Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
BORR	BORR DRILLING LTD	922,914	$3.812M	1.5%	—	—	SHS	G1466R173
SATS	ECHOSTAR CORP	15,000	$1.522M	0.6%	—	—	CALL	278768106
GLXY	GALAXY DIGITAL INC.	54,342	$1.486M	0.6%	—	—	CL A	36317J209
VST	VISTRA CORP	8,542	$1.355M	0.5%	—	—	COM	92840M102
NVR	NVR INC	162	$1.104M	0.4%	—	—	COM	62944T105
OPI	OFFICE PPTYS INCOME TR	50,892	$865K	0.3%	—	—	COM OF BENEFICIA	67623C307
FRMI	FERMI INC	71,965	$659K	0.3%	—	—	COM	314911108

Increased Positions (37)

QQQ INVESCO QQQ TR 22.6%

Value $58.91M (+240.2%) Shares 80,000 (+166.7%) Est. Cost — Unrealized —

DHT DHT HOLDINGS INC 3.4%

Value $8.957M (+549.9%) Shares 541,871 (+618.3%) Est. Cost — Unrealized —

COMP COMPASS INC 2.0%

Value $5.219M (+162.7%) Shares 423,302 (+55.8%) Est. Cost — Unrealized —

SATS ECHOSTAR CORP 1.4%

Value $3.589M (+519.8%) Shares 35,359 (+614.9%) Est. Cost — Unrealized —

SBLK STAR BULK CARRIERS CORP. 4.9%

Value $12.88M (+30.3%) Shares 515,698 (+19.9%) Est. Cost — Unrealized —

CMBT CMB.TECH NV 1.7%

Value $4.352M (+144.7%) Shares 311,109 (+121.3%) Est. Cost — Unrealized —

CNR CORE NATURAL RESOURCES INC 4.0%

Value $10.3M (+33.0%) Shares 128,778 (+74.1%) Est. Cost — Unrealized —

VNO VORNADO RLTY TR 2.4%

Value $6.142M (+65.7%) Shares 156,292 (+9.6%) Est. Cost — Unrealized —

ECO OKEANIS ECO TANKERS COR 1.9%

Value $4.826M (+79.1%) Shares 96,294 (+80.8%) Est. Cost — Unrealized —

TDW TIDEWATER INC NEW 2.5%

Value $6.562M (+42.5%) Shares 98,490 (+78.7%) Est. Cost — Unrealized —

DEI DOUGLAS EMMETT INC 2.3%

Value $5.866M (+42.7%) Shares 497,133 (+13.9%) Est. Cost — Unrealized —

RIG TRANSOCEAN LTD 1.4%

Value $3.62M (+60.9%) Shares 740,270 (+118.2%) Est. Cost — Unrealized —

TLN TALEN ENERGY CORP 2.1%

Value $5.591M (+32.1%) Shares 14,551 (+9.7%) Est. Cost — Unrealized —

SHW SHERWIN WILLIAMS CO 1.7%

Value $4.336M (+44.9%) Shares 12,593 (+34.9%) Est. Cost — Unrealized —

HCC WARRIOR MET COAL INC 2.5%

Value $6.453M (+23.9%) Shares 79,511 (+42.2%) Est. Cost — Unrealized —

FCNCA FIRST CTZNS BANCSHARES INC D 2.3%

Value $5.887M (+25.0%) Shares 2,829 (+13.2%) Est. Cost — Unrealized —

TNK TEEKAY TANKERS LTD 1.1%

Value $2.88M (+66.7%) Shares 44,391 (+88.4%) Est. Cost — Unrealized —

EXP EAGLE MATLS INC 1.3%

Value $3.384M (+49.6%) Shares 15,039 (+26.0%) Est. Cost — Unrealized —

ALX ALEXANDERS INC 1.8%

Value $4.682M (+25.1%) Shares 16,991 (+7.3%) Est. Cost — Unrealized —

NVGS NAVIGATOR HLDGS LTD 0.7%

Value $1.855M (+91.9%) Shares 99,545 (+99.1%) Est. Cost — Unrealized —

NMM NAVIOS MARITIME PARTNERS LP 1.8%

Value $4.736M (+21.7%) Shares 67,593 (+17.2%) Est. Cost — Unrealized —

LEN LENNAR CORP 0.9%

Value $2.452M (+48.6%) Shares 27,100 (+42.6%) Est. Cost — Unrealized —

BTU PEABODY ENGR CORP 0.5%

Value $1.23M (+160.9%) Shares 53,212 (+271.8%) Est. Cost — Unrealized —

FRO FRONTLINE PLC 1.1%

Value $2.821M (+36.5%) Shares 81,081 (+36.8%) Est. Cost — Unrealized —

HSHP HIMALAYA SHIPPING LTD 1.1%

Value $2.901M (+33.0%) Shares 217,162 (+32.4%) Est. Cost — Unrealized —

AMR ALPHA METALLURGICAL RESOUR I 0.5%

Value $1.289M (+104.1%) Shares 7,817 (+154.0%) Est. Cost — Unrealized —

INSW INTERNATIONAL SEAWAYS INC 0.9%

Value $2.446M (+36.5%) Shares 31,939 (+29.8%) Est. Cost — Unrealized —

MLM MARTIN MARIETTA MATLS INC 0.6%

Value $1.529M (+74.2%) Shares 2,651 (+77.8%) Est. Cost — Unrealized —

CENX CENTURY ALUM CO 1.3%

Value $3.29M (+23.8%) Shares 71,516 (+57.9%) Est. Cost — Unrealized —

SHIP SEANERGY MARITIME HLDGS CORP 0.4%

Value $1.056M (+106.7%) Shares 78,605 (+98.7%) Est. Cost — Unrealized —

VAL VALARIS LTD 0.5%

Value $1.385M (-17.3%) Shares 19,075 (+11.7%) Est. Cost — Unrealized —

KKR KKR & CO INC 0.5%

Value $1.195M (+26.4%) Shares 13,019 (+27.4%) Est. Cost — Unrealized —

METC RAMACO RES INC 0.6%

Value $1.616M (-11.2%) Shares 122,165 (+3.8%) Est. Cost — Unrealized —

QXO QXO INC 0.4%

Value $917K (+22.1%) Shares 53,092 (+37.2%) Est. Cost — Unrealized —

WLK WESTLAKE CORPORATION 0.2%

Value $540K (+21.7%) Shares 7,402 (+94.7%) Est. Cost — Unrealized —

TRMD TORM PLC 2.6%

Value $6.851M (-0.9%) Shares 262,876 (+6.1%) Est. Cost — Unrealized —

TEN TSAKOS ENERGY NAVIGATION LTD 0.1%

Value $253K (+12.7%) Shares 7,158 (+25.8%) Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
QQQ	INVESCO QQQ TR	80,000 (+166.7%)	$58.91M (+240.2%)	22.6%	—	—	PUT	46090E103
DHT	DHT HOLDINGS INC	541,871 (+618.3%)	$8.957M (+549.9%)	3.4%	—	—	SHS NEW	Y2065G121
COMP	COMPASS INC	423,302 (+55.8%)	$5.219M (+162.7%)	2.0%	—	—	CL A	20464U100
SATS	ECHOSTAR CORP	35,359 (+614.9%)	$3.589M (+519.8%)	1.4%	—	—	CL A	278768106
SBLK	STAR BULK CARRIERS CORP.	515,698 (+19.9%)	$12.88M (+30.3%)	4.9%	—	—	SHS PAR	Y8162K204
CMBT	CMB.TECH NV	311,109 (+121.3%)	$4.352M (+144.7%)	1.7%	—	—	SHS	B38564108
CNR	CORE NATURAL RESOURCES INC	128,778 (+74.1%)	$10.3M (+33.0%)	4.0%	—	—	COM SHS	218937100
VNO	VORNADO RLTY TR	156,292 (+9.6%)	$6.142M (+65.7%)	2.4%	—	—	SH BEN INT	929042109
ECO	OKEANIS ECO TANKERS COR	96,294 (+80.8%)	$4.826M (+79.1%)	1.9%	—	—	SHS	Y64177101
TDW	TIDEWATER INC NEW	98,490 (+78.7%)	$6.562M (+42.5%)	2.5%	—	—	COM	88642R109
DEI	DOUGLAS EMMETT INC	497,133 (+13.9%)	$5.866M (+42.7%)	2.3%	—	—	COM	25960P109
RIG	TRANSOCEAN LTD	740,270 (+118.2%)	$3.62M (+60.9%)	1.4%	—	—	REGISTERED SHS	H8817H100
TLN	TALEN ENERGY CORP	14,551 (+9.7%)	$5.591M (+32.1%)	2.1%	—	—	COM	87422Q109
SHW	SHERWIN WILLIAMS CO	12,593 (+34.9%)	$4.336M (+44.9%)	1.7%	—	—	COM	824348106
HCC	WARRIOR MET COAL INC	79,511 (+42.2%)	$6.453M (+23.9%)	2.5%	—	—	COM	93627C101
FCNCA	FIRST CTZNS BANCSHARES INC D	2,829 (+13.2%)	$5.887M (+25.0%)	2.3%	—	—	CL A	31946M103
TNK	TEEKAY TANKERS LTD	44,391 (+88.4%)	$2.88M (+66.7%)	1.1%	—	—	CL A	G8726X106
EXP	EAGLE MATLS INC	15,039 (+26.0%)	$3.384M (+49.6%)	1.3%	—	—	COM	26969P108
ALX	ALEXANDERS INC	16,991 (+7.3%)	$4.682M (+25.1%)	1.8%	—	—	COM	014752109
NVGS	NAVIGATOR HLDGS LTD	99,545 (+99.1%)	$1.855M (+91.9%)	0.7%	—	—	SHS	Y62132108
NMM	NAVIOS MARITIME PARTNERS LP	67,593 (+17.2%)	$4.736M (+21.7%)	1.8%	—	—	COM UNIT LPI	Y62267409
LEN	LENNAR CORP	27,100 (+42.6%)	$2.452M (+48.6%)	0.9%	—	—	CL A	526057104
BTU	PEABODY ENGR CORP	53,212 (+271.8%)	$1.23M (+160.9%)	0.5%	—	—	COM	704551100
FRO	FRONTLINE PLC	81,081 (+36.8%)	$2.821M (+36.5%)	1.1%	—	—	COM	M46528101
HSHP	HIMALAYA SHIPPING LTD	217,162 (+32.4%)	$2.901M (+33.0%)	1.1%	—	—	ORD SHS	G4660A103
AMR	ALPHA METALLURGICAL RESOUR I	7,817 (+154.0%)	$1.289M (+104.1%)	0.5%	—	—	COM	020764106
INSW	INTERNATIONAL SEAWAYS INC	31,939 (+29.8%)	$2.446M (+36.5%)	0.9%	—	—	COM	Y41053102
MLM	MARTIN MARIETTA MATLS INC	2,651 (+77.8%)	$1.529M (+74.2%)	0.6%	—	—	COM	573284106
CENX	CENTURY ALUM CO	71,516 (+57.9%)	$3.29M (+23.8%)	1.3%	—	—	COM	156431108
SHIP	SEANERGY MARITIME HLDGS CORP	78,605 (+98.7%)	$1.056M (+106.7%)	0.4%	—	—	SHS	Y73760400
VAL	VALARIS LTD	19,075 (+11.7%)	$1.385M (-17.3%)	0.5%	—	—	CL A	G9460G101
KKR	KKR & CO INC	13,019 (+27.4%)	$1.195M (+26.4%)	0.5%	—	—	COM	48251W104
METC	RAMACO RES INC	122,165 (+3.8%)	$1.616M (-11.2%)	0.6%	—	—	COM CL A	75134P600
QXO	QXO INC	53,092 (+37.2%)	$917K (+22.1%)	0.4%	—	—	COM NEW	82846H405
WLK	WESTLAKE CORPORATION	7,402 (+94.7%)	$540K (+21.7%)	0.2%	—	—	COM	960413102
TRMD	TORM PLC	262,876 (+6.1%)	$6.851M (-0.9%)	2.6%	—	—	SHS CL A	G89479102
TEN	TSAKOS ENERGY NAVIGATION LTD	7,158 (+25.8%)	$253K (+12.7%)	0.1%	—	—	SHS	G9108L173

Exited Positions (10)

SPY STATE STR SPDR S&P 500 ETF T 32.5%

Value $84.54M Shares 130,000 Est. Cost — Unrealized —

HYG ISHARES TR 7.6%

Value $19.89M Shares 250,000 Est. Cost — Unrealized —

TRMD TORM PLC 2.0%

Value $5.173M Shares 185,400 Est. Cost — Unrealized —

DHT DHT HOLDINGS INC 1.9%

Value $4.933M Shares 270,000 Est. Cost — Unrealized —

CMBT CMB.TECH NV 0.6%

Value $1.45M Shares 114,600 Est. Cost — Unrealized —

SEG SEAPORT ENTMT GROUP INC 0.3%

Value $694K Shares 32,300 Est. Cost — Unrealized —

CE CELANESE CORP DEL 0.2%

Value $612K Shares 9,300 Est. Cost — Unrealized —

OLN OLIN CORP 0.2%

Value $485K Shares 16,309 Est. Cost — Unrealized —

CZR CAESARS ENTERTAINMENT INC NE 0.1%

Value $334K Shares 12,653 Est. Cost — Unrealized —

WFG WEST FRASER TIMBER LTD 0.1%

Value $305K Shares 4,676 Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
SPY	STATE STR SPDR S&P 500 ETF T	130,000	$84.54M	32.5%	—	—	PUT	78462F103
HYG	ISHARES TR	250,000	$19.89M	7.6%	—	—	PUT	464288513
TRMD	TORM PLC	185,400	$5.173M	2.0%	—	—	CALL	G89479102
DHT	DHT HOLDINGS INC	270,000	$4.933M	1.9%	—	—	CALL	Y2065G121
CMBT	CMB.TECH NV	114,600	$1.45M	0.6%	—	—	CALL	B38564108
SEG	SEAPORT ENTMT GROUP INC	32,300	$694K	0.3%	—	—	—	812215200
CE	CELANESE CORP DEL	9,300	$612K	0.2%	—	—	—	150870103
OLN	OLIN CORP	16,309	$485K	0.2%	—	—	—	680665205
CZR	CAESARS ENTERTAINMENT INC NE	12,653	$334K	0.1%	—	—	—	12769G100
WFG	WEST FRASER TIMBER LTD	4,676	$305K	0.1%	—	—	—	952845105

Decreased Positions (18)

GTX GARRETT MOTION INC 2.3%

Value $5.931M (+79.5%) Shares 163,713 (-10.0%) Est. Cost — Unrealized —

NBIS NEBIUS GROUP N.V. 0.2%

Value $406K (-83.2%) Shares 1,471 (-93.7%) Est. Cost — Unrealized —

CLSK CLEANSPARK INC 0.1%

Value $238K (-89.0%) Shares 16,346 (-93.6%) Est. Cost — Unrealized —

WULF TERAWULF INC 3.1%

Value $8.027M (-19.0%) Shares 324,991 (-52.7%) Est. Cost — Unrealized —

CIFR CIPHER DIGITAL INC 0.4%

Value $1.169M (-55.9%) Shares 47,715 (-76.8%) Est. Cost — Unrealized —

ASC ARDMORE SHIPPING CORP 1.3%

Value $3.308M (-27.5%) Shares 236,122 (-21.1%) Est. Cost — Unrealized —

CORZ CORE SCIENTIFIC INC NEW 0.6%

Value $1.508M (-40.9%) Shares 58,944 (-65.4%) Est. Cost — Unrealized —

JBGS JBG SMITH PPTYS 2.2%

Value $5.598M (-15.2%) Shares 381,619 (-15.5%) Est. Cost — Unrealized —

HAFN HAFNIA LTD 0.1%

Value $257K (-79.5%) Shares 38,760 (-76.5%) Est. Cost — Unrealized —

GNK GENCO SHIPPING & TRADING LTD 0.4%

Value $947K (-51.2%) Shares 38,213 (-55.6%) Est. Cost — Unrealized —

HAFN HAFNIA LTD 0.5%

Value $1.422M (-37.6%) Shares 214,200 (-28.6%) Est. Cost — Unrealized —

HPP HUDSON PACIFIC PROPERTIES IN 0.6%

Value $1.552M (+120.8%) Shares 102,186 (-14.1%) Est. Cost — Unrealized —

HUT HUT 8 CORP 0.6%

Value $1.51M (+87.8%) Shares 13,084 (-23.7%) Est. Cost — Unrealized —

BLDR BUILDERS FIRSTSOURCE INC 0.4%

Value $928K (-43.0%) Shares 10,372 (-47.5%) Est. Cost — Unrealized —

FBIN FORTUNE BRANDS INNOVATIONS I 0.9%

Value $2.443M (+30.3%) Shares 44,500 (-7.5%) Est. Cost — Unrealized —

NXRT NEXPOINT RESIDENTIAL TR INC 1.4%

Value $3.669M (+8.2%) Shares 131,406 (-3.1%) Est. Cost — Unrealized —

STNG SCORPIO TANKERS INC 0.7%

Value $1.713M (-12.9%) Shares 24,726 (-6.1%) Est. Cost — Unrealized —

MT ARCELORMITTAL SA LUXEMBOURG 0.3%

Value $734K (+9.6%) Shares 12,188 (-5.4%) Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
GTX	GARRETT MOTION INC	163,713 (-10.0%)	$5.931M (+79.5%)	2.3%	—	—	COM	366505105
NBIS	NEBIUS GROUP N.V.	1,471 (-93.7%)	$406K (-83.2%)	0.2%	—	—	SHS CLASS A	N97284108
CLSK	CLEANSPARK INC	16,346 (-93.6%)	$238K (-89.0%)	0.1%	—	—	COM NEW	18452B209
WULF	TERAWULF INC	324,991 (-52.7%)	$8.027M (-19.0%)	3.1%	—	—	COM	88080T104
CIFR	CIPHER DIGITAL INC	47,715 (-76.8%)	$1.169M (-55.9%)	0.4%	—	—	COM	17253J106
ASC	ARDMORE SHIPPING CORP	236,122 (-21.1%)	$3.308M (-27.5%)	1.3%	—	—	COM	Y0207T100
CORZ	CORE SCIENTIFIC INC NEW	58,944 (-65.4%)	$1.508M (-40.9%)	0.6%	—	—	COM	21874A106
JBGS	JBG SMITH PPTYS	381,619 (-15.5%)	$5.598M (-15.2%)	2.2%	—	—	COM	46590V100
HAFN	HAFNIA LTD	38,760 (-76.5%)	$257K (-79.5%)	0.1%	—	—	SHS	Y2990R101
GNK	GENCO SHIPPING & TRADING LTD	38,213 (-55.6%)	$947K (-51.2%)	0.4%	—	—	SHS	Y2685T131
HAFN	HAFNIA LTD	214,200 (-28.6%)	$1.422M (-37.6%)	0.5%	—	—	CALL	Y2990R101
HPP	HUDSON PACIFIC PROPERTIES IN	102,186 (-14.1%)	$1.552M (+120.8%)	0.6%	—	—	COM	444097406
HUT	HUT 8 CORP	13,084 (-23.7%)	$1.51M (+87.8%)	0.6%	—	—	COM	44812J104
BLDR	BUILDERS FIRSTSOURCE INC	10,372 (-47.5%)	$928K (-43.0%)	0.4%	—	—	COM	12008R107
FBIN	FORTUNE BRANDS INNOVATIONS I	44,500 (-7.5%)	$2.443M (+30.3%)	0.9%	—	—	COM	34964C106
NXRT	NEXPOINT RESIDENTIAL TR INC	131,406 (-3.1%)	$3.669M (+8.2%)	1.4%	—	—	COM	65341D102
STNG	SCORPIO TANKERS INC	24,726 (-6.1%)	$1.713M (-12.9%)	0.7%	—	—	SHS	Y7542C130
MT	ARCELORMITTAL SA LUXEMBOURG	12,188 (-5.4%)	$734K (+9.6%)	0.3%	—	—	NY REGISTRY SH	03938L203

Unchanged Positions (7)

BWA BORGWARNER INC 0.7%

Value $1.846M Shares 27,800 Est. Cost — Unrealized —

GLD SPDR GOLD TR 0.6%

Value $1.518M Shares 4,121 Est. Cost — Unrealized —

OC OWENS CORNING NEW 0.2%

Value $571K Shares 3,590 Est. Cost — Unrealized —

CLF CLEVELAND-CLIFFS INC NEW 0.1%

Value $372K Shares 39,613 Est. Cost — Unrealized —

LEN/B LENNAR CORP 0.1%

Value $330K Shares 3,717 Est. Cost — Unrealized —

BRK/B BERKSHIRE HATHAWAY INC DEL 0.1%

Value $355K Shares 710 Est. Cost — Unrealized —

WH WYNDHAM HOTELS & RESORTS INC 0.2%

Value $391K Shares 4,647 Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
BWA	BORGWARNER INC	27,800	$1.846M	0.7%	—	—	CALL	099724106
GLD	SPDR GOLD TR	4,121	$1.518M	0.6%	—	—	GOLD SHS	78463V107
OC	OWENS CORNING NEW	3,590	$571K	0.2%	—	—	COM	690742101
CLF	CLEVELAND-CLIFFS INC NEW	39,613	$372K	0.1%	—	—	COM	185899101
LEN/B	LENNAR CORP	3,717	$330K	0.1%	—	—	CL B	526057302
BRK/B	BERKSHIRE HATHAWAY INC DEL	710	$355K	0.1%	—	—	CL B NEW	084670702
WH	WYNDHAM HOTELS & RESORTS INC	4,647	$391K	0.2%	—	—	COM	98311A105