Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
WBD	WARNER BROS DISCOVERY INC	389,000	$10.37M	6.4%	—	—	COM SER A	934423104
HON	HONEYWELL INTL INC	29,825	$6.678M	4.1%	—	—	COM	438516205
HONA	HONEYWELL AEROSPACE INC	29,825	$6.594M	4.1%	—	—	COM	43849R105
SNDK	SANDISK CORP	2,500	$5.684M	3.5%	—	—	COM	80004C200
MU	MICRON TECHNOLOGY INC	3,475	$4.011M	2.5%	—	—	COM	595112103
FORM	FORMFACTOR INC	24,500	$3.918M	2.4%	—	—	COM	346375108
ASX	ASE TECHNOLOGY HLDG CO LTD	77,500	$3.497M	2.2%	—	—	SPONSORED ADS	00215W100
MCO	MOODYS CORP	1,900	$861K	0.5%	—	—	COM	615369105

Increased Positions (4)

LRCX LAM RESEARCH CORP 8.4%

Value $13.56M (+111.6%) Shares 31,300 (+4.3%) Est. Cost — Unrealized —

OC OWENS CORNING NEW 7.1%

Value $11.45M (+76.3%) Shares 72,000 (+20.0%) Est. Cost — Unrealized —

ECVT ECOVYST INC 3.1%

Value $4.98M (+19.2%) Shares 400,000 (+23.1%) Est. Cost — Unrealized —

AD ARRAY DIGITAL INFRASTRUCTURE 4.6%

Value $7.365M (+4.2%) Shares 203,115 (+32.7%) Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
LRCX	LAM RESEARCH CORP	31,300 (+4.3%)	$13.56M (+111.6%)	8.4%	—	—	COM NEW	512807306
OC	OWENS CORNING NEW	72,000 (+20.0%)	$11.45M (+76.3%)	7.1%	—	—	COM	690742101
ECVT	ECOVYST INC	400,000 (+23.1%)	$4.98M (+19.2%)	3.1%	—	—	COM	27923Q109
AD	ARRAY DIGITAL INFRASTRUCTURE	203,115 (+32.7%)	$7.365M (+4.2%)	4.6%	—	—	COM	911684108

Exited Positions (6)

MSFT MICROSOFT CORP 5.7%

Value $9.254M Shares 25,000 Est. Cost — Unrealized —

META META PLATFORMS INC 5.4%

Value $8.742M Shares 15,280 Est. Cost — Unrealized —

HON HONEYWELL INTL INC 4.9%

Value $7.911M Shares 35,000 Est. Cost — Unrealized —

T AT&T INC 4.6%

Value $7.384M Shares 254,700 Est. Cost — Unrealized —

GLD SPDR GOLD TR 4.0%

Value $6.454M Shares 15,000 Est. Cost — Unrealized —

— GAMCO GLOBAL GOLD NAT RES & 0.1%

Value $96,611 Shares 18,160 Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
MSFT	MICROSOFT CORP	25,000	$9.254M	5.7%	—	—	—	594918104
META	META PLATFORMS INC	15,280	$8.742M	5.4%	—	—	—	30303M102
HON	HONEYWELL INTL INC	35,000	$7.911M	4.9%	—	—	—	438516106
T	AT&T INC	254,700	$7.384M	4.6%	—	—	—	00206R102
GLD	SPDR GOLD TR	15,000	$6.454M	4.0%	—	—	—	78463V107
—	GAMCO GLOBAL GOLD NAT RES &	18,160	$96,611	0.1%	—	—	—	36465A109

Decreased Positions (6)

SATS ECHOSTAR CORP 1.9%

Value $3.045M (-83.2%) Shares 30,000 (-80.6%) Est. Cost — Unrealized —

UBER UBER TECHNOLOGIES INC 1.7%

Value $2.807M (-66.1%) Shares 38,900 (-66.2%) Est. Cost — Unrealized —

SM SM ENERGY COMPANY 1.9%

Value $3.132M (-58.1%) Shares 120,000 (-50.0%) Est. Cost — Unrealized —

OLN OLIN CORP 1.2%

Value $1.982M (-67.5%) Shares 100,000 (-51.2%) Est. Cost — Unrealized —

GOOGL ALPHABET INC 8.6%

Value $13.88M (-20.5%) Shares 38,827 (-36.0%) Est. Cost — Unrealized —

RKT ROCKET COS INC 0.8%

Value $1.317M (-63.0%) Shares 83,600 (-66.6%) Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
SATS	ECHOSTAR CORP	30,000 (-80.6%)	$3.045M (-83.2%)	1.9%	—	—	CL A	278768106
UBER	UBER TECHNOLOGIES INC	38,900 (-66.2%)	$2.807M (-66.1%)	1.7%	—	—	COM	90353T100
SM	SM ENERGY COMPANY	120,000 (-50.0%)	$3.132M (-58.1%)	1.9%	—	—	COM	78454L100
OLN	OLIN CORP	100,000 (-51.2%)	$1.982M (-67.5%)	1.2%	—	—	COM PAR $1	680665205
GOOGL	ALPHABET INC	38,827 (-36.0%)	$13.88M (-20.5%)	8.6%	—	—	CAP STK CL A	02079K305
RKT	ROCKET COS INC	83,600 (-66.6%)	$1.317M (-63.0%)	0.8%	—	—	COM CL A	77311W101

Unchanged Positions (6)

WULF TERAWULF INC 5.5%

Value $8.838M Shares 357,800 Est. Cost — Unrealized —

AMZN AMAZON COM INC 11.9%

Value $19.19M Shares 80,500 Est. Cost — Unrealized —

CSX CSX CORP 7.6%

Value $12.24M Shares 257,500 Est. Cost — Unrealized —

BANC BANC OF CALIFORNIA INC 4.4%

Value $7.157M Shares 350,340 Est. Cost — Unrealized —

FLG FLAGSTAR BANK NATIONAL ASSOC 4.2%

Value $6.723M Shares 450,000 Est. Cost — Unrealized —

GBX GREENBRIER COS INC 1.6%

Value $2.534M Shares 51,709 Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
WULF	TERAWULF INC	357,800	$8.838M	5.5%	—	—	COM	88080T104
AMZN	AMAZON COM INC	80,500	$19.19M	11.9%	—	—	COM	023135106
CSX	CSX CORP	257,500	$12.24M	7.6%	—	—	COM	126408103
BANC	BANC OF CALIFORNIA INC	350,340	$7.157M	4.4%	—	—	COM	05990K106
FLG	FLAGSTAR BANK NATIONAL ASSOC	450,000	$6.723M	4.2%	—	—	COM NEW	649445400
GBX	GREENBRIER COS INC	51,709	$2.534M	1.6%	—	—	COM	393657101