)	4.2%	$9.29	+16.9%	COM	74347M108
AER	AERCAP HOLDINGS NV	384,793 (+92.4%)	$52.79M (+83.6%)	6.2%	$121.95	+19.5%	SHS	N00985106
VEON	VEON LTD	393,647 (+293.0%)	$18.23M (+246.1%)	2.2%	$45.81	—	SPONSORED ADS	91822M502
LTH	LIFE TIME GROUP HOLDINGS INC	1,179,594 (+64.8%)	$31.78M (+67.0%)	3.8%	$27.00	+5.5%	COMMON STOCK	53190C102
ECO	OKEANIS ECO TANKERS COR	343,729 (+33.6%)	$17.39M (+99.7%)	2.1%	$32.11	+27.9%	SHS	Y64177101
TDS	TELEPHONE & DATA SYS INC	730,904 (+27.6%)	$30.77M (+31.0%)	3.6%	$40.12	+10.6%	COM NEW	879433829
CORZ	CORE SCIENTIFIC INC NEW	2,412,954 (+18.6%)	$36.1M (+21.9%)	4.3%	$16.09	+10.0%	COM	21874A106
LULU	LULULEMON ATHLETICA INC	148,702 (+26.0%)	$22.77M (-7.2%)	2.7%	$182.73	+3.3%	COM	550021109

Exited Positions (4)

NBR NABORS INDUSTRIES LTD 0.9%

Value $7.319M Shares 134,789 Est. Cost $74.73 Unrealized -9.9%

JEF JEFFERIES FINL GROUP INC 0.8%

Value $6.739M Shares 108,747 Est. Cost $56.69 Unrealized +3.7%

PBF PBF ENERGY INC 0.5%

Value $4.636M Shares 170,945 Est. Cost $28.24 Unrealized +16.8%

— ASPIRE BIOPHARMA HLDGS INC 0.0%

Value $12,846 Shares 97,391 Est. Cost $0.27 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
NBR	NABORS INDUSTRIES LTD	134,789	$7.319M	0.9%	$74.73	-9.9%	—	G6359F137
JEF	JEFFERIES FINL GROUP INC	108,747	$6.739M	0.8%	$56.69	+3.7%	—	47233W109
PBF	PBF ENERGY INC	170,945	$4.636M	0.5%	$28.24	+16.8%	—	69318G106
—	ASPIRE BIOPHARMA HLDGS INC	97,391	$12,846	0.0%	$0.27	—	—	738920107

Decreased Positions (1)

GPRK GEOPARK LTD 0.8%

Value $7.054M (-13.9%) Shares 742,478 (-32.8%) Est. Cost $7.34 Unrealized +8.9%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
GPRK	GEOPARK LTD	742,478 (-32.8%)	$7.054M (-13.9%)	0.8%	$7.34	+8.9%	USD SHS	G38327105

Unchanged Positions (23)

YPF YPF SOCIEDAD ANONIMA 17.7%

Value $149M Shares 3,231,396 Est. Cost $17.76 Unrealized —

VIST VISTA ENERGY S.A.B. DE C.V. 3.3%

Value $27.82M Shares 368,652 Est. Cost $34.40 Unrealized —

KSPI KASPI KZ JSC 9.4%

Value $79.8M Shares 1,077,369 Est. Cost $111.32 Unrealized —

HEPS D MARKET ELECTR SVCS & TRADI 5.1%

Value $43.16M Shares 16,472,821 Est. Cost $2.83 Unrealized —

IRS IRSA INVERSIONES Y REP S A 5.1%

Value $43.28M Shares 2,670,087 Est. Cost $9.28 Unrealized —

TGS TRANSPORTADORA DE GAS DEL SU 0.8%

Value $6.753M Shares 195,115 Est. Cost $10.31 Unrealized —

HSDT SOLANA CO 0.1%

Value $1.006M Shares 581,310 Est. Cost $9.16 Unrealized -71.2%

NEM NEWMONT CORP 0.7%

Value $5.974M Shares 55,187 Est. Cost $69.39 Unrealized +70.2%

SOLZ VOLATILITY SHS TR 0.1%

Value $485K Shares 58,000 Est. Cost $22.12 Unrealized —

CRESY CRESUD S A C I F Y A 1.0%

Value $8.813M Shares 692,830 Est. Cost $11.09 Unrealized —

SOUNW SOUNDHOUND AI INC 0.0%

Value $54,500 Shares 25,000 Est. Cost $0.12 Unrealized —

AENTW ALLIANCE ENTERTAINMENT HOLDI 0.0%

Value $60,010 Shares 100,000 Est. Cost $0.05 Unrealized —

PGYWW PAGAYA TECHNOLOGIES LTD 0.0%

Value $2,533 Shares 66,666 Est. Cost $0.20 Unrealized —

FLDDW FOLD HLDGS INC 0.0%

Value $20,625 Shares 187,500 Est. Cost $0.74 Unrealized —

BKKT/WS BAKKT INC 0.0%

Value $20,400 Shares 150,000 Est. Cost $2.17 Unrealized —

SLND/WS SOUTHLAND HLDGS INC 0.0%

Value $2,625 Shares 75,000 Est. Cost $0.45 Unrealized —

PSQH/WS PSQ HOLDINGS INC 0.0%

Value $2,368 Shares 53,333 Est. Cost $1.39 Unrealized —

PAM PAMPA ENERGIA SA 2.4%

Value $20.54M Shares 232,138 Est. Cost $25.69 Unrealized —

NIOBW NIOCORP DEVS LTD 0.0%

Value $26,259 Shares 15,356 Est. Cost $0.70 Unrealized —

BKSY/WS BLACKSKY TECHNOLOGY INC 0.0%

Value $5,668 Shares 130,600 Est. Cost $0.60 Unrealized —

KIDZW CLASSOVER HLDGS INC 0.0%

Value $2,475 Shares 150,000 Est. Cost $0.08 Unrealized —

SPWRW SUNPOWER INC 0.0%

Value $9,375 Shares 37,500 Est. Cost $0.16 Unrealized —

ASBPW ASPIRE BIOPHARMA HLDGS INC 0.0%

Value $1,655 Shares 99,692 Est. Cost $0.04 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
YPF	YPF SOCIEDAD ANONIMA	3,231,396	$149M	17.7%	$17.76	—	SPON ADR CL D	984245100
VIST	VISTA ENERGY S.A.B. DE C.V.	368,652	$27.82M	3.3%	$34.40	—	SPONSORED ADS	92837L109
KSPI	KASPI KZ JSC	1,077,369	$79.8M	9.4%	$111.32	—	SPONSORED ADS	48581R205
HEPS	D MARKET ELECTR SVCS & TRADI	16,472,821	$43.16M	5.1%	$2.83	—	SPONSORED ADS	23292B104
IRS	IRSA INVERSIONES Y REP S A	2,670,087	$43.28M	5.1%	$9.28	—	SPON GDS ECH 10	450047303
TGS	TRANSPORTADORA DE GAS DEL SU	195,115	$6.753M	0.8%	$10.31	—	SPONSORED ADS B	893870204
HSDT	SOLANA CO	581,310	$1.006M	0.1%	$9.16	-71.2%	COM CL A NEW	42328V876
NEM	NEWMONT CORP	55,187	$5.974M	0.7%	$69.39	+70.2%	COM	651639106
SOLZ	VOLATILITY SHS TR	58,000	$485K	0.1%	$22.12	—	SOLANA ETF	92864M822
CRESY	CRESUD S A C I F Y A	692,830	$8.813M	1.0%	$11.09	—	SPONSORED ADR	226406106
SOUNW	SOUNDHOUND AI INC	25,000	$54,500	0.0%	$0.12	—	*W EXP 04/26/202	836100115
AENTW	ALLIANCE ENTERTAINMENT HOLDI	100,000	$60,010	0.0%	$0.05	—	*W EXP 02/11/202	01861F110
PGYWW	PAGAYA TECHNOLOGIES LTD	66,666	$2,533	0.0%	$0.20	—	*W EXP 99/99/999	M7S64L107
FLDDW	FOLD HLDGS INC	187,500	$20,625	0.0%	$0.74	—	*W EXP 02/14/203	29103K118
BKKT/WS	BAKKT INC	150,000	$20,400	0.0%	$2.17	—	*W EXP 10/25/202	05759B115
SLND/WS	SOUTHLAND HLDGS INC	75,000	$2,625	0.0%	$0.45	—	*W EXP 02/14/202	84445C118
PSQH/WS	PSQ HOLDINGS INC	53,333	$2,368	0.0%	$1.39	—	*W EXP 07/19/202	693691115
PAM	PAMPA ENERGIA SA	232,138	$20.54M	2.4%	$25.69	—	SPONS ADR LVL I	697660207
NIOBW	NIOCORP DEVS LTD	15,356	$26,259	0.0%	$0.70	—	*W EXP 03/17/202	654484153
BKSY/WS	BLACKSKY TECHNOLOGY INC	130,600	$5,668	0.0%	$0.60	—	*W EXP 09/09/202	09263B116
KIDZW	CLASSOVER HLDGS INC	150,000	$2,475	0.0%	$0.08	—	*W EXP 04/03/203	182744110
SPWRW	SUNPOWER INC	37,500	$9,375	0.0%	$0.16	—	*W EXP 07/31/202	20460L112
ASBPW	ASPIRE BIOPHARMA HLDGS INC	99,692	$1,655	0.0%	$0.04	—	*W EXP 02/14/203	738920115