Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
RS	RELIANCE INC	85,000	$25.83M	5.0%	$326.79	0.0%	COM	759509102
DELL	DELL TECHNOLOGIES INC	120,000	$19.7M	3.8%	$119.03	0.0%	CL C	24703L202
RH	RH	95,000	$13.28M	2.6%	$208.18	0.0%	COM	74967X103
VNO	VORNADO RLTY TR	425,000	$11.05M	2.1%	$25.99	—	SH BEN INT	929042109
UPS	UNITED PARCEL SVCS INC	105,000	$10.33M	2.0%	$109.86	0.0%	CL B	911312106

Increased Positions (10)

OSK OSHKOSH CORP 6.8%

Value $35.33M (+1024.9%) Shares 240,000 (+860.0%) Est. Cost $154.89 Unrealized +2.0%

CSL CARLISLE COS INC 5.6%

Value $29.2M (+58.7%) Shares 87,530 (+52.1%) Est. Cost $394.96 Unrealized -5.9%

RKT ROCKET COS INC 6.6%

Value $33.93M (-20.6%) Shares 2,381,150 (+7.9%) Est. Cost $18.05 Unrealized +11.7%

BLDR BUILDERS FIRSTSOURCE INC 5.3%

Value $27.42M (-12.1%) Shares 333,000 (+9.9%) Est. Cost $144.89 Unrealized -18.9%

OC OWENS CORNING NEW 7.6%

Value $39.35M (+10.4%) Shares 363,570 (+14.1%) Est. Cost $137.12 Unrealized -8.3%

PATK PATRICK INDS INC 4.4%

Value $22.77M (+16.7%) Shares 205,000 (+13.9%) Est. Cost $107.64 Unrealized +20.1%

HRB BLOCK H & R INC 6.4%

Value $33.33M (-4.4%) Shares 1,050,000 (+31.3%) Est. Cost $44.20 Unrealized -16.0%

MTH MERITAGE HOMES CORP 2.8%

Value $14.53M (+10.4%) Shares 235,000 (+17.5%) Est. Cost $74.30 Unrealized -0.1%

MHK MOHAWK INDS INC 5.8%

Value $29.78M (-3.5%) Shares 302,480 (+7.1%) Est. Cost $123.16 Unrealized +0.3%

ALK ALASKA AIR GROUP INC 3.6%

Value $18.68M (-3.0%) Shares 507,800 (+32.7%) Est. Cost $56.67 Unrealized -7.4%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
OSK	OSHKOSH CORP	240,000 (+860.0%)	$35.33M (+1024.9%)	6.8%	$154.89	+2.0%	COM	688239201
CSL	CARLISLE COS INC	87,530 (+52.1%)	$29.2M (+58.7%)	5.6%	$394.96	-5.9%	COM	142339100
RKT	ROCKET COS INC	2,381,150 (+7.9%)	$33.93M (-20.6%)	6.6%	$18.05	+11.7%	COM CL A	77311W101
BLDR	BUILDERS FIRSTSOURCE INC	333,000 (+9.9%)	$27.42M (-12.1%)	5.3%	$144.89	-18.9%	COM	12008R107
OC	OWENS CORNING NEW	363,570 (+14.1%)	$39.35M (+10.4%)	7.6%	$137.12	-8.3%	COM	690742101
PATK	PATRICK INDS INC	205,000 (+13.9%)	$22.77M (+16.7%)	4.4%	$107.64	+20.1%	COM	703343103
HRB	BLOCK H & R INC	1,050,000 (+31.3%)	$33.33M (-4.4%)	6.4%	$44.20	-16.0%	COM	093671105
MTH	MERITAGE HOMES CORP	235,000 (+17.5%)	$14.53M (+10.4%)	2.8%	$74.30	-0.1%	COM	59001A102
MHK	MOHAWK INDS INC	302,480 (+7.1%)	$29.78M (-3.5%)	5.8%	$123.16	+0.3%	COM	608190104
ALK	ALASKA AIR GROUP INC	507,800 (+32.7%)	$18.68M (-3.0%)	3.6%	$56.67	-7.4%	COM	011659109

Exited Positions (5)

PHIN PHINIA INC 5.2%

Value $27.1M Shares 432,330 Est. Cost $46.40 Unrealized +54.4%

APTV APTIV PLC 4.2%

Value $21.69M Shares 285,000 Est. Cost $80.28 Unrealized +0.8%

AMRZ AMRIZE LTD 3.7%

Value $18.93M Shares 350,000 Est. Cost $51.02 Unrealized +11.9%

OMF ONEMAIN HLDGS INC 3.6%

Value $18.8M Shares 278,300 Est. Cost $49.01 Unrealized +29.0%

GTX GARRETT MOTION INC 0.8%

Value $4.357M Shares 250,000 Est. Cost $15.92 Unrealized +18.8%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
PHIN	PHINIA INC	432,330	$27.1M	5.2%	$46.40	+54.4%	—	71880K101
APTV	APTIV PLC	285,000	$21.69M	4.2%	$80.28	+0.8%	—	G3265R107
AMRZ	AMRIZE LTD	350,000	$18.93M	3.7%	$51.02	+11.9%	—	H2927K103
OMF	ONEMAIN HLDGS INC	278,300	$18.8M	3.6%	$49.01	+29.0%	—	68268W103
GTX	GARRETT MOTION INC	250,000	$4.357M	0.8%	$15.92	+18.8%	—	366505105

Decreased Positions (5)

APO APOLLO GLOBAL MGMT INC 5.3%

Value $27.62M (-34.9%) Shares 247,930 (-15.4%) Est. Cost $140.52 Unrealized -5.1%

VSAT VIASAT INC 3.3%

Value $17.18M (-31.3%) Shares 375,000 (-48.3%) Est. Cost $10.12 Unrealized +332.1%

BCO BRINKS CO 6.3%

Value $32.64M (-17.8%) Shares 315,000 (-7.4%) Est. Cost $96.09 Unrealized +31.4%

BC BRUNSWICK CORP 5.7%

Value $29.48M (-10.8%) Shares 405,190 (-9.0%) Est. Cost $74.30 Unrealized +14.9%

DAN DANA INC 3.9%

Value $20.19M (-5.6%) Shares 600,000 (-33.3%) Est. Cost $18.72 Unrealized +62.1%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
APO	APOLLO GLOBAL MGMT INC	247,930 (-15.4%)	$27.62M (-34.9%)	5.3%	$140.52	-5.1%	COM	03769M106
VSAT	VIASAT INC	375,000 (-48.3%)	$17.18M (-31.3%)	3.3%	$10.12	+332.1%	COM	92552V100
BCO	BRINKS CO	315,000 (-7.4%)	$32.64M (-17.8%)	6.3%	$96.09	+31.4%	COM	109696104
BC	BRUNSWICK CORP	405,190 (-9.0%)	$29.48M (-10.8%)	5.7%	$74.30	+14.9%	COM	117043109
DAN	DANA INC	600,000 (-33.3%)	$20.19M (-5.6%)	3.9%	$18.72	+62.1%	COM	235825205

Unchanged Positions (2)

MBUU MALIBU BOATS INC 4.5%

Value $23.46M Shares 905,014 Est. Cost $36.03 Unrealized -11.4%

XLP SELECT SECTOR SPDR TR 0.5%

Value $2.78M Shares 33,910 Est. Cost $79.82 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
MBUU	MALIBU BOATS INC	905,014	$23.46M	4.5%	$36.03	-11.4%	COM CL A	56117J100
XLP	SELECT SECTOR SPDR TR	33,910	$2.78M	0.5%	$79.82	—	STATE STREET CON	81369Y308