Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
HYG	ISHARES TR	115,300	$9.221M	3.7%	—	—	PUT	464288513
ORLA	ORLA MNG LTD NEW	798,999	$7.822M	3.1%	—	—	COM	68634K106
D	DOMINION ENERGY INC	112,082	$7.654M	3.0%	—	—	COM	25746U109
AVB	AVALONBAY CMNTYS INC	37,889	$7.149M	2.8%	—	—	COM	053484101
EQH	EQUITABLE HLDGS INC	134,260	$5.891M	2.3%	—	—	COM	29452E101
ROKU	ROKU INC	41,984	$5.8M	2.3%	—	—	COM CL A	77543R102
SYNA	SYNAPTICS INC	44,358	$5.511M	2.2%	—	—	COM	87157D109
HUN	HUNTSMAN CORP	357,799	$3.8M	1.5%	—	—	COM	447011107
GDX	VANECK ETF TRUST	50,000	$3.772M	1.5%	—	—	PUT	92189F106
CPRX	CATALYST PHARMACEUTICALS INC	114,111	$3.587M	1.4%	—	—	COM	14888U101
GSAT	GLOBALSTAR INC	43,360	$3.525M	1.4%	—	—	COM NEW	378973507
BLD	TOPBUILD COR	9,886	$3.505M	1.4%	—	—	COM	89055F103
SGI	SOMNIGROUP INTERNATIONAL INC	42,613	$3.341M	1.3%	—	—	COM	88023U101
OGN	ORGANON & CO	214,850	$2.909M	1.2%	—	—	COMMON STOCK	68622V106
GTLS	CHART INDS INC	12,156	$2.54M	1.0%	—	—	COM	16115Q308
IWM	ISHARES TR	7,400	$2.223M	0.9%	—	—	PUT	464287655
ACA	ARCOSA INC	13,735	$1.996M	0.8%	—	—	COM	039653100
TECH	BIO-TECHNE CORP	22,689	$1.603M	0.6%	—	—	COM	09073M104
ESPR	ESPERION THERAPEUTICS INC NE	400,000	$1.264M	0.5%	—	—	COM	29664W105
HONA	HONEYWELL AEROSPACE INC	5,580	$1.234M	0.5%	—	—	COM	43849R105
NVRI	ENVIRI CORP	55,281	$1.213M	0.5%	—	—	COM	29390K102
LCII	LCI INDS	8,400	$889K	0.4%	—	—	COM	50189K103
HON	HONEYWELL INTL INC	3,080	$690K	0.3%	—	—	COM	438516205
DD	DUPONT DE NEMOURS INC	3,696	$501K	0.2%	—	—	COMMON STOCK	26614N201
IHS	IHS HOLDING LIMITED	48,632	$401K	0.2%	—	—	ORD SHS	G4701H109
XOMA	XOMA ROYALTY CORPORATION	8,476	$360K	0.1%	—	—	COM NEW	98419J206
TALK	TALKSPACE INC	57,803	$301K	0.1%	—	—	COM	87427V103
CCO	CLEAR CHANNEL OUTDOOR HLDGS	111,986	$271K	0.1%	—	—	COM	18453H106
RMAX	RE/MAX HLDGS INC	23,819	$235K	0.1%	—	—	CL A	75524W108
FDXF	FEDEX FGHT HLDG CO INC	1,332	$201K	0.1%	—	—	COMMON STOCK	314352105

Increased Positions (14)

SPY STATE STR SPDR S&P 500 ETF T 11.4%

Value $28.75M (+56.8%) Shares 38,500 (+36.5%) Est. Cost — Unrealized —

SLAB SILICON LABORATORIES INC 4.6%

Value $11.56M (+181.9%) Shares 52,875 (+168.5%) Est. Cost — Unrealized —

NATL NCR ATLEOS CORPORATION 4.8%

Value $12.08M (+78.5%) Shares 278,169 (+79.2%) Est. Cost — Unrealized —

AAUC ALLIED GOLD CORP 3.7%

Value $9.207M (+87.7%) Shares 387,350 (+144.8%) Est. Cost — Unrealized —

EA ELECTRONIC ARTS INC 3.6%

Value $9.077M (+80.3%) Shares 44,270 (+79.2%) Est. Cost — Unrealized —

WTRG ESSENTIAL UTILS INC 7.0%

Value $17.73M (+22.6%) Shares 462,708 (+28.9%) Est. Cost — Unrealized —

DBRG DIGITALBRIDGE GROUP INC 2.1%

Value $5.191M (+91.7%) Shares 328,991 (+87.3%) Est. Cost — Unrealized —

PEN PENUMBRA INC 1.2%

Value $2.921M (+212.9%) Shares 9,251 (+225.4%) Est. Cost — Unrealized —

VAL VALARIS LTD 2.8%

Value $7M (+30.2%) Shares 96,422 (+75.8%) Est. Cost — Unrealized —

STEL STELLAR BANCORP INC 0.5%

Value $1.354M (+376.8%) Shares 34,435 (+344.0%) Est. Cost — Unrealized —

AES AES CORP 2.6%

Value $6.585M (+19.1%) Shares 449,205 (+14.4%) Est. Cost — Unrealized —

ZIM ZIM INTEGRATED SHIPPING SERV 0.9%

Value $2.328M (+54.8%) Shares 89,547 (+56.9%) Est. Cost — Unrealized —

LYV LIVE NATION ENTERTAINMENT IN 0.6%

Value $1.626M (+70.5%) Shares 8,882 (+42.0%) Est. Cost — Unrealized —

LW LAMB WESTON HLDGS INC 0.6%

Value $1.482M (+44.2%) Shares 34,331 (+41.1%) Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
SPY	STATE STR SPDR S&P 500 ETF T	38,500 (+36.5%)	$28.75M (+56.8%)	11.4%	—	—	PUT	78462F103
SLAB	SILICON LABORATORIES INC	52,875 (+168.5%)	$11.56M (+181.9%)	4.6%	—	—	COM	826919102
NATL	NCR ATLEOS CORPORATION	278,169 (+79.2%)	$12.08M (+78.5%)	4.8%	—	—	COM SHS	63001N106
AAUC	ALLIED GOLD CORP	387,350 (+144.8%)	$9.207M (+87.7%)	3.7%	—	—	COM NEW	01921D204
EA	ELECTRONIC ARTS INC	44,270 (+79.2%)	$9.077M (+80.3%)	3.6%	—	—	COM	285512109
WTRG	ESSENTIAL UTILS INC	462,708 (+28.9%)	$17.73M (+22.6%)	7.0%	—	—	COM	29670G102
DBRG	DIGITALBRIDGE GROUP INC	328,991 (+87.3%)	$5.191M (+91.7%)	2.1%	—	—	CL A NEW	25401T603
PEN	PENUMBRA INC	9,251 (+225.4%)	$2.921M (+212.9%)	1.2%	—	—	COM	70975L107
VAL	VALARIS LTD	96,422 (+75.8%)	$7M (+30.2%)	2.8%	—	—	CL A	G9460G101
STEL	STELLAR BANCORP INC	34,435 (+344.0%)	$1.354M (+376.8%)	0.5%	—	—	COM	858927106
AES	AES CORP	449,205 (+14.4%)	$6.585M (+19.1%)	2.6%	—	—	COM	00130H105
ZIM	ZIM INTEGRATED SHIPPING SERV	89,547 (+56.9%)	$2.328M (+54.8%)	0.9%	—	—	SHS	M9T951109
LYV	LIVE NATION ENTERTAINMENT IN	8,882 (+42.0%)	$1.626M (+70.5%)	0.6%	—	—	COM	538034109
LW	LAMB WESTON HLDGS INC	34,331 (+41.1%)	$1.482M (+44.2%)	0.6%	—	—	COM	513272104

Exited Positions (23)

SPY STATE STR SPDR S&P 500 ETF T 3.1%

Value $7.804M Shares 12,000 Est. Cost — Unrealized —

CTRA COTERRA ENERGY INC 1.8%

Value $4.442M Shares 126,422 Est. Cost — Unrealized —

HOLX HOLOGIC INC 1.6%

Value $3.995M Shares 52,847 Est. Cost — Unrealized —

HON HONEYWELL INTL INC 1.1%

Value $2.651M Shares 11,730 Est. Cost — Unrealized —

AL AIR LEASE CORP 1.0%

Value $2.529M Shares 38,947 Est. Cost — Unrealized —

DD DUPONT DE NEMOURS INC 0.9%

Value $2.336M Shares 50,997 Est. Cost — Unrealized —

CWAN CLEARWATER ANALYTICS HLDGS I 0.9%

Value $2.278M Shares 96,339 Est. Cost — Unrealized —

THR THERMON GROUP HLDGS INC 0.9%

Value $2.237M Shares 44,382 Est. Cost — Unrealized —

CTLP CANTALOUPE INC 0.8%

Value $2.09M Shares 193,377 Est. Cost — Unrealized —

ACLX ARCELLX INC 0.8%

Value $2.006M Shares 17,468 Est. Cost — Unrealized —

SNCY SUN CTRY AIRLS HLDGS INC 0.7%

Value $1.768M Shares 107,015 Est. Cost — Unrealized —

RIOT RIOT PLATFORMS INC 0.6%

Value $1.522M Shares 123,100 Est. Cost — Unrealized —

TERN TERNS PHARMACEUTICALS INC 0.6%

Value $1.503M Shares 28,500 Est. Cost — Unrealized —

PRA PROASSURANCE CORP 0.6%

Value $1.405M Shares 56,855 Est. Cost — Unrealized —

OS ONESTREAM INC 0.4%

Value $1.02M Shares 42,508 Est. Cost — Unrealized —

AMWD AMERICAN WOODMARK CORP 0.3%

Value $780K Shares 19,589 Est. Cost — Unrealized —

IBIT ISHARES BITCOIN TRUST ETF 0.1%

Value $377K Shares 9,800 Est. Cost — Unrealized —

MARA MARA HOLDINGS INC 0.1%

Value $375K Shares 45,900 Est. Cost — Unrealized —

CLSK CLEANSPARK INC 0.1%

Value $321K Shares 37,700 Est. Cost — Unrealized —

WULF TERAWULF INC 0.1%

Value $216K Shares 15,000 Est. Cost — Unrealized —

HUT HUT 8 CORP 0.1%

Value $202K Shares 4,300 Est. Cost — Unrealized —

CORZ CORE SCIENTIFIC INC NEW 0.1%

Value $196K Shares 13,100 Est. Cost — Unrealized —

CIFR CIPHER DIGITAL INC 0.1%

Value $175K Shares 13,600 Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
SPY	STATE STR SPDR S&P 500 ETF T	12,000	$7.804M	3.1%	—	—	CALL	78462F103
CTRA	COTERRA ENERGY INC	126,422	$4.442M	1.8%	—	—	—	127097103
HOLX	HOLOGIC INC	52,847	$3.995M	1.6%	—	—	—	436440101
HON	HONEYWELL INTL INC	11,730	$2.651M	1.1%	—	—	—	438516106
AL	AIR LEASE CORP	38,947	$2.529M	1.0%	—	—	—	00912X302
DD	DUPONT DE NEMOURS INC	50,997	$2.336M	0.9%	—	—	—	26614N102
CWAN	CLEARWATER ANALYTICS HLDGS I	96,339	$2.278M	0.9%	—	—	—	185123106
THR	THERMON GROUP HLDGS INC	44,382	$2.237M	0.9%	—	—	—	88362T103
CTLP	CANTALOUPE INC	193,377	$2.09M	0.8%	—	—	—	138103106
ACLX	ARCELLX INC	17,468	$2.006M	0.8%	—	—	—	03940C100
SNCY	SUN CTRY AIRLS HLDGS INC	107,015	$1.768M	0.7%	—	—	—	866683105
RIOT	RIOT PLATFORMS INC	123,100	$1.522M	0.6%	—	—	PUT	767292105
TERN	TERNS PHARMACEUTICALS INC	28,500	$1.503M	0.6%	—	—	—	880881107
PRA	PROASSURANCE CORP	56,855	$1.405M	0.6%	—	—	—	74267C106
OS	ONESTREAM INC	42,508	$1.02M	0.4%	—	—	—	68278B107
AMWD	AMERICAN WOODMARK CORP	19,589	$780K	0.3%	—	—	—	030506109
IBIT	ISHARES BITCOIN TRUST ETF	9,800	$377K	0.1%	—	—	PUT	46438F101
MARA	MARA HOLDINGS INC	45,900	$375K	0.1%	—	—	PUT	565788106
CLSK	CLEANSPARK INC	37,700	$321K	0.1%	—	—	PUT	18452B209
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

Decreased Positions (13)

LBRDK LIBERTY BROADBAND CORP 0.9%

Value $2.272M (-77.0%) Shares 68,306 (-65.2%) Est. Cost — Unrealized —

QRVO QORVO INC 2.1%

Value $5.247M (-58.9%) Shares 56,251 (-65.9%) Est. Cost — Unrealized —

NWE NORTHWESTERN ENERGY GROUP IN 2.5%

Value $6.399M (-42.9%) Shares 89,342 (-47.5%) Est. Cost — Unrealized —

WBS WEBSTER FINL CORP 1.1%

Value $2.857M (-56.6%) Shares 37,382 (-60.6%) Est. Cost — Unrealized —

KVUE KENVUE INC 2.8%

Value $7.094M (-32.7%) Shares 371,222 (-39.3%) Est. Cost — Unrealized —

WBD WARNER BROS DISCOVERY INC 1.0%

Value $2.529M (-45.2%) Shares 94,863 (-43.5%) Est. Cost — Unrealized —

NSC NORFOLK SOUTHN CORP 1.8%

Value $4.634M (-24.1%) Shares 14,730 (-30.7%) Est. Cost — Unrealized —

NSA NATIONAL STORAGE AFFILIATES 0.4%

Value $918K (-61.3%) Shares 20,637 (-67.1%) Est. Cost — Unrealized —

TXNM TXNM ENERGY INC 1.3%

Value $3.36M (-16.2%) Shares 59,168 (-13.8%) Est. Cost — Unrealized —

Q QNITY ELECTRONICS INC 0.5%

Value $1.307M (-23.2%) Shares 8,005 (-45.7%) Est. Cost — Unrealized —

FDX FEDEX CORP 0.2%

Value $485K (-15.4%) Shares 1,549 (-3.8%) Est. Cost — Unrealized —

RIOT RIOT PLATFORMS INC 1.4%

Value $3.426M (+0.8%) Shares 125,144 (-54.5%) Est. Cost — Unrealized —

BHF BRIGHTHOUSE FINL INC 0.6%

Value $1.514M (+0.9%) Shares 23,913 (-4.6%) Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
LBRDK	LIBERTY BROADBAND CORP	68,306 (-65.2%)	$2.272M (-77.0%)	0.9%	—	—	COM SER C	530307305
QRVO	QORVO INC	56,251 (-65.9%)	$5.247M (-58.9%)	2.1%	—	—	COM	74736K101
NWE	NORTHWESTERN ENERGY GROUP IN	89,342 (-47.5%)	$6.399M (-42.9%)	2.5%	—	—	COM NEW	668074305
WBS	WEBSTER FINL CORP	37,382 (-60.6%)	$2.857M (-56.6%)	1.1%	—	—	COM	947890109
KVUE	KENVUE INC	371,222 (-39.3%)	$7.094M (-32.7%)	2.8%	—	—	COM	49177J102
WBD	WARNER BROS DISCOVERY INC	94,863 (-43.5%)	$2.529M (-45.2%)	1.0%	—	—	COM SER A	934423104
NSC	NORFOLK SOUTHN CORP	14,730 (-30.7%)	$4.634M (-24.1%)	1.8%	—	—	COM	655844108
NSA	NATIONAL STORAGE AFFILIATES	20,637 (-67.1%)	$918K (-61.3%)	0.4%	—	—	COM SHS BEN IN	637870106
TXNM	TXNM ENERGY INC	59,168 (-13.8%)	$3.36M (-16.2%)	1.3%	—	—	COM	69349H107
Q	QNITY ELECTRONICS INC	8,005 (-45.7%)	$1.307M (-23.2%)	0.5%	—	—	COMMON STOCK	74743L100
FDX	FEDEX CORP	1,549 (-3.8%)	$485K (-15.4%)	0.2%	—	—	COM	31428X106
RIOT	RIOT PLATFORMS INC	125,144 (-54.5%)	$3.426M (+0.8%)	1.4%	—	—	COM	767292105
BHF	BRIGHTHOUSE FINL INC	23,913 (-4.6%)	$1.514M (+0.9%)	0.6%	—	—	COM	10922N103

Unchanged Positions (4)

CART MAPLEBEAR INC 0.6%

Value $1.389M Shares 29,335 Est. Cost — Unrealized —

VECO VEECO INSTRS INC DEL 0.2%

Value $454K Shares 5,994 Est. Cost — Unrealized —

VKTX VIKING THERAPEUTICS INC 0.5%

Value $1.142M Shares 29,273 Est. Cost — Unrealized —

BDX BECTON DICKINSON & CO 0.1%

Value $366K Shares 2,421 Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
CART	MAPLEBEAR INC	29,335	$1.389M	0.6%	—	—	COM	565394103
VECO	VEECO INSTRS INC DEL	5,994	$454K	0.2%	—	—	COM	922417100
VKTX	VIKING THERAPEUTICS INC	29,273	$1.142M	0.5%	—	—	COM	92686J106
BDX	BECTON DICKINSON & CO	2,421	$366K	0.1%	—	—	COM	075887109