Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
BNO	UNITED STS BRENT OIL FD LP	450,000	$18.31M	6.8%	—	—	CALL	91167Q100
QQQ	INVESCO QQQ TR	20,000	$14.73M	5.5%	—	—	PUT	46090E103
SHAZ	SHARONAI HOLDINGS INC	120,000	$10.16M	3.8%	—	—	COM CL A	778920306
SIRI	SIRIUSXM HOLDINGS INC	270,000	$7.976M	3.0%	—	—	COMMON STOCK	829933100
TDAY	USA TODAY CO INC	400,000	$3.42M	1.3%	—	—	COM	36472T109
OWL	BLUE OWL CAPITAL INC	300,000	$2.625M	1.0%	—	—	COM CL A	09581B103
INFQ	INFLEQTION INC	150,000	$1.998M	0.7%	—	—	COM SHS	45676K103
NOK	NOKIA CORP	150,000	$1.992M	0.7%	—	—	SPONSORED ADR	654902204
KOS	KOSMOS ENERGY LTD	900,000	$1.899M	0.7%	—	—	COM	500688106
AMCX	AMC GLOBAL MEDIA INC	170,000	$1.697M	0.6%	—	—	CL A	00164V103
REI	RING ENERGY INC	1,000,000	$1.08M	0.4%	—	—	COM	76680V108

Increased Positions (8)

ATEX ANTERIX INC 19.9%

Value $53.53M (+180.6%) Shares 520,000 (+4.1%) Est. Cost — Unrealized —

SOC SABLE OFFSHORE CORP 0.9%

Value $2.295M (-79.4%) Shares 745,000 (+10.4%) Est. Cost — Unrealized —

MRNA MODERNA INC 6.4%

Value $17.16M (+53.5%) Shares 245,000 (+11.4%) Est. Cost — Unrealized —

RXT RACKSPACE TECHNOLOGY INC 2.2%

Value $5.877M (+756.9%) Shares 900,000 (+28.6%) Est. Cost — Unrealized —

CC CHEMOURS CO 2.9%

Value $7.695M (+55.2%) Shares 375,000 (+66.7%) Est. Cost — Unrealized —

VG VENTURE GLOBAL INC 4.8%

Value $12.8M (+20.3%) Shares 1,150,000 (+70.4%) Est. Cost — Unrealized —

LUMN LUMEN TECHNOLOGIES INC 1.4%

Value $3.84M (+38.1%) Shares 500,000 (+25.0%) Est. Cost — Unrealized —

SM SM ENERGY COMPANY 2.2%

Value $5.872M (-10.3%) Shares 225,000 (+7.1%) Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
ATEX	ANTERIX INC	520,000 (+4.1%)	$53.53M (+180.6%)	19.9%	—	—	COM	03676C100
SOC	SABLE OFFSHORE CORP	745,000 (+10.4%)	$2.295M (-79.4%)	0.9%	—	—	COM SHS	78574H104
MRNA	MODERNA INC	245,000 (+11.4%)	$17.16M (+53.5%)	6.4%	—	—	COM	60770K107
RXT	RACKSPACE TECHNOLOGY INC	900,000 (+28.6%)	$5.877M (+756.9%)	2.2%	—	—	COM	750102105
CC	CHEMOURS CO	375,000 (+66.7%)	$7.695M (+55.2%)	2.9%	—	—	COM	163851108
VG	VENTURE GLOBAL INC	1,150,000 (+70.4%)	$12.8M (+20.3%)	4.8%	—	—	COM CL A	92333F101
LUMN	LUMEN TECHNOLOGIES INC	500,000 (+25.0%)	$3.84M (+38.1%)	1.4%	—	—	COM	550241103
SM	SM ENERGY COMPANY	225,000 (+7.1%)	$5.872M (-10.3%)	2.2%	—	—	COM	78454L100

Exited Positions (7)

NBIS NEBIUS GROUP N.V. 3.5%

Value $9.338M Shares 90,000 Est. Cost — Unrealized —

AR ANTERO RESOURCES CORP 2.8%

Value $7.427M Shares 175,000 Est. Cost — Unrealized —

APA APA CORPORATION 2.2%

Value $5.942M Shares 140,000 Est. Cost — Unrealized —

GSAT GLOBALSTAR INC 1.7%

Value $4.649M Shares 70,000 Est. Cost — Unrealized —

OXY OCCIDENTAL PETE CORP 1.2%

Value $3.25M Shares 50,000 Est. Cost — Unrealized —

RUN SUNRUN INC 0.8%

Value $2.17M Shares 160,000 Est. Cost — Unrealized —

CNR CORE NATURAL RESOURCES INC 0.8%

Value $2.095M Shares 20,000 Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
NBIS	NEBIUS GROUP N.V.	90,000	$9.338M	3.5%	—	—	—	N97284108
AR	ANTERO RESOURCES CORP	175,000	$7.427M	2.8%	—	—	—	03674X106
APA	APA CORPORATION	140,000	$5.942M	2.2%	—	—	—	03743Q108
GSAT	GLOBALSTAR INC	70,000	$4.649M	1.7%	—	—	—	378973507
OXY	OCCIDENTAL PETE CORP	50,000	$3.25M	1.2%	—	—	—	674599105
RUN	SUNRUN INC	160,000	$2.17M	0.8%	—	—	—	86771W105
CNR	CORE NATURAL RESOURCES INC	20,000	$2.095M	0.8%	—	—	—	218937100

Decreased Positions (5)

SATS ECHOSTAR CORP 12.3%

Value $32.99M (-27.7%) Shares 325,000 (-16.7%) Est. Cost — Unrealized —

NN NEXTNAV INC 8.3%

Value $22.29M (-18.5%) Shares 1,250,000 (-26.8%) Est. Cost — Unrealized —

APLD APPLIED DIGITAL CORP 6.6%

Value $17.72M (+16.6%) Shares 475,000 (-25.8%) Est. Cost — Unrealized —

TE T1 ENERGY INC 1.8%

Value $4.74M (+66.1%) Shares 500,000 (-23.1%) Est. Cost — Unrealized —

INOD INNODATA INC 4.2%

Value $11.34M (+6.7%) Shares 150,000 (-45.5%) Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
SATS	ECHOSTAR CORP	325,000 (-16.7%)	$32.99M (-27.7%)	12.3%	—	—	CL A	278768106
NN	NEXTNAV INC	1,250,000 (-26.8%)	$22.29M (-18.5%)	8.3%	—	—	COMMON STOCK	65345N106
APLD	APPLIED DIGITAL CORP	475,000 (-25.8%)	$17.72M (+16.6%)	6.6%	—	—	COM NEW	038169207
TE	T1 ENERGY INC	500,000 (-23.1%)	$4.74M (+66.1%)	1.8%	—	—	COM NEW	35834F104
INOD	INNODATA INC	150,000 (-45.5%)	$11.34M (+6.7%)	4.2%	—	—	COM NEW	457642205

Unchanged Positions (1)

ECG EVERUS CONSTR GROUP 1.9%

Value $4.979M Shares 30,000 Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
ECG	EVERUS CONSTR GROUP	30,000	$4.979M	1.9%	—	—	COM	300426103