Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
ASHR	XTRACKERS HARVEST CSI 300 CHI	992,880 (+68.2%)	$36.4M (+88.9%)	18.0%	$32.58	—	XTRACK HRVST CSI	233051879
VTI	VANGUARD TOTAL STOCK MARKET E	68,900 (+66.4%)	$25.5M (+92.0%)	12.6%	$347.89	—	TOTAL STK MKT	922908769
IEF	ISHARES TR	17,400 (+46.2%)	$1.646M (+44.9%)	0.8%	$95.17	—	7-10 YR TRSY BD	464287440

Exited Positions (8)

FXI ISHARES CHINA LARGE-CAP ETF 8.5%

Value $17.1M Shares 476,390 Est. Cost $36.46 Unrealized —

KRMN KARMAN HOLDINGS INC 2.2%

Value $4.374M Shares 54,645 Est. Cost $54.85 Unrealized —

MSFT MICROSOFT CORP 2.0%

Value $3.998M Shares 10,800 Est. Cost $206.04 Unrealized —

UPS UNITED PARCEL SERVICE INC 1.8%

Value $3.594M Shares 36,535 Est. Cost $99.34 Unrealized —

KTOS KRATOS DEFENSE & SECURITY SOL 1.5%

Value $3.105M Shares 44,030 Est. Cost $64.04 Unrealized —

CZR CAESARS ENTERTAINMENT INC 1.5%

Value $3.089M Shares 116,890 Est. Cost $27.09 Unrealized —

EARN ELLINGTON CREDIT CO 1.3%

Value $2.697M Shares 608,700 Est. Cost $5.65 Unrealized —

AVAV AEROVIRONMENT INC 1.1%

Value $2.212M Shares 12,085 Est. Cost $258.71 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
FXI	ISHARES CHINA LARGE-CAP ETF	476,390	$17.1M	8.5%	$36.46	—	—	464287184
KRMN	KARMAN HOLDINGS INC	54,645	$4.374M	2.2%	$54.85	—	—	485924104
MSFT	MICROSOFT CORP	10,800	$3.998M	2.0%	$206.04	—	—	594918104
UPS	UNITED PARCEL SERVICE INC	36,535	$3.594M	1.8%	$99.34	—	—	911312106
KTOS	KRATOS DEFENSE & SECURITY SOL	44,030	$3.105M	1.5%	$64.04	—	—	50077B207
CZR	CAESARS ENTERTAINMENT INC	116,890	$3.089M	1.5%	$27.09	—	—	12769G100
EARN	ELLINGTON CREDIT CO	608,700	$2.697M	1.3%	$5.65	—	—	288578107
AVAV	AEROVIRONMENT INC	12,085	$2.212M	1.1%	$258.71	—	—	008073108

Decreased Positions (2)

JAAA JANUS HENDERSON AAA CLO ETF 5.4%

Value $10.99M (-66.3%) Shares 217,672 (-66.3%) Est. Cost $50.53 Unrealized —

TSM TSMC 7.5%

Value $15.08M (-6.7%) Shares 31,569 (-34.0%) Est. Cost $104.00 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
JAAA	JANUS HENDERSON AAA CLO ETF	217,672 (-66.3%)	$10.99M (-66.3%)	5.4%	$50.53	—	HENDRSON AAA CL	47103U845
TSM	TSMC	31,569 (-34.0%)	$15.08M (-6.7%)	7.5%	$104.00	—	SPONSORED ADS	874039100

Unchanged Positions (19)

HUT HUT 8 CORP 2.4%

Value $4.951M Shares 42,900 Est. Cost $56.58 Unrealized —

EFC ELLINGTON FINANCIAL INC 9.5%

Value $19.17M Shares 1,408,396 Est. Cost $12.23 Unrealized —

CIFR CIPHER DIGITAL INC 1.7%

Value $3.451M Shares 140,845 Est. Cost $16.67 Unrealized —

WULF TERAWULF INC 1.6%

Value $3.229M Shares 130,720 Est. Cost $14.58 Unrealized —

LNG CHENIERE ENERGY INC 3.0%

Value $6.028M Shares 25,220 Est. Cost $161.33 Unrealized —

GOOGL ALPHABET INC 2.6%

Value $5.343M Shares 14,950 Est. Cost $323.29 Unrealized —

WMT WALMART INC 3.9%

Value $7.844M Shares 69,260 Est. Cost $109.88 Unrealized —

AMZN AMAZON.COM INC 2.8%

Value $5.72M Shares 24,000 Est. Cost $126.86 Unrealized —

EXE EXPAND ENERGY CORP 1.7%

Value $3.348M Shares 36,720 Est. Cost $76.01 Unrealized —

ET ENERGY TRANSFER LP 13.4%

Value $27.19M Shares 1,421,945 Est. Cost $13.52 Unrealized —

OXLC OXFORD LANE CAP CORP 0.6%

Value $1.27M Shares 145,030 Est. Cost $14.64 Unrealized —

TSLX SIXTH STREET SPECIALTY LENDI 1.0%

Value $1.994M Shares 116,141 Est. Cost $20.26 Unrealized —

ACRE ARES COML REAL ESTATE CORP 0.7%

Value $1.507M Shares 334,937 Est. Cost $4.69 Unrealized —

RITM RITHM CAPITAL CORP 5.0%

Value $10.15M Shares 1,081,000 Est. Cost $9.48 Unrealized —

CCC CCC INTELLIGENT SOLUTIONS HL 0.2%

Value $395K Shares 76,529 Est. Cost $11.28 Unrealized —

ARCC ARES CAPITAL CORP 0.7%

Value $1.427M Shares 77,000 Est. Cost $19.94 Unrealized —

GSBD GOLDMAN SACHS BDC INC 0.2%

Value $447K Shares 47,177 Est. Cost $9.28 Unrealized —

LADR LADDER CAP CORP 0.2%

Value $448K Shares 45,000 Est. Cost $9.77 Unrealized —

— BLACKSTONE MORTGAGE TR 1.0%

Value $1.981M Shares 2,000,000 Est. Cost $0.80 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
HUT	HUT 8 CORP	42,900	$4.951M	2.4%	$56.58	—	COM	44812J104
EFC	ELLINGTON FINANCIAL INC	1,408,396	$19.17M	9.5%	$12.23	—	COM	28852N109
CIFR	CIPHER DIGITAL INC	140,845	$3.451M	1.7%	$16.67	—	COM	17253J106
WULF	TERAWULF INC	130,720	$3.229M	1.6%	$14.58	—	COM	88080T104
LNG	CHENIERE ENERGY INC	25,220	$6.028M	3.0%	$161.33	—	COM NEW	16411R208
GOOGL	ALPHABET INC	14,950	$5.343M	2.6%	$323.29	—	CAP STK CL A	02079K305
WMT	WALMART INC	69,260	$7.844M	3.9%	$109.88	—	COM	931142103
AMZN	AMAZON.COM INC	24,000	$5.72M	2.8%	$126.86	—	COM	023135106
EXE	EXPAND ENERGY CORP	36,720	$3.348M	1.7%	$76.01	—	COM	165167735
ET	ENERGY TRANSFER LP	1,421,945	$27.19M	13.4%	$13.52	—	COM UT LTD PTN	29273V100
OXLC	OXFORD LANE CAP CORP	145,030	$1.27M	0.6%	$14.64	—	COM	691543847
TSLX	SIXTH STREET SPECIALTY LENDI	116,141	$1.994M	1.0%	$20.26	—	COM	83012A109
ACRE	ARES COML REAL ESTATE CORP	334,937	$1.507M	0.7%	$4.69	—	COM	04013V108
RITM	RITHM CAPITAL CORP	1,081,000	$10.15M	5.0%	$9.48	—	COM NEW	64828T201
CCC	CCC INTELLIGENT SOLUTIONS HL	76,529	$395K	0.2%	$11.28	—	COM	12510Q100
ARCC	ARES CAPITAL CORP	77,000	$1.427M	0.7%	$19.94	—	COM	04010L103
GSBD	GOLDMAN SACHS BDC INC	47,177	$447K	0.2%	$9.28	—	SHS	38147U107
LADR	LADDER CAP CORP	45,000	$448K	0.2%	$9.77	—	CL A	505743104
—	BLACKSTONE MORTGAGE TR	2,000,000	$1.981M	1.0%	$0.80	—	NOTE 5.500% 3/1	09257WAE0