Marnell Management LLC Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
HYG	ISHARES TR	250,000	$19,890	6.9%	—	—	PUT	464288513
QQQ	INVESCO QQQ TR	30,000	$17,315	6.0%	—	—	PUT	46090E103
TRMD	TORM PLC	185,400	$5,173	1.8%	$20.80	+16.2%	CALL	G89479102
DHT	DHT HOLDINGS INC	270,000	$4,933	1.7%	$12.28	+16.6%	CALL	Y2065G121
DEI	DOUGLAS EMMETT INC	436,290	$4,110	1.4%	$9.42	—	COM	25960P109
CIFR	CIPHER DIGITAL INC	205,900	$2,650	0.9%	$16.67	0.0%	COM	17253J106
HAFN	HAFNIA LTD	299,900	$2,279	0.8%	$5.96	+4.2%	CALL	Y2990R101
HSHP	HIMALAYA SHIPPING LTD	164,032	$2,182	0.8%	$10.69	0.0%	ORD SHS	G4660A103
CLSK	CLEANSPARK INC	254,376	$2,165	0.8%	$11.33	0.0%	COM NEW	18452B209
COMP	COMPASS INC	271,779	$1,987	0.7%	$11.75	0.0%	CL A	20464U100
FBIN	FORTUNE BRANDS INNOVATIONS I	48,100	$1,874	0.7%	$56.84	0.0%	COM	34964C106
METC	RAMACO RES INC	117,665	$1,819	0.6%	$19.64	0.0%	COM CL A	75134P600
LEN	LENNAR CORP	19,000	$1,650	0.6%	$114.46	0.0%	CL A	526057104
BLDR	BUILDERS FIRSTSOURCE INC	19,772	$1,628	0.6%	$117.53	0.0%	COM	12008R107
BWA	BORGWARNER INC	27,800	$1,508	0.5%	—	—	CALL	099724106
NVGS	NAVIGATOR HLDGS LTD	50,000	$967	0.3%	$18.59	0.0%	SHS	Y62132108
QXO	QXO INC	38,700	$752	0.3%	$24.14	0.0%	COM NEW	82846H405
HPP	HUDSON PACIFIC PROPERTIES IN	118,925	$703	0.2%	$5.91	—	COM	444097406
CE	CELANESE CORP DEL	9,300	$612	0.2%	$49.52	0.0%	COM	150870103
SHIP	SEANERGY MARITIME HLDGS CORP	39,559	$511	0.2%	$12.91	—	SHS	Y73760400
OC	OWENS CORNING NEW	3,590	$389	0.1%	$125.69	0.0%	COM	690742101

Increased Positions (20)

SPY STATE STR SPDR S&P 500 ETF T 29.4%

Value ($000) $84,544 (+24.0%) Shares 130,000 (+30.0%) Est. Cost — Unrealized —

WULF TERAWULF INC 3.4%

Value ($000) $9,910 (+52.4%) Shares 686,762 (+21.4%) Est. Cost $13.61 Unrealized +7.1%

VNO VORNADO RLTY TR 1.3%

Value ($000) $3,706 (+790.9%) Shares 142,592 (+1040.7%) Est. Cost $26.63 Unrealized —

SBLK STAR BULK CARRIERS CORP. 3.4%

Value ($000) $9,884 (+42.4%) Shares 430,282 (+19.1%) Est. Cost $19.26 Unrealized +16.1%

ECO OKEANIS ECO TANKERS COR 0.9%

Value ($000) $2,694 (+888.1%) Shares 53,253 (+561.0%) Est. Cost $39.99 Unrealized +2.7%

TLN TALEN ENERGY CORP 1.5%

Value ($000) $4,234 (+96.1%) Shares 13,264 (+130.3%) Est. Cost $377.10 Unrealized -2.4%

CNR CORE NATURAL RESOURCES INC 2.7%

Value ($000) $7,748 (+28.5%) Shares 73,984 (+8.6%) Est. Cost $85.77 Unrealized +8.2%

ALX ALEXANDERS INC 1.3%

Value ($000) $3,742 (+42.6%) Shares 15,841 (+31.6%) Est. Cost $222.32 Unrealized —

RIG TRANSOCEAN LTD 0.8%

Value ($000) $2,249 (+87.9%) Shares 339,253 (+17.0%) Est. Cost $4.07 Unrealized +26.9%

CMBT CMB.TECH NV 0.5%

Value ($000) $1,450 (+193.4%) Shares 114,600 (+123.8%) Est. Cost $9.72 Unrealized +26.1%

TNK TEEKAY TANKERS LTD 0.6%

Value ($000) $1,728 (+40.2%) Shares 23,567 (+2.1%) Est. Cost $56.32 Unrealized +14.5%

EXP EAGLE MATLS INC 0.8%

Value ($000) $2,262 (+20.9%) Shares 11,939 (+31.9%) Est. Cost $221.62 Unrealized +1.6%

KKR KKR & CO INC 0.3%

Value ($000) $945 (-18.5%) Shares 10,219 (+12.3%) Est. Cost $123.24 Unrealized -6.9%

FCNCA FIRST CTZNS BANCSHARES INC D 1.6%

Value ($000) $4,710 (+4.3%) Shares 2,499 (+18.7%) Est. Cost $1916.59 Unrealized +9.2%

SHW SHERWIN WILLIAMS CO 1.0%

Value ($000) $2,993 (+4.2%) Shares 9,336 (+5.3%) Est. Cost $335.19 Unrealized +6.0%

WH WYNDHAM HOTELS & RESORTS INC 0.1%

Value ($000) $377 (+23.4%) Shares 4,647 (+14.8%) Est. Cost $75.81 Unrealized +3.7%

MLM MARTIN MARIETTA MATLS INC 0.3%

Value ($000) $878 (+8.9%) Shares 1,491 (+15.1%) Est. Cost $626.57 Unrealized +5.5%

JBGS JBG SMITH PPTYS 2.3%

Value ($000) $6,602 (+0.7%) Shares 451,873 (+17.2%) Est. Cost $16.66 Unrealized —

CLF CLEVELAND-CLIFFS INC NEW 0.1%

Value ($000) $335 (-11.6%) Shares 39,613 (+38.9%) Est. Cost $12.69 Unrealized +1.3%

LEN/B LENNAR CORP 0.1%

Value ($000) $313 (+2.7%) Shares 3,717 (+16.2%) Est. Cost $111.80 Unrealized -5.3%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
SPY	STATE STR SPDR S&P 500 ETF T	130,000 (+30.0%)	$84,544 (+24.0%)	29.4%	—	—	PUT	78462F103
WULF	TERAWULF INC	686,762 (+21.4%)	$9,910 (+52.4%)	3.4%	$13.61	+7.1%	COM	88080T104
VNO	VORNADO RLTY TR	142,592 (+1040.7%)	$3,706 (+790.9%)	1.3%	$26.63	—	SH BEN INT	929042109
SBLK	STAR BULK CARRIERS CORP.	430,282 (+19.1%)	$9,884 (+42.4%)	3.4%	$19.26	+16.1%	SHS PAR	Y8162K204
ECO	OKEANIS ECO TANKERS COR	53,253 (+561.0%)	$2,694 (+888.1%)	0.9%	$39.99	+2.7%	SHS	Y64177101
TLN	TALEN ENERGY CORP	13,264 (+130.3%)	$4,234 (+96.1%)	1.5%	$377.10	-2.4%	COM	87422Q109
CNR	CORE NATURAL RESOURCES INC	73,984 (+8.6%)	$7,748 (+28.5%)	2.7%	$85.77	+8.2%	COM SHS	218937100
ALX	ALEXANDERS INC	15,841 (+31.6%)	$3,742 (+42.6%)	1.3%	$222.32	—	COM	014752109
RIG	TRANSOCEAN LTD	339,253 (+17.0%)	$2,249 (+87.9%)	0.8%	$4.07	+26.9%	REGISTERED SHS	H8817H100
CMBT	CMB.TECH NV	114,600 (+123.8%)	$1,450 (+193.4%)	0.5%	$9.72	+26.1%	CALL	B38564108
TNK	TEEKAY TANKERS LTD	23,567 (+2.1%)	$1,728 (+40.2%)	0.6%	$56.32	+14.5%	CL A	G8726X106
EXP	EAGLE MATLS INC	11,939 (+31.9%)	$2,262 (+20.9%)	0.8%	$221.62	+1.6%	COM	26969P108
KKR	KKR & CO INC	10,219 (+12.3%)	$945 (-18.5%)	0.3%	$123.24	-6.9%	COM	48251W104
FCNCA	FIRST CTZNS BANCSHARES INC D	2,499 (+18.7%)	$4,710 (+4.3%)	1.6%	$1916.59	+9.2%	CL A	31946M103
SHW	SHERWIN WILLIAMS CO	9,336 (+5.3%)	$2,993 (+4.2%)	1.0%	$335.19	+6.0%	COM	824348106
WH	WYNDHAM HOTELS & RESORTS INC	4,647 (+14.8%)	$377 (+23.4%)	0.1%	$75.81	+3.7%	COM	98311A105
MLM	MARTIN MARIETTA MATLS INC	1,491 (+15.1%)	$878 (+8.9%)	0.3%	$626.57	+5.5%	COM	573284106
JBGS	JBG SMITH PPTYS	451,873 (+17.2%)	$6,602 (+0.7%)	2.3%	$16.66	—	COM	46590V100
CLF	CLEVELAND-CLIFFS INC NEW	39,613 (+38.9%)	$335 (-11.6%)	0.1%	$12.69	+1.3%	COM	185899101
LEN/B	LENNAR CORP	3,717 (+16.2%)	$313 (+2.7%)	0.1%	$111.80	-5.3%	CL B	526057302

Exited Positions (11)

SBLK STAR BULK CARRIERS CORP. 1.5%

Value ($000) $4,284 Shares 222,900 Est. Cost $19.26 Unrealized +16.1%

NLOP NET LEASE OFFICE PROPERTIES 0.6%

Value ($000) $1,754 Shares 68,027 Est. Cost $25.79 Unrealized —

NUE NUCOR CORP 0.6%

Value ($000) $1,631 Shares 10,000 Est. Cost — Unrealized —

DAC DANAOS CORPORATION 0.2%

Value ($000) $670 Shares 7,119 Est. Cost $92.12 Unrealized +11.9%

AL AIR LEASE CORP 0.2%

Value ($000) $583 Shares 9,078 Est. Cost $63.69 Unrealized +1.3%

FNV FRANCO NEV CORP 0.2%

Value ($000) $497 Shares 2,400 Est. Cost $202.79 Unrealized +21.2%

VALE VALE S A 0.1%

Value ($000) $336 Shares 25,800 Est. Cost $13.03 Unrealized —

CDRE CADRE HLDGS INC 0.1%

Value ($000) $248 Shares 6,076 Est. Cost $41.45 Unrealized +1.7%

GSL GLOBAL SHIP LEASE INC NEW 0.1%

Value ($000) $228 Shares 6,515 Est. Cost $32.49 Unrealized +14.2%

TROX TRONOX HOLDINGS PLC 0.0%

Value ($000) $83 Shares 19,830 Est. Cost $3.81 Unrealized +70.7%

GNK GENCO SHIPPING & TRADING LTD 0.0%

Value ($000) $79 Shares 4,300 Est. Cost $17.56 Unrealized +18.6%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
SBLK	STAR BULK CARRIERS CORP.	222,900	$4,284	1.5%	$19.26	+16.1%	CALL	Y8162K204
NLOP	NET LEASE OFFICE PROPERTIES	68,027	$1,754	0.6%	$25.79	—	—	64110Y108
NUE	NUCOR CORP	10,000	$1,631	0.6%	—	—	PUT	670346105
DAC	DANAOS CORPORATION	7,119	$670	0.2%	$92.12	+11.9%	—	Y1968P121
AL	AIR LEASE CORP	9,078	$583	0.2%	$63.69	+1.3%	—	00912X302
FNV	FRANCO NEV CORP	2,400	$497	0.2%	$202.79	+21.2%	—	351858105
VALE	VALE S A	25,800	$336	0.1%	$13.03	—	—	91912E105
CDRE	CADRE HLDGS INC	6,076	$248	0.1%	$41.45	+1.7%	—	12763L105
GSL	GLOBAL SHIP LEASE INC NEW	6,515	$228	0.1%	$32.49	+14.2%	—	Y27183600
TROX	TRONOX HOLDINGS PLC	19,830	$83	0.0%	$3.81	+70.7%	—	G9087Q102
GNK	GENCO SHIPPING & TRADING LTD	4,300	$79	0.0%	$17.56	+18.6%	CALL	Y2685T131

Decreased Positions (29)

INSW INTERNATIONAL SEAWAYS INC 0.6%

Value ($000) $1,793 (-70.2%) Shares 24,597 (-80.1%) Est. Cost $48.84 Unrealized +21.7%

GNK GENCO SHIPPING & TRADING LTD 0.7%

Value ($000) $1,940 (-62.6%) Shares 86,023 (-69.4%) Est. Cost $17.56 Unrealized +18.6%

HUT HUT 8 CORP 0.3%

Value ($000) $804 (-76.9%) Shares 17,143 (-77.4%) Est. Cost $44.08 Unrealized +28.4%

NXRT NEXPOINT RESIDENTIAL TR INC 1.2%

Value ($000) $3,390 (-35.1%) Shares 135,606 (-21.8%) Est. Cost $30.10 Unrealized —

CENX CENTURY ALUM CO 0.9%

Value ($000) $2,659 (-36.6%) Shares 45,298 (-57.7%) Est. Cost $31.24 Unrealized +54.9%

HCC WARRIOR MET COAL INC 1.8%

Value ($000) $5,208 (-20.4%) Shares 55,913 (-24.6%) Est. Cost $75.18 Unrealized +22.3%

NBIS NEBIUS GROUP N.V. 0.8%

Value ($000) $2,424 (-34.6%) Shares 23,358 (-47.2%) Est. Cost $103.64 Unrealized -7.0%

NMM NAVIOS MARITIME PARTNERS LP 1.4%

Value ($000) $3,892 (-22.6%) Shares 57,682 (-39.8%) Est. Cost $52.43 Unrealized —

HAFN HAFNIA LTD 0.4%

Value ($000) $1,256 (-41.7%) Shares 165,245 (-59.1%) Est. Cost $5.96 Unrealized +4.2%

GLD SPDR GOLD TR 0.6%

Value ($000) $1,773 (-33.2%) Shares 4,121 (-38.5%) Est. Cost $396.31 Unrealized —

VAL VALARIS LTD 0.6%

Value ($000) $1,674 (+78.1%) Shares 17,075 (-8.4%) Est. Cost $53.67 Unrealized +26.1%

ASC ARDMORE SHIPPING CORP 1.6%

Value ($000) $4,565 (+17.7%) Shares 299,357 (-18.2%) Est. Cost $11.89 Unrealized +6.9%

CORZ CORE SCIENTIFIC INC NEW 0.9%

Value ($000) $2,550 (-21.1%) Shares 170,476 (-23.2%) Est. Cost $17.44 Unrealized +1.5%

GTX GARRETT MOTION INC 1.1%

Value ($000) $3,304 (-16.1%) Shares 181,863 (-19.5%) Est. Cost $15.92 Unrealized +18.8%

STNG SCORPIO TANKERS INC 0.7%

Value ($000) $1,966 (+37.9%) Shares 26,333 (-6.1%) Est. Cost $50.83 Unrealized —

TEN TSAKOS ENERGY NAVIGATION LTD 0.1%

Value ($000) $225 (-70.5%) Shares 5,691 (-83.3%) Est. Cost $23.41 Unrealized +15.5%

AMR ALPHA METALLURGICAL RESOUR I 0.2%

Value ($000) $632 (-43.4%) Shares 3,077 (-44.9%) Est. Cost $172.83 Unrealized +21.8%

OLN OLIN CORP 0.2%

Value ($000) $485 (-49.1%) Shares 16,309 (-64.3%) Est. Cost $21.44 Unrealized +10.2%

WLK WESTLAKE CORPORATION 0.2%

Value ($000) $444 (-48.7%) Shares 3,802 (-67.5%) Est. Cost $70.79 Unrealized +26.1%

DHT DHT HOLDINGS INC 0.5%

Value ($000) $1,378 (-23.1%) Shares 75,434 (-48.6%) Est. Cost $12.28 Unrealized +16.6%

SATS ECHOSTAR CORP 0.2%

Value ($000) $579 (-38.1%) Shares 4,946 (-42.5%) Est. Cost $81.43 Unrealized +42.9%

FRO FRONTLINE PLC 0.7%

Value ($000) $2,067 (-13.4%) Shares 59,287 (-45.8%) Est. Cost $23.37 Unrealized +21.3%

BTU PEABODY ENGR CORP 0.2%

Value ($000) $472 (-30.2%) Shares 14,312 (-37.1%) Est. Cost $29.35 Unrealized +18.4%

CZR CAESARS ENTERTAINMENT INC NE 0.1%

Value ($000) $334 (-34.8%) Shares 12,653 (-42.3%) Est. Cost $22.48 Unrealized -2.1%

WFG WEST FRASER TIMBER LTD 0.1%

Value ($000) $305 (-36.8%) Shares 4,676 (-40.8%) Est. Cost $62.58 Unrealized +10.8%

TDW TIDEWATER INC NEW 1.6%

Value ($000) $4,605 (+1.8%) Shares 55,120 (-38.4%) Est. Cost $52.82 Unrealized +21.3%

BRK/B BERKSHIRE HATHAWAY INC DEL 0.1%

Value ($000) $340 (-14.3%) Shares 710 (-10.1%) Est. Cost $497.53 Unrealized -0.8%

MT ARCELORMITTAL SA LUXEMBOURG 0.2%

Value ($000) $670 (-1.3%) Shares 12,888 (-13.4%) Est. Cost $45.57 Unrealized —

CMBT CMB.TECH NV 0.6%

Value ($000) $1,779 (+0.0%) Shares 140,594 (-23.7%) Est. Cost $9.72 Unrealized +26.1%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
INSW	INTERNATIONAL SEAWAYS INC	24,597 (-80.1%)	$1,793 (-70.2%)	0.6%	$48.84	+21.7%	COM	Y41053102
GNK	GENCO SHIPPING & TRADING LTD	86,023 (-69.4%)	$1,940 (-62.6%)	0.7%	$17.56	+18.6%	SHS	Y2685T131
HUT	HUT 8 CORP	17,143 (-77.4%)	$804 (-76.9%)	0.3%	$44.08	+28.4%	COM	44812J104
NXRT	NEXPOINT RESIDENTIAL TR INC	135,606 (-21.8%)	$3,390 (-35.1%)	1.2%	$30.10	—	COM	65341D102
CENX	CENTURY ALUM CO	45,298 (-57.7%)	$2,659 (-36.6%)	0.9%	$31.24	+54.9%	COM	156431108
HCC	WARRIOR MET COAL INC	55,913 (-24.6%)	$5,208 (-20.4%)	1.8%	$75.18	+22.3%	COM	93627C101
NBIS	NEBIUS GROUP N.V.	23,358 (-47.2%)	$2,424 (-34.6%)	0.8%	$103.64	-7.0%	SHS CLASS A	N97284108
NMM	NAVIOS MARITIME PARTNERS LP	57,682 (-39.8%)	$3,892 (-22.6%)	1.4%	$52.43	—	COM UNIT LPI	Y62267409
HAFN	HAFNIA LTD	165,245 (-59.1%)	$1,256 (-41.7%)	0.4%	$5.96	+4.2%	SHS	Y2990R101
GLD	SPDR GOLD TR	4,121 (-38.5%)	$1,773 (-33.2%)	0.6%	$396.31	—	GOLD SHS	78463V107
VAL	VALARIS LTD	17,075 (-8.4%)	$1,674 (+78.1%)	0.6%	$53.67	+26.1%	CL A	G9460G101
ASC	ARDMORE SHIPPING CORP	299,357 (-18.2%)	$4,565 (+17.7%)	1.6%	$11.89	+6.9%	COM	Y0207T100
CORZ	CORE SCIENTIFIC INC NEW	170,476 (-23.2%)	$2,550 (-21.1%)	0.9%	$17.44	+1.5%	COM	21874A106
GTX	GARRETT MOTION INC	181,863 (-19.5%)	$3,304 (-16.1%)	1.1%	$15.92	+18.8%	COM	366505105
STNG	SCORPIO TANKERS INC	26,333 (-6.1%)	$1,966 (+37.9%)	0.7%	$50.83	—	SHS	Y7542C130
TEN	TSAKOS ENERGY NAVIGATION LTD	5,691 (-83.3%)	$225 (-70.5%)	0.1%	$23.41	+15.5%	SHS	G9108L173
AMR	ALPHA METALLURGICAL RESOUR I	3,077 (-44.9%)	$632 (-43.4%)	0.2%	$172.83	+21.8%	COM	020764106
OLN	OLIN CORP	16,309 (-64.3%)	$485 (-49.1%)	0.2%	$21.44	+10.2%	COM PAR $1	680665205
WLK	WESTLAKE CORPORATION	3,802 (-67.5%)	$444 (-48.7%)	0.2%	$70.79	+26.1%	COM	960413102
DHT	DHT HOLDINGS INC	75,434 (-48.6%)	$1,378 (-23.1%)	0.5%	$12.28	+16.6%	SHS NEW	Y2065G121
SATS	ECHOSTAR CORP	4,946 (-42.5%)	$579 (-38.1%)	0.2%	$81.43	+42.9%	CL A	278768106
FRO	FRONTLINE PLC	59,287 (-45.8%)	$2,067 (-13.4%)	0.7%	$23.37	+21.3%	COM	M46528101
BTU	PEABODY ENGR CORP	14,312 (-37.1%)	$472 (-30.2%)	0.2%	$29.35	+18.4%	COM	704551100
CZR	CAESARS ENTERTAINMENT INC NE	12,653 (-42.3%)	$334 (-34.8%)	0.1%	$22.48	-2.1%	COM	12769G100
WFG	WEST FRASER TIMBER LTD	4,676 (-40.8%)	$305 (-36.8%)	0.1%	$62.58	+10.8%	COM	952845105
TDW	TIDEWATER INC NEW	55,120 (-38.4%)	$4,605 (+1.8%)	1.6%	$52.82	+21.3%	COM	88642R109
BRK/B	BERKSHIRE HATHAWAY INC DEL	710 (-10.1%)	$340 (-14.3%)	0.1%	$497.53	-0.8%	CL B NEW	084670702
MT	ARCELORMITTAL SA LUXEMBOURG	12,888 (-13.4%)	$670 (-1.3%)	0.2%	$45.57	—	NY REGISTRY SH	03938L203
CMBT	CMB.TECH NV	140,594 (-23.7%)	$1,779 (+0.0%)	0.6%	$9.72	+26.1%	SHS	B38564108

Unchanged Positions (2)

TRMD TORM PLC 2.4%

Value ($000) $6,913 Shares 247,762 Est. Cost $20.80 Unrealized +16.2%

SEG SEAPORT ENTMT GROUP INC 0.2%

Value ($000) $694 Shares 32,300 Est. Cost $22.41 Unrealized -9.1%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
TRMD	TORM PLC	247,762	$6,913	2.4%	$20.80	+16.2%	SHS CL A	G89479102
SEG	SEAPORT ENTMT GROUP INC	32,300	$694	0.2%	$22.41	-9.1%	COMMON STOCK	812215200