Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
VOO	VANGUARD INDEX FDS	590,523	$353M	4.6%	$597.55	—	S&P 500 ETF SHS	922908363
JPM	JPMORGAN CHASE & CO	1,115,000	$328M	4.3%	—	—	PUT	46625H100
TPG	TPG INC	2,531,318	$103M	1.3%	$57.26	0.0%	COM CL A	872657101
CHDN	CHURCHILL DOWNS INC	476,982	$42.85M	0.6%	$99.85	0.0%	COM	171484108
ARES	ARES MANAGEMENT CORPORATION	330,319	$36.04M	0.5%	$148.60	0.0%	CL A COM STK	03990B101
OC	OWENS CORNING NEW	240,600	$26.04M	0.3%	$125.69	0.0%	COM	690742101
MHK	MOHAWK INDS INC	242,067	$23.83M	0.3%	$123.48	0.0%	COM	608190104
BLDR	BUILDERS FIRSTSOURCE INC	287,606	$23.68M	0.3%	$117.53	0.0%	COM	12008R107
JHX	JAMES HARDIE INDS PLC	1,174,991	$22.25M	0.3%	$23.75	0.0%	ORD SHS	G4253H101
MBC	MASTERBRAND INC	2,638,219	$21.92M	0.3%	$12.15	0.0%	COMMON STOCK	57638P104
PRSD	SSGA ACTIVE TR	434,996	$10.88M	0.1%	$25.02	—	ST STR SHORT DUR	78470P580
HLT	HILTON WORLDWIDE HLDGS INC	16,100	$4.896M	0.1%	$305.09	0.0%	COM	43300A203
WH	WYNDHAM HOTELS & RESORTS INC	58,850	$4.78M	0.1%	$78.59	0.0%	COM	98311A105
MAR	MARRIOTT INTL INC NEW	14,300	$4.677M	0.1%	$330.79	0.0%	CL A	571903202
EPR	EPR PPTYS	86,610	$4.327M	0.1%	$49.96	—	COM SH BEN INT	26884U109
H	HYATT HOTELS CORP	30,000	$4.314M	0.1%	$164.53	0.0%	COM CL A	448579102
GLPI	GAMING & LEISURE P	63,350	$2.811M	0.0%	$44.37	—	COM	36467J108

Increased Positions (15)

IWM ISHARES TR 4.2%

Value $322M (+57.1%) Shares 1,300,000 (+56.0%) Est. Cost — Unrealized —

NVDA NVIDIA CORPORATION 2.3%

Value $174M (+87.0%) Shares 1,000,000 (+100.0%) Est. Cost $186.38 Unrealized +0.1%

CMCSA COMCAST CORP NEW 1.6%

Value $124M (+86.4%) Shares 4,335,672 (+94.0%) Est. Cost $29.16 Unrealized +2.3%

INVH INVITATION HOMES INC 0.7%

Value $50.16M (+206.0%) Shares 2,018,707 (+242.2%) Est. Cost $27.70 Unrealized +0.1%

VICI VICI PPTYS INC 0.6%

Value $46.44M (+190.5%) Shares 1,699,715 (+199.1%) Est. Cost $28.54 Unrealized -1.4%

AMH AMERICAN HOMES 4 RENT 0.3%

Value $25.8M (+47.0%) Shares 924,070 (+69.0%) Est. Cost $30.39 Unrealized —

LINE LINEAGE INC 0.1%

Value $6.79M (+244.5%) Shares 207,267 (+268.0%) Est. Cost $33.37 Unrealized —

VTR VENTAS INC 0.6%

Value $47.54M (+7.1%) Shares 581,300 (+1.4%) Est. Cost $75.01 Unrealized +3.1%

PSA PUBLIC STORAGE OPER CO 0.5%

Value $39M (+7.1%) Shares 143,980 (+2.6%) Est. Cost $276.81 Unrealized -6.6%

ELS EQUITY LIFESTYLE PROPERTIES 0.2%

Value $16.52M (+16.8%) Shares 264,680 (+13.4%) Est. Cost $60.82 Unrealized —

ADC AGREE RLTY CORP 0.3%

Value $23.81M (+10.6%) Shares 315,810 (+5.7%) Est. Cost $72.21 Unrealized —

MAC MACERICH CO 0.2%

Value $11.52M (+12.1%) Shares 609,640 (+9.5%) Est. Cost $18.50 Unrealized —

HR HEALTHCARE RLTY TR 0.2%

Value $11.51M (+9.2%) Shares 677,181 (+8.9%) Est. Cost $16.95 Unrealized —

PRIV SSGA ACTIVE TR 0.3%

Value $19.93M (+3.2%) Shares 790,000 (+3.9%) Est. Cost $25.36 Unrealized —

FR FIRST INDL RLTY TR INC 0.2%

Value $12.09M (+4.4%) Shares 208,950 (+3.3%) Est. Cost $57.29 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
IWM	ISHARES TR	1,300,000 (+56.0%)	$322M (+57.1%)	4.2%	—	—	PUT	464287655
NVDA	NVIDIA CORPORATION	1,000,000 (+100.0%)	$174M (+87.0%)	2.3%	$186.38	+0.1%	COM	67066G104
CMCSA	COMCAST CORP NEW	4,335,672 (+94.0%)	$124M (+86.4%)	1.6%	$29.16	+2.3%	CL A	20030N101
INVH	INVITATION HOMES INC	2,018,707 (+242.2%)	$50.16M (+206.0%)	0.7%	$27.70	+0.1%	COM	46187W107
VICI	VICI PPTYS INC	1,699,715 (+199.1%)	$46.44M (+190.5%)	0.6%	$28.54	-1.4%	COM	925652109
AMH	AMERICAN HOMES 4 RENT	924,070 (+69.0%)	$25.8M (+47.0%)	0.3%	$30.39	—	CL A	02665T306
LINE	LINEAGE INC	207,267 (+268.0%)	$6.79M (+244.5%)	0.1%	$33.37	—	COM	53566V106
VTR	VENTAS INC	581,300 (+1.4%)	$47.54M (+7.1%)	0.6%	$75.01	+3.1%	COM	92276F100
PSA	PUBLIC STORAGE OPER CO	143,980 (+2.6%)	$39M (+7.1%)	0.5%	$276.81	-6.6%	COM	74460D109
ELS	EQUITY LIFESTYLE PROPERTIES	264,680 (+13.4%)	$16.52M (+16.8%)	0.2%	$60.82	—	COM	29472R108
ADC	AGREE RLTY CORP	315,810 (+5.7%)	$23.81M (+10.6%)	0.3%	$72.21	—	COM	008492100
MAC	MACERICH CO	609,640 (+9.5%)	$11.52M (+12.1%)	0.2%	$18.50	—	COM	554382101
HR	HEALTHCARE RLTY TR	677,181 (+8.9%)	$11.51M (+9.2%)	0.2%	$16.95	—	CL A COM	42226K105
PRIV	SSGA ACTIVE TR	790,000 (+3.9%)	$19.93M (+3.2%)	0.3%	$25.36	—	STATE STREET IG	78470P622
FR	FIRST INDL RLTY TR INC	208,950 (+3.3%)	$12.09M (+4.4%)	0.2%	$57.29	—	COM	32054K103

Exited Positions (39)

— ASPEN INSURANCE HOLDINGS LTD 36.8%

Value $2.798B Shares 75,418,220 Est. Cost $33.33 Unrealized +12.0%

SPY SPDR S&P 500 ETF TR 5.4%

Value $413M Shares 606,000 Est. Cost — Unrealized —

IVV ISHARES TR 5.0%

Value $378M Shares 551,725 Est. Cost $684.94 Unrealized —

ORCL ORACLE CORP 3.8%

Value $292M Shares 1,500,000 Est. Cost — Unrealized —

WELL WELLTOWER INC 1.3%

Value $95.53M Shares 514,660 Est. Cost $186.47 Unrealized +0.2%

PLD PROLOGIS INC. 1.0%

Value $77.56M Shares 607,590 Est. Cost $123.86 Unrealized +4.2%

EQIX EQUINIX INC 0.9%

Value $67.48M Shares 88,070 Est. Cost $781.19 Unrealized -2.2%

FIGR FIGURE TECHNOLOGY SOLUTIO 0.7%

Value $49.79M Shares 1,548,527 Est. Cost $38.84 Unrealized +27.1%

DLR DIGITAL RLTY TR INC 0.6%

Value $48.04M Shares 310,500 Est. Cost $163.13 Unrealized -5.0%

KMT KENNAMETAL INC 0.5%

Value $38.09M Shares 1,340,673 Est. Cost $21.63 Unrealized +64.7%

IAC IAC INC 0.4%

Value $27.37M Shares 700,000 Est. Cost $35.02 Unrealized +7.6%

WOLF WOLFSPEED INC 0.2%

Value $15.03M Shares 863,333 Est. Cost $24.12 Unrealized -24.2%

VG VENTURE GLOBAL INC 0.2%

Value $14.75M Shares 2,162,131 Est. Cost $8.31 Unrealized +7.0%

STUB STUBHUB HLDGS INC 0.2%

Value $13.62M Shares 1,006,600 Est. Cost — Unrealized —

REXR REXFORD INDL RLTY INC 0.1%

Value $9.025M Shares 233,090 Est. Cost $38.72 Unrealized —

VNO VORNADO RLTY TR 0.1%

Value $8.884M Shares 266,950 Est. Cost $33.28 Unrealized —

DOC HEALTHPEAK PROPERTIES INC 0.1%

Value $8.653M Shares 538,110 Est. Cost $17.46 Unrealized -7.2%

— FUBOTV INC 0.1%

Value $8.297M Shares 8,300,000 Est. Cost $0.97 Unrealized —

NTST NETSTREIT CORP 0.1%

Value $7.915M Shares 448,720 Est. Cost $17.64 Unrealized —

FRT FEDERAL RLTY INVT TR NEW 0.1%

Value $7.453M Shares 73,940 Est. Cost $97.37 Unrealized +1.7%

ARE ALEXANDRIA REAL ESTATE EQ IN 0.1%

Value $7.082M Shares 144,700 Est. Cost $58.01 Unrealized -15.6%

BNL BROADSTONE NET LEASE INC 0.1%

Value $6.764M Shares 389,420 Est. Cost $17.37 Unrealized —

DRH DIAMONDROCK HOSPITALITY CO 0.1%

Value $6.045M Shares 674,720 Est. Cost $8.96 Unrealized —

EGP EASTGROUP PPTYS INC 0.1%

Value $5.859M Shares 32,890 Est. Cost $178.14 Unrealized —

SBRA SABRA HEALTH CARE REIT INC 0.1%

Value $5.528M Shares 291,870 Est. Cost $18.94 Unrealized —

IVT INVENTRUST PPTYS CORP 0.1%

Value $4.53M Shares 160,580 Est. Cost $28.21 Unrealized —

PDM PIEDMONT REALTY TRUST INC 0.1%

Value $4.033M Shares 483,520 Est. Cost $8.34 Unrealized —

LAMR LAMAR ADVERTISING CO NEW 0.1%

Value $3.93M Shares 31,050 Est. Cost $126.58 Unrealized —

ESRT EMPIRE ST RLTY TR INC 0.0%

Value $3.416M Shares 523,960 Est. Cost $6.52 Unrealized —

RHP RYMAN HOSPITALITY PPTYS INC 0.0%

Value $3.187M Shares 33,680 Est. Cost $94.62 Unrealized —

SLG SL GREEN RLTY CORP 0.0%

Value $3.03M Shares 66,050 Est. Cost $45.87 Unrealized —

DEI DOUGLAS EMMETT INC 0.0%

Value $2.596M Shares 236,240 Est. Cost $10.99 Unrealized —

— PEBBLEBROOK HOTEL TR 0.0%

Value $2.428M Shares 127,246 Est. Cost $19.08 Unrealized —

DHC DIVERSIFIED HEALTHCARE TR 0.0%

Value $2.194M Shares 452,466 Est. Cost $4.85 Unrealized —

SHO SUNSTONE HOTEL INVS INC NEW 0.0%

Value $1.967M Shares 220,020 Est. Cost $8.94 Unrealized —

RLJ RLJ LODGING TR 0.0%

Value $1.917M Shares 257,350 Est. Cost $7.45 Unrealized —

— PEBBLEBROOK HOTEL TR 0.0%

Value $773K Shares 40,594 Est. Cost $19.05 Unrealized —

XHR XENIA HOTELS & RESORTS INC 0.0%

Value $605K Shares 47,915 Est. Cost $12.63 Unrealized —

ORGN ORIGIN MATERIALS INC 0.0%

Value $228K Shares 1,076,332 Est. Cost $3.32 Unrealized -94.4%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	ASPEN INSURANCE HOLDINGS LTD	75,418,220	$2.798B	36.8%	$33.33	+12.0%	—	G05384501
SPY	SPDR S&P 500 ETF TR	606,000	$413M	5.4%	—	—	PUT	78462F103
IVV	ISHARES TR	551,725	$378M	5.0%	$684.94	—	—	464287200
ORCL	ORACLE CORP	1,500,000	$292M	3.8%	—	—	PUT	68389X105
WELL	WELLTOWER INC	514,660	$95.53M	1.3%	$186.47	+0.2%	—	95040Q104
PLD	PROLOGIS INC.	607,590	$77.56M	1.0%	$123.86	+4.2%	—	74340W103
EQIX	EQUINIX INC	88,070	$67.48M	0.9%	$781.19	-2.2%	—	29444U700
FIGR	FIGURE TECHNOLOGY SOLUTIO	1,548,527	$49.79M	0.7%	$38.84	+27.1%	—	349381103
DLR	DIGITAL RLTY TR INC	310,500	$48.04M	0.6%	$163.13	-5.0%	—	253868103
KMT	KENNAMETAL INC	1,340,673	$38.09M	0.5%	$21.63	+64.7%	—	489170100
IAC	IAC INC	700,000	$27.37M	0.4%	$35.02	+7.6%	—	44891N208
WOLF	WOLFSPEED INC	863,333	$15.03M	0.2%	$24.12	-24.2%	—	97785W106
VG	VENTURE GLOBAL INC	2,162,131	$14.75M	0.2%	$8.31	+7.0%	—	92333F101
STUB	STUBHUB HLDGS INC	1,006,600	$13.62M	0.2%	—	—	PUT	86384P109
REXR	REXFORD INDL RLTY INC	233,090	$9.025M	0.1%	$38.72	—	—	76169C100
VNO	VORNADO RLTY TR	266,950	$8.884M	0.1%	$33.28	—	—	929042109
DOC	HEALTHPEAK PROPERTIES INC	538,110	$8.653M	0.1%	$17.46	-7.2%	—	42250P103
—	FUBOTV INC	8,300,000	$8.297M	0.1%	$0.97	—	—	35953DAB0
NTST	NETSTREIT CORP	448,720	$7.915M	0.1%	$17.64	—	—	64119V303
FRT	FEDERAL RLTY INVT TR NEW	73,940	$7.453M	0.1%	$97.37	+1.7%	—	313745101
ARE	ALEXANDRIA REAL ESTATE EQ IN	144,700	$7.082M	0.1%	$58.01	-15.6%	—	015271109
BNL	BROADSTONE NET LEASE INC	389,420	$6.764M	0.1%	$17.37	—	—	11135E203
DRH	DIAMONDROCK HOSPITALITY CO	674,720	$6.045M	0.1%	$8.96	—	—	252784301
EGP	EASTGROUP PPTYS INC	32,890	$5.859M	0.1%	$178.14	—	—	277276101
SBRA	SABRA HEALTH CARE REIT INC	291,870	$5.528M	0.1%	$18.94	—	—	78573L106
IVT	INVENTRUST PPTYS CORP	160,580	$4.53M	0.1%	$28.21	—	—	46124J201
PDM	PIEDMONT REALTY TRUST INC	483,520	$4.033M	0.1%	$8.34	—	—	720190206
LAMR	LAMAR ADVERTISING CO NEW	31,050	$3.93M	0.1%	$126.58	—	—	512816109
ESRT	EMPIRE ST RLTY TR INC	523,960	$3.416M	0.0%	$6.52	—	—	292104106
RHP	RYMAN HOSPITALITY PPTYS INC	33,680	$3.187M	0.0%	$94.62	—	—	78377T107
SLG	SL GREEN RLTY CORP	66,050	$3.03M	0.0%	$45.87	—	—	78440X887
DEI	DOUGLAS EMMETT INC	236,240	$2.596M	0.0%	$10.99	—	—	25960P109
—	PEBBLEBROOK HOTEL TR	127,246	$2.428M	0.0%	$19.08	—	—	70509V605
DHC	DIVERSIFIED HEALTHCARE TR	452,466	$2.194M	0.0%	$4.85	—	—	25525P107
SHO	SUNSTONE HOTEL INVS INC NEW	220,020	$1.967M	0.0%	$8.94	—	—	867892101
RLJ	RLJ LODGING TR	257,350	$1.917M	0.0%	$7.45	—	—	74965L101
—	PEBBLEBROOK HOTEL TR	40,594	$773K	0.0%	$19.05	—	—	70509V704
XHR	XENIA HOTELS & RESORTS INC	47,915	$605K	0.0%	$12.63	—	—	984017103
ORGN	ORIGIN MATERIALS INC	1,076,332	$228K	0.0%	$3.32	-94.4%	—	68622D106

Decreased Positions (19)

— ECHOSTAR CORP 10.9%

Value $827M (-47.8%) Shares 230,885,639 (-51.2%) Est. Cost $1.83 Unrealized —

NVDA NVIDIA CORPORATION 2.3%

Value $174M (-53.7%) Shares 1,000,000 (-50.5%) Est. Cost $186.38 Unrealized +0.1%

SATS ECHOSTAR CORP 2.9%

Value $221M (-17.6%) Shares 1,884,465 (-23.5%) Est. Cost $45.27 Unrealized +157.0%

SMH VANECK ETF TRUST 10.1%

Value $767M (-3.2%) Shares 2,000,000 (-9.1%) Est. Cost — Unrealized —

KMX CARMAX INC 2.3%

Value $172M (-11.6%) Shares 4,144,741 (-17.9%) Est. Cost $39.99 Unrealized +12.2%

UNIT UNITI GROUP LLC 1.1%

Value $86.97M (+29.3%) Shares 9,271,714 (-3.4%) Est. Cost $7.16 Unrealized +8.5%

UDR UDR INC 0.3%

Value $25.47M (-21.6%) Shares 754,130 (-14.8%) Est. Cost $35.52 Unrealized +3.3%

CPT CAMDEN PPTY TR 0.3%

Value $23.97M (-14.2%) Shares 245,410 (-3.3%) Est. Cost $103.14 Unrealized +6.8%

CYH COMMUNITY HEALTH SYS INC NEW 0.4%

Value $33.78M (-8.5%) Shares 11,489,316 (-3.0%) Est. Cost $3.48 Unrealized -5.5%

BXP BXP INC 0.1%

Value $7.287M (-29.2%) Shares 140,410 (-8.0%) Est. Cost $70.38 Unrealized -3.6%

CUZ COUSINS PPTYS INC 0.1%

Value $11.37M (-20.3%) Shares 503,863 (-9.0%) Est. Cost $25.78 Unrealized —

SGHT SIGHT SCIENCES INC 0.0%

Value $1.263M (-68.8%) Shares 335,000 (-34.4%) Est. Cost $11.10 Unrealized -44.1%

MNKD MANNKIND CORP 0.0%

Value $1.186M (-68.5%) Shares 484,016 (-27.1%) Est. Cost $4.76 Unrealized +17.0%

ESS ESSEX PPTY TR INC 0.2%

Value $11.63M (-15.5%) Shares 48,060 (-8.6%) Est. Cost $256.27 Unrealized +0.2%

EQR EQUITY RESIDENTIAL 0.2%

Value $13.17M (-13.4%) Shares 222,720 (-7.7%) Est. Cost $60.67 Unrealized +2.2%

BPRE BLUEROCK PVT REAL ESTATE FD 0.0%

Value $2.07M (-44.6%) Shares 124,596 (-50.0%) Est. Cost $15.00 Unrealized —

MFIC MIDCAP FINANCIAL INVSTMNT CO 0.3%

Value $26.4M (-3.4%) Shares 2,348,747 (-1.7%) Est. Cost $6.53 Unrealized +72.6%

EXR EXTRA SPACE STORAGE INC 0.5%

Value $37.57M (-1.8%) Shares 286,510 (-2.5%) Est. Cost $135.01 Unrealized -3.0%

OHI OMEGA HEALTHCARE INVS INC 0.2%

Value $15.65M (-2.3%) Shares 357,078 (-1.1%) Est. Cost $44.34 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	ECHOSTAR CORP	230,885,639 (-51.2%)	$827M (-47.8%)	10.9%	$1.83	—	NOTE 3.875%11/3	278768AB2
NVDA	NVIDIA CORPORATION	1,000,000 (-50.5%)	$174M (-53.7%)	2.3%	$186.38	+0.1%	PUT	67066G104
SATS	ECHOSTAR CORP	1,884,465 (-23.5%)	$221M (-17.6%)	2.9%	$45.27	+157.0%	CL A	278768106
SMH	VANECK ETF TRUST	2,000,000 (-9.1%)	$767M (-3.2%)	10.1%	—	—	PUT	92189F676
KMX	CARMAX INC	4,144,741 (-17.9%)	$172M (-11.6%)	2.3%	$39.99	+12.2%	COM	143130102
UNIT	UNITI GROUP LLC	9,271,714 (-3.4%)	$86.97M (+29.3%)	1.1%	$7.16	+8.5%	COM SHS	912932100
UDR	UDR INC	754,130 (-14.8%)	$25.47M (-21.6%)	0.3%	$35.52	+3.3%	COM	902653104
CPT	CAMDEN PPTY TR	245,410 (-3.3%)	$23.97M (-14.2%)	0.3%	$103.14	+6.8%	SH BEN INT	133131102
CYH	COMMUNITY HEALTH SYS INC NEW	11,489,316 (-3.0%)	$33.78M (-8.5%)	0.4%	$3.48	-5.5%	COM	203668108
BXP	BXP INC	140,410 (-8.0%)	$7.287M (-29.2%)	0.1%	$70.38	-3.6%	COM	101121101
CUZ	COUSINS PPTYS INC	503,863 (-9.0%)	$11.37M (-20.3%)	0.1%	$25.78	—	COM NEW	222795502
SGHT	SIGHT SCIENCES INC	335,000 (-34.4%)	$1.263M (-68.8%)	0.0%	$11.10	-44.1%	COM	82657M105
MNKD	MANNKIND CORP	484,016 (-27.1%)	$1.186M (-68.5%)	0.0%	$4.76	+17.0%	COM NEW	56400P706
ESS	ESSEX PPTY TR INC	48,060 (-8.6%)	$11.63M (-15.5%)	0.2%	$256.27	+0.2%	COM	297178105
EQR	EQUITY RESIDENTIAL	222,720 (-7.7%)	$13.17M (-13.4%)	0.2%	$60.67	+2.2%	SH BEN INT	29476L107
BPRE	BLUEROCK PVT REAL ESTATE FD	124,596 (-50.0%)	$2.07M (-44.6%)	0.0%	$15.00	—	COM	09631P102
MFIC	MIDCAP FINANCIAL INVSTMNT CO	2,348,747 (-1.7%)	$26.4M (-3.4%)	0.3%	$6.53	+72.6%	COM NEW	03761U502
EXR	EXTRA SPACE STORAGE INC	286,510 (-2.5%)	$37.57M (-1.8%)	0.5%	$135.01	-3.0%	COM	30225T102
OHI	OMEGA HEALTHCARE INVS INC	357,078 (-1.1%)	$15.65M (-2.3%)	0.2%	$44.34	—	COM	681936100

Unchanged Positions (35)

AERO GRUPO AEROMEXICO SAB DE CV 5.1%

Value $385M Shares 27,505,017 Est. Cost $21.96 Unrealized —

ADT ADT INC DEL 8.8%

Value $670M Shares 102,000,366 Est. Cost $8.42 Unrealized -4.8%

HGV HILTON GRAND VACATIONS INC 9.4%

Value $714M Shares 18,245,825 Est. Cost $42.35 Unrealized +10.2%

GBTG GLOBAL BUSINESS TRAVEL GROUP 1.7%

Value $128M Shares 22,884,991 Est. Cost $6.20 Unrealized +6.4%

PXED PHOENIX ED PARTNERS INC 10.3%

Value $783M Shares 24,901,319 Est. Cost $33.28 Unrealized -9.6%

TDAY USA TODAY CO INC 1.1%

Value $85.51M Shares 12,128,756 Est. Cost $2.30 Unrealized +157.3%

CNXC CONCENTRIX CORP 0.3%

Value $22.7M Shares 829,700 Est. Cost — Unrealized —

IRM IRON MTN INC DEL 0.4%

Value $27.12M Shares 265,539 Est. Cost $92.78 Unrealized -10.3%

KIM KIMCO REALTY CORP 0.4%

Value $27.91M Shares 1,242,255 Est. Cost $20.57 Unrealized -2.5%

BRX BRIXMOR PPTY GROUP INC 0.4%

Value $29.5M Shares 1,024,300 Est. Cost $26.22 Unrealized —

O REALTY INCOME CORP 0.4%

Value $31.13M Shares 508,760 Est. Cost $57.36 Unrealized -0.1%

OPTU OPTIMUM COMMUNICATIONS INC 0.1%

Value $7.936M Shares 6,104,649 Est. Cost $2.51 Unrealized -33.1%

SABR SABRE CORP 0.3%

Value $20.88M Shares 14,400,819 Est. Cost $11.34 Unrealized -89.5%

RXT RACKSPACE TECHNOLOGY INC 1.7%

Value $127M Shares 129,609,000 Est. Cost $18.30 Unrealized -95.3%

HST HOST HOTELS & RESORTS INC 0.2%

Value $15.37M Shares 802,070 Est. Cost $16.93 Unrealized +7.3%

ARI APOLLO COML REAL ESTATE FIN 0.1%

Value $7.028M Shares 665,573 Est. Cost $10.26 Unrealized —

KRG KITE REALTY GROUP TRUST 0.2%

Value $18.86M Shares 768,330 Est. Cost $23.97 Unrealized —

COLD AMERICOLD REALTY TRUST INC 0.0%

Value $2.61M Shares 227,720 Est. Cost $12.86 Unrealized —

MXCT MAXCYTE INC 0.0%

Value $216K Shares 307,987 Est. Cost $12.95 Unrealized -92.0%

SPG SIMON PPTY GROUP INC NEW 0.4%

Value $31.52M Shares 169,000 Est. Cost $179.99 Unrealized +2.2%

CION CION INVT CORP 0.0%

Value $433K Shares 63,262 Est. Cost $5.96 Unrealized +51.2%

AEVA AEVA TECHNOLOGIES INC 0.2%

Value $18.3M Shares 1,390,725 Est. Cost $14.92 Unrealized +0.7%

CCLD CARECLOUD INC 0.0%

Value $766K Shares 209,844 Est. Cost $8.31 Unrealized -67.7%

SATLW SATELLOGIC INC 0.0%

Value $177K Shares 147,784 Est. Cost $0.43 Unrealized —

SPSC SPS COMM INC 0.0%

Value $186K Shares 3,349 Est. Cost $128.56 Unrealized -37.9%

JAAA JANUS DETROIT STR TR 0.3%

Value $25.18M Shares 500,000 Est. Cost $50.58 Unrealized —

NAMMW NAMIB MINERALS 0.0%

Value $184K Shares 1,364,262 Est. Cost $0.17 Unrealized —

RAIN RAIN ENHANCEMENT TECHNOLOGIE 0.0%

Value $60,884 Shares 23,970 Est. Cost $3.17 Unrealized -7.3%

TKNO ALPHA TEKNOVA INC 0.0%

Value $188K Shares 65,036 Est. Cost $6.96 Unrealized -58.2%

AHR AMERICAN HEALTHCARE REIT INC 0.2%

Value $13.27M Shares 281,320 Est. Cost $47.06 Unrealized —

RAINW RAIN ENHANCEMENT TECHNOLOGIE 0.0%

Value $45,449 Shares 217,457 Est. Cost $0.09 Unrealized —

BNAIW BRAND ENGAGEMENT NETWORK INC 0.0%

Value $4,717 Shares 18,143 Est. Cost $0.12 Unrealized —

FBYDW FALCONS BEYOND GLOBAL INC 0.0%

Value $23,498 Shares 12,433 Est. Cost $0.75 Unrealized —

CLDI CALIDI BIOTHERAPEUTICS INC 0.0%

Value $249 Shares 1,042 Est. Cost $4.25 Unrealized -77.4%

ATER ATERIAN INC 0.0%

Value $1,304 Shares 2,276 Est. Cost $4.26 Unrealized -83.5%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
AERO	GRUPO AEROMEXICO SAB DE CV	27,505,017	$385M	5.1%	$21.96	—	SPONSORED ADS	40054J109
ADT	ADT INC DEL	102,000,366	$670M	8.8%	$8.42	-4.8%	COM	00090Q103
HGV	HILTON GRAND VACATIONS INC	18,245,825	$714M	9.4%	$42.35	+10.2%	COM	43283X105
GBTG	GLOBAL BUSINESS TRAVEL GROUP	22,884,991	$128M	1.7%	$6.20	+6.4%	COM CL A	37890B100
PXED	PHOENIX ED PARTNERS INC	24,901,319	$783M	10.3%	$33.28	-9.6%	COM	718968100
TDAY	USA TODAY CO INC	12,128,756	$85.51M	1.1%	$2.30	+157.3%	COM	36472T109
CNXC	CONCENTRIX CORP	829,700	$22.7M	0.3%	—	—	PUT	20602D101
IRM	IRON MTN INC DEL	265,539	$27.12M	0.4%	$92.78	-10.3%	COM	46284V101
KIM	KIMCO REALTY CORP	1,242,255	$27.91M	0.4%	$20.57	-2.5%	COM	49446R109
BRX	BRIXMOR PPTY GROUP INC	1,024,300	$29.5M	0.4%	$26.22	—	COM	11120U105
O	REALTY INCOME CORP	508,760	$31.13M	0.4%	$57.36	-0.1%	COM	756109104
OPTU	OPTIMUM COMMUNICATIONS INC	6,104,649	$7.936M	0.1%	$2.51	-33.1%	CL A	02156K103
SABR	SABRE CORP	14,400,819	$20.88M	0.3%	$11.34	-89.5%	COM	78573M104
RXT	RACKSPACE TECHNOLOGY INC	129,609,000	$127M	1.7%	$18.30	-95.3%	COM	750102105
HST	HOST HOTELS & RESORTS INC	802,070	$15.37M	0.2%	$16.93	+7.3%	COM	44107P104
ARI	APOLLO COML REAL ESTATE FIN	665,573	$7.028M	0.1%	$10.26	—	COM	03762U105
KRG	KITE REALTY GROUP TRUST	768,330	$18.86M	0.2%	$23.97	—	COM NEW	49803T300
COLD	AMERICOLD REALTY TRUST INC	227,720	$2.61M	0.0%	$12.86	—	COM	03064D108
MXCT	MAXCYTE INC	307,987	$216K	0.0%	$12.95	-92.0%	COM	57777K106
SPG	SIMON PPTY GROUP INC NEW	169,000	$31.52M	0.4%	$179.99	+2.2%	COM	828806109
CION	CION INVT CORP	63,262	$433K	0.0%	$5.96	+51.2%	COM	17259U204
AEVA	AEVA TECHNOLOGIES INC	1,390,725	$18.3M	0.2%	$14.92	+0.7%	COM NEW	00835Q202
CCLD	CARECLOUD INC	209,844	$766K	0.0%	$8.31	-67.7%	COM	14167R100
SATLW	SATELLOGIC INC	147,784	$177K	0.0%	$0.43	—	*W EXP 01/25/202	80401C118
SPSC	SPS COMM INC	3,349	$186K	0.0%	$128.56	-37.9%	COM	78463M107
JAAA	JANUS DETROIT STR TR	500,000	$25.18M	0.3%	$50.58	—	HENDRSON AAA CL	47103U845
NAMMW	NAMIB MINERALS	1,364,262	$184K	0.0%	$0.17	—	*W EXP 06/05/203	G63638111
RAIN	RAIN ENHANCEMENT TECHNOLOGIE	23,970	$60,884	0.0%	$3.17	-7.3%	CL A	75080J103
TKNO	ALPHA TEKNOVA INC	65,036	$188K	0.0%	$6.96	-58.2%	COM	02080L102
AHR	AMERICAN HEALTHCARE REIT INC	281,320	$13.27M	0.2%	$47.06	—	COM SHS	398182303
RAINW	RAIN ENHANCEMENT TECHNOLOGIE	217,457	$45,449	0.0%	$0.09	—	*W EXP 12/31/202	75080J111
BNAIW	BRAND ENGAGEMENT NETWORK INC	18,143	$4,717	0.0%	$0.12	—	*W EXP 03/14/202	104932116
FBYDW	FALCONS BEYOND GLOBAL INC	12,433	$23,498	0.0%	$0.75	—	*W EXP 10/06/202	306121112
CLDI	CALIDI BIOTHERAPEUTICS INC	1,042	$249	0.0%	$4.25	-77.4%	COM	320703408
ATER	ATERIAN INC	2,276	$1,304	0.0%	$4.26	-83.5%	COM NEW	02156U200