Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
SPY	STATE STR SPDR S&P 500 ETF T	28,200	$18.34M	9.6%	—	—	PUT	78462F103
SPY	STATE STR SPDR S&P 500 ETF T	12,000	$7.804M	4.1%	—	—	CALL	78462F103
NATL	NCR ATLEOS CORPORATION	155,226	$6.765M	3.5%	—	—	COM SHS	63001N106
WBS	WEBSTER FINL CORP	94,769	$6.579M	3.4%	—	—	COM	947890109
AES	AES CORP	392,577	$5.531M	2.9%	—	—	COM	00130H105
VAL	VALARIS LTD	54,836	$5.376M	2.8%	—	—	CL A	G9460G101
AAUC	ALLIED GOLD CORP	158,261	$4.906M	2.6%	—	—	COM NEW	01921D204
CTRA	COTERRA ENERGY INC	126,422	$4.442M	2.3%	—	—	COM	127097103
SLAB	SILICON LABORATORIES INC	19,693	$4.099M	2.1%	—	—	COM	826919102
DBRG	DIGITALBRIDGE GROUP INC	175,627	$2.708M	1.4%	—	—	CL A NEW	25401T603
NSA	NATIONAL STORAGE AFFILIATES	62,767	$2.369M	1.2%	—	—	COM SHS BEN IN	637870106
CWAN	CLEARWATER ANALYTICS HLDGS I	96,339	$2.278M	1.2%	—	—	CL A	185123106
THR	THERMON GROUP HLDGS INC	44,382	$2.237M	1.2%	—	—	COM	88362T103
ACLX	ARCELLX INC	17,468	$2.006M	1.0%	—	—	COMMON STOCK	03940C100
SNCY	SUN CTRY AIRLS HLDGS INC	107,015	$1.768M	0.9%	—	—	COM	866683105
RIOT	RIOT PLATFORMS INC	123,100	$1.522M	0.8%	—	—	PUT	767292105
ZIM	ZIM INTEGRATED SHIPPING SERV	57,088	$1.504M	0.8%	—	—	SHS	M9T951109
TERN	TERNS PHARMACEUTICALS INC	28,500	$1.503M	0.8%	—	—	COM	880881107
OS	ONESTREAM INC	42,508	$1.02M	0.5%	—	—	CL A	68278B107
PEN	PENUMBRA INC	2,843	$934K	0.5%	—	—	COM	70975L107
FDX	FEDEX CORP	1,610	$573K	0.3%	—	—	COM	31428X106
BDX	BECTON DICKINSON & CO	2,421	$381K	0.2%	—	—	COM	075887109
IBIT	ISHARES BITCOIN TRUST ETF	9,800	$377K	0.2%	—	—	PUT	46438F101
MARA	MARA HOLDINGS INC	45,900	$375K	0.2%	—	—	PUT	565788106
CLSK	CLEANSPARK INC	37,700	$321K	0.2%	—	—	PUT	18452B209
STEL	STELLAR BANCORP INC	7,756	$284K	0.1%	—	—	COM	858927106
WULF	TERAWULF INC	15,000	$216K	0.1%	—	—	PUT	88080T104
HUT	HUT 8 CORP	4,300	$202K	0.1%	—	—	PUT	44812J104
CORZ	CORE SCIENTIFIC INC NEW	13,100	$196K	0.1%	—	—	PUT	21874A106
CIFR	CIPHER DIGITAL INC	13,600	$175K	0.1%	—	—	PUT	17253J106

Increased Positions (10)

KVUE KENVUE INC 5.5%

Value $10.54M (+73.2%) Shares 611,377 (+73.3%) Est. Cost — Unrealized —

NWE NORTHWESTERN ENERGY GROUP IN 5.8%

Value $11.21M (+33.5%) Shares 170,055 (+30.7%) Est. Cost — Unrealized —

HOLX HOLOGIC INC 2.1%

Value $3.995M (+209.0%) Shares 52,847 (+204.5%) Est. Cost — Unrealized —

QRVO QORVO INC 6.6%

Value $12.76M (+21.5%) Shares 164,835 (+32.6%) Est. Cost — Unrealized —

LBRDK LIBERTY BROADBAND CORP 5.1%

Value $9.883M (+21.6%) Shares 196,486 (+17.5%) Est. Cost — Unrealized —

EA ELECTRONIC ARTS INC 2.6%

Value $5.036M (+24.5%) Shares 24,700 (+24.8%) Est. Cost — Unrealized —

TXNM TXNM ENERGY INC 2.1%

Value $4.01M (+27.1%) Shares 68,602 (+28.0%) Est. Cost — Unrealized —

WBD WARNER BROS DISCOVERY INC 2.4%

Value $4.613M (+16.4%) Shares 167,975 (+22.2%) Est. Cost — Unrealized —

CTLP CANTALOUPE INC 1.1%

Value $2.09M (+30.7%) Shares 193,377 (+28.4%) Est. Cost — Unrealized —

PRA PROASSURANCE CORP 0.7%

Value $1.405M (+26.6%) Shares 56,855 (+23.7%) Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
KVUE	KENVUE INC	611,377 (+73.3%)	$10.54M (+73.2%)	5.5%	—	—	COM	49177J102
NWE	NORTHWESTERN ENERGY GROUP IN	170,055 (+30.7%)	$11.21M (+33.5%)	5.8%	—	—	COM NEW	668074305
HOLX	HOLOGIC INC	52,847 (+204.5%)	$3.995M (+209.0%)	2.1%	—	—	COM	436440101
QRVO	QORVO INC	164,835 (+32.6%)	$12.76M (+21.5%)	6.6%	—	—	COM	74736K101
LBRDK	LIBERTY BROADBAND CORP	196,486 (+17.5%)	$9.883M (+21.6%)	5.1%	—	—	COM SER C	530307305
EA	ELECTRONIC ARTS INC	24,700 (+24.8%)	$5.036M (+24.5%)	2.6%	—	—	COM	285512109
TXNM	TXNM ENERGY INC	68,602 (+28.0%)	$4.01M (+27.1%)	2.1%	—	—	COM	69349H107
WBD	WARNER BROS DISCOVERY INC	167,975 (+22.2%)	$4.613M (+16.4%)	2.4%	—	—	COM SER A	934423104
CTLP	CANTALOUPE INC	193,377 (+28.4%)	$2.09M (+30.7%)	1.1%	—	—	COM	138103106
PRA	PROASSURANCE CORP	56,855 (+23.7%)	$1.405M (+26.6%)	0.7%	—	—	COM	74267C106

Exited Positions (20)

— SYNOVUS FINL CORP 7.2%

Value $13.84M Shares 276,426 Est. Cost — Unrealized —

NGD NEW GOLD INC CDA 5.2%

Value $9.9M Shares 1,136,568 Est. Cost — Unrealized —

— REV GROUP INC 2.6%

Value $4.948M Shares 81,366 Est. Cost — Unrealized —

— CYBERARK SOFTWARE LTD 1.9%

Value $3.706M Shares 8,309 Est. Cost — Unrealized —

PCH POTLATCHDELTIC CORPORATION 1.8%

Value $3.373M Shares 84,787 Est. Cost — Unrealized —

CMA COMERICA INC 1.5%

Value $2.929M Shares 33,697 Est. Cost — Unrealized —

— ANYWHERE REAL ESTATE INC 1.5%

Value $2.904M Shares 205,110 Est. Cost — Unrealized —

CSGS CSG SYS INTL INC 1.3%

Value $2.509M Shares 32,713 Est. Cost — Unrealized —

MOFG MIDWESTONE FINL GROUP INC NE 0.9%

Value $1.761M Shares 45,733 Est. Cost — Unrealized —

TWO TWO HBRS INVT CORP 0.9%

Value $1.724M Shares 164,160 Est. Cost — Unrealized —

RNAM AVIDITY BIOSCIENCES INC 0.8%

Value $1.618M Shares 22,437 Est. Cost — Unrealized —

CFLT CONFLUENT INC 0.8%

Value $1.52M Shares 50,268 Est. Cost — Unrealized —

EXAS EXACT SCIENCES CORP 0.7%

Value $1.305M Shares 12,847 Est. Cost — Unrealized —

— HILLENBRAND INC 0.7%

Value $1.253M Shares 39,512 Est. Cost — Unrealized —

CORZ CORE SCIENTIFIC INC NEW 0.6%

Value $1.087M Shares 74,664 Est. Cost — Unrealized —

TGNA TEGNA INC 0.5%

Value $905K Shares 46,608 Est. Cost — Unrealized —

PZZA PAPA JOHNS INTL INC 0.4%

Value $682K Shares 17,713 Est. Cost — Unrealized —

J JACOBS SOLUTIONS INC 0.2%

Value $453K Shares 3,422 Est. Cost — Unrealized —

SOLS SOLSTICE ADVANCED MATLS INC 0.1%

Value $285K Shares 5,863 Est. Cost — Unrealized —

IMXI INTERNATIONAL MNY EXPRESS IN 0.1%

Value $200K Shares 13,004 Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	SYNOVUS FINL CORP	276,426	$13.84M	7.2%	—	—	—	87161C501
NGD	NEW GOLD INC CDA	1,136,568	$9.9M	5.2%	—	—	—	644535106
—	REV GROUP INC	81,366	$4.948M	2.6%	—	—	—	749527107
—	CYBERARK SOFTWARE LTD	8,309	$3.706M	1.9%	—	—	—	M2682V108
PCH	POTLATCHDELTIC CORPORATION	84,787	$3.373M	1.8%	—	—	—	737630103
CMA	COMERICA INC	33,697	$2.929M	1.5%	—	—	—	200340107
—	ANYWHERE REAL ESTATE INC	205,110	$2.904M	1.5%	—	—	—	75605Y106
CSGS	CSG SYS INTL INC	32,713	$2.509M	1.3%	—	—	—	126349109
MOFG	MIDWESTONE FINL GROUP INC NE	45,733	$1.761M	0.9%	—	—	—	598511103
TWO	TWO HBRS INVT CORP	164,160	$1.724M	0.9%	—	—	—	90187B804
RNAM	AVIDITY BIOSCIENCES INC	22,437	$1.618M	0.8%	—	—	—	05370A108
CFLT	CONFLUENT INC	50,268	$1.52M	0.8%	—	—	—	20717M103
EXAS	EXACT SCIENCES CORP	12,847	$1.305M	0.7%	—	—	—	30063P105
—	HILLENBRAND INC	39,512	$1.253M	0.7%	—	—	—	431571108
CORZ	CORE SCIENTIFIC INC NEW	74,664	$1.087M	0.6%	—	—	—	21874A106
TGNA	TEGNA INC	46,608	$905K	0.5%	—	—	—	87901J105
PZZA	PAPA JOHNS INTL INC	17,713	$682K	0.4%	—	—	—	698813102
J	JACOBS SOLUTIONS INC	3,422	$453K	0.2%	—	—	—	46982L108
SOLS	SOLSTICE ADVANCED MATLS INC	5,863	$285K	0.1%	—	—	—	83443Q103
IMXI	INTERNATIONAL MNY EXPRESS IN	13,004	$200K	0.1%	—	—	—	46005L101

Decreased Positions (14)

NSC NORFOLK SOUTHN CORP 3.2%

Value $6.102M (-42.2%) Shares 21,261 (-41.9%) Est. Cost — Unrealized —

LYV LIVE NATION ENTERTAINMENT IN 0.5%

Value $954K (-75.5%) Shares 6,256 (-77.1%) Est. Cost — Unrealized —

VECO VEECO INSTRS INC DEL 0.1%

Value $203K (-92.0%) Shares 5,994 (-93.3%) Est. Cost — Unrealized —

CART MAPLEBEAR INC 0.6%

Value $1.099M (-66.3%) Shares 29,335 (-59.6%) Est. Cost — Unrealized —

VKTX VIKING THERAPEUTICS INC 0.5%

Value $953K (-68.9%) Shares 29,273 (-66.4%) Est. Cost — Unrealized —

HON HONEYWELL INTL INC 1.4%

Value $2.651M (-42.1%) Shares 11,730 (-50.0%) Est. Cost — Unrealized —

AMWD AMERICAN WOODMARK CORP 0.4%

Value $780K (-64.8%) Shares 19,589 (-52.4%) Est. Cost — Unrealized —

BHF BRIGHTHOUSE FINL INC 0.8%

Value $1.501M (-45.7%) Shares 25,064 (-41.2%) Est. Cost — Unrealized —

RIOT RIOT PLATFORMS INC 1.8%

Value $3.398M (-20.5%) Shares 274,914 (-18.5%) Est. Cost — Unrealized —

LW LAMB WESTON HLDGS INC 0.5%

Value $1.028M (-41.2%) Shares 24,331 (-41.7%) Est. Cost — Unrealized —

AL AIR LEASE CORP 1.3%

Value $2.529M (-16.2%) Shares 38,947 (-17.2%) Est. Cost — Unrealized —

DD DUPONT DE NEMOURS INC 1.2%

Value $2.336M (-5.4%) Shares 50,997 (-16.9%) Est. Cost — Unrealized —

Q QNITY ELECTRONICS INC 0.9%

Value $1.702M (+6.0%) Shares 14,755 (-25.0%) Est. Cost — Unrealized —

WTRG ESSENTIAL UTILS INC 7.5%

Value $14.46M (+0.2%) Shares 359,033 (-4.5%) Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
NSC	NORFOLK SOUTHN CORP	21,261 (-41.9%)	$6.102M (-42.2%)	3.2%	—	—	COM	655844108
LYV	LIVE NATION ENTERTAINMENT IN	6,256 (-77.1%)	$954K (-75.5%)	0.5%	—	—	COM	538034109
VECO	VEECO INSTRS INC DEL	5,994 (-93.3%)	$203K (-92.0%)	0.1%	—	—	COM	922417100
CART	MAPLEBEAR INC	29,335 (-59.6%)	$1.099M (-66.3%)	0.6%	—	—	COM	565394103
VKTX	VIKING THERAPEUTICS INC	29,273 (-66.4%)	$953K (-68.9%)	0.5%	—	—	COM	92686J106
HON	HONEYWELL INTL INC	11,730 (-50.0%)	$2.651M (-42.1%)	1.4%	—	—	COM	438516106
AMWD	AMERICAN WOODMARK CORP	19,589 (-52.4%)	$780K (-64.8%)	0.4%	—	—	COM	030506109
BHF	BRIGHTHOUSE FINL INC	25,064 (-41.2%)	$1.501M (-45.7%)	0.8%	—	—	COM	10922N103
RIOT	RIOT PLATFORMS INC	274,914 (-18.5%)	$3.398M (-20.5%)	1.8%	—	—	COM	767292105
LW	LAMB WESTON HLDGS INC	24,331 (-41.7%)	$1.028M (-41.2%)	0.5%	—	—	COM	513272104
AL	AIR LEASE CORP	38,947 (-17.2%)	$2.529M (-16.2%)	1.3%	—	—	CL A	00912X302
DD	DUPONT DE NEMOURS INC	50,997 (-16.9%)	$2.336M (-5.4%)	1.2%	—	—	COM	26614N102
Q	QNITY ELECTRONICS INC	14,755 (-25.0%)	$1.702M (+6.0%)	0.9%	—	—	COMMON STOCK	74743L100
WTRG	ESSENTIAL UTILS INC	359,033 (-4.5%)	$14.46M (+0.2%)	7.5%	—	—	COM	29670G102