Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
CRC	CALIFORNIA RESOURCES CORP	247,165	$17.11M	4.3%	—	—	Common Stock	13057Q305
ZM	ZOOM COMMUNICATIONS INC	148,114	$11.91M	3.0%	—	—	Class A Ordinary Shares	98980L101
ICLR	ICON PLC	100,299	$11.1M	2.8%	—	—	Ordinary Shares	G4705A100
CPAY	CORPAY INC	35,000	$10.18M	2.5%	—	—	Common Shares	219948106
WULF	TERAWULF INC	521,798	$7.53M	1.9%	—	—	Common Stock	88080T104
COF	CAPITAL ONE FINANCIAL CORP	39,109	$7.135M	1.8%	—	—	Common Stock	14040H105
SATS	ECHOSTAR CORP	50,000	$5.854M	1.5%	—	—	Class A	278768106
WIX	WIX.COM LTD	34,221	$3.082M	0.8%	—	—	Ordinary Shares	M98068105
CABO	CABLE ONE	9,634	$879K	0.2%	—	—	Common Stock	12685J105
AXR	AMREP	11,315	$318K	0.1%	—	—	Common Stock	032159105

Increased Positions (15)

APO APOLLO GLOBAL MANAGEMENT INC 1.8%

Value $7.081M (+795.7%) Shares 63,552 (+1063.7%) Est. Cost — Unrealized —

MED MEDIFAST INC 1.8%

Value $7.21M (+144.2%) Shares 707,590 (+156.0%) Est. Cost — Unrealized —

GOOG ALPHABET 5.3%

Value $21.51M (+20.8%) Shares 75,000 (+32.2%) Est. Cost — Unrealized —

CORZ CORE SCIENTIFIC INC NEW 1.5%

Value $6.055M (+111.7%) Shares 404,720 (+106.0%) Est. Cost — Unrealized —

CRH CRH PLC 1.8%

Value $7.293M (+67.6%) Shares 69,374 (+99.0%) Est. Cost — Unrealized —

TIPT TIPTREE INC 2.9%

Value $11.67M (+29.4%) Shares 690,000 (+39.7%) Est. Cost — Unrealized —

DAL DELTA AIR LINES INC 1.5%

Value $5.922M (+43.0%) Shares 89,078 (+49.3%) Est. Cost — Unrealized —

AVGO BROADCOM INC 3.5%

Value $13.93M (+12.8%) Shares 45,000 (+26.2%) Est. Cost — Unrealized —

NVDA NVIDIA CORPORATION 1.3%

Value $5.183M (+41.5%) Shares 29,717 (+51.3%) Est. Cost — Unrealized —

TDAY USA TODAY CO INC 0.6%

Value $2.444M (+93.3%) Shares 346,701 (+41.2%) Est. Cost — Unrealized —

GPN GLOBAL PAYMENTS INC 2.3%

Value $9.422M (-10.6%) Shares 140,000 (+2.8%) Est. Cost — Unrealized —

GFF GRIFFON CORP 0.7%

Value $2.878M (+44.8%) Shares 39,600 (+46.8%) Est. Cost — Unrealized —

BABA ALIBABA GROUP HOLDING 0.5%

Value $1.881M (+62.2%) Shares 14,992 (+89.5%) Est. Cost — Unrealized —

META META PLATFORMS INC 2.9%

Value $11.5M (+5.1%) Shares 20,096 (+21.2%) Est. Cost — Unrealized —

COMP COMPASS INC 2.7%

Value $10.91M (+5.2%) Shares 1,492,844 (+52.1%) Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
APO	APOLLO GLOBAL MANAGEMENT INC	63,552 (+1063.7%)	$7.081M (+795.7%)	1.8%	—	—	Common Stock Class A	03769M106
MED	MEDIFAST INC	707,590 (+156.0%)	$7.21M (+144.2%)	1.8%	—	—	Common Stock	58470H101
GOOG	ALPHABET	75,000 (+32.2%)	$21.51M (+20.8%)	5.3%	—	—	Capital Stock Class C	02079K107
CORZ	CORE SCIENTIFIC INC NEW	404,720 (+106.0%)	$6.055M (+111.7%)	1.5%	—	—	Common Stock	21874A106
CRH	CRH PLC	69,374 (+99.0%)	$7.293M (+67.6%)	1.8%	—	—	Ordinary Shares	G25508105
TIPT	TIPTREE INC	690,000 (+39.7%)	$11.67M (+29.4%)	2.9%	—	—	Common Stock	88822Q103
DAL	DELTA AIR LINES INC	89,078 (+49.3%)	$5.922M (+43.0%)	1.5%	—	—	Common Stock, New	247361702
AVGO	BROADCOM INC	45,000 (+26.2%)	$13.93M (+12.8%)	3.5%	—	—	Common Stock	11135F101
NVDA	NVIDIA CORPORATION	29,717 (+51.3%)	$5.183M (+41.5%)	1.3%	—	—	Common Stock	67066G104
TDAY	USA TODAY CO INC	346,701 (+41.2%)	$2.444M (+93.3%)	0.6%	—	—	Common Stock	36472T109
GPN	GLOBAL PAYMENTS INC	140,000 (+2.8%)	$9.422M (-10.6%)	2.3%	—	—	Common Stock	37940X102
GFF	GRIFFON CORP	39,600 (+46.8%)	$2.878M (+44.8%)	0.7%	—	—	Common Stock	398433102
BABA	ALIBABA GROUP HOLDING	14,992 (+89.5%)	$1.881M (+62.2%)	0.5%	—	—	Sponsored ADS	01609W102
META	META PLATFORMS INC	20,096 (+21.2%)	$11.5M (+5.1%)	2.9%	—	—	Class A	30303M102
COMP	COMPASS INC	1,492,844 (+52.1%)	$10.91M (+5.2%)	2.7%	—	—	Class A	20464U100

Exited Positions (13)

GPGI COMPOSECURE INC 1.6%

Value $6.375M Shares 330,629 Est. Cost — Unrealized —

ARES ARES MANAGEMENT CORPORATION 1.6%

Value $6.351M Shares 39,292 Est. Cost — Unrealized —

TDG TRANSDIGM GROUP INC 0.9%

Value $3.656M Shares 2,749 Est. Cost — Unrealized —

CWAN CLEARWATER ANALYTICS HOLDINGS INC 0.9%

Value $3.554M Shares 147,349 Est. Cost — Unrealized —

LAD LITHIA MOTORS INC 0.7%

Value $2.947M Shares 8,867 Est. Cost — Unrealized —

RHLD RESOLUTE HOLDINGS MANAGEMENT INC 0.5%

Value $2.177M Shares 10,547 Est. Cost — Unrealized —

RDN RADIAN GROUP INC 0.4%

Value $1.747M Shares 48,528 Est. Cost — Unrealized —

EQH EQUITABLE HOLDINGS INC 0.4%

Value $1.66M Shares 34,842 Est. Cost — Unrealized —

TRIP TRIPADVISOR INC 0.3%

Value $1.354M Shares 92,997 Est. Cost — Unrealized —

JD JD.COM INC 0.3%

Value $1.27M Shares 44,250 Est. Cost — Unrealized —

OSUR ORASURE TECHNOLOGIES INC 0.2%

Value $968K Shares 400,000 Est. Cost — Unrealized —

FISV FISERV INC 0.1%

Value $354K Shares 5,275 Est. Cost — Unrealized —

SARO STANDARDAERO INC 0.1%

Value $254K Shares 8,868 Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
GPGI	COMPOSECURE INC	330,629	$6.375M	1.6%	—	—	—	20459V105
ARES	ARES MANAGEMENT CORPORATION	39,292	$6.351M	1.6%	—	—	—	03990B101
TDG	TRANSDIGM GROUP INC	2,749	$3.656M	0.9%	—	—	—	893641100
CWAN	CLEARWATER ANALYTICS HOLDINGS INC	147,349	$3.554M	0.9%	—	—	—	185123106
LAD	LITHIA MOTORS INC	8,867	$2.947M	0.7%	—	—	—	536797103
RHLD	RESOLUTE HOLDINGS MANAGEMENT INC	10,547	$2.177M	0.5%	—	—	—	76134H101
RDN	RADIAN GROUP INC	48,528	$1.747M	0.4%	—	—	—	750236101
EQH	EQUITABLE HOLDINGS INC	34,842	$1.66M	0.4%	—	—	—	29452E101
TRIP	TRIPADVISOR INC	92,997	$1.354M	0.3%	—	—	—	896945201
JD	JD.COM INC	44,250	$1.27M	0.3%	—	—	—	47215P106
OSUR	ORASURE TECHNOLOGIES INC	400,000	$968K	0.2%	—	—	—	68554V108
FISV	FISERV INC	5,275	$354K	0.1%	—	—	—	337738108
SARO	STANDARDAERO INC	8,868	$254K	0.1%	—	—	—	85423L103

Decreased Positions (12)

ACMR ACM RESEARCH 2.2%

Value $8.79M (-55.8%) Shares 223,391 (-55.7%) Est. Cost — Unrealized —

AER AERCAP HOLDINGS 2.6%

Value $10.34M (-28.1%) Shares 75,356 (-24.7%) Est. Cost — Unrealized —

TSM TAIWAN SEMICONDUCTOR MFG LTD 1.3%

Value $5.069M (-40.2%) Shares 15,000 (-46.2%) Est. Cost — Unrealized —

TMHC TAYLOR MORRISON HOME CORP 1.5%

Value $5.872M (-33.2%) Shares 100,821 (-32.5%) Est. Cost — Unrealized —

HALO HALOZYME THERAPEUTICS INC 1.8%

Value $7.092M (-26.9%) Shares 109,737 (-23.9%) Est. Cost — Unrealized —

PRTH PRIORITY TECHNOLOGY HOLDINGS 1.5%

Value $6.029M (-29.8%) Shares 1,277,396 (-19.0%) Est. Cost — Unrealized —

HNRG HALLADOR ENERGY CO 0.8%

Value $3.275M (-41.1%) Shares 201,139 (-31.1%) Est. Cost — Unrealized —

DELL DELL TECHNOLOGIES 2.5%

Value $9.955M (+28.0%) Shares 60,651 (-1.9%) Est. Cost — Unrealized —

REZI RESIDEO TECHNOLOGIES INC 2.1%

Value $8.384M (-20.4%) Shares 248,721 (-17.1%) Est. Cost — Unrealized —

VCTR VICTORY CAPITAL HOLDING 1.4%

Value $5.566M (-17.5%) Shares 85,000 (-20.5%) Est. Cost — Unrealized —

THC TENET HEALTHCARE CORP 2.3%

Value $9.357M (-8.3%) Shares 49,584 (-3.4%) Est. Cost — Unrealized —

CENX CENTURY ALUMINUM COMPANY 4.0%

Value $16.21M (-2.4%) Shares 276,248 (-34.8%) Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
ACMR	ACM RESEARCH	223,391 (-55.7%)	$8.79M (-55.8%)	2.2%	—	—	Common Stock, Class A	00108J109
AER	AERCAP HOLDINGS	75,356 (-24.7%)	$10.34M (-28.1%)	2.6%	—	—	Shares	N00985106
TSM	TAIWAN SEMICONDUCTOR MFG LTD	15,000 (-46.2%)	$5.069M (-40.2%)	1.3%	—	—	Sponsored ADS	874039100
TMHC	TAYLOR MORRISON HOME CORP	100,821 (-32.5%)	$5.872M (-33.2%)	1.5%	—	—	Common Stock	87724P106
HALO	HALOZYME THERAPEUTICS INC	109,737 (-23.9%)	$7.092M (-26.9%)	1.8%	—	—	Common Stock	40637H109
PRTH	PRIORITY TECHNOLOGY HOLDINGS	1,277,396 (-19.0%)	$6.029M (-29.8%)	1.5%	—	—	Common Stock	74275G107
HNRG	HALLADOR ENERGY CO	201,139 (-31.1%)	$3.275M (-41.1%)	0.8%	—	—	Common Stock	40609P105
DELL	DELL TECHNOLOGIES	60,651 (-1.9%)	$9.955M (+28.0%)	2.5%	—	—	Class C	24703L202
REZI	RESIDEO TECHNOLOGIES INC	248,721 (-17.1%)	$8.384M (-20.4%)	2.1%	—	—	Common Stock	76118Y104
VCTR	VICTORY CAPITAL HOLDING	85,000 (-20.5%)	$5.566M (-17.5%)	1.4%	—	—	Common Stock Class A	92645B103
THC	TENET HEALTHCARE CORP	49,584 (-3.4%)	$9.357M (-8.3%)	2.3%	—	—	Common Stock, New	88033G407
CENX	CENTURY ALUMINUM COMPANY	276,248 (-34.8%)	$16.21M (-2.4%)	4.0%	—	—	Common Stock	156431108

Unchanged Positions (19)

MSFT MICROSOFT CORP 1.4%

Value $5.518M Shares 14,908 Est. Cost — Unrealized —

MU MICRON TECHNOLOGY INC 2.8%

Value $11.15M Shares 33,000 Est. Cost — Unrealized —

IESC IES HOLDINGS INC 2.1%

Value $8.554M Shares 17,953 Est. Cost — Unrealized —

TLN TALEN ENERGY CORP 1.6%

Value $6.515M Shares 20,410 Est. Cost — Unrealized —

SLM SLM CORP 1.0%

Value $3.955M Shares 184,741 Est. Cost — Unrealized —

BX BLACKSTONE INC 0.6%

Value $2.507M Shares 21,801 Est. Cost — Unrealized —

AMZN AMAZON COM 1.3%

Value $5.093M Shares 24,454 Est. Cost — Unrealized —

MHO M/I HOMES INC 2.3%

Value $9.365M Shares 76,478 Est. Cost — Unrealized —

SAN BANCO SANTANDER SA 2.5%

Value $10.15M Shares 900,000 Est. Cost — Unrealized —

SN SHARKNINJA INC 1.3%

Value $5.167M Shares 48,792 Est. Cost — Unrealized —

NRG NRG ENERGY INC 0.7%

Value $2.679M Shares 18,331 Est. Cost — Unrealized —

VST VISTRA CORP 0.7%

Value $2.699M Shares 17,951 Est. Cost — Unrealized —

TMUS T-MOBILE US INC 1.9%

Value $7.807M Shares 37,172 Est. Cost — Unrealized —

IAC IAC INC 1.6%

Value $6.359M Shares 158,866 Est. Cost — Unrealized —

GPOR GULFPORT ENERGY CORP 2.4%

Value $9.575M Shares 45,259 Est. Cost — Unrealized —

LOW LOWE'S COS INC 0.9%

Value $3.454M Shares 14,618 Est. Cost — Unrealized —

CI THE CIGNA GROUP 0.6%

Value $2.473M Shares 9,272 Est. Cost — Unrealized —

BRK/A BERKSHIRE HATHAWAY INC 0.2%

Value $718K Shares 1 Est. Cost — Unrealized —

ACGL ARCH CAPITAL GROUP LTD 0.7%

Value $2.872M Shares 29,917 Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
MSFT	MICROSOFT CORP	14,908	$5.518M	1.4%	—	—	Common Stock	594918104
MU	MICRON TECHNOLOGY INC	33,000	$11.15M	2.8%	—	—	Common Stock	595112103
IESC	IES HOLDINGS INC	17,953	$8.554M	2.1%	—	—	Common Stock	44951W106
TLN	TALEN ENERGY CORP	20,410	$6.515M	1.6%	—	—	Common Stock	87422Q109
SLM	SLM CORP	184,741	$3.955M	1.0%	—	—	Common Stock	78442P106
BX	BLACKSTONE INC	21,801	$2.507M	0.6%	—	—	Common Stock Class A	09260D107
AMZN	AMAZON COM	24,454	$5.093M	1.3%	—	—	Common Stock	023135106
MHO	M/I HOMES INC	76,478	$9.365M	2.3%	—	—	Common Stock	55305B101
SAN	BANCO SANTANDER SA	900,000	$10.15M	2.5%	—	—	ADR	05964H105
SN	SHARKNINJA INC	48,792	$5.167M	1.3%	—	—	Common Shares	G8068L108
NRG	NRG ENERGY INC	18,331	$2.679M	0.7%	—	—	Common Stock, New	629377508
VST	VISTRA CORP	17,951	$2.699M	0.7%	—	—	Common Stock	92840M102
TMUS	T-MOBILE US INC	37,172	$7.807M	1.9%	—	—	Common Stock	872590104
IAC	IAC INC	158,866	$6.359M	1.6%	—	—	Common New	44891N208
GPOR	GULFPORT ENERGY CORP	45,259	$9.575M	2.4%	—	—	Common Shares	402635502
LOW	LOWE'S COS INC	14,618	$3.454M	0.9%	—	—	Common Stock	548661107
CI	THE CIGNA GROUP	9,272	$2.473M	0.6%	—	—	Common Stock	125523100
BRK/A	BERKSHIRE HATHAWAY INC	1	$718K	0.2%	—	—	Common Stock - Class A	084670108
ACGL	ARCH CAPITAL GROUP LTD	29,917	$2.872M	0.7%	—	—	Ordinary Shares	G0450A105