KINGDON CAPITAL MANAGEMENT, L.L.C. Hedge Fund

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
SLV	ISHARES SILVER TR	850,000	$54,757	6.5%	—	—	PUT	46428Q109
KEYS	KEYSIGHT TECHNOLOGIES INC	130,000	$26,415	3.1%	$185.56	0.0%	COM	49338L103
NVDA	NVIDIA CORPORATION	115,000	$21,448	2.5%	$137.98	+34.9%	PUT	67066G104
TAN	INVESCO EXCH TRADED FD TR II	350,000	$17,192	2.0%	$49.12	—	CALL	46138G706
BAC	BANK AMERICA CORP	300,000	$16,500	2.0%	$52.67	0.0%	CALL	060505104
AMD	ADVANCED MICRO DEVICES INC	70,000	$14,991	1.8%	$224.60	0.0%	COM	007903107
BABA	ALIBABA GROUP HLDG LTD	100,000	$14,658	1.7%	$146.58	—	SPONSORED ADS	01609W102
WAY	WAYSTAR HLDG CORP	414,549	$13,576	1.6%	$35.62	0.0%	COM	946784105
AMD	ADVANCED MICRO DEVICES INC	62,500	$13,385	1.6%	$224.60	0.0%	PUT	007903107
BABA	ALIBABA GROUP HLDG LTD	75,000	$10,994	1.3%	$146.58	—	PUT	01609W102
UPST	UPSTART HLDGS INC	250,000	$10,933	1.3%	—	—	CALL	91680M107
CARR	CARRIER GLOBAL CORPORATION	200,000	$10,568	1.3%	$55.53	0.0%	COM	14448C104
AHR	AMERICAN HEALTHCARE REIT INC	200,000	$9,412	1.1%	$47.06	—	COM SHS	398182303
ICLR	ICON PLC	50,600	$9,220	1.1%	$178.08	0.0%	SHS	G4705A100
BAC	BANK AMERICA CORP	165,000	$9,075	1.1%	$52.67	0.0%	COM	060505104
ILMN	ILLUMINA INC	62,700	$8,224	1.0%	$117.40	0.0%	COM	452327109
RDNT	RADNET INC	110,000	$7,849	0.9%	$77.21	0.0%	COM	750491102
USFD	US FOODS HLDG CORP	85,000	$6,402	0.8%	$75.09	0.0%	COM	912008109
HIMS	HIMS & HERS HEALTH INC	170,000	$5,520	0.7%	$42.83	0.0%	COM CL A	433000106
PRM	PERIMETER SOLUTIONS INC	200,000	$5,506	0.7%	$25.26	0.0%	COMMON STOCK	71385M107
TAN	INVESCO EXCH TRADED FD TR II	100,000	$4,912	0.6%	$49.12	—	SOLAR ETF	46138G706
OKTA	OKTA INC	55,000	$4,756	0.6%	$87.27	0.0%	CL A	679295105
CCB	COASTAL FINL CORP WA	40,000	$4,584	0.5%	$109.10	0.0%	COM NEW	19046P209
AIR	AAR CORP	40,000	$3,312	0.4%	$82.73	0.0%	COM	000361105
ELDN	ELEDON PHARMACEUTICALS INC	1,039,275	$1,569	0.2%	$2.38	0.0%	COM	28617K101
INFY	INFOSYS LTD	71,500	$1,274	0.2%	—	—	PUT	456788108

Increased Positions (16)

OLMA OLEMA PHARMACEUTICALS INC 2.8%

Value ($000) $23,840 (+185.1%) Shares 953,600 (+11.7%) Est. Cost $7.24 Unrealized +145.9%

WRBY WARBY PARKER INC 2.7%

Value ($000) $22,959 (+137.8%) Shares 1,053,644 (+201.0%) Est. Cost $22.92 Unrealized -5.1%

WWW WOLVERINE WORLD WIDE INC 1.4%

Value ($000) $11,934 (+235.8%) Shares 657,500 (+407.7%) Est. Cost $19.26 Unrealized +4.3%

TDY TELEDYNE TECHNOLOGIES INC 1.8%

Value ($000) $15,322 (+74.3%) Shares 30,000 (+100.0%) Est. Cost $537.18 Unrealized -1.9%

HWM HOWMET AEROSPACE INC 1.9%

Value ($000) $16,402 (+52.0%) Shares 80,000 (+45.5%) Est. Cost $187.39 Unrealized +6.2%

FWONK LIBERTY MEDIA CORP DEL 1.6%

Value ($000) $13,791 (+65.0%) Shares 140,000 (+75.0%) Est. Cost $101.90 Unrealized —

NVDA NVIDIA CORPORATION 3.2%

Value ($000) $27,043 (+23.4%) Shares 145,000 (+23.4%) Est. Cost $137.98 Unrealized +34.9%

GOOGL ALPHABET INC 1.4%

Value ($000) $11,738 (+60.9%) Shares 37,500 (+25.0%) Est. Cost $224.48 Unrealized +27.2%

NXE NEXGEN ENERGY LTD 2.7%

Value ($000) $23,000 (+18.0%) Shares 2,500,000 (+14.8%) Est. Cost $6.70 Unrealized +31.8%

SRAD SPORTRADAR GROUP AG 1.9%

Value ($000) $16,021 (+25.6%) Shares 674,000 (+42.2%) Est. Cost $26.67 Unrealized —

APG API GROUP CORP 1.7%

Value ($000) $14,348 (+28.4%) Shares 375,000 (+15.4%) Est. Cost $29.27 Unrealized +26.3%

ALC ALCON AG 0.8%

Value ($000) $6,973 (+62.8%) Shares 88,480 (+53.9%) Est. Cost $81.19 Unrealized -5.2%

ALDX ALDEYRA THERAPEUTICS INC 1.1%

Value ($000) $9,583 (+37.8%) Shares 1,850,000 (+38.9%) Est. Cost $4.70 Unrealized +9.3%

SLNO SOLENO THERAPEUTICS INC 2.2%

Value ($000) $18,515 (-9.0%) Shares 399,900 (+32.9%) Est. Cost $69.36 Unrealized -21.0%

AXON AXON ENTERPRISE INC 0.9%

Value ($000) $7,667 (+6.8%) Shares 13,500 (+35.0%) Est. Cost $722.96 Unrealized -14.2%

HCI HCI GROUP INC 1.0%

Value ($000) $8,626 (+5.7%) Shares 45,000 (+5.9%) Est. Cost $140.83 Unrealized +33.8%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
OLMA	OLEMA PHARMACEUTICALS INC	953,600 (+11.7%)	$23,840 (+185.1%)	2.8%	$7.24	+145.9%	COM	68062P106
WRBY	WARBY PARKER INC	1,053,644 (+201.0%)	$22,959 (+137.8%)	2.7%	$22.92	-5.1%	CL A COM	93403J106
WWW	WOLVERINE WORLD WIDE INC	657,500 (+407.7%)	$11,934 (+235.8%)	1.4%	$19.26	+4.3%	COM	978097103
TDY	TELEDYNE TECHNOLOGIES INC	30,000 (+100.0%)	$15,322 (+74.3%)	1.8%	$537.18	-1.9%	COM	879360105
HWM	HOWMET AEROSPACE INC	80,000 (+45.5%)	$16,402 (+52.0%)	1.9%	$187.39	+6.2%	COM	443201108
FWONK	LIBERTY MEDIA CORP DEL	140,000 (+75.0%)	$13,791 (+65.0%)	1.6%	$101.90	—	COM LBTY ONE S C	531229755
NVDA	NVIDIA CORPORATION	145,000 (+23.4%)	$27,043 (+23.4%)	3.2%	$137.98	+34.9%	COM	67066G104
GOOGL	ALPHABET INC	37,500 (+25.0%)	$11,738 (+60.9%)	1.4%	$224.48	+27.2%	CAP STK CL A	02079K305
NXE	NEXGEN ENERGY LTD	2,500,000 (+14.8%)	$23,000 (+18.0%)	2.7%	$6.70	+31.8%	COM	65340P106
SRAD	SPORTRADAR GROUP AG	674,000 (+42.2%)	$16,021 (+25.6%)	1.9%	$26.67	—	CLASS A ORD SHS	H8088L103
APG	API GROUP CORP	375,000 (+15.4%)	$14,348 (+28.4%)	1.7%	$29.27	+26.3%	COM STK	00187Y100
ALC	ALCON AG	88,480 (+53.9%)	$6,973 (+62.8%)	0.8%	$81.19	-5.2%	ORD SHS	H01301128
ALDX	ALDEYRA THERAPEUTICS INC	1,850,000 (+38.9%)	$9,583 (+37.8%)	1.1%	$4.70	+9.3%	COM	01438T106
SLNO	SOLENO THERAPEUTICS INC	399,900 (+32.9%)	$18,515 (-9.0%)	2.2%	$69.36	-21.0%	COM	834203309
AXON	AXON ENTERPRISE INC	13,500 (+35.0%)	$7,667 (+6.8%)	0.9%	$722.96	-14.2%	COM	05464C101
HCI	HCI GROUP INC	45,000 (+5.9%)	$8,626 (+5.7%)	1.0%	$140.83	+33.8%	COM	40416E103

Exited Positions (35)

QQQ INVESCO QQQ TR 6.1%

Value ($000) $51,031 Shares 85,000 Est. Cost — Unrealized —

MOH MOLINA HEALTHCARE INC 2.5%

Value ($000) $21,088 Shares 110,200 Est. Cost $184.06 Unrealized -10.7%

EW EDWARDS LIFESCIENCES CORP 2.3%

Value ($000) $19,551 Shares 251,400 Est. Cost $76.84 Unrealized +6.8%

HUM HUMANA INC 2.2%

Value ($000) $18,368 Shares 70,600 Est. Cost $259.81 Unrealized +0.6%

BLDR BUILDERS FIRSTSOURCE INC 2.2%

Value ($000) $18,188 Shares 150,000 Est. Cost $117.87 Unrealized -4.7%

GMED GLOBUS MED INC 1.8%

Value ($000) $14,756 Shares 257,650 Est. Cost $72.80 Unrealized +4.3%

MSFT MICROSOFT CORP 1.7%

Value ($000) $14,244 Shares 27,500 Est. Cost $508.71 Unrealized -1.6%

XLU SELECT SECTOR SPDR TR 1.6%

Value ($000) $13,082 Shares 150,000 Est. Cost — Unrealized —

META META PLATFORMS INC 1.4%

Value ($000) $11,750 Shares 16,000 Est. Cost $743.23 Unrealized -10.2%

SKY CHAMPION HOMES INC 1.4%

Value ($000) $11,456 Shares 150,000 Est. Cost $70.62 Unrealized +11.6%

ETR ENTERGY CORP NEW 1.3%

Value ($000) $10,717 Shares 115,000 Est. Cost $87.11 Unrealized +8.5%

BX BLACKSTONE INC 1.2%

Value ($000) $10,251 Shares 60,000 Est. Cost — Unrealized —

HCI HCI GROUP INC 1.1%

Value ($000) $9,597 Shares 50,000 Est. Cost $140.83 Unrealized +33.8%

PANW PALO ALTO NETWORKS INC 1.1%

Value ($000) $9,163 Shares 45,000 Est. Cost $191.42 Unrealized +5.4%

MIR MIRION TECHNOLOGIES INC 1.0%

Value ($000) $8,723 Shares 375,000 Est. Cost $15.53 Unrealized +60.6%

ICE INTERCONTINENTAL EXCHANGE IN 1.0%

Value ($000) $8,424 Shares 50,000 Est. Cost $177.73 Unrealized -12.1%

CNM CORE & MAIN INC 1.0%

Value ($000) $8,075 Shares 150,000 Est. Cost $60.57 Unrealized -15.3%

ITB ISHARES TR 1.0%

Value ($000) $8,044 Shares 75,000 Est. Cost — Unrealized —

GLW CORNING INC 0.8%

Value ($000) $6,562 Shares 80,000 Est. Cost $64.97 Unrealized +32.3%

GEV GE VERNOVA INC 0.7%

Value ($000) $6,149 Shares 10,000 Est. Cost — Unrealized —

HD HOME DEPOT INC 0.7%

Value ($000) $5,794 Shares 14,300 Est. Cost $389.16 Unrealized -6.3%

ORCL ORACLE CORP 0.7%

Value ($000) $5,625 Shares 20,000 Est. Cost — Unrealized —

LOW LOWES COS INC 0.7%

Value ($000) $5,592 Shares 22,250 Est. Cost $244.20 Unrealized -1.8%

SYF SYNCHRONY FINANCIAL 0.6%

Value ($000) $5,329 Shares 75,000 Est. Cost — Unrealized —

KKR KKR & CO INC 0.6%

Value ($000) $5,198 Shares 40,000 Est. Cost $141.65 Unrealized -12.3%

BN BROOKFIELD CORP 0.5%

Value ($000) $4,115 Shares 60,000 Est. Cost $44.20 Unrealized +3.0%

IOT SAMSARA INC 0.4%

Value ($000) $3,725 Shares 100,000 Est. Cost — Unrealized —

XFOR X4 PHARMACEUTICALS INC 0.4%

Value ($000) $3,192 Shares 933,332 Est. Cost $2.96 Unrealized +22.9%

JSPR JASPER THERAPEUTICS INC 0.4%

Value ($000) $3,153 Shares 1,324,845 Est. Cost $8.40 Unrealized -76.1%

GEG GREAT ELM GROUP INC 0.3%

Value ($000) $2,864 Shares 1,168,907 Est. Cost $2.36 Unrealized +6.1%

SCYX SCYNEXIS INC 0.2%

Value ($000) $1,723 Shares 2,237,048 Est. Cost $3.67 Unrealized -81.4%

CVNA CARVANA CO 0.1%

Value ($000) $943 Shares 2,500 Est. Cost $357.61 Unrealized +3.9%

PSN PARSONS CORP DEL 0.1%

Value ($000) $829 Shares 10,000 Est. Cost $77.35 Unrealized +1.2%

MLTX MOONLAKE IMMUNOTHERAPEUTICS 0.0%

Value ($000) $359 Shares 50,000 Est. Cost — Unrealized —

XAIR BEYOND AIR INC 0.0%

Value ($000) $108 Shares 46,833 Est. Cost $2.78 Unrealized -41.2%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
QQQ	INVESCO QQQ TR	85,000	$51,031	6.1%	—	—	PUT	46090E103
MOH	MOLINA HEALTHCARE INC	110,200	$21,088	2.5%	$184.06	-10.7%	—	60855R100
EW	EDWARDS LIFESCIENCES CORP	251,400	$19,551	2.3%	$76.84	+6.8%	—	28176E108
HUM	HUMANA INC	70,600	$18,368	2.2%	$259.81	+0.6%	—	444859102
BLDR	BUILDERS FIRSTSOURCE INC	150,000	$18,188	2.2%	$117.87	-4.7%	—	12008R107
GMED	GLOBUS MED INC	257,650	$14,756	1.8%	$72.80	+4.3%	—	379577208
MSFT	MICROSOFT CORP	27,500	$14,244	1.7%	$508.71	-1.6%	—	594918104
XLU	SELECT SECTOR SPDR TR	150,000	$13,082	1.6%	—	—	PUT	81369Y886
META	META PLATFORMS INC	16,000	$11,750	1.4%	$743.23	-10.2%	—	30303M102
SKY	CHAMPION HOMES INC	150,000	$11,456	1.4%	$70.62	+11.6%	—	830830105
ETR	ENTERGY CORP NEW	115,000	$10,717	1.3%	$87.11	+8.5%	—	29364G103
BX	BLACKSTONE INC	60,000	$10,251	1.2%	—	—	PUT	09260D107
HCI	HCI GROUP INC	50,000	$9,597	1.1%	$140.83	+33.8%	CALL	40416E103
PANW	PALO ALTO NETWORKS INC	45,000	$9,163	1.1%	$191.42	+5.4%	—	697435105
MIR	MIRION TECHNOLOGIES INC	375,000	$8,723	1.0%	$15.53	+60.6%	—	60471A101
ICE	INTERCONTINENTAL EXCHANGE IN	50,000	$8,424	1.0%	$177.73	-12.1%	—	45866F104
CNM	CORE & MAIN INC	150,000	$8,075	1.0%	$60.57	-15.3%	—	21874C102
ITB	ISHARES TR	75,000	$8,044	1.0%	—	—	PUT	464288752
GLW	CORNING INC	80,000	$6,562	0.8%	$64.97	+32.3%	—	219350105
GEV	GE VERNOVA INC	10,000	$6,149	0.7%	—	—	PUT	36828A101
HD	HOME DEPOT INC	14,300	$5,794	0.7%	$389.16	-6.3%	—	437076102
ORCL	ORACLE CORP	20,000	$5,625	0.7%	—	—	CALL	68389X105
LOW	LOWES COS INC	22,250	$5,592	0.7%	$244.20	-1.8%	—	548661107
SYF	SYNCHRONY FINANCIAL	75,000	$5,329	0.6%	—	—	PUT	87165B103
KKR	KKR & CO INC	40,000	$5,198	0.6%	$141.65	-12.3%	—	48251W104
BN	BROOKFIELD CORP	60,000	$4,115	0.5%	$44.20	+3.0%	—	11271J107
IOT	SAMSARA INC	100,000	$3,725	0.4%	—	—	CALL	79589L106
XFOR	X4 PHARMACEUTICALS INC	933,332	$3,192	0.4%	$2.96	+22.9%	—	98420X202
JSPR	JASPER THERAPEUTICS INC	1,324,845	$3,153	0.4%	$8.40	-76.1%	—	471871202
GEG	GREAT ELM GROUP INC	1,168,907	$2,864	0.3%	$2.36	+6.1%	—	39037G109
SCYX	SCYNEXIS INC	2,237,048	$1,723	0.2%	$3.67	-81.4%	—	811292200
CVNA	CARVANA CO	2,500	$943	0.1%	$357.61	+3.9%	—	146869102
PSN	PARSONS CORP DEL	10,000	$829	0.1%	$77.35	+1.2%	—	70202L102
MLTX	MOONLAKE IMMUNOTHERAPEUTICS	50,000	$359	0.0%	—	—	CALL	61559X104
XAIR	BEYOND AIR INC	46,833	$108	0.0%	$2.78	-41.2%	—	08862L202

Decreased Positions (15)

SNDX SYNDAX PHARMACEUTICALS INC 5.9%

Value ($000) $49,374 (+28.4%) Shares 2,350,000 (-6.0%) Est. Cost $16.16 Unrealized +7.9%

EWY ISHARES INC 0.9%

Value ($000) $7,292 (-52.1%) Shares 75,000 (-60.5%) Est. Cost $71.78 Unrealized —

CW CURTISS WRIGHT CORP 0.5%

Value ($000) $3,859 (-59.4%) Shares 7,000 (-60.0%) Est. Cost $181.18 Unrealized +207.8%

PCT PURECYCLE TECHNOLOGIES INC 0.2%

Value ($000) $1,718 (-76.4%) Shares 200,000 (-63.8%) Est. Cost $9.42 Unrealized +12.7%

SMH VANECK ETF TRUST 2.1%

Value ($000) $18,007 (-21.2%) Shares 50,000 (-28.6%) Est. Cost — Unrealized —

FLEX FLEX LTD 0.7%

Value ($000) $5,740 (-43.4%) Shares 95,000 (-45.7%) Est. Cost $21.35 Unrealized +189.3%

WDC WESTERN DIGITAL CORP 0.6%

Value ($000) $5,168 (-28.3%) Shares 30,000 (-50.0%) Est. Cost $50.08 Unrealized +202.6%

WELL WELLTOWER INC 1.1%

Value ($000) $9,281 (-13.2%) Shares 50,000 (-16.7%) Est. Cost $149.17 Unrealized +25.0%

NXPI NXP SEMICONDUCTORS N V 1.2%

Value ($000) $9,768 (-9.7%) Shares 45,000 (-5.3%) Est. Cost $223.02 Unrealized -4.2%

CART MAPLEBEAR INC 2.1%

Value ($000) $17,542 (+6.0%) Shares 390,000 (-13.3%) Est. Cost $44.14 Unrealized -7.3%

ZVRA ZEVRA THERAPEUTICS INC 0.6%

Value ($000) $5,242 (-15.2%) Shares 585,069 (-10.0%) Est. Cost $8.70 Unrealized +8.7%

— ENVVENO MEDICAL CORPORATION 0.0%

Value ($000) $406 (-67.0%) Shares 1,265,845 (-6.9%) Est. Cost $3.64 Unrealized —

TTEK TETRA TECH INC NEW 0.6%

Value ($000) $5,031 (-13.9%) Shares 150,000 (-14.3%) Est. Cost $33.29 Unrealized +1.6%

EWY ISHARES INC 1.3%

Value ($000) $11,180 (+3.4%) Shares 115,000 (-14.8%) Est. Cost $71.78 Unrealized —

TSM TAIWAN SEMICONDUCTOR MFG LTD 1.4%

Value ($000) $12,156 (+2.4%) Shares 40,000 (-5.9%) Est. Cost $144.24 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
SNDX	SYNDAX PHARMACEUTICALS INC	2,350,000 (-6.0%)	$49,374 (+28.4%)	5.9%	$16.16	+7.9%	COM	87164F105
EWY	ISHARES INC	75,000 (-60.5%)	$7,292 (-52.1%)	0.9%	$71.78	—	PUT	464286772
CW	CURTISS WRIGHT CORP	7,000 (-60.0%)	$3,859 (-59.4%)	0.5%	$181.18	+207.8%	COM	231561101
PCT	PURECYCLE TECHNOLOGIES INC	200,000 (-63.8%)	$1,718 (-76.4%)	0.2%	$9.42	+12.7%	COM	74623V103
SMH	VANECK ETF TRUST	50,000 (-28.6%)	$18,007 (-21.2%)	2.1%	—	—	PUT	92189F676
FLEX	FLEX LTD	95,000 (-45.7%)	$5,740 (-43.4%)	0.7%	$21.35	+189.3%	ORD	Y2573F102
WDC	WESTERN DIGITAL CORP	30,000 (-50.0%)	$5,168 (-28.3%)	0.6%	$50.08	+202.6%	COM	958102105
WELL	WELLTOWER INC	50,000 (-16.7%)	$9,281 (-13.2%)	1.1%	$149.17	+25.0%	COM	95040Q104
NXPI	NXP SEMICONDUCTORS N V	45,000 (-5.3%)	$9,768 (-9.7%)	1.2%	$223.02	-4.2%	COM	N6596X109
CART	MAPLEBEAR INC	390,000 (-13.3%)	$17,542 (+6.0%)	2.1%	$44.14	-7.3%	COM	565394103
ZVRA	ZEVRA THERAPEUTICS INC	585,069 (-10.0%)	$5,242 (-15.2%)	0.6%	$8.70	+8.7%	COM NEW	488445206
—	ENVVENO MEDICAL CORPORATION	1,265,845 (-6.9%)	$406 (-67.0%)	0.0%	$3.64	—	COM	29415J106
TTEK	TETRA TECH INC NEW	150,000 (-14.3%)	$5,031 (-13.9%)	0.6%	$33.29	+1.6%	COM	88162G103
EWY	ISHARES INC	115,000 (-14.8%)	$11,180 (+3.4%)	1.3%	$71.78	—	MSCI STH KOR ETF	464286772
TSM	TAIWAN SEMICONDUCTOR MFG LTD	40,000 (-5.9%)	$12,156 (+2.4%)	1.4%	$144.24	—	SPONSORED ADS	874039100

Unchanged Positions (11)

LOAR LOAR HOLDINGS INC 1.2%

Value ($000) $10,200 Shares 150,000 Est. Cost $81.48 Unrealized -10.5%

ITRI ITRON INC 0.6%

Value ($000) $4,643 Shares 50,000 Est. Cost $127.18 Unrealized -14.3%

RAL RALLIANT CORP 1.3%

Value ($000) $11,200 Shares 220,000 Est. Cost $44.46 Unrealized +5.4%

ULS UL SOLUTIONS INC 1.2%

Value ($000) $9,858 Shares 125,000 Est. Cost $65.68 Unrealized +22.2%

WMT WALMART INC 1.3%

Value ($000) $11,141 Shares 100,000 Est. Cost $92.95 Unrealized +15.3%

CRH CRH PLC 2.2%

Value ($000) $18,720 Shares 150,000 Est. Cost $79.05 Unrealized +50.7%

NB NIOCORP DEVS LTD 0.2%

Value ($000) $1,667 Shares 314,465 Est. Cost $5.71 Unrealized +20.5%

TAP MOLSON COORS BEVERAGE CO 1.3%

Value ($000) $11,213 Shares 240,200 Est. Cost $53.46 Unrealized -14.4%

KKR KKR & CO INC 1.9%

Value ($000) $15,935 Shares 125,000 Est. Cost $141.65 Unrealized -12.3%

ECG EVERUS CONSTR GROUP 2.0%

Value ($000) $17,112 Shares 200,000 Est. Cost $62.93 Unrealized +42.2%

HEI HEICO CORP NEW 1.5%

Value ($000) $12,944 Shares 40,000 Est. Cost $182.23 Unrealized +73.4%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
LOAR	LOAR HOLDINGS INC	150,000	$10,200	1.2%	$81.48	-10.5%	COM SHS	53947R105
ITRI	ITRON INC	50,000	$4,643	0.6%	$127.18	-14.3%	COM	465741106
RAL	RALLIANT CORP	220,000	$11,200	1.3%	$44.46	+5.4%	COM	750940108
ULS	UL SOLUTIONS INC	125,000	$9,858	1.2%	$65.68	+22.2%	CLASS A COM SHS	903731107
WMT	WALMART INC	100,000	$11,141	1.3%	$92.95	+15.3%	COM	931142103
CRH	CRH PLC	150,000	$18,720	2.2%	$79.05	+50.7%	ORD	G25508105
NB	NIOCORP DEVS LTD	314,465	$1,667	0.2%	$5.71	+20.5%	COM NEW	654484609
TAP	MOLSON COORS BEVERAGE CO	240,200	$11,213	1.3%	$53.46	-14.4%	CL B	60871R209
KKR	KKR & CO INC	125,000	$15,935	1.9%	$141.65	-12.3%	CALL	48251W104
ECG	EVERUS CONSTR GROUP	200,000	$17,112	2.0%	$62.93	+42.2%	COM	300426103
HEI	HEICO CORP NEW	40,000	$12,944	1.5%	$182.23	+73.4%	COM	422806109