SUSQUEHANNA ADVISORS GROUP, INC. Hedge Fund

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
AMZN	AMAZON COM INC	862,100	$198,990	3.3%	$228.79	0.0%	COM	023135106
AMZN	AMAZON COM INC	862,100	$198,990	3.3%	$228.79	0.0%	PUT	023135106
NVDA	NVIDIA CORPORATION	1,058,200	$197,354	3.3%	$186.13	0.0%	PUT	67066G104
NVDA	NVIDIA CORPORATION	1,058,200	$197,354	3.3%	$186.13	0.0%	COM	67066G104
GWW	WW GRAINGER INC	170,900	$172,447	2.9%	—	—	CALL	384802104
INTC	INTEL CORP	4,050,000	$149,445	2.5%	—	—	CALL	458140100
CRH	CRH PLC	1,063,000	$132,662	2.2%	—	—	CALL	G25508105
BKNG	BOOKING HOLDINGS INC	23,000	$123,173	2.0%	$5137.84	0.0%	COM	09857L108
BKNG	BOOKING HOLDINGS INC	23,000	$123,173	2.0%	$5137.84	0.0%	PUT	09857L108
SHOP	SHOPIFY INC	738,300	$118,844	2.0%	$160.56	0.0%	CL A SUB VTG SHS	82509L107
HOOD	ROBINHOOD MKTS INC	1,027,300	$116,188	1.9%	—	—	CALL	770700102
SHOP	SHOPIFY INC	709,700	$114,240	1.9%	$160.56	0.0%	PUT	82509L107
HLT	HILTON WORLDWIDE HLDGS INC	390,000	$112,028	1.9%	$272.20	0.0%	COM	43300A203
HLT	HILTON WORLDWIDE HLDGS INC	390,000	$112,028	1.9%	$272.20	0.0%	PUT	43300A203
INSM	INSMED INC	565,000	$98,333	1.6%	—	—	CALL	457669307
CDE	COEUR MNG INC	5,263,100	$93,841	1.6%	$17.39	0.0%	COM NEW	192108504
CDE	COEUR MNG INC	5,263,100	$93,841	1.6%	$17.39	0.0%	PUT	192108504
—	APPLIED DIGITAL CORP	30,606,000	$82,542	1.4%	$2.70	—	NOTE 2.750% 6/0	038169AB4
—	STRATEGY INC	94,128,000	$76,856	1.3%	$0.82	—	NOTE 12/0	594972AS0
NVO	NOVO-NORDISK A S	1,330,000	$67,670	1.1%	$50.88	—	PUT	670100205
NVO	NOVO-NORDISK A S	1,330,000	$67,670	1.1%	$50.88	—	ADR	670100205
MELI	MERCADOLIBRE INC	31,300	$63,046	1.0%	$2100.46	0.0%	COM	58733R102
MELI	MERCADOLIBRE INC	31,300	$63,046	1.0%	$2100.46	0.0%	PUT	58733R102
MA	MASTERCARD INCORPORATED	60,000	$34,253	0.6%	$558.95	0.0%	CL A	57636Q104
—	MARA HOLDINGS INC	39,670,000	$32,529	0.5%	$0.82	—	NOTE 3/0	565788AF3
EQX	EQUINOX GOLD CORP	1,998,304	$28,056	0.5%	$12.62	0.0%	COM	29446Y502
—	APOLLO GLOBAL MGMT INC	300,000	$22,656	0.4%	$75.52	—	SER A MAND CNV	03769M304
—	NOVANTA INC	370,000	$20,343	0.3%	$54.98	—	UNIT 11/01/2028	67000B203
ARGX	ARGENX SE	19,079	$16,044	0.3%	$840.95	—	SPONSORED ADR	04016X101
—	HEWLETT PACKARD ENTERPRISE C	225,000	$15,005	0.2%	$66.69	—	7.625 MAND CONV	42824C208
—	AIRBNB INC	13,600,000	$13,476	0.2%	$0.99	—	NOTE 3/1	009066AB7
—	SHIFT4 PMTS INC	160,000	$12,802	0.2%	$80.01	—	6 SER A CNV PREF	82452J307
LQD	ISHARES TR	100,408	$11,064	0.2%	$110.19	—	IBOXX INV CP ETF	464287242
ARMN	ARIS MNG CORP	603,300	$9,792	0.2%	$12.29	0.0%	COM	04040Y109
ZTS	ZOETIS INC	65,974	$8,301	0.1%	$130.26	0.0%	CL A	98978V103
NTR	NUTRIEN LTD	121,900	$7,524	0.1%	$58.85	0.0%	COM	67077M108
—	WOLFSPEED INC	4,894,000	$7,249	0.1%	$1.48	—	NOTE 2.500% 6/1	977852AP7
CP	CANADIAN PACIFIC KANSAS CITY	96,200	$7,083	0.1%	$73.60	0.0%	COM	13646K108
EFXT	ENERFLEX LTD	434,200	$6,700	0.1%	$13.30	0.0%	COM	29269R105
TD	TORONTO DOMINION BK ONT	71,000	$6,688	0.1%	$84.44	0.0%	COM NEW	891160509
B	BARRICK MNG CORP	145,200	$6,323	0.1%	$37.42	0.0%	COM SHS	06849F108
IAG	IAMGOLD CORP	339,200	$5,593	0.1%	$14.09	0.0%	COM	450913108
TSEM	TOWER SEMICONDUCTOR LTD	46,422	$5,451	0.1%	$96.32	0.0%	SHS NEW	M87915274
RY	ROYAL BK CDA	31,300	$5,336	0.1%	$153.57	0.0%	COM	780087102
PPTA	PERPETUA RESOURCES CORP	201,151	$4,870	0.1%	$24.60	0.0%	COM	714266103
FUN	SIX FLAGS ENTERTAINMENT CORP	262,284	$4,023	0.1%	$18.08	0.0%	COM	83001C108
NGD	NEW GOLD INC CDA	440,600	$3,838	0.1%	$7.53	0.0%	COM	644535106
TGB	TASEKO MINES LTD	620,200	$3,510	0.1%	$4.70	0.0%	COM	876511106
MFC	MANULIFE FINL CORP	95,700	$3,472	0.1%	$33.94	0.0%	COM	56501R106
BMO	BANK MONTREAL QUE	23,900	$3,102	0.1%	$126.63	0.0%	COM	063671101
AG	FIRST MAJESTIC SILVER CORP	168,800	$2,812	0.0%	$13.89	0.0%	COM	32076V103
CNI	CANADIAN NATL RY CO	28,200	$2,788	0.0%	$96.14	0.0%	COM	136375102
CNQ	CANADIAN NAT RES LTD	80,400	$2,722	0.0%	$32.42	0.0%	COM	136385101
SVM	SILVERCORP METALS INC	326,100	$2,720	0.0%	$7.26	0.0%	COM	82835P103
DDOG	DATADOG INC	16,500	$2,244	0.0%	$158.02	0.0%	CL A COM	23804L103
CMCSA	COMCAST CORP NEW	75,000	$2,242	0.0%	$28.53	0.0%	CL A	20030N101
GFL	GFL ENVIRONMENTAL INC	47,933	$2,059	0.0%	$44.67	0.0%	SUB VTG SHS	36168Q104
BKE	BUCKLE INC	38,464	$2,055	0.0%	$52.31	0.0%	COM	118440106
GLXY	GALAXY DIGITAL INC.	85,500	$1,912	0.0%	$30.98	0.0%	CL A	36317J209
EXK	ENDEAVOUR SILVER CORP	182,036	$1,711	0.0%	$8.48	0.0%	COM	29258Y103
ORLA	ORLA MNG LTD NEW	119,100	$1,604	0.0%	$12.14	0.0%	COM	68634K106
ERO	ERO COPPER CORP	55,286	$1,564	0.0%	$23.29	0.0%	COM	296006109
UUUU	ENERGY FUELS INC	101,900	$1,482	0.0%	$16.97	0.0%	COM NEW	292671708
DNN	DENISON MINES CORP	515,900	$1,372	0.0%	$2.72	0.0%	COM	248356107
SUNC	SUNOCOCORP LLC	24,071	$1,186	0.0%	$49.49	0.0%	COM SHS LLC	86765Q106
UNIT	UNITI GROUP LLC	149,092	$1,045	0.0%	$6.34	0.0%	COM SHS	912932100
SA	SEABRIDGE GOLD INC	29,400	$870	0.0%	$26.29	0.0%	COM	811916105
BNT	BROOKFIELD WEALTH SOL LTD	16,066	$738	0.0%	$45.58	0.0%	CL A EXCHANGEAB	G17434104
SMLR	SEMLER SCIENTIFIC INC	47,797	$731	0.0%	$22.69	0.0%	COM	81684M104
TFPM	TRIPLE FLAG PRECIOUS METAL	21,500	$714	0.0%	$31.28	0.0%	COM	89679M104
SII	SPROTT INC	7,100	$695	0.0%	$88.68	0.0%	COM NEW	852066208
TSM	TAIWAN SEMICONDUCTOR MFG LTD	2,000	$608	0.0%	$303.89	—	PUT	874039100
TSM	TAIWAN SEMICONDUCTOR MFG LTD	2,000	$608	0.0%	$303.89	—	SPONSORED ADS	874039100
FSM	FORTUNA MNG CORP	33,700	$331	0.0%	$9.00	0.0%	COM NEW	349942102
EXEEL	EXPAND ENERGY CORPORATION	3,304	$328	0.0%	$99.29	—	*W EXP 02/09/202	165167180
BBUC	BROOKFIELD BUSINESS CORP	8,300	$298	0.0%	$35.02	0.0%	CL A EXC SUB VTG	11259V106
MGIC	MAGIC SOFTWARE ENTERPRISES L	8,196	$211	0.0%	$22.90	0.0%	ORD	559166103
KEN	KENON HLDGS LTD	3,043	$202	0.0%	$55.75	0.0%	SHS	Y46717107
DOMH	DOMINARI HOLDINGS INC	36,827	$182	0.0%	$4.65	0.0%	COM NEW	008875304
—	EVERGY INC	12,836,000	$156	0.0%	$0.01	—	NOTE 4.500%12/1	30034WAD8
—	RIOT PLATFORMS INC	11,885,000	$134	0.0%	$0.01	—	NOTE 0.750% 1/1	767292AB1
—	PINNACLE WEST CAP CORP	10,000,000	$107	0.0%	$0.01	—	NOTE 4.750% 6/1	723484AK7
—	RAMACO RES INC	12,000,000	$101	0.0%	$0.01	—	NOTE 11/0	75134PAB1
BITF	BITFARMS LTD	42,600	$100	0.0%	$3.42	0.0%	COM	09173B107
—	ANI PHARMACEUTICALS INC	5,000,000	$63	0.0%	$0.01	—	NOTE 2.250% 9/0	00182CAC7
—	FIRSTENERGY CORP	5,000,000	$51	0.0%	$0.01	—	NOTE 4.000% 5/0	337932AR8
SLI	STANDARD LITHIUM LTD	10,700	$48	0.0%	$4.24	0.0%	COM	853606101
—	PAGERDUTY INC	5,000,000	$47	0.0%	$0.01	—	NOTE 1.500%10/1	69553PAD2
—	ON SEMICONDUCTOR CORP	2,500,000	$30	0.0%	$0.01	—	NOTE 5/0	682189AS4
—	CMS ENERGY CORP	2,500,000	$27	0.0%	$0.01	—	NOTE 3.375% 5/0	125896BX7
—	PARSONS CORP DEL	2,566,000	$26	0.0%	$0.01	—	NOTE 2.625% 3/0	70202LAD4
—	BLACKLINE INC	2,500,000	$26	0.0%	$0.01	—	NOTE 1.000% 6/0	09239BAF6
—	VISHAY INTERTECHNOLOGY INC	2,500,000	$23	0.0%	$0.01	—	NOTE 2.250% 9/1	928298AR9
—	T1 ENERGY INC	1,750,000	$22	0.0%	$0.01	—	NOTE 5.250%12/0	35834FAB0
—	BEYOND MEAT INC	700,000	$5	0.0%	$0.01	—	DEBT 7.000%10/1	08862EAD1

Increased Positions (25)

PFE PFIZER INC 2.8%

Value ($000) $169,320 (+32.9%) Shares 6,800,000 (+36.0%) Est. Cost $23.29 Unrealized +7.5%

PFE PFIZER INC 2.8%

Value ($000) $169,320 (+32.9%) Shares 6,800,000 (+36.0%) Est. Cost $23.29 Unrealized +7.5%

— ALBEMARLE CORP 1.2%

Value ($000) $71,268 (+109.0%) Shares 1,200,000 (+33.3%) Est. Cost $43.26 Unrealized —

ASML ASML HOLDING N V 1.8%

Value ($000) $108,377 (+38.2%) Shares 101,300 (+25.1%) Est. Cost $988.48 Unrealized —

ASML ASML HOLDING N V 1.8%

Value ($000) $108,377 (+38.2%) Shares 101,300 (+25.1%) Est. Cost $988.48 Unrealized —

CHRW C H ROBINSON WORLDWIDE INC 1.5%

Value ($000) $87,695 (+49.6%) Shares 545,500 (+23.2%) Est. Cost — Unrealized —

NN NEXTNAV INC 1.5%

Value ($000) $91,226 (+18.0%) Shares 5,482,340 (+1.4%) Est. Cost $13.49 Unrealized +5.3%

META META PLATFORMS INC 3.5%

Value ($000) $208,918 (+4.1%) Shares 316,500 (+15.8%) Est. Cost $732.85 Unrealized -8.9%

META META PLATFORMS INC 3.5%

Value ($000) $208,918 (+4.1%) Shares 316,500 (+15.8%) Est. Cost $732.85 Unrealized -8.9%

CC CHEMOURS CO 0.2%

Value ($000) $9,992 (+94.3%) Shares 847,534 (+161.0%) Est. Cost $13.76 Unrealized -7.1%

VZLA VIZSLA SILVER CORP 0.1%

Value ($000) $3,786 (+1053.1%) Shares 692,100 (+810.7%) Est. Cost $4.46 Unrealized +5.4%

SVC SERVICE PPTYS TR 0.2%

Value ($000) $11,066 (-20.3%) Shares 6,014,299 (+17.4%) Est. Cost $2.39 Unrealized —

— BRUKER CORP 0.1%

Value ($000) $8,235 (+51.5%) Shares 22,500 (+12.5%) Est. Cost $282.27 Unrealized —

EXE EXPAND ENERGY CORPORATION 0.0%

Value ($000) $2,917 (+391.7%) Shares 26,433 (+373.4%) Est. Cost $108.21 Unrealized +2.3%

AQN ALGONQUIN PWR UTILS CORP 0.0%

Value ($000) $2,376 (+149.5%) Shares 386,400 (+117.8%) Est. Cost $5.85 Unrealized +1.5%

JHX JAMES HARDIE INDS PLC 0.0%

Value ($000) $2,057 (+113.3%) Shares 99,137 (+97.4%) Est. Cost $22.03 Unrealized -9.0%

AR ANTERO RESOURCES CORP 0.0%

Value ($000) $1,654 (+115.1%) Shares 48,000 (+109.5%) Est. Cost $33.61 Unrealized +0.8%

AEM AGNICO EAGLE MINES LTD 0.1%

Value ($000) $7,010 (+6.8%) Shares 41,350 (+6.2%) Est. Cost $86.18 Unrealized +94.8%

— SEAGATE HDD CAYMAN 0.0%

Value ($000) $2,222 (+23.0%) Shares 66,259,000 (+5.6%) Est. Cost $0.90 Unrealized —

— AMERICAN WTR CAP CORP 0.0%

Value ($000) $200 (+100.0%) Shares 20,125,000 (+101.3%) Est. Cost $0.01 Unrealized —

— AKAMAI TECHNOLOGIES INC 0.0%

Value ($000) $253 (+30.6%) Shares 25,606,000 (+24.3%) Est. Cost $0.01 Unrealized —

— FORD MTR CO 0.0%

Value ($000) $104 (+127.0%) Shares 10,000,000 (+122.2%) Est. Cost $0.01 Unrealized —

— IRHYTHM TECHNOLOGIES INC 0.0%

Value ($000) $91 (+165.2%) Shares 6,500,000 (+160.0%) Est. Cost $0.01 Unrealized —

— ALIBABA GROUP HLDG LTD 0.0%

Value ($000) $1,518 (+2.0%) Shares 97,800,000 (+20.7%) Est. Cost $0.01 Unrealized —

— PG&E CORP 0.0%

Value ($000) $129 (+27.2%) Shares 12,500,000 (+25.0%) Est. Cost $0.01 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
PFE	PFIZER INC	6,800,000 (+36.0%)	$169,320 (+32.9%)	2.8%	$23.29	+7.5%	PUT	717081103
PFE	PFIZER INC	6,800,000 (+36.0%)	$169,320 (+32.9%)	2.8%	$23.29	+7.5%	COM	717081103
—	ALBEMARLE CORP	1,200,000 (+33.3%)	$71,268 (+109.0%)	1.2%	$43.26	—	7.25% DEP SHS A	012653200
ASML	ASML HOLDING N V	101,300 (+25.1%)	$108,377 (+38.2%)	1.8%	$988.48	—	N Y REGISTRY SHS	N07059210
ASML	ASML HOLDING N V	101,300 (+25.1%)	$108,377 (+38.2%)	1.8%	$988.48	—	PUT	N07059210
CHRW	C H ROBINSON WORLDWIDE INC	545,500 (+23.2%)	$87,695 (+49.6%)	1.5%	—	—	CALL	12541W209
NN	NEXTNAV INC	5,482,340 (+1.4%)	$91,226 (+18.0%)	1.5%	$13.49	+5.3%	COMMON STOCK	65345N106
META	META PLATFORMS INC	316,500 (+15.8%)	$208,918 (+4.1%)	3.5%	$732.85	-8.9%	PUT	30303M102
META	META PLATFORMS INC	316,500 (+15.8%)	$208,918 (+4.1%)	3.5%	$732.85	-8.9%	CL A	30303M102
CC	CHEMOURS CO	847,534 (+161.0%)	$9,992 (+94.3%)	0.2%	$13.76	-7.1%	COM	163851108
VZLA	VIZSLA SILVER CORP	692,100 (+810.7%)	$3,786 (+1053.1%)	0.1%	$4.46	+5.4%	COM NEW	92859G608
SVC	SERVICE PPTYS TR	6,014,299 (+17.4%)	$11,066 (-20.3%)	0.2%	$2.39	—	COM SH BEN INT	81761L102
—	BRUKER CORP	22,500 (+12.5%)	$8,235 (+51.5%)	0.1%	$282.27	—	6.375 PREF SER A	116794207
EXE	EXPAND ENERGY CORPORATION	26,433 (+373.4%)	$2,917 (+391.7%)	0.0%	$108.21	+2.3%	COM	165167735
AQN	ALGONQUIN PWR UTILS CORP	386,400 (+117.8%)	$2,376 (+149.5%)	0.0%	$5.85	+1.5%	COM	015857105
JHX	JAMES HARDIE INDS PLC	99,137 (+97.4%)	$2,057 (+113.3%)	0.0%	$22.03	-9.0%	ORD SHS	G4253H101
AR	ANTERO RESOURCES CORP	48,000 (+109.5%)	$1,654 (+115.1%)	0.0%	$33.61	+0.8%	COM	03674X106
AEM	AGNICO EAGLE MINES LTD	41,350 (+6.2%)	$7,010 (+6.8%)	0.1%	$86.18	+94.8%	COM	008474108
—	SEAGATE HDD CAYMAN	66,259,000 (+5.6%)	$2,222 (+23.0%)	0.0%	$0.90	—	NOTE 3.500% 6/0	81180WBL4
—	AMERICAN WTR CAP CORP	20,125,000 (+101.3%)	$200 (+100.0%)	0.0%	$0.01	—	NOTE 3.625% 6/1	03040WBE4
—	AKAMAI TECHNOLOGIES INC	25,606,000 (+24.3%)	$253 (+30.6%)	0.0%	$0.01	—	NOTE 1.125% 2/1	00971TAN1
—	FORD MTR CO	10,000,000 (+122.2%)	$104 (+127.0%)	0.0%	$0.01	—	NOTE 3/1	345370CZ1
—	IRHYTHM TECHNOLOGIES INC	6,500,000 (+160.0%)	$91 (+165.2%)	0.0%	$0.01	—	NOTE 1.500% 9/0	450056AB2
—	ALIBABA GROUP HLDG LTD	97,800,000 (+20.7%)	$1,518 (+2.0%)	0.0%	$0.01	—	NOTE 0.500% 6/0	01609WBG6
—	PG&E CORP	12,500,000 (+25.0%)	$129 (+27.2%)	0.0%	$0.01	—	NOTE 4.250%12/0	69331CAL2

Exited Positions (93)

— STRATEGY INC 5.2%

Value ($000) $314,686 Shares 176,641,000 Est. Cost $2.15 Unrealized —

COST COSTCO WHSL CORP NEW 3.4%

Value ($000) $202,806 Shares 219,100 Est. Cost $956.70 Unrealized -5.3%

COST COSTCO WHSL CORP NEW 3.4%

Value ($000) $202,806 Shares 219,100 Est. Cost $956.70 Unrealized -5.3%

— SEMTECH CORP 2.5%

Value ($000) $150,828 Shares 42,000,000 Est. Cost $3.07 Unrealized —

LLY ELI LILLY & CO 2.2%

Value ($000) $130,626 Shares 171,200 Est. Cost $742.24 Unrealized +28.7%

LLY ELI LILLY & CO 2.2%

Value ($000) $130,626 Shares 171,200 Est. Cost $742.24 Unrealized +28.7%

ALNY ALNYLAM PHARMACEUTICALS INC 2.2%

Value ($000) $130,462 Shares 286,100 Est. Cost $407.20 Unrealized +8.7%

PDD PDD HOLDINGS INC 2.1%

Value ($000) $126,117 Shares 954,200 Est. Cost $107.66 Unrealized —

PDD PDD HOLDINGS INC 2.1%

Value ($000) $126,117 Shares 954,200 Est. Cost $107.66 Unrealized —

ALNY ALNYLAM PHARMACEUTICALS INC 2.1%

Value ($000) $125,810 Shares 275,900 Est. Cost $407.20 Unrealized +8.7%

— MR COOPER GROUP INC 1.7%

Value ($000) $101,348 Shares 480,800 Est. Cost — Unrealized —

CRM SALESFORCE INC 1.7%

Value ($000) $99,540 Shares 420,000 Est. Cost $251.43 Unrealized -1.3%

CRM SALESFORCE INC 1.7%

Value ($000) $99,540 Shares 420,000 Est. Cost $251.43 Unrealized -1.3%

AVGO BROADCOM INC 1.6%

Value ($000) $97,323 Shares 295,000 Est. Cost $305.74 Unrealized +16.8%

AVGO BROADCOM INC 1.6%

Value ($000) $97,323 Shares 295,000 Est. Cost $305.74 Unrealized +16.8%

SPY SPDR S&P 500 ETF TR 1.2%

Value ($000) $71,614 Shares 107,500 Est. Cost — Unrealized —

DDOG DATADOG INC 1.1%

Value ($000) $69,221 Shares 486,100 Est. Cost $158.02 Unrealized 0.0%

RCL ROYAL CARIBBEAN GROUP 1.1%

Value ($000) $65,525 Shares 202,500 Est. Cost — Unrealized —

GFS GLOBALFOUNDRIES INC 1.1%

Value ($000) $64,713 Shares 1,805,600 Est. Cost — Unrealized —

FTI TECHNIPFMC PLC 1.0%

Value ($000) $62,714 Shares 1,589,700 Est. Cost — Unrealized —

SE SEA LTD 0.9%

Value ($000) $55,531 Shares 310,700 Est. Cost — Unrealized —

SNPS SYNOPSYS INC 0.9%

Value ($000) $51,411 Shares 104,200 Est. Cost $565.30 Unrealized -21.4%

SNPS SYNOPSYS INC 0.9%

Value ($000) $51,411 Shares 104,200 Est. Cost $565.30 Unrealized -21.4%

AMD ADVANCED MICRO DEVICES INC 0.8%

Value ($000) $49,621 Shares 306,700 Est. Cost $161.38 Unrealized +39.2%

AMD ADVANCED MICRO DEVICES INC 0.8%

Value ($000) $49,621 Shares 306,700 Est. Cost $161.38 Unrealized +39.2%

BA BOEING CO 0.8%

Value ($000) $49,511 Shares 229,400 Est. Cost $225.47 Unrealized -8.8%

BA BOEING CO 0.8%

Value ($000) $49,511 Shares 229,400 Est. Cost $225.47 Unrealized -8.8%

C CITIGROUP INC 0.8%

Value ($000) $49,268 Shares 485,400 Est. Cost $94.11 Unrealized +10.1%

C CITIGROUP INC 0.8%

Value ($000) $49,268 Shares 485,400 Est. Cost $94.11 Unrealized +10.1%

VST VISTRA CORP 0.8%

Value ($000) $48,980 Shares 250,000 Est. Cost $197.68 Unrealized -8.0%

VST VISTRA CORP 0.8%

Value ($000) $48,980 Shares 250,000 Est. Cost $197.68 Unrealized -8.0%

RBLX ROBLOX CORP 0.6%

Value ($000) $38,148 Shares 275,400 Est. Cost — Unrealized —

NFLX NETFLIX INC 0.5%

Value ($000) $29,493 Shares 24,600 Est. Cost $122.05 Unrealized -11.7%

NFLX NETFLIX INC 0.5%

Value ($000) $29,493 Shares 24,600 Est. Cost $122.05 Unrealized -11.7%

BABA ALIBABA GROUP HLDG LTD 0.4%

Value ($000) $22,341 Shares 125,000 Est. Cost — Unrealized —

DB DEUTSCHE BANK A G 0.4%

Value ($000) $21,852 Shares 617,100 Est. Cost $22.75 Unrealized +58.6%

— BOEING CO 0.3%

Value ($000) $17,351 Shares 249,400 Est. Cost $66.53 Unrealized —

STLA STELLANTIS N.V 0.3%

Value ($000) $16,176 Shares 1,731,900 Est. Cost $9.34 Unrealized —

TDG TRANSDIGM GROUP INC 0.3%

Value ($000) $15,562 Shares 11,807 Est. Cost $1364.80 Unrealized -4.0%

— RIVIAN AUTOMOTIVE INC 0.2%

Value ($000) $9,130 Shares 9,918,000 Est. Cost $0.75 Unrealized —

JBTM JBT MAREL CORPORATION 0.1%

Value ($000) $8,764 Shares 62,400 Est. Cost $136.51 Unrealized +3.2%

— PG&E CORP 0.1%

Value ($000) $7,482 Shares 190,000 Est. Cost $47.86 Unrealized —

— NORTHERN OIL & GAS INC 0.1%

Value ($000) $6,811 Shares 6,776,000 Est. Cost $1.17 Unrealized —

CVLT COMMVAULT SYS INC 0.1%

Value ($000) $6,777 Shares 35,900 Est. Cost $180.30 Unrealized -22.0%

— KKR & CO INC 0.1%

Value ($000) $6,544 Shares 125,000 Est. Cost $49.99 Unrealized —

CLS CELESTICA INC 0.1%

Value ($000) $4,657 Shares 18,900 Est. Cost $116.91 Unrealized +157.8%

LADR LADDER CAP CORP 0.1%

Value ($000) $4,360 Shares 399,638 Est. Cost $10.91 Unrealized —

PENN PENN ENTERTAINMENT INC 0.1%

Value ($000) $4,339 Shares 225,309 Est. Cost $17.06 Unrealized -8.5%

NBR NABORS INDUSTRIES LTD 0.1%

Value ($000) $4,174 Shares 102,136 Est. Cost $39.32 Unrealized +23.9%

CRWV COREWEAVE INC 0.1%

Value ($000) $4,106 Shares 30,000 Est. Cost — Unrealized —

— NEXTERA ENERGY INC 0.1%

Value ($000) $3,250 Shares 65,179 Est. Cost $48.79 Unrealized —

CYH COMMUNITY HEALTH SYS INC NEW 0.1%

Value ($000) $3,210 Shares 1,000,000 Est. Cost $3.20 Unrealized +5.0%

CAMT CAMTEK LTD 0.1%

Value ($000) $3,178 Shares 30,250 Est. Cost $89.58 Unrealized +25.4%

YUMC YUM CHINA HLDGS INC 0.1%

Value ($000) $3,146 Shares 73,300 Est. Cost $47.42 Unrealized -3.4%

UBS UBS GROUP AG 0.0%

Value ($000) $2,673 Shares 65,200 Est. Cost $38.84 Unrealized +4.0%

CGAU CENTERRA GOLD INC 0.0%

Value ($000) $2,419 Shares 225,400 Est. Cost $7.98 Unrealized +56.9%

AD ARRAY DIGITAL INFRASTRUCTURE 0.0%

Value ($000) $2,088 Shares 41,757 Est. Cost $41.80 Unrealized -2.1%

WBD WARNER BROS DISCOVERY INC 0.0%

Value ($000) $1,958 Shares 100,260 Est. Cost $13.62 Unrealized +71.6%

WIX WIX COM LTD 0.0%

Value ($000) $1,536 Shares 8,646 Est. Cost $150.49 Unrealized -19.7%

EQT EQT CORP 0.0%

Value ($000) $1,347 Shares 24,752 Est. Cost $52.61 Unrealized +6.7%

WFG WEST FRASER TIMBER CO LTD 0.0%

Value ($000) $1,326 Shares 19,510 Est. Cost $73.75 Unrealized -15.1%

OTEX OPEN TEXT CORP 0.0%

Value ($000) $1,219 Shares 32,600 Est. Cost $31.62 Unrealized +12.0%

COHU COHU INC 0.0%

Value ($000) $884 Shares 43,469 Est. Cost $20.17 Unrealized +13.6%

BTBT BIT DIGITAL INC 0.0%

Value ($000) $884 Shares 294,500 Est. Cost $3.03 Unrealized -4.7%

— STRATEGY INC 0.0%

Value ($000) $715 Shares 37,850,000 Est. Cost $0.02 Unrealized —

RRC RANGE RES CORP 0.0%

Value ($000) $606 Shares 16,106 Est. Cost $35.71 Unrealized +4.3%

BIP BROOKFIELD INFRAST PARTNERS 0.0%

Value ($000) $530 Shares 16,100 Est. Cost $32.89 Unrealized —

TECK TECK RESOURCES LTD 0.0%

Value ($000) $509 Shares 11,600 Est. Cost $36.34 Unrealized +19.2%

— SOUTHERN CO 0.0%

Value ($000) $402 Shares 35,700,000 Est. Cost $0.17 Unrealized —

MEOH METHANEX CORP 0.0%

Value ($000) $350 Shares 8,800 Est. Cost $35.54 Unrealized +4.7%

SKE SKEENA RES LTD NEW 0.0%

Value ($000) $348 Shares 18,900 Est. Cost $12.60 Unrealized +56.6%

— CIPHER MINING INC 0.0%

Value ($000) $250 Shares 50,000 Est. Cost $1.35 Unrealized —

— WEC ENERGY GROUP INC 0.0%

Value ($000) $234 Shares 19,567,000 Est. Cost $0.01 Unrealized —

CNL COLLECTIVE MINING LTD 0.0%

Value ($000) $206 Shares 14,241 Est. Cost $11.35 Unrealized +7.1%

— TYLER TEX INDPT SCH DIST 0.0%

Value ($000) $192 Shares 17,500,000 Est. Cost $0.01 Unrealized —

— DEXCOM INC 0.0%

Value ($000) $182 Shares 18,360,000 Est. Cost $0.85 Unrealized —

— UGI CORP NEW 0.0%

Value ($000) $128 Shares 10,000,000 Est. Cost $0.01 Unrealized —

— FRESHPET INC 0.0%

Value ($000) $114 Shares 10,225,000 Est. Cost $0.01 Unrealized —

— WESTERN DIGITAL CORP 0.0%

Value ($000) $112 Shares 3,500,000 Est. Cost $1.43 Unrealized —

— BENTLEY SYS INC 0.0%

Value ($000) $101 Shares 10,254,000 Est. Cost $0.13 Unrealized —

— BENTLEY SYS INC 0.0%

Value ($000) $94 Shares 10,000,000 Est. Cost $0.01 Unrealized —

— HALOZYME THERAPEUTICS INC 0.0%

Value ($000) $70 Shares 5,000,000 Est. Cost $0.01 Unrealized —

— LUMINAR TECHNOLOGIES INC 0.0%

Value ($000) $69 Shares 19,109,000 Est. Cost $0.43 Unrealized —

— LUMENTUM HLDGS INC 0.0%

Value ($000) $67 Shares 4,000,000 Est. Cost $0.02 Unrealized —

— MKS INC. 0.0%

Value ($000) $66 Shares 6,000,000 Est. Cost $0.01 Unrealized —

— CENTERPOINT ENERGY INC 0.0%

Value ($000) $56 Shares 5,000,000 Est. Cost $1.04 Unrealized —

LAR LITHIUM ARGENTINA AG 0.0%

Value ($000) $43 Shares 12,800 Est. Cost $1.99 Unrealized +138.4%

— WEC ENERGY GROUP INC 0.0%

Value ($000) $31 Shares 2,500,000 Est. Cost $0.01 Unrealized —

— WORLD KINECT CORPORATION 0.0%

Value ($000) $28 Shares 2,500,000 Est. Cost $0.01 Unrealized —

— SUPER MICRO COMPUTER INC 0.0%

Value ($000) $25 Shares 2,500,000 Est. Cost $0.01 Unrealized —

— LUMINAR TECHNOLOGIES INC 0.0%

Value ($000) $24 Shares 8,190,000 Est. Cost $0.41 Unrealized —

— DUKE ENERGY CORP NEW 0.0%

Value ($000) $16 Shares 1,500,000 Est. Cost $0.01 Unrealized —

— BEYOND MEAT INC 0.0%

Value ($000) $15 Shares 7,250,000 Est. Cost $0.08 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	STRATEGY INC	176,641,000	$314,686	5.2%	$2.15	—	—	594972AN1
COST	COSTCO WHSL CORP NEW	219,100	$202,806	3.4%	$956.70	-5.3%	—	22160K105
COST	COSTCO WHSL CORP NEW	219,100	$202,806	3.4%	$956.70	-5.3%	PUT	22160K105
—	SEMTECH CORP	42,000,000	$150,828	2.5%	$3.07	—	—	816850AH4
LLY	ELI LILLY & CO	171,200	$130,626	2.2%	$742.24	+28.7%	PUT	532457108
LLY	ELI LILLY & CO	171,200	$130,626	2.2%	$742.24	+28.7%	—	532457108
ALNY	ALNYLAM PHARMACEUTICALS INC	286,100	$130,462	2.2%	$407.20	+8.7%	—	02043Q107
PDD	PDD HOLDINGS INC	954,200	$126,117	2.1%	$107.66	—	—	722304102
PDD	PDD HOLDINGS INC	954,200	$126,117	2.1%	$107.66	—	PUT	722304102
ALNY	ALNYLAM PHARMACEUTICALS INC	275,900	$125,810	2.1%	$407.20	+8.7%	PUT	02043Q107
—	MR COOPER GROUP INC	480,800	$101,348	1.7%	—	—	CALL	62482R107
CRM	SALESFORCE INC	420,000	$99,540	1.7%	$251.43	-1.3%	PUT	79466L302
CRM	SALESFORCE INC	420,000	$99,540	1.7%	$251.43	-1.3%	—	79466L302
AVGO	BROADCOM INC	295,000	$97,323	1.6%	$305.74	+16.8%	PUT	11135F101
AVGO	BROADCOM INC	295,000	$97,323	1.6%	$305.74	+16.8%	—	11135F101
SPY	SPDR S&P 500 ETF TR	107,500	$71,614	1.2%	—	—	PUT	78462F103
DDOG	DATADOG INC	486,100	$69,221	1.1%	$158.02	0.0%	CALL	23804L103
RCL	ROYAL CARIBBEAN GROUP	202,500	$65,525	1.1%	—	—	CALL	V7780T103
GFS	GLOBALFOUNDRIES INC	1,805,600	$64,713	1.1%	—	—	CALL	G39387108
FTI	TECHNIPFMC PLC	1,589,700	$62,714	1.0%	—	—	CALL	G87110105
SE	SEA LTD	310,700	$55,531	0.9%	—	—	CALL	81141R100
SNPS	SYNOPSYS INC	104,200	$51,411	0.9%	$565.30	-21.4%	PUT	871607107
SNPS	SYNOPSYS INC	104,200	$51,411	0.9%	$565.30	-21.4%	—	871607107
AMD	ADVANCED MICRO DEVICES INC	306,700	$49,621	0.8%	$161.38	+39.2%	—	007903107
AMD	ADVANCED MICRO DEVICES INC	306,700	$49,621	0.8%	$161.38	+39.2%	PUT	007903107
BA	BOEING CO	229,400	$49,511	0.8%	$225.47	-8.8%	PUT	097023105
BA	BOEING CO	229,400	$49,511	0.8%	$225.47	-8.8%	—	097023105
C	CITIGROUP INC	485,400	$49,268	0.8%	$94.11	+10.1%	—	172967424
C	CITIGROUP INC	485,400	$49,268	0.8%	$94.11	+10.1%	PUT	172967424
VST	VISTRA CORP	250,000	$48,980	0.8%	$197.68	-8.0%	—	92840M102
VST	VISTRA CORP	250,000	$48,980	0.8%	$197.68	-8.0%	PUT	92840M102
RBLX	ROBLOX CORP	275,400	$38,148	0.6%	—	—	CALL	771049103
NFLX	NETFLIX INC	24,600	$29,493	0.5%	$122.05	-11.7%	PUT	64110L106
NFLX	NETFLIX INC	24,600	$29,493	0.5%	$122.05	-11.7%	—	64110L106
BABA	ALIBABA GROUP HLDG LTD	125,000	$22,341	0.4%	—	—	CALL	01609W102
DB	DEUTSCHE BANK A G	617,100	$21,852	0.4%	$22.75	+58.6%	—	D18190898
—	BOEING CO	249,400	$17,351	0.3%	$66.53	—	—	097023204
STLA	STELLANTIS N.V	1,731,900	$16,176	0.3%	$9.34	—	—	N82405106
TDG	TRANSDIGM GROUP INC	11,807	$15,562	0.3%	$1364.80	-4.0%	—	893641100
—	RIVIAN AUTOMOTIVE INC	9,918,000	$9,130	0.2%	$0.75	—	—	76954AAD5
JBTM	JBT MAREL CORPORATION	62,400	$8,764	0.1%	$136.51	+3.2%	—	477839104
—	PG&E CORP	190,000	$7,482	0.1%	$47.86	—	—	69331C306
—	NORTHERN OIL & GAS INC	6,776,000	$6,811	0.1%	$1.17	—	—	665531AJ8
CVLT	COMMVAULT SYS INC	35,900	$6,777	0.1%	$180.30	-22.0%	—	204166102
—	KKR & CO INC	125,000	$6,544	0.1%	$49.99	—	—	48251W500
CLS	CELESTICA INC	18,900	$4,657	0.1%	$116.91	+157.8%	—	15101Q207
LADR	LADDER CAP CORP	399,638	$4,360	0.1%	$10.91	—	—	505743104
PENN	PENN ENTERTAINMENT INC	225,309	$4,339	0.1%	$17.06	-8.5%	—	707569109
NBR	NABORS INDUSTRIES LTD	102,136	$4,174	0.1%	$39.32	+23.9%	—	G6359F137
CRWV	COREWEAVE INC	30,000	$4,106	0.1%	—	—	PUT	21873S108
—	NEXTERA ENERGY INC	65,179	$3,250	0.1%	$48.79	—	—	65339F663
CYH	COMMUNITY HEALTH SYS INC NEW	1,000,000	$3,210	0.1%	$3.20	+5.0%	—	203668108
CAMT	CAMTEK LTD	30,250	$3,178	0.1%	$89.58	+25.4%	—	M20791105
YUMC	YUM CHINA HLDGS INC	73,300	$3,146	0.1%	$47.42	-3.4%	—	98850P109
UBS	UBS GROUP AG	65,200	$2,673	0.0%	$38.84	+4.0%	—	H42097107
CGAU	CENTERRA GOLD INC	225,400	$2,419	0.0%	$7.98	+56.9%	—	152006102
AD	ARRAY DIGITAL INFRASTRUCTURE	41,757	$2,088	0.0%	$41.80	-2.1%	—	911684108
WBD	WARNER BROS DISCOVERY INC	100,260	$1,958	0.0%	$13.62	+71.6%	—	934423104
WIX	WIX COM LTD	8,646	$1,536	0.0%	$150.49	-19.7%	—	M98068105
EQT	EQT CORP	24,752	$1,347	0.0%	$52.61	+6.7%	—	26884L109
WFG	WEST FRASER TIMBER CO LTD	19,510	$1,326	0.0%	$73.75	-15.1%	—	952845105
OTEX	OPEN TEXT CORP	32,600	$1,219	0.0%	$31.62	+12.0%	—	683715106
COHU	COHU INC	43,469	$884	0.0%	$20.17	+13.6%	—	192576106
BTBT	BIT DIGITAL INC	294,500	$884	0.0%	$3.03	-4.7%	—	G1144A105
—	STRATEGY INC	37,850,000	$715	0.0%	$0.02	—	—	594972AQ4
RRC	RANGE RES CORP	16,106	$606	0.0%	$35.71	+4.3%	—	75281A109
BIP	BROOKFIELD INFRAST PARTNERS	16,100	$530	0.0%	$32.89	—	—	G16252101
TECK	TECK RESOURCES LTD	11,600	$509	0.0%	$36.34	+19.2%	—	878742204
—	SOUTHERN CO	35,700,000	$402	0.0%	$0.17	—	—	842587DP9
MEOH	METHANEX CORP	8,800	$350	0.0%	$35.54	+4.7%	—	59151K108
SKE	SKEENA RES LTD NEW	18,900	$348	0.0%	$12.60	+56.6%	—	83056P715
—	CIPHER MINING INC	50,000	$250	0.0%	$1.35	—	—	17253J114
—	WEC ENERGY GROUP INC	19,567,000	$234	0.0%	$0.01	—	—	92939UAP1
CNL	COLLECTIVE MINING LTD	14,241	$206	0.0%	$11.35	+7.1%	—	19425C100
—	TYLER TEX INDPT SCH DIST	17,500,000	$192	0.0%	$0.01	—	—	902252AB1
—	DEXCOM INC	18,360,000	$182	0.0%	$0.85	—	—	252131AK3
—	UGI CORP NEW	10,000,000	$128	0.0%	$0.01	—	—	902681AB1
—	FRESHPET INC	10,225,000	$114	0.0%	$0.01	—	—	358039AB1
—	WESTERN DIGITAL CORP	3,500,000	$112	0.0%	$1.43	—	—	958102AT2
—	BENTLEY SYS INC	10,254,000	$101	0.0%	$0.13	—	—	08265TAB5
—	BENTLEY SYS INC	10,000,000	$94	0.0%	$0.01	—	—	08265TAD1
—	HALOZYME THERAPEUTICS INC	5,000,000	$70	0.0%	$0.01	—	—	40637HAF6
—	LUMINAR TECHNOLOGIES INC	19,109,000	$69	0.0%	$0.43	—	—	550424AE5
—	LUMENTUM HLDGS INC	4,000,000	$67	0.0%	$0.02	—	—	55024UAD1
—	MKS INC.	6,000,000	$66	0.0%	$0.01	—	—	55306NAB0
—	CENTERPOINT ENERGY INC	5,000,000	$56	0.0%	$1.04	—	—	15189TBD8
LAR	LITHIUM ARGENTINA AG	12,800	$43	0.0%	$1.99	+138.4%	—	H5012F103
—	WEC ENERGY GROUP INC	2,500,000	$31	0.0%	$0.01	—	—	92939UAR7
—	WORLD KINECT CORPORATION	2,500,000	$28	0.0%	$0.01	—	—	98149GAB6
—	SUPER MICRO COMPUTER INC	2,500,000	$25	0.0%	$0.01	—	—	86800UAB0
—	LUMINAR TECHNOLOGIES INC	8,190,000	$24	0.0%	$0.41	—	—	550424AD7
—	DUKE ENERGY CORP NEW	1,500,000	$16	0.0%	$0.01	—	—	26441CBY0
—	BEYOND MEAT INC	7,250,000	$15	0.0%	$0.08	—	—	08862EAB5

Decreased Positions (26)

APP APPLOVIN CORP 2.9%

Value ($000) $171,824 (-64.5%) Shares 255,000 (-62.1%) Est. Cost — Unrealized —

MSTR STRATEGY INC 1.5%

Value ($000) $91,170 (-57.5%) Shares 600,000 (-9.9%) Est. Cost — Unrealized —

JD JD.COM INC 1.3%

Value ($000) $76,629 (-50.5%) Shares 2,670,000 (-39.7%) Est. Cost $34.98 Unrealized —

JD JD.COM INC 1.3%

Value ($000) $76,629 (-50.5%) Shares 2,670,000 (-39.7%) Est. Cost $34.98 Unrealized —

MU MICRON TECHNOLOGY INC 4.3%

Value ($000) $256,869 (+27.4%) Shares 900,000 (-25.3%) Est. Cost $127.82 Unrealized +79.4%

MU MICRON TECHNOLOGY INC 4.3%

Value ($000) $256,869 (+27.4%) Shares 900,000 (-25.3%) Est. Cost $127.82 Unrealized +79.4%

— PORCH GROUP INC 0.8%

Value ($000) $51,066 (-36.6%) Shares 45,400,000 (-15.0%) Est. Cost $1.25 Unrealized —

ONB OLD NATL BANCORP IND 0.9%

Value ($000) $52,429 (-19.2%) Shares 2,350,000 (-20.5%) Est. Cost — Unrealized —

— PURECYCLE TECHNOLOGIES INC 0.2%

Value ($000) $9,831 (-30.3%) Shares 9,831,000 (-16.9%) Est. Cost $1.16 Unrealized —

WOLF WOLFSPEED INC 0.1%

Value ($000) $3,924 (-43.7%) Shares 225,370 (-7.5%) Est. Cost $25.35 Unrealized -9.5%

— STRATEGY INC 0.0%

Value ($000) $445 (-86.8%) Shares 35,222,000 (-76.7%) Est. Cost $0.02 Unrealized —

— STRATEGY INC 0.0%

Value ($000) $1,146 (-51.3%) Shares 111,920,000 (-25.2%) Est. Cost $0.01 Unrealized —

— UBER TECHNOLOGIES INC 0.0%

Value ($000) $125 (-83.2%) Shares 9,657,000 (-81.0%) Est. Cost $0.39 Unrealized —

BHC BAUSCH HEALTH COS INC 0.0%

Value ($000) $110 (-73.2%) Shares 15,800 (-75.2%) Est. Cost $6.84 Unrealized -3.8%

— TRIP COM GROUP LTD 0.0%

Value ($000) $160 (-59.9%) Shares 13,000,000 (-58.3%) Est. Cost $0.01 Unrealized —

— MARA HOLDINGS INC 0.0%

Value ($000) $110 (-66.3%) Shares 13,644,000 (-48.8%) Est. Cost $0.01 Unrealized —

GDS GDS HLDGS LTD 0.0%

Value ($000) $1,097 (-16.2%) Shares 31,427 (-7.1%) Est. Cost $38.70 Unrealized —

— SOUTHERN CO 0.0%

Value ($000) $58 (-72.8%) Shares 5,450,000 (-71.6%) Est. Cost $0.01 Unrealized —

CCO CLEAR CHANNEL OUTDOOR HLDGS 0.0%

Value ($000) $2,909 (-3.7%) Shares 1,316,239 (-31.1%) Est. Cost $1.25 Unrealized +48.8%

— SNOWFLAKE INC 0.0%

Value ($000) $162 (-39.1%) Shares 10,924,000 (-37.6%) Est. Cost $0.02 Unrealized —

AUDC AUDIOCODES LTD 0.0%

Value ($000) $152 (-30.1%) Shares 17,388 (-23.8%) Est. Cost $9.46 Unrealized -6.4%

— MARRIOTT VACATIONS WORLDWIDE 0.0%

Value ($000) $33 (-65.3%) Shares 3,500,000 (-65.0%) Est. Cost $0.24 Unrealized —

— INTEGER HLDGS CORP 0.0%

Value ($000) $44 (-54.7%) Shares 3,888,000 (-48.1%) Est. Cost $1.60 Unrealized —

— DROPBOX INC 0.0%

Value ($000) $50 (-49.8%) Shares 5,000,000 (-50.0%) Est. Cost $0.01 Unrealized —

— GRANITE CONSTR INC 0.0%

Value ($000) $104 (-24.8%) Shares 6,520,000 (-27.7%) Est. Cost $0.01 Unrealized —

— LUMENTUM HLDGS INC 0.0%

Value ($000) $312 (+3.2%) Shares 5,855,000 (-53.2%) Est. Cost $0.16 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
APP	APPLOVIN CORP	255,000 (-62.1%)	$171,824 (-64.5%)	2.9%	—	—	CALL	03831W108
MSTR	STRATEGY INC	600,000 (-9.9%)	$91,170 (-57.5%)	1.5%	—	—	PUT	594972408
JD	JD.COM INC	2,670,000 (-39.7%)	$76,629 (-50.5%)	1.3%	$34.98	—	SPON ADS CL A	47215P106
JD	JD.COM INC	2,670,000 (-39.7%)	$76,629 (-50.5%)	1.3%	$34.98	—	PUT	47215P106
MU	MICRON TECHNOLOGY INC	900,000 (-25.3%)	$256,869 (+27.4%)	4.3%	$127.82	+79.4%	COM	595112103
MU	MICRON TECHNOLOGY INC	900,000 (-25.3%)	$256,869 (+27.4%)	4.3%	$127.82	+79.4%	PUT	595112103
—	PORCH GROUP INC	45,400,000 (-15.0%)	$51,066 (-36.6%)	0.8%	$1.25	—	DEBT 9.000% 5/1	733245AD6
ONB	OLD NATL BANCORP IND	2,350,000 (-20.5%)	$52,429 (-19.2%)	0.9%	—	—	CALL	680033107
—	PURECYCLE TECHNOLOGIES INC	9,831,000 (-16.9%)	$9,831 (-30.3%)	0.2%	$1.16	—	NOTE 7.250% 8/1	74623VAB9
WOLF	WOLFSPEED INC	225,370 (-7.5%)	$3,924 (-43.7%)	0.1%	$25.35	-9.5%	COMMON STOCK	97785W106
—	STRATEGY INC	35,222,000 (-76.7%)	$445 (-86.8%)	0.0%	$0.02	—	NOTE 0.625% 3/1	594972AJ0
—	STRATEGY INC	111,920,000 (-25.2%)	$1,146 (-51.3%)	0.0%	$0.01	—	NOTE 0.875% 3/1	594972AL5
—	UBER TECHNOLOGIES INC	9,657,000 (-81.0%)	$125 (-83.2%)	0.0%	$0.39	—	NOTE 0.875%12/0	90353TAM2
BHC	BAUSCH HEALTH COS INC	15,800 (-75.2%)	$110 (-73.2%)	0.0%	$6.84	-3.8%	COM	071734107
—	TRIP COM GROUP LTD	13,000,000 (-58.3%)	$160 (-59.9%)	0.0%	$0.01	—	NOTE 0.750% 6/1	89677QAB3
—	MARA HOLDINGS INC	13,644,000 (-48.8%)	$110 (-66.3%)	0.0%	$0.01	—	NOTE 2.125% 9/0	565788AD8
GDS	GDS HLDGS LTD	31,427 (-7.1%)	$1,097 (-16.2%)	0.0%	$38.70	—	SPONSORED ADS	36165L108
—	SOUTHERN CO	5,450,000 (-71.6%)	$58 (-72.8%)	0.0%	$0.01	—	NOTE 4.500% 6/1	842587DZ7
CCO	CLEAR CHANNEL OUTDOOR HLDGS	1,316,239 (-31.1%)	$2,909 (-3.7%)	0.0%	$1.25	+48.8%	COM	18453H106
—	SNOWFLAKE INC	10,924,000 (-37.6%)	$162 (-39.1%)	0.0%	$0.02	—	NOTE 10/0	833445AB5
AUDC	AUDIOCODES LTD	17,388 (-23.8%)	$152 (-30.1%)	0.0%	$9.46	-6.4%	ORD	M15342104
—	MARRIOTT VACATIONS WORLDWIDE	3,500,000 (-65.0%)	$33 (-65.3%)	0.0%	$0.24	—	NOTE 3.250%12/1	57164YAF4
—	INTEGER HLDGS CORP	3,888,000 (-48.1%)	$44 (-54.7%)	0.0%	$1.60	—	NOTE 2.125% 2/1	45826HAB5
—	DROPBOX INC	5,000,000 (-50.0%)	$50 (-49.8%)	0.0%	$0.01	—	NOTE 3/0	26210CAC8
—	GRANITE CONSTR INC	6,520,000 (-27.7%)	$104 (-24.8%)	0.0%	$0.01	—	NOTE 3.250% 6/1	387328AF4
—	LUMENTUM HLDGS INC	5,855,000 (-53.2%)	$312 (+3.2%)	0.0%	$0.16	—	NOTE 1.500%12/1	55024UAH2

Unchanged Positions (23)

MARA MARA HOLDINGS INC 0.5%

Value ($000) $28,736 Shares 3,200,000 Est. Cost — Unrealized —

QQQ INVESCO QQQ TR 6.9%

Value ($000) $413,998 Shares 673,923 Est. Cost $511.23 Unrealized —

RIVN RIVIAN AUTOMOTIVE INC 0.2%

Value ($000) $14,783 Shares 750,000 Est. Cost — Unrealized —

NIO NIO INC 0.1%

Value ($000) $5,100 Shares 1,000,000 Est. Cost — Unrealized —

COMP COMPASS INC 0.1%

Value ($000) $5,456 Shares 516,198 Est. Cost $6.33 Unrealized +44.0%

RACE FERRARI N V 0.1%

Value ($000) $3,141 Shares 8,500 Est. Cost $479.13 Unrealized -16.5%

XRT SPDR SERIES TRUST 1.1%

Value ($000) $63,968 Shares 750,000 Est. Cost $79.06 Unrealized —

BAM BROOKFIELD ASSET MANAGMT LTD 0.0%

Value ($000) $2,111 Shares 40,300 Est. Cost $58.69 Unrealized -8.9%

VTI VANGUARD INDEX FDS 0.1%

Value ($000) $7,301 Shares 21,775 Est. Cost $289.81 Unrealized —

— QXO INC 0.4%

Value ($000) $23,715 Shares 430,000 Est. Cost $61.99 Unrealized —

SNDL SNDL INC 0.0%

Value ($000) $98 Shares 59,018 Est. Cost $1.96 Unrealized +2.3%

— MACOM TECH SOLUTIONS HLDGS I 0.0%

Value ($000) $212 Shares 10,250,000 Est. Cost $1.31 Unrealized —

ADTN ADTRAN HOLDINGS INC 0.0%

Value ($000) $717 Shares 82,552 Est. Cost $7.38 Unrealized +17.6%

VEU VANGUARD INTL EQUITY INDEX F 0.0%

Value ($000) $1,490 Shares 20,250 Est. Cost $57.41 Unrealized —

BWLP BW LPG LTD 0.0%

Value ($000) $189 Shares 14,400 Est. Cost $14.49 Unrealized -11.8%

SOFI SOFI TECHNOLOGIES INC 0.0%

Value ($000) $1,139 Shares 43,492 Est. Cost $12.99 Unrealized +114.5%

HYG ISHARES TR 0.0%

Value ($000) $418 Shares 5,184 Est. Cost $80.69 Unrealized —

— VAIL RESORTS INC 0.0%

Value ($000) $90 Shares 9,000,000 Est. Cost $0.01 Unrealized —

— BLACKROCK TECH AND PRIVATE E 0.0%

Value ($000) $70 Shares 10,600 Est. Cost $7.44 Unrealized —

— SNOWFLAKE INC 0.0%

Value ($000) $77 Shares 5,000,000 Est. Cost $0.02 Unrealized —

— BLACKLINE INC 0.0%

Value ($000) $49 Shares 5,000,000 Est. Cost $0.94 Unrealized —

— PEBBLEBROOK HOTEL TR 0.0%

Value ($000) $24 Shares 2,500,000 Est. Cost $0.01 Unrealized —

PIIIW P3 HEALTH PARTNERS INC 0.0%

Value ($000) $1 Shares 50,000 Est. Cost $0.01 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
MARA	MARA HOLDINGS INC	3,200,000	$28,736	0.5%	—	—	PUT	565788106
QQQ	INVESCO QQQ TR	673,923	$413,998	6.9%	$511.23	—	UNIT SER 1	46090E103
RIVN	RIVIAN AUTOMOTIVE INC	750,000	$14,783	0.2%	—	—	PUT	76954A103
NIO	NIO INC	1,000,000	$5,100	0.1%	—	—	PUT	62914V106
COMP	COMPASS INC	516,198	$5,456	0.1%	$6.33	+44.0%	CL A	20464U100
RACE	FERRARI N V	8,500	$3,141	0.1%	$479.13	-16.5%	COM	N3167Y103
XRT	SPDR SERIES TRUST	750,000	$63,968	1.1%	$79.06	—	STATE STREET SPD	78464A714
BAM	BROOKFIELD ASSET MANAGMT LTD	40,300	$2,111	0.0%	$58.69	-8.9%	CL A LMT VTG SHS	113004105
VTI	VANGUARD INDEX FDS	21,775	$7,301	0.1%	$289.81	—	TOTAL STK MKT	922908769
—	QXO INC	430,000	$23,715	0.4%	$61.99	—	5.50 DEP PFD	82846H504
SNDL	SNDL INC	59,018	$98	0.0%	$1.96	+2.3%	COM	83307B101
—	MACOM TECH SOLUTIONS HLDGS I	10,250,000	$212	0.0%	$1.31	—	NOTE 0.250% 3/1	55405YAB6
ADTN	ADTRAN HOLDINGS INC	82,552	$717	0.0%	$7.38	+17.6%	COM	00486H105
VEU	VANGUARD INTL EQUITY INDEX F	20,250	$1,490	0.0%	$57.41	—	ALLWRLD EX US	922042775
BWLP	BW LPG LTD	14,400	$189	0.0%	$14.49	-11.8%	COM	Y10230103
SOFI	SOFI TECHNOLOGIES INC	43,492	$1,139	0.0%	$12.99	+114.5%	COM	83406F102
HYG	ISHARES TR	5,184	$418	0.0%	$80.69	—	IBOXX HI YD ETF	464288513
—	VAIL RESORTS INC	9,000,000	$90	0.0%	$0.01	—	NOTE 1/0	91879QAN9
—	BLACKROCK TECH AND PRIVATE E	10,600	$70	0.0%	$7.44	—	SHS BEN INT	09260Q108
—	SNOWFLAKE INC	5,000,000	$77	0.0%	$0.02	—	NOTE 10/0	833445AD1
—	BLACKLINE INC	5,000,000	$49	0.0%	$0.94	—	NOTE 3/1	09239BAD1
—	PEBBLEBROOK HOTEL TR	2,500,000	$24	0.0%	$0.01	—	NOTE 1.750%12/1	70509VAA8
PIIIW	P3 HEALTH PARTNERS INC	50,000	$1	0.0%	$0.01	—	*W EXP 11/19/202	744413113