WS MANAGEMENT LLLP Hedge Fund

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
AAPL	APPLE INC	100,000	$27,186	2.2%	—	—	PUT	037833100
QQQ	INVESCO QQQ TR	40,000	$24,572	2.0%	—	—	PUT	46090E103
PAYX	PAYCHEX INC	150,000	$16,827	1.4%	—	—	CALL	704326107
HOOD	ROBINHOOD MKTS INC	135,500	$15,325	1.3%	—	—	PUT	770700102
STUB	STUBHUB HLDGS INC	800,000	$10,824	0.9%	$15.72	0.0%	CL A	86384P109
RIVN	RIVIAN AUTOMOTIVE INC	200,000	$3,942	0.3%	—	—	PUT	76954A103
CHWY	CHEWY INC	100,000	$3,305	0.3%	—	—	PUT	16679L109
CELH	CELSIUS HLDGS INC	20,000	$915	0.1%	$34.96	+44.1%	CALL	15118V207

Increased Positions (12)

MU MICRON TECHNOLOGY INC 14.5%

Value ($000) $176,983 (+260.4%) Shares 620,100 (+111.3%) Est. Cost $156.51 Unrealized +46.5%

MU MICRON TECHNOLOGY INC 6.3%

Value ($000) $77,061 (+667.6%) Shares 270,000 (+350.0%) Est. Cost $156.51 Unrealized +46.5%

GLD SPDR GOLD TR 6.2%

Value ($000) $75,299 (+323.7%) Shares 190,000 (+280.0%) Est. Cost $171.01 Unrealized —

MU MICRON TECHNOLOGY INC 6.1%

Value ($000) $74,207 (+343.5%) Shares 260,000 (+160.0%) Est. Cost $156.51 Unrealized +46.5%

BRK/B BERKSHIRE HATHAWAY INC DEL 6.2%

Value ($000) $75,398 (+201.2%) Shares 150,000 (+201.2%) Est. Cost $498.49 Unrealized -0.2%

XBI SPDR SERIES TRUST 1.3%

Value ($000) $15,851 (+106.9%) Shares 130,000 (+70.0%) Est. Cost $94.21 Unrealized —

LUV SOUTHWEST AIRLS CO 1.9%

Value ($000) $22,732 (+42.5%) Shares 550,000 (+10.0%) Est. Cost $31.41 Unrealized +10.8%

COP CONOCOPHILLIPS 1.2%

Value ($000) $14,042 (+85.6%) Shares 150,000 (+87.5%) Est. Cost $79.02 Unrealized +13.9%

TLT ISHARES TR 3.4%

Value ($000) $41,270 (+16.2%) Shares 473,500 (+19.1%) Est. Cost $96.83 Unrealized —

NVDA NVIDIA CORPORATION 0.8%

Value ($000) $9,325 (+149.9%) Shares 50,000 (+150.0%) Est. Cost $101.49 Unrealized +83.4%

CELH CELSIUS HLDGS INC 0.6%

Value ($000) $6,861 (+19.3%) Shares 150,000 (+50.0%) Est. Cost $34.96 Unrealized +44.1%

COP CONOCOPHILLIPS 1.4%

Value ($000) $17,088 (+3.2%) Shares 182,540 (+4.2%) Est. Cost $79.02 Unrealized +13.9%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
MU	MICRON TECHNOLOGY INC	620,100 (+111.3%)	$176,983 (+260.4%)	14.5%	$156.51	+46.5%	COM	595112103
MU	MICRON TECHNOLOGY INC	270,000 (+350.0%)	$77,061 (+667.6%)	6.3%	$156.51	+46.5%	PUT	595112103
GLD	SPDR GOLD TR	190,000 (+280.0%)	$75,299 (+323.7%)	6.2%	$171.01	—	PUT	78463V107
MU	MICRON TECHNOLOGY INC	260,000 (+160.0%)	$74,207 (+343.5%)	6.1%	$156.51	+46.5%	CALL	595112103
BRK/B	BERKSHIRE HATHAWAY INC DEL	150,000 (+201.2%)	$75,398 (+201.2%)	6.2%	$498.49	-0.2%	PUT	084670702
XBI	SPDR SERIES TRUST	130,000 (+70.0%)	$15,851 (+106.9%)	1.3%	$94.21	—	STATE STREET SPD	78464A870
LUV	SOUTHWEST AIRLS CO	550,000 (+10.0%)	$22,732 (+42.5%)	1.9%	$31.41	+10.8%	COM	844741108
COP	CONOCOPHILLIPS	150,000 (+87.5%)	$14,042 (+85.6%)	1.2%	$79.02	+13.9%	PUT	20825C104
TLT	ISHARES TR	473,500 (+19.1%)	$41,270 (+16.2%)	3.4%	$96.83	—	20 YR TR BD ETF	464287432
NVDA	NVIDIA CORPORATION	50,000 (+150.0%)	$9,325 (+149.9%)	0.8%	$101.49	+83.4%	PUT	67066G104
CELH	CELSIUS HLDGS INC	150,000 (+50.0%)	$6,861 (+19.3%)	0.6%	$34.96	+44.1%	COM NEW	15118V207
COP	CONOCOPHILLIPS	182,540 (+4.2%)	$17,088 (+3.2%)	1.4%	$79.02	+13.9%	COM	20825C104

Exited Positions (9)

PAYX PAYCHEX INC 2.5%

Value ($000) $30,207 Shares 238,300 Est. Cost — Unrealized —

DXCM DEXCOM INC 1.3%

Value ($000) $16,170 Shares 240,300 Est. Cost — Unrealized —

GDX VANECK ETF TRUST 0.6%

Value ($000) $7,640 Shares 100,000 Est. Cost $47.96 Unrealized —

CHTR CHARTER COMMUNICATIONS INC N 0.5%

Value ($000) $6,660 Shares 24,209 Est. Cost $322.13 Unrealized -30.2%

GOOGL ALPHABET INC 0.4%

Value ($000) $4,862 Shares 20,000 Est. Cost $104.69 Unrealized +172.8%

COP CONOCOPHILLIPS 0.4%

Value ($000) $4,730 Shares 50,000 Est. Cost $79.02 Unrealized +13.9%

TEM TEMPUS AI INC 0.3%

Value ($000) $3,942 Shares 48,836 Est. Cost $70.04 Unrealized +11.7%

NVDA NVIDIA CORPORATION 0.2%

Value ($000) $1,866 Shares 10,000 Est. Cost $101.49 Unrealized +83.4%

SOUN SOUNDHOUND AI INC 0.1%

Value ($000) $804 Shares 50,000 Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
PAYX	PAYCHEX INC	238,300	$30,207	2.5%	—	—	PUT	704326107
DXCM	DEXCOM INC	240,300	$16,170	1.3%	—	—	PUT	252131107
GDX	VANECK ETF TRUST	100,000	$7,640	0.6%	$47.96	—	CALL	92189F106
CHTR	CHARTER COMMUNICATIONS INC N	24,209	$6,660	0.5%	$322.13	-30.2%	—	16119P108
GOOGL	ALPHABET INC	20,000	$4,862	0.4%	$104.69	+172.8%	PUT	02079K305
COP	CONOCOPHILLIPS	50,000	$4,730	0.4%	$79.02	+13.9%	CALL	20825C104
TEM	TEMPUS AI INC	48,836	$3,942	0.3%	$70.04	+11.7%	—	88023B103
NVDA	NVIDIA CORPORATION	10,000	$1,866	0.2%	$101.49	+83.4%	CALL	67066G104
SOUN	SOUNDHOUND AI INC	50,000	$804	0.1%	—	—	PUT	836100107

Decreased Positions (12)

BRK/B BERKSHIRE HATHAWAY INC DEL 1.6%

Value ($000) $20,106 (-60.0%) Shares 40,000 (-60.0%) Est. Cost $498.49 Unrealized -0.2%

TEM TEMPUS AI INC 0.6%

Value ($000) $7,677 (-74.3%) Shares 130,000 (-64.9%) Est. Cost $70.04 Unrealized +11.7%

GDX VANECK ETF TRUST 3.0%

Value ($000) $36,192 (-35.2%) Shares 421,963 (-42.3%) Est. Cost $47.96 Unrealized —

BRK/B BERKSHIRE HATHAWAY INC DEL 2.4%

Value ($000) $29,085 (-35.7%) Shares 57,864 (-35.6%) Est. Cost $498.49 Unrealized -0.2%

NVDA NVIDIA CORPORATION 2.7%

Value ($000) $32,436 (-29.6%) Shares 173,918 (-29.6%) Est. Cost $101.49 Unrealized +83.4%

AMZN AMAZON COM INC 2.7%

Value ($000) $33,123 (-26.7%) Shares 143,503 (-30.3%) Est. Cost $142.68 Unrealized +60.3%

GDX VANECK ETF TRUST 1.4%

Value ($000) $17,154 (-32.0%) Shares 200,000 (-39.4%) Est. Cost $47.96 Unrealized —

KMX CARMAX INC 0.5%

Value ($000) $5,814 (-35.4%) Shares 150,455 (-24.9%) Est. Cost $61.96 Unrealized -35.5%

TXN TEXAS INSTRS INC 0.7%

Value ($000) $8,675 (-21.3%) Shares 50,000 (-16.7%) Est. Cost — Unrealized —

ASTS AST SPACEMOBILE INC 0.2%

Value ($000) $2,179 (-44.5%) Shares 30,000 (-62.5%) Est. Cost — Unrealized —

— ASA GOLD AND PRECIOUS MTLS L 0.3%

Value ($000) $4,177 (-25.5%) Shares 70,000 (-42.8%) Est. Cost $12.70 Unrealized —

GLD SPDR GOLD TR 3.9%

Value ($000) $47,826 (+3.0%) Shares 120,678 (-7.7%) Est. Cost $171.01 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
BRK/B	BERKSHIRE HATHAWAY INC DEL	40,000 (-60.0%)	$20,106 (-60.0%)	1.6%	$498.49	-0.2%	CALL	084670702
TEM	TEMPUS AI INC	130,000 (-64.9%)	$7,677 (-74.3%)	0.6%	$70.04	+11.7%	PUT	88023B103
GDX	VANECK ETF TRUST	421,963 (-42.3%)	$36,192 (-35.2%)	3.0%	$47.96	—	GOLD MINERS ETF	92189F106
BRK/B	BERKSHIRE HATHAWAY INC DEL	57,864 (-35.6%)	$29,085 (-35.7%)	2.4%	$498.49	-0.2%	CL B NEW	084670702
NVDA	NVIDIA CORPORATION	173,918 (-29.6%)	$32,436 (-29.6%)	2.7%	$101.49	+83.4%	COM	67066G104
AMZN	AMAZON COM INC	143,503 (-30.3%)	$33,123 (-26.7%)	2.7%	$142.68	+60.3%	COM	023135106
GDX	VANECK ETF TRUST	200,000 (-39.4%)	$17,154 (-32.0%)	1.4%	$47.96	—	PUT	92189F106
KMX	CARMAX INC	150,455 (-24.9%)	$5,814 (-35.4%)	0.5%	$61.96	-35.5%	COM	143130102
TXN	TEXAS INSTRS INC	50,000 (-16.7%)	$8,675 (-21.3%)	0.7%	—	—	PUT	882508104
ASTS	AST SPACEMOBILE INC	30,000 (-62.5%)	$2,179 (-44.5%)	0.2%	—	—	PUT	00217D100
—	ASA GOLD AND PRECIOUS MTLS L	70,000 (-42.8%)	$4,177 (-25.5%)	0.3%	$12.70	—	SHS	G3156P103
GLD	SPDR GOLD TR	120,678 (-7.7%)	$47,826 (+3.0%)	3.9%	$171.01	—	GOLD SHS	78463V107

Unchanged Positions (14)

GOOGL ALPHABET INC 2.7%

Value ($000) $32,694 Shares 104,453 Est. Cost $104.69 Unrealized +172.8%

LH LABCORP HOLDINGS INC 2.2%

Value ($000) $26,342 Shares 105,000 Est. Cost $240.34 Unrealized +10.3%

KNX KNIGHT-SWIFT TRANSN HLDGS IN 0.9%

Value ($000) $10,558 Shares 201,943 Est. Cost $36.08 Unrealized +29.6%

MPC MARATHON PETE CORP 0.5%

Value ($000) $6,079 Shares 37,378 Est. Cost $44.61 Unrealized +317.9%

TJX TJX COS INC NEW 1.5%

Value ($000) $18,190 Shares 118,414 Est. Cost $32.65 Unrealized +352.3%

WMT WALMART INC 1.1%

Value ($000) $13,478 Shares 120,977 Est. Cost $44.02 Unrealized +143.5%

VTRS VIATRIS INC 0.3%

Value ($000) $3,937 Shares 316,222 Est. Cost $9.85 Unrealized +8.8%

SN SHARKNINJA INC 0.8%

Value ($000) $10,071 Shares 90,000 Est. Cost $86.45 Unrealized +14.0%

RHP RYMAN HOSPITALITY PPTYS INC 1.2%

Value ($000) $14,745 Shares 155,835 Est. Cost $69.31 Unrealized —

GEHC GE HEALTHCARE TECHNOLOGIES I 0.6%

Value ($000) $7,929 Shares 96,675 Est. Cost $84.84 Unrealized -8.2%

LAMR LAMAR ADVERTISING CO NEW 1.0%

Value ($000) $12,658 Shares 100,000 Est. Cost $90.92 Unrealized —

COST COSTCO WHSL CORP NEW 0.4%

Value ($000) $5,420 Shares 6,285 Est. Cost $214.63 Unrealized +322.0%

CROX CROCS INC 0.9%

Value ($000) $11,032 Shares 129,000 Est. Cost $102.51 Unrealized -18.4%

BRK/A BERKSHIRE HATHAWAY INC DEL 7.7%

Value ($000) $94,350 Shares 125 Est. Cost $165023.42 Unrealized +352.3%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
GOOGL	ALPHABET INC	104,453	$32,694	2.7%	$104.69	+172.8%	CAP STK CL A	02079K305
LH	LABCORP HOLDINGS INC	105,000	$26,342	2.2%	$240.34	+10.3%	COM SHS	504922105
KNX	KNIGHT-SWIFT TRANSN HLDGS IN	201,943	$10,558	0.9%	$36.08	+29.6%	CL A	499049104
MPC	MARATHON PETE CORP	37,378	$6,079	0.5%	$44.61	+317.9%	COM	56585A102
TJX	TJX COS INC NEW	118,414	$18,190	1.5%	$32.65	+352.3%	COM	872540109
WMT	WALMART INC	120,977	$13,478	1.1%	$44.02	+143.5%	COM	931142103
VTRS	VIATRIS INC	316,222	$3,937	0.3%	$9.85	+8.8%	COM	92556V106
SN	SHARKNINJA INC	90,000	$10,071	0.8%	$86.45	+14.0%	COM SHS	G8068L108
RHP	RYMAN HOSPITALITY PPTYS INC	155,835	$14,745	1.2%	$69.31	—	COM	78377T107
GEHC	GE HEALTHCARE TECHNOLOGIES I	96,675	$7,929	0.6%	$84.84	-8.2%	COMMON STOCK	36266G107
LAMR	LAMAR ADVERTISING CO NEW	100,000	$12,658	1.0%	$90.92	—	CL A	512816109
COST	COSTCO WHSL CORP NEW	6,285	$5,420	0.4%	$214.63	+322.0%	COM	22160K105
CROX	CROCS INC	129,000	$11,032	0.9%	$102.51	-18.4%	COM	227046109
BRK/A	BERKSHIRE HATHAWAY INC DEL	125	$94,350	7.7%	$165023.42	+352.3%	CL A	084670108