Ripple Effect Asset Management LP Hedge Fund

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
VST	VISTRA CORP	140,000	$22,586	6.5%	$142.08	+28.0%	CALL	92840M102
IWM	ISHARES TR	75,000	$18,462	5.3%	—	—	PUT	464287655
CCJ	CAMECO CORP	150,000	$13,724	3.9%	$89.94	0.0%	PUT	13321L108
CCJ	CAMECO CORP	130,000	$11,894	3.4%	$89.94	0.0%	COM	13321L108
AES	AES CORP	300,000	$4,302	1.2%	$14.03	0.0%	COM	00130H105
VG	VENTURE GLOBAL INC	625,000	$4,263	1.2%	—	—	PUT	92333F101
NEXT	NEXTDECADE CORP	700,000	$3,689	1.1%	$5.96	0.0%	PUT	65342K105
CCJ	CAMECO CORP	40,000	$3,660	1.0%	$89.94	0.0%	CALL	13321L108
NEXT	NEXTDECADE CORP	600,000	$3,162	0.9%	$5.96	0.0%	COM	65342K105
XIFR	XPLR INFRASTRUCTURE LP	150,000	$1,500	0.4%	$9.32	+4.0%	CALL	65341B106
SMR	NUSCALE PWR CORP	80,000	$1,134	0.3%	—	—	PUT	67079K100

Increased Positions (10)

KGS KODIAK GAS SVCS INC 11.7%

Value ($000) $40,990 (+164.0%) Shares 1,096,000 (+161.0%) Est. Cost $34.90 Unrealized +1.3%

KGS KODIAK GAS SVCS INC 10.7%

Value ($000) $37,441 (+125.1%) Shares 1,001,100 (+122.5%) Est. Cost $34.90 Unrealized +1.3%

SPY SPDR S&P 500 ETF TR 15.1%

Value ($000) $52,849 (+58.7%) Shares 77,500 (+55.0%) Est. Cost — Unrealized —

WMB WILLIAMS COS INC 6.0%

Value ($000) $21,039 (+165.7%) Shares 350,000 (+180.0%) Est. Cost $59.09 Unrealized +1.7%

WMB WILLIAMS COS INC 5.6%

Value ($000) $19,716 (+130.5%) Shares 328,000 (+143.0%) Est. Cost $59.09 Unrealized +1.7%

IE IVANHOE ELECTRIC INC 4.4%

Value ($000) $15,181 (+141.9%) Shares 950,025 (+90.0%) Est. Cost $11.98 Unrealized +19.4%

IE IVANHOE ELECTRIC INC 3.7%

Value ($000) $12,784 (+92.2%) Shares 800,000 (+50.9%) Est. Cost $11.98 Unrealized +19.4%

XIFR XPLR INFRASTRUCTURE LP 6.0%

Value ($000) $21,000 (+37.7%) Shares 2,100,000 (+40.0%) Est. Cost $9.32 Unrealized +4.0%

XIFR XPLR INFRASTRUCTURE LP 6.3%

Value ($000) $22,000 (+35.2%) Shares 2,200,000 (+37.5%) Est. Cost $9.32 Unrealized +4.0%

AR ANTERO RESOURCES CORP 2.5%

Value ($000) $8,615 (+14.1%) Shares 250,000 (+11.1%) Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
KGS	KODIAK GAS SVCS INC	1,096,000 (+161.0%)	$40,990 (+164.0%)	11.7%	$34.90	+1.3%	COM	50012A108
KGS	KODIAK GAS SVCS INC	1,001,100 (+122.5%)	$37,441 (+125.1%)	10.7%	$34.90	+1.3%	PUT	50012A108
SPY	SPDR S&P 500 ETF TR	77,500 (+55.0%)	$52,849 (+58.7%)	15.1%	—	—	PUT	78462F103
WMB	WILLIAMS COS INC	350,000 (+180.0%)	$21,039 (+165.7%)	6.0%	$59.09	+1.7%	PUT	969457100
WMB	WILLIAMS COS INC	328,000 (+143.0%)	$19,716 (+130.5%)	5.6%	$59.09	+1.7%	COM	969457100
IE	IVANHOE ELECTRIC INC	950,025 (+90.0%)	$15,181 (+141.9%)	4.4%	$11.98	+19.4%	COM	46578C108
IE	IVANHOE ELECTRIC INC	800,000 (+50.9%)	$12,784 (+92.2%)	3.7%	$11.98	+19.4%	PUT	46578C108
XIFR	XPLR INFRASTRUCTURE LP	2,100,000 (+40.0%)	$21,000 (+37.7%)	6.0%	$9.32	+4.0%	COM UNIT PART IN	65341B106
XIFR	XPLR INFRASTRUCTURE LP	2,200,000 (+37.5%)	$22,000 (+35.2%)	6.3%	$9.32	+4.0%	PUT	65341B106
AR	ANTERO RESOURCES CORP	250,000 (+11.1%)	$8,615 (+14.1%)	2.5%	—	—	CALL	03674X106

Exited Positions (25)

HYG ISHARES TR 17.4%

Value ($000) $60,893 Shares 750,000 Est. Cost $78.65 Unrealized —

IEF ISHARES TR 8.2%

Value ($000) $28,494 Shares 295,400 Est. Cost — Unrealized —

VST VISTRA CORP 8.0%

Value ($000) $27,899 Shares 142,400 Est. Cost $142.08 Unrealized +28.0%

EQT EQT CORP 7.8%

Value ($000) $27,215 Shares 500,000 Est. Cost $49.72 Unrealized +12.9%

VST VISTRA CORP 7.5%

Value ($000) $26,057 Shares 133,000 Est. Cost $142.08 Unrealized +28.0%

EQT EQT CORP 7.3%

Value ($000) $25,310 Shares 465,000 Est. Cost $49.72 Unrealized +12.9%

TLN TALEN ENERGY CORP 4.3%

Value ($000) $14,888 Shares 35,000 Est. Cost $202.68 Unrealized +91.8%

GLD SPDR GOLD TR 4.1%

Value ($000) $14,219 Shares 40,000 Est. Cost $304.83 Unrealized —

KGS KODIAK GAS SVCS INC 3.8%

Value ($000) $13,346 Shares 361,000 Est. Cost $34.90 Unrealized +1.3%

AM ANTERO MIDSTREAM CORP 3.3%

Value ($000) $11,664 Shares 600,000 Est. Cost $17.58 Unrealized +1.0%

AM ANTERO MIDSTREAM CORP 2.8%

Value ($000) $9,914 Shares 510,000 Est. Cost $17.58 Unrealized +1.0%

GLD SPDR GOLD TR 2.5%

Value ($000) $8,887 Shares 25,000 Est. Cost $304.83 Unrealized —

CEG CONSTELLATION ENERGY CORP 2.4%

Value ($000) $8,227 Shares 25,000 Est. Cost $276.84 Unrealized +31.2%

HYG ISHARES TR 2.3%

Value ($000) $8,119 Shares 100,000 Est. Cost $78.65 Unrealized —

HUT HUT 8 CORP 2.0%

Value ($000) $6,962 Shares 200,000 Est. Cost $25.41 Unrealized +73.4%

GLD SPDR GOLD TR 1.9%

Value ($000) $6,665 Shares 18,750 Est. Cost $304.83 Unrealized —

TLN TALEN ENERGY CORP 1.8%

Value ($000) $6,381 Shares 15,000 Est. Cost $202.68 Unrealized +91.8%

EXE EXPAND ENERGY CORPORATION 1.5%

Value ($000) $5,312 Shares 50,000 Est. Cost $109.10 Unrealized +1.4%

EXE EXPAND ENERGY CORPORATION 1.5%

Value ($000) $5,312 Shares 50,000 Est. Cost $109.10 Unrealized +1.4%

EXE EXPAND ENERGY CORPORATION 1.4%

Value ($000) $4,802 Shares 45,200 Est. Cost $109.10 Unrealized +1.4%

CORZ CORE SCIENTIFIC INC NEW 1.3%

Value ($000) $4,646 Shares 259,000 Est. Cost $14.67 Unrealized +18.9%

IE IVANHOE ELECTRIC INC 1.1%

Value ($000) $3,765 Shares 300,000 Est. Cost $11.98 Unrealized +19.4%

CEG CONSTELLATION ENERGY CORP 0.9%

Value ($000) $3,291 Shares 10,000 Est. Cost $276.84 Unrealized +31.2%

CORZ CORE SCIENTIFIC INC NEW 0.8%

Value ($000) $2,691 Shares 150,000 Est. Cost $14.67 Unrealized +18.9%

IBIT ISHARES BITCOIN TRUST ETF 0.5%

Value ($000) $1,853 Shares 28,500 Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
HYG	ISHARES TR	750,000	$60,893	17.4%	$78.65	—	PUT	464288513
IEF	ISHARES TR	295,400	$28,494	8.2%	—	—	PUT	464287440
VST	VISTRA CORP	142,400	$27,899	8.0%	$142.08	+28.0%	—	92840M102
EQT	EQT CORP	500,000	$27,215	7.8%	$49.72	+12.9%	PUT	26884L109
VST	VISTRA CORP	133,000	$26,057	7.5%	$142.08	+28.0%	PUT	92840M102
EQT	EQT CORP	465,000	$25,310	7.3%	$49.72	+12.9%	—	26884L109
TLN	TALEN ENERGY CORP	35,000	$14,888	4.3%	$202.68	+91.8%	PUT	87422Q109
GLD	SPDR GOLD TR	40,000	$14,219	4.1%	$304.83	—	CALL	78463V107
KGS	KODIAK GAS SVCS INC	361,000	$13,346	3.8%	$34.90	+1.3%	CALL	50012A108
AM	ANTERO MIDSTREAM CORP	600,000	$11,664	3.3%	$17.58	+1.0%	PUT	03676B102
AM	ANTERO MIDSTREAM CORP	510,000	$9,914	2.8%	$17.58	+1.0%	—	03676B102
GLD	SPDR GOLD TR	25,000	$8,887	2.5%	$304.83	—	PUT	78463V107
CEG	CONSTELLATION ENERGY CORP	25,000	$8,227	2.4%	$276.84	+31.2%	PUT	21037T109
HYG	ISHARES TR	100,000	$8,119	2.3%	$78.65	—	—	464288513
HUT	HUT 8 CORP	200,000	$6,962	2.0%	$25.41	+73.4%	PUT	44812J104
GLD	SPDR GOLD TR	18,750	$6,665	1.9%	$304.83	—	—	78463V107
TLN	TALEN ENERGY CORP	15,000	$6,381	1.8%	$202.68	+91.8%	CALL	87422Q109
EXE	EXPAND ENERGY CORPORATION	50,000	$5,312	1.5%	$109.10	+1.4%	PUT	165167735
EXE	EXPAND ENERGY CORPORATION	50,000	$5,312	1.5%	$109.10	+1.4%	CALL	165167735
EXE	EXPAND ENERGY CORPORATION	45,200	$4,802	1.4%	$109.10	+1.4%	—	165167735
CORZ	CORE SCIENTIFIC INC NEW	259,000	$4,646	1.3%	$14.67	+18.9%	—	21874A106
IE	IVANHOE ELECTRIC INC	300,000	$3,765	1.1%	$11.98	+19.4%	CALL	46578C108
CEG	CONSTELLATION ENERGY CORP	10,000	$3,291	0.9%	$276.84	+31.2%	CALL	21037T109
CORZ	CORE SCIENTIFIC INC NEW	150,000	$2,691	0.8%	$14.67	+18.9%	PUT	21874A106
IBIT	ISHARES BITCOIN TRUST ETF	28,500	$1,853	0.5%	—	—	PUT	46438F101

Decreased Positions (4)

TLN TALEN ENERGY CORP 1.1%

Value ($000) $3,748 (-78.5%) Shares 10,000 (-75.6%) Est. Cost $202.68 Unrealized +91.8%

CEG CONSTELLATION ENERGY CORP 0.5%

Value ($000) $1,590 (-82.8%) Shares 4,500 (-84.0%) Est. Cost $276.84 Unrealized +31.2%

HUT HUT 8 CORP 0.2%

Value ($000) $827 (-88.1%) Shares 18,000 (-91.0%) Est. Cost $25.41 Unrealized +73.4%

VRT VERTIV HOLDINGS CO 0.8%

Value ($000) $2,835 (-60.1%) Shares 17,500 (-62.9%) Est. Cost $97.15 Unrealized +78.7%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
TLN	TALEN ENERGY CORP	10,000 (-75.6%)	$3,748 (-78.5%)	1.1%	$202.68	+91.8%	COM	87422Q109
CEG	CONSTELLATION ENERGY CORP	4,500 (-84.0%)	$1,590 (-82.8%)	0.5%	$276.84	+31.2%	COM	21037T109
HUT	HUT 8 CORP	18,000 (-91.0%)	$827 (-88.1%)	0.2%	$25.41	+73.4%	COM	44812J104
VRT	VERTIV HOLDINGS CO	17,500 (-62.9%)	$2,835 (-60.1%)	0.8%	$97.15	+78.7%	COM CL A	92537N108