AMERICAN FINANCIAL GROUP INC Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
OWL	BLUE OWL CAPITAL INC	600,000	$8,964	3.3%	$15.64	0.0%	COM CL A	09581B103
MSDL	MORGAN STANLEY DIRECT LENDIN	531,500	$8,759	3.2%	$16.42	0.0%	COM SHS	61774A103
KMB	KIMBERLY-CLARK CORP	80,000	$8,071	2.9%	$108.41	0.0%	COM	494368103
GSBD	GOLDMAN SACHS BDC INC	506,562	$4,701	1.7%	$9.81	0.0%	SHS	38147U107
KVUE	KENVUE INC	60,000	$1,035	0.4%	$16.26	0.0%	COM	49177J102
TVRD	TVARDI THERAPEUTICS INC	223,659	$962	0.3%	$8.96	0.0%	COM	140755307
WMB	WILLIAMS COS INC	5,000	$301	0.1%	$60.06	0.0%	COM	969457100

Increased Positions (4)

KNTK KINETIK HOLDINGS INC 0.2%

Value ($000) $577 (-11.2%) Shares 16,000 (+5.3%) Est. Cost $36.16 Unrealized -0.1%

WES WESTERN MIDSTREAM PARTNERS L 0.4%

Value ($000) $1,007 (+2.5%) Shares 25,500 (+2.0%) Est. Cost $18.29 Unrealized —

FLNG FLEX LNG LTD 0.1%

Value ($000) $412 (+5.4%) Shares 16,500 (+6.5%) Est. Cost $21.16 Unrealized +18.3%

DKL DELEK LOGISTICS PARTNERS LP 0.3%

Value ($000) $759 (+0.9%) Shares 17,000 (+3.0%) Est. Cost $17.91 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
KNTK	KINETIK HOLDINGS INC	16,000 (+5.3%)	$577 (-11.2%)	0.2%	$36.16	-0.1%	COM NEW CL A	02215L209
WES	WESTERN MIDSTREAM PARTNERS L	25,500 (+2.0%)	$1,007 (+2.5%)	0.4%	$18.29	—	COM UNIT LP INT	958669103
FLNG	FLEX LNG LTD	16,500 (+6.5%)	$412 (+5.4%)	0.1%	$21.16	+18.3%	SHS	G35947202
DKL	DELEK LOGISTICS PARTNERS LP	17,000 (+3.0%)	$759 (+0.9%)	0.3%	$17.91	—	COM UNT RP INT	24664T103

Exited Positions (2)

GM GENERAL MTRS CO 4.2%

Value ($000) $11,584 Shares 190,000 Est. Cost $25.98 Unrealized +171.0%

VG VENTURE GLOBAL INC 0.1%

Value ($000) $170 Shares 12,000 Est. Cost $11.85 Unrealized -29.9%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
GM	GENERAL MTRS CO	190,000	$11,584	4.2%	$25.98	+171.0%	—	37045V100
VG	VENTURE GLOBAL INC	12,000	$170	0.1%	$11.85	-29.9%	—	92333F101

Decreased Positions (2)

VOYG VOYAGER TECHNOLOGIES INC 8.5%

Value ($000) $23,394 (-24.8%) Shares 894,941 (-14.4%) Est. Cost $47.68 Unrealized -43.1%

IVZ INVESCO LTD 0.9%

Value ($000) $2,496 (-55.6%) Shares 95,000 (-61.2%) Est. Cost $13.59 Unrealized +79.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
VOYG	VOYAGER TECHNOLOGIES INC	894,941 (-14.4%)	$23,394 (-24.8%)	8.5%	$47.68	-43.1%	COM CL A	92892B103
IVZ	INVESCO LTD	95,000 (-61.2%)	$2,496 (-55.6%)	0.9%	$13.59	+79.0%	SHS	G491BT108

Unchanged Positions (51)

C CITIGROUP INC 13.3%

Value ($000) $36,757 Shares 315,000 Est. Cost $39.80 Unrealized +160.4%

TALO TALOS ENERGY INC 5.9%

Value ($000) $16,394 Shares 1,487,637 Est. Cost $17.22 Unrealized -39.2%

UBER UBER TECHNOLOGIES INC 2.7%

Value ($000) $7,354 Shares 90,000 Est. Cost $71.41 Unrealized +26.1%

NXST NEXSTAR MEDIA GROUP INC 16.7%

Value ($000) $46,190 Shares 227,482 Est. Cost $67.58 Unrealized +185.4%

OMER OMEROS CORP 0.4%

Value ($000) $1,101 Shares 64,113 Est. Cost $11.61 Unrealized -25.8%

RC READY CAPITAL CORP 0.3%

Value ($000) $842 Shares 386,120 Est. Cost $13.52 Unrealized —

BMY BRISTOL-MYERS SQUIBB CO 1.2%

Value ($000) $3,236 Shares 60,000 Est. Cost $45.19 Unrealized +5.2%

GTN GRAY MEDIA INC 0.9%

Value ($000) $2,615 Shares 540,202 Est. Cost $17.78 Unrealized -72.5%

CMCSA COMCAST CORP NEW 2.9%

Value ($000) $7,981 Shares 267,000 Est. Cost $25.53 Unrealized +11.8%

AMWD AMERICAN WOODMARK CORPORATIO 0.6%

Value ($000) $1,559 Shares 28,924 Est. Cost $68.85 Unrealized -14.9%

PAA PLAINS ALL AMERN PIPELINE L 2.7%

Value ($000) $7,409 Shares 412,500 Est. Cost $5.56 Unrealized —

ET ENERGY TRANSFER L P 2.7%

Value ($000) $7,435 Shares 450,896 Est. Cost $9.88 Unrealized —

ACI ALBERTSONS COS INC 4.9%

Value ($000) $13,509 Shares 786,786 Est. Cost $19.06 Unrealized -7.5%

VTRS VIATRIS INC 0.5%

Value ($000) $1,245 Shares 100,000 Est. Cost $13.33 Unrealized -19.6%

— TORTOISE ENERGY INFRA CORP 1.6%

Value ($000) $4,503 Shares 110,102 Est. Cost $16.03 Unrealized —

PFX PHENIXFIN CORP 1.0%

Value ($000) $2,842 Shares 64,327 Est. Cost $28.87 Unrealized +53.1%

IHRT IHEARTMEDIA INC 0.2%

Value ($000) $674 Shares 162,091 Est. Cost $13.49 Unrealized -72.3%

EPD ENTERPRISE PRODS PARTNERS L 3.0%

Value ($000) $8,175 Shares 255,000 Est. Cost $14.81 Unrealized —

KHC KRAFT HEINZ CO 1.0%

Value ($000) $2,668 Shares 110,000 Est. Cost $36.63 Unrealized -32.8%

BHF BRIGHTHOUSE FINL INC 0.3%

Value ($000) $736 Shares 11,362 Est. Cost $59.99 Unrealized -2.1%

LCNB LCNB CORP 0.6%

Value ($000) $1,534 Shares 93,582 Est. Cost $10.77 Unrealized +44.8%

LILAK LIBERTY LATIN AMERICA LTD 0.3%

Value ($000) $933 Shares 125,000 Est. Cost $20.25 Unrealized -59.4%

GLP GLOBAL PARTNERS LP 0.3%

Value ($000) $732 Shares 17,500 Est. Cost $0.04 Unrealized —

DERM JOURNEY MED CORP 0.5%

Value ($000) $1,388 Shares 180,000 Est. Cost $7.25 Unrealized +8.1%

BEN FRANKLIN RESOURCES INC 1.0%

Value ($000) $2,846 Shares 119,150 Est. Cost $26.49 Unrealized -14.4%

MPLX MPLX LP 0.5%

Value ($000) $1,334 Shares 25,000 Est. Cost $20.97 Unrealized —

— TWO HARBORS INVENTMENT CORPO 2.2%

Value ($000) $5,998 Shares 6,000,000 Est. Cost $0.91 Unrealized —

EFC ELLINGTON FINANCIAL INC 0.5%

Value ($000) $1,358 Shares 100,000 Est. Cost $15.34 Unrealized —

PGEN PRECIGEN INC 0.1%

Value ($000) $276 Shares 66,114 Est. Cost $1.72 Unrealized +124.9%

ARLP ALLIANCE RESOURCE PARTNERS L 0.2%

Value ($000) $592 Shares 25,500 Est. Cost $0.02 Unrealized —

XPER XPERI INC 0.2%

Value ($000) $475 Shares 81,071 Est. Cost $11.44 Unrealized -45.2%

GPMT GRANITE PT MTG TR INC 0.1%

Value ($000) $194 Shares 81,021 Est. Cost $17.74 Unrealized —

SUN SUNOCO LP/SUNOCO FIN CORP 0.4%

Value ($000) $1,048 Shares 20,000 Est. Cost $17.65 Unrealized —

ARI APOLLO COML REAL EST FIN INC 0.4%

Value ($000) $1,018 Shares 105,154 Est. Cost $16.37 Unrealized —

KROS KEROS THERAPEUTICS INC 0.1%

Value ($000) $206 Shares 10,105 Est. Cost $54.17 Unrealized -67.6%

PSX PHILLIPS 66 0.3%

Value ($000) $807 Shares 6,250 Est. Cost $72.84 Unrealized +84.0%

EOSE EOS ENERGY ENTERPRISES INC 4.0%

Value ($000) $11,138 Shares 971,928 Est. Cost $5.11 Unrealized +181.1%

CURI CURIOSITYSTREAM INC 0.0%

Value ($000) $106 Shares 27,932 Est. Cost $8.85 Unrealized -50.3%

TAP MOLSON COORS BEVERAGE CO 0.4%

Value ($000) $1,167 Shares 25,000 Est. Cost $54.34 Unrealized -15.7%

USAC USA COMPRESSION PARTNERS LP 0.3%

Value ($000) $808 Shares 35,150 Est. Cost $13.71 Unrealized —

AM ANTERO MIDSTREAM CORP 0.1%

Value ($000) $374 Shares 21,000 Est. Cost $4.90 Unrealized +262.2%

SHEL SHELL PLC 0.4%

Value ($000) $1,065 Shares 14,500 Est. Cost $54.90 Unrealized —

FLL FULL HSE RESORTS INC 0.0%

Value ($000) $92 Shares 35,331 Est. Cost $2.86 Unrealized -6.0%

CFFN CAPITOL FED FINL INC 0.1%

Value ($000) $245 Shares 36,000 Est. Cost $5.11 Unrealized +24.4%

OKE ONEOK INC NEW 0.7%

Value ($000) $1,850 Shares 25,172 Est. Cost $44.29 Unrealized +59.1%

TWO TWO HBRS INVT CORP 0.1%

Value ($000) $146 Shares 13,897 Est. Cost $0.02 Unrealized —

CLPR CLIPPER RLTY INC 0.5%

Value ($000) $1,421 Shares 372,044 Est. Cost $12.34 Unrealized —

COP CONOCOPHILLIPS 0.2%

Value ($000) $655 Shares 7,000 Est. Cost $39.96 Unrealized +125.3%

CAPL CROSSAMERICA PARTNERS LP 0.1%

Value ($000) $309 Shares 15,000 Est. Cost $13.88 Unrealized —

HESM HESS MIDSTREAM LP 0.3%

Value ($000) $759 Shares 22,000 Est. Cost $13.98 Unrealized +133.3%

CGTX COGNITION THERAPEUTICS INC 0.1%

Value ($000) $277 Shares 205,000 Est. Cost $9.75 Unrealized -83.4%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
C	CITIGROUP INC	315,000	$36,757	13.3%	$39.80	+160.4%	COM NEW	172967424
TALO	TALOS ENERGY INC	1,487,637	$16,394	5.9%	$17.22	-39.2%	COM	87484T108
UBER	UBER TECHNOLOGIES INC	90,000	$7,354	2.7%	$71.41	+26.1%	COM	90353T100
NXST	NEXSTAR MEDIA GROUP INC	227,482	$46,190	16.7%	$67.58	+185.4%	COMMON STOCK	65336K103
OMER	OMEROS CORP	64,113	$1,101	0.4%	$11.61	-25.8%	COM	682143102
RC	READY CAPITAL CORP	386,120	$842	0.3%	$13.52	—	COM	75574U101
BMY	BRISTOL-MYERS SQUIBB CO	60,000	$3,236	1.2%	$45.19	+5.2%	COM	110122108
GTN	GRAY MEDIA INC	540,202	$2,615	0.9%	$17.78	-72.5%	COM	389375106
CMCSA	COMCAST CORP NEW	267,000	$7,981	2.9%	$25.53	+11.8%	CL A	20030N101
AMWD	AMERICAN WOODMARK CORPORATIO	28,924	$1,559	0.6%	$68.85	-14.9%	COM	030506109
PAA	PLAINS ALL AMERN PIPELINE L	412,500	$7,409	2.7%	$5.56	—	UNIT LTD PARTN	726503105
ET	ENERGY TRANSFER L P	450,896	$7,435	2.7%	$9.88	—	COM UT LTD PTN	29273V100
ACI	ALBERTSONS COS INC	786,786	$13,509	4.9%	$19.06	-7.5%	COMMON STOCK	013091103
VTRS	VIATRIS INC	100,000	$1,245	0.5%	$13.33	-19.6%	COM	92556V106
—	TORTOISE ENERGY INFRA CORP	110,102	$4,503	1.6%	$16.03	—	COM	89147L886
PFX	PHENIXFIN CORP	64,327	$2,842	1.0%	$28.87	+53.1%	COM	71742W103
IHRT	IHEARTMEDIA INC	162,091	$674	0.2%	$13.49	-72.3%	COM CL A	45174J509
EPD	ENTERPRISE PRODS PARTNERS L	255,000	$8,175	3.0%	$14.81	—	COM	293792107
KHC	KRAFT HEINZ CO	110,000	$2,668	1.0%	$36.63	-32.8%	COM	500754106
BHF	BRIGHTHOUSE FINL INC	11,362	$736	0.3%	$59.99	-2.1%	COM	10922N103
LCNB	LCNB CORP	93,582	$1,534	0.6%	$10.77	+44.8%	COM	50181P100
LILAK	LIBERTY LATIN AMERICA LTD	125,000	$933	0.3%	$20.25	-59.4%	COM CL C	G9001E128
GLP	GLOBAL PARTNERS LP	17,500	$732	0.3%	$0.04	—	COM UNITS	37946R109
DERM	JOURNEY MED CORP	180,000	$1,388	0.5%	$7.25	+8.1%	COM	48115J109
BEN	FRANKLIN RESOURCES INC	119,150	$2,846	1.0%	$26.49	-14.4%	COM	354613101
MPLX	MPLX LP	25,000	$1,334	0.5%	$20.97	—	COM UNIT REP LTD	55336V100
—	TWO HARBORS INVENTMENT CORPO	6,000,000	$5,998	2.2%	$0.91	—	NOTE 6.250% 1/1	90187BAB7
EFC	ELLINGTON FINANCIAL INC	100,000	$1,358	0.5%	$15.34	—	COM	28852N109
PGEN	PRECIGEN INC	66,114	$276	0.1%	$1.72	+124.9%	COM	74017N105
ARLP	ALLIANCE RESOURCE PARTNERS L	25,500	$592	0.2%	$0.02	—	UT LTD PART	01877R108
XPER	XPERI INC	81,071	$475	0.2%	$11.44	-45.2%	COMMON STOCK	98423J101
GPMT	GRANITE PT MTG TR INC	81,021	$194	0.1%	$17.74	—	COM STK	38741L107
SUN	SUNOCO LP/SUNOCO FIN CORP	20,000	$1,048	0.4%	$17.65	—	COM UT REP LP	86765K109
ARI	APOLLO COML REAL EST FIN INC	105,154	$1,018	0.4%	$16.37	—	COM	03762U105
KROS	KEROS THERAPEUTICS INC	10,105	$206	0.1%	$54.17	-67.6%	COM	492327101
PSX	PHILLIPS 66	6,250	$807	0.3%	$72.84	+84.0%	COM	718546104
EOSE	EOS ENERGY ENTERPRISES INC	971,928	$11,138	4.0%	$5.11	+181.1%	COM CL A	29415C101
CURI	CURIOSITYSTREAM INC	27,932	$106	0.0%	$8.85	-50.3%	COM CL A	23130Q107
TAP	MOLSON COORS BEVERAGE CO	25,000	$1,167	0.4%	$54.34	-15.7%	CL B	60871R209
USAC	USA COMPRESSION PARTNERS LP	35,150	$808	0.3%	$13.71	—	COM UNIT LTDPAR	90290N109
AM	ANTERO MIDSTREAM CORP	21,000	$374	0.1%	$4.90	+262.2%	COM	03676B102
SHEL	SHELL PLC	14,500	$1,065	0.4%	$54.90	—	SPON ADS	780259305
FLL	FULL HSE RESORTS INC	35,331	$92	0.0%	$2.86	-6.0%	COM	359678109
CFFN	CAPITOL FED FINL INC	36,000	$245	0.1%	$5.11	+24.4%	COM	14057J101
OKE	ONEOK INC NEW	25,172	$1,850	0.7%	$44.29	+59.1%	COM	682680103
TWO	TWO HBRS INVT CORP	13,897	$146	0.1%	$0.02	—	COM	90187B804
CLPR	CLIPPER RLTY INC	372,044	$1,421	0.5%	$12.34	—	COM	18885T306
COP	CONOCOPHILLIPS	7,000	$655	0.2%	$39.96	+125.3%	COM	20825C104
CAPL	CROSSAMERICA PARTNERS LP	15,000	$309	0.1%	$13.88	—	UT LTD PTN INT	22758A105
HESM	HESS MIDSTREAM LP	22,000	$759	0.3%	$13.98	+133.3%	CL A SHS	428103105
CGTX	COGNITION THERAPEUTICS INC	205,000	$277	0.1%	$9.75	-83.4%	COM	19243B102