Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	DARLING INGREDIENTS INC	450,000	$27.83M	7.5%	—	—	CALL	237266901
ARIS	ARIS MINING CORPORATION	1,147,572	$21.31M	5.7%	$18.92	0.0%	COM	04040Y109
—	CF INDUSTRIES HOLD	150,000	$19.48M	5.2%	—	—	PUT	125269950
STLD	STEEL DYNAMICS INC	105,300	$18.95M	5.1%	$184.13	0.0%	COM	858119100
DK	DELEK US HLDGS INC NEW	372,937	$16.81M	4.5%	$31.21	0.0%	COM	24665A103
SSRM	SSR MINING IN	548,900	$16.14M	4.3%	$25.47	0.0%	COM	784730103
EQX	EQUINOX GOLD CORP	890,919	$12.88M	3.5%	$15.52	0.0%	COM	29446Y502
PR	PERMIAN RESOURCES CORP	511,346	$10.9M	2.9%	$15.78	0.0%	CLASS A COM	71424F105
VOO	VANGUARD INDEX FDS	17,000	$10.16M	2.7%	$597.55	—	S&P 500 ETF SHS	922908363
RGLD	ROYAL GOLD INC	37,262	$9.483M	2.6%	$270.02	0.0%	COM	780287108
—	FREEPORT MCMORAN INC	150,000	$8.817M	2.4%	—	—	CALL	35671D907
BTU	PEABODY ENGR CORP	231,553	$7.63M	2.1%	$34.75	0.0%	COM	704551100
—	BUNGE GLOBAL SA	51,100	$6.5M	1.7%	—	—	CALL	H11356904
EMN	EASTMAN CHEM CO	84,700	$6.464M	1.7%	$72.75	0.0%	COM	277432100
STNG	SCORPIO TANKERS INC	61,855	$4.618M	1.2%	$74.66	—	SHS	Y7542C130
DHT	DHT HOLDINGS INC	241,696	$4.416M	1.2%	$14.32	0.0%	SHS NEW	Y2065G121
—	HF SINCLAIR CORP	70,000	$4.367M	1.2%	—	—	CALL	403949900
RYAAY	RYANAIR HOLDINGS PLC	54,980	$3.178M	0.9%	$57.80	—	SPONSORED ADR	783513203
DOO	BRP INC	40,085	$2.879M	0.8%	$77.37	0.0%	COM SUN VTG	05577W200
HOG	HARLEY DAVIDSON INC	140,600	$2.843M	0.8%	$20.30	0.0%	COM	412822108
ECO	OKEANIS ECO TANKERS COR	55,100	$2.788M	0.8%	$41.08	0.0%	SHS	Y64177101
—	VANECK ETF TRUST	30,000	$2.753M	0.7%	—	—	CALL	92189F906
—	FUTUREFUEL CORP	700,000	$2.695M	0.7%	—	—	CALL	36116M906
KOS	KOSMOS ENERGY LTD	927,209	$2.578M	0.7%	$1.45	0.0%	COM	500688106
ODV	OSISKO DEVELOPMENT CORP	790,000	$2.567M	0.7%	$3.72	0.0%	COM NEW	68828E809
LNG	CHENIERE ENERGY INC	8,100	$2.298M	0.6%	$209.78	0.0%	COM NEW	16411R208
—	DELEK US HLDGS INC NEW	50,000	$2.253M	0.6%	—	—	CALL	24665A903
NAT	NORDIC AMERICAN TANKERS LIMI	338,900	$1.986M	0.5%	$4.24	0.0%	COM	G65773106
NVDA	NVIDIA CORPORATION	8,140	$1.42M	0.4%	$186.63	0.0%	COM	67066G104
SLSR	SOLARIS RES INC	154,632	$1.327M	0.4%	$9.41	0.0%	COM NEW	83419D201
RNGR	RANGER ENERGY SVCS INC	73,881	$1.266M	0.3%	$15.64	0.0%	COM CL A	75282U104
—	B2GOLD CORP	250,100	$1.133M	0.3%	—	—	CALL	11777Q909
ALK	ALASKA AIR GROUP INC	28,430	$1.046M	0.3%	$52.50	0.0%	COM	011659109
—	MP MATERIALS CORP	20,000	$965K	0.3%	—	—	CALL	553368901
XPRO	EXPRO GROUP HOLDINGS NV	54,600	$951K	0.3%	$16.01	0.0%	COM	N3144W105
—	JETBLUE AIRWAYS CORP	193,000	$853K	0.2%	—	—	CALL	477143901
RIOT	RIOT PLATFORMS INC	67,500	$834K	0.2%	$15.87	0.0%	COM	767292105
IREN	IREN LIMITED	20,500	$703K	0.2%	$48.26	0.0%	ORDINARY SHARES	Q4982L109
FF	FUTUREFUEL CORP	94,883	$365K	0.1%	$3.59	0.0%	COM	36116M106
—	FRONTIER GROUP HLDGS INC	100,000	$353K	0.1%	—	—	CALL	35909R908
—	FERMI INC	50,000	$292K	0.1%	—	—	PUT	314911958

Increased Positions (8)

DINO HF SINCLAIR CORP 9.5%

Value $35.32M (+147.8%) Shares 566,090 (+83.7%) Est. Cost $48.12 Unrealized +7.8%

LUV SOUTHWEST AIRLS CO 2.9%

Value $10.82M (+154.7%) Shares 288,001 (+180.0%) Est. Cost $42.15 Unrealized +12.3%

PARR PAR PAC HOLDINGS INC 0.8%

Value $2.803M (+836.7%) Shares 44,750 (+431.3%) Est. Cost $35.12 Unrealized +10.6%

VLRS CONTROLADORA VUELA COMP DE A 3.0%

Value $11.14M (+25.0%) Shares 1,539,094 (+52.4%) Est. Cost $7.01 Unrealized —

PII POLARIS INC 1.0%

Value $3.749M (+132.2%) Shares 68,785 (+174.6%) Est. Cost $61.09 Unrealized +10.5%

CWH CAMPING WORLD HLDGS INC 0.8%

Value $3.123M (+95.5%) Shares 457,270 (+178.9%) Est. Cost $12.99 Unrealized -4.9%

HUT HUT 8 CORP 0.4%

Value $1.387M (+120.4%) Shares 29,575 (+117.5%) Est. Cost $50.83 Unrealized +11.3%

KRSP/U RICE ACQUISITION CORP 3 1.4%

Value $5.367M (+3.3%) Shares 506,329 (+1.3%) Est. Cost $10.39 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
DINO	HF SINCLAIR CORP	566,090 (+83.7%)	$35.32M (+147.8%)	9.5%	$48.12	+7.8%	COM	403949100
LUV	SOUTHWEST AIRLS CO	288,001 (+180.0%)	$10.82M (+154.7%)	2.9%	$42.15	+12.3%	COM	844741108
PARR	PAR PAC HOLDINGS INC	44,750 (+431.3%)	$2.803M (+836.7%)	0.8%	$35.12	+10.6%	COM NEW	69888T207
VLRS	CONTROLADORA VUELA COMP DE A	1,539,094 (+52.4%)	$11.14M (+25.0%)	3.0%	$7.01	—	SPON ADR RP 10	21240E105
PII	POLARIS INC	68,785 (+174.6%)	$3.749M (+132.2%)	1.0%	$61.09	+10.5%	COM	731068102
CWH	CAMPING WORLD HLDGS INC	457,270 (+178.9%)	$3.123M (+95.5%)	0.8%	$12.99	-4.9%	CL A	13462K109
HUT	HUT 8 CORP	29,575 (+117.5%)	$1.387M (+120.4%)	0.4%	$50.83	+11.3%	COM	44812J104
KRSP/U	RICE ACQUISITION CORP 3	506,329 (+1.3%)	$5.367M (+3.3%)	1.4%	$10.39	—	UNIT 99/99/9999	G7553X122

Exited Positions (49)

SDRL SEADRILL LTD 17.1%

Value $63.39M Shares 1,835,718 Est. Cost $34.72 Unrealized +12.3%

— SPDR S&P 500 ETF TR 9.2%

Value $34.1M Shares 50,000 Est. Cost — Unrealized —

— ORACLE CORP 7.7%

Value $28.55M Shares 146,500 Est. Cost — Unrealized —

— SPDR SERIES TRUST 6.1%

Value $22.61M Shares 348,900 Est. Cost — Unrealized —

SOC SABLE OFFSHORE CORP 5.7%

Value $21.33M Shares 1,818,181 Est. Cost $9.44 Unrealized +1.8%

MPC MARATHON PETE CORP 4.2%

Value $15.72M Shares 96,100 Est. Cost $186.40 Unrealized -0.9%

B BARRICK MNG CORP 3.9%

Value $14.63M Shares 330,600 Est. Cost $29.89 Unrealized +61.6%

NUE NUCOR CORP 3.8%

Value $14.26M Shares 86,500 Est. Cost $147.86 Unrealized +20.7%

DAR DARLING INGREDIENTS INC 3.5%

Value $13.17M Shares 360,803 Est. Cost $34.08 Unrealized +32.7%

HBM HUDBAY MINERALS INC 3.2%

Value $11.93M Shares 599,600 Est. Cost $16.91 Unrealized +44.6%

LIN LINDE PLC 2.8%

Value $10.43M Shares 24,350 Est. Cost $427.28 Unrealized +7.7%

SM SM ENERGY CO 2.8%

Value $10.38M Shares 552,905 Est. Cost $20.02 Unrealized -0.6%

— ISHARES BITCOIN TRUST ETF 2.4%

Value $8.937M Shares 180,000 Est. Cost — Unrealized —

IAG IAMGOLD CORP 2.2%

Value $8.268M Shares 493,625 Est. Cost $8.09 Unrealized +144.3%

SNCY SUN CTRY AIRLS HLDGS INC 2.2%

Value $8.002M Shares 555,935 Est. Cost $12.69 Unrealized +45.6%

GPRE GREEN PLAINS INC 2.0%

Value $7.27M Shares 747,192 Est. Cost $9.88 Unrealized +24.3%

PSX PHILLIPS 66 1.4%

Value $5.04M Shares 38,900 Est. Cost $134.01 Unrealized +9.8%

CVI CVR ENERGY INC 1.4%

Value $5.028M Shares 199,200 Est. Cost $34.05 Unrealized -31.7%

GLD SPDR GOLD TR 1.3%

Value $4.847M Shares 12,150 Est. Cost $318.71 Unrealized —

KRE SPDR SERIES TRUST 1.1%

Value $4.09M Shares 62,500 Est. Cost $63.57 Unrealized —

CENX CENTURY ALUM CO 1.1%

Value $3.969M Shares 100,000 Est. Cost $19.58 Unrealized +147.2%

AESI ATLAS ENERGY SOLUTIONS INC 1.1%

Value $3.901M Shares 407,316 Est. Cost $10.11 Unrealized +10.8%

VTWO VANGUARD SCOTTSDALE FDS 1.0%

Value $3.575M Shares 35,710 Est. Cost $99.82 Unrealized —

— ATLAS ENERGY SOLUTIONS INC 0.9%

Value $3.297M Shares 350,000 Est. Cost — Unrealized —

BG BUNGE GLOBAL SA 0.8%

Value $3.005M Shares 33,600 Est. Cost $79.21 Unrealized +41.4%

CC CHEMOURS CO 0.8%

Value $2.901M Shares 245,400 Est. Cost $12.79 Unrealized +30.0%

LBRT LIBERTY ENERGY INC 0.6%

Value $2.2M Shares 117,713 Est. Cost $16.71 Unrealized +38.9%

OIS OIL STS INTL INC 0.5%

Value $1.983M Shares 288,084 Est. Cost $6.42 Unrealized +42.4%

WGO WINNEBAGO INDS INC 0.5%

Value $1.92M Shares 46,700 Est. Cost $33.82 Unrealized +35.7%

THO THOR INDS INC 0.5%

Value $1.912M Shares 18,360 Est. Cost $95.11 Unrealized +18.9%

SLV ISHARES SILVER TR 0.5%

Value $1.8M Shares 26,100 Est. Cost $68.98 Unrealized —

CPA COPA HOLDINGS SA 0.4%

Value $1.41M Shares 11,660 Est. Cost $117.36 Unrealized +18.3%

SPHR SPHERE ENTERTAINMENT CO 0.4%

Value $1.381M Shares 14,270 Est. Cost $61.40 Unrealized +62.8%

ALB ALBEMARLE CORP 0.3%

Value $1.207M Shares 8,500 Est. Cost $113.25 Unrealized +51.2%

UAL UNITED AIRLS HLDGS INC 0.3%

Value $1.08M Shares 9,710 Est. Cost $101.05 Unrealized +10.5%

IGV ISHARES TR 0.3%

Value $995K Shares 9,300 Est. Cost $106.99 Unrealized —

RGR STURM RUGER & CO INC 0.2%

Value $746K Shares 22,940 Est. Cost $36.67 Unrealized +1.5%

CRWV COREWEAVE INC 0.1%

Value $547K Shares 7,400 Est. Cost $101.39 Unrealized -9.8%

APLD APPLIED DIGITAL CORP 0.1%

Value $523K Shares 21,700 Est. Cost $19.77 Unrealized +73.5%

ORCL ORACLE CORP 0.1%

Value $513K Shares 2,600 Est. Cost $238.05 Unrealized -28.8%

AAL AMERICAN AIRLS GROUP INC 0.1%

Value $483K Shares 31,580 Est. Cost $13.49 Unrealized +8.0%

SKYW SKYWEST INC 0.1%

Value $476K Shares 4,710 Est. Cost $111.71 Unrealized -8.7%

— SABLE OFFSHORE CORP 0.1%

Value $451K Shares 50,000 Est. Cost — Unrealized —

VIK VIKING HOLDINGS LTD 0.1%

Value $412K Shares 5,710 Est. Cost $63.81 Unrealized +15.6%

NCLH NORWEGIAN CRUISE LINE HLDG L 0.1%

Value $332K Shares 14,809 Est. Cost $23.84 Unrealized -4.1%

EVEX EVE HLDG INC 0.1%

Value $322K Shares 80,880 Est. Cost $4.95 Unrealized -22.8%

LIND LINDBLAD EXPEDITIONS HLDGS I 0.1%

Value $287K Shares 19,800 Est. Cost $12.61 Unrealized +40.6%

EVLV EVOLV TECHNOLOGIES HLDNGS IN 0.1%

Value $241K Shares 34,090 Est. Cost $7.21 Unrealized -15.6%

MTN VAIL RESORTS INC 0.1%

Value $226K Shares 1,700 Est. Cost $147.17 Unrealized -6.3%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
SDRL	SEADRILL LTD	1,835,718	$63.39M	17.1%	$34.72	+12.3%	—	G7997W102
—	SPDR S&P 500 ETF TR	50,000	$34.1M	9.2%	—	—	CALL	78462F903
—	ORACLE CORP	146,500	$28.55M	7.7%	—	—	CALL	68389X905
—	SPDR SERIES TRUST	348,900	$22.61M	6.1%	—	—	CALL	78464A908
SOC	SABLE OFFSHORE CORP	1,818,181	$21.33M	5.7%	$9.44	+1.8%	—	78574H104
MPC	MARATHON PETE CORP	96,100	$15.72M	4.2%	$186.40	-0.9%	—	56585A102
B	BARRICK MNG CORP	330,600	$14.63M	3.9%	$29.89	+61.6%	—	06849F108
NUE	NUCOR CORP	86,500	$14.26M	3.8%	$147.86	+20.7%	—	670346105
DAR	DARLING INGREDIENTS INC	360,803	$13.17M	3.5%	$34.08	+32.7%	—	237266101
HBM	HUDBAY MINERALS INC	599,600	$11.93M	3.2%	$16.91	+44.6%	—	443628102
LIN	LINDE PLC	24,350	$10.43M	2.8%	$427.28	+7.7%	—	G54950103
SM	SM ENERGY CO	552,905	$10.38M	2.8%	$20.02	-0.6%	—	78454L100
—	ISHARES BITCOIN TRUST ETF	180,000	$8.937M	2.4%	—	—	CALL	46438F901
IAG	IAMGOLD CORP	493,625	$8.268M	2.2%	$8.09	+144.3%	—	450913108
SNCY	SUN CTRY AIRLS HLDGS INC	555,935	$8.002M	2.2%	$12.69	+45.6%	—	866683105
GPRE	GREEN PLAINS INC	747,192	$7.27M	2.0%	$9.88	+24.3%	—	393222104
PSX	PHILLIPS 66	38,900	$5.04M	1.4%	$134.01	+9.8%	—	718546104
CVI	CVR ENERGY INC	199,200	$5.028M	1.4%	$34.05	-31.7%	—	12662P108
GLD	SPDR GOLD TR	12,150	$4.847M	1.3%	$318.71	—	—	78463V107
KRE	SPDR SERIES TRUST	62,500	$4.09M	1.1%	$63.57	—	—	78464A698
CENX	CENTURY ALUM CO	100,000	$3.969M	1.1%	$19.58	+147.2%	—	156431108
AESI	ATLAS ENERGY SOLUTIONS INC	407,316	$3.901M	1.1%	$10.11	+10.8%	—	642045108
VTWO	VANGUARD SCOTTSDALE FDS	35,710	$3.575M	1.0%	$99.82	—	—	92206C664
—	ATLAS ENERGY SOLUTIONS INC	350,000	$3.297M	0.9%	—	—	CALL	642045908
BG	BUNGE GLOBAL SA	33,600	$3.005M	0.8%	$79.21	+41.4%	—	H11356104
CC	CHEMOURS CO	245,400	$2.901M	0.8%	$12.79	+30.0%	—	163851108
LBRT	LIBERTY ENERGY INC	117,713	$2.2M	0.6%	$16.71	+38.9%	—	53115L104
OIS	OIL STS INTL INC	288,084	$1.983M	0.5%	$6.42	+42.4%	—	678026105
WGO	WINNEBAGO INDS INC	46,700	$1.92M	0.5%	$33.82	+35.7%	—	974637100
THO	THOR INDS INC	18,360	$1.912M	0.5%	$95.11	+18.9%	—	885160101
SLV	ISHARES SILVER TR	26,100	$1.8M	0.5%	$68.98	—	—	46428Q109
CPA	COPA HOLDINGS SA	11,660	$1.41M	0.4%	$117.36	+18.3%	—	P31076105
SPHR	SPHERE ENTERTAINMENT CO	14,270	$1.381M	0.4%	$61.40	+62.8%	—	55826T102
ALB	ALBEMARLE CORP	8,500	$1.207M	0.3%	$113.25	+51.2%	—	012653101
UAL	UNITED AIRLS HLDGS INC	9,710	$1.08M	0.3%	$101.05	+10.5%	—	910047109
IGV	ISHARES TR	9,300	$995K	0.3%	$106.99	—	—	464287515
RGR	STURM RUGER & CO INC	22,940	$746K	0.2%	$36.67	+1.5%	—	864159108
CRWV	COREWEAVE INC	7,400	$547K	0.1%	$101.39	-9.8%	—	21873S108
APLD	APPLIED DIGITAL CORP	21,700	$523K	0.1%	$19.77	+73.5%	—	038169207
ORCL	ORACLE CORP	2,600	$513K	0.1%	$238.05	-28.8%	—	68389X105
AAL	AMERICAN AIRLS GROUP INC	31,580	$483K	0.1%	$13.49	+8.0%	—	02376R102
SKYW	SKYWEST INC	4,710	$476K	0.1%	$111.71	-8.7%	—	830879102
—	SABLE OFFSHORE CORP	50,000	$451K	0.1%	—	—	CALL	78574H904
VIK	VIKING HOLDINGS LTD	5,710	$412K	0.1%	$63.81	+15.6%	—	G93A5A101
NCLH	NORWEGIAN CRUISE LINE HLDG L	14,809	$332K	0.1%	$23.84	-4.1%	—	G66721104
EVEX	EVE HLDG INC	80,880	$322K	0.1%	$4.95	-22.8%	—	29970N104
LIND	LINDBLAD EXPEDITIONS HLDGS I	19,800	$287K	0.1%	$12.61	+40.6%	—	535219109
EVLV	EVOLV TECHNOLOGIES HLDNGS IN	34,090	$241K	0.1%	$7.21	-15.6%	—	30049H102
MTN	VAIL RESORTS INC	1,700	$226K	0.1%	$147.17	-6.3%	—	91879Q109

Decreased Positions (8)

AMPY AMPLIFY ENERGY CORP NEW 0.2%

Value $816K (-94.4%) Shares 130,842 (-95.8%) Est. Cost $4.98 Unrealized +0.2%

OLN OLIN CORP 1.1%

Value $3.984M (-62.5%) Shares 134,000 (-73.5%) Est. Cost $21.24 Unrealized +11.2%

— ADVANCED MICRO DEVICES INC 0.2%

Value $712K (-88.9%) Shares 3,500 (-88.3%) Est. Cost — Unrealized —

INR INFINITY NAT RES INC 0.1%

Value $207K (-93.3%) Shares 11,770 (-94.2%) Est. Cost $13.11 Unrealized +17.5%

CNR CORE NATURAL RESOURCES INC 6.3%

Value $23.54M (+13.5%) Shares 224,799 (-3.9%) Est. Cost $85.17 Unrealized +9.0%

GSM FERROGLOBE PLC 1.2%

Value $4.465M (-33.4%) Shares 1,083,764 (-25.3%) Est. Cost $5.16 Unrealized -2.6%

BTE BAYTEX ENERGY CORP 2.3%

Value $8.427M (-12.7%) Shares 1,885,306 (-36.7%) Est. Cost $2.79 Unrealized +23.7%

WLK WESTLAKE CORPORATION 2.3%

Value $8.528M (+2.0%) Shares 73,000 (-34.8%) Est. Cost $82.08 Unrealized +8.8%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
AMPY	AMPLIFY ENERGY CORP NEW	130,842 (-95.8%)	$816K (-94.4%)	0.2%	$4.98	+0.2%	COM	03212B103
OLN	OLIN CORP	134,000 (-73.5%)	$3.984M (-62.5%)	1.1%	$21.24	+11.2%	COM PAR $1	680665205
—	ADVANCED MICRO DEVICES INC	3,500 (-88.3%)	$712K (-88.9%)	0.2%	—	—	CALL	007903907
INR	INFINITY NAT RES INC	11,770 (-94.2%)	$207K (-93.3%)	0.1%	$13.11	+17.5%	COM CL A	456941103
CNR	CORE NATURAL RESOURCES INC	224,799 (-3.9%)	$23.54M (+13.5%)	6.3%	$85.17	+9.0%	COM SHS	218937100
GSM	FERROGLOBE PLC	1,083,764 (-25.3%)	$4.465M (-33.4%)	1.2%	$5.16	-2.6%	SHS	G33856108
BTE	BAYTEX ENERGY CORP	1,885,306 (-36.7%)	$8.427M (-12.7%)	2.3%	$2.79	+23.7%	COM	07317Q105
WLK	WESTLAKE CORPORATION	73,000 (-34.8%)	$8.528M (+2.0%)	2.3%	$82.08	+8.8%	COM	960413102