Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
RY	ROYAL BK CDA	300,000	$48.53M	5.3%	—	—	PUT	780087102
PEP	PEPSICO INC	295,000	$45.81M	5.0%	—	—	PUT	713448108
CM	CANADIAN IMPERIAL BANK OF CO	452,500	$42.87M	4.7%	—	—	PUT	136069101
TD	TORONTO DOMINION BK ONT	302,500	$28.23M	3.1%	—	—	PUT	891160509
BMO	BANK MONTREAL MEDIUM	169,500	$22.94M	2.5%	—	—	PUT	063671101
KIE	SPDR SERIES TRUST	297,600	$16.37M	1.8%	—	—	PUT	78464A789
HHH	HOWARD HUGHES HOLDINGS INC	215,288	$13.62M	1.5%	$80.69	0.0%	COM	44267T102
IYR	ISHARES TR	110,000	$10.4M	1.1%	—	—	PUT	464287739
CNR	CORE NATURAL RESOURCES INC	95,000	$9.949M	1.1%	$75.69	+22.6%	CALL	218937100
PFGC	PERFORMANCE FOOD GROUP CO	100,000	$8.566M	0.9%	—	—	PUT	71377A103
LOPE	GRAND CANYON ED INC	40,000	$6.801M	0.7%	—	—	PUT	38526M106
VTR	VENTAS INC	66,500	$5.438M	0.6%	—	—	PUT	92276F100
PRDO	PERDOCEO ED CORP	74,800	$2.783M	0.3%	—	—	PUT	71363P106
STRA	STRATEGIC ED INC	20,000	$1.659M	0.2%	—	—	PUT	86272C103
CTRE	CARETRUST REIT INC	7,500	$275K	0.0%	—	—	PUT	14174T107

Increased Positions (3)

HYG ISHARES TR 22.6%

Value $208M (+78.3%) Shares 2,610,700 (+80.7%) Est. Cost — Unrealized —

GRFS GRIFOLS S A 1.2%

Value $11.01M (+8.5%) Shares 1,372,394 (+26.5%) Est. Cost $7.30 Unrealized —

RMR RMR GROUP INC 1.3%

Value $12.42M (+6.3%) Shares 802,739 (+2.4%) Est. Cost $14.72 Unrealized +9.4%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
HYG	ISHARES TR	2,610,700 (+80.7%)	$208M (+78.3%)	22.6%	—	—	PUT	464288513
GRFS	GRIFOLS S A	1,372,394 (+26.5%)	$11.01M (+8.5%)	1.2%	$7.30	—	SP ADR REP B NVT	398438408
RMR	RMR GROUP INC	802,739 (+2.4%)	$12.42M (+6.3%)	1.3%	$14.72	+9.4%	CL A	74967R106

Exited Positions (4)

— BROOKDALE SR LIVING INC 4.7%

Value $42.92M Shares 30,834,000 Est. Cost $1.39 Unrealized —

AFRM AFFIRM HLDGS INC 2.1%

Value $18.91M Shares 254,000 Est. Cost — Unrealized —

PFSI PENNYMAC FINL SVCS INC NEW 1.9%

Value $17.14M Shares 130,000 Est. Cost — Unrealized —

PANL PANGAEA LOGISTICS SOLUTION L 0.0%

Value $83,516 Shares 12,139 Est. Cost $4.36 Unrealized +84.1%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	BROOKDALE SR LIVING INC	30,834,000	$42.92M	4.7%	$1.39	—	—	112463AF1
AFRM	AFFIRM HLDGS INC	254,000	$18.91M	2.1%	—	—	PUT	00827B106
PFSI	PENNYMAC FINL SVCS INC NEW	130,000	$17.14M	1.9%	—	—	PUT	70932M107
PANL	PANGAEA LOGISTICS SOLUTION L	12,139	$83,516	0.0%	$4.36	+84.1%	—	G6891L105

Decreased Positions (14)

CNR CORE NATURAL RESOURCES INC 0.5%

Value $4.709M (-96.2%) Shares 44,965 (-96.8%) Est. Cost $75.69 Unrealized +22.6%

TSLA TESLA INC 1.3%

Value $11.9M (-88.2%) Shares 32,000 (-85.7%) Est. Cost — Unrealized —

BKD BROOKDALE SR LIVING INC 3.6%

Value $32.72M (-64.3%) Shares 2,391,526 (-71.9%) Est. Cost $5.37 Unrealized +157.9%

WELL WELLTOWER INC 0.9%

Value $8.165M (-73.3%) Shares 41,300 (-75.0%) Est. Cost — Unrealized —

CVNA CARVANA CO 2.5%

Value $22.82M (-49.2%) Shares 72,600 (-31.8%) Est. Cost — Unrealized —

SMC SUMMIT MIDSTREAM CORPORATION 0.4%

Value $3.758M (-60.5%) Shares 124,278 (-65.1%) Est. Cost $23.78 Unrealized +17.4%

TK TEEKAY CORPORATION LTD 2.2%

Value $19.81M (+24.5%) Shares 1,622,766 (-7.9%) Est. Cost $7.78 Unrealized +34.0%

SEVN SEVEN HILLS REALTY TRUST 0.4%

Value $3.561M (-39.8%) Shares 433,192 (-34.8%) Est. Cost $8.90 Unrealized —

ASC ARDMORE SHIPPING CORP 1.7%

Value $15.32M (+15.8%) Shares 1,004,696 (-19.6%) Est. Cost $10.89 Unrealized +16.8%

CVEO CIVEO CORP CDA 1.0%

Value $9.188M (-13.2%) Shares 347,240 (-25.0%) Est. Cost $22.51 Unrealized +15.7%

MGM MGM RESORTS INTERNATIONAL 1.4%

Value $13.32M (-8.7%) Shares 360,000 (-10.0%) Est. Cost — Unrealized —

ILPT INDUSTRIAL LOGISTICS PPTYS T 0.9%

Value $8.151M (-13.5%) Shares 1,435,087 (-15.6%) Est. Cost $4.89 Unrealized —

RCL ROYAL CARIBBEAN GROUP 2.7%

Value $24.63M (-4.1%) Shares 89,500 (-2.8%) Est. Cost — Unrealized —

RRR RED ROCK RESORTS INC 0.3%

Value $2.935M (-21.0%) Shares 55,000 (-8.3%) Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
CNR	CORE NATURAL RESOURCES INC	44,965 (-96.8%)	$4.709M (-96.2%)	0.5%	$75.69	+22.6%	SHSCOM	218937100
TSLA	TESLA INC	32,000 (-85.7%)	$11.9M (-88.2%)	1.3%	—	—	PUT	88160R101
BKD	BROOKDALE SR LIVING INC	2,391,526 (-71.9%)	$32.72M (-64.3%)	3.6%	$5.37	+157.9%	COM	112463104
WELL	WELLTOWER INC	41,300 (-75.0%)	$8.165M (-73.3%)	0.9%	—	—	PUT	95040Q104
CVNA	CARVANA CO	72,600 (-31.8%)	$22.82M (-49.2%)	2.5%	—	—	PUT	146869102
SMC	SUMMIT MIDSTREAM CORPORATION	124,278 (-65.1%)	$3.758M (-60.5%)	0.4%	$23.78	+17.4%	COM	86614G101
TK	TEEKAY CORPORATION LTD	1,622,766 (-7.9%)	$19.81M (+24.5%)	2.2%	$7.78	+34.0%	SHS	G8726T105
SEVN	SEVEN HILLS REALTY TRUST	433,192 (-34.8%)	$3.561M (-39.8%)	0.4%	$8.90	—	COM	81784E101
ASC	ARDMORE SHIPPING CORP	1,004,696 (-19.6%)	$15.32M (+15.8%)	1.7%	$10.89	+16.8%	COM	Y0207T100
CVEO	CIVEO CORP CDA	347,240 (-25.0%)	$9.188M (-13.2%)	1.0%	$22.51	+15.7%	COM NEW	17878Y207
MGM	MGM RESORTS INTERNATIONAL	360,000 (-10.0%)	$13.32M (-8.7%)	1.4%	—	—	PUT	552953101
ILPT	INDUSTRIAL LOGISTICS PPTYS T	1,435,087 (-15.6%)	$8.151M (-13.5%)	0.9%	$4.89	—	COM SHS BEN INT	456237106
RCL	ROYAL CARIBBEAN GROUP	89,500 (-2.8%)	$24.63M (-4.1%)	2.7%	—	—	PUT	V7780T103
RRR	RED ROCK RESORTS INC	55,000 (-8.3%)	$2.935M (-21.0%)	0.3%	—	—	PUT	75700L108

Unchanged Positions (7)

DHC DIVERSIFIED HEALTHCARE TR 16.9%

Value $156M Shares 23,487,002 Est. Cost $2.21 Unrealized —

MAR MARRIOTT INTL INC NEW 4.3%

Value $39.87M Shares 121,900 Est. Cost — Unrealized —

HLT HILTON WORLDWIDE HLDGS INC 3.8%

Value $35.12M Shares 115,500 Est. Cost — Unrealized —

SVC SERVICE PPTYS TR 0.1%

Value $1.155M Shares 852,490 Est. Cost $2.41 Unrealized —

IAUX I-80 GOLD CORP 0.9%

Value $8.425M Shares 5,542,640 Est. Cost $1.14 Unrealized +55.1%

— BROOKDALE SR LIVING INC 0.1%

Value $536K Shares 315,000 Est. Cost $0.86 Unrealized —

RHP RYMAN HOSPITALITY PPTYS INC 0.3%

Value $2.999M Shares 32,500 Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
DHC	DIVERSIFIED HEALTHCARE TR	23,487,002	$156M	16.9%	$2.21	—	COM SH BEN INT	25525P107
MAR	MARRIOTT INTL INC NEW	121,900	$39.87M	4.3%	—	—	PUT	571903202
HLT	HILTON WORLDWIDE HLDGS INC	115,500	$35.12M	3.8%	—	—	PUT	43300A203
SVC	SERVICE PPTYS TR	852,490	$1.155M	0.1%	$2.41	—	COM SH BEN INT	81761L102
IAUX	I-80 GOLD CORP	5,542,640	$8.425M	0.9%	$1.14	+55.1%	COM	44955L106
—	BROOKDALE SR LIVING INC	315,000	$536K	0.1%	$0.86	—	NOTE 2.000%10/1	112463AC8
RHP	RYMAN HOSPITALITY PPTYS INC	32,500	$2.999M	0.3%	—	—	PUT	78377T107