Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
LPG	DORIAN LPG LTD	212,884	$7.404M	1.6%	$34.78	—	SHS USD	Y2106R110
JBS	JBS N.V.	550,000	$6.518M	1.4%	$11.85	—	CL A SHS	N4732M103
EE	EXCELERATE ENERGY INC	149,294	$5.672M	1.2%	$37.99	—	CL A COM	30069T101
DK	DELEK US HLDGS INC NEW	85,002	$4.319M	0.9%	$50.81	—	COM	24665A103
WES	WESTERN MIDSTREAM PARTNERS L	66,000	$2.888M	0.6%	$43.76	—	COM UNIT LP INT	958669103
OCANF	OCEANAGOLD CORP	104,000	$2.604M	0.6%	$25.04	—	COM NEW A	675222400
TSM	TAIWAN SEMICONDUCTOR MANUFAC	5,216	$2.491M	0.5%	$477.57	—	SPONSORED ADS	874039100
BP	BP PLC	62,800	$2.32M	0.5%	$36.95	—	SPONSORED ADR	055622104
FNV	FRANCO NEV CORP	10,000	$2.084M	0.4%	$208.44	—	COM	351858105
MU	MICRON TECHNOLOGY INC	1,403	$1.619M	0.3%	$1154.29	—	COM	595112103
SBLK	STAR BULK CARRIERS CORP.	60,000	$1.498M	0.3%	$22.35	—	PUT	Y8162K204
CSTM	CONSTELLIUM SE	32,700	$1.042M	0.2%	$31.87	—	CL A SHS	F21107101
MAS	MASCO CORP	12,500	$1.017M	0.2%	$81.37	—	COM	574599106
RTX	RTX CORPORATION	5,000	$949K	0.2%	$189.73	—	COM	75513E101
HEI	HEICO CORP NEW	2,500	$890K	0.2%	$356.19	—	COM	422806109
XOP	SPDR SERIES TRUST ⚠	5,000	$857K	0.2%	$171.41	—	SP O&G EXPL PRO	78468R556
TOL	TOLL BROTHERS INC	5,000	$824K	0.2%	$164.75	—	COM	889478103
ITW	ILLINOIS TOOL WKS INC	3,000	$811K	0.2%	$270.47	—	COM	452308109
AMAT	APPLIED MATLS INC	1,070	$774K	0.2%	$723.00	—	COM	038222105
APMCU	AMPERCAP ACQUISITION CO	75,000	$750K	0.2%	$10.00	—	UNIT 05/22/2031 A	G0344N123
TT	TRANE TECHNOLOGIES PLC	1,500	$737K	0.2%	$491.16	—	SHS	G8994E103
CARR	CARRIER GLOBAL CORPORATION	10,000	$734K	0.2%	$73.35	—	COM	14448C104
AMRC	AMERESCO INC	25,000	$690K	0.1%	$27.60	—	CL A	02361E108
PPG	PPG INDS INC	5,000	$606K	0.1%	$121.29	—	COM	693506107
AMZN	AMAZON COM INC	2,425	$578K	0.1%	$238.34	—	COM	023135106
WPM	WHEATON PRECIOUS METALS CORP	5,000	$562K	0.1%	$112.32	—	COM	962879102
PUMP	PROPETRO HLDG CORP	38,700	$555K	0.1%	$14.34	—	COM	74347M108
WCN	WASTE CONNECTIONS INC	3,000	$500K	0.1%	$166.69	—	COM	94106B101
FRO	FRONTLINE PLC	3,000	$465K	0.1%	—	—	PUT	M46528101
CENX	CENTURY ALUM CO	1,000	$465K	0.1%	$17.57	—	CALL	156431108
JBHT	HUNT J B TRANS SVCS INC	1,500	$434K	0.1%	$289.43	—	COM	445658107
FBIN	FORTUNE BRANDS INNOVATIONS I	7,500	$412K	0.1%	$54.90	—	COM	34964C106
KNX	KNIGHT-SWIFT TRANSN HLDGS IN	5,000	$389K	0.1%	$77.87	—	CL A	499049104
JHX	JAMES HARDIE INDS PLC	12,642	$334K	0.1%	$26.43	—	ORD SHS	G4253H101
AWI	ARMSTRONG WORLD INDS INC NEW	2,000	$321K	0.1%	$160.42	—	COM	04247X102
CLH	CLEAN HARBORS INC	1,000	$299K	0.1%	$298.75	—	COM	184496107
KEYS	KEYSIGHT TECHNOLOGIES INC	784	$274K	0.1%	$350.07	—	COM	49338L103
SOXX	ISHARES TR	400	$256K	0.1%	$640.76	—	ISHARES SEMICDTR	464287523
TXN	TEXAS INSTRS INC	700	$209K	0.0%	$298.07	—	COM	882508104
XIFR	XPLR INFRASTRUCTURE LP	14,928	$176K	0.0%	$11.81	—	COM UNIT PART IN	65341B106
EQIX	EQUINIX INC	150	$156K	0.0%	$1042.39	—	COM	29444U700
LRCX	LAM RESEARCH CORP	225	$97,499	0.0%	$433.33	—	COM NEW	512807306
DT	DYNATRACE INC	2,000	$87,820	0.0%	$43.91	—	COM NEW	268150109
BTG	B2GOLD CORP	15,000	$75,000	0.0%	—	—	CALL	11777Q209
INTC	INTEL CORP	500	$69,815	0.0%	$139.63	—	COM	458140100
RIOT	RIOT PLATFORMS INC	2,500	$68,450	0.0%	$27.38	—	COM	767292105
WULF	TERAWULF INC	2,500	$61,750	0.0%	$24.70	—	COM	88080T104
MRVL	MARVELL TECHNOLOGY INC	200	$59,578	0.0%	$297.89	—	COM	573874104
HUT	HUT 8 CORP	500	$57,723	0.0%	$115.45	—	COM	44812J104
SID	COMPANHIA SIDERURGICA NACION	10,000	$25,000	0.0%	$2.50	—	CALL	20440W105
GCL	GCL GLOBAL HLDGS LTD ⚠	325,564	$0	0.0%	—	—	*W EXP 02/13/203	G3777K103

Increased Positions (33)

DVN DEVON ENERGY CORP NEW 8.3%

Value $38.73M (+78.9%) Shares 937,437 (+117.8%) Est. Cost $40.45 Unrealized —

DAR DARLING INGREDIENTS INC 3.7%

Value $17.21M (+2681.8%) Shares 315,000 (+3050.0%) Est. Cost $54.32 Unrealized —

NRG NRG ENERGY INC 3.3%

Value $15.69M (+133.4%) Shares 107,400 (+133.5%) Est. Cost $151.38 Unrealized —

TNK TEEKAY TANKERS LTD 4.5%

Value $20.88M (+53.5%) Shares 321,844 (+73.5%) Est. Cost $54.25 Unrealized —

L LOEWS CORP 3.0%

Value $14.14M (+42.7%) Shares 124,907 (+34.5%) Est. Cost $99.56 Unrealized —

BTE BAYTEX ENERGY CORP 1.8%

Value $8.618M (+92.8%) Shares 2,150,000 (+115.0%) Est. Cost $3.44 Unrealized —

CNR CORE NATURAL RESOURCES INC 3.1%

Value $14.56M (+32.6%) Shares 181,977 (+73.6%) Est. Cost $87.38 Unrealized —

OVV OVINTIV INC 6.5%

Value $30.28M (+12.8%) Shares 575,287 (+27.2%) Est. Cost $41.73 Unrealized —

BG BUNGE GLOBAL SA 1.1%

Value $5.277M (+144.1%) Shares 49,447 (+190.9%) Est. Cost $97.78 Unrealized —

HDSN HUDSON TECHNOLOGIES INC 5.4%

Value $25.32M (+13.3%) Shares 4,411,889 (+16.1%) Est. Cost $5.95 Unrealized —

ET ENERGY TRANSFER L P 1.1%

Value $4.971M (+71.7%) Shares 260,000 (+73.3%) Est. Cost $19.22 Unrealized —

KNOP KNOT OFFSHORE PARTNERS LP 0.5%

Value $2.384M (+550.2%) Shares 238,914 (+556.7%) Est. Cost $10.05 Unrealized —

PDS PRECISION DRILLING CORP 2.1%

Value $9.974M (+22.9%) Shares 130,000 (+57.6%) Est. Cost $61.31 Unrealized —

SPY STATE STR SPDR S&P 500 ETF T 2.2%

Value $10.28M (+18.3%) Shares 13,760 (+3.0%) Est. Cost $653.14 Unrealized —

ASC ARDMORE SHIPPING CORP 2.0%

Value $9.427M (+20.0%) Shares 672,899 (+30.7%) Est. Cost $13.02 Unrealized —

KEX KIRBY CORP 0.6%

Value $2.583M (+143.0%) Shares 19,000 (+137.5%) Est. Cost $131.19 Unrealized —

SSRM SSR MINING IN 0.7%

Value $3.252M (+84.4%) Shares 115,000 (+91.7%) Est. Cost $26.81 Unrealized —

HBM HUDBAY MINERALS INC 0.4%

Value $1.871M (+346.9%) Shares 79,263 (+296.3%) Est. Cost $20.54 Unrealized —

GPRE GREEN PLAINS INC 0.3%

Value $1.599M (+322.5%) Shares 103,940 (+351.9%) Est. Cost $13.92 Unrealized —

NEWP NEW PAC METALS CORP 0.6%

Value $2.596M (+87.4%) Shares 643,210 (+92.6%) Est. Cost $3.96 Unrealized —

SHMD SCHMID GROUP N.V. 1.6%

Value $7.384M (+13.7%) Shares 1,342,500 (+8.5%) Est. Cost $4.89 Unrealized —

TAC TRANSALTA CORP 0.4%

Value $2.073M (+57.7%) Shares 150,000 (+50.0%) Est. Cost $13.22 Unrealized —

SDRL SEADRILL LTD 0.9%

Value $4.21M (-13.8%) Shares 111,317 (+3.7%) Est. Cost $38.93 Unrealized —

GOOG ALPHABET INC 0.2%

Value $796K (+362.7%) Shares 2,254 (+275.7%) Est. Cost $345.43 Unrealized —

MEOH METHANEX CORP 2.6%

Value $12.18M (-4.8%) Shares 263,859 (+22.8%) Est. Cost $47.21 Unrealized —

DCH DAUCH CORP 0.3%

Value $1.479M (+55.9%) Shares 272,856 (+70.5%) Est. Cost $6.76 Unrealized —

MT ARCELORMITTAL SA LUXEMBOURG 0.4%

Value $1.902M (+31.9%) Shares 31,576 (+13.9%) Est. Cost $51.92 Unrealized —

KGS KODIAK GAS SVCS INC 0.2%

Value $721K (+106.1%) Shares 9,600 (+60.0%) Est. Cost $55.37 Unrealized —

SLSR SOLARIS RES INC 0.1%

Value $641K (+112.3%) Shares 76,300 (+118.0%) Est. Cost $8.86 Unrealized —

CF CF INDUSTRIES HOLD 0.3%

Value $1.299M (+33.4%) Shares 12,000 (+60.0%) Est. Cost $96.89 Unrealized —

ODFL OLD DOMINION FREIGHT LINE IN 0.1%

Value $325K (+23.2%) Shares 1,500 (+11.1%) Est. Cost $186.44 Unrealized —

NVGS NAVIGATOR HLDGS LTD 1.0%

Value $4.654M (-0.3%) Shares 249,830 (+3.5%) Est. Cost $18.59 Unrealized —

TEN TSAKOS ENERGY NAVIGATION LTD 0.4%

Value $1.698M (+0.1%) Shares 48,000 (+11.6%) Est. Cost $27.90 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
DVN	DEVON ENERGY CORP NEW	937,437 (+117.8%)	$38.73M (+78.9%)	8.3%	$40.45	—	COM	25179M103
DAR	DARLING INGREDIENTS INC	315,000 (+3050.0%)	$17.21M (+2681.8%)	3.7%	$54.32	—	COM	237266101
NRG	NRG ENERGY INC	107,400 (+133.5%)	$15.69M (+133.4%)	3.3%	$151.38	—	COM NEW	629377508
TNK	TEEKAY TANKERS LTD	321,844 (+73.5%)	$20.88M (+53.5%)	4.5%	$54.25	—	CL A	G8726X106
L	LOEWS CORP	124,907 (+34.5%)	$14.14M (+42.7%)	3.0%	$99.56	—	COM	540424108
BTE	BAYTEX ENERGY CORP	2,150,000 (+115.0%)	$8.618M (+92.8%)	1.8%	$3.44	—	COM	07317Q105
CNR	CORE NATURAL RESOURCES INC	181,977 (+73.6%)	$14.56M (+32.6%)	3.1%	$87.38	—	COM SHS	218937100
OVV	OVINTIV INC	575,287 (+27.2%)	$30.28M (+12.8%)	6.5%	$41.73	—	COM	69047Q102
BG	BUNGE GLOBAL SA	49,447 (+190.9%)	$5.277M (+144.1%)	1.1%	$97.78	—	COM SHS	H11356104
HDSN	HUDSON TECHNOLOGIES INC	4,411,889 (+16.1%)	$25.32M (+13.3%)	5.4%	$5.95	—	COM	444144109
ET	ENERGY TRANSFER L P	260,000 (+73.3%)	$4.971M (+71.7%)	1.1%	$19.22	—	COM UT LTD PTN	29273V100
KNOP	KNOT OFFSHORE PARTNERS LP	238,914 (+556.7%)	$2.384M (+550.2%)	0.5%	$10.05	—	COM UNITS	Y48125101
PDS	PRECISION DRILLING CORP	130,000 (+57.6%)	$9.974M (+22.9%)	2.1%	$61.31	—	COM NEW	74022D407
SPY	STATE STR SPDR S&P 500 ETF T	13,760 (+3.0%)	$10.28M (+18.3%)	2.2%	$653.14	—	TR UNIT	78462F103
ASC	ARDMORE SHIPPING CORP	672,899 (+30.7%)	$9.427M (+20.0%)	2.0%	$13.02	—	COM	Y0207T100
KEX	KIRBY CORP	19,000 (+137.5%)	$2.583M (+143.0%)	0.6%	$131.19	—	COM	497266106
SSRM	SSR MINING IN	115,000 (+91.7%)	$3.252M (+84.4%)	0.7%	$26.81	—	COM	784730103
HBM	HUDBAY MINERALS INC	79,263 (+296.3%)	$1.871M (+346.9%)	0.4%	$20.54	—	COM	443628102
GPRE	GREEN PLAINS INC	103,940 (+351.9%)	$1.599M (+322.5%)	0.3%	$13.92	—	COM	393222104
NEWP	NEW PAC METALS CORP	643,210 (+92.6%)	$2.596M (+87.4%)	0.6%	$3.96	—	COM	64782A107
SHMD	SCHMID GROUP N.V.	1,342,500 (+8.5%)	$7.384M (+13.7%)	1.6%	$4.89	—	EURO SHS CL A	N68722102
TAC	TRANSALTA CORP	150,000 (+50.0%)	$2.073M (+57.7%)	0.4%	$13.22	—	COM	89346D107
SDRL	SEADRILL LTD	111,317 (+3.7%)	$4.21M (-13.8%)	0.9%	$38.93	—	COM	G7997W102
GOOG	ALPHABET INC	2,254 (+275.7%)	$796K (+362.7%)	0.2%	$345.43	—	CAP STK CL C	02079K107
MEOH	METHANEX CORP	263,859 (+22.8%)	$12.18M (-4.8%)	2.6%	$47.21	—	COM	59151K108
DCH	DAUCH CORP	272,856 (+70.5%)	$1.479M (+55.9%)	0.3%	$6.76	—	COM	024061103
MT	ARCELORMITTAL SA LUXEMBOURG	31,576 (+13.9%)	$1.902M (+31.9%)	0.4%	$51.92	—	NY REGISTRY SH	03938L203
KGS	KODIAK GAS SVCS INC	9,600 (+60.0%)	$721K (+106.1%)	0.2%	$55.37	—	COM	50012A108
SLSR	SOLARIS RES INC	76,300 (+118.0%)	$641K (+112.3%)	0.1%	$8.86	—	COM NEW	83419D201
CF	CF INDUSTRIES HOLD	12,000 (+60.0%)	$1.299M (+33.4%)	0.3%	$96.89	—	COM	125269100
ODFL	OLD DOMINION FREIGHT LINE IN	1,500 (+11.1%)	$325K (+23.2%)	0.1%	$186.44	—	COM	679580100
NVGS	NAVIGATOR HLDGS LTD	249,830 (+3.5%)	$4.654M (-0.3%)	1.0%	$18.59	—	SHS	Y62132108
TEN	TSAKOS ENERGY NAVIGATION LTD	48,000 (+11.6%)	$1.698M (+0.1%)	0.4%	$27.90	—	SHS	G9108L173

Exited Positions (53)

OC OWENS CORNING NEW 2.3%

Value $10.68M Shares 98,691 Est. Cost $125.69 Unrealized —

CHRD CHORD ENERGY CORPORATION 1.7%

Value $7.966M Shares 56,031 Est. Cost $96.90 Unrealized —

PR PERMIAN RESOURCES CORP 1.6%

Value $7.293M Shares 342,072 Est. Cost $15.78 Unrealized —

ZIM ZIM INTEGRATED SHIPPING SERV 1.1%

Value $5.27M Shares 200,000 Est. Cost $23.44 Unrealized —

LAFA LAFAYETTE ACQUISITION CORP 1.1%

Value $4.961M Shares 497,563 Est. Cost $9.96 Unrealized —

FANG DIAMONDBACK ENERGY INC 0.9%

Value $4.257M Shares 21,524 Est. Cost $159.83 Unrealized —

SBSW SIBANYE STILLWATER LTD 0.8%

Value $3.902M Shares 316,750 Est. Cost $11.36 Unrealized —

SBLK STAR BULK CARRIERS CORP. 0.7%

Value $3.446M Shares 150,000 Est. Cost $22.35 Unrealized —

CTRA COTERRA ENERGY INC 0.7%

Value $3.303M Shares 94,000 Est. Cost $28.33 Unrealized —

EXE EXPAND ENERGY CORPORATION 0.7%

Value $3.179M Shares 28,959 Est. Cost $94.07 Unrealized —

VNOM VIPER ENERGY INC 0.7%

Value $3.176M Shares 67,599 Est. Cost $40.99 Unrealized —

AA ALCOA CORP 0.7%

Value $3.151M Shares 47,500 Est. Cost $61.09 Unrealized —

DAR DARLING INGREDIENTS INC 0.5%

Value $2.243M Shares 6,500 Est. Cost $54.32 Unrealized —

ADM ARCHER DANIELS MIDLAND CO 0.4%

Value $2.035M Shares 28,000 Est. Cost $65.64 Unrealized —

XLB SELECT SECTOR SPDR TR 0.4%

Value $2.019M Shares 40,400 Est. Cost $49.97 Unrealized —

MPLX MPLX LP 0.4%

Value $1.712M Shares 30,000 Est. Cost $57.07 Unrealized —

STNG SCORPIO TANKERS INC 0.3%

Value $1.389M Shares 18,600 Est. Cost $74.66 Unrealized —

ECVT ECOVYST INC 0.3%

Value $1.244M Shares 96,726 Est. Cost $8.73 Unrealized —

DOW DOW HLDGS INC 0.2%

Value $1.133M Shares 27,200 Est. Cost $29.05 Unrealized —

EWZ ISHARES INC 0.2%

Value $1.049M Shares 27,334 Est. Cost $38.39 Unrealized —

GDX VANECK ETF TRUST 0.2%

Value $918K Shares 10,000 Est. Cost $91.77 Unrealized —

B BARRICK MNG CORP 0.2%

Value $890K Shares 5,000 Est. Cost $34.35 Unrealized —

PAAS PAN AMERN SILVER CORP 0.2%

Value $819K Shares 15,000 Est. Cost $58.40 Unrealized —

SHMDW SCHMID GROUP N.V. 0.2%

Value $813K Shares 542,021 Est. Cost $1.50 Unrealized —

GLD SPDR GOLD TR 0.2%

Value $775K Shares 1,800 Est. Cost $430.29 Unrealized —

COP CONOCOPHILLIPS 0.2%

Value $772K Shares 5,850 Est. Cost $90.02 Unrealized —

EMR EMERSON ELEC CO 0.2%

Value $760K Shares 5,800 Est. Cost $148.47 Unrealized —

GGB GERDAU SA 0.2%

Value $758K Shares 210,000 Est. Cost $3.19 Unrealized —

ETN EATON CORP PLC 0.2%

Value $751K Shares 2,100 Est. Cost $353.63 Unrealized —

DE DEERE & CO 0.2%

Value $732K Shares 1,300 Est. Cost $551.35 Unrealized —

CSX CSX CORP 0.1%

Value $513K Shares 12,500 Est. Cost $38.52 Unrealized —

PCAR PACCAR INC 0.1%

Value $508K Shares 4,400 Est. Cost $122.99 Unrealized —

RSG REPUBLIC SVCS INC 0.1%

Value $504K Shares 2,300 Est. Cost $216.60 Unrealized —

KBH KB HOME 0.1%

Value $497K Shares 9,600 Est. Cost $61.00 Unrealized —

APD AIR PRODUCTS AND CHEMICALS I 0.1%

Value $497K Shares 1,710 Est. Cost $271.49 Unrealized —

HUBB HUBBELL INC 0.1%

Value $491K Shares 1,000 Est. Cost $495.33 Unrealized —

WWD WOODWARD INC 0.1%

Value $487K Shares 1,360 Est. Cost $353.24 Unrealized —

NFGC NEW FOUND GOLD CORP 0.1%

Value $485K Shares 250,000 Est. Cost $2.45 Unrealized —

WM WASTE MGMT INC DEL 0.1%

Value $483K Shares 2,100 Est. Cost $226.07 Unrealized —

OGE OGE ENERGY CORP 0.1%

Value $444K Shares 9,266 Est. Cost $44.45 Unrealized —

MTDR MATADOR RES CO 0.1%

Value $379K Shares 6,000 Est. Cost $48.82 Unrealized —

IEX IDEX CORP 0.1%

Value $265K Shares 1,400 Est. Cost $199.09 Unrealized —

GLW CORNING INC 0.1%

Value $258K Shares 1,900 Est. Cost $111.68 Unrealized —

MTZ MASTEC INC 0.1%

Value $257K Shares 800 Est. Cost $250.19 Unrealized —

FTAI FTAI AVIATION LTD 0.1%

Value $245K Shares 1,000 Est. Cost $270.82 Unrealized —

GM GENERAL MTRS CO 0.1%

Value $238K Shares 3,200 Est. Cost $82.25 Unrealized —

LITE LUMENTUM HLDGS INC 0.0%

Value $232K Shares 330 Est. Cost $467.14 Unrealized —

COPX GLOBAL X FDS 0.0%

Value $213K Shares 2,500 Est. Cost — Unrealized —

NI NISOURCE INC 0.0%

Value $163K Shares 3,500 Est. Cost $43.99 Unrealized —

SID COMPANHIA SIDERURGICA NACION 0.0%

Value $50,000 Shares 20,000 Est. Cost $2.50 Unrealized —

CIEN CIENA CORP 0.0%

Value $38,823 Shares 100 Est. Cost $270.92 Unrealized —

GCLWW GCL GLOBAL HLDGS LTD 0.0%

Value $0 Shares 325,564 Est. Cost — Unrealized —

SCAGW SCAGE FUTURE 0.0%

Value $0 Shares 1,395,348 Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
OC	OWENS CORNING NEW	98,691	$10.68M	2.3%	$125.69	—	—	690742101
CHRD	CHORD ENERGY CORPORATION	56,031	$7.966M	1.7%	$96.90	—	—	674215207
PR	PERMIAN RESOURCES CORP	342,072	$7.293M	1.6%	$15.78	—	—	71424F105
ZIM	ZIM INTEGRATED SHIPPING SERV	200,000	$5.27M	1.1%	$23.44	—	—	M9T951109
LAFA	LAFAYETTE ACQUISITION CORP	497,563	$4.961M	1.1%	$9.96	—	—	G53426105
FANG	DIAMONDBACK ENERGY INC	21,524	$4.257M	0.9%	$159.83	—	—	25278X109
SBSW	SIBANYE STILLWATER LTD	316,750	$3.902M	0.8%	$11.36	—	—	82575P107
SBLK	STAR BULK CARRIERS CORP.	150,000	$3.446M	0.7%	$22.35	—	—	Y8162K204
CTRA	COTERRA ENERGY INC	94,000	$3.303M	0.7%	$28.33	—	—	127097103
EXE	EXPAND ENERGY CORPORATION	28,959	$3.179M	0.7%	$94.07	—	—	165167735
VNOM	VIPER ENERGY INC	67,599	$3.176M	0.7%	$40.99	—	—	64361Q101
AA	ALCOA CORP	47,500	$3.151M	0.7%	$61.09	—	—	013872106
DAR	DARLING INGREDIENTS INC	6,500	$2.243M	0.5%	$54.32	—	CALL	237266101
ADM	ARCHER DANIELS MIDLAND CO	28,000	$2.035M	0.4%	$65.64	—	—	039483102
XLB	SELECT SECTOR SPDR TR	40,400	$2.019M	0.4%	$49.97	—	—	81369Y100
MPLX	MPLX LP	30,000	$1.712M	0.4%	$57.07	—	—	55336V100
STNG	SCORPIO TANKERS INC	18,600	$1.389M	0.3%	$74.66	—	—	Y7542C130
ECVT	ECOVYST INC	96,726	$1.244M	0.3%	$8.73	—	—	27923Q109
DOW	DOW HLDGS INC	27,200	$1.133M	0.2%	$29.05	—	—	260557103
EWZ	ISHARES INC	27,334	$1.049M	0.2%	$38.39	—	—	464286400
GDX	VANECK ETF TRUST	10,000	$918K	0.2%	$91.77	—	—	92189F106
B	BARRICK MNG CORP	5,000	$890K	0.2%	$34.35	—	CALL	06849F108
PAAS	PAN AMERN SILVER CORP	15,000	$819K	0.2%	$58.40	—	—	697900108
SHMDW	SCHMID GROUP N.V.	542,021	$813K	0.2%	$1.50	—	—	N68722110
GLD	SPDR GOLD TR	1,800	$775K	0.2%	$430.29	—	—	78463V107
COP	CONOCOPHILLIPS	5,850	$772K	0.2%	$90.02	—	—	20825C104
EMR	EMERSON ELEC CO	5,800	$760K	0.2%	$148.47	—	—	291011104
GGB	GERDAU SA	210,000	$758K	0.2%	$3.19	—	—	373737105
ETN	EATON CORP PLC	2,100	$751K	0.2%	$353.63	—	—	G29183103
DE	DEERE & CO	1,300	$732K	0.2%	$551.35	—	—	244199105
CSX	CSX CORP	12,500	$513K	0.1%	$38.52	—	—	126408103
PCAR	PACCAR INC	4,400	$508K	0.1%	$122.99	—	—	693718108
RSG	REPUBLIC SVCS INC	2,300	$504K	0.1%	$216.60	—	—	760759100
KBH	KB HOME	9,600	$497K	0.1%	$61.00	—	—	48666K109
APD	AIR PRODUCTS AND CHEMICALS I	1,710	$497K	0.1%	$271.49	—	—	009158106
HUBB	HUBBELL INC	1,000	$491K	0.1%	$495.33	—	—	443510607
WWD	WOODWARD INC	1,360	$487K	0.1%	$353.24	—	—	980745103
NFGC	NEW FOUND GOLD CORP	250,000	$485K	0.1%	$2.45	—	—	64440N103
WM	WASTE MGMT INC DEL	2,100	$483K	0.1%	$226.07	—	—	94106L109
OGE	OGE ENERGY CORP	9,266	$444K	0.1%	$44.45	—	—	670837103
MTDR	MATADOR RES CO	6,000	$379K	0.1%	$48.82	—	—	576485205
IEX	IDEX CORP	1,400	$265K	0.1%	$199.09	—	—	45167R104
GLW	CORNING INC	1,900	$258K	0.1%	$111.68	—	—	219350105
MTZ	MASTEC INC	800	$257K	0.1%	$250.19	—	—	576323109
FTAI	FTAI AVIATION LTD	1,000	$245K	0.1%	$270.82	—	—	G3730V105
GM	GENERAL MTRS CO	3,200	$238K	0.1%	$82.25	—	—	37045V100
LITE	LUMENTUM HLDGS INC	330	$232K	0.0%	$467.14	—	—	55024U109
COPX	GLOBAL X FDS	2,500	$213K	0.0%	—	—	PUT	37954Y830
NI	NISOURCE INC	3,500	$163K	0.0%	$43.99	—	—	65473P105
SID	COMPANHIA SIDERURGICA NACION	20,000	$50,000	0.0%	$2.50	—	CALL	20440W105
CIEN	CIENA CORP	100	$38,823	0.0%	$270.92	—	—	171779309
GCLWW	GCL GLOBAL HLDGS LTD	325,564	$0	0.0%	—	—	—	G3777K111
SCAGW	SCAGE FUTURE	1,395,348	$0	0.0%	—	—	—	G7840J118

Decreased Positions (23)

CVE CENOVUS ENERGY INC 1.9%

Value $8.925M (-57.3%) Shares 360,000 (-54.4%) Est. Cost $18.62 Unrealized —

GLP GLOBAL PARTNERS LP 1.4%

Value $6.744M (-63.7%) Shares 144,755 (-67.2%) Est. Cost $31.95 Unrealized —

VG VENTURE GLOBAL INC 3.6%

Value $16.7M (-39.1%) Shares 1,500,000 (-13.8%) Est. Cost $8.89 Unrealized —

IAG IAMGOLD CORP 1.0%

Value $4.923M (-54.2%) Shares 311,000 (-45.6%) Est. Cost $8.35 Unrealized —

LNG CHENIERE ENERGY INC 3.8%

Value $17.93M (-19.1%) Shares 75,000 (-3.9%) Est. Cost $209.79 Unrealized —

KGC KINROSS GOLD CORP 0.6%

Value $2.979M (-48.9%) Shares 126,000 (-34.0%) Est. Cost $31.54 Unrealized —

CENX CENTURY ALUM CO 0.1%

Value $460K (-84.3%) Shares 10,000 (-80.0%) Est. Cost $17.57 Unrealized —

B BARRICK MNG CORP 0.5%

Value $2.204M (-49.0%) Shares 60,000 (-43.4%) Est. Cost $34.35 Unrealized —

EQX EQUINOX GOLD CORP 0.3%

Value $1.306M (-55.6%) Shares 134,200 (-34.2%) Est. Cost $10.22 Unrealized —

CGAU CENTERRA GOLD INC 0.1%

Value $554K (-73.9%) Shares 35,000 (-70.8%) Est. Cost $10.50 Unrealized —

DC DAKOTA GOLD CORP 0.1%

Value $383K (-62.6%) Shares 90,000 (-55.7%) Est. Cost $3.67 Unrealized —

SHEL SHELL PLC 0.4%

Value $1.938M (-21.3%) Shares 25,000 (-5.7%) Est. Cost $75.79 Unrealized —

VST VISTRA CORP 0.7%

Value $3.49M (-12.4%) Shares 22,000 (-17.0%) Est. Cost $163.18 Unrealized —

MATX MATSON INC 0.1%

Value $459K (-51.6%) Shares 5,220 (-27.8%) Est. Cost — Unrealized —

AEM AGNICO EAGLE MINES LTD 0.1%

Value $543K (-40.6%) Shares 3,500 (-22.2%) Est. Cost $206.02 Unrealized —

CDE COEUR MNG INC 0.4%

Value $1.795M (-16.8%) Shares 110,000 (-4.3%) Est. Cost $19.85 Unrealized —

CORZ CORE SCIENTIFIC INC NEW 0.0%

Value $102K (-77.2%) Shares 4,000 (-86.7%) Est. Cost $17.44 Unrealized —

GDX VANECK ETF TRUST 0.3%

Value $1.18M (+27.0%) Shares 2,450 (-53.8%) Est. Cost $91.77 Unrealized —

WLK WESTLAKE CORPORATION 0.1%

Value $292K (-41.9%) Shares 4,000 (-7.0%) Est. Cost $89.28 Unrealized —

CAT CATERPILLAR INC 0.1%

Value $532K (-24.8%) Shares 500 (-50.0%) Est. Cost $684.39 Unrealized —

WMS ADVANCED DRAIN SYS INC DEL 0.1%

Value $235K (-14.2%) Shares 1,500 (-25.0%) Est. Cost $161.20 Unrealized —

RSP INVESCO EXCHANGE TRADED FD T 0.2%

Value $1.064M (+0.8%) Shares 5,000 (-9.1%) Est. Cost $191.92 Unrealized —

BRLSW BOREALIS FOODS INC ⚠ 0.0%

Value $0 Shares 1,398,461 (-5.2%) Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
CVE	CENOVUS ENERGY INC	360,000 (-54.4%)	$8.925M (-57.3%)	1.9%	$18.62	—	COM	15135U109
GLP	GLOBAL PARTNERS LP	144,755 (-67.2%)	$6.744M (-63.7%)	1.4%	$31.95	—	COM UNITS	37946R109
VG	VENTURE GLOBAL INC	1,500,000 (-13.8%)	$16.7M (-39.1%)	3.6%	$8.89	—	COM CL A	92333F101
IAG	IAMGOLD CORP	311,000 (-45.6%)	$4.923M (-54.2%)	1.0%	$8.35	—	COM	450913108
LNG	CHENIERE ENERGY INC	75,000 (-3.9%)	$17.93M (-19.1%)	3.8%	$209.79	—	COM NEW	16411R208
KGC	KINROSS GOLD CORP	126,000 (-34.0%)	$2.979M (-48.9%)	0.6%	$31.54	—	COM	496902404
CENX	CENTURY ALUM CO	10,000 (-80.0%)	$460K (-84.3%)	0.1%	$17.57	—	COM	156431108
B	BARRICK MNG CORP	60,000 (-43.4%)	$2.204M (-49.0%)	0.5%	$34.35	—	COM SHS	06849F108
EQX	EQUINOX GOLD CORP	134,200 (-34.2%)	$1.306M (-55.6%)	0.3%	$10.22	—	COM	29446Y502
CGAU	CENTERRA GOLD INC	35,000 (-70.8%)	$554K (-73.9%)	0.1%	$10.50	—	COM	152006102
DC	DAKOTA GOLD CORP	90,000 (-55.7%)	$383K (-62.6%)	0.1%	$3.67	—	COM	46655E100
SHEL	SHELL PLC	25,000 (-5.7%)	$1.938M (-21.3%)	0.4%	$75.79	—	SPON ADS	780259305
VST	VISTRA CORP	22,000 (-17.0%)	$3.49M (-12.4%)	0.7%	$163.18	—	COM	92840M102
MATX	MATSON INC	5,220 (-27.8%)	$459K (-51.6%)	0.1%	—	—	PUT	57686G105
AEM	AGNICO EAGLE MINES LTD	3,500 (-22.2%)	$543K (-40.6%)	0.1%	$206.02	—	COM	008474108
CDE	COEUR MNG INC	110,000 (-4.3%)	$1.795M (-16.8%)	0.4%	$19.85	—	COM NEW	192108504
CORZ	CORE SCIENTIFIC INC NEW	4,000 (-86.7%)	$102K (-77.2%)	0.0%	$17.44	—	COM	21874A106
GDX	VANECK ETF TRUST	2,450 (-53.8%)	$1.18M (+27.0%)	0.3%	$91.77	—	PUT	92189F106
WLK	WESTLAKE CORPORATION	4,000 (-7.0%)	$292K (-41.9%)	0.1%	$89.28	—	COM	960413102
CAT	CATERPILLAR INC	500 (-50.0%)	$532K (-24.8%)	0.1%	$684.39	—	COM	149123101
WMS	ADVANCED DRAIN SYS INC DEL	1,500 (-25.0%)	$235K (-14.2%)	0.1%	$161.20	—	COM	00790R104
RSP	INVESCO EXCHANGE TRADED FD T	5,000 (-9.1%)	$1.064M (+0.8%)	0.2%	$191.92	—	S&P500 EQL WGT	46137V357
BRLSW	BOREALIS FOODS INC ⚠	1,398,461 (-5.2%)	$0	0.0%	—	—	*W EXP 02/07/202	09973D113

Unchanged Positions (11)

SGU STAR GROUP LP 9.3%

Value $43.67M Shares 3,400,907 Est. Cost $11.40 Unrealized —

TLN TALEN ENERGY CORP 0.6%

Value $2.882M Shares 7,500 Est. Cost $352.10 Unrealized —

FF FUTUREFUEL CORP 0.3%

Value $1.175M Shares 260,000 Est. Cost $4.54 Unrealized —

NXE NEXGEN ENERGY LTD 0.1%

Value $655K Shares 69,743 Est. Cost $11.89 Unrealized —

CDZI CADIZ INC 0.2%

Value $836K Shares 200,000 Est. Cost $3.49 Unrealized —

BMM BLUE MOON METALS INC 0.6%

Value $2.663M Shares 420,000 Est. Cost $4.07 Unrealized —

LAFAR LAFAYETTE ACQUISITION CORP 0.0%

Value $50,000 Shares 500,000 Est. Cost $0.12 Unrealized —

EAF GRAFTECH INTL LTD SR NT 0.0%

Value $59,100 Shares 10,000 Est. Cost $11.57 Unrealized —

RFAMU RF ACQUISITION CORP III 0.8%

Value $3.8M Shares 380,000 Est. Cost $10.00 Unrealized —

KRSP/U RICE ACQUISITION CORP 3 0.5%

Value $2.4M Shares 240,000 Est. Cost $10.00 Unrealized —

MLECW MOOLEC SCIENCE SA ⚠ 0.0%

Value $0 Shares 412,400 Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
SGU	STAR GROUP LP	3,400,907	$43.67M	9.3%	$11.40	—	UNIT LTD PARTNR	85512C105
TLN	TALEN ENERGY CORP	7,500	$2.882M	0.6%	$352.10	—	COM	87422Q109
FF	FUTUREFUEL CORP	260,000	$1.175M	0.3%	$4.54	—	COM	36116M106
NXE	NEXGEN ENERGY LTD	69,743	$655K	0.1%	$11.89	—	COM	65340P106
CDZI	CADIZ INC	200,000	$836K	0.2%	$3.49	—	COM NEW	127537207
BMM	BLUE MOON METALS INC	420,000	$2.663M	0.6%	$4.07	—	COM	09570Q509
LAFAR	LAFAYETTE ACQUISITION CORP	500,000	$50,000	0.0%	$0.12	—	RIGHT 10/24/2030	G53426113
EAF	GRAFTECH INTL LTD SR NT	10,000	$59,100	0.0%	$11.57	—	COM NEW	384313607
RFAMU	RF ACQUISITION CORP III	380,000	$3.8M	0.8%	$10.00	—	UNIT 01/28/2031	G7537X115
KRSP/U	RICE ACQUISITION CORP 3	240,000	$2.4M	0.5%	$10.00	—	UNIT 99/99/9999	G7553X122
MLECW	MOOLEC SCIENCE SA ⚠	412,400	$0	0.0%	—	—	*W EXP 01/30/202	G6223S117