Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
ATEX	ANTERIX INC	499,596	$19.08M	9.2%	—	—	COM	03676C100
VG	VENTURE GLOBAL INC	675,000	$10.64M	5.1%	—	—	COM CL A	92333F101
SM	SM ENERGY COMPANY	210,000	$6.548M	3.2%	—	—	COM	78454L100
APA	APA CORPORATION	140,000	$5.942M	2.9%	—	—	COM	03743Q108
CC	CHEMOURS CO	225,000	$4.957M	2.4%	—	—	COM	163851108
OXY	OCCIDENTAL PETE CORP	50,000	$3.25M	1.6%	—	—	COM	674599105
CNR	CORE NATURAL RESOURCES INC	20,000	$2.095M	1.0%	—	—	COM SHS	218937100
RXT	RACKSPACE TECHNOLOGY INC	700,000	$686K	0.3%	—	—	COM	750102105

Increased Positions (3)

SOC SABLE OFFSHORE CORP 5.4%

Value $11.15M (+253.2%) Shares 675,000 (+92.9%) Est. Cost — Unrealized —

MRNA MODERNA INC 5.4%

Value $11.18M (+191.5%) Shares 220,000 (+69.2%) Est. Cost — Unrealized —

SATS ECHOSTAR CORP 22.0%

Value $45.66M (+15.1%) Shares 390,000 (+6.8%) Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
SOC	SABLE OFFSHORE CORP	675,000 (+92.9%)	$11.15M (+253.2%)	5.4%	—	—	COM SHS	78574H104
MRNA	MODERNA INC	220,000 (+69.2%)	$11.18M (+191.5%)	5.4%	—	—	COM	60770K107
SATS	ECHOSTAR CORP	390,000 (+6.8%)	$45.66M (+15.1%)	22.0%	—	—	CL A	278768106

Exited Positions (8)

FSLR FIRST SOLAR INC 5.0%

Value $10.45M Shares 40,000 Est. Cost — Unrealized —

YOU CLEAR SECURE INC 4.7%

Value $9.647M Shares 275,000 Est. Cost — Unrealized —

LYFT LYFT INC 3.7%

Value $7.748M Shares 400,000 Est. Cost — Unrealized —

SMCI SUPER MICRO COMPUTER INC 3.2%

Value $6.586M Shares 225,000 Est. Cost — Unrealized —

INFQ CHURCHILL CAP CORP X 3.0%

Value $6.24M Shares 400,000 Est. Cost — Unrealized —

NXDR NEXTDOOR HOLDINGS INC 2.1%

Value $4.41M Shares 2,100,000 Est. Cost — Unrealized —

LENZ LENZ THERAPEUTICS INC 1.5%

Value $3.2M Shares 200,000 Est. Cost — Unrealized —

VISN COMMSCOPE HLDG CO INC 1.3%

Value $2.72M Shares 150,000 Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
FSLR	FIRST SOLAR INC	40,000	$10.45M	5.0%	—	—	—	336433107
YOU	CLEAR SECURE INC	275,000	$9.647M	4.7%	—	—	—	18467V109
LYFT	LYFT INC	400,000	$7.748M	3.7%	—	—	—	55087P104
SMCI	SUPER MICRO COMPUTER INC	225,000	$6.586M	3.2%	—	—	—	86800U302
INFQ	CHURCHILL CAP CORP X	400,000	$6.24M	3.0%	—	—	—	G2130T108
NXDR	NEXTDOOR HOLDINGS INC	2,100,000	$4.41M	2.1%	—	—	—	65345M108
LENZ	LENZ THERAPEUTICS INC	200,000	$3.2M	1.5%	—	—	—	52635N103
VISN	COMMSCOPE HLDG CO INC	150,000	$2.72M	1.3%	—	—	—	20337X109

Decreased Positions (8)

APLD APPLIED DIGITAL CORP 7.3%

Value $15.19M (-38.0%) Shares 640,000 (-36.0%) Est. Cost — Unrealized —

RUN SUNRUN INC 1.0%

Value $2.17M (-76.4%) Shares 160,000 (-68.0%) Est. Cost — Unrealized —

NN NEXTNAV INC 13.2%

Value $27.36M (-20.4%) Shares 1,708,000 (-17.3%) Est. Cost — Unrealized —

INOD INNODATA INC 5.1%

Value $10.62M (-36.8%) Shares 275,000 (-16.7%) Est. Cost — Unrealized —

GSAT GLOBALSTAR INC 2.2%

Value $4.649M (-53.9%) Shares 70,000 (-57.6%) Est. Cost — Unrealized —

AR ANTERO RESOURCES CORP 3.6%

Value $7.427M (-32.6%) Shares 175,000 (-45.3%) Est. Cost — Unrealized —

TE T1 ENERGY INC 1.4%

Value $2.853M (-46.6%) Shares 650,000 (-18.8%) Est. Cost — Unrealized —

NBIS NEBIUS GROUP N.V. 4.5%

Value $9.338M (-17.4%) Shares 90,000 (-33.3%) Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
APLD	APPLIED DIGITAL CORP	640,000 (-36.0%)	$15.19M (-38.0%)	7.3%	—	—	COM NEW	038169207
RUN	SUNRUN INC	160,000 (-68.0%)	$2.17M (-76.4%)	1.0%	—	—	COM	86771W105
NN	NEXTNAV INC	1,708,000 (-17.3%)	$27.36M (-20.4%)	13.2%	—	—	COMMON STOCK	65345N106
INOD	INNODATA INC	275,000 (-16.7%)	$10.62M (-36.8%)	5.1%	—	—	COM NEW	457642205
GSAT	GLOBALSTAR INC	70,000 (-57.6%)	$4.649M (-53.9%)	2.2%	—	—	COM NEW	378973507
AR	ANTERO RESOURCES CORP	175,000 (-45.3%)	$7.427M (-32.6%)	3.6%	—	—	COM	03674X106
TE	T1 ENERGY INC	650,000 (-18.8%)	$2.853M (-46.6%)	1.4%	—	—	COM NEW	35834F104
NBIS	NEBIUS GROUP N.V.	90,000 (-33.3%)	$9.338M (-17.4%)	4.5%	—	—	SHS CLASS A	N97284108

Unchanged Positions (2)

ECG EVERUS CONSTR GROUP 1.7%

Value $3.542M Shares 30,000 Est. Cost — Unrealized —

LUMN LUMEN TECHNOLOGIES INC 1.3%

Value $2.78M Shares 400,000 Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
ECG	EVERUS CONSTR GROUP	30,000	$3.542M	1.7%	—	—	COM	300426103
LUMN	LUMEN TECHNOLOGIES INC	400,000	$2.78M	1.3%	—	—	COM	550241103