LONESTAR CAPITAL MANAGEMENT LLC Hedge Fund

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
CE	CELANESE CORP DEL	235,000	$9,936	1.6%	$40.78	0.0%	COM	150870103
DRVN	DRIVEN BRANDS HLDGS INC	560,000	$8,299	1.3%	$14.88	0.0%	COM	26210V102
RIG	TRANSOCEAN LTD	1,800,000	$7,434	1.2%	$3.88	0.0%	REGISTERED SHS	H8817H100
BKD	BROOKDALE SR LIVING INC	660,000	$7,121	1.1%	$9.83	0.0%	COM	112463104
SDRL	SEADRILL LTD	200,000	$6,920	1.1%	$31.15	0.0%	COM	G7997W102
TLN	TALEN ENERGY CORP	16,000	$5,997	1.0%	$388.68	0.0%	COM	87422Q109
LINC	LINCOLN EDL SVCS CORP	200,000	$4,830	0.8%	$21.79	0.0%	COM	533535100
TH	TARGET HOSPITALITY CORP	500,000	$4,005	0.6%	$7.59	0.0%	COM	87615L107
VST	VISTRA CORP	24,000	$3,872	0.6%	$181.92	0.0%	COM	92840M102
DOW	DOW INC	150,000	$3,507	0.6%	$22.78	0.0%	COM	260557103
COMP	COMPASS INC	270,000	$2,854	0.5%	$9.12	0.0%	CL A	20464U100
HPP	HUDSON PAC PPTYS INC	250,000	$2,708	0.4%	$10.83	—	COM	444097406
WLAC	WILLOW LANE ACQUISITION CORP	194,185	$2,454	0.4%	$12.30	0.0%	ORD SHS CL A	G9675P102
COTY	COTY INC	750,000	$2,310	0.4%	$3.64	0.0%	COM CL A	222070203
STRA	STRATEGIC ED INC	17,900	$1,436	0.2%	$79.45	0.0%	COM	86272C103

Increased Positions (4)

TLT ISHARES TR 18.2%

Value ($000) $113,308 (+111.3%) Shares 13,000 (+116.7%) Est. Cost — Unrealized —

DCH AMERICAN AXLE & MFG HLDGS IN 2.2%

Value ($000) $13,824 (+666.7%) Shares 2,156,574 (+618.9%) Est. Cost $6.17 Unrealized +0.8%

PCG PG&E CORP 1.4%

Value ($000) $8,839 (+334.2%) Shares 550,000 (+307.4%) Est. Cost $15.58 Unrealized +2.2%

EXE EXPAND ENERGY CORPORATION 1.3%

Value ($000) $8,277 (+94.8%) Shares 75,000 (+87.5%) Est. Cost $99.23 Unrealized +11.5%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
TLT	ISHARES TR	13,000 (+116.7%)	$113,308 (+111.3%)	18.2%	—	—	PUT	464287432
DCH	AMERICAN AXLE & MFG HLDGS IN	2,156,574 (+618.9%)	$13,824 (+666.7%)	2.2%	$6.17	+0.8%	COM	024061103
PCG	PG&E CORP	550,000 (+307.4%)	$8,839 (+334.2%)	1.4%	$15.58	+2.2%	COM	69331C108
EXE	EXPAND ENERGY CORPORATION	75,000 (+87.5%)	$8,277 (+94.8%)	1.3%	$99.23	+11.5%	COM	165167735

Exited Positions (11)

IWN ISHARES TR 12.4%

Value ($000) $77,427 Shares 3,200 Est. Cost — Unrealized —

GLNG GOLAR LNG LTD 1.3%

Value ($000) $8,082 Shares 200,000 Est. Cost $38.79 Unrealized -1.8%

SVC SERVICE PPTYS TR 1.2%

Value ($000) $7,412 Shares 2,735,000 Est. Cost $2.71 Unrealized —

GNRC GENERAC HLDGS INC 0.8%

Value ($000) $5,022 Shares 30,000 Est. Cost $122.00 Unrealized +32.3%

GENI GENIUS SPORTS LIMITED 0.6%

Value ($000) $3,714 Shares 300,000 Est. Cost $11.04 Unrealized -1.3%

AR ANTERO RESOURCES CORP 0.5%

Value ($000) $3,020 Shares 90,000 Est. Cost $30.28 Unrealized +11.9%

JD JD.COM INC 0.4%

Value ($000) $2,798 Shares 80,000 Est. Cost $34.98 Unrealized —

UPS UNITED PARCEL SERVICE INC 0.4%

Value ($000) $2,756 Shares 33,000 Est. Cost $88.13 Unrealized +5.2%

HTZ HERTZ GLOBAL HLDGS INC 0.4%

Value ($000) $2,720 Shares 400,000 Est. Cost $6.42 Unrealized -15.0%

FLUT FLUTTER ENTMT PLC 0.4%

Value ($000) $2,540 Shares 10,000 Est. Cost $292.68 Unrealized -23.2%

— HUDSON PAC PPTYS INC 0.0%

Value ($000) $51 Shares 18,395 Est. Cost $2.76 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
IWN	ISHARES TR	3,200	$77,427	12.4%	—	—	PUT	464287630
GLNG	GOLAR LNG LTD	200,000	$8,082	1.3%	$38.79	-1.8%	—	G9456A100
SVC	SERVICE PPTYS TR	2,735,000	$7,412	1.2%	$2.71	—	—	81761L102
GNRC	GENERAC HLDGS INC	30,000	$5,022	0.8%	$122.00	+32.3%	—	368736104
GENI	GENIUS SPORTS LIMITED	300,000	$3,714	0.6%	$11.04	-1.3%	—	G3934V109
AR	ANTERO RESOURCES CORP	90,000	$3,020	0.5%	$30.28	+11.9%	—	03674X106
JD	JD.COM INC	80,000	$2,798	0.4%	$34.98	—	—	47215P106
UPS	UNITED PARCEL SERVICE INC	33,000	$2,756	0.4%	$88.13	+5.2%	—	911312106
HTZ	HERTZ GLOBAL HLDGS INC	400,000	$2,720	0.4%	$6.42	-15.0%	—	42806J700
FLUT	FLUTTER ENTMT PLC	10,000	$2,540	0.4%	$292.68	-23.2%	—	G3643J108
—	HUDSON PAC PPTYS INC	18,395	$51	0.0%	$2.76	—	—	444097109

Decreased Positions (10)

QQQ INVESCO QQQ TR 24.6%

Value ($000) $153,578 (-26.9%) Shares 2,500 (-28.6%) Est. Cost — Unrealized —

SPY SPDR S&P 500 ETF TR 27.3%

Value ($000) $170,480 (-14.7%) Shares 2,500 (-16.7%) Est. Cost — Unrealized —

NRG NRG ENERGY INC 0.9%

Value ($000) $5,892 (-39.4%) Shares 37,000 (-38.3%) Est. Cost $95.20 Unrealized +73.6%

ET ENERGY TRANSFER L P 2.5%

Value ($000) $15,319 (-18.8%) Shares 929,000 (-15.5%) Est. Cost $9.39 Unrealized —

GSL GLOBAL SHIP LEASE INC NEW 0.9%

Value ($000) $5,606 (-36.6%) Shares 160,000 (-44.4%) Est. Cost $25.35 Unrealized +28.2%

LUMN LUMEN TECHNOLOGIES INC CMN 0.7%

Value ($000) $4,079 (-33.3%) Shares 525,000 (-47.5%) Est. Cost $4.80 Unrealized +71.5%

GTX GARRETT MOTION INC 2.5%

Value ($000) $15,687 (+14.0%) Shares 900,000 (-10.9%) Est. Cost $8.56 Unrealized +86.1%

GDX VANECK ETF TRUST 1.1%

Value ($000) $6,862 (-18.4%) Shares 80,000 (-27.3%) Est. Cost $52.06 Unrealized —

GDXJ VANECK ETF TRUST 1.1%

Value ($000) $6,827 (-17.9%) Shares 60,000 (-28.6%) Est. Cost $67.59 Unrealized —

DHC DIVERSIFIED HEALTHCARE TR 2.3%

Value ($000) $14,550 (-8.4%) Shares 3,000,000 (-16.7%) Est. Cost $1.41 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
QQQ	INVESCO QQQ TR	2,500 (-28.6%)	$153,578 (-26.9%)	24.6%	—	—	PUT	46090E103
SPY	SPDR S&P 500 ETF TR	2,500 (-16.7%)	$170,480 (-14.7%)	27.3%	—	—	PUT	78462F103
NRG	NRG ENERGY INC	37,000 (-38.3%)	$5,892 (-39.4%)	0.9%	$95.20	+73.6%	COM NEW	629377508
ET	ENERGY TRANSFER L P	929,000 (-15.5%)	$15,319 (-18.8%)	2.5%	$9.39	—	COM UT LTD PTN	29273V100
GSL	GLOBAL SHIP LEASE INC NEW	160,000 (-44.4%)	$5,606 (-36.6%)	0.9%	$25.35	+28.2%	COM CL A	Y27183600
LUMN	LUMEN TECHNOLOGIES INC CMN	525,000 (-47.5%)	$4,079 (-33.3%)	0.7%	$4.80	+71.5%	COM	550241103
GTX	GARRETT MOTION INC	900,000 (-10.9%)	$15,687 (+14.0%)	2.5%	$8.56	+86.1%	COM	366505105
GDX	VANECK ETF TRUST	80,000 (-27.3%)	$6,862 (-18.4%)	1.1%	$52.06	—	GOLD MINERS ETF	92189F106
GDXJ	VANECK ETF TRUST	60,000 (-28.6%)	$6,827 (-17.9%)	1.1%	$67.59	—	JUNIOR GOLD MINE	92189F791
DHC	DIVERSIFIED HEALTHCARE TR	3,000,000 (-16.7%)	$14,550 (-8.4%)	2.3%	$1.41	—	COM SH BEN INT	25525P107

Unchanged Positions (2)

ADT ADT INC DEL 0.7%

Value ($000) $4,196 Shares 520,000 Est. Cost $6.25 Unrealized +32.3%

EQT EQT CORP 0.5%

Value ($000) $3,216 Shares 60,000 Est. Cost $40.68 Unrealized +38.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ADT	ADT INC DEL	520,000	$4,196	0.7%	$6.25	+32.3%	COM	00090Q103
EQT	EQT CORP	60,000	$3,216	0.5%	$40.68	+38.0%	COM	26884L109