Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
IWM	ISHARES TR	200,000	$49.6M	21.8%	—	—	PUT	464287655
TRTX	TPG RE FIN TR INC	1,600,000	$12.5M	5.5%	$7.85	—	CALL	87266M107
ATEX	ANTERIX INC	200,000	$7.638M	3.4%	$27.41	0.0%	CALL	03676C100
WY	WEYERHAEUSER CO	300,000	$7.329M	3.2%	—	—	CALL	962166104
WD	WALKER & DUNLOP INC	150,000	$6.657M	2.9%	$62.74	0.0%	CALL	93148P102
WD	WALKER & DUNLOP INC	113,000	$5.015M	2.2%	$62.74	0.0%	COM	93148P102
DUOT	DUOS TECHNOLOGIES GROUP INC	580,000	$3.979M	1.8%	$9.79	0.0%	COM	266042407
ATEX	ANTERIX INC	87,500	$3.342M	1.5%	$27.41	0.0%	COM	03676C100
UHAL/B	U HAUL HOLDING COMPANY	46,500	$2.077M	0.9%	$49.45	0.0%	COM SER N	023586506
KOS	KOSMOS ENERGY LTD	719,800	$2.001M	0.9%	$1.45	0.0%	COM	500688106
DHT	DHT HOLDINGS INC	100,000	$1.827M	0.8%	—	—	CALL	Y2065G121
CDZI	CADIZ INC	5,000	$24,550	0.0%	$4.65	+22.3%	CALL	127537207
UAMY	UNITED STATES ANTIMONY CORP	900	$7,857	0.0%	$8.25	0.0%	COM	911549103

Increased Positions (5)

AEHR AEHR TEST SYS 11.4%

Value $25.84M (+220.0%) Shares 697,000 (+74.3%) Est. Cost $21.65 Unrealized +29.6%

FBRT FRANKLIN BSP RLTY TR INC 8.5%

Value $19.35M (+123.5%) Shares 2,278,700 (+164.1%) Est. Cost $9.82 Unrealized —

TRTX TPG RE FIN TR INC 9.3%

Value $21.1M (+20.6%) Shares 2,701,749 (+33.0%) Est. Cost $7.85 Unrealized —

BETR BETTER HOME & FINANCE HOLDIN 1.7%

Value $3.931M (+18.7%) Shares 110,353 (+8.5%) Est. Cost $29.69 Unrealized +6.7%

DAVE DAVE INC 2.6%

Value $5.958M (-9.2%) Shares 34,225 (+15.5%) Est. Cost $211.47 Unrealized -11.1%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
AEHR	AEHR TEST SYS	697,000 (+74.3%)	$25.84M (+220.0%)	11.4%	$21.65	+29.6%	CALL	00760J108
FBRT	FRANKLIN BSP RLTY TR INC	2,278,700 (+164.1%)	$19.35M (+123.5%)	8.5%	$9.82	—	COMMON STOCK	35243J101
TRTX	TPG RE FIN TR INC	2,701,749 (+33.0%)	$21.1M (+20.6%)	9.3%	$7.85	—	COM	87266M107
BETR	BETTER HOME & FINANCE HOLDIN	110,353 (+8.5%)	$3.931M (+18.7%)	1.7%	$29.69	+6.7%	COM NEW CL A	08774B508
DAVE	DAVE INC	34,225 (+15.5%)	$5.958M (-9.2%)	2.6%	$211.47	-11.1%	CLASS A COM NEW	23834J201

Exited Positions (10)

BYD BOYD GAMING CORP 1.7%

Value $3.954M Shares 46,389 Est. Cost $66.05 Unrealized +28.9%

WULF TERAWULF INC 1.5%

Value $3.493M Shares 304,038 Est. Cost $13.40 Unrealized +8.8%

JAKK JAKKS PAC INC 1.3%

Value $3.03M Shares 179,520 Est. Cost $19.35 Unrealized -2.4%

BRSP BRIGHTSPIRE CAPITAL INC 1.2%

Value $2.809M Shares 501,585 Est. Cost $5.64 Unrealized —

AZ A2Z CUST2MATE SOLUTIONS CORP 1.1%

Value $2.574M Shares 395,410 Est. Cost $9.48 Unrealized -28.6%

UAMY UNITED STATES ANTIMONY CORP 0.9%

Value $2.108M Shares 420,000 Est. Cost $8.25 Unrealized 0.0%

MFA MFA FINL INC 0.9%

Value $2.099M Shares 225,469 Est. Cost $10.26 Unrealized —

BZH BEAZER HOMES USA INC 0.4%

Value $935K Shares 46,131 Est. Cost $22.25 Unrealized +9.3%

DDI DOUBLEDOWN INTERACTIVE CO LT 0.3%

Value $784K Shares 90,870 Est. Cost $8.63 Unrealized —

ARQ ARQ INC 0.2%

Value $507K Shares 155,000 Est. Cost $5.43 Unrealized -33.4%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
BYD	BOYD GAMING CORP	46,389	$3.954M	1.7%	$66.05	+28.9%	—	103304101
WULF	TERAWULF INC	304,038	$3.493M	1.5%	$13.40	+8.8%	—	88080T104
JAKK	JAKKS PAC INC	179,520	$3.03M	1.3%	$19.35	-2.4%	—	47012E403
BRSP	BRIGHTSPIRE CAPITAL INC	501,585	$2.809M	1.2%	$5.64	—	—	10949T109
AZ	A2Z CUST2MATE SOLUTIONS CORP	395,410	$2.574M	1.1%	$9.48	-28.6%	—	002205102
UAMY	UNITED STATES ANTIMONY CORP	420,000	$2.108M	0.9%	$8.25	0.0%	CALL	911549103
MFA	MFA FINL INC	225,469	$2.099M	0.9%	$10.26	—	—	55272X607
BZH	BEAZER HOMES USA INC	46,131	$935K	0.4%	$22.25	+9.3%	—	07556Q881
DDI	DOUBLEDOWN INTERACTIVE CO LT	90,870	$784K	0.3%	$8.63	—	—	25862B109
ARQ	ARQ INC	155,000	$507K	0.2%	$5.43	-33.4%	—	00770C101

Decreased Positions (9)

CDZI CADIZ INC 1.1%

Value $2.484M (-70.4%) Shares 505,956 (-66.2%) Est. Cost $4.65 Unrealized +22.3%

MAGN MAGNERA CORP 1.3%

Value $2.849M (-40.2%) Shares 299,627 (-4.8%) Est. Cost $20.01 Unrealized -29.8%

NCMI NATIONAL CINEMEDIA INC 0.4%

Value $970K (-61.6%) Shares 318,000 (-51.1%) Est. Cost $4.66 Unrealized -22.6%

LODE COMSTOCK INC 1.5%

Value $3.375M (-22.4%) Shares 1,106,421 (-4.3%) Est. Cost $3.16 Unrealized +6.7%

MCFT MASTERCRAFT BOAT HLDGS INC 1.8%

Value $4M (-18.9%) Shares 195,040 (-25.2%) Est. Cost $17.50 Unrealized +27.7%

SUNS SUNRISE RLTY TR INC 1.5%

Value $3.366M (-21.4%) Shares 438,816 (-3.3%) Est. Cost $10.98 Unrealized —

AEHR AEHR TEST SYS 0.8%

Value $1.912M (-31.2%) Shares 51,560 (-62.5%) Est. Cost $21.65 Unrealized +29.6%

TEN TSAKOS ENERGY NAVIGATION LTD 1.7%

Value $3.947M (+22.9%) Shares 100,028 (-30.2%) Est. Cost $24.46 Unrealized +10.5%

NMM NAVIOS MARITIME PARTNERS LP 3.0%

Value $6.873M (-2.6%) Shares 101,856 (-24.4%) Est. Cost $31.68 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
CDZI	CADIZ INC	505,956 (-66.2%)	$2.484M (-70.4%)	1.1%	$4.65	+22.3%	COM NEW	127537207
MAGN	MAGNERA CORP	299,627 (-4.8%)	$2.849M (-40.2%)	1.3%	$20.01	-29.8%	COM SHS	55939A107
NCMI	NATIONAL CINEMEDIA INC	318,000 (-51.1%)	$970K (-61.6%)	0.4%	$4.66	-22.6%	COM NEW	635309206
LODE	COMSTOCK INC	1,106,421 (-4.3%)	$3.375M (-22.4%)	1.5%	$3.16	+6.7%	COM SHS	205750409
MCFT	MASTERCRAFT BOAT HLDGS INC	195,040 (-25.2%)	$4M (-18.9%)	1.8%	$17.50	+27.7%	COM	57637H103
SUNS	SUNRISE RLTY TR INC	438,816 (-3.3%)	$3.366M (-21.4%)	1.5%	$10.98	—	COM	867981102
AEHR	AEHR TEST SYS	51,560 (-62.5%)	$1.912M (-31.2%)	0.8%	$21.65	+29.6%	COM	00760J108
TEN	TSAKOS ENERGY NAVIGATION LTD	100,028 (-30.2%)	$3.947M (+22.9%)	1.7%	$24.46	+10.5%	SHS	G9108L173
NMM	NAVIOS MARITIME PARTNERS LP	101,856 (-24.4%)	$6.873M (-2.6%)	3.0%	$31.68	—	COM UNIT LPI	Y62267409

Unchanged Positions (7)

HPP HUDSON PACIFIC PROPERTIES IN 2.6%

Value $5.91M Shares 1,000,000 Est. Cost — Unrealized —

KOS KOSMOS ENERGY LTD 1.8%

Value $4.17M Shares 1,500,000 Est. Cost $1.45 Unrealized 0.0%

GPMT GRANITE PT MTG TR INC 1.4%

Value $3.247M Shares 2,239,309 Est. Cost $2.79 Unrealized —

CMTG CLAROS MTG TR INC 1.8%

Value $4.046M Shares 1,700,084 Est. Cost $3.64 Unrealized —

ACHR ARCHER AVIATION INC 0.4%

Value $997K Shares 192,793 Est. Cost $4.48 Unrealized +73.5%

SNYR SYNERGY CHC CORP 0.3%

Value $710K Shares 550,000 Est. Cost $3.02 Unrealized -42.2%

HPAIW HELPORT AI LTD 0.1%

Value $143K Shares 1,304,362 Est. Cost $0.10 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
HPP	HUDSON PACIFIC PROPERTIES IN	1,000,000	$5.91M	2.6%	—	—	CALL	444097406
KOS	KOSMOS ENERGY LTD	1,500,000	$4.17M	1.8%	$1.45	0.0%	CALL	500688106
GPMT	GRANITE PT MTG TR INC	2,239,309	$3.247M	1.4%	$2.79	—	COM STK	38741L107
CMTG	CLAROS MTG TR INC	1,700,084	$4.046M	1.8%	$3.64	—	COMMON STOCK	18270D106
ACHR	ARCHER AVIATION INC	192,793	$997K	0.4%	$4.48	+73.5%	COM CL A	03945R102
SNYR	SYNERGY CHC CORP	550,000	$710K	0.3%	$3.02	-42.2%	COM NEW	87165D208
HPAIW	HELPORT AI LTD	1,304,362	$143K	0.1%	$0.10	—	*W EXP 03/31/202	G4R52R111