Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
VGNT	Versigent PLC	247,200	$10.38M	2.2%	—	—	ORDINARY SHARES	G9600F104
GMRS	GMR Solutions Inc	594,018	$9.184M	2.0%	—	—	COM CL A A	38013D106
HUT	Hut 8 Corp	63,216	$7.298M	1.6%	—	—	COM	44812J104
APLD	Applied Digital Corp	193,105	$7.203M	1.5%	—	—	COM NEW	038169207
CIFR	Cipher Digital Inc	244,922	$6.001M	1.3%	—	—	COM	17253J106
BRBR	BellRing Brands Inc	395,521	$5.118M	1.1%	—	—	COMMON STOCK	07831C103
TOL	Toll Brothers Inc	24,135	$3.976M	0.9%	—	—	COM	889478103
USEG	Big Sky Industrial Inc	2,512,075	$2.763M	0.6%	—	—	COM	911805307

Increased Positions (7)

AER AerCap Holdings NV 3.8%

Value $17.86M (+72.7%) Shares 122,485 (+62.5%) Est. Cost — Unrealized —

AVGO Broadcom Inc 4.4%

Value $20.55M (+47.5%) Shares 54,388 (+20.9%) Est. Cost — Unrealized —

THC Tenet Healthcare Corp 3.2%

Value $14.79M (+58.1%) Shares 79,074 (+59.5%) Est. Cost — Unrealized —

PRTH Priority Technology Holdings I 1.9%

Value $8.909M (+47.8%) Shares 1,335,669 (+4.6%) Est. Cost — Unrealized —

CENX Century Aluminum Co 2.9%

Value $13.65M (-15.8%) Shares 296,666 (+7.4%) Est. Cost — Unrealized —

TDAY USA TODAY Co Inc 0.9%

Value $4.166M (+70.4%) Shares 487,213 (+40.5%) Est. Cost — Unrealized —

GPN Global Payments Inc 2.3%

Value $10.69M (+13.5%) Shares 147,367 (+5.3%) Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
AER	AerCap Holdings NV	122,485 (+62.5%)	$17.86M (+72.7%)	3.8%	—	—	SHS	N00985106
AVGO	Broadcom Inc	54,388 (+20.9%)	$20.55M (+47.5%)	4.4%	—	—	COM	11135F101
THC	Tenet Healthcare Corp	79,074 (+59.5%)	$14.79M (+58.1%)	3.2%	—	—	COM NEW	88033G407
PRTH	Priority Technology Holdings I	1,335,669 (+4.6%)	$8.909M (+47.8%)	1.9%	—	—	COM	74275G107
CENX	Century Aluminum Co	296,666 (+7.4%)	$13.65M (-15.8%)	2.9%	—	—	COM	156431108
TDAY	USA TODAY Co Inc	487,213 (+40.5%)	$4.166M (+70.4%)	0.9%	—	—	COM	36472T109
GPN	Global Payments Inc	147,367 (+5.3%)	$10.69M (+13.5%)	2.3%	—	—	COM	37940X102

Exited Positions (5)

ICLR ICON PLC 2.4%

Value $11.1M Shares 100,299 Est. Cost — Unrealized —

IAC IAC INC 1.4%

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

TMHC TAYLOR MORRISON HOME CORP 1.3%

Value $5.872M Shares 100,821 Est. Cost — Unrealized —

HNRG HALLADOR ENERGY CO 0.7%

Value $3.275M Shares 201,139 Est. Cost — Unrealized —

CABO CABLE ONE 0.2%

Value $879K Shares 9,634 Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
ICLR	ICON PLC	100,299	$11.1M	2.4%	—	—	—	G4705A100
IAC	IAC INC	158,866	$6.359M	1.4%	—	—	—	44891N208
TMHC	TAYLOR MORRISON HOME CORP	100,821	$5.872M	1.3%	—	—	—	87724P106
HNRG	HALLADOR ENERGY CO	201,139	$3.275M	0.7%	—	—	—	40609P105
CABO	CABLE ONE	9,634	$879K	0.2%	—	—	—	12685J105

Decreased Positions (42)

ACMR ACM Research Inc 5.0%

Value $23.19M (+163.8%) Shares 182,773 (-18.2%) Est. Cost — Unrealized —

TIPT Tiptree Inc 0.7%

Value $3.32M (-71.6%) Shares 185,259 (-73.2%) Est. Cost — Unrealized —

MU Micron Technology Inc 4.1%

Value $19.4M (+74.0%) Shares 16,806 (-49.1%) Est. Cost — Unrealized —

DELL Dell Technologies Inc 3.6%

Value $17.06M (+71.4%) Shares 39,540 (-34.8%) Est. Cost — Unrealized —

CRC California Resources Corp 2.2%

Value $10.46M (-38.9%) Shares 197,755 (-20.0%) Est. Cost — Unrealized —

COMP Compass Inc 3.7%

Value $17.07M (+56.4%) Shares 1,384,358 (-7.3%) Est. Cost — Unrealized —

WULF Terawulf Inc 0.4%

Value $1.831M (-75.7%) Shares 74,149 (-85.8%) Est. Cost — Unrealized —

CORZ Core Scientific Inc 2.2%

Value $10.24M (+69.1%) Shares 400,127 (-1.1%) Est. Cost — Unrealized —

ZM Zoom Communications Inc 1.8%

Value $8.636M (-27.5%) Shares 100,060 (-32.4%) Est. Cost — Unrealized —

META Meta Platforms Inc 1.8%

Value $8.352M (-27.4%) Shares 14,828 (-26.2%) Est. Cost — Unrealized —

MHO M/I Homes Inc 2.6%

Value $12.14M (+29.7%) Shares 75,523 (-1.2%) Est. Cost — Unrealized —

DAL Delta Air Lines Inc 1.8%

Value $8.239M (+39.1%) Shares 87,966 (-1.2%) Est. Cost — Unrealized —

SN SharkNinja Inc 1.6%

Value $7.337M (+42.0%) Shares 48,182 (-1.3%) Est. Cost — Unrealized —

GPOR Gulfport Energy Corp 1.6%

Value $7.585M (-20.8%) Shares 44,694 (-1.2%) Est. Cost — Unrealized —

TSM TSMC 1.5%

Value $6.992M (+37.9%) Shares 14,640 (-2.4%) Est. Cost — Unrealized —

SAN Banco Santander SA 1.8%

Value $8.282M (-18.4%) Shares 600,166 (-33.3%) Est. Cost — Unrealized —

SATS EchoStar Corp 0.9%

Value $4.014M (-31.4%) Shares 39,551 (-20.9%) Est. Cost — Unrealized —

TMUS T-Mobile US Inc 1.3%

Value $6.157M (-21.1%) Shares 36,709 (-1.2%) Est. Cost — Unrealized —

REZI Resideo Technologies Inc 1.5%

Value $6.786M (-19.1%) Shares 218,198 (-12.3%) Est. Cost — Unrealized —

WIX Wix.com Ltd 0.3%

Value $1.53M (-50.4%) Shares 33,728 (-1.4%) Est. Cost — Unrealized —

VCTR Victory Capital Holdings Inc 1.5%

Value $7.054M (+26.7%) Shares 83,915 (-1.3%) Est. Cost — Unrealized —

SLM SLM Corp 0.5%

Value $2.565M (-35.2%) Shares 98,864 (-46.5%) Est. Cost — Unrealized —

HALO Halozyme Therapeutics Inc 1.8%

Value $8.482M (+19.6%) Shares 108,366 (-1.2%) Est. Cost — Unrealized —

TLN Talen Energy Corp 1.7%

Value $7.745M (+18.9%) Shares 20,156 (-1.2%) Est. Cost — Unrealized —

GFF Griffon Corp 0.8%

Value $3.814M (+32.5%) Shares 39,106 (-1.2%) Est. Cost — Unrealized —

NVDA NVIDIA Corp 1.3%

Value $5.872M (+13.3%) Shares 29,345 (-1.3%) Est. Cost — Unrealized —

AMZN Amazon.com Inc 1.2%

Value $5.755M (+13.0%) Shares 24,148 (-1.3%) Est. Cost — Unrealized —

IESC IES Holdings Inc 2.0%

Value $9.169M (+7.2%) Shares 12,481 (-30.5%) Est. Cost — Unrealized —

COF Capital One Financial Corp 1.7%

Value $7.733M (+8.4%) Shares 38,546 (-1.4%) Est. Cost — Unrealized —

BABA Alibaba Group Holding Ltd 0.3%

Value $1.422M (-24.4%) Shares 14,820 (-1.1%) Est. Cost — Unrealized —

APO Apollo Global Management Inc 1.6%

Value $7.411M (+4.7%) Shares 62,638 (-1.4%) Est. Cost — Unrealized —

LOW Lowe's Cos Inc 0.7%

Value $3.183M (-7.9%) Shares 14,435 (-1.3%) Est. Cost — Unrealized —

CPAY Corpay Inc 2.1%

Value $9.924M (-2.6%) Shares 29,778 (-14.9%) Est. Cost — Unrealized —

VST Vistra Corp 0.6%

Value $2.812M (+4.2%) Shares 17,726 (-1.3%) Est. Cost — Unrealized —

CI Cigna Group/The 0.5%

Value $2.527M (+2.2%) Shares 9,165 (-1.2%) Est. Cost — Unrealized —

CRH CRH PLC 1.6%

Value $7.33M (+0.5%) Shares 68,506 (-1.3%) Est. Cost — Unrealized —

AXR AMREP Corp 0.1%

Value $282K (-11.5%) Shares 11,173 (-1.3%) Est. Cost — Unrealized —

NRG NRG Energy Inc 0.6%

Value $2.644M (-1.3%) Shares 18,101 (-1.3%) Est. Cost — Unrealized —

GOOG Alphabet Inc 4.6%

Value $21.54M (+0.1%) Shares 60,976 (-18.7%) Est. Cost — Unrealized —

MSFT Microsoft Corp 1.2%

Value $5.491M (-0.5%) Shares 14,721 (-1.3%) Est. Cost — Unrealized —

BX Blackstone Inc 0.5%

Value $2.533M (+1.0%) Shares 21,528 (-1.3%) Est. Cost — Unrealized —

ACGL Arch Capital Group Ltd 0.6%

Value $2.867M (-0.1%) Shares 29,543 (-1.3%) Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
ACMR	ACM Research Inc	182,773 (-18.2%)	$23.19M (+163.8%)	5.0%	—	—	COM CL A	00108J109
TIPT	Tiptree Inc	185,259 (-73.2%)	$3.32M (-71.6%)	0.7%	—	—	COM	88822Q103
MU	Micron Technology Inc	16,806 (-49.1%)	$19.4M (+74.0%)	4.1%	—	—	COM	595112103
DELL	Dell Technologies Inc	39,540 (-34.8%)	$17.06M (+71.4%)	3.6%	—	—	CL C	24703L202
CRC	California Resources Corp	197,755 (-20.0%)	$10.46M (-38.9%)	2.2%	—	—	COM STOCK	13057Q305
COMP	Compass Inc	1,384,358 (-7.3%)	$17.07M (+56.4%)	3.7%	—	—	CL A	20464U100
WULF	Terawulf Inc	74,149 (-85.8%)	$1.831M (-75.7%)	0.4%	—	—	COM	88080T104
CORZ	Core Scientific Inc	400,127 (-1.1%)	$10.24M (+69.1%)	2.2%	—	—	COM	21874A106
ZM	Zoom Communications Inc	100,060 (-32.4%)	$8.636M (-27.5%)	1.8%	—	—	CL A	98980L101
META	Meta Platforms Inc	14,828 (-26.2%)	$8.352M (-27.4%)	1.8%	—	—	CL A	30303M102
MHO	M/I Homes Inc	75,523 (-1.2%)	$12.14M (+29.7%)	2.6%	—	—	COM	55305B101
DAL	Delta Air Lines Inc	87,966 (-1.2%)	$8.239M (+39.1%)	1.8%	—	—	COM NEW	247361702
SN	SharkNinja Inc	48,182 (-1.3%)	$7.337M (+42.0%)	1.6%	—	—	COM SHS	G8068L108
GPOR	Gulfport Energy Corp	44,694 (-1.2%)	$7.585M (-20.8%)	1.6%	—	—	COMMON SHARES	402635502
TSM	TSMC	14,640 (-2.4%)	$6.992M (+37.9%)	1.5%	—	—	SPONSORED ADS	874039100
SAN	Banco Santander SA	600,166 (-33.3%)	$8.282M (-18.4%)	1.8%	—	—	ADR	05964H105
SATS	EchoStar Corp	39,551 (-20.9%)	$4.014M (-31.4%)	0.9%	—	—	CL A	278768106
TMUS	T-Mobile US Inc	36,709 (-1.2%)	$6.157M (-21.1%)	1.3%	—	—	COM	872590104
REZI	Resideo Technologies Inc	218,198 (-12.3%)	$6.786M (-19.1%)	1.5%	—	—	COM	76118Y104
WIX	Wix.com Ltd	33,728 (-1.4%)	$1.53M (-50.4%)	0.3%	—	—	SHS	M98068105
VCTR	Victory Capital Holdings Inc	83,915 (-1.3%)	$7.054M (+26.7%)	1.5%	—	—	COM CL A	92645B103
SLM	SLM Corp	98,864 (-46.5%)	$2.565M (-35.2%)	0.5%	—	—	COM	78442P106
HALO	Halozyme Therapeutics Inc	108,366 (-1.2%)	$8.482M (+19.6%)	1.8%	—	—	COM	40637H109
TLN	Talen Energy Corp	20,156 (-1.2%)	$7.745M (+18.9%)	1.7%	—	—	COM	87422Q109
GFF	Griffon Corp	39,106 (-1.2%)	$3.814M (+32.5%)	0.8%	—	—	COM	398433102
NVDA	NVIDIA Corp	29,345 (-1.3%)	$5.872M (+13.3%)	1.3%	—	—	COM	67066G104
AMZN	Amazon.com Inc	24,148 (-1.3%)	$5.755M (+13.0%)	1.2%	—	—	COM	023135106
IESC	IES Holdings Inc	12,481 (-30.5%)	$9.169M (+7.2%)	2.0%	—	—	COM	44951W106
COF	Capital One Financial Corp	38,546 (-1.4%)	$7.733M (+8.4%)	1.7%	—	—	COM	14040H105
BABA	Alibaba Group Holding Ltd	14,820 (-1.1%)	$1.422M (-24.4%)	0.3%	—	—	SPONSORED ADS	01609W102
APO	Apollo Global Management Inc	62,638 (-1.4%)	$7.411M (+4.7%)	1.6%	—	—	COM	03769M106
LOW	Lowe's Cos Inc	14,435 (-1.3%)	$3.183M (-7.9%)	0.7%	—	—	COM	548661107
CPAY	Corpay Inc	29,778 (-14.9%)	$9.924M (-2.6%)	2.1%	—	—	COM SHS	219948106
VST	Vistra Corp	17,726 (-1.3%)	$2.812M (+4.2%)	0.6%	—	—	COM	92840M102
CI	Cigna Group/The	9,165 (-1.2%)	$2.527M (+2.2%)	0.5%	—	—	COM	125523100
CRH	CRH PLC	68,506 (-1.3%)	$7.33M (+0.5%)	1.6%	—	—	ORD	G25508105
AXR	AMREP Corp	11,173 (-1.3%)	$282K (-11.5%)	0.1%	—	—	COM	032159105
NRG	NRG Energy Inc	18,101 (-1.3%)	$2.644M (-1.3%)	0.6%	—	—	COM NEW	629377508
GOOG	Alphabet Inc	60,976 (-18.7%)	$21.54M (+0.1%)	4.6%	—	—	CAP STK CL C	02079K107
MSFT	Microsoft Corp	14,721 (-1.3%)	$5.491M (-0.5%)	1.2%	—	—	COM	594918104
BX	Blackstone Inc	21,528 (-1.3%)	$2.533M (+1.0%)	0.5%	—	—	COM	09260D107
ACGL	Arch Capital Group Ltd	29,543 (-1.3%)	$2.867M (-0.1%)	0.6%	—	—	ORD	G0450A105

Unchanged Positions (2)

MED Medifast Inc 1.6%

Value $7.498M Shares 706,699 Est. Cost — Unrealized —

BRK/A Berkshire Hathaway Inc 0.2%

Value $749K Shares 1 Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
MED	Medifast Inc	706,699	$7.498M	1.6%	—	—	COM	58470H101
BRK/A	Berkshire Hathaway Inc	1	$749K	0.2%	—	—	CL A	084670108