Ursa Fund Management, LLC Hedge Fund

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
MSFT	MICROSOFT CORP	1,359,400	$657,433	27.0%	$500.58	0.0%	PUT	594918104
MSFT	MICROSOFT CORP	1,337,400	$646,793	26.5%	$500.58	0.0%	COM	594918104
AAPL	APPLE INC	500,000	$135,930	5.6%	$268.34	0.0%	COM	037833100
AAPL	APPLE INC	500,000	$135,930	5.6%	$268.34	0.0%	PUT	037833100
JPM	JPMORGAN CHASE & CO.	370,000	$119,221	4.9%	$309.53	0.0%	PUT	46625H100
JPM	JPMORGAN CHASE & CO.	370,000	$119,221	4.9%	$309.53	0.0%	COM	46625H100
NVDA	NVIDIA CORPORATION	580,900	$108,338	4.4%	$186.13	0.0%	COM	67066G104
NVDA	NVIDIA CORPORATION	580,900	$108,338	4.4%	$186.13	0.0%	PUT	67066G104
AMZN	AMAZON COM INC	233,500	$53,896	2.2%	$228.79	0.0%	PUT	023135106
AMZN	AMAZON COM INC	233,500	$53,896	2.2%	$228.79	0.0%	COM	023135106
GOOGL	ALPHABET INC	150,000	$46,950	1.9%	$285.60	0.0%	PUT	02079K305
GOOGL	ALPHABET INC	150,000	$46,950	1.9%	$285.60	0.0%	CAP STK CL A	02079K305
META	META PLATFORMS INC	60,000	$39,605	1.6%	$667.32	0.0%	PUT	30303M102
META	META PLATFORMS INC	55,000	$36,305	1.5%	$667.32	0.0%	CALL	30303M102
TSLA	TESLA INC	50,900	$22,891	0.9%	$443.29	0.0%	COM	88160R101
TSLA	TESLA INC	50,900	$22,801	0.9%	$443.29	0.0%	PUT	88160R101
MSFT	MICROSOFT CORP	22,000	$10,640	0.4%	$500.58	0.0%	CALL	594918104
KWEB	KRANESHARES TRUST	300,000	$10,215	0.4%	—	—	CALL	500767306
KWEB	KRANESHARES TRUST	300,000	$10,215	0.4%	—	—	PUT	500767306
NFLX	NETFLIX INC	57,000	$5,344	0.2%	$107.81	0.0%	COM	64110L106
NFLX	NETFLIX INC	57,000	$5,344	0.2%	$107.81	0.0%	PUT	64110L106
URA	GLOBAL X FDS	85,700	$3,662	0.2%	$42.73	—	GLOBAL X URANIUM	37954Y871
META	META PLATFORMS INC	5,000	$3,300	0.1%	$667.32	0.0%	CL A	30303M102
URA	GLOBAL X FDS	75,000	$3,205	0.1%	$42.73	—	PUT	37954Y871
IAC	IAC INC	75,000	$2,933	0.1%	$35.02	0.0%	COM NEW	44891N208
SILJ	AMPLIFY ETF TR	81,500	$2,255	0.1%	$27.67	—	AMPLIFY JUNIOR S	032108649
GLIBA	GCI LIBERTY INC	55,700	$2,073	0.1%	—	—	CALL	36164V602
SIL	GLOBAL X FDS	16,900	$1,411	0.1%	$83.52	—	GLOBAL X SILVER	37954Y848
SIL	GLOBAL X FDS	16,900	$1,411	0.1%	$83.52	—	PUT	37954Y848
LC	LENDINGCLUB CORP	20,000	$379	0.0%	$17.67	0.0%	CALL	52603A208
LC	LENDINGCLUB CORP	10,000	$189	0.0%	$17.67	0.0%	COM NEW	52603A208
COPX	GLOBAL X FDS	2,400	$172	0.0%	$71.79	—	PUT	37954Y830
SLVR	SPROTT FDS TR	1,900	$159	0.0%	$55.80	—	PUT	85208P873
COPX	GLOBAL X FDS	1,900	$136	0.0%	$71.79	—	GLOBAL X COPPER	37954Y830
SLVR	SPROTT FDS TR	1,900	$106	0.0%	$55.80	—	SILVER MINERS	85208P873
—	STRIVE INC	44,500	$33	0.0%	$0.74	—	CL A COM	862945102

Increased Positions (4)

IWM ISHARES TR 0.5%

Value ($000) $12,308 (+239.1%) Shares 50,000 (+233.3%) Est. Cost — Unrealized —

IBIT ISHARES BITCOIN TRUST ETF 0.1%

Value ($000) $2,840 (-20.6%) Shares 57,200 (+4.0%) Est. Cost $52.98 Unrealized —

FBTC FIDELITY WISE ORIGIN BITCOIN 0.1%

Value ($000) $1,525 (+52.8%) Shares 20,000 (+100.0%) Est. Cost $88.02 Unrealized —

— STRIVE INC 0.0%

Value ($000) $111 (-30.1%) Shares 150,000 (+136.2%) Est. Cost $0.74 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
IWM	ISHARES TR	50,000 (+233.3%)	$12,308 (+239.1%)	0.5%	—	—	PUT	464287655
IBIT	ISHARES BITCOIN TRUST ETF	57,200 (+4.0%)	$2,840 (-20.6%)	0.1%	$52.98	—	SHS BEN INT	46438F101
FBTC	FIDELITY WISE ORIGIN BITCOIN	20,000 (+100.0%)	$1,525 (+52.8%)	0.1%	$88.02	—	SHS	315948109
—	STRIVE INC	150,000 (+136.2%)	$111 (-30.1%)	0.0%	$0.74	—	CALL	862945102

Exited Positions (10)

— MR COOPER GROUP INC 0.8%

Value ($000) $19,539 Shares 92,695 Est. Cost $210.79 Unrealized —

AIV APARTMENT INVT & MGMT CO 0.7%

Value ($000) $15,860 Shares 2,000,000 Est. Cost $7.93 Unrealized —

RKT ROCKET COS INC 0.4%

Value ($000) $9,529 Shares 491,700 Est. Cost — Unrealized —

FBTC FIDELITY WISE ORIGIN BITCOIN 0.2%

Value ($000) $5,989 Shares 60,000 Est. Cost $88.02 Unrealized —

— STRIVE INC 0.1%

Value ($000) $1,401 Shares 560,200 Est. Cost $0.74 Unrealized —

SMLR SEMLER SCIENTIFIC INC 0.0%

Value ($000) $525 Shares 17,500 Est. Cost $34.40 Unrealized -34.1%

PLUG PLUG POWER INC 0.0%

Value ($000) $466 Shares 200,000 Est. Cost $1.70 Unrealized +54.0%

SPCE VIRGIN GALACTIC HOLDINGS INC 0.0%

Value ($000) $193 Shares 50,000 Est. Cost $3.35 Unrealized +12.4%

DDC DDC ENTERPRISE LTD 0.0%

Value ($000) $131 Shares 15,400 Est. Cost $7.97 Unrealized -33.2%

MSPRW MSP RECOVERY INC 0.0%

Value ($000) $38 Shares 18,878,649 Est. Cost $0.09 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	MR COOPER GROUP INC	92,695	$19,539	0.8%	$210.79	—	—	62482R107
AIV	APARTMENT INVT & MGMT CO	2,000,000	$15,860	0.7%	$7.93	—	PUT	03748R747
RKT	ROCKET COS INC	491,700	$9,529	0.4%	—	—	PUT	77311W101
FBTC	FIDELITY WISE ORIGIN BITCOIN	60,000	$5,989	0.2%	$88.02	—	PUT	315948109
—	STRIVE INC	560,200	$1,401	0.1%	$0.74	—	PUT	862945102
SMLR	SEMLER SCIENTIFIC INC	17,500	$525	0.0%	$34.40	-34.1%	—	81684M104
PLUG	PLUG POWER INC	200,000	$466	0.0%	$1.70	+54.0%	—	72919P202
SPCE	VIRGIN GALACTIC HOLDINGS INC	50,000	$193	0.0%	$3.35	+12.4%	—	92766K403
DDC	DDC ENTERPRISE LTD	15,400	$131	0.0%	$7.97	-33.2%	—	G276AC119
MSPRW	MSP RECOVERY INC	18,878,649	$38	0.0%	$0.09	—	—	553745126

Decreased Positions (2)

AIV APARTMENT INVT & MGMT CO 0.1%

Value ($000) $2,516 (-89.8%) Shares 423,600 (-86.3%) Est. Cost $7.93 Unrealized —

— WHEELER REAL ESTATE INVT TR 0.0%

Value ($000) $771 (-7.6%) Shares 148,592 (-24.7%) Est. Cost $4.06 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
AIV	APARTMENT INVT & MGMT CO	423,600 (-86.3%)	$2,516 (-89.8%)	0.1%	$7.93	—	CL A	03748R747
—	WHEELER REAL ESTATE INVT TR	148,592 (-24.7%)	$771 (-7.6%)	0.0%	$4.06	—	CV PFD SER B	963025309

Unchanged Positions (2)

RIOT RIOT PLATFORMS INC 0.0%

Value ($000) $634 Shares 50,000 Est. Cost — Unrealized —

SRG SERITAGE GROWTH PPTYS 0.0%

Value ($000) $553 Shares 170,000 Est. Cost $3.50 Unrealized +8.5%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
RIOT	RIOT PLATFORMS INC	50,000	$634	0.0%	—	—	CALL	767292105
SRG	SERITAGE GROWTH PPTYS	170,000	$553	0.0%	$3.50	+8.5%	CL A	81752R100