Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
XE	X-ENERGY INC	1,512,339	$27.77M	5.8%	$18.36	—	COM CL A	98386P102
CBZ	CBIZ INC	660,000	$21.17M	4.5%	$32.08	—	COM	124805102
ABVX	ABIVAX SA	122,267	$16.29M	3.4%	$133.26	—	SPONSORED ADS	00370M103
IWM	ISHARES TR	50,000	$15.02M	3.2%	—	—	PUT	464287655
BSX	BOSTON SCIENTIFIC CORP	300,000	$12.8M	2.7%	$42.68	—	COM	101137107
ABVX	ABIVAX SA	66,700	$8.888M	1.9%	$133.26	—	CALL	00370M103
—	GOLAR LNG LTD	7,500,000	$8.543M	1.8%	$1.14	—	NOTE 2.750%12/1	38046YAD3
AZUL	AZUL S A	616,433	$5.542M	1.2%	$8.99	—	SPONSORED ADS	05501U601
GEL	GENESIS ENERGY L P	149,200	$2.114M	0.4%	$13.62	—	CALL	371927104
EQ	EQUILLIUM INC	463,396	$1.483M	0.3%	$3.20	—	COM	29446K106
ZOOZ	ZOOZ STRATEGY LTD	18,666	$103K	0.0%	$5.54	—	ORD SHS	M2573A239

Increased Positions (6)

TLN TALEN ENERGY CORP 22.9%

Value $109M (+143.4%) Shares 283,100 (+102.2%) Est. Cost $368.67 Unrealized —

BUR BURFORD CAPITAL LIMITED 1.9%

Value $9.201M (+2072.9%) Shares 2,244,180 (+2295.5%) Est. Cost $4.42 Unrealized —

OKLO OKLO INC 1.5%

Value $7.326M (+97.0%) Shares 140,000 (+86.7%) Est. Cost — Unrealized —

CAPR CAPRICOR THERAPEUTICS INC 3.1%

Value $14.73M (+23.6%) Shares 611,595 (+56.0%) Est. Cost $13.36 Unrealized —

GDDY GODADDY INC 3.8%

Value $17.97M (+5.1%) Shares 211,720 (+2.3%) Est. Cost $100.22 Unrealized —

GEL GENESIS ENERGY L P 0.4%

Value $1.915M (+13.0%) Shares 135,140 (+42.2%) Est. Cost $13.62 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
TLN	TALEN ENERGY CORP	283,100 (+102.2%)	$109M (+143.4%)	22.9%	$368.67	—	CALL	87422Q109
BUR	BURFORD CAPITAL LIMITED	2,244,180 (+2295.5%)	$9.201M (+2072.9%)	1.9%	$4.42	—	ORD SHS	G17977110
OKLO	OKLO INC	140,000 (+86.7%)	$7.326M (+97.0%)	1.5%	—	—	PUT	02156V109
CAPR	CAPRICOR THERAPEUTICS INC	611,595 (+56.0%)	$14.73M (+23.6%)	3.1%	$13.36	—	COM NEW	14070B309
GDDY	GODADDY INC	211,720 (+2.3%)	$17.97M (+5.1%)	3.8%	$100.22	—	CL A	380237107
GEL	GENESIS ENERGY L P	135,140 (+42.2%)	$1.915M (+13.0%)	0.4%	$13.62	—	UNIT LTD PARTN	371927104

Exited Positions (9)

— SAREPTA THERAPEUTICS INC 4.3%

Value $20.53M Shares 22,245,000 Est. Cost $0.88 Unrealized —

CZR CAESARS ENTERTAINMENT INC NE 2.5%

Value $11.97M Shares 453,069 Est. Cost $22.78 Unrealized —

IGV ISHARES TR 2.2%

Value $10.41M Shares 130,000 Est. Cost $80.05 Unrealized —

ATEX ANTERIX INC 1.4%

Value $6.424M Shares 168,217 Est. Cost $28.06 Unrealized —

ACIC AMERICAN COASTAL INS CORP 1.1%

Value $5.234M Shares 465,287 Est. Cost $10.44 Unrealized —

TLT ISHARES TR 0.9%

Value $4.335M Shares 50,000 Est. Cost — Unrealized —

SMR NUSCALE PWR CORP 0.6%

Value $2.737M Shares 252,500 Est. Cost — Unrealized —

TISI TEAM INC 0.2%

Value $854K Shares 53,579 Est. Cost $14.99 Unrealized —

DNOW DNOW INC 0.1%

Value $685K Shares 57,520 Est. Cost $14.59 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	SAREPTA THERAPEUTICS INC	22,245,000	$20.53M	4.3%	$0.88	—	—	803607AD2
CZR	CAESARS ENTERTAINMENT INC NE	453,069	$11.97M	2.5%	$22.78	—	—	12769G100
IGV	ISHARES TR	130,000	$10.41M	2.2%	$80.05	—	—	464287515
ATEX	ANTERIX INC	168,217	$6.424M	1.4%	$28.06	—	—	03676C100
ACIC	AMERICAN COASTAL INS CORP	465,287	$5.234M	1.1%	$10.44	—	—	910710102
TLT	ISHARES TR	50,000	$4.335M	0.9%	—	—	CALL	464287432
SMR	NUSCALE PWR CORP	252,500	$2.737M	0.6%	—	—	PUT	67079K100
TISI	TEAM INC	53,579	$854K	0.2%	$14.99	—	—	878155308
DNOW	DNOW INC	57,520	$685K	0.1%	$14.59	—	—	67011P100

Decreased Positions (7)

— RIOT PLATFORMS INC 4.0%

Value $19.1M (+44.2%) Shares 9,500,000 (-17.4%) Est. Cost $1.13 Unrealized —

MCY MERCURY GENL CORP NEW 7.5%

Value $35.6M (+14.0%) Shares 333,900 (-5.8%) Est. Cost $55.40 Unrealized —

TLN TALEN ENERGY CORP 8.3%

Value $39.39M (+10.0%) Shares 102,507 (-8.6%) Est. Cost $368.67 Unrealized —

MAGN MAGNERA CORP 2.7%

Value $12.94M (+12.7%) Shares 1,101,476 (-8.8%) Est. Cost $14.15 Unrealized —

MCY MERCURY GENL CORP NEW 10.8%

Value $51.46M (-1.8%) Shares 482,663 (-18.8%) Est. Cost $55.40 Unrealized —

OWL BLUE OWL CAPITAL INC 1.8%

Value $8.426M (-9.2%) Shares 962,954 (-5.2%) Est. Cost $13.73 Unrealized —

MSDL MORGAN STANLEY DIRECT LENDIN 1.5%

Value $7.19M (-10.5%) Shares 475,537 (-17.4%) Est. Cost $16.03 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	RIOT PLATFORMS INC	9,500,000 (-17.4%)	$19.1M (+44.2%)	4.0%	$1.13	—	NOTE 0.750% 1/1	767292AB1
MCY	MERCURY GENL CORP NEW	333,900 (-5.8%)	$35.6M (+14.0%)	7.5%	$55.40	—	CALL	589400100
TLN	TALEN ENERGY CORP	102,507 (-8.6%)	$39.39M (+10.0%)	8.3%	$368.67	—	COM	87422Q109
MAGN	MAGNERA CORP	1,101,476 (-8.8%)	$12.94M (+12.7%)	2.7%	$14.15	—	COM SHS	55939A107
MCY	MERCURY GENL CORP NEW	482,663 (-18.8%)	$51.46M (-1.8%)	10.8%	$55.40	—	COM	589400100
OWL	BLUE OWL CAPITAL INC	962,954 (-5.2%)	$8.426M (-9.2%)	1.8%	$13.73	—	COM CL A	09581B103
MSDL	MORGAN STANLEY DIRECT LENDIN	475,537 (-17.4%)	$7.19M (-10.5%)	1.5%	$16.03	—	COM SHS	61774A103

Unchanged Positions (3)

GLNG GOLAR LNG LTD 2.6%

Value $12.37M Shares 248,100 Est. Cost $41.31 Unrealized —

GDDY GODADDY INC 1.8%

Value $8.488M Shares 100,000 Est. Cost $100.22 Unrealized —

UTHR UNITED THERAPEUTICS CORP DEL 0.1%

Value $302K Shares 558 Est. Cost $336.31 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
GLNG	GOLAR LNG LTD	248,100	$12.37M	2.6%	$41.31	—	SHS	G9456A100
GDDY	GODADDY INC	100,000	$8.488M	1.8%	$100.22	—	CALL	380237107
UTHR	UNITED THERAPEUTICS CORP DEL	558	$302K	0.1%	$336.31	—	COM	91307C102