Bracebridge Capital, LLC Hedge Fund

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	SPDR GOLD TR	9,500	$376,495	12.1%	—	—	PUT	78463V957
—	SPDR GOLD TR	4,000	$158,524	5.1%	—	—	CALL	78463V907
GLD	SPDR GOLD TR	398,700	$158,009	5.1%	$396.31	—	GOLD SHS	78463V107
—	CORE SCIENTIFIC INC NEW	59,822	$87,101	2.8%	—	—	CALL	21874A906
—	TESLA INC	1,100	$49,469	1.6%	—	—	CALL	88160R901
—	KRANESHARES TRUST	8,000	$27,240	0.9%	—	—	CALL	500767906
—	PDD HOLDINGS INC	193	$2,188	0.1%	—	—	CALL	722304902
—	PDD HOLDINGS INC	193	$2,188	0.1%	—	—	PUT	722304952
PDD	PDD HOLDINGS INC	9,000	$1,021	0.0%	$113.39	—	SPONSORED ADS	722304102

Increased Positions (5)

— ISHARES TR 33.5%

Value ($000) $1,044,159 (+83.7%) Shares 129,500 (+85.0%) Est. Cost — Unrealized —

— ISHARES TR 16.3%

Value ($000) $507,459 (+175.4%) Shares 20,615 (+170.7%) Est. Cost — Unrealized —

— SPDR S&P 500 ETF TR 6.9%

Value ($000) $215,828 (+414.3%) Shares 3,165 (+402.4%) Est. Cost — Unrealized —

— ISHARES TR 11.9%

Value ($000) $370,840 (+48.6%) Shares 15,065 (+46.0%) Est. Cost — Unrealized —

BXMT BLACKSTONE MTG TR INC 0.1%

Value ($000) $4,624 (+15.9%) Shares 241,700 (+11.5%) Est. Cost $19.33 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	ISHARES TR	129,500 (+85.0%)	$1,044,159 (+83.7%)	33.5%	—	—	PUT	464288953
—	ISHARES TR	20,615 (+170.7%)	$507,459 (+175.4%)	16.3%	—	—	PUT	464287955
—	SPDR S&P 500 ETF TR	3,165 (+402.4%)	$215,828 (+414.3%)	6.9%	—	—	CALL	78462F903
—	ISHARES TR	15,065 (+46.0%)	$370,840 (+48.6%)	11.9%	—	—	CALL	464287905
BXMT	BLACKSTONE MTG TR INC	241,700 (+11.5%)	$4,624 (+15.9%)	0.1%	$19.33	—	COM CL A	09257W100

Exited Positions (7)

— INVESCO QQQ TR 10.0%

Value ($000) $310,691 Shares 5,175 Est. Cost — Unrealized —

— INVESCO QQQ TR 10.0%

Value ($000) $310,691 Shares 5,175 Est. Cost — Unrealized —

RSP INVESCO EXCHANGE TRADED FD T 3.2%

Value ($000) $100,370 Shares 529,100 Est. Cost $189.70 Unrealized —

IWM ISHARES TR 0.1%

Value ($000) $3,891 Shares 16,080 Est. Cost $215.79 Unrealized —

MAGN MAGNERA CORP 0.1%

Value ($000) $3,714 Shares 316,854 Est. Cost $12.42 Unrealized -6.7%

SVIWF SPRING VALLEY ACQUISTN CORP 0.0%

Value ($000) $33 Shares 25,000 Est. Cost $0.12 Unrealized —

SVIRF SPRING VALLEY ACQUISTN CORP 0.0%

Value ($000) $26 Shares 50,000 Est. Cost $0.14 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	INVESCO QQQ TR	5,175	$310,691	10.0%	—	—	CALL	46090E903
—	INVESCO QQQ TR	5,175	$310,691	10.0%	—	—	PUT	46090E953
RSP	INVESCO EXCHANGE TRADED FD T	529,100	$100,370	3.2%	$189.70	—	—	46137V357
IWM	ISHARES TR	16,080	$3,891	0.1%	$215.79	—	—	464287655
MAGN	MAGNERA CORP	316,854	$3,714	0.1%	$12.42	-6.7%	—	55939A107
SVIWF	SPRING VALLEY ACQUISTN CORP	25,000	$33	0.0%	$0.12	—	—	G83752116
SVIRF	SPRING VALLEY ACQUISTN CORP	50,000	$26	0.0%	$0.14	—	—	G83752132

Decreased Positions (2)

OPTU OPTIMUM COMMUNICATIONS INC 0.2%

Value ($000) $5,166 (-62.6%) Shares 3,131,018 (-45.3%) Est. Cost $2.11 Unrealized -3.8%

GENVR GEN DIGITAL INC 0.1%

Value ($000) $2,618 (-57.6%) Shares 579,230 (-30.7%) Est. Cost $7.55 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
OPTU	OPTIMUM COMMUNICATIONS INC	3,131,018 (-45.3%)	$5,166 (-62.6%)	0.2%	$2.11	-3.8%	CL A	02156K103
GENVR	GEN DIGITAL INC	579,230 (-30.7%)	$2,618 (-57.6%)	0.1%	$7.55	—	RIGHT 99/99/9999	668771116

Unchanged Positions (22)

ALVO ALVOTECH 0.4%

Value ($000) $13,878 Shares 2,705,304 Est. Cost $9.31 Unrealized -32.1%

UNIT UNITI GROUP LLC 1.6%

Value ($000) $48,662 Shares 6,941,775 Est. Cost $7.16 Unrealized -11.5%

— LIBERTY MEDIA CORP DEL 0.1%

Value ($000) $2,884 Shares 47,700,000 Est. Cost $0.69 Unrealized —

ADT ADT INC DEL 0.6%

Value ($000) $17,157 Shares 2,126,000 Est. Cost $6.50 Unrealized +27.2%

ASTL ALGOMA STL GROUP INC 0.1%

Value ($000) $3,792 Shares 924,931 Est. Cost $8.06 Unrealized -50.5%

CCO CLEAR CHANNEL OUTDOOR HLDGS 0.1%

Value ($000) $1,672 Shares 756,426 Est. Cost $2.53 Unrealized -26.7%

AQST AQUESTIVE THERAPEUTICS INC 0.1%

Value ($000) $2,967 Shares 459,216 Est. Cost $5.16 Unrealized +20.7%

OSG OCTAVE SPECIALTY GROUP INC 0.1%

Value ($000) $4,506 Shares 579,234 Est. Cost $16.92 Unrealized -49.5%

AAM AA MISSION ACQUISITION CORP 0.2%

Value ($000) $6,402 Shares 600,000 Est. Cost $9.99 Unrealized +6.0%

TRTX TPG RE FIN TR INC 0.1%

Value ($000) $1,568 Shares 182,157 Est. Cost $7.99 Unrealized —

GCTS/WS GCT SEMICONDUCTOR HLDG INC 0.0%

Value ($000) $6 Shares 75,000 Est. Cost — Unrealized —

CRMLW CRITICAL METALS CORP 0.0%

Value ($000) $34 Shares 12,500 Est. Cost $0.15 Unrealized —

TGE/WS GENERATION ESSENTIALS GROUP 0.0%

Value ($000) $49 Shares 325,000 Est. Cost $0.40 Unrealized —

AIRJW AIRJOULE TECHNOLOGIES CORP 0.0%

Value ($000) $43 Shares 50,000 Est. Cost $0.55 Unrealized —

BNAIW BRAND ENGAGEMENT NETWORK INC 0.0%

Value ($000) $7 Shares 166,666 Est. Cost $0.12 Unrealized —

DAICW CID HOLDCO INC 0.0%

Value ($000) $5 Shares 62,500 Est. Cost $0.08 Unrealized —

— AA MISSION ACQUISITION CORP 0.0%

Value ($000) $51 Shares 300,000 Est. Cost $0.06 Unrealized —

BGLWW BLUE GOLD LTD 0.0%

Value ($000) $32 Shares 75,000 Est. Cost $0.46 Unrealized —

CRPWF CARBON REVOLUTION LTD 0.0%

Value ($000) $1 Shares 141,666 Est. Cost $0.05 Unrealized —

COCHW ENVOY MEDICAL INC 0.0%

Value ($000) $10 Shares 262,156 Est. Cost $0.02 Unrealized —

ALUR/WS ALLURION TECHNOLOGIES INC 0.0%

Value ($000) $0 Shares 15,311 Est. Cost $0.91 Unrealized —

TVGNW TEVOGEN BIO HLDGS INC 0.0%

Value ($000) $1 Shares 12,500 Est. Cost $0.08 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ALVO	ALVOTECH	2,705,304	$13,878	0.4%	$9.31	-32.1%	ORDINARY SHARES	L01800108
UNIT	UNITI GROUP LLC	6,941,775	$48,662	1.6%	$7.16	-11.5%	COM SHS	912932100
—	LIBERTY MEDIA CORP DEL	47,700,000	$2,884	0.1%	$0.69	—	DEB	530715AG6
ADT	ADT INC DEL	2,126,000	$17,157	0.6%	$6.50	+27.2%	COM	00090Q103
ASTL	ALGOMA STL GROUP INC	924,931	$3,792	0.1%	$8.06	-50.5%	COM	015658107
CCO	CLEAR CHANNEL OUTDOOR HLDGS	756,426	$1,672	0.1%	$2.53	-26.7%	COM	18453H106
AQST	AQUESTIVE THERAPEUTICS INC	459,216	$2,967	0.1%	$5.16	+20.7%	COM	03843E104
OSG	OCTAVE SPECIALTY GROUP INC	579,234	$4,506	0.1%	$16.92	-49.5%	COM NEW	023139884
AAM	AA MISSION ACQUISITION CORP	600,000	$6,402	0.2%	$9.99	+6.0%	ORD SHS CL A	G1000R101
TRTX	TPG RE FIN TR INC	182,157	$1,568	0.1%	$7.99	—	COM	87266M107
GCTS/WS	GCT SEMICONDUCTOR HLDG INC	75,000	$6	0.0%	—	—	W EXP 03/01/202	36170N115
CRMLW	CRITICAL METALS CORP	12,500	$34	0.0%	$0.15	—	W EXP 02/27/202	G2662B111
TGE/WS	GENERATION ESSENTIALS GROUP	325,000	$49	0.0%	$0.40	—	W EXP 02/15/202	G38268119
AIRJW	AIRJOULE TECHNOLOGIES CORP	50,000	$43	0.0%	$0.55	—	W EXP 03/15/202	612160119
BNAIW	BRAND ENGAGEMENT NETWORK INC	166,666	$7	0.0%	$0.12	—	W EXP 03/14/202	104932116
DAICW	CID HOLDCO INC	62,500	$5	0.0%	$0.08	—	W EXP 12/31/202	171756117
—	AA MISSION ACQUISITION CORP	300,000	$51	0.0%	$0.06	—	W EXP 08/01/203	G1000R127
BGLWW	BLUE GOLD LTD	75,000	$32	0.0%	$0.46	—	W EXP 04/01/203	G1331C112
CRPWF	CARBON REVOLUTION LTD	141,666	$1	0.0%	$0.05	—	W EXP 99/99/999	G1893D110
COCHW	ENVOY MEDICAL INC	262,156	$10	0.0%	$0.02	—	W EXP 09/29/202	29415V117
ALUR/WS	ALLURION TECHNOLOGIES INC	15,311	$0	0.0%	$0.91	—	W EXP 08/01/203	02008G110
TVGNW	TEVOGEN BIO HLDGS INC	12,500	$1	0.0%	$0.08	—	W EXP 02/14/202	88165K119