Thomist Capital Management, LP Quant / Systematic

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	SPDR S&P 500 ETF TR	50,000	$34,096	7.2%	—	—	CALL	78462F903
—	ORACLE CORP	146,500	$28,554	6.1%	—	—	CALL	68389X905
SOC	SABLE OFFSHORE CORP	1,818,181	$21,327	4.5%	$9.44	0.0%	COM SHS	78574H104
CNR	CORE NATURAL RESOURCES INC	234,000	$20,739	4.4%	$85.17	0.0%	COM SHS	218937100
MPC	MARATHON PETE CORP	96,100	$15,717	3.3%	$186.40	0.0%	COM	56585A102
AMPY	AMPLIFY ENERGY CORP NEW	3,147,130	$14,571	3.1%	$4.98	0.0%	COM	03212B103
HBM	HUDBAY MINERALS INC	599,600	$11,932	2.5%	$16.91	0.0%	COM	443628102
LIN	LINDE PLC	24,350	$10,431	2.2%	$427.28	0.0%	SHS	G54950103
SM	SM ENERGY CO	552,905	$10,384	2.2%	$20.02	0.0%	COM	78454L100
BTE	BAYTEX ENERGY CORP	2,980,698	$9,657	2.1%	$2.79	0.0%	COM	07317Q105
—	ISHARES BITCOIN TRUST ETF	180,000	$8,937	1.9%	—	—	CALL	46438F901
—	ADVANCED MICRO DEVICES INC	30,000	$6,425	1.4%	—	—	CALL	007903907
KRSP/U	RICE ACQUISITION CORP 3	500,000	$5,195	1.1%	$10.39	—	UNIT 99/99/9999	G7553X122
PSX	PHILLIPS 66	38,900	$5,040	1.1%	$134.01	0.0%	COM	718546104
CVI	CVR ENERGY INC	199,200	$5,028	1.1%	$34.05	0.0%	COM	12662P108
AESI	ATLAS ENERGY SOLUTIONS INC	407,316	$3,901	0.8%	$10.11	0.0%	COM NEW	642045108
—	ATLAS ENERGY SOLUTIONS INC	350,000	$3,297	0.7%	—	—	CALL	642045908
INR	INFINITY NAT RES INC	202,795	$3,082	0.7%	$13.11	0.0%	COM CL A	456941103
CC	CHEMOURS CO	245,400	$2,901	0.6%	$12.79	0.0%	COM	163851108
LBRT	LIBERTY ENERGY INC	117,713	$2,200	0.5%	$16.71	0.0%	COM CL A	53115L104
OIS	OIL STS INTL INC	288,084	$1,983	0.4%	$6.42	0.0%	COM	678026105
SLV	ISHARES SILVER TR	26,100	$1,800	0.4%	$68.98	—	ISHARES	46428Q109
ALB	ALBEMARLE CORP	8,500	$1,207	0.3%	$113.25	0.0%	COM	012653101
UAL	UNITED AIRLS HLDGS INC	9,710	$1,080	0.2%	$101.05	0.0%	COM	910047109
IGV	ISHARES TR	9,300	$995	0.2%	$106.99	—	EXPANDED TECH	464287515
HUT	HUT 8 CORP	13,600	$629	0.1%	$44.08	0.0%	COM	44812J104
CRWV	COREWEAVE INC	7,400	$547	0.1%	$101.39	0.0%	COM CL A	21873S108
ORCL	ORACLE CORP	2,600	$513	0.1%	$238.05	0.0%	COM	68389X105
AAL	AMERICAN AIRLS GROUP INC	31,580	$483	0.1%	$13.49	0.0%	COM	02376R102
VIK	VIKING HOLDINGS LTD	5,710	$412	0.1%	$63.81	0.0%	ORD SHS	G93A5A101
LIND	LINDBLAD EXPEDITIONS HLDGS I	19,800	$287	0.1%	$12.61	0.0%	COM	535219109
MTN	VAIL RESORTS INC	1,700	$226	0.0%	$147.17	0.0%	COM	91879Q109

Increased Positions (21)

SDRL SEADRILL LTD 13.5%

Value ($000) $63,387 (+63.6%) Shares 1,835,718 (+44.6%) Est. Cost $34.72 Unrealized -10.3%

NUE NUCOR CORP 3.0%

Value ($000) $14,255 (+485.2%) Shares 86,500 (+383.2%) Est. Cost $147.86 Unrealized +1.3%

B BARRICK MNG CORP 3.1%

Value ($000) $14,626 (+117.4%) Shares 330,600 (+62.9%) Est. Cost $29.89 Unrealized +25.2%

SNCY SUN CTRY AIRLS HLDGS INC 1.7%

Value ($000) $8,002 (+2262.1%) Shares 555,935 (+1864.4%) Est. Cost $12.69 Unrealized +0.7%

GPRE GREEN PLAINS INC 1.5%

Value ($000) $7,270 (+665.5%) Shares 747,192 (+619.8%) Est. Cost $9.88 Unrealized +1.8%

WLK WESTLAKE CORPORATION 1.8%

Value ($000) $8,365 (+135.1%) Shares 111,900 (+142.2%) Est. Cost $82.08 Unrealized -13.8%

VTWO VANGUARD SCOTTSDALE FDS 0.8%

Value ($000) $3,575 (+781.7%) Shares 35,710 (+760.3%) Est. Cost $99.82 Unrealized —

LUV SOUTHWEST AIRLS CO 0.9%

Value ($000) $4,248 (+134.9%) Shares 102,860 (+85.6%) Est. Cost $32.81 Unrealized +6.0%

VLRS CONTROLADORA VUELA COMP DE A 1.9%

Value ($000) $8,916 (+34.5%) Shares 1,009,652 (+3.9%) Est. Cost $6.89 Unrealized —

CENX CENTURY ALUM CO 0.8%

Value ($000) $3,969 (+60.8%) Shares 100,000 (+19.1%) Est. Cost $19.58 Unrealized +59.6%

SPHR SPHERE ENTERTAINMENT CO 0.3%

Value ($000) $1,381 (+345.5%) Shares 14,270 (+186.0%) Est. Cost $61.40 Unrealized +24.1%

THO THOR INDS INC 0.4%

Value ($000) $1,912 (+107.1%) Shares 18,360 (+108.2%) Est. Cost $95.11 Unrealized +8.6%

CPA COPA HOLDINGS SA 0.3%

Value ($000) $1,410 (+142.5%) Shares 11,660 (+139.2%) Est. Cost $117.36 Unrealized +3.3%

WGO WINNEBAGO INDS INC 0.4%

Value ($000) $1,920 (+65.5%) Shares 46,700 (+36.1%) Est. Cost $33.82 Unrealized +7.8%

RGR STURM RUGER & CO INC 0.2%

Value ($000) $746 (+93.8%) Shares 22,940 (+154.9%) Est. Cost $36.67 Unrealized +1.1%

CWH CAMPING WORLD HLDGS INC 0.3%

Value ($000) $1,597 (+27.8%) Shares 163,980 (+113.3%) Est. Cost $14.12 Unrealized -13.2%

PII POLARIS INC 0.3%

Value ($000) $1,615 (+16.1%) Shares 25,048 (+7.1%) Est. Cost $49.85 Unrealized +32.1%

APLD APPLIED DIGITAL CORP 0.1%

Value ($000) $523 (+68.5%) Shares 21,700 (+55.0%) Est. Cost $19.77 Unrealized +45.7%

EVEX EVE HLDG INC 0.1%

Value ($000) $322 (+70.5%) Shares 80,880 (+66.4%) Est. Cost $4.95 Unrealized -11.2%

EVLV EVOLV TECHNOLOGIES HLDNGS IN 0.1%

Value ($000) $241 (+75.6%) Shares 34,090 (+95.9%) Est. Cost $7.21 Unrealized -1.4%

NCLH NORWEGIAN CRUISE LINE HLDG L 0.1%

Value ($000) $332 (+5.5%) Shares 14,809 (+16.5%) Est. Cost $23.84 Unrealized -11.4%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
SDRL	SEADRILL LTD	1,835,718 (+44.6%)	$63,387 (+63.6%)	13.5%	$34.72	-10.3%	COM	G7997W102
NUE	NUCOR CORP	86,500 (+383.2%)	$14,255 (+485.2%)	3.0%	$147.86	+1.3%	COM	670346105
B	BARRICK MNG CORP	330,600 (+62.9%)	$14,626 (+117.4%)	3.1%	$29.89	+25.2%	COM SHS	06849F108
SNCY	SUN CTRY AIRLS HLDGS INC	555,935 (+1864.4%)	$8,002 (+2262.1%)	1.7%	$12.69	+0.7%	COM	866683105
GPRE	GREEN PLAINS INC	747,192 (+619.8%)	$7,270 (+665.5%)	1.5%	$9.88	+1.8%	COM	393222104
WLK	WESTLAKE CORPORATION	111,900 (+142.2%)	$8,365 (+135.1%)	1.8%	$82.08	-13.8%	COM	960413102
VTWO	VANGUARD SCOTTSDALE FDS	35,710 (+760.3%)	$3,575 (+781.7%)	0.8%	$99.82	—	VNG RUS2000IDX	92206C664
LUV	SOUTHWEST AIRLS CO	102,860 (+85.6%)	$4,248 (+134.9%)	0.9%	$32.81	+6.0%	COM	844741108
VLRS	CONTROLADORA VUELA COMP DE A	1,009,652 (+3.9%)	$8,916 (+34.5%)	1.9%	$6.89	—	SPON ADR RP 10	21240E105
CENX	CENTURY ALUM CO	100,000 (+19.1%)	$3,969 (+60.8%)	0.8%	$19.58	+59.6%	COM	156431108
SPHR	SPHERE ENTERTAINMENT CO	14,270 (+186.0%)	$1,381 (+345.5%)	0.3%	$61.40	+24.1%	CL A	55826T102
THO	THOR INDS INC	18,360 (+108.2%)	$1,912 (+107.1%)	0.4%	$95.11	+8.6%	COM	885160101
CPA	COPA HOLDINGS SA	11,660 (+139.2%)	$1,410 (+142.5%)	0.3%	$117.36	+3.3%	CL A	P31076105
WGO	WINNEBAGO INDS INC	46,700 (+36.1%)	$1,920 (+65.5%)	0.4%	$33.82	+7.8%	COM	974637100
RGR	STURM RUGER & CO INC	22,940 (+154.9%)	$746 (+93.8%)	0.2%	$36.67	+1.1%	COM	864159108
CWH	CAMPING WORLD HLDGS INC	163,980 (+113.3%)	$1,597 (+27.8%)	0.3%	$14.12	-13.2%	CL A	13462K109
PII	POLARIS INC	25,048 (+7.1%)	$1,615 (+16.1%)	0.3%	$49.85	+32.1%	COM	731068102
APLD	APPLIED DIGITAL CORP	21,700 (+55.0%)	$523 (+68.5%)	0.1%	$19.77	+45.7%	COM NEW	038169207
EVEX	EVE HLDG INC	80,880 (+66.4%)	$322 (+70.5%)	0.1%	$4.95	-11.2%	COM	29970N104
EVLV	EVOLV TECHNOLOGIES HLDNGS IN	34,090 (+95.9%)	$241 (+75.6%)	0.1%	$7.21	-1.4%	COM CL A	30049H102
NCLH	NORWEGIAN CRUISE LINE HLDG L	14,809 (+16.5%)	$332 (+5.5%)	0.1%	$23.84	-11.4%	SHS	G66721104

Exited Positions (43)

— NUTRIEN LTD 10.1%

Value ($000) $47,731 Shares 813,000 Est. Cost — Unrealized —

— SPDR S&P 500 ETF TR 7.1%

Value ($000) $33,309 Shares 50,000 Est. Cost — Unrealized —

VLO VALERO ENERGY CORP 4.2%

Value ($000) $19,779 Shares 114,900 Est. Cost $147.81 Unrealized +14.2%

RIO RIO TINTO PLC 2.4%

Value ($000) $11,496 Shares 174,400 Est. Cost $65.92 Unrealized —

ARMN ARIS MNG CORP 2.1%

Value ($000) $10,003 Shares 1,018,106 Est. Cost $7.97 Unrealized +54.2%

— BUNGE GLOBAL SA 1.7%

Value ($000) $8,125 Shares 100,000 Est. Cost — Unrealized —

— AMPLIFY ENERGY CORP NEW 1.7%

Value ($000) $7,875 Shares 1,500,000 Est. Cost — Unrealized —

ADM ARCHER DANIELS MIDLAND CO 1.6%

Value ($000) $7,677 Shares 127,300 Est. Cost $57.76 Unrealized +3.0%

TSN TYSON FOODS INC 1.5%

Value ($000) $7,113 Shares 131,298 Est. Cost $55.93 Unrealized -2.3%

BTU PEABODY ENERGY CORP 1.4%

Value ($000) $6,638 Shares 247,600 Est. Cost $17.75 Unrealized +65.4%

SHW SHERWIN WILLIAMS CO 1.4%

Value ($000) $6,413 Shares 18,700 Est. Cost $351.39 Unrealized -4.9%

STLD STEEL DYNAMICS INC 1.3%

Value ($000) $6,218 Shares 44,770 Est. Cost $130.39 Unrealized +21.5%

— CLEVELAND-CLIFFS INC NEW 1.3%

Value ($000) $6,104 Shares 500,300 Est. Cost — Unrealized —

— IREN LIMITED 1.3%

Value ($000) $6,101 Shares 130,000 Est. Cost — Unrealized —

IBIT ISHARES BITCOIN TRUST ETF 1.3%

Value ($000) $6,036 Shares 92,900 Est. Cost $64.97 Unrealized —

SCCO SOUTHERN COPPER CORP 1.3%

Value ($000) $5,897 Shares 48,700 Est. Cost $97.73 Unrealized +35.8%

AMZN AMAZON COM INC 1.1%

Value ($000) $5,088 Shares 22,900 Est. Cost $226.35 Unrealized +1.1%

EXE EXPAND ENERGY CORPORATION 1.0%

Value ($000) $4,475 Shares 41,900 Est. Cost $99.11 Unrealized +11.6%

RRC RANGE RES CORP 0.9%

Value ($000) $4,332 Shares 115,900 Est. Cost $35.71 Unrealized +4.3%

SGML SIGMA LITHIUM CORPORATION 0.8%

Value ($000) $3,877 Shares 570,089 Est. Cost $12.39 Unrealized -30.4%

— HUNTSMAN CORP 0.6%

Value ($000) $2,694 Shares 300,000 Est. Cost — Unrealized —

— OLIN CORP 0.5%

Value ($000) $2,499 Shares 100,000 Est. Cost — Unrealized —

AR ANTERO RESOURCES CORP 0.5%

Value ($000) $2,177 Shares 64,900 Est. Cost $33.33 Unrealized +1.6%

EQT EQT CORP 0.4%

Value ($000) $2,113 Shares 38,800 Est. Cost $52.61 Unrealized +6.7%

CIVI CIVITAS RESOURCES INC 0.4%

Value ($000) $2,038 Shares 61,300 Est. Cost $31.09 Unrealized -8.2%

GPOR GULFPORT ENERGY CORP 0.4%

Value ($000) $2,036 Shares 11,300 Est. Cost $174.05 Unrealized +14.5%

— TRONOX HOLDINGS PLC 0.4%

Value ($000) $2,010 Shares 500,000 Est. Cost — Unrealized —

— PLUG POWER INC 0.4%

Value ($000) $1,864 Shares 800,000 Est. Cost — Unrealized —

— HYLIION HOLDINGS CORP 0.4%

Value ($000) $1,827 Shares 927,600 Est. Cost — Unrealized —

— TERAWULF INC 0.4%

Value ($000) $1,713 Shares 150,000 Est. Cost — Unrealized —

— OKLO INC 0.4%

Value ($000) $1,686 Shares 15,100 Est. Cost — Unrealized —

HOG HARLEY DAVIDSON INC 0.4%

Value ($000) $1,654 Shares 57,850 Est. Cost $26.84 Unrealized -8.4%

— COREWEAVE INC 0.3%

Value ($000) $1,369 Shares 10,000 Est. Cost — Unrealized —

CMC COMMERCIAL METALS CO 0.3%

Value ($000) $1,295 Shares 22,600 Est. Cost $45.91 Unrealized +35.9%

— CIPHER MINING INC 0.3%

Value ($000) $1,259 Shares 100,000 Est. Cost — Unrealized —

INVX INNOVEX INTERNATIONAL INC 0.2%

Value ($000) $1,121 Shares 60,909 Est. Cost $16.17 Unrealized +29.0%

XHB SPDR SERIES TRUST 0.2%

Value ($000) $996 Shares 9,000 Est. Cost $110.63 Unrealized —

DOO BRP INC 0.2%

Value ($000) $845 Shares 13,980 Est. Cost $47.06 Unrealized +44.4%

RYAAY RYANAIR HOLDINGS PLC 0.2%

Value ($000) $823 Shares 14,070 Est. Cost $58.51 Unrealized —

SLSR SOLARIS RES INC 0.2%

Value ($000) $806 Shares 126,800 Est. Cost $5.31 Unrealized +30.6%

LTM LATAM AIRLINES GROUP SA 0.2%

Value ($000) $801 Shares 17,945 Est. Cost $44.65 Unrealized —

SD SANDRIDGE ENERGY INC 0.1%

Value ($000) $666 Shares 59,200 Est. Cost $11.04 Unrealized +19.8%

WBI WATERBRIDGE INFRASTRUCTURE L 0.1%

Value ($000) $245 Shares 10,000 Est. Cost $23.45 Unrealized -1.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	NUTRIEN LTD	813,000	$47,731	10.1%	—	—	PUT	67077M958
—	SPDR S&P 500 ETF TR	50,000	$33,309	7.1%	—	—	PUT	78462F953
VLO	VALERO ENERGY CORP	114,900	$19,779	4.2%	$147.81	+14.2%	—	91913Y100
RIO	RIO TINTO PLC	174,400	$11,496	2.4%	$65.92	—	—	767204100
ARMN	ARIS MNG CORP	1,018,106	$10,003	2.1%	$7.97	+54.2%	—	04040Y109
—	BUNGE GLOBAL SA	100,000	$8,125	1.7%	—	—	CALL	H11356904
—	AMPLIFY ENERGY CORP NEW	1,500,000	$7,875	1.7%	—	—	CALL	03212B903
ADM	ARCHER DANIELS MIDLAND CO	127,300	$7,677	1.6%	$57.76	+3.0%	—	039483102
TSN	TYSON FOODS INC	131,298	$7,113	1.5%	$55.93	-2.3%	—	902494103
BTU	PEABODY ENERGY CORP	247,600	$6,638	1.4%	$17.75	+65.4%	—	704551100
SHW	SHERWIN WILLIAMS CO	18,700	$6,413	1.4%	$351.39	-4.9%	—	824348106
STLD	STEEL DYNAMICS INC	44,770	$6,218	1.3%	$130.39	+21.5%	—	858119100
—	CLEVELAND-CLIFFS INC NEW	500,300	$6,104	1.3%	—	—	CALL	185899901
—	IREN LIMITED	130,000	$6,101	1.3%	—	—	PUT	Q4982L959
IBIT	ISHARES BITCOIN TRUST ETF	92,900	$6,036	1.3%	$64.97	—	—	46438F101
SCCO	SOUTHERN COPPER CORP	48,700	$5,897	1.3%	$97.73	+35.8%	—	84265V105
AMZN	AMAZON COM INC	22,900	$5,088	1.1%	$226.35	+1.1%	—	023135106
EXE	EXPAND ENERGY CORPORATION	41,900	$4,475	1.0%	$99.11	+11.6%	—	165167735
RRC	RANGE RES CORP	115,900	$4,332	0.9%	$35.71	+4.3%	—	75281A109
SGML	SIGMA LITHIUM CORPORATION	570,089	$3,877	0.8%	$12.39	-30.4%	—	826599102
—	HUNTSMAN CORP	300,000	$2,694	0.6%	—	—	CALL	447011907
—	OLIN CORP	100,000	$2,499	0.5%	—	—	CALL	680665905
AR	ANTERO RESOURCES CORP	64,900	$2,177	0.5%	$33.33	+1.6%	—	03674X106
EQT	EQT CORP	38,800	$2,113	0.4%	$52.61	+6.7%	—	26884L109
CIVI	CIVITAS RESOURCES INC	61,300	$2,038	0.4%	$31.09	-8.2%	—	17888H103
GPOR	GULFPORT ENERGY CORP	11,300	$2,036	0.4%	$174.05	+14.5%	—	402635502
—	TRONOX HOLDINGS PLC	500,000	$2,010	0.4%	—	—	CALL	G9087Q902
—	PLUG POWER INC	800,000	$1,864	0.4%	—	—	PUT	72919P952
—	HYLIION HOLDINGS CORP	927,600	$1,827	0.4%	—	—	CALL	449109907
—	TERAWULF INC	150,000	$1,713	0.4%	—	—	PUT	88080T954
—	OKLO INC	15,100	$1,686	0.4%	—	—	PUT	02156V959
HOG	HARLEY DAVIDSON INC	57,850	$1,654	0.4%	$26.84	-8.4%	—	412822108
—	COREWEAVE INC	10,000	$1,369	0.3%	—	—	PUT	21873S958
CMC	COMMERCIAL METALS CO	22,600	$1,295	0.3%	$45.91	+35.9%	—	201723103
—	CIPHER MINING INC	100,000	$1,259	0.3%	—	—	PUT	17253J956
INVX	INNOVEX INTERNATIONAL INC	60,909	$1,121	0.2%	$16.17	+29.0%	—	457651107
XHB	SPDR SERIES TRUST	9,000	$996	0.2%	$110.63	—	—	78464A888
DOO	BRP INC	13,980	$845	0.2%	$47.06	+44.4%	—	05577W200
RYAAY	RYANAIR HOLDINGS PLC	14,070	$823	0.2%	$58.51	—	—	783513203
SLSR	SOLARIS RES INC	126,800	$806	0.2%	$5.31	+30.6%	—	83419D201
LTM	LATAM AIRLINES GROUP SA	17,945	$801	0.2%	$44.65	—	—	51817R205
SD	SANDRIDGE ENERGY INC	59,200	$666	0.1%	$11.04	+19.8%	—	80007P869
WBI	WATERBRIDGE INFRASTRUCTURE L	10,000	$245	0.1%	$23.45	-1.0%	—	940923105

Decreased Positions (12)

— SPDR SERIES TRUST 4.8%

Value ($000) $22,612 (-58.9%) Shares 348,900 (-59.9%) Est. Cost — Unrealized —

BG BUNGE GLOBAL SA 0.6%

Value ($000) $3,005 (-86.3%) Shares 33,600 (-87.4%) Est. Cost $79.21 Unrealized +16.0%

GLD SPDR GOLD TR 1.0%

Value ($000) $4,847 (-71.5%) Shares 12,150 (-74.8%) Est. Cost $318.71 Unrealized —

KRE SPDR SERIES TRUST 0.9%

Value ($000) $4,090 (-70.0%) Shares 62,500 (-70.8%) Est. Cost $63.57 Unrealized —

DAR DARLING INGREDIENTS INC 2.8%

Value ($000) $13,166 (-35.6%) Shares 360,803 (-45.9%) Est. Cost $34.08 Unrealized -0.7%

IAG IAMGOLD CORP 1.8%

Value ($000) $8,268 (-38.6%) Shares 493,625 (-53.0%) Est. Cost $8.09 Unrealized +74.0%

OLN OLIN CORP 2.3%

Value ($000) $10,610 (-30.4%) Shares 505,833 (-18.9%) Est. Cost $21.24 Unrealized +0.9%

— SABLE OFFSHORE CORP 0.1%

Value ($000) $451 (-89.2%) Shares 50,000 (-79.2%) Est. Cost — Unrealized —

DINO HF SINCLAIR CORP 3.0%

Value ($000) $14,252 (-13.1%) Shares 308,082 (-1.4%) Est. Cost $44.97 Unrealized +14.1%

PARR PAR PAC HOLDINGS INC 0.1%

Value ($000) $299 (-84.6%) Shares 8,423 (-84.5%) Est. Cost $19.02 Unrealized +109.0%

GSM FERROGLOBE PLC 1.4%

Value ($000) $6,701 (+3.0%) Shares 1,450,407 (-3.0%) Est. Cost $5.16 Unrealized -10.7%

SKYW SKYWEST INC 0.1%

Value ($000) $476 (-14.8%) Shares 4,710 (-15.1%) Est. Cost $111.71 Unrealized -10.4%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	SPDR SERIES TRUST	348,900 (-59.9%)	$22,612 (-58.9%)	4.8%	—	—	CALL	78464A908
BG	BUNGE GLOBAL SA	33,600 (-87.4%)	$3,005 (-86.3%)	0.6%	$79.21	+16.0%	COM SHS	H11356104
GLD	SPDR GOLD TR	12,150 (-74.8%)	$4,847 (-71.5%)	1.0%	$318.71	—	GOLD SHS	78463V107
KRE	SPDR SERIES TRUST	62,500 (-70.8%)	$4,090 (-70.0%)	0.9%	$63.57	—	STATE STREET SPD	78464A698
DAR	DARLING INGREDIENTS INC	360,803 (-45.9%)	$13,166 (-35.6%)	2.8%	$34.08	-0.7%	COM	237266101
IAG	IAMGOLD CORP	493,625 (-53.0%)	$8,268 (-38.6%)	1.8%	$8.09	+74.0%	COM	450913108
OLN	OLIN CORP	505,833 (-18.9%)	$10,610 (-30.4%)	2.3%	$21.24	+0.9%	COM PAR $1	680665205
—	SABLE OFFSHORE CORP	50,000 (-79.2%)	$451 (-89.2%)	0.1%	—	—	CALL	78574H904
DINO	HF SINCLAIR CORP	308,082 (-1.4%)	$14,252 (-13.1%)	3.0%	$44.97	+14.1%	COM	403949100
PARR	PAR PAC HOLDINGS INC	8,423 (-84.5%)	$299 (-84.6%)	0.1%	$19.02	+109.0%	COM NEW	69888T207
GSM	FERROGLOBE PLC	1,450,407 (-3.0%)	$6,701 (+3.0%)	1.4%	$5.16	-10.7%	SHS	G33856108
SKYW	SKYWEST INC	4,710 (-15.1%)	$476 (-14.8%)	0.1%	$111.71	-10.4%	COM	830879102