Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
SPY	STATE STR SPDR S&P 500 ETF T	76,475	$57.11M	12.3%	$746.77	—	TR UNIT	78462F103
—	DOORDASH INC	25,000,000	$24.66M	5.3%	$0.99	—	NOTE 5/1	25809KAB1
QQQ	INVESCO QQQ TR	1,400,000	$19.47M	4.2%	—	—	CALL	46090E103
—	RIVIAN AUTOMOTIVE INC	15,000,000	$16.02M	3.5%	$1.07	—	NOTE 3.625%10/1	76954AAD5
—	AKAMAI TECHNOLOGIES INC	7,500,000	$10.96M	2.4%	$1.46	—	NOTE 0.250% 5/1	00971TAQ4
MUB	ISHARES TR	45,454	$4.892M	1.1%	$107.62	—	NATIONAL MUN ETF	464288414
GLW	CORNING INC	14,000	$3.576M	0.8%	$255.43	—	COM	219350105
—	SHIFT4 PMTS INC	55,000	$3.425M	0.7%	$62.27	—	6 SER A CNV PREF	82452J307
FERG	FERGUSON ENTERPRISES INC	12,000	$2.848M	0.6%	$237.33	—	COMMON STOCK NEW	31488V107
EWZ	ISHARES INC	80,000	$2.76M	0.6%	$34.50	—	MSCI BRAZIL ETF	464286400
CIEN	CIENA CORP	36,000	$2.142M	0.5%	—	—	CALL	171779309
IEF	ISHARES TR	22,596	$2.137M	0.5%	$94.57	—	7-10 YR TRSY BD	464287440
HYG	ISHARES TR	24,600	$1.967M	0.4%	$79.97	—	IBOXX HI YD ETF	464288513
TOL	TOLL BROTHERS INC	10,000	$1.647M	0.4%	$164.75	—	COM	889478103
BHF	BRIGHTHOUSE FINL INC	25,000	$1.583M	0.3%	$63.30	—	COM	10922N103
TLT	ISHARES TR	18,080	$1.562M	0.3%	$86.42	—	20 YR TR BD ETF	464287432
FIX	COMFORT SYS USA INC	750	$1.486M	0.3%	$1981.95	—	COM	199908104
IREN	IREN LIMITED	30,000	$1.372M	0.3%	$45.73	—	ORDINARY SHARES	Q4982L109
GEV	GE VERNOVA INC	1,000	$1.175M	0.3%	$1174.86	—	COM	36828A101
—	LYONDELLBASELL INDUSTRIES NV	200,000	$1.045M	0.2%	—	—	PUT	N53745950
GEV	GE VERNOVA INC	10,000	$846K	0.2%	$1174.86	—	CALL	36828A101
SABR	SABRE CORP	400,000	$836K	0.2%	$2.09	—	COM	78573M104
Q	QNITY ELECTRONICS INC	4,000	$653K	0.1%	$163.31	—	COMMON STOCK	74743L100
CIFR	CIPHER DIGITAL INC	25,000	$613K	0.1%	$24.50	—	COM	17253J106
CSCO	CISCO SYS INC	5,000	$587K	0.1%	$117.46	—	COM	17275R102
SOLS	SOLSTICE ADVANCED MATLS INC	94,000	$503K	0.1%	$65.21	—	CALL	83443Q103
CRWV	COREWEAVE INC	5,000	$498K	0.1%	$99.54	—	COM CL A	21873S108
FLEX	FLEX LTD	3,000	$486K	0.1%	$162.07	—	ORD	Y2573F102
MCD	MCDONALDS CORP	1,500	$405K	0.1%	$270.31	—	COM	580135101
NOK	NOKIA CORP	500,000	$365K	0.1%	—	—	CALL	654902204
USAR	USA RARE EARTH INC	15,000	$324K	0.1%	$21.58	—	COM	91733P107
APO	APOLLO GLOBAL MGMT INC	40,000	$286K	0.1%	—	—	PUT	03769M106
AVEX	AEVEX CORP	13,528	$283K	0.1%	$20.89	—	COM CL A	00835T107
TSEM	TOWER SEMICONDUCTOR LTD	1,000	$261K	0.1%	$260.64	—	SHS NEW	M87915274
ENPH	ENPHASE ENERGY INC	5,000	$246K	0.1%	$49.24	—	COM	29355A107
HWM	HOWMET AEROSPACE INC	70,000	$236K	0.1%	—	—	CALL	443201108
ARES	ARES MANAGEMENT CORPORATION	40,000	$222K	0.0%	—	—	PUT	03990B101
STM	STMICROELECTRONICS N V	28,500	$161K	0.0%	—	—	CALL	861012102
QQQ	INVESCO QQQ TR	26,800	$152K	0.0%	—	—	PUT	46090E103
ARCC	ARES CAPITAL CORP	200,000	$95,000	0.0%	—	—	PUT	04010L103
ETN	EATON CORP PLC	18,000	$94,500	0.0%	—	—	PUT	G29183103
—	IREN LIMITED	40,000	$69,000	0.0%	—	—	CALL	Q4982L909
TLT	ISHARES TR	250,000	$60,000	0.0%	$86.42	—	CALL	464287432
IBM	INTERNATIONAL BUSINESS MACHS	23,500	$47,353	0.0%	—	—	CALL	459200101
XLE	SELECT SECTOR SPDR TR	100,000	$40,000	0.0%	—	—	PUT	81369Y506
ALB	ALBEMARLE CORP	40,000	$27,050	0.0%	—	—	CALL	012653101
USO	UNITED STS OIL FD LP	20,000	$24,800	0.0%	—	—	PUT	91232N207
BBCQW	BLEICHROEDER ACQUISITI CORP	10,000	$21,800	0.0%	$2.18	—	*W EXP 12/23/203	G1170E112
LQD	ISHARES TR	158,600	$18,239	0.0%	—	—	PUT	464287242
KRMN	KARMAN HLDGS INC	18,000	$17,100	0.0%	$65.32	—	CALL	485924104

Increased Positions (22)

LECO LINCOLN ELEC HLDGS INC 0.9%

Value $4.17M (+179.0%) Shares 15,705 (+161.8%) Est. Cost $246.43 Unrealized —

SHY ISHARES TR 1.8%

Value $8.309M (+32.7%) Shares 101,199 (+33.5%) Est. Cost $82.46 Unrealized —

IEI ISHARES TR 0.5%

Value $2.414M (+166.5%) Shares 20,551 (+169.1%) Est. Cost $117.88 Unrealized —

Q QNITY ELECTRONICS INC 0.3%

Value $1.555M (+1000.9%) Shares 100,000 (+100.0%) Est. Cost $163.31 Unrealized —

MTZ MASTEC INC 0.7%

Value $3.328M (+72.4%) Shares 8,000 (+33.3%) Est. Cost $255.96 Unrealized —

— PENNYMAC CORP 0.4%

Value $2.047M (+95.7%) Shares 2,000,000 (+100.0%) Est. Cost $1.03 Unrealized —

ENTG ENTEGRIS INC 0.2%

Value $1.085M (+1105.6%) Shares 50,000 (+100.0%) Est. Cost — Unrealized —

LUMN LUMEN TECHNOLOGIES INC 0.3%

Value $1.344M (+157.8%) Shares 175,000 (+133.3%) Est. Cost $6.48 Unrealized —

WMB WILLIAMS COS INC 0.9%

Value $4.089M (+24.8%) Shares 55,000 (+22.2%) Est. Cost $60.03 Unrealized —

CAT CATERPILLAR INC 0.2%

Value $790K (+1541.8%) Shares 15,500 (+210.0%) Est. Cost $684.39 Unrealized —

— ALIBABA GROUP HLDG LTD 7.7%

Value $35.43M (+2.0%) Shares 30,000,000 (+20.0%) Est. Cost $1.48 Unrealized —

DOW DOW HLDGS INC 0.1%

Value $621K (+788.7%) Shares 268,500 (+31.0%) Est. Cost — Unrealized —

OLN OLIN CORP 0.1%

Value $665K (+292.1%) Shares 254,000 (+7.6%) Est. Cost — Unrealized —

KRMN KARMAN HLDGS INC 0.2%

Value $749K (+87.1%) Shares 15,000 (+200.0%) Est. Cost $65.32 Unrealized —

CORZ CORE SCIENTIFIC INC NEW 0.1%

Value $640K (+113.8%) Shares 25,000 (+25.0%) Est. Cost $19.28 Unrealized —

BKLN INVESCO EXCH TRADED FD TR II 0.1%

Value $421K (+321.2%) Shares 1,423,200 (+42.3%) Est. Cost — Unrealized —

IHRT IHEARTMEDIA INC 0.1%

Value $438K (+137.3%) Shares 102,064 (+61.5%) Est. Cost $3.84 Unrealized —

TDS TELEPHONE & DATA SYS INC 0.1%

Value $370K (+75.8%) Shares 10,000 (+100.0%) Est. Cost $37.98 Unrealized —

OCSL OAKTREE SPECIALTY LENDING 0.0%

Value $137K (+290.9%) Shares 304,000 (+52.0%) Est. Cost — Unrealized —

XPRO EXPRO GROUP HOLDINGS NV 0.1%

Value $443K (+27.3%) Shares 30,000 (+50.0%) Est. Cost $12.16 Unrealized —

VCSH VANGUARD SCOTTSDALE FDS 0.9%

Value $4.214M (+1.6%) Shares 53,317 (+1.9%) Est. Cost $79.27 Unrealized —

WIX WIX COM LTD 0.2%

Value $778K (-4.0%) Shares 17,144 (+90.5%) Est. Cost $64.31 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
LECO	LINCOLN ELEC HLDGS INC	15,705 (+161.8%)	$4.17M (+179.0%)	0.9%	$246.43	—	COM	533900106
SHY	ISHARES TR	101,199 (+33.5%)	$8.309M (+32.7%)	1.8%	$82.46	—	1 3 YR TREAS BD	464287457
IEI	ISHARES TR	20,551 (+169.1%)	$2.414M (+166.5%)	0.5%	$117.88	—	3 7 YR TREAS BD	464288661
Q	QNITY ELECTRONICS INC	100,000 (+100.0%)	$1.555M (+1000.9%)	0.3%	$163.31	—	CALL	74743L100
MTZ	MASTEC INC	8,000 (+33.3%)	$3.328M (+72.4%)	0.7%	$255.96	—	COM	576323109
—	PENNYMAC CORP	2,000,000 (+100.0%)	$2.047M (+95.7%)	0.4%	$1.03	—	NOTE 8.500% 6/0	70932AAH6
ENTG	ENTEGRIS INC	50,000 (+100.0%)	$1.085M (+1105.6%)	0.2%	—	—	CALL	29362U104
LUMN	LUMEN TECHNOLOGIES INC	175,000 (+133.3%)	$1.344M (+157.8%)	0.3%	$6.48	—	COM	550241103
WMB	WILLIAMS COS INC	55,000 (+22.2%)	$4.089M (+24.8%)	0.9%	$60.03	—	COM	969457100
CAT	CATERPILLAR INC	15,500 (+210.0%)	$790K (+1541.8%)	0.2%	$684.39	—	CALL	149123101
—	ALIBABA GROUP HLDG LTD	30,000,000 (+20.0%)	$35.43M (+2.0%)	7.7%	$1.48	—	NOTE 0.500% 6/0	01609WBG6
DOW	DOW HLDGS INC	268,500 (+31.0%)	$621K (+788.7%)	0.1%	—	—	PUT	260557103
OLN	OLIN CORP	254,000 (+7.6%)	$665K (+292.1%)	0.1%	—	—	PUT	680665205
KRMN	KARMAN HLDGS INC	15,000 (+200.0%)	$749K (+87.1%)	0.2%	$65.32	—	COMMON STOCK	485924104
CORZ	CORE SCIENTIFIC INC NEW	25,000 (+25.0%)	$640K (+113.8%)	0.1%	$19.28	—	COM	21874A106
BKLN	INVESCO EXCH TRADED FD TR II	1,423,200 (+42.3%)	$421K (+321.2%)	0.1%	—	—	PUT	46138G508
IHRT	IHEARTMEDIA INC	102,064 (+61.5%)	$438K (+137.3%)	0.1%	$3.84	—	COM CL A	45174J509
TDS	TELEPHONE & DATA SYS INC	10,000 (+100.0%)	$370K (+75.8%)	0.1%	$37.98	—	COM NEW	879433829
OCSL	OAKTREE SPECIALTY LENDING	304,000 (+52.0%)	$137K (+290.9%)	0.0%	—	—	PUT	67401P405
XPRO	EXPRO GROUP HOLDINGS NV	30,000 (+50.0%)	$443K (+27.3%)	0.1%	$12.16	—	COM	N3144W105
VCSH	VANGUARD SCOTTSDALE FDS	53,317 (+1.9%)	$4.214M (+1.6%)	0.9%	$79.27	—	SHRT TRM CORP BD	92206C409
WIX	WIX COM LTD	17,144 (+90.5%)	$778K (-4.0%)	0.2%	$64.31	—	SHS	M98068105

Exited Positions (34)

— SNOWFLAKE INC 3.8%

Value $17.75M Shares 15,000,000 Est. Cost $1.29 Unrealized —

— LIVE NATION ENTERTAINMENT IN 1.6%

Value $7.607M Shares 5,000,000 Est. Cost $1.46 Unrealized —

CAT CATERPILLAR INC 0.6%

Value $2.692M Shares 3,800 Est. Cost $684.39 Unrealized —

SOLS SOLSTICE ADVANCED MATLS INC 0.2%

Value $1.142M Shares 15,000 Est. Cost $65.21 Unrealized —

LGN LEGENCE CORP 0.2%

Value $847K Shares 15,000 Est. Cost $42.62 Unrealized —

MCHP MICROCHIP TECHNOLOGY INC. 0.2%

Value $840K Shares 13,000 Est. Cost $75.77 Unrealized —

MTSI MACOM TECH SOLUTIONS HLDGS I 0.1%

Value $666K Shares 3,000 Est. Cost $221.00 Unrealized —

BLDR BUILDERS FIRSTSOURCE INC 0.1%

Value $650K Shares 115,000 Est. Cost — Unrealized —

WING WINGSTOP INC 0.1%

Value $499K Shares 32,500 Est. Cost $264.51 Unrealized —

TLN TALEN ENERGY CORP 0.1%

Value $429K Shares 60,000 Est. Cost — Unrealized —

CCOI COGENT COMM HOLDINGS INC 0.1%

Value $394K Shares 105,000 Est. Cost — Unrealized —

— WOLFSPEED INC 0.1%

Value $388K Shares 271,000 Est. Cost $1.49 Unrealized —

APH AMPHENOL CORP 0.1%

Value $315K Shares 50,000 Est. Cost — Unrealized —

EWY ISHARES INC 0.1%

Value $263K Shares 50,000 Est. Cost — Unrealized —

WING WINGSTOP INC 0.0%

Value $155K Shares 1,000 Est. Cost $264.51 Unrealized —

DE DEERE & CO 0.0%

Value $129K Shares 10,000 Est. Cost — Unrealized —

LYB LYONDELLBASELL INDUSTRIES NV 0.0%

Value $110K Shares 240,000 Est. Cost — Unrealized —

JETS ETF SER SOLUTIONS 0.0%

Value $104K Shares 200,000 Est. Cost — Unrealized —

KHC KRAFT HEINZ CO 0.0%

Value $91,000 Shares 200,000 Est. Cost — Unrealized —

DVN DEVON ENERGY CORP NEW 0.0%

Value $58,000 Shares 300,000 Est. Cost — Unrealized —

HWM HOWMET AEROSPACE INC 0.0%

Value $53,750 Shares 25,000 Est. Cost — Unrealized —

VST VISTRA CORP 0.0%

Value $48,750 Shares 25,000 Est. Cost — Unrealized —

UAL UNITED AIRLS HLDGS INC 0.0%

Value $41,000 Shares 25,000 Est. Cost — Unrealized —

SW SMURFIT WESTROCK PLC 0.0%

Value $37,500 Shares 50,000 Est. Cost — Unrealized —

FITB FIFTH THIRD BANCORP 0.0%

Value $35,625 Shares 25,000 Est. Cost — Unrealized —

JEF JEFFERIES FINANCIAL GROUP IN 0.0%

Value $33,750 Shares 25,000 Est. Cost — Unrealized —

COP CONOCOPHILLIPS 0.0%

Value $29,500 Shares 100,000 Est. Cost — Unrealized —

APA APA CORPORATION 0.0%

Value $27,000 Shares 200,000 Est. Cost — Unrealized —

MCD MCDONALDS CORP 0.0%

Value $26,700 Shares 30,000 Est. Cost $270.31 Unrealized —

USO UNITED STS OIL FD LP 0.0%

Value $26,000 Shares 200,000 Est. Cost — Unrealized —

CEG CONSTELLATION ENERGY CORP 0.0%

Value $19,000 Shares 10,000 Est. Cost — Unrealized —

CCK CROWN HLDGS INC 0.0%

Value $16,500 Shares 15,000 Est. Cost $97.34 Unrealized —

DAL DELTA AIR LINES INC 0.0%

Value $15,875 Shares 25,000 Est. Cost — Unrealized —

WMT WALMART INC 0.0%

Value $13,280 Shares 22,700 Est. Cost $122.03 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	SNOWFLAKE INC	15,000,000	$17.75M	3.8%	$1.29	—	—	833445AB5
—	LIVE NATION ENTERTAINMENT IN	5,000,000	$7.607M	1.6%	$1.46	—	—	538034BA6
CAT	CATERPILLAR INC	3,800	$2.692M	0.6%	$684.39	—	—	149123101
SOLS	SOLSTICE ADVANCED MATLS INC	15,000	$1.142M	0.2%	$65.21	—	—	83443Q103
LGN	LEGENCE CORP	15,000	$847K	0.2%	$42.62	—	—	52476L109
MCHP	MICROCHIP TECHNOLOGY INC.	13,000	$840K	0.2%	$75.77	—	—	595017104
MTSI	MACOM TECH SOLUTIONS HLDGS I	3,000	$666K	0.1%	$221.00	—	—	55405Y100
BLDR	BUILDERS FIRSTSOURCE INC	115,000	$650K	0.1%	—	—	PUT	12008R107
WING	WINGSTOP INC	32,500	$499K	0.1%	$264.51	—	PUT	974155103
TLN	TALEN ENERGY CORP	60,000	$429K	0.1%	—	—	CALL	87422Q109
CCOI	COGENT COMM HOLDINGS INC	105,000	$394K	0.1%	—	—	PUT	19239V302
—	WOLFSPEED INC	271,000	$388K	0.1%	$1.49	—	—	977852AP7
APH	AMPHENOL CORP	50,000	$315K	0.1%	—	—	PUT	032095101
EWY	ISHARES INC	50,000	$263K	0.1%	—	—	PUT	464286772
WING	WINGSTOP INC	1,000	$155K	0.0%	$264.51	—	—	974155103
DE	DEERE & CO	10,000	$129K	0.0%	—	—	PUT	244199105
LYB	LYONDELLBASELL INDUSTRIES NV	240,000	$110K	0.0%	—	—	PUT	N53745100
JETS	ETF SER SOLUTIONS	200,000	$104K	0.0%	—	—	CALL	26922A842
KHC	KRAFT HEINZ CO	200,000	$91,000	0.0%	—	—	PUT	500754106
DVN	DEVON ENERGY CORP NEW	300,000	$58,000	0.0%	—	—	PUT	25179M103
HWM	HOWMET AEROSPACE INC	25,000	$53,750	0.0%	—	—	PUT	443201108
VST	VISTRA CORP	25,000	$48,750	0.0%	—	—	CALL	92840M102
UAL	UNITED AIRLS HLDGS INC	25,000	$41,000	0.0%	—	—	PUT	910047109
SW	SMURFIT WESTROCK PLC	50,000	$37,500	0.0%	—	—	PUT	G8267P108
FITB	FIFTH THIRD BANCORP	25,000	$35,625	0.0%	—	—	PUT	316773100
JEF	JEFFERIES FINANCIAL GROUP IN	25,000	$33,750	0.0%	—	—	PUT	47233W109
COP	CONOCOPHILLIPS	100,000	$29,500	0.0%	—	—	PUT	20825C104
APA	APA CORPORATION	200,000	$27,000	0.0%	—	—	PUT	03743Q108
MCD	MCDONALDS CORP	30,000	$26,700	0.0%	$270.31	—	CALL	580135101
USO	UNITED STS OIL FD LP	200,000	$26,000	0.0%	—	—	CALL	91232N207
CEG	CONSTELLATION ENERGY CORP	10,000	$19,000	0.0%	—	—	CALL	21037T109
CCK	CROWN HLDGS INC	15,000	$16,500	0.0%	$97.34	—	CALL	228368106
DAL	DELTA AIR LINES INC	25,000	$15,875	0.0%	—	—	PUT	247361702
WMT	WALMART INC	22,700	$13,280	0.0%	$122.03	—	CALL	931142103

Decreased Positions (14)

— ON SEMICONDUCTOR CORP 0.1%

Value $604K (-95.1%) Shares 500,000 (-96.0%) Est. Cost $0.95 Unrealized —

SPY STATE STR SPDR S&P 500 ETF T 0.1%

Value $276K (-94.6%) Shares 170,000 (-77.5%) Est. Cost $746.77 Unrealized —

FOUR SHIFT4 PMTS INC 0.5%

Value $2.432M (-61.6%) Shares 50,000 (-65.5%) Est. Cost $76.22 Unrealized —

COHR COHERENT CORP 0.5%

Value $2.44M (+355.7%) Shares 36,500 (-14.1%) Est. Cost — Unrealized —

SPY STATE STR SPDR S&P 500 ETF T 0.0%

Value $32,250 (-95.3%) Shares 50,000 (-92.1%) Est. Cost $746.77 Unrealized —

DHI D R HORTON INC 0.0%

Value $55,350 (-88.8%) Shares 61,500 (-42.5%) Est. Cost — Unrealized —

HYG ISHARES TR 0.1%

Value $492K (-43.6%) Shares 1,900,000 (-10.4%) Est. Cost $79.97 Unrealized —

GLW CORNING INC 0.0%

Value $0 (-100.0%) Shares 0 (-100.0%) Est. Cost $255.43 Unrealized —

FOUR SHIFT4 PMTS INC 0.1%

Value $668K (+36.7%) Shares 150,000 (-16.7%) Est. Cost $76.22 Unrealized —

FOUR SHIFT4 PMTS INC 0.0%

Value $15,000 (-91.0%) Shares 50,000 (-65.5%) Est. Cost $76.22 Unrealized —

IP INTERNATIONAL PAPER CO 0.0%

Value $13,750 (-90.0%) Shares 50,000 (-50.0%) Est. Cost — Unrealized —

CARR CARRIER GLOBAL CORPORATION 0.0%

Value $16,250 (-86.9%) Shares 50,000 (-33.3%) Est. Cost — Unrealized —

WOLF WOLFSPEED INC 0.1%

Value $483K (+18.3%) Shares 10,000 (-60.0%) Est. Cost $23.93 Unrealized —

PMTS CPI CARD GROUP INC 0.1%

Value $271K (+3.5%) Shares 13,050 (-27.7%) Est. Cost $13.03 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	ON SEMICONDUCTOR CORP	500,000 (-96.0%)	$604K (-95.1%)	0.1%	$0.95	—	NOTE 0.500% 3/0	682189AU9
SPY	STATE STR SPDR S&P 500 ETF T	170,000 (-77.5%)	$276K (-94.6%)	0.1%	$746.77	—	PUT	78462F103
FOUR	SHIFT4 PMTS INC	50,000 (-65.5%)	$2.432M (-61.6%)	0.5%	$76.22	—	CL A	82452J109
COHR	COHERENT CORP	36,500 (-14.1%)	$2.44M (+355.7%)	0.5%	—	—	CALL	19247G107
SPY	STATE STR SPDR S&P 500 ETF T	50,000 (-92.1%)	$32,250 (-95.3%)	0.0%	$746.77	—	CALL	78462F103
DHI	D R HORTON INC	61,500 (-42.5%)	$55,350 (-88.8%)	0.0%	—	—	PUT	23331A109
HYG	ISHARES TR	1,900,000 (-10.4%)	$492K (-43.6%)	0.1%	$79.97	—	PUT	464288513
GLW	CORNING INC	0 (-100.0%)	$0 (-100.0%)	0.0%	$255.43	—	CALL	219350105
FOUR	SHIFT4 PMTS INC	150,000 (-16.7%)	$668K (+36.7%)	0.1%	$76.22	—	CALL	82452J109
FOUR	SHIFT4 PMTS INC	50,000 (-65.5%)	$15,000 (-91.0%)	0.0%	$76.22	—	PUT	82452J109
IP	INTERNATIONAL PAPER CO	50,000 (-50.0%)	$13,750 (-90.0%)	0.0%	—	—	PUT	460146103
CARR	CARRIER GLOBAL CORPORATION	50,000 (-33.3%)	$16,250 (-86.9%)	0.0%	—	—	PUT	14448C104
WOLF	WOLFSPEED INC	10,000 (-60.0%)	$483K (+18.3%)	0.1%	$23.93	—	COMMON STOCK	97785W106
PMTS	CPI CARD GROUP INC	13,050 (-27.7%)	$271K (+3.5%)	0.1%	$13.03	—	COM NEW	12634H200

Unchanged Positions (38)

IBIT ISHARES BITCOIN TRUST ETF 22.5%

Value $104M Shares 3,129,352 Est. Cost $55.00 Unrealized —

— FLUOR CORP 7.2%

Value $33.3M Shares 25,100,000 Est. Cost $1.19 Unrealized —

AERO GRUPO AEROMEXICO SAB DE CV 0.7%

Value $3.047M Shares 169,280 Est. Cost $21.96 Unrealized —

— LIVE NATION ENTERTAINMENT IN 1.3%

Value $5.98M Shares 5,000,000 Est. Cost $1.05 Unrealized —

FSK FS KKR CAP CORP 0.1%

Value $258K Shares 700,000 Est. Cost — Unrealized —

RWT REDWOOD TRUST INC 0.6%

Value $2.609M Shares 550,361 Est. Cost $5.85 Unrealized —

— GLOBAL PMTS INC 4.9%

Value $22.5M Shares 25,000,000 Est. Cost $0.88 Unrealized —

LEN LENNAR CORP 0.0%

Value $152K Shares 123,500 Est. Cost — Unrealized —

CIM CHIMERA INVT CORP 1.1%

Value $5.055M Shares 378,899 Est. Cost $12.70 Unrealized —

BXSL BLACKSTONE SECD LENDING FD 0.0%

Value $106K Shares 325,000 Est. Cost — Unrealized —

RRC RANGE RES CORP 0.2%

Value $1.116M Shares 30,000 Est. Cost $36.43 Unrealized —

EQT EQT CORP 0.2%

Value $1.063M Shares 20,000 Est. Cost $56.13 Unrealized —

PHM PULTE GROUP INC 0.0%

Value $23,450 Shares 33,500 Est. Cost — Unrealized —

IGV ISHARES TR 0.2%

Value $1.133M Shares 12,500 Est. Cost $80.05 Unrealized —

RITM RITHM CAPITAL CORP 2.7%

Value $12.51M Shares 1,332,583 Est. Cost $10.72 Unrealized —

NE NOBLE CORP PLC 0.1%

Value $373K Shares 10,000 Est. Cost $22.94 Unrealized —

WMB WILLIAMS COS INC 0.0%

Value $38,750 Shares 50,000 Est. Cost $60.03 Unrealized —

POST POST HLDGS INC 0.1%

Value $266K Shares 75,000 Est. Cost — Unrealized —

ETR ENTERGY CORP NEW 1.0%

Value $4.594M Shares 40,000 Est. Cost $77.80 Unrealized —

WMT WALMART INC 0.2%

Value $823K Shares 7,264 Est. Cost $122.03 Unrealized —

PMT PENNYMAC MTG INVT TR 0.4%

Value $2.03M Shares 180,000 Est. Cost $11.66 Unrealized —

CCK CROWN HLDGS INC 0.1%

Value $559K Shares 5,000 Est. Cost $97.34 Unrealized —

GBDC GOLUB CAP BDC INC 0.0%

Value $87,500 Shares 200,000 Est. Cost — Unrealized —

PKG PACKAGING CORP AMER 0.1%

Value $357K Shares 1,500 Est. Cost $226.32 Unrealized —

DX DYNEX CAP INC 0.3%

Value $1.245M Shares 95,000 Est. Cost $12.76 Unrealized —

TWO TWO HARBORS INVENTMENT CORPO 0.1%

Value $407K Shares 32,776 Est. Cost $11.42 Unrealized —

MITT TPG MTG INVTS TR INC 0.1%

Value $381K Shares 48,094 Est. Cost $7.31 Unrealized —

PAAS PAN AMERN SILVER CORP 0.0%

Value $6,250 Shares 25,000 Est. Cost — Unrealized —

MFA MFA FINL INC 0.4%

Value $2.035M Shares 210,000 Est. Cost $9.58 Unrealized —

PWR QUANTA SVCS INC 0.1%

Value $608K Shares 30,000 Est. Cost — Unrealized —

AES AES CORP 0.1%

Value $513K Shares 35,000 Est. Cost $15.14 Unrealized —

AOMR ANGEL OAK MORTGAGE REIT INC 0.0%

Value $161K Shares 17,754 Est. Cost $8.22 Unrealized —

— REDFIN CORP 0.3%

Value $1.587M Shares 1,645,000 Est. Cost $0.78 Unrealized —

KRE SPDR SERIES TRUST 0.0%

Value $11,800 Shares 20,000 Est. Cost — Unrealized —

BRLSW BOREALIS FOODS INC 0.0%

Value $1,093 Shares 23,300 Est. Cost $0.14 Unrealized —

CYCUW CYCURION INC 0.0%

Value $525 Shares 30,000 Est. Cost $0.00 Unrealized —

ITA ISHARES TR 0.0%

Value $26,000 Shares 10,000 Est. Cost — Unrealized —

— REDWOOD TRUST INC 0.4%

Value $1.827M Shares 1,800,000 Est. Cost $1.00 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
IBIT	ISHARES BITCOIN TRUST ETF	3,129,352	$104M	22.5%	$55.00	—	SHS BEN INT	46438F101
—	FLUOR CORP	25,100,000	$33.3M	7.2%	$1.19	—	NOTE 1.125% 8/1	343412AJ1
AERO	GRUPO AEROMEXICO SAB DE CV	169,280	$3.047M	0.7%	$21.96	—	SPONSORED ADS	40054J109
—	LIVE NATION ENTERTAINMENT IN	5,000,000	$5.98M	1.3%	$1.05	—	NOTE 2.875% 1/1	538034BC2
FSK	FS KKR CAP CORP	700,000	$258K	0.1%	—	—	PUT	302635206
RWT	REDWOOD TRUST INC	550,361	$2.609M	0.6%	$5.85	—	COM	758075402
—	GLOBAL PMTS INC	25,000,000	$22.5M	4.9%	$0.88	—	NOTE 1.500% 3/0	37940XAU6
LEN	LENNAR CORP	123,500	$152K	0.0%	—	—	PUT	526057104
CIM	CHIMERA INVT CORP	378,899	$5.055M	1.1%	$12.70	—	COM SHS	16934Q802
BXSL	BLACKSTONE SECD LENDING FD	325,000	$106K	0.0%	—	—	PUT	09261X102
RRC	RANGE RES CORP	30,000	$1.116M	0.2%	$36.43	—	COM	75281A109
EQT	EQT CORP	20,000	$1.063M	0.2%	$56.13	—	COM	26884L109
PHM	PULTE GROUP INC	33,500	$23,450	0.0%	—	—	PUT	745867101
IGV	ISHARES TR	12,500	$1.133M	0.2%	$80.05	—	EXPANDED TECH	464287515
RITM	RITHM CAPITAL CORP	1,332,583	$12.51M	2.7%	$10.72	—	COM NEW	64828T201
NE	NOBLE CORP PLC	10,000	$373K	0.1%	$22.94	—	ORD SHS A	G65431127
WMB	WILLIAMS COS INC	50,000	$38,750	0.0%	$60.03	—	CALL	969457100
POST	POST HLDGS INC	75,000	$266K	0.1%	—	—	PUT	737446104
ETR	ENTERGY CORP NEW	40,000	$4.594M	1.0%	$77.80	—	COM	29364G103
WMT	WALMART INC	7,264	$823K	0.2%	$122.03	—	COM	931142103
PMT	PENNYMAC MTG INVT TR	180,000	$2.03M	0.4%	$11.66	—	COM	70931T103
CCK	CROWN HLDGS INC	5,000	$559K	0.1%	$97.34	—	COM	228368106
GBDC	GOLUB CAP BDC INC	200,000	$87,500	0.0%	—	—	PUT	38173M102
PKG	PACKAGING CORP AMER	1,500	$357K	0.1%	$226.32	—	COM	695156109
DX	DYNEX CAP INC	95,000	$1.245M	0.3%	$12.76	—	COM	26817Q886
TWO	TWO HARBORS INVENTMENT CORPO	32,776	$407K	0.1%	$11.42	—	COM	90187B804
MITT	TPG MTG INVTS TR INC	48,094	$381K	0.1%	$7.31	—	COM NEW	001228501
PAAS	PAN AMERN SILVER CORP	25,000	$6,250	0.0%	—	—	CALL	697900108
MFA	MFA FINL INC	210,000	$2.035M	0.4%	$9.58	—	COM	55272X607
PWR	QUANTA SVCS INC	30,000	$608K	0.1%	—	—	CALL	74762E102
AES	AES CORP	35,000	$513K	0.1%	$15.14	—	COM	00130H105
AOMR	ANGEL OAK MORTGAGE REIT INC	17,754	$161K	0.0%	$8.22	—	COM	03464Y108
—	REDFIN CORP	1,645,000	$1.587M	0.3%	$0.78	—	NOTE 0.500% 4/0	75737FAE8
KRE	SPDR SERIES TRUST	20,000	$11,800	0.0%	—	—	PUT	78464A698
BRLSW	BOREALIS FOODS INC	23,300	$1,093	0.0%	$0.14	—	*W EXP 02/07/202	09973D113
CYCUW	CYCURION INC	30,000	$525	0.0%	$0.00	—	*W EXP 02/13/203	95758L115
ITA	ISHARES TR	10,000	$26,000	0.0%	—	—	PUT	464288760
—	REDWOOD TRUST INC	1,800,000	$1.827M	0.4%	$1.00	—	NOTE 7.750% 6/1	758075AF2