Beartown Capital Management, LLC Hedge Fund

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
SPY	STATE STR SPDR S&P 500 ETF T	30,000	$19,510	9.4%	—	—	PUT	78462F103
CLSK	CLEANSPARK INC	1,700,000	$14,467	6.9%	$11.33	0.0%	CALL	18452B209
CLSK	CLEANSPARK INC	1,550,000	$13,191	6.3%	$11.33	0.0%	COM NEW	18452B209
QQQ	INVESCO QQQ TR	20,000	$11,544	5.5%	—	—	PUT	46090E103
BTDR	BITDEER TECHNOLOGIES GROUP	1,000,000	$8,650	4.1%	—	—	CALL	G11448100
CIFR	CIPHER DIGITAL INC	400,000	$5,148	2.5%	$16.67	0.0%	COM	17253J106
BWA	BORGWARNER INC	50,000	$2,713	1.3%	—	—	CALL	099724106
SATS	ECHOSTAR CORP	20,000	$2,341	1.1%	$81.43	+42.9%	CALL	278768106
RYAM	RAYONIER ADVANCED MATLS INC	200,000	$2,214	1.1%	$8.01	0.0%	COM	75508B104
HUT	HUT 8 CORP	25,000	$1,173	0.6%	$44.08	+28.4%	CALL	44812J104
GLXY	GALAXY DIGITAL INC.	50,000	$923	0.4%	$25.40	0.0%	CALL	36317J209
GLXY	GALAXY DIGITAL INC.	50,000	$923	0.4%	$25.40	0.0%	CL A	36317J209
LE	LANDS END INC NEW	50,000	$562	0.3%	$16.73	0.0%	COM	51509F105
ONL	ORION PROPERTIES INC	12,899	$28	0.0%	$2.15	—	COM	68629Y103

Increased Positions (6)

CORZ CORE SCIENTIFIC INC NEW 4.3%

Value ($000) $8,976 (+208.2%) Shares 600,000 (+200.0%) Est. Cost $17.45 Unrealized +1.4%

WULF TERAWULF INC 3.5%

Value ($000) $7,215 (+57.0%) Shares 500,000 (+25.0%) Est. Cost $13.40 Unrealized +8.8%

NRGV ENERGY VAULT HOLDINGS INC 2.2%

Value ($000) $4,620 (+67.0%) Shares 1,400,000 (+133.3%) Est. Cost $4.26 Unrealized +7.6%

NBIS NEBIUS GROUP N.V. 1.5%

Value ($000) $3,113 (+85.9%) Shares 30,000 (+50.0%) Est. Cost $103.64 Unrealized -7.0%

CORZ CORE SCIENTIFIC INC NEW 6.1%

Value ($000) $12,716 (+9.2%) Shares 850,000 (+6.3%) Est. Cost $17.45 Unrealized +1.4%

PRCH PORCH GROUP INC 2.2%

Value ($000) $4,661 (+13.4%) Shares 650,000 (+44.4%) Est. Cost $10.87 Unrealized -24.3%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
CORZ	CORE SCIENTIFIC INC NEW	600,000 (+200.0%)	$8,976 (+208.2%)	4.3%	$17.45	+1.4%	CALL	21874A106
WULF	TERAWULF INC	500,000 (+25.0%)	$7,215 (+57.0%)	3.5%	$13.40	+8.8%	CALL	88080T104
NRGV	ENERGY VAULT HOLDINGS INC	1,400,000 (+133.3%)	$4,620 (+67.0%)	2.2%	$4.26	+7.6%	COM	29280W109
NBIS	NEBIUS GROUP N.V.	30,000 (+50.0%)	$3,113 (+85.9%)	1.5%	$103.64	-7.0%	CALL	N97284108
CORZ	CORE SCIENTIFIC INC NEW	850,000 (+6.3%)	$12,716 (+9.2%)	6.1%	$17.45	+1.4%	COM	21874A106
PRCH	PORCH GROUP INC	650,000 (+44.4%)	$4,661 (+13.4%)	2.2%	$10.87	-24.3%	COM	733245104

Exited Positions (15)

SEM SELECT MED HLDGS CORP 1.4%

Value ($000) $2,970 Shares 200,000 Est. Cost $14.10 Unrealized +8.8%

KW KENNEDY-WILSON HOLDINGS INC 1.4%

Value ($000) $2,901 Shares 300,000 Est. Cost $8.96 Unrealized +12.3%

FCNCA FIRST CTZNS BANCSHARES INC D 1.0%

Value ($000) $2,146 Shares 1,000 Est. Cost $1883.58 Unrealized +11.1%

CENX CENTURY ALUM CO 0.9%

Value ($000) $1,959 Shares 50,000 Est. Cost $31.24 Unrealized +54.9%

TALK TALKSPACE INC 0.5%

Value ($000) $1,089 Shares 300,000 Est. Cost $3.17 Unrealized +27.2%

AFBI AFFINITY BANCSHARES INC 0.3%

Value ($000) $623 Shares 30,416 Est. Cost $19.58 Unrealized +4.1%

STRZ STARZ ENTERTAINMENT CORP. 0.3%

Value ($000) $585 Shares 50,000 Est. Cost $11.46 Unrealized -12.3%

GLIBK GCI LIBERTY INC 0.2%

Value ($000) $372 Shares 10,000 Est. Cost $35.09 Unrealized +8.7%

TRS TRIMAS CORP 0.2%

Value ($000) $355 Shares 10,000 Est. Cost $34.92 Unrealized +1.7%

GOOG ALPHABET INC 0.2%

Value ($000) $322 Shares 1,026 Est. Cost $286.33 Unrealized +13.0%

WW WW INTL INC 0.1%

Value ($000) $292 Shares 10,000 Est. Cost $27.95 Unrealized -13.5%

AMZN AMAZON COM INC 0.1%

Value ($000) $237 Shares 1,026 Est. Cost $228.79 Unrealized -0.9%

TTAM TITAN AMER SA 0.1%

Value ($000) $165 Shares 10,000 Est. Cost $15.65 Unrealized +14.3%

LMNR LIMONEIRA CO 0.1%

Value ($000) $163 Shares 12,892 Est. Cost $14.04 Unrealized -0.1%

FARM FARMER BROS CO 0.0%

Value ($000) $79 Shares 54,009 Est. Cost $1.61 Unrealized -2.3%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
SEM	SELECT MED HLDGS CORP	200,000	$2,970	1.4%	$14.10	+8.8%	—	81619Q105
KW	KENNEDY-WILSON HOLDINGS INC	300,000	$2,901	1.4%	$8.96	+12.3%	—	489398107
FCNCA	FIRST CTZNS BANCSHARES INC D	1,000	$2,146	1.0%	$1883.58	+11.1%	—	31946M103
CENX	CENTURY ALUM CO	50,000	$1,959	0.9%	$31.24	+54.9%	—	156431108
TALK	TALKSPACE INC	300,000	$1,089	0.5%	$3.17	+27.2%	—	87427V103
AFBI	AFFINITY BANCSHARES INC	30,416	$623	0.3%	$19.58	+4.1%	—	00832E103
STRZ	STARZ ENTERTAINMENT CORP.	50,000	$585	0.3%	$11.46	-12.3%	—	855919106
GLIBK	GCI LIBERTY INC	10,000	$372	0.2%	$35.09	+8.7%	—	36164V800
TRS	TRIMAS CORP	10,000	$355	0.2%	$34.92	+1.7%	—	896215209
GOOG	ALPHABET INC	1,026	$322	0.2%	$286.33	+13.0%	—	02079K107
WW	WW INTL INC	10,000	$292	0.1%	$27.95	-13.5%	—	98262P200
AMZN	AMAZON COM INC	1,026	$237	0.1%	$228.79	-0.9%	—	023135106
TTAM	TITAN AMER SA	10,000	$165	0.1%	$15.65	+14.3%	—	B9151N105
LMNR	LIMONEIRA CO	12,892	$163	0.1%	$14.04	-0.1%	—	532746104
FARM	FARMER BROS CO	54,009	$79	0.0%	$1.61	-2.3%	—	307675108

Decreased Positions (6)

SATS ECHOSTAR CORP 4.5%

Value ($000) $9,366 (-42.6%) Shares 80,000 (-46.7%) Est. Cost $81.43 Unrealized +42.9%

HUT HUT 8 CORP 4.0%

Value ($000) $8,444 (-29.3%) Shares 180,000 (-30.8%) Est. Cost $44.08 Unrealized +28.4%

NBIS NEBIUS GROUP N.V. 4.5%

Value ($000) $9,338 (-17.4%) Shares 90,000 (-33.3%) Est. Cost $103.64 Unrealized -7.0%

ATEX ANTERIX INC 1.8%

Value ($000) $3,819 (+20.7%) Shares 100,000 (-31.0%) Est. Cost $20.77 Unrealized +32.0%

WULF TERAWULF INC 10.9%

Value ($000) $22,727 (-1.1%) Shares 1,575,000 (-21.3%) Est. Cost $13.40 Unrealized +8.8%

FTEK FUEL TECH INC 0.1%

Value ($000) $179 (-28.3%) Shares 146,689 (-8.3%) Est. Cost $2.20 Unrealized -33.9%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
SATS	ECHOSTAR CORP	80,000 (-46.7%)	$9,366 (-42.6%)	4.5%	$81.43	+42.9%	CL A	278768106
HUT	HUT 8 CORP	180,000 (-30.8%)	$8,444 (-29.3%)	4.0%	$44.08	+28.4%	COM	44812J104
NBIS	NEBIUS GROUP N.V.	90,000 (-33.3%)	$9,338 (-17.4%)	4.5%	$103.64	-7.0%	SHS CLASS A	N97284108
ATEX	ANTERIX INC	100,000 (-31.0%)	$3,819 (+20.7%)	1.8%	$20.77	+32.0%	COM	03676C100
WULF	TERAWULF INC	1,575,000 (-21.3%)	$22,727 (-1.1%)	10.9%	$13.40	+8.8%	COM	88080T104
FTEK	FUEL TECH INC	146,689 (-8.3%)	$179 (-28.3%)	0.1%	$2.20	-33.9%	COM	359523107

Unchanged Positions (16)

NVRI ENVIRI CORP 4.0%

Value ($000) $8,288 Shares 422,441 Est. Cost $14.90 Unrealized +25.6%

CMTL COMTECH TELECOMMUNICATIONS C 0.4%

Value ($000) $836 Shares 251,881 Est. Cost $3.26 Unrealized +73.3%

PRTH PRIORITY TECHNOLOGY HLDGS IN 0.9%

Value ($000) $1,888 Shares 400,000 Est. Cost $6.19 Unrealized -8.2%

WALD WALDENCAST PLC 0.1%

Value ($000) $285 Shares 300,000 Est. Cost $2.03 Unrealized -15.6%

FSI FLEXIBLE SOLUTIONS INTL INC 0.2%

Value ($000) $404 Shares 74,754 Est. Cost $7.90 Unrealized -24.5%

MAPS WM TECHNOLOGY INC 0.2%

Value ($000) $375 Shares 568,883 Est. Cost $0.98 Unrealized -21.9%

TDS TELEPHONE & DATA SYS INC 1.5%

Value ($000) $3,158 Shares 75,000 Est. Cost $38.95 Unrealized +13.9%

BVFL BV FINL INC 0.6%

Value ($000) $1,160 Shares 60,616 Est. Cost $17.21 Unrealized +10.6%

SCOR COMSCORE INC 0.4%

Value ($000) $876 Shares 126,207 Est. Cost $7.16 Unrealized +9.5%

KNOP KNOT OFFSHORE PARTNERS LP 0.8%

Value ($000) $1,583 Shares 157,082 Est. Cost $9.66 Unrealized +8.4%

KNOP KNOT OFFSHORE PARTNERS LP 0.6%

Value ($000) $1,269 Shares 125,900 Est. Cost $9.66 Unrealized +8.4%

VISN VISTANCE NETWORKS INC 3.5%

Value ($000) $7,280 Shares 400,000 Est. Cost $17.25 Unrealized +7.2%

CBNA CHAIN BRIDGE BANCORP INC 1.3%

Value ($000) $2,645 Shares 75,794 Est. Cost $32.33 Unrealized +7.3%

FSP FRANKLIN STR PPTYS CORP 0.0%

Value ($000) $13 Shares 19,868 Est. Cost $0.95 Unrealized —

AUROW AURORA INNOVATION INC 0.0%

Value ($000) $6 Shares 30,209 Est. Cost $0.23 Unrealized —

CNTY CENTURY CASINOS INC 0.0%

Value ($000) $14 Shares 10,000 Est. Cost $1.79 Unrealized -12.6%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
NVRI	ENVIRI CORP	422,441	$8,288	4.0%	$14.90	+25.6%	COM	415864107
CMTL	COMTECH TELECOMMUNICATIONS C	251,881	$836	0.4%	$3.26	+73.3%	COM NEW	205826209
PRTH	PRIORITY TECHNOLOGY HLDGS IN	400,000	$1,888	0.9%	$6.19	-8.2%	COM	74275G107
WALD	WALDENCAST PLC	300,000	$285	0.1%	$2.03	-15.6%	CLASS A ORD SHS	G9503X103
FSI	FLEXIBLE SOLUTIONS INTL INC	74,754	$404	0.2%	$7.90	-24.5%	COM	33938T104
MAPS	WM TECHNOLOGY INC	568,883	$375	0.2%	$0.98	-21.9%	COM	92971A109
TDS	TELEPHONE & DATA SYS INC	75,000	$3,158	1.5%	$38.95	+13.9%	COM NEW	879433829
BVFL	BV FINL INC	60,616	$1,160	0.6%	$17.21	+10.6%	COM NEW	05603E208
SCOR	COMSCORE INC	126,207	$876	0.4%	$7.16	+9.5%	COM NEW	20564W204
KNOP	KNOT OFFSHORE PARTNERS LP	157,082	$1,583	0.8%	$9.66	+8.4%	COM UNITS	Y48125101
KNOP	KNOT OFFSHORE PARTNERS LP	125,900	$1,269	0.6%	$9.66	+8.4%	CALL	Y48125101
VISN	VISTANCE NETWORKS INC	400,000	$7,280	3.5%	$17.25	+7.2%	COM	20337X109
CBNA	CHAIN BRIDGE BANCORP INC	75,794	$2,645	1.3%	$32.33	+7.3%	CL A	15746L100
FSP	FRANKLIN STR PPTYS CORP	19,868	$13	0.0%	$0.95	—	COM	35471R106
AUROW	AURORA INNOVATION INC	30,209	$6	0.0%	$0.23	—	*W EXP 11/03/202	051774115
CNTY	CENTURY CASINOS INC	10,000	$14	0.0%	$1.79	-12.6%	COM	156492100