Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
IWM	ISHARES TR	62,365	$1.547B	41.5%	—	—	PUT	464287655
—	SELECT SECTOR SPDR TR	30,000	$246M	6.6%	—	—	PUT	81369Y958
—	TESLA INC	1,425	$52.97M	1.4%	—	—	PUT	88160R951
—	SALESFORCE INC	2,000	$37.33M	1.0%	—	—	CALL	79466L902
—	WARNER BROS DISCOVERY INC	10,000	$27.46M	0.7%	—	—	CALL	934423904
—	ARES CAPITAL CORP	13,350	$24.06M	0.6%	—	—	PUT	04010L953
IGV	ISHARES TR	2,000	$16.01M	0.4%	—	—	PUT	464287515
TSLA	TESLA INC	39,400	$14.65M	0.4%	$425.98	0.0%	COM	88160R101
GNW	GENWORTH FINL INC	714,388	$5.801M	0.2%	$8.65	0.0%	COM SHS	37247D106
—	INVESCO EXCH TRADED FD TR II	2,500	$5.103M	0.1%	—	—	PUT	46138G958
HYG	ISHARES TR	37,500	$2.983M	0.1%	$79.56	—	IBOXX HI YD ETF	464288513
AMC	AMC ENTMT HLDGS INC	2,751,699	$2.697M	0.1%	$1.43	0.0%	CL A NEW	00165C302
RNA	ATRIUM THERAPEUTICS INC	139,239	$1.862M	0.0%	$13.37	—	COM	04965N104
NUCLW	EAGLE NUCLEAR ENERGY CORP	25,000	$34,750	0.0%	$1.39	—	W EXP 02/25/203	269710117

Increased Positions (6)

GLD SPDR GOLD TR 11.0%

Value $410M (+159.6%) Shares 953,450 (+139.1%) Est. Cost $416.08 Unrealized —

— SPDR GOLD TR 11.4%

Value $424M (+12.7%) Shares 9,862 (+3.8%) Est. Cost — Unrealized —

UNIT UNITI GROUP LLC 1.9%

Value $72.63M (+49.3%) Shares 7,743,465 (+11.5%) Est. Cost $7.22 Unrealized +7.6%

— STATE STR SPDR S&P 500 ETF T 6.1%

Value $228M (+5.5%) Shares 3,500 (+10.6%) Est. Cost — Unrealized —

— TESLA INC 1.4%

Value $52.97M (+7.1%) Shares 1,425 (+29.5%) Est. Cost — Unrealized —

PDD PDD HOLDINGS INC 0.0%

Value $1.185M (+16.1%) Shares 11,600 (+28.9%) Est. Cost $110.88 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
GLD	SPDR GOLD TR	953,450 (+139.1%)	$410M (+159.6%)	11.0%	$416.08	—	GOLD SHS	78463V107
—	SPDR GOLD TR	9,862 (+3.8%)	$424M (+12.7%)	11.4%	—	—	PUT	78463V957
UNIT	UNITI GROUP LLC	7,743,465 (+11.5%)	$72.63M (+49.3%)	1.9%	$7.22	+7.6%	COM SHS	912932100
—	STATE STR SPDR S&P 500 ETF T	3,500 (+10.6%)	$228M (+5.5%)	6.1%	—	—	CALL	78462F903
—	TESLA INC	1,425 (+29.5%)	$52.97M (+7.1%)	1.4%	—	—	CALL	88160R901
PDD	PDD HOLDINGS INC	11,600 (+28.9%)	$1.185M (+16.1%)	0.0%	$110.88	—	SPONSORED ADS	722304102

Exited Positions (8)

— ISHARES TR 13.6%

Value $507M Shares 20,615 Est. Cost — Unrealized —

— CORE SCIENTIFIC INC NEW 2.3%

Value $87.1M Shares 59,822 Est. Cost — Unrealized —

— KRANESHARES TRUST 0.7%

Value $27.24M Shares 8,000 Est. Cost — Unrealized —

AAM AA MISSION ACQUISITION CORP 0.2%

Value $6.402M Shares 600,000 Est. Cost $9.99 Unrealized +6.7%

GENVR GEN DIGITAL INC 0.1%

Value $2.618M Shares 579,230 Est. Cost $7.55 Unrealized —

— AA MISSION ACQUISITION CORP 0.0%

Value $50,910 Shares 300,000 Est. Cost $0.06 Unrealized —

CRPWF CARBON REVOLUTION LTD 0.0%

Value $1,034 Shares 141,666 Est. Cost $0.05 Unrealized —

ALUR/WS ALLURION TECHNOLOGIES INC 0.0%

Value $234 Shares 15,311 Est. Cost $0.91 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	ISHARES TR	20,615	$507M	13.6%	—	—	PUT	464287955
—	CORE SCIENTIFIC INC NEW	59,822	$87.1M	2.3%	—	—	CALL	21874A906
—	KRANESHARES TRUST	8,000	$27.24M	0.7%	—	—	CALL	500767906
AAM	AA MISSION ACQUISITION CORP	600,000	$6.402M	0.2%	$9.99	+6.7%	—	G1000R101
GENVR	GEN DIGITAL INC	579,230	$2.618M	0.1%	$7.55	—	—	668771116
—	AA MISSION ACQUISITION CORP	300,000	$50,910	0.0%	$0.06	—	—	G1000R127
CRPWF	CARBON REVOLUTION LTD	141,666	$1,034	0.0%	$0.05	—	—	G1893D110
ALUR/WS	ALLURION TECHNOLOGIES INC	15,311	$234	0.0%	$0.91	—	—	02008G110

Decreased Positions (4)

— ISHARES TR 5.8%

Value $215M (-79.4%) Shares 27,000 (-79.2%) Est. Cost — Unrealized —

— ISHARES TR 5.6%

Value $207M (-44.1%) Shares 8,365 (-44.5%) Est. Cost — Unrealized —

— SPDR GOLD TR 2.3%

Value $86.06M (-45.7%) Shares 2,000 (-50.0%) Est. Cost — Unrealized —

OPTU OPTIMUM COMMUNICATIONS INC 0.1%

Value $2.296M (-55.6%) Shares 1,765,918 (-43.6%) Est. Cost $2.11 Unrealized -20.7%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	ISHARES TR	27,000 (-79.2%)	$215M (-79.4%)	5.8%	—	—	PUT	464288953
—	ISHARES TR	8,365 (-44.5%)	$207M (-44.1%)	5.6%	—	—	CALL	464287905
—	SPDR GOLD TR	2,000 (-50.0%)	$86.06M (-45.7%)	2.3%	—	—	CALL	78463V907
OPTU	OPTIMUM COMMUNICATIONS INC	1,765,918 (-43.6%)	$2.296M (-55.6%)	0.1%	$2.11	-20.7%	CL A	02156K103

Unchanged Positions (20)

ALVO ALVOTECH 0.2%

Value $9.279M Shares 2,705,304 Est. Cost $9.31 Unrealized -47.6%

ADT ADT INC DEL 0.4%

Value $13.97M Shares 2,126,000 Est. Cost $6.50 Unrealized +23.3%

OSG OCTAVE SPECIALTY GROUP INC 0.1%

Value $2.693M Shares 579,234 Est. Cost $16.92 Unrealized -63.9%

AQST AQUESTIVE THERAPEUTICS INC 0.1%

Value $1.906M Shares 459,216 Est. Cost $5.16 Unrealized -22.1%

— LIBERTY MEDIA CORP DEL 0.1%

Value $2.107M Shares 47,700,000 Est. Cost $0.69 Unrealized —

— PDD HOLDINGS INC 0.1%

Value $1.972M Shares 193 Est. Cost — Unrealized —

— PDD HOLDINGS INC 0.1%

Value $1.972M Shares 193 Est. Cost — Unrealized —

TRTX TPG RE FIN TR INC 0.0%

Value $1.423M Shares 182,157 Est. Cost $7.99 Unrealized —

CCO CLEAR CHANNEL OUTDOOR HLDGS 0.0%

Value $1.793M Shares 756,426 Est. Cost $2.53 Unrealized -13.3%

BNAIW BRAND ENGAGEMENT NETWORK INC 0.0%

Value $43,333 Shares 166,666 Est. Cost $0.12 Unrealized —

ASTL ALGOMA STL GROUP INC 0.1%

Value $3.82M Shares 924,931 Est. Cost $8.06 Unrealized -44.4%

BGLWW BLUE GOLD LTD 0.0%

Value $15,000 Shares 75,000 Est. Cost $0.46 Unrealized —

AIRJW AIRJOULE TECHNOLOGIES CORP 0.0%

Value $28,000 Shares 50,000 Est. Cost $0.55 Unrealized —

TGE/WS GENERATION ESSENTIALS GROUP 0.0%

Value $61,750 Shares 325,000 Est. Cost $0.40 Unrealized —

CRMLW CRITICAL METALS CORP 0.0%

Value $43,500 Shares 12,500 Est. Cost $0.15 Unrealized —

GCTS/WS GCT SEMICONDUCTOR HLDG INC 0.0%

Value $13,575 Shares 75,000 Est. Cost — Unrealized —

COCHW ENVOY MEDICAL INC 0.0%

Value $17,407 Shares 262,156 Est. Cost $0.02 Unrealized —

BXMT BLACKSTONE MORTGAGE TRUST IN 0.1%

Value $4.629M Shares 241,700 Est. Cost $19.33 Unrealized —

DAICW CID HOLDCO INC 0.0%

Value $1,656 Shares 62,500 Est. Cost $0.08 Unrealized —

TVGNW TEVOGEN BIO HLDGS INC 0.0%

Value $424 Shares 12,500 Est. Cost $0.08 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
ALVO	ALVOTECH	2,705,304	$9.279M	0.2%	$9.31	-47.6%	ORDINARY SHARES	L01800108
ADT	ADT INC DEL	2,126,000	$13.97M	0.4%	$6.50	+23.3%	COM	00090Q103
OSG	OCTAVE SPECIALTY GROUP INC	579,234	$2.693M	0.1%	$16.92	-63.9%	COM NEW	023139884
AQST	AQUESTIVE THERAPEUTICS INC	459,216	$1.906M	0.1%	$5.16	-22.1%	COM	03843E104
—	LIBERTY MEDIA CORP DEL	47,700,000	$2.107M	0.1%	$0.69	—	DEB	530715AG6
—	PDD HOLDINGS INC	193	$1.972M	0.1%	—	—	CALL	722304902
—	PDD HOLDINGS INC	193	$1.972M	0.1%	—	—	PUT	722304952
TRTX	TPG RE FIN TR INC	182,157	$1.423M	0.0%	$7.99	—	COM	87266M107
CCO	CLEAR CHANNEL OUTDOOR HLDGS	756,426	$1.793M	0.0%	$2.53	-13.3%	COM	18453H106
BNAIW	BRAND ENGAGEMENT NETWORK INC	166,666	$43,333	0.0%	$0.12	—	W EXP 03/14/202	104932116
ASTL	ALGOMA STL GROUP INC	924,931	$3.82M	0.1%	$8.06	-44.4%	COM	015658107
BGLWW	BLUE GOLD LTD	75,000	$15,000	0.0%	$0.46	—	W EXP 04/01/203	G1331C112
AIRJW	AIRJOULE TECHNOLOGIES CORP	50,000	$28,000	0.0%	$0.55	—	W EXP 03/15/202	612160119
TGE/WS	GENERATION ESSENTIALS GROUP	325,000	$61,750	0.0%	$0.40	—	W EXP 02/15/202	G38268119
CRMLW	CRITICAL METALS CORP	12,500	$43,500	0.0%	$0.15	—	W EXP 02/27/202	G2662B111
GCTS/WS	GCT SEMICONDUCTOR HLDG INC	75,000	$13,575	0.0%	—	—	W EXP 03/01/202	36170N115
COCHW	ENVOY MEDICAL INC	262,156	$17,407	0.0%	$0.02	—	W EXP 09/29/202	29415V117
BXMT	BLACKSTONE MORTGAGE TRUST IN	241,700	$4.629M	0.1%	$19.33	—	COM CL A	09257W100
DAICW	CID HOLDCO INC	62,500	$1,656	0.0%	$0.08	—	W EXP 12/31/202	171756117
TVGNW	TEVOGEN BIO HLDGS INC	12,500	$424	0.0%	$0.08	—	W EXP 02/14/202	88165K119