COBALT CAPITAL MANAGEMENT, INC. Quant / Systematic

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
EXE	EXPAND ENERGY CORPORATION	120,000	$13,243	5.9%	$110.64	0.0%	COM	165167735
ALK	ALASKA AIR GROUP INC	260,000	$13,078	5.8%	$46.23	0.0%	COM	011659109
AMAT	APPLIED MATLS INC	41,000	$10,537	4.7%	$239.49	0.0%	COM	038222105
OWL	BLUE OWL CAPITAL INC	700,085	$10,459	4.6%	$15.64	0.0%	COM CL A	09581B103
HUM	HUMANA INC	40,000	$10,245	4.5%	$261.32	0.0%	COM	444859102
CI	THE CIGNA GROUP	30,000	$8,257	3.7%	$279.23	0.0%	COM	125523100
MPC	MARATHON PETE CORP	40,000	$6,505	2.9%	$186.40	0.0%	COM	56585A102
FXI	ISHARES TR	150,000	$5,744	2.5%	$38.29	—	CHINA LG-CAP ETF	464287184
TEVA	TEVA PHARMACEUTICAL INDS LTD	118,201	$3,689	1.6%	$31.21	—	SPONSORED ADS	881624209
VSAT	VIASAT INC	100,000	$3,446	1.5%	$35.30	0.0%	COM	92552V100
C	CITIGROUP INC	20,000	$2,334	1.0%	$103.64	0.0%	COM NEW	172967424
OBDC	BLUE OWL CAPITAL CORPORATION	60,192	$748	0.3%	$12.35	0.0%	COM	69121K104
BKD	BROOKDALE SR LIVING INC	40,000	$432	0.2%	$9.83	0.0%	COM	112463104
PRMB	PRIMO BRANDS CORPORATION	20,000	$327	0.1%	$18.48	0.0%	CLASS A COM SHS	741623102
KPLT	KATAPULT HOLDINGS INC	23,860	$154	0.1%	$8.95	0.0%	COM NEW	485859201

Increased Positions (3)

APO APOLLO GLOBAL MGMT INC 10.3%

Value ($000) $23,162 (+93.1%) Shares 160,000 (+77.8%) Est. Cost $137.17 Unrealized -3.4%

SOC SABLE OFFSHORE CORP 1.0%

Value ($000) $2,345 (+571.6%) Shares 260,000 (+1200.0%) Est. Cost $10.69 Unrealized -11.6%

NSC NORFOLK SOUTHN CORP 12.8%

Value ($000) $28,872 (+6.8%) Shares 100,000 (+11.1%) Est. Cost $277.29 Unrealized +4.1%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
APO	APOLLO GLOBAL MGMT INC	160,000 (+77.8%)	$23,162 (+93.1%)	10.3%	$137.17	-3.4%	COM	03769M106
SOC	SABLE OFFSHORE CORP	260,000 (+1200.0%)	$2,345 (+571.6%)	1.0%	$10.69	-11.6%	COM SHS	78574H104
NSC	NORFOLK SOUTHN CORP	100,000 (+11.1%)	$28,872 (+6.8%)	12.8%	$277.29	+4.1%	COM	655844108

Exited Positions (9)

COF CAPITAL ONE FINL CORP 7.5%

Value ($000) $17,006 Shares 80,000 Est. Cost $186.10 Unrealized +19.4%

AR ANTERO RESOURCES CORP 4.8%

Value ($000) $10,739 Shares 320,000 Est. Cost $33.33 Unrealized +1.6%

WDC WESTERN DIGITAL CORP 2.9%

Value ($000) $6,603 Shares 55,000 Est. Cost $47.46 Unrealized +219.3%

CRC CALIFORNIA RES CORP 2.8%

Value ($000) $6,382 Shares 120,000 Est. Cost $49.44 Unrealized -4.6%

— MR COOPER GROUP INC 1.3%

Value ($000) $2,951 Shares 14,000 Est. Cost $149.21 Unrealized —

MGM MGM RESORTS INTERNATIONAL 0.9%

Value ($000) $2,080 Shares 60,000 Est. Cost $32.54 Unrealized +4.3%

BX BLACKSTONE INC 0.8%

Value ($000) $1,709 Shares 10,000 Est. Cost $169.47 Unrealized -10.6%

BHF BRIGHTHOUSE FINL INC 0.6%

Value ($000) $1,327 Shares 25,000 Est. Cost $48.82 Unrealized +20.4%

Z ZILLOW GROUP INC 0.3%

Value ($000) $771 Shares 10,000 Est. Cost $81.72 Unrealized -11.4%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
COF	CAPITAL ONE FINL CORP	80,000	$17,006	7.5%	$186.10	+19.4%	—	14040H105
AR	ANTERO RESOURCES CORP	320,000	$10,739	4.8%	$33.33	+1.6%	—	03674X106
WDC	WESTERN DIGITAL CORP	55,000	$6,603	2.9%	$47.46	+219.3%	—	958102105
CRC	CALIFORNIA RES CORP	120,000	$6,382	2.8%	$49.44	-4.6%	—	13057Q305
—	MR COOPER GROUP INC	14,000	$2,951	1.3%	$149.21	—	—	62482R107
MGM	MGM RESORTS INTERNATIONAL	60,000	$2,080	0.9%	$32.54	+4.3%	—	552953101
BX	BLACKSTONE INC	10,000	$1,709	0.8%	$169.47	-10.6%	—	09260D107
BHF	BRIGHTHOUSE FINL INC	25,000	$1,327	0.6%	$48.82	+20.4%	—	10922N103
Z	ZILLOW GROUP INC	10,000	$771	0.3%	$81.72	-11.4%	—	98954M200

Decreased Positions (9)

MOH MOLINA HEALTHCARE INC 0.8%

Value ($000) $1,735 (-92.1%) Shares 10,000 (-91.3%) Est. Cost $184.06 Unrealized -10.7%

UAL UNITED AIRLS HLDGS INC 2.5%

Value ($000) $5,591 (-61.4%) Shares 50,000 (-66.7%) Est. Cost $49.91 Unrealized +102.5%

VST VISTRA CORP 2.1%

Value ($000) $4,840 (-50.6%) Shares 30,000 (-40.0%) Est. Cost $42.53 Unrealized +327.8%

TOL TOLL BROTHERS INC 2.4%

Value ($000) $5,409 (-44.1%) Shares 40,000 (-42.9%) Est. Cost $130.97 Unrealized +3.6%

AL AIR LEASE CORP 12.8%

Value ($000) $28,904 (-9.2%) Shares 450,000 (-10.0%) Est. Cost $38.41 Unrealized +65.8%

APTV APTIV PLC 0.7%

Value ($000) $1,522 (-64.7%) Shares 20,000 (-60.0%) Est. Cost $75.43 Unrealized +6.4%

CCK CROWN HLDGS INC 0.5%

Value ($000) $1,030 (-64.5%) Shares 10,000 (-66.7%) Est. Cost $94.62 Unrealized +2.9%

GLD SPDR GOLD TR 13.2%

Value ($000) $29,723 (+4.5%) Shares 75,000 (-6.3%) Est. Cost $175.81 Unrealized —

HTZ HERTZ GLOBAL HLDGS INC 1.4%

Value ($000) $3,212 (-28.4%) Shares 624,900 (-5.3%) Est. Cost $6.32 Unrealized -13.7%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
MOH	MOLINA HEALTHCARE INC	10,000 (-91.3%)	$1,735 (-92.1%)	0.8%	$184.06	-10.7%	COM	60855R100
UAL	UNITED AIRLS HLDGS INC	50,000 (-66.7%)	$5,591 (-61.4%)	2.5%	$49.91	+102.5%	COM	910047109
VST	VISTRA CORP	30,000 (-40.0%)	$4,840 (-50.6%)	2.1%	$42.53	+327.8%	COM	92840M102
TOL	TOLL BROTHERS INC	40,000 (-42.9%)	$5,409 (-44.1%)	2.4%	$130.97	+3.6%	COM	889478103
AL	AIR LEASE CORP	450,000 (-10.0%)	$28,904 (-9.2%)	12.8%	$38.41	+65.8%	CL A	00912X302
APTV	APTIV PLC	20,000 (-60.0%)	$1,522 (-64.7%)	0.7%	$75.43	+6.4%	COM SHS	G3265R107
CCK	CROWN HLDGS INC	10,000 (-66.7%)	$1,030 (-64.5%)	0.5%	$94.62	+2.9%	COM	228368106
GLD	SPDR GOLD TR	75,000 (-6.3%)	$29,723 (+4.5%)	13.2%	$175.81	—	GOLD SHS	78463V107
HTZ	HERTZ GLOBAL HLDGS INC	624,900 (-5.3%)	$3,212 (-28.4%)	1.4%	$6.32	-13.7%	COM NEW	42806J700

Unchanged Positions (1)

AMC AMC ENTMT HLDGS INC 0.2%

Value ($000) $390 Shares 250,000 Est. Cost $3.29 Unrealized -27.5%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
AMC	AMC ENTMT HLDGS INC	250,000	$390	0.2%	$3.29	-27.5%	CL A NEW	00165C302