Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
AZUL	AZUL S A	8,854,652	$79.6M	7.1%	—	—	SPONSORED ADS	05501U601
DVN	DEVON ENERGY CORP NEW	952,565	$39.36M	3.5%	—	—	COM	25179M103
GLNG	GOLAR LNG LTD	682,493	$34.02M	3.0%	—	—	SHS	G9456A100
SVC	SERVICE PPTYS TR	12,132,933	$20.5M	1.8%	—	—	COM SH BEN INT	81761L102
HAFN	HAFNIA LTD	766,069	$5.087M	0.5%	—	—	SHS	Y2990R101
USDEW	STABLECOINX INC	200,000	$82,000	0.0%	—	—	*W EXP 06/25/203	85238K118

Increased Positions (11)

AERO GRUPO AEROMEXICO SAB DE CV 8.6%

Value $96.39M (+32.6%) Shares 5,355,255 (+3.2%) Est. Cost — Unrealized —

PUMP PROPETRO HLDG CORP 5.2%

Value $58.76M (+65.4%) Shares 4,097,401 (+66.2%) Est. Cost — Unrealized —

LTH LIFE TIME GROUP HOLDINGS INC 4.4%

Value $49.89M (+57.0%) Shares 1,221,597 (+3.6%) Est. Cost — Unrealized —

HEPS D MARKET ELECTR SVCS & TRADI 5.0%

Value $56.43M (+30.7%) Shares 19,390,670 (+17.7%) Est. Cost — Unrealized —

VEON VEON LTD 2.8%

Value $31.39M (+72.2%) Shares 601,205 (+52.7%) Est. Cost — Unrealized —

LULU LULULEMON ATHLETICA INC 3.1%

Value $35.33M (+55.2%) Shares 309,402 (+108.1%) Est. Cost — Unrealized —

AER AERCAP HOLDINGS NV 5.8%

Value $65.13M (+23.4%) Shares 446,793 (+16.1%) Est. Cost — Unrealized —

NU NU HLDGS LTD 2.4%

Value $26.64M (+85.4%) Shares 1,993,668 (+99.4%) Est. Cost — Unrealized —

GPRK GEOPARK LTD 1.5%

Value $17.21M (+144.0%) Shares 1,890,957 (+154.7%) Est. Cost — Unrealized —

CF CF INDUSTRIES HOLD 1.1%

Value $11.99M (+14.3%) Shares 110,780 (+37.1%) Est. Cost — Unrealized —

TDS TELEPHONE & DATA SYS INC 2.6%

Value $29.64M (-3.7%) Shares 800,904 (+9.6%) Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
AERO	GRUPO AEROMEXICO SAB DE CV	5,355,255 (+3.2%)	$96.39M (+32.6%)	8.6%	—	—	SPONSORED ADS	40054J109
PUMP	PROPETRO HLDG CORP	4,097,401 (+66.2%)	$58.76M (+65.4%)	5.2%	—	—	COM	74347M108
LTH	LIFE TIME GROUP HOLDINGS INC	1,221,597 (+3.6%)	$49.89M (+57.0%)	4.4%	—	—	COMMON STOCK	53190C102
HEPS	D MARKET ELECTR SVCS & TRADI	19,390,670 (+17.7%)	$56.43M (+30.7%)	5.0%	—	—	SPONSORED ADS	23292B104
VEON	VEON LTD	601,205 (+52.7%)	$31.39M (+72.2%)	2.8%	—	—	SPONSORED ADS	91822M502
LULU	LULULEMON ATHLETICA INC	309,402 (+108.1%)	$35.33M (+55.2%)	3.1%	—	—	COM	550021109
AER	AERCAP HOLDINGS NV	446,793 (+16.1%)	$65.13M (+23.4%)	5.8%	—	—	SHS	N00985106
NU	NU HLDGS LTD	1,993,668 (+99.4%)	$26.64M (+85.4%)	2.4%	—	—	ORD SHS CL A	G6683N103
GPRK	GEOPARK LTD	1,890,957 (+154.7%)	$17.21M (+144.0%)	1.5%	—	—	USD SHS	G38327105
CF	CF INDUSTRIES HOLD	110,780 (+37.1%)	$11.99M (+14.3%)	1.1%	—	—	COM	125269100
TDS	TELEPHONE & DATA SYS INC	800,904 (+9.6%)	$29.64M (-3.7%)	2.6%	—	—	COM NEW	879433829

Exited Positions (3)

CTRA COTERRA ENERGY INC 4.2%

Value $47.82M Shares 1,360,808 Est. Cost — Unrealized —

PARR PAR PAC HOLDINGS INC 0.8%

Value $9.396M Shares 150,000 Est. Cost — Unrealized —

ASBPW ASPIRE BIOPHARMA HLDGS INC 0.0%

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

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
CTRA	COTERRA ENERGY INC	1,360,808	$47.82M	4.2%	—	—	—	127097103
PARR	PAR PAC HOLDINGS INC	150,000	$9.396M	0.8%	—	—	—	69888T207
ASBPW	ASPIRE BIOPHARMA HLDGS INC	99,692	$1,655	0.0%	—	—	—	738920115

Decreased Positions (3)

KSPI KASPI KZ JSC 8.1%

Value $90.97M (+14.0%) Shares 1,049,999 (-2.5%) Est. Cost — Unrealized —

MU MICRON TECHNOLOGY INC 1.1%

Value $12.41M (+59.7%) Shares 10,750 (-53.3%) Est. Cost — Unrealized —

CORZ CORE SCIENTIFIC INC NEW 3.5%

Value $39.72M (+10.0%) Shares 1,552,206 (-35.7%) Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
KSPI	KASPI KZ JSC	1,049,999 (-2.5%)	$90.97M (+14.0%)	8.1%	—	—	SPONSORED ADS	48581R205
MU	MICRON TECHNOLOGY INC	10,750 (-53.3%)	$12.41M (+59.7%)	1.1%	—	—	COM	595112103
CORZ	CORE SCIENTIFIC INC NEW	1,552,206 (-35.7%)	$39.72M (+10.0%)	3.5%	—	—	COM	21874A106

Unchanged Positions (23)

KYIV KYIVSTAR GROUP LTD 2.4%

Value $26.94M Shares 1,666,276 Est. Cost — Unrealized —

TDAY USA TODAY CO INC 2.8%

Value $31.62M Shares 3,698,460 Est. Cost — Unrealized —

VIST VISTA ENERGY S.A.B. DE C.V. 2.1%

Value $23.52M Shares 368,652 Est. Cost — Unrealized —

YPF YPF SOCIEDAD ANONIMA 13.0%

Value $147M Shares 3,231,396 Est. Cost — Unrealized —

IRS IRSA INVERSIONES Y REP S A 3.7%

Value $41.23M Shares 2,670,087 Est. Cost — Unrealized —

PAM PAMPA ENERGIA SA 1.7%

Value $19.07M Shares 232,138 Est. Cost — Unrealized —

CRESY CRESUD S A C I F Y A 0.7%

Value $7.767M Shares 692,830 Est. Cost — Unrealized —

TGS TRANSPORTADORA DE GAS DEL SU 0.5%

Value $5.801M Shares 195,115 Est. Cost — Unrealized —

NEM NEWMONT CORP 0.5%

Value $5.154M Shares 55,187 Est. Cost — Unrealized —

ECO OKEANIS ECO TANKERS COR 1.5%

Value $17.23M Shares 343,729 Est. Cost — Unrealized —

SOLZ VOLATILITY SHS TR 0.0%

Value $428K Shares 58,000 Est. Cost — Unrealized —

HSDT SOLANA CO 0.1%

Value $959K Shares 581,310 Est. Cost — Unrealized —

AENTW ALLIANCE ENTERTAINMENT HOLDI 0.0%

Value $43,050 Shares 100,000 Est. Cost — Unrealized —

BKKT/WS BAKKT INC 0.0%

Value $9,675 Shares 150,000 Est. Cost — Unrealized —

SOUNW SOUNDHOUND AI INC 0.0%

Value $48,000 Shares 25,000 Est. Cost — Unrealized —

NIOBW NIOCORP DEVS LTD 0.0%

Value $21,498 Shares 15,356 Est. Cost — Unrealized —

SPWRW SUNPOWER INC 0.0%

Value $5,160 Shares 37,500 Est. Cost — Unrealized —

FLDDW FOLD HLDGS INC 0.0%

Value $19,219 Shares 187,500 Est. Cost — Unrealized —

PGYWW PAGAYA TECHNOLOGIES LTD 0.0%

Value $3,500 Shares 66,666 Est. Cost — Unrealized —

BKSY/WS BLACKSKY TECHNOLOGY INC 0.0%

Value $6,530 Shares 130,600 Est. Cost — Unrealized —

SLND/WS SOUTHLAND HLDGS INC 0.0%

Value $1,913 Shares 75,000 Est. Cost — Unrealized —

KIDZW KIDZ AI INC 0.0%

Value $1,890 Shares 150,000 Est. Cost — Unrealized —

PSQH/WS PSQ HOLDINGS INC 0.0%

Value $2,139 Shares 53,333 Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
KYIV	KYIVSTAR GROUP LTD	1,666,276	$26.94M	2.4%	—	—	ORD SHS	G5331N101
TDAY	USA TODAY CO INC	3,698,460	$31.62M	2.8%	—	—	COM	36472T109
VIST	VISTA ENERGY S.A.B. DE C.V.	368,652	$23.52M	2.1%	—	—	SPONSORED ADS	92837L109
YPF	YPF SOCIEDAD ANONIMA	3,231,396	$147M	13.0%	—	—	SPON ADR CL D	984245100
IRS	IRSA INVERSIONES Y REP S A	2,670,087	$41.23M	3.7%	—	—	SPON GDS ECH 10	450047303
PAM	PAMPA ENERGIA SA	232,138	$19.07M	1.7%	—	—	SPONS ADR LVL I	697660207
CRESY	CRESUD S A C I F Y A	692,830	$7.767M	0.7%	—	—	SPONSORED ADR	226406106
TGS	TRANSPORTADORA DE GAS DEL SU	195,115	$5.801M	0.5%	—	—	SPONSORED ADS B	893870204
NEM	NEWMONT CORP	55,187	$5.154M	0.5%	—	—	COM	651639106
ECO	OKEANIS ECO TANKERS COR	343,729	$17.23M	1.5%	—	—	SHS	Y64177101
SOLZ	VOLATILITY SHS TR	58,000	$428K	0.0%	—	—	SOLANA ETF	92864M822
HSDT	SOLANA CO	581,310	$959K	0.1%	—	—	COM CL A NEW	42328V876
AENTW	ALLIANCE ENTERTAINMENT HOLDI	100,000	$43,050	0.0%	—	—	*W EXP 02/11/202	01861F110
BKKT/WS	BAKKT INC	150,000	$9,675	0.0%	—	—	*W EXP 10/25/202	05759B115
SOUNW	SOUNDHOUND AI INC	25,000	$48,000	0.0%	—	—	*W EXP 04/26/202	836100115
NIOBW	NIOCORP DEVS LTD	15,356	$21,498	0.0%	—	—	*W EXP 03/17/202	654484153
SPWRW	SUNPOWER INC	37,500	$5,160	0.0%	—	—	*W EXP 07/31/202	20460L112
FLDDW	FOLD HLDGS INC	187,500	$19,219	0.0%	—	—	*W EXP 02/14/203	29103K118
PGYWW	PAGAYA TECHNOLOGIES LTD	66,666	$3,500	0.0%	—	—	*W EXP 99/99/999	M7S64L107
BKSY/WS	BLACKSKY TECHNOLOGY INC	130,600	$6,530	0.0%	—	—	*W EXP 09/09/202	09263B116
SLND/WS	SOUTHLAND HLDGS INC	75,000	$1,913	0.0%	—	—	*W EXP 02/14/202	84445C118
KIDZW	KIDZ AI INC	150,000	$1,890	0.0%	—	—	*W EXP 04/03/203	182744110
PSQH/WS	PSQ HOLDINGS INC	53,333	$2,139	0.0%	—	—	*W EXP 07/19/202	693691115