CARLSON CAPITAL L P Quant / Systematic

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
CVNA	CARVANA CO	7,000	$2,954	1.0%	—	—	PUT	146869102
SEE	SEALED AIR CORP NEW	54,000	$2,237	0.8%	$38.57	0.0%	COM	81211K100
EXAS	EXACT SCIENCES CORP	20,000	$2,031	0.7%	$80.31	0.0%	COM	30063P105
RNA	AVIDITY BIOSCIENCES INC	28,000	$2,020	0.7%	$64.59	0.0%	COM	05370A108
NSC	NORFOLK SOUTHN CORP	5,700	$1,646	0.6%	$288.62	0.0%	COM	655844108
—	CIDARA THERAPEUTICS INC	7,000	$1,546	0.5%	$220.89	—	COM NEW	171757206
ALEX	ALEXANDER & BALDWIN INC NEW	72,496	$1,496	0.5%	$20.64	—	COM	014491104
IBIT	ISHARES BITCOIN TRUST ETF	30,000	$1,490	0.5%	—	—	CALL	46438F101
HOLX	HOLOGIC INC	19,000	$1,415	0.5%	$73.07	0.0%	COM	436440101
WBD	WARNER BROS DISCOVERY INC	40,000	$1,153	0.4%	$23.37	0.0%	COM SER A	934423104
GTLS	CHART INDS INC	5,000	$1,031	0.4%	$202.64	0.0%	COM	16115Q308
IMXI	INTERNATIONAL MNY EXPRESS IN	65,000	$998	0.4%	$15.02	0.0%	COM	46005L101
OVV	OVINTIV INC	21,400	$839	0.3%	$38.77	0.0%	COM	69047Q102
MTDR	MATADOR RES CO	19,500	$828	0.3%	$42.00	0.0%	COM	576485205
CLX	CLOROX CO DEL	8,100	$817	0.3%	$108.27	0.0%	COM	189054109
GDEN	GOLDEN ENTMT INC	30,000	$816	0.3%	$25.68	0.0%	COM	381013101
EOG	EOG RES INC	7,700	$809	0.3%	$107.22	0.0%	COM	26875P101
LW	LAMB WESTON HLDGS INC	19,200	$804	0.3%	$58.72	0.0%	COM	513272104
PNC	PNC FINL SVCS GROUP INC	3,800	$793	0.3%	$192.78	0.0%	COM	693475105
HD	HOME DEPOT INC	2,300	$791	0.3%	$364.59	0.0%	COM	437076102
RL	RALPH LAUREN CORP	2,200	$778	0.3%	$340.01	0.0%	CL A	751212101
FND	FLOOR & DECOR HLDGS INC	12,200	$743	0.3%	$64.82	0.0%	CL A	339750101
SUNC	SUNOCOCORP LLC	15,000	$739	0.3%	$49.49	0.0%	COM SHS LLC	86765Q106
FHN	FIRST HORIZON CORPORATION	29,100	$695	0.2%	$22.18	0.0%	COM	320517105
FRGE	FORGE GLOBAL HOLDINGS INC	15,500	$691	0.2%	$33.80	0.0%	COM SHS	34629L202
COST	COSTCO WHSL CORP NEW	800	$690	0.2%	$905.73	0.0%	COM	22160K105
AZO	AUTOZONE INC	200	$678	0.2%	$3777.86	0.0%	COM	053332102
CYTK	CYTOKINETICS INC	10,000	$635	0.2%	$42.62	+46.0%	CALL	23282W605
NVRI	ENVIRI CORP	35,000	$627	0.2%	$14.90	0.0%	COM	415864107
BRSL	BRIGHTSTAR LOTTERY PLC	38,700	$599	0.2%	$16.17	0.0%	SHS USD	G4863A108
SFNC	SIMMONS 1ST NATL CORP	27,000	$509	0.2%	$18.53	0.0%	CL A $1 PAR	828730200
AD	ARRAY DIGITAL INFRASTRUCTURE	9,400	$504	0.2%	$40.94	0.0%	COM	911684108
NGD	NEW GOLD INC CDA	50,000	$436	0.2%	$7.53	0.0%	COM	644535106
TDS	TELEPHONE & DATA SYS INC	9,000	$369	0.1%	$38.95	0.0%	COM NEW	879433829
LION	LIONSGATE STUDIOS CORP	30,000	$274	0.1%	$7.11	0.0%	COM	53626N102
LEG	LEGGETT & PLATT INC	20,000	$220	0.1%	$9.84	0.0%	COM	524660107
—	TRUECAR INC	32,007	$72	0.0%	$2.26	—	COM	89785L107

Increased Positions (21)

AFRM AFFIRM HLDGS INC 1.6%

Value ($000) $4,466 (+103.7%) Shares 60,000 (+100.0%) Est. Cost — Unrealized —

HBAN HUNTINGTON BANCSHARES INC 0.7%

Value ($000) $1,948 (+179.3%) Shares 112,300 (+178.0%) Est. Cost $16.48 Unrealized -1.2%

— SYNOVUS FINL CORP 1.0%

Value ($000) $2,718 (+44.2%) Shares 54,300 (+41.4%) Est. Cost $49.44 Unrealized —

— CYBERARK SOFTWARE LTD 1.0%

Value ($000) $2,944 (+35.4%) Shares 6,600 (+46.7%) Est. Cost $471.35 Unrealized —

CVX CHEVRON CORP NEW 0.5%

Value ($000) $1,448 (+107.2%) Shares 9,500 (+111.1%) Est. Cost $151.82 Unrealized -0.3%

EA ELECTRONIC ARTS INC 0.9%

Value ($000) $2,452 (+43.0%) Shares 12,000 (+41.2%) Est. Cost $175.88 Unrealized +14.7%

SOFI SOFI TECHNOLOGIES INC 0.8%

Value ($000) $2,356 (+37.2%) Shares 90,000 (+38.5%) Est. Cost — Unrealized —

JPM JPMORGAN CHASE & CO. 0.6%

Value ($000) $1,643 (+27.1%) Shares 5,100 (+24.4%) Est. Cost $298.60 Unrealized +3.7%

TXN TEXAS INSTRS INC 0.4%

Value ($000) $1,214 (+37.7%) Shares 7,000 (+45.8%) Est. Cost $180.50 Unrealized -5.4%

— FRONTIER COMMUNICATIONS PARE 0.9%

Value ($000) $2,589 (+13.6%) Shares 68,000 (+11.5%) Est. Cost $37.09 Unrealized —

CFR CULLEN FROST BANKERS INC 0.6%

Value ($000) $1,659 (+20.1%) Shares 13,100 (+20.2%) Est. Cost $127.70 Unrealized -2.3%

BHF BRIGHTHOUSE FINL INC 0.4%

Value ($000) $1,004 (+26.1%) Shares 15,500 (+3.3%) Est. Cost $49.14 Unrealized +19.6%

XLE SELECT SECTOR SPDR TR 0.2%

Value ($000) $693 (+33.7%) Shares 15,500 (+167.2%) Est. Cost $61.41 Unrealized —

OII OCEANEERING INTL INC 0.3%

Value ($000) $769 (+19.8%) Shares 32,000 (+23.6%) Est. Cost $20.21 Unrealized +19.5%

SSB SOUTHSTATE BK CORP 0.3%

Value ($000) $913 (+14.0%) Shares 9,700 (+19.8%) Est. Cost $95.90 Unrealized -4.2%

CYTK CYTOKINETICS INC 0.1%

Value ($000) $356 (+37.7%) Shares 5,600 (+19.1%) Est. Cost $42.62 Unrealized +46.0%

ANNA ALEANNA INC 0.1%

Value ($000) $265 (-26.8%) Shares 92,000 (+7.0%) Est. Cost $4.52 Unrealized -25.1%

QS QUANTUMSCAPE CORP 0.4%

Value ($000) $1,146 (-7.0%) Shares 110,000 (+10.0%) Est. Cost — Unrealized —

ACI ALBERTSONS COS INC 0.3%

Value ($000) $859 (+4.3%) Shares 50,000 (+6.4%) Est. Cost $18.96 Unrealized -7.0%

MDLZ MONDELEZ INTL INC 0.2%

Value ($000) $667 (-4.6%) Shares 12,400 (+10.7%) Est. Cost $62.79 Unrealized -9.1%

ONB OLD NATL BANCORP IND 0.3%

Value ($000) $848 (+2.7%) Shares 38,000 (+1.1%) Est. Cost $21.06 Unrealized +2.4%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
AFRM	AFFIRM HLDGS INC	60,000 (+100.0%)	$4,466 (+103.7%)	1.6%	—	—	PUT	00827B106
HBAN	HUNTINGTON BANCSHARES INC	112,300 (+178.0%)	$1,948 (+179.3%)	0.7%	$16.48	-1.2%	COM	446150104
—	SYNOVUS FINL CORP	54,300 (+41.4%)	$2,718 (+44.2%)	1.0%	$49.44	—	COM NEW	87161C501
—	CYBERARK SOFTWARE LTD	6,600 (+46.7%)	$2,944 (+35.4%)	1.0%	$471.35	—	SHS	M2682V108
CVX	CHEVRON CORP NEW	9,500 (+111.1%)	$1,448 (+107.2%)	0.5%	$151.82	-0.3%	COM	166764100
EA	ELECTRONIC ARTS INC	12,000 (+41.2%)	$2,452 (+43.0%)	0.9%	$175.88	+14.7%	COM	285512109
SOFI	SOFI TECHNOLOGIES INC	90,000 (+38.5%)	$2,356 (+37.2%)	0.8%	—	—	PUT	83406F102
JPM	JPMORGAN CHASE & CO.	5,100 (+24.4%)	$1,643 (+27.1%)	0.6%	$298.60	+3.7%	COM	46625H100
TXN	TEXAS INSTRS INC	7,000 (+45.8%)	$1,214 (+37.7%)	0.4%	$180.50	-5.4%	COM	882508104
—	FRONTIER COMMUNICATIONS PARE	68,000 (+11.5%)	$2,589 (+13.6%)	0.9%	$37.09	—	COM	35909D109
CFR	CULLEN FROST BANKERS INC	13,100 (+20.2%)	$1,659 (+20.1%)	0.6%	$127.70	-2.3%	COM	229899109
BHF	BRIGHTHOUSE FINL INC	15,500 (+3.3%)	$1,004 (+26.1%)	0.4%	$49.14	+19.6%	COM	10922N103
XLE	SELECT SECTOR SPDR TR	15,500 (+167.2%)	$693 (+33.7%)	0.2%	$61.41	—	STATE STREET ENE	81369Y506
OII	OCEANEERING INTL INC	32,000 (+23.6%)	$769 (+19.8%)	0.3%	$20.21	+19.5%	COM	675232102
SSB	SOUTHSTATE BK CORP	9,700 (+19.8%)	$913 (+14.0%)	0.3%	$95.90	-4.2%	COM	84472E102
CYTK	CYTOKINETICS INC	5,600 (+19.1%)	$356 (+37.7%)	0.1%	$42.62	+46.0%	COM NEW	23282W605
ANNA	ALEANNA INC	92,000 (+7.0%)	$265 (-26.8%)	0.1%	$4.52	-25.1%	COM CL A	01444V103
QS	QUANTUMSCAPE CORP	110,000 (+10.0%)	$1,146 (-7.0%)	0.4%	—	—	PUT	74767V109
ACI	ALBERTSONS COS INC	50,000 (+6.4%)	$859 (+4.3%)	0.3%	$18.96	-7.0%	COMMON STOCK	013091103
MDLZ	MONDELEZ INTL INC	12,400 (+10.7%)	$667 (-4.6%)	0.2%	$62.79	-9.1%	CL A	609207105
ONB	OLD NATL BANCORP IND	38,000 (+1.1%)	$848 (+2.7%)	0.3%	$21.06	+2.4%	COM	680033107

Exited Positions (30)

TLT ISHARES TR 2.2%

Value ($000) $6,256 Shares 70,000 Est. Cost — Unrealized —

— KELLANOVA 1.4%

Value ($000) $3,937 Shares 48,000 Est. Cost $78.88 Unrealized +4.8%

TLT ISHARES TR 1.3%

Value ($000) $3,575 Shares 40,000 Est. Cost — Unrealized —

— VERONA PHARMA PLC 1.2%

Value ($000) $3,521 Shares 33,000 Est. Cost $106.71 Unrealized —

— MR COOPER GROUP INC 1.1%

Value ($000) $3,162 Shares 15,000 Est. Cost $149.21 Unrealized —

— WNS HLDGS LTD 0.6%

Value ($000) $1,830 Shares 24,000 Est. Cost $76.27 Unrealized —

CCRN CROSS CTRY HEALTHCARE INC 0.6%

Value ($000) $1,553 Shares 109,389 Est. Cost $15.90 Unrealized -31.3%

— MERUS N V 0.5%

Value ($000) $1,506 Shares 16,000 Est. Cost $94.15 Unrealized —

— PARAMOUNT GROUP INC 0.5%

Value ($000) $1,504 Shares 230,000 Est. Cost $6.54 Unrealized —

MS MORGAN STANLEY 0.4%

Value ($000) $1,033 Shares 6,500 Est. Cost $120.96 Unrealized +37.6%

CNI CANADIAN NATL RY CO 0.3%

Value ($000) $839 Shares 8,900 Est. Cost $98.54 Unrealized -2.4%

PM PHILIP MORRIS INTL INC 0.3%

Value ($000) $779 Shares 4,800 Est. Cost $165.18 Unrealized -7.0%

OMC OMNICOM GROUP INC 0.3%

Value ($000) $778 Shares 9,540 Est. Cost $72.61 Unrealized +4.3%

MTB M & T BK CORP 0.3%

Value ($000) $731 Shares 3,700 Est. Cost $193.71 Unrealized -1.9%

USB US BANCORP DEL 0.3%

Value ($000) $725 Shares 15,000 Est. Cost $46.35 Unrealized +5.1%

KRE SPDR SERIES TRUST 0.2%

Value ($000) $690 Shares 10,900 Est. Cost $60.11 Unrealized —

TGT TARGET CORP 0.2%

Value ($000) $682 Shares 7,600 Est. Cost $96.73 Unrealized -5.3%

MSFT MICROSOFT CORP 0.2%

Value ($000) $673 Shares 1,300 Est. Cost $432.38 Unrealized +15.8%

AR ANTERO RESOURCES CORP 0.2%

Value ($000) $534 Shares 15,900 Est. Cost $36.30 Unrealized -6.7%

EXE EXPAND ENERGY CORPORATION 0.2%

Value ($000) $510 Shares 4,800 Est. Cost $99.11 Unrealized +11.6%

CAG CONAGRA BRANDS INC 0.2%

Value ($000) $482 Shares 26,300 Est. Cost $22.44 Unrealized -21.4%

CCL CARNIVAL CORP 0.1%

Value ($000) $405 Shares 14,000 Est. Cost $30.20 Unrealized -7.7%

MIDD MIDDLEBY CORP 0.1%

Value ($000) $346 Shares 2,600 Est. Cost $138.84 Unrealized -5.5%

BILL BILL HOLDINGS INC 0.1%

Value ($000) $297 Shares 5,600 Est. Cost $46.44 Unrealized +10.6%

MBC MASTERBRAND INC 0.1%

Value ($000) $271 Shares 20,600 Est. Cost $12.36 Unrealized -5.3%

AJG GALLAGHER ARTHUR J & CO 0.1%

Value ($000) $217 Shares 700 Est. Cost $300.20 Unrealized -12.0%

WTW WILLIS TOWERS WATSON PLC LTD 0.1%

Value ($000) $207 Shares 600 Est. Cost $322.11 Unrealized +1.4%

MRSH MARSH & MCLENNAN COS INC 0.1%

Value ($000) $202 Shares 1,000 Est. Cost $204.01 Unrealized -8.6%

SLDP SOLID POWER INC 0.1%

Value ($000) $174 Shares 50,000 Est. Cost $3.77 Unrealized +46.5%

SLDP SOLID POWER INC 0.0%

Value ($000) $35 Shares 10,000 Est. Cost $3.77 Unrealized +46.5%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
TLT	ISHARES TR	70,000	$6,256	2.2%	—	—	PUT	464287432
—	KELLANOVA	48,000	$3,937	1.4%	$78.88	+4.8%	—	487836108
TLT	ISHARES TR	40,000	$3,575	1.3%	—	—	CALL	464287432
—	VERONA PHARMA PLC	33,000	$3,521	1.2%	$106.71	—	—	925050106
—	MR COOPER GROUP INC	15,000	$3,162	1.1%	$149.21	—	—	62482R107
—	WNS HLDGS LTD	24,000	$1,830	0.6%	$76.27	—	—	G98196101
CCRN	CROSS CTRY HEALTHCARE INC	109,389	$1,553	0.6%	$15.90	-31.3%	—	227483104
—	MERUS N V	16,000	$1,506	0.5%	$94.15	—	—	N5749R100
—	PARAMOUNT GROUP INC	230,000	$1,504	0.5%	$6.54	—	—	69924R108
MS	MORGAN STANLEY	6,500	$1,033	0.4%	$120.96	+37.6%	—	617446448
CNI	CANADIAN NATL RY CO	8,900	$839	0.3%	$98.54	-2.4%	—	136375102
PM	PHILIP MORRIS INTL INC	4,800	$779	0.3%	$165.18	-7.0%	—	718172109
OMC	OMNICOM GROUP INC	9,540	$778	0.3%	$72.61	+4.3%	—	681919106
MTB	M & T BK CORP	3,700	$731	0.3%	$193.71	-1.9%	—	55261F104
USB	US BANCORP DEL	15,000	$725	0.3%	$46.35	+5.1%	—	902973304
KRE	SPDR SERIES TRUST	10,900	$690	0.2%	$60.11	—	—	78464A698
TGT	TARGET CORP	7,600	$682	0.2%	$96.73	-5.3%	—	87612E106
MSFT	MICROSOFT CORP	1,300	$673	0.2%	$432.38	+15.8%	—	594918104
AR	ANTERO RESOURCES CORP	15,900	$534	0.2%	$36.30	-6.7%	—	03674X106
EXE	EXPAND ENERGY CORPORATION	4,800	$510	0.2%	$99.11	+11.6%	—	165167735
CAG	CONAGRA BRANDS INC	26,300	$482	0.2%	$22.44	-21.4%	—	205887102
CCL	CARNIVAL CORP	14,000	$405	0.1%	$30.20	-7.7%	—	143658300
MIDD	MIDDLEBY CORP	2,600	$346	0.1%	$138.84	-5.5%	—	596278101
BILL	BILL HOLDINGS INC	5,600	$297	0.1%	$46.44	+10.6%	—	090043100
MBC	MASTERBRAND INC	20,600	$271	0.1%	$12.36	-5.3%	—	57638P104
AJG	GALLAGHER ARTHUR J & CO	700	$217	0.1%	$300.20	-12.0%	—	363576109
WTW	WILLIS TOWERS WATSON PLC LTD	600	$207	0.1%	$322.11	+1.4%	—	G96629103
MRSH	MARSH & MCLENNAN COS INC	1,000	$202	0.1%	$204.01	-8.6%	—	571748102
SLDP	SOLID POWER INC	50,000	$174	0.1%	$3.77	+46.5%	PUT	83422N105
SLDP	SOLID POWER INC	10,000	$35	0.0%	$3.77	+46.5%	—	83422N105

Decreased Positions (10)

HYG ISHARES TR 21.7%

Value ($000) $61,279 (-16.1%) Shares 760,000 (-15.6%) Est. Cost — Unrealized —

TSLA TESLA INC 0.3%

Value ($000) $899 (-85.6%) Shares 2,000 (-85.7%) Est. Cost — Unrealized —

PSX PHILLIPS 66 0.2%

Value ($000) $426 (-55.3%) Shares 3,300 (-52.9%) Est. Cost $109.47 Unrealized +22.4%

LOCO EL POLLO LOCO HLDGS INC 0.1%

Value ($000) $418 (-53.1%) Shares 40,000 (-56.5%) Est. Cost $10.11 Unrealized +2.3%

UPS UNITED PARCEL SERVICE INC 0.2%

Value ($000) $526 (-28.5%) Shares 5,300 (-39.8%) Est. Cost $88.13 Unrealized +5.2%

KNF KNIFE RIVER CORP 0.2%

Value ($000) $675 (-20.1%) Shares 9,600 (-12.7%) Est. Cost $84.23 Unrealized -16.6%

STT STATE STR CORP 0.3%

Value ($000) $774 (-12.2%) Shares 6,000 (-21.1%) Est. Cost $99.69 Unrealized +19.3%

BAC BANK AMERICA CORP 0.3%

Value ($000) $814 (-8.3%) Shares 14,800 (-14.0%) Est. Cost $48.34 Unrealized +8.9%

FANG DIAMONDBACK ENERGY INC 0.2%

Value ($000) $661 (-9.4%) Shares 4,400 (-13.7%) Est. Cost $152.65 Unrealized -3.7%

AMTM AMENTUM HOLDINGS INC 0.2%

Value ($000) $551 (-4.1%) Shares 19,000 (-20.8%) Est. Cost $24.35 Unrealized +5.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
HYG	ISHARES TR	760,000 (-15.6%)	$61,279 (-16.1%)	21.7%	—	—	PUT	464288513
TSLA	TESLA INC	2,000 (-85.7%)	$899 (-85.6%)	0.3%	—	—	PUT	88160R101
PSX	PHILLIPS 66	3,300 (-52.9%)	$426 (-55.3%)	0.2%	$109.47	+22.4%	COM	718546104
LOCO	EL POLLO LOCO HLDGS INC	40,000 (-56.5%)	$418 (-53.1%)	0.1%	$10.11	+2.3%	COM	268603107
UPS	UNITED PARCEL SERVICE INC	5,300 (-39.8%)	$526 (-28.5%)	0.2%	$88.13	+5.2%	CL B	911312106
KNF	KNIFE RIVER CORP	9,600 (-12.7%)	$675 (-20.1%)	0.2%	$84.23	-16.6%	COMMON STOCK	498894104
STT	STATE STR CORP	6,000 (-21.1%)	$774 (-12.2%)	0.3%	$99.69	+19.3%	COM	857477103
BAC	BANK AMERICA CORP	14,800 (-14.0%)	$814 (-8.3%)	0.3%	$48.34	+8.9%	COM	060505104
FANG	DIAMONDBACK ENERGY INC	4,400 (-13.7%)	$661 (-9.4%)	0.2%	$152.65	-3.7%	COM	25278X109
AMTM	AMENTUM HOLDINGS INC	19,000 (-20.8%)	$551 (-4.1%)	0.2%	$24.35	+5.0%	COM	023939101

Unchanged Positions (2)

SWKH SWK HLDGS CORP 51.8%

Value ($000) $146,081 Shares 8,493,088 Est. Cost $10.16 Unrealized +62.5%

AON AON PLC 0.1%

Value ($000) $212 Shares 600 Est. Cost $361.49 Unrealized -3.4%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
SWKH	SWK HLDGS CORP	8,493,088	$146,081	51.8%	$10.16	+62.5%	COM NEW	78501P203
AON	AON PLC	600	$212	0.1%	$361.49	-3.4%	SHS CL A	G0403H108