Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
MAIR	MADISON AIR SOLUTIONS CORP	4,150,810	$162M	3.7%	—	—	COM SHS CL A	55658T105
PPL	PPL CORP	3,922,800	$143M	3.3%	—	—	COM	69351T106
MGEE	MGE ENERGY INC	1,000,000	$81.54M	1.9%	—	—	COM	55277P104
NHP	NATIONAL HEALTHCARE PPTYS IN	3,032,511	$44.43M	1.0%	—	—	COM CLASS A	42226B501
DLR	DIGITAL RLTY TR INC	237,500	$42.65M	1.0%	—	—	COM	253868103
MOD	MODINE MFG CO	158,830	$42.41M	1.0%	—	—	COM	607828100
DVN	DEVON ENERGY CORP NEW	880,900	$36.4M	0.8%	—	—	COM	25179M103
MTZ	MASTEC INC	85,000	$35.37M	0.8%	—	—	COM	576323109
AHR	AMERICAN HEALTHCARE REIT INC	565,372	$29.48M	0.7%	—	—	COM SHS	398182303
EROC	EROCK INC	1,891,745	$27.43M	0.6%	—	—	CL A COM	296013105
FRVO	FERVO ENERGY CO	845,000	$24.7M	0.6%	—	—	CL A COM	31556C106
XE	X-ENERGY INC	1,244,674	$22.85M	0.5%	—	—	COM CL A	98386P102
LGN	LEGENCE CORP	247,500	$21.09M	0.5%	—	—	CL A	52476L109
RBC	RBC BEARINGS INC	30,000	$19.32M	0.4%	—	—	COM	75524B104
PRIM	PRIMORIS SVCS CORP	159,500	$15.81M	0.4%	—	—	COM	74164F103
VRT	VERTIV HOLDINGS CO	45,000	$15.07M	0.3%	—	—	COM CL A	92537N108
ETN	EATON CORP PLC	35,000	$14.91M	0.3%	—	—	SHS	G29183103
VG	VENTURE GLOBAL INC	1,315,000	$14.64M	0.3%	—	—	COM CL A	92333F101
GPOR	GULFPORT ENERGY CORP	76,000	$12.9M	0.3%	—	—	COMMON SHARES	402635502
DPC	DPC HOLDINGS PLC	250,000	$12.27M	0.3%	—	—	ORDINARY SHARES	G2R11M108
ARXS	ARXIS INC	250,000	$11.54M	0.3%	—	—	CL A COM	04339D105
IDA	IDACORP INC	75,000	$11.35M	0.3%	—	—	CALL	451107106
LGN	LEGENCE CORP	125,000	$10.65M	0.2%	—	—	PUT	52476L109
AHR	AMERICAN HEALTHCARE REIT INC	200,000	$10.43M	0.2%	—	—	CALL	398182303
NEE	NEXTERA ENERGY INC	109,690	$9.627M	0.2%	—	—	COM	65339F101
PPL	PPL CORP	250,000	$9.088M	0.2%	—	—	CALL	69351T106
FOXA	FOX CORP	122,500	$6.39M	0.1%	—	—	CL A COM	35137L105
SPCX	SPACE EXPLORATION TECHN CORP	35,000	$5.98M	0.1%	—	—	CLASS A COM STK	84615Q103
BXP	BXP INC	87,500	$5.802M	0.1%	—	—	COM	101121101
EXR	EXTRA SPACE STORAGE INC	36,000	$5.231M	0.1%	—	—	COM	30225T102
CNM	CORE & MAIN INC	100,000	$4.825M	0.1%	—	—	CALL	21874C102
DUK	DUKE ENERGY CORP NEW	37,500	$4.747M	0.1%	—	—	CALL	26441C204
QNT	QUANTINUUM INC	58,000	$4.741M	0.1%	—	—	CL A COM	74768A104
OKE	ONEOK INC NEW	50,000	$4.347M	0.1%	—	—	PUT	682680103
BKD	BROOKDALE SR LIVING INC	250,000	$4.022M	0.1%	—	—	PUT	112463104
CDNL	CARDINAL INFRASTRUCTURE GROU	40,000	$3.768M	0.1%	—	—	CL A	14154A102
XRN	CHIRON REAL ESTATE INC	87,500	$3.283M	0.1%	—	—	COM NEW	37954A303
CPT	CAMDEN PPTY TR	22,500	$2.576M	0.1%	—	—	SH BEN INT	133131102
SUI	SUN CMNTYS INC	20,500	$2.458M	0.1%	—	—	COM	866674104
VNO	VORNADO RLTY TR	55,000	$2.162M	0.0%	—	—	SH BEN INT	929042109
AVEX	AEVEX CORP	100,000	$2.089M	0.0%	—	—	COM CL A	00835T107
AVLN	AVALYN PHARMACEUTICALS INC	62,500	$2.058M	0.0%	—	—	COM SHS	05348Y105
RIOT	RIOT PLATFORMS INC	68,500	$1.876M	0.0%	—	—	COM	767292105
MANE	VERADERMICS INC	8,900	$1.094M	0.0%	—	—	COMMON STOCK	922967104
HAWK	HAWKEYE 360 INC	15,000	$303K	0.0%	—	—	COM SHS	420201105
SPTX	SEAPORT THERAPEUTICS INC	10,000	$217K	0.0%	—	—	COMMON STOCK	81221K108

Increased Positions (27)

LNG CHENIERE ENERGY INC 2.6%

Value $112M (+618.2%) Shares 469,000 (+752.7%) Est. Cost — Unrealized —

FPS FORGENT POWER SOLUTIONS INC 2.9%

Value $127M (+122.2%) Shares 2,271,217 (+16.4%) Est. Cost — Unrealized —

PCG PG&E CORP 3.8%

Value $166M (+47.4%) Shares 9,884,115 (+54.0%) Est. Cost — Unrealized —

KGS KODIAK GAS SVCS INC 4.4%

Value $190M (+36.9%) Shares 2,530,838 (+6.3%) Est. Cost — Unrealized —

JAN JANUS LIVING INC 1.4%

Value $61.79M (+355.9%) Shares 2,150,000 (+273.9%) Est. Cost — Unrealized —

PCG PG&E CORP 1.3%

Value $54.66M (+522.3%) Shares 3,250,000 (+550.0%) Est. Cost — Unrealized —

GEV GE VERNOVA INC 1.2%

Value $51.69M (+689.6%) Shares 44,000 (+486.7%) Est. Cost — Unrealized —

PH PARKER-HANNIFIN CORP 1.4%

Value $60.15M (+168.8%) Shares 61,500 (+146.0%) Est. Cost — Unrealized —

KNTK KINETIK HOLDINGS INC 0.9%

Value $40.51M (+528.5%) Shares 838,050 (+529.4%) Est. Cost — Unrealized —

AZO AUTOZONE INC 1.1%

Value $48.42M (+186.7%) Shares 15,150 (+203.0%) Est. Cost — Unrealized —

HESM HESS MIDSTREAM LP 0.9%

Value $37.51M (+221.9%) Shares 997,643 (+232.8%) Est. Cost — Unrealized —

CNM CORE & MAIN INC 1.0%

Value $45.03M (+112.0%) Shares 933,357 (+117.1%) Est. Cost — Unrealized —

WM WASTE MGMT INC DEL 1.2%

Value $50.15M (+89.8%) Shares 225,000 (+95.7%) Est. Cost — Unrealized —

YORW YORK WTR CO 1.0%

Value $43.52M (+95.1%) Shares 1,419,877 (+93.8%) Est. Cost — Unrealized —

ROL ROLLINS INC 0.7%

Value $29.22M (+264.7%) Shares 700,000 (+366.7%) Est. Cost — Unrealized —

WULF TERAWULF INC 0.4%

Value $19.49M (+930.9%) Shares 789,000 (+502.3%) Est. Cost — Unrealized —

SRE SEMPRA 2.0%

Value $85.18M (+25.3%) Shares 918,800 (+31.3%) Est. Cost — Unrealized —

ITT ITT INC 0.6%

Value $25.71M (+169.9%) Shares 130,000 (+160.0%) Est. Cost — Unrealized —

SYY SYSCO CORP 0.5%

Value $20.89M (+266.2%) Shares 250,000 (+212.5%) Est. Cost — Unrealized —

GNRC GENERAC HLDGS INC 0.6%

Value $25.27M (+136.9%) Shares 86,300 (+58.1%) Est. Cost — Unrealized —

GPC GENUINE PARTS CO 0.6%

Value $26.55M (+100.8%) Shares 225,000 (+80.0%) Est. Cost — Unrealized —

PNR PENTAIR PLC 0.7%

Value $28.75M (+65.0%) Shares 375,000 (+87.5%) Est. Cost — Unrealized —

CMI CUMMINS INC 0.6%

Value $24.32M (+80.8%) Shares 34,100 (+36.4%) Est. Cost — Unrealized —

SARO STANDARDAERO INC 0.6%

Value $27.82M (+26.7%) Shares 930,200 (+9.4%) Est. Cost — Unrealized —

AR ANTERO RESOURCES CORP 0.3%

Value $14.06M (+55.9%) Shares 400,000 (+88.2%) Est. Cost — Unrealized —

— KAYNE ANDERSON ENERGY INFRST 0.2%

Value $9.024M (+7.6%) Shares 652,500 (+11.1%) Est. Cost — Unrealized —

NEXT NEXTDECADE CORP 0.0%

Value $1.723M (+5.8%) Shares 228,500 (+7.5%) Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
LNG	CHENIERE ENERGY INC	469,000 (+752.7%)	$112M (+618.2%)	2.6%	—	—	COM NEW	16411R208
FPS	FORGENT POWER SOLUTIONS INC	2,271,217 (+16.4%)	$127M (+122.2%)	2.9%	—	—	COM SHS CL A	34631F102
PCG	PG&E CORP	9,884,115 (+54.0%)	$166M (+47.4%)	3.8%	—	—	COM	69331C108
KGS	KODIAK GAS SVCS INC	2,530,838 (+6.3%)	$190M (+36.9%)	4.4%	—	—	COM	50012A108
JAN	JANUS LIVING INC	2,150,000 (+273.9%)	$61.79M (+355.9%)	1.4%	—	—	CL A-1	471024109
PCG	PG&E CORP	3,250,000 (+550.0%)	$54.66M (+522.3%)	1.3%	—	—	CALL	69331C108
GEV	GE VERNOVA INC	44,000 (+486.7%)	$51.69M (+689.6%)	1.2%	—	—	COM	36828A101
PH	PARKER-HANNIFIN CORP	61,500 (+146.0%)	$60.15M (+168.8%)	1.4%	—	—	COM	701094104
KNTK	KINETIK HOLDINGS INC	838,050 (+529.4%)	$40.51M (+528.5%)	0.9%	—	—	COM NEW CL A	02215L209
AZO	AUTOZONE INC	15,150 (+203.0%)	$48.42M (+186.7%)	1.1%	—	—	COM	053332102
HESM	HESS MIDSTREAM LP	997,643 (+232.8%)	$37.51M (+221.9%)	0.9%	—	—	CL A SHS	428103105
CNM	CORE & MAIN INC	933,357 (+117.1%)	$45.03M (+112.0%)	1.0%	—	—	CL A	21874C102
WM	WASTE MGMT INC DEL	225,000 (+95.7%)	$50.15M (+89.8%)	1.2%	—	—	COM	94106L109
YORW	YORK WTR CO	1,419,877 (+93.8%)	$43.52M (+95.1%)	1.0%	—	—	COM	987184108
ROL	ROLLINS INC	700,000 (+366.7%)	$29.22M (+264.7%)	0.7%	—	—	COM	775711104
WULF	TERAWULF INC	789,000 (+502.3%)	$19.49M (+930.9%)	0.4%	—	—	COM	88080T104
SRE	SEMPRA	918,800 (+31.3%)	$85.18M (+25.3%)	2.0%	—	—	COM	816851109
ITT	ITT INC	130,000 (+160.0%)	$25.71M (+169.9%)	0.6%	—	—	COM	45073V108
SYY	SYSCO CORP	250,000 (+212.5%)	$20.89M (+266.2%)	0.5%	—	—	COM	871829107
GNRC	GENERAC HLDGS INC	86,300 (+58.1%)	$25.27M (+136.9%)	0.6%	—	—	COM	368736104
GPC	GENUINE PARTS CO	225,000 (+80.0%)	$26.55M (+100.8%)	0.6%	—	—	COM	372460105
PNR	PENTAIR PLC	375,000 (+87.5%)	$28.75M (+65.0%)	0.7%	—	—	SHS	G7S00T104
CMI	CUMMINS INC	34,100 (+36.4%)	$24.32M (+80.8%)	0.6%	—	—	COM	231021106
SARO	STANDARDAERO INC	930,200 (+9.4%)	$27.82M (+26.7%)	0.6%	—	—	COM	85423L103
AR	ANTERO RESOURCES CORP	400,000 (+88.2%)	$14.06M (+55.9%)	0.3%	—	—	COM	03674X106
—	KAYNE ANDERSON ENERGY INFRST	652,500 (+11.1%)	$9.024M (+7.6%)	0.2%	—	—	COM	486606106
NEXT	NEXTDECADE CORP	228,500 (+7.5%)	$1.723M (+5.8%)	0.0%	—	—	COM	65342K105

Exited Positions (50)

— TXNM ENERGY INC 2.9%

Value $127M Shares 95,022,000 Est. Cost — Unrealized —

WEC WEC ENERGY GROUP INC 2.2%

Value $96.53M Shares 833,814 Est. Cost — Unrealized —

TXNM TXNM ENERGY INC 2.1%

Value $89.58M Shares 1,532,247 Est. Cost — Unrealized —

KTOS KRATOS DEFENSE & SEC SOLUTIO 1.3%

Value $55.22M Shares 783,148 Est. Cost — Unrealized —

D DOMINION ENERGY INC 0.7%

Value $30.91M Shares 500,000 Est. Cost — Unrealized —

— NEXTERA ENERGY INC 0.7%

Value $30.65M Shares 609,324 Est. Cost — Unrealized —

VSEC VSE CORP 0.7%

Value $29.6M Shares 160,500 Est. Cost — Unrealized —

APH AMPHENOL CORP 0.7%

Value $29.25M Shares 231,500 Est. Cost — Unrealized —

NVT NVENT ELEC PLC 0.6%

Value $27.85M Shares 235,500 Est. Cost — Unrealized —

ALH ALLIANCE LAUNDRY HLDGS INC 0.5%

Value $23.75M Shares 1,145,003 Est. Cost — Unrealized —

HE HAWAIIAN ELEC INDS INC MTN B 0.5%

Value $22.26M Shares 1,500,000 Est. Cost — Unrealized —

CWST CASELLA WASTE SYS INC 0.5%

Value $20.45M Shares 257,694 Est. Cost — Unrealized —

CNP CENTERPOINT ENERGY INC 0.4%

Value $19.14M Shares 443,500 Est. Cost — Unrealized —

ES EVERSOURCE ENERGY 0.4%

Value $17.32M Shares 250,000 Est. Cost — Unrealized —

SM SM ENERGY COMPANY 0.4%

Value $16.6M Shares 532,500 Est. Cost — Unrealized —

HTO H2O AMERICA 0.3%

Value $14.67M Shares 250,000 Est. Cost — Unrealized —

POOL POOL CORP 0.3%

Value $14.16M Shares 70,000 Est. Cost — Unrealized —

CARR CARRIER GLOBAL CORPORATION 0.3%

Value $12.95M Shares 230,000 Est. Cost — Unrealized —

CAT CATERPILLAR INC 0.3%

Value $11.87M Shares 16,750 Est. Cost — Unrealized —

BKH BLACK HILLS CORP 0.2%

Value $8.676M Shares 125,000 Est. Cost — Unrealized —

WBI WATERBRIDGE INFRASTRUCTURE L 0.2%

Value $8.573M Shares 320,000 Est. Cost — Unrealized —

VVX V2X INC 0.2%

Value $8.563M Shares 125,000 Est. Cost — Unrealized —

PWR QUANTA SVCS INC 0.2%

Value $8.235M Shares 15,000 Est. Cost — Unrealized —

EQPT EQUIPMENTSHARE COM INC 0.2%

Value $8.179M Shares 401,500 Est. Cost — Unrealized —

EMA EMERA INC 0.2%

Value $7.796M Shares 150,436 Est. Cost — Unrealized —

INVX INNOVEX INTERNATIONAL INC 0.2%

Value $7.254M Shares 297,425 Est. Cost — Unrealized —

ALM ALMONTY INDS INC 0.2%

Value $6.878M Shares 475,000 Est. Cost — Unrealized —

FVR FRONTVIEW REIT INC 0.2%

Value $6.563M Shares 424,233 Est. Cost — Unrealized —

AVAH AVEANNA HEALTHCARE HLDGS INC 0.1%

Value $4.908M Shares 762,150 Est. Cost — Unrealized —

BOW BOWHEAD SPECIALTY HLDGS INC 0.1%

Value $4.706M Shares 209,800 Est. Cost — Unrealized —

TBN TAMBORAN RES CORP 0.1%

Value $4.573M Shares 91,480 Est. Cost — Unrealized —

PACS PACS GROUP INC 0.1%

Value $4.497M Shares 140,000 Est. Cost — Unrealized —

TTAM TITAN AMER SA 0.1%

Value $3.986M Shares 266,111 Est. Cost — Unrealized —

AAON AAON INC 0.1%

Value $3.724M Shares 45,000 Est. Cost — Unrealized —

KRMN KARMAN HLDGS INC 0.1%

Value $3.202M Shares 40,000 Est. Cost — Unrealized —

LMRI LUMEXA IMAGING HOLDINGS INC 0.1%

Value $2.58M Shares 300,000 Est. Cost — Unrealized —

YSS YORK SPACE SYSTEMS INC 0.1%

Value $2.55M Shares 115,000 Est. Cost — Unrealized —

PSA PUBLIC STORAGE OPER CO 0.0%

Value $1.95M Shares 7,200 Est. Cost — Unrealized —

PICS PICS NV 0.0%

Value $1.306M Shares 125,000 Est. Cost — Unrealized —

FE FIRSTENERGY CORP 0.0%

Value $1.266M Shares 25,000 Est. Cost — Unrealized —

NVDA NVIDIA CORPORATION 0.0%

Value $1.168M Shares 6,700 Est. Cost — Unrealized —

IRON DISC MEDICINE INC 0.0%

Value $1.068M Shares 16,700 Est. Cost — Unrealized —

REXR REXFORD INDL RLTY INC 0.0%

Value $491K Shares 15,000 Est. Cost — Unrealized —

ENB ENBRIDGE INC 0.0%

Value $406K Shares 7,500 Est. Cost — Unrealized —

AKTS AKTIS ONCOLOGY INC 0.0%

Value $268K Shares 15,000 Est. Cost — Unrealized —

BTGO BITGO HOLDINGS INC 0.0%

Value $247K Shares 30,000 Est. Cost — Unrealized —

BOBS BOBS DISC FURNITURE INC 0.0%

Value $235K Shares 20,000 Est. Cost — Unrealized —

KPTI KARYOPHARM THERAPEUTICS INC 0.0%

Value $209K Shares 37,500 Est. Cost — Unrealized —

OFRM ONCE UPON A FARM PBC 0.0%

Value $180K Shares 11,000 Est. Cost — Unrealized —

GAUZ GAUZY LTD 0.0%

Value $76,400 Shares 100,000 Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	TXNM ENERGY INC	95,022,000	$127M	2.9%	—	—	—	69349HAF4
WEC	WEC ENERGY GROUP INC	833,814	$96.53M	2.2%	—	—	—	92939U106
TXNM	TXNM ENERGY INC	1,532,247	$89.58M	2.1%	—	—	—	69349H107
KTOS	KRATOS DEFENSE & SEC SOLUTIO	783,148	$55.22M	1.3%	—	—	—	50077B207
D	DOMINION ENERGY INC	500,000	$30.91M	0.7%	—	—	—	25746U109
—	NEXTERA ENERGY INC	609,324	$30.65M	0.7%	—	—	—	65339F655
VSEC	VSE CORP	160,500	$29.6M	0.7%	—	—	—	918284100
APH	AMPHENOL CORP	231,500	$29.25M	0.7%	—	—	—	032095101
NVT	NVENT ELEC PLC	235,500	$27.85M	0.6%	—	—	—	G6700G107
ALH	ALLIANCE LAUNDRY HLDGS INC	1,145,003	$23.75M	0.5%	—	—	—	01862Q107
HE	HAWAIIAN ELEC INDS INC MTN B	1,500,000	$22.26M	0.5%	—	—	PUT	419870100
CWST	CASELLA WASTE SYS INC	257,694	$20.45M	0.5%	—	—	—	147448104
CNP	CENTERPOINT ENERGY INC	443,500	$19.14M	0.4%	—	—	—	15189T107
ES	EVERSOURCE ENERGY	250,000	$17.32M	0.4%	—	—	CALL	30040W108
SM	SM ENERGY COMPANY	532,500	$16.6M	0.4%	—	—	—	78454L100
HTO	H2O AMERICA	250,000	$14.67M	0.3%	—	—	PUT	784305104
POOL	POOL CORP	70,000	$14.16M	0.3%	—	—	—	73278L105
CARR	CARRIER GLOBAL CORPORATION	230,000	$12.95M	0.3%	—	—	—	14448C104
CAT	CATERPILLAR INC	16,750	$11.87M	0.3%	—	—	—	149123101
BKH	BLACK HILLS CORP	125,000	$8.676M	0.2%	—	—	CALL	092113109
WBI	WATERBRIDGE INFRASTRUCTURE L	320,000	$8.573M	0.2%	—	—	—	940923105
VVX	V2X INC	125,000	$8.563M	0.2%	—	—	—	92242T101
PWR	QUANTA SVCS INC	15,000	$8.235M	0.2%	—	—	—	74762E102
EQPT	EQUIPMENTSHARE COM INC	401,500	$8.179M	0.2%	—	—	—	29445S100
EMA	EMERA INC	150,436	$7.796M	0.2%	—	—	—	290876101
INVX	INNOVEX INTERNATIONAL INC	297,425	$7.254M	0.2%	—	—	—	457651107
ALM	ALMONTY INDS INC	475,000	$6.878M	0.2%	—	—	—	020398707
FVR	FRONTVIEW REIT INC	424,233	$6.563M	0.2%	—	—	—	35922N100
AVAH	AVEANNA HEALTHCARE HLDGS INC	762,150	$4.908M	0.1%	—	—	—	05356F105
BOW	BOWHEAD SPECIALTY HLDGS INC	209,800	$4.706M	0.1%	—	—	—	10240L102
TBN	TAMBORAN RES CORP	91,480	$4.573M	0.1%	—	—	—	87507T101
PACS	PACS GROUP INC	140,000	$4.497M	0.1%	—	—	—	69380Q107
TTAM	TITAN AMER SA	266,111	$3.986M	0.1%	—	—	—	B9151N105
AAON	AAON INC	45,000	$3.724M	0.1%	—	—	—	000360206
KRMN	KARMAN HLDGS INC	40,000	$3.202M	0.1%	—	—	—	485924104
LMRI	LUMEXA IMAGING HOLDINGS INC	300,000	$2.58M	0.1%	—	—	—	550249106
YSS	YORK SPACE SYSTEMS INC	115,000	$2.55M	0.1%	—	—	—	987084100
PSA	PUBLIC STORAGE OPER CO	7,200	$1.95M	0.0%	—	—	—	74460D109
PICS	PICS NV	125,000	$1.306M	0.0%	—	—	—	N69958101
FE	FIRSTENERGY CORP	25,000	$1.266M	0.0%	—	—	—	337932107
NVDA	NVIDIA CORPORATION	6,700	$1.168M	0.0%	—	—	—	67066G104
IRON	DISC MEDICINE INC	16,700	$1.068M	0.0%	—	—	—	254604101
REXR	REXFORD INDL RLTY INC	15,000	$491K	0.0%	—	—	—	76169C100
ENB	ENBRIDGE INC	7,500	$406K	0.0%	—	—	—	29250N105
AKTS	AKTIS ONCOLOGY INC	15,000	$268K	0.0%	—	—	—	01021M104
BTGO	BITGO HOLDINGS INC	30,000	$247K	0.0%	—	—	—	091947101
BOBS	BOBS DISC FURNITURE INC	20,000	$235K	0.0%	—	—	—	09681N106
KPTI	KARYOPHARM THERAPEUTICS INC	37,500	$209K	0.0%	—	—	—	48576U205
OFRM	ONCE UPON A FARM PBC	11,000	$180K	0.0%	—	—	—	68237F108
GAUZ	GAUZY LTD	100,000	$76,400	0.0%	—	—	—	M4757U106

Decreased Positions (37)

ADC AGREE RLTY CORP 3.2%

Value $140M (-43.8%) Shares 1,843,300 (-44.1%) Est. Cost — Unrealized —

ETR ENTERGY CORP NEW 1.2%

Value $51.69M (-50.5%) Shares 450,000 (-51.5%) Est. Cost — Unrealized —

DUK DUKE ENERGY CORP NEW 0.1%

Value $4.747M (-91.7%) Shares 37,500 (-91.4%) Est. Cost — Unrealized —

KMI KINDER MORGAN INC DEL 3.3%

Value $142M (-26.1%) Shares 4,445,100 (-22.5%) Est. Cost — Unrealized —

SWX SOUTHWEST GAS HLDGS INC 0.2%

Value $9.592M (-81.8%) Shares 108,159 (-82.2%) Est. Cost — Unrealized —

ES EVERSOURCE ENERGY 4.5%

Value $195M (-16.0%) Shares 2,691,701 (-19.5%) Est. Cost — Unrealized —

BKH BLACK HILLS CORP 0.3%

Value $14.4M (-72.0%) Shares 193,534 (-73.9%) Est. Cost — Unrealized —

NI NISOURCE INC 4.7%

Value $203M (-15.2%) Shares 4,277,259 (-16.8%) Est. Cost — Unrealized —

IDA IDACORP INC 1.6%

Value $69.68M (-32.7%) Shares 460,562 (-36.4%) Est. Cost — Unrealized —

HTO H2O AMERICA 0.7%

Value $31.21M (-46.9%) Shares 513,500 (-48.7%) Est. Cost — Unrealized —

PNW PINNACLE WEST CAP CORP 0.5%

Value $23.28M (-53.8%) Shares 217,555 (-56.5%) Est. Cost — Unrealized —

TRGP TARGA RES CORP 4.0%

Value $175M (-11.9%) Shares 654,500 (-17.7%) Est. Cost — Unrealized —

GE GE AEROSPACE 0.3%

Value $13.08M (-64.5%) Shares 35,000 (-73.1%) Est. Cost — Unrealized —

VNOM VIPER ENERGY INC 0.3%

Value $12.72M (-64.8%) Shares 300,000 (-61.0%) Est. Cost — Unrealized —

XEL XCEL ENERGY INC 4.3%

Value $187M (-10.7%) Shares 2,323,610 (-11.6%) Est. Cost — Unrealized —

WHR WHIRLPOOL CORP 0.0%

Value $1.281M (-94.5%) Shares 32,500 (-92.5%) Est. Cost — Unrealized —

QXO QXO INC 0.2%

Value $9.158M (-70.1%) Shares 529,980 (-66.4%) Est. Cost — Unrealized —

TDG TRANSDIGM GROUP INC 0.2%

Value $7.932M (-72.6%) Shares 5,955 (-76.2%) Est. Cost — Unrealized —

LOAR LOAR HOLDINGS INC 0.4%

Value $16.12M (-50.8%) Shares 200,000 (-65.1%) Est. Cost — Unrealized —

AERO GRUPO AEROMEXICO SAB DE CV 0.0%

Value $1.08M (-93.7%) Shares 60,000 (-95.1%) Est. Cost — Unrealized —

BKV BKV CORP 1.1%

Value $45.78M (-17.5%) Shares 1,673,167 (-14.0%) Est. Cost — Unrealized —

STC STEWART INFORMATION SVCS COR 0.2%

Value $7.236M (-52.2%) Shares 109,600 (-55.4%) Est. Cost — Unrealized —

USAR USA RARE EARTH INC 0.6%

Value $24.43M (+40.2%) Shares 1,132,220 (-1.7%) Est. Cost — Unrealized —

CRH CRH PLC 0.8%

Value $35.31M (-16.0%) Shares 330,000 (-17.5%) Est. Cost — Unrealized —

CTRE CARETRUST REIT INC 1.4%

Value $59.36M (+9.0%) Shares 1,471,155 (-1.0%) Est. Cost — Unrealized —

FCX FREEPORT MCMORAN INC 0.2%

Value $9.434M (-32.4%) Shares 150,000 (-36.8%) Est. Cost — Unrealized —

VRTS VIRTUS INVT PARTNERS INC 0.2%

Value $7.277M (-35.6%) Shares 50,708 (-39.7%) Est. Cost — Unrealized —

SMA SMARTSTOP SELF STORAG REIT I 0.3%

Value $14.22M (-21.7%) Shares 437,500 (-27.1%) Est. Cost — Unrealized —

BLDR BUILDERS FIRSTSOURCE INC 0.5%

Value $23.49M (-14.2%) Shares 262,500 (-21.1%) Est. Cost — Unrealized —

CR CRANE COMPANY 0.3%

Value $11.15M (-23.3%) Shares 50,000 (-41.2%) Est. Cost — Unrealized —

EME EMCOR GROUP INC 0.5%

Value $22.82M (-11.7%) Shares 27,500 (-21.4%) Est. Cost — Unrealized —

RYAN RYAN SPECIALTY HOLDINGS INC 0.6%

Value $27.38M (-7.3%) Shares 725,000 (-17.1%) Est. Cost — Unrealized —

HUT HUT 8 CORP 0.3%

Value $14.02M (+8.6%) Shares 121,400 (-55.9%) Est. Cost — Unrealized —

CPAY CORPAY INC 0.4%

Value $16.9M (+3.7%) Shares 50,700 (-9.5%) Est. Cost — Unrealized —

PRMB PRIMO BRANDS CORPORATION 0.3%

Value $14.05M (+4.1%) Shares 575,000 (-19.8%) Est. Cost — Unrealized —

ELDN ELEDON PHARMACEUTICALS INC 0.1%

Value $6.291M (+8.9%) Shares 1,596,599 (-14.8%) Est. Cost — Unrealized —

DOC HEALTHPEAK PROPERTIES INC 0.1%

Value $2.675M (+20.3%) Shares 125,000 (-7.6%) Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
ADC	AGREE RLTY CORP	1,843,300 (-44.1%)	$140M (-43.8%)	3.2%	—	—	COM	008492100
ETR	ENTERGY CORP NEW	450,000 (-51.5%)	$51.69M (-50.5%)	1.2%	—	—	COM	29364G103
DUK	DUKE ENERGY CORP NEW	37,500 (-91.4%)	$4.747M (-91.7%)	0.1%	—	—	COM NEW	26441C204
KMI	KINDER MORGAN INC DEL	4,445,100 (-22.5%)	$142M (-26.1%)	3.3%	—	—	COM	49456B101
SWX	SOUTHWEST GAS HLDGS INC	108,159 (-82.2%)	$9.592M (-81.8%)	0.2%	—	—	COM	844895102
ES	EVERSOURCE ENERGY	2,691,701 (-19.5%)	$195M (-16.0%)	4.5%	—	—	COM	30040W108
BKH	BLACK HILLS CORP	193,534 (-73.9%)	$14.4M (-72.0%)	0.3%	—	—	COM	092113109
NI	NISOURCE INC	4,277,259 (-16.8%)	$203M (-15.2%)	4.7%	—	—	COM	65473P105
IDA	IDACORP INC	460,562 (-36.4%)	$69.68M (-32.7%)	1.6%	—	—	COM	451107106
HTO	H2O AMERICA	513,500 (-48.7%)	$31.21M (-46.9%)	0.7%	—	—	COM	784305104
PNW	PINNACLE WEST CAP CORP	217,555 (-56.5%)	$23.28M (-53.8%)	0.5%	—	—	COM	723484101
TRGP	TARGA RES CORP	654,500 (-17.7%)	$175M (-11.9%)	4.0%	—	—	COM	87612G101
GE	GE AEROSPACE	35,000 (-73.1%)	$13.08M (-64.5%)	0.3%	—	—	COM NEW	369604301
VNOM	VIPER ENERGY INC	300,000 (-61.0%)	$12.72M (-64.8%)	0.3%	—	—	CL A	64361Q101
XEL	XCEL ENERGY INC	2,323,610 (-11.6%)	$187M (-10.7%)	4.3%	—	—	COM	98389B100
WHR	WHIRLPOOL CORP	32,500 (-92.5%)	$1.281M (-94.5%)	0.0%	—	—	COM	963320106
QXO	QXO INC	529,980 (-66.4%)	$9.158M (-70.1%)	0.2%	—	—	COM NEW	82846H405
TDG	TRANSDIGM GROUP INC	5,955 (-76.2%)	$7.932M (-72.6%)	0.2%	—	—	COM	893641100
LOAR	LOAR HOLDINGS INC	200,000 (-65.1%)	$16.12M (-50.8%)	0.4%	—	—	COM SHS	53947R105
AERO	GRUPO AEROMEXICO SAB DE CV	60,000 (-95.1%)	$1.08M (-93.7%)	0.0%	—	—	SPONSORED ADS	40054J109
BKV	BKV CORP	1,673,167 (-14.0%)	$45.78M (-17.5%)	1.1%	—	—	COM	05603J108
STC	STEWART INFORMATION SVCS COR	109,600 (-55.4%)	$7.236M (-52.2%)	0.2%	—	—	COM	860372101
USAR	USA RARE EARTH INC	1,132,220 (-1.7%)	$24.43M (+40.2%)	0.6%	—	—	COM	91733P107
CRH	CRH PLC	330,000 (-17.5%)	$35.31M (-16.0%)	0.8%	—	—	ORD	G25508105
CTRE	CARETRUST REIT INC	1,471,155 (-1.0%)	$59.36M (+9.0%)	1.4%	—	—	COM	14174T107
FCX	FREEPORT MCMORAN INC	150,000 (-36.8%)	$9.434M (-32.4%)	0.2%	—	—	CL B	35671D857
VRTS	VIRTUS INVT PARTNERS INC	50,708 (-39.7%)	$7.277M (-35.6%)	0.2%	—	—	COM	92828Q109
SMA	SMARTSTOP SELF STORAG REIT I	437,500 (-27.1%)	$14.22M (-21.7%)	0.3%	—	—	COMMON STOCK	83192D402
BLDR	BUILDERS FIRSTSOURCE INC	262,500 (-21.1%)	$23.49M (-14.2%)	0.5%	—	—	COM	12008R107
CR	CRANE COMPANY	50,000 (-41.2%)	$11.15M (-23.3%)	0.3%	—	—	COMMON STOCK	224408104
EME	EMCOR GROUP INC	27,500 (-21.4%)	$22.82M (-11.7%)	0.5%	—	—	COM	29084Q100
RYAN	RYAN SPECIALTY HOLDINGS INC	725,000 (-17.1%)	$27.38M (-7.3%)	0.6%	—	—	CL A	78351F107
HUT	HUT 8 CORP	121,400 (-55.9%)	$14.02M (+8.6%)	0.3%	—	—	COM	44812J104
CPAY	CORPAY INC	50,700 (-9.5%)	$16.9M (+3.7%)	0.4%	—	—	COM SHS	219948106
PRMB	PRIMO BRANDS CORPORATION	575,000 (-19.8%)	$14.05M (+4.1%)	0.3%	—	—	CLASS A COM SHS	741623102
ELDN	ELEDON PHARMACEUTICALS INC	1,596,599 (-14.8%)	$6.291M (+8.9%)	0.1%	—	—	COM	28617K101
DOC	HEALTHPEAK PROPERTIES INC	125,000 (-7.6%)	$2.675M (+20.3%)	0.1%	—	—	COM	42250P103

Unchanged Positions (11)

WELL WELLTOWER INC 5.9%

Value $255M Shares 1,123,925 Est. Cost — Unrealized —

JRVR JAMES RIV GROUP HOLDINGS INC 0.5%

Value $20.34M Shares 4,623,685 Est. Cost — Unrealized —

AIV APARTMENT INVT & MGMT CO 0.1%

Value $6.022M Shares 2,027,500 Est. Cost — Unrealized —

MSEX MIDDLESEX WTR CO 0.2%

Value $9.935M Shares 176,903 Est. Cost — Unrealized —

NTST NETSTREIT CORP 0.2%

Value $6.667M Shares 315,500 Est. Cost — Unrealized —

— WHIRLPOOL CORP 0.0%

Value $1.753M Shares 50,000 Est. Cost — Unrealized —

CUBE CUBESMART 0.1%

Value $2.684M Shares 67,500 Est. Cost — Unrealized —

FCPT FOUR CORNERS PPTY TR INC 0.1%

Value $4.544M Shares 185,092 Est. Cost — Unrealized —

MSFT MICROSOFT CORP 0.2%

Value $8.02M Shares 21,500 Est. Cost — Unrealized —

— DUFF & PHELPS UTLITY AND INF 0.0%

Value $1.598M Shares 107,700 Est. Cost — Unrealized —

— ALLSPRING UTILITIES AND HIGH 0.0%

Value $1.557M Shares 128,803 Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
WELL	WELLTOWER INC	1,123,925	$255M	5.9%	—	—	COM	95040Q104
JRVR	JAMES RIV GROUP HOLDINGS INC	4,623,685	$20.34M	0.5%	—	—	COM SHS	46990A102
AIV	APARTMENT INVT & MGMT CO	2,027,500	$6.022M	0.1%	—	—	CL A	03748R747
MSEX	MIDDLESEX WTR CO	176,903	$9.935M	0.2%	—	—	COM	596680108
NTST	NETSTREIT CORP	315,500	$6.667M	0.2%	—	—	COM	64119V303
—	WHIRLPOOL CORP	50,000	$1.753M	0.0%	—	—	8.5 DEP SR A CNV	963320205
CUBE	CUBESMART	67,500	$2.684M	0.1%	—	—	COM	229663109
FCPT	FOUR CORNERS PPTY TR INC	185,092	$4.544M	0.1%	—	—	COM	35086T109
MSFT	MICROSOFT CORP	21,500	$8.02M	0.2%	—	—	COM	594918104
—	DUFF & PHELPS UTLITY AND INF	107,700	$1.598M	0.0%	—	—	COM	26433C105
—	ALLSPRING UTILITIES AND HIGH	128,803	$1.557M	0.0%	—	—	WF UTILITIES INC	94987E109