Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	ISHARES TR	664,800	$72.46M	17.1%	—	—	PUT	464287952
—	UNITED STS OIL FD LP	199,200	$25.35M	6.0%	—	—	CALL	91232N907
—	ISHARES TR	67,000	$16.62M	3.9%	—	—	PUT	464287955
—	ISHARES TR	29,400	$7.056M	1.7%	—	—	PUT	46432F956
EQT	EQT CORP	90,840	$5.781M	1.4%	—	—	COM	26884L109
PPTA	PERPETUA RESOURCES CORP	171,473	$4.822M	1.1%	—	—	COM	714266103
PSIX	POWER SOLUTIONS INTL INC	77,919	$4.744M	1.1%	—	—	COM NEW	73933G202
—	METLIFE INC	60,500	$4.279M	1.0%	—	—	PUT	59156R958
EXE	EXPAND ENERGY CORPORATION	33,778	$3.708M	0.9%	—	—	COM	165167735
LBRT	LIBERTY ENERGY INC	107,378	$3.092M	0.7%	—	—	COM CL A	53115L104
—	SPDR GOLD TR	7,000	$3.012M	0.7%	—	—	CALL	78463V907
MTDR	MATADOR RES CO	44,717	$2.825M	0.7%	—	—	COM	576485205
APA	APA CORPORATION	59,783	$2.537M	0.6%	—	—	COM	03743Q108
TALO	TALOS ENERGY INC	143,500	$2.262M	0.5%	—	—	COM	87484T108
PUMP	PROPETRO HLDG CORP	142,046	$2.047M	0.5%	—	—	COM	74347M108

Increased Positions (4)

— GDS HLDGS LTD 2.0%

Value $8.477M (+470.2%) Shares 210,400 (+393.9%) Est. Cost — Unrealized —

OXY/WS OCCIDENTAL PETE CORP 2.4%

Value $10.38M (+189.1%) Shares 242,021 (+29.9%) Est. Cost — Unrealized —

CORZ CORE SCIENTIFIC INC NEW 2.1%

Value $8.881M (+261.7%) Shares 593,622 (+252.0%) Est. Cost — Unrealized —

— TALEN ENERGY CORP 2.7%

Value $11.65M (+50.2%) Shares 36,500 (+76.3%) Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	GDS HLDGS LTD	210,400 (+393.9%)	$8.477M (+470.2%)	2.0%	—	—	CALL	36165L908
OXY/WS	OCCIDENTAL PETE CORP	242,021 (+29.9%)	$10.38M (+189.1%)	2.4%	—	—	*W EXP 08/03/202	674599162
CORZ	CORE SCIENTIFIC INC NEW	593,622 (+252.0%)	$8.881M (+261.7%)	2.1%	—	—	COM	21874A106
—	TALEN ENERGY CORP	36,500 (+76.3%)	$11.65M (+50.2%)	2.7%	—	—	CALL	87422Q909

Exited Positions (24)

— CLEANSPARK INC 8.0%

Value $34.03M Shares 3,362,900 Est. Cost — Unrealized —

— CONSTELLATION ENERGY CORP 2.2%

Value $9.468M Shares 26,800 Est. Cost — Unrealized —

EXEEL EXPAND ENERGY CORPORATION 2.0%

Value $8.481M Shares 84,578 Est. Cost — Unrealized —

— BITDEER TECHNOLOGIES GROUP 1.5%

Value $6.524M Shares 582,000 Est. Cost — Unrealized —

— FREEPORT-MCMORAN INC 1.5%

Value $6.186M Shares 121,800 Est. Cost — Unrealized —

— COREWEAVE INC 1.3%

Value $5.492M Shares 76,700 Est. Cost — Unrealized —

— APPLIED DIGITAL CORP 1.1%

Value $4.7M Shares 191,700 Est. Cost — Unrealized —

— CIRCLE INTERNET GROUP INC 0.9%

Value $3.783M Shares 47,700 Est. Cost — Unrealized —

— THOMSON REUTERS CORP 0.8%

Value $3.337M Shares 25,300 Est. Cost — Unrealized —

— CARVANA CO 0.6%

Value $2.617M Shares 6,200 Est. Cost — Unrealized —

— ENERGY TRANSFER L P 0.6%

Value $2.47M Shares 149,800 Est. Cost — Unrealized —

— ROBLOX CORP 0.5%

Value $2.147M Shares 26,500 Est. Cost — Unrealized —

— PUBLIC SVC ENTERPRISE GRP IN 0.5%

Value $1.959M Shares 24,400 Est. Cost — Unrealized —

— SKYWORKS SOLUTIONS INC 0.4%

Value $1.89M Shares 29,800 Est. Cost — Unrealized —

— MGM RESORTS INTERNATIONAL 0.3%

Value $1.343M Shares 36,800 Est. Cost — Unrealized —

— BLUE OWL CAPITAL INC 0.3%

Value $1.143M Shares 76,500 Est. Cost — Unrealized —

— GOLAR LNG LTD 0.3%

Value $1.075M Shares 28,900 Est. Cost — Unrealized —

— EQT CORP 0.2%

Value $1.056M Shares 19,700 Est. Cost — Unrealized —

— ANTERO RESOURCES CORP 0.2%

Value $706K Shares 20,500 Est. Cost — Unrealized —

— TRANSALTA CORP 0.2%

Value $696K Shares 55,000 Est. Cost — Unrealized —

— RIOT PLATFORMS INC 0.1%

Value $578K Shares 45,600 Est. Cost — Unrealized —

— FISERV INC 0.1%

Value $470K Shares 7,000 Est. Cost — Unrealized —

— AMERICAN ELEC PWR CO INC 0.1%

Value $334K Shares 2,900 Est. Cost — Unrealized —

— SYMBOTIC INC 0.1%

Value $303K Shares 5,100 Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	CLEANSPARK INC	3,362,900	$34.03M	8.0%	—	—	CALL	18452B909
—	CONSTELLATION ENERGY CORP	26,800	$9.468M	2.2%	—	—	CALL	21037T909
EXEEL	EXPAND ENERGY CORPORATION	84,578	$8.481M	2.0%	—	—	—	165167180
—	BITDEER TECHNOLOGIES GROUP	582,000	$6.524M	1.5%	—	—	CALL	G11448900
—	FREEPORT-MCMORAN INC	121,800	$6.186M	1.5%	—	—	CALL	35671D907
—	COREWEAVE INC	76,700	$5.492M	1.3%	—	—	PUT	21873S958
—	APPLIED DIGITAL CORP	191,700	$4.7M	1.1%	—	—	PUT	038169957
—	CIRCLE INTERNET GROUP INC	47,700	$3.783M	0.9%	—	—	PUT	172573957
—	THOMSON REUTERS CORP	25,300	$3.337M	0.8%	—	—	PUT	884903958
—	CARVANA CO	6,200	$2.617M	0.6%	—	—	PUT	146869952
—	ENERGY TRANSFER L P	149,800	$2.47M	0.6%	—	—	CALL	29273V900
—	ROBLOX CORP	26,500	$2.147M	0.5%	—	—	PUT	771049953
—	PUBLIC SVC ENTERPRISE GRP IN	24,400	$1.959M	0.5%	—	—	CALL	744573906
—	SKYWORKS SOLUTIONS INC	29,800	$1.89M	0.4%	—	—	PUT	83088M952
—	MGM RESORTS INTERNATIONAL	36,800	$1.343M	0.3%	—	—	PUT	552953951
—	BLUE OWL CAPITAL INC	76,500	$1.143M	0.3%	—	—	PUT	09581B953
—	GOLAR LNG LTD	28,900	$1.075M	0.3%	—	—	CALL	G9456A900
—	EQT CORP	19,700	$1.056M	0.2%	—	—	CALL	26884L909
—	ANTERO RESOURCES CORP	20,500	$706K	0.2%	—	—	CALL	03674X906
—	TRANSALTA CORP	55,000	$696K	0.2%	—	—	CALL	89346D907
—	RIOT PLATFORMS INC	45,600	$578K	0.1%	—	—	CALL	767292905
—	FISERV INC	7,000	$470K	0.1%	—	—	PUT	337738958
—	AMERICAN ELEC PWR CO INC	2,900	$334K	0.1%	—	—	CALL	025537901
—	SYMBOTIC INC	5,100	$303K	0.1%	—	—	PUT	87151X951

Decreased Positions (5)

— CORE SCIENTIFIC INC NEW 4.0%

Value $16.9M (-72.0%) Shares 1,129,400 (-72.7%) Est. Cost — Unrealized —

PR PERMIAN RESOURCES CORP 37.9%

Value $161M (+36.5%) Shares 7,543,437 (-10.1%) Est. Cost — Unrealized —

TLN TALEN ENERGY CORP 3.5%

Value $14.71M (-58.1%) Shares 46,065 (-50.8%) Est. Cost — Unrealized —

— TERAWULF INC 2.0%

Value $8.517M (+14.6%) Shares 590,200 (-8.7%) Est. Cost — Unrealized —

CHRD CHORD ENERGY CORPORATION 1.6%

Value $6.735M (-11.0%) Shares 47,368 (-42.0%) Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	CORE SCIENTIFIC INC NEW	1,129,400 (-72.7%)	$16.9M (-72.0%)	4.0%	—	—	CALL	21874A906
PR	PERMIAN RESOURCES CORP	7,543,437 (-10.1%)	$161M (+36.5%)	37.9%	—	—	CLASS A COM	71424F105
TLN	TALEN ENERGY CORP	46,065 (-50.8%)	$14.71M (-58.1%)	3.5%	—	—	COM	87422Q109
—	TERAWULF INC	590,200 (-8.7%)	$8.517M (+14.6%)	2.0%	—	—	CALL	88080T904
CHRD	CHORD ENERGY CORPORATION	47,368 (-42.0%)	$6.735M (-11.0%)	1.6%	—	—	COM NEW	674215207

Unchanged Positions (5)

— CALIFORNIA RES CORP 0.9%

Value $3.987M Shares 57,600 Est. Cost — Unrealized —

— PERMIAN RESOURCES CORP 0.8%

Value $3.59M Shares 168,400 Est. Cost — Unrealized —

— BITFARMS LTD 0.6%

Value $2.61M Shares 1,338,400 Est. Cost — Unrealized —

— MP MATERIALS CORP 0.9%

Value $3.721M Shares 77,100 Est. Cost — Unrealized —

RIOT RIOT PLATFORMS INC 0.7%

Value $2.87M Shares 232,206 Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	CALIFORNIA RES CORP	57,600	$3.987M	0.9%	—	—	CALL	13057Q905
—	PERMIAN RESOURCES CORP	168,400	$3.59M	0.8%	—	—	CALL	71424F905
—	BITFARMS LTD	1,338,400	$2.61M	0.6%	—	—	CALL	09173B907
—	MP MATERIALS CORP	77,100	$3.721M	0.9%	—	—	CALL	553368901
RIOT	RIOT PLATFORMS INC	232,206	$2.87M	0.7%	—	—	COM	767292105