Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
SPCX	SPACE EXPLORATION TECHN CORP	2,023,307	$346M	3.9%	—	—	CLASS A COM STK	84615Q103
PRMB	PRIMO BRANDS CORPORATION	6,885,351	$168M	1.9%	—	—	CLASS A COM SHS	741623102
CORZ	CORE SCIENTIFIC INC NEW	4,520,165	$116M	1.3%	—	—	COM	21874A106
TSM	TAIWAN SEMICONDUCTOR MANUFAC	200,000	$95.51M	1.1%	—	—	SPONSORED ADS	874039100
GPC	GENUINE PARTS CO	748,047	$88.25M	1.0%	—	—	COM	372460105
FCX	FREEPORT MCMORAN INC	362,500	$22.8M	0.3%	—	—	CALL	35671D857
CCJ	CAMECO CORP	145,000	$14.77M	0.2%	—	—	CALL	13321L108
CHTR	CHARTER COMMUNICATIONS INC	74,470	$10.59M	0.1%	—	—	CL A	16119P108
OVV	OVINTIV INC	175,000	$9.214M	0.1%	—	—	COM	69047Q102
DVN	DEVON ENERGY CORP NEW	220,000	$9.09M	0.1%	—	—	COM	25179M103
OPI	OFFICE PPTYS INCOME TR	516,804	$8.786M	0.1%	—	—	COM OF BENEFICIA	67623C307
VG	VENTURE GLOBAL INC	500,000	$5.565M	0.1%	—	—	COM CL A	92333F101
GOOGL	ALPHABET INC	336	$120K	0.0%	—	—	CAP STK CL A	02079K305
GOOG	ALPHABET INC	280	$98,932	0.0%	—	—	CAP STK CL C	02079K107
ONTO	ONTO INNOVATION INC	35	$13,246	0.0%	—	—	COM	683344105
BABA	ALIBABA GROUP HLDG LTD	88	$8,446	0.0%	—	—	SPONSORED ADS	01609W102

Increased Positions (11)

IWM ISHARES TR 13.4%

Value $1.202B (+272.8%) Shares 4,000,000 (+207.7%) Est. Cost — Unrealized —

NVDA NVIDIA CORPORATION 6.5%

Value $582M (+233.9%) Shares 2,910,000 (+191.0%) Est. Cost — Unrealized —

SATS ECHOSTAR CORP 4.2%

Value $375M (+70.2%) Shares 3,698,611 (+96.3%) Est. Cost — Unrealized —

— ECHOSTAR CORP 10.8%

Value $969M (+17.1%) Shares 309,816,036 (+34.2%) Est. Cost — Unrealized —

UNIT UNITI GROUP LLC 1.4%

Value $122M (+40.3%) Shares 10,638,901 (+14.7%) Est. Cost — Unrealized —

INVH INVITATION HOMES INC 0.9%

Value $78.81M (+57.1%) Shares 2,608,707 (+29.2%) Est. Cost — Unrealized —

PRIV SSGA ACTIVE TR 0.4%

Value $39.78M (+99.6%) Shares 1,580,000 (+100.0%) Est. Cost — Unrealized —

PRSD SSGA ACTIVE TR 0.2%

Value $20.91M (+92.1%) Shares 834,996 (+92.0%) Est. Cost — Unrealized —

LINE LINEAGE INC 0.2%

Value $15.7M (+131.2%) Shares 363,006 (+75.1%) Est. Cost — Unrealized —

CYH COMMUNITY HEALTH SYS INC NEW 0.4%

Value $39.61M (+17.3%) Shares 11,859,526 (+3.2%) Est. Cost — Unrealized —

CHDN CHURCHILL DOWNS INC 0.5%

Value $44.77M (+4.5%) Shares 499,482 (+4.7%) Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
IWM	ISHARES TR	4,000,000 (+207.7%)	$1.202B (+272.8%)	13.4%	—	—	PUT	464287655
NVDA	NVIDIA CORPORATION	2,910,000 (+191.0%)	$582M (+233.9%)	6.5%	—	—	PUT	67066G104
SATS	ECHOSTAR CORP	3,698,611 (+96.3%)	$375M (+70.2%)	4.2%	—	—	CL A	278768106
—	ECHOSTAR CORP	309,816,036 (+34.2%)	$969M (+17.1%)	10.8%	—	—	NOTE 3.875%11/3	278768AB2
UNIT	UNITI GROUP LLC	10,638,901 (+14.7%)	$122M (+40.3%)	1.4%	—	—	COM SHS	912932100
INVH	INVITATION HOMES INC	2,608,707 (+29.2%)	$78.81M (+57.1%)	0.9%	—	—	COM	46187W107
PRIV	SSGA ACTIVE TR	1,580,000 (+100.0%)	$39.78M (+99.6%)	0.4%	—	—	STATE STREET IG	78470P622
PRSD	SSGA ACTIVE TR	834,996 (+92.0%)	$20.91M (+92.1%)	0.2%	—	—	ST ST SH DU ETF	78470P580
LINE	LINEAGE INC	363,006 (+75.1%)	$15.7M (+131.2%)	0.2%	—	—	COM	53566V106
CYH	COMMUNITY HEALTH SYS INC NEW	11,859,526 (+3.2%)	$39.61M (+17.3%)	0.4%	—	—	COM	203668108
CHDN	CHURCHILL DOWNS INC	499,482 (+4.7%)	$44.77M (+4.5%)	0.5%	—	—	COM	171484108

Exited Positions (15)

SMH VANECK ETF TRUST 8.6%

Value $767M Shares 2,000,000 Est. Cost — Unrealized —

ADT ADT INC DEL 7.5%

Value $670M Shares 102,000,366 Est. Cost — Unrealized —

JPM JPMORGAN CHASE & CO 3.7%

Value $328M Shares 1,115,000 Est. Cost — Unrealized —

NVDA NVIDIA CORPORATION 2.0%

Value $174M Shares 1,000,000 Est. Cost — Unrealized —

ARES ARES MANAGEMENT CORPORATION 0.4%

Value $36.04M Shares 330,319 Est. Cost — Unrealized —

OC OWENS CORNING NEW 0.3%

Value $26.04M Shares 240,600 Est. Cost — Unrealized —

MHK MOHAWK INDS INC 0.3%

Value $23.83M Shares 242,067 Est. Cost — Unrealized —

BLDR BUILDERS FIRSTSOURCE INC 0.3%

Value $23.68M Shares 287,606 Est. Cost — Unrealized —

CNXC CONCENTRIX CORP 0.3%

Value $22.7M Shares 829,700 Est. Cost — Unrealized —

JHX JAMES HARDIE INDS PLC 0.2%

Value $22.25M Shares 1,174,991 Est. Cost — Unrealized —

MBC MASTERBRAND INC 0.2%

Value $21.92M Shares 2,638,219 Est. Cost — Unrealized —

OPTU OPTIMUM COMMUNICATIONS INC 0.1%

Value $7.936M Shares 6,104,649 Est. Cost — Unrealized —

SGHT SIGHT SCIENCES INC 0.0%

Value $1.263M Shares 335,000 Est. Cost — Unrealized —

ATER ATERIAN INC 0.0%

Value $1,304 Shares 2,276 Est. Cost — Unrealized —

CLDI CALIDI BIOTHERAPEUTICS INC 0.0%

Value $249 Shares 1,042 Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
SMH	VANECK ETF TRUST	2,000,000	$767M	8.6%	—	—	PUT	92189F676
ADT	ADT INC DEL	102,000,366	$670M	7.5%	—	—	—	00090Q103
JPM	JPMORGAN CHASE & CO	1,115,000	$328M	3.7%	—	—	PUT	46625H100
NVDA	NVIDIA CORPORATION	1,000,000	$174M	2.0%	—	—	—	67066G104
ARES	ARES MANAGEMENT CORPORATION	330,319	$36.04M	0.4%	—	—	—	03990B101
OC	OWENS CORNING NEW	240,600	$26.04M	0.3%	—	—	—	690742101
MHK	MOHAWK INDS INC	242,067	$23.83M	0.3%	—	—	—	608190104
BLDR	BUILDERS FIRSTSOURCE INC	287,606	$23.68M	0.3%	—	—	—	12008R107
CNXC	CONCENTRIX CORP	829,700	$22.7M	0.3%	—	—	PUT	20602D101
JHX	JAMES HARDIE INDS PLC	1,174,991	$22.25M	0.2%	—	—	—	G4253H101
MBC	MASTERBRAND INC	2,638,219	$21.92M	0.2%	—	—	—	57638P104
OPTU	OPTIMUM COMMUNICATIONS INC	6,104,649	$7.936M	0.1%	—	—	—	02156K103
SGHT	SIGHT SCIENCES INC	335,000	$1.263M	0.0%	—	—	—	82657M105
ATER	ATERIAN INC	2,276	$1,304	0.0%	—	—	—	02156U200
CLDI	CALIDI BIOTHERAPEUTICS INC	1,042	$249	0.0%	—	—	—	320703408

Decreased Positions (7)

GBTG GLOBAL BUSINESS TRAVEL GROUP 2.3%

Value $204M (+59.7%) Shares 21,712,184 (-5.1%) Est. Cost — Unrealized —

CMCSA COMCAST CORP NEW 0.6%

Value $49.29M (-60.4%) Shares 2,007,700 (-53.7%) Est. Cost — Unrealized —

KMX CARMAX INC 1.2%

Value $105M (-39.0%) Shares 1,986,285 (-52.1%) Est. Cost — Unrealized —

HGV HILTON GRAND VACATIONS INC 7.3%

Value $654M (-8.3%) Shares 12,495,825 (-31.5%) Est. Cost — Unrealized —

TPG TPG INC 0.9%

Value $77.33M (-24.6%) Shares 1,907,135 (-24.7%) Est. Cost — Unrealized —

AEVA AEVA TECHNOLOGIES INC 0.3%

Value $23.07M (+26.0%) Shares 803,137 (-42.3%) Est. Cost — Unrealized —

MNKD MANNKIND CORP 0.0%

Value $146K (-87.7%) Shares 34,226 (-92.9%) Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
GBTG	GLOBAL BUSINESS TRAVEL GROUP	21,712,184 (-5.1%)	$204M (+59.7%)	2.3%	—	—	COM CL A	37890B100
CMCSA	COMCAST CORP NEW	2,007,700 (-53.7%)	$49.29M (-60.4%)	0.6%	—	—	CL A	20030N101
KMX	CARMAX INC	1,986,285 (-52.1%)	$105M (-39.0%)	1.2%	—	—	COM	143130102
HGV	HILTON GRAND VACATIONS INC	12,495,825 (-31.5%)	$654M (-8.3%)	7.3%	—	—	COM	43283X105
TPG	TPG INC	1,907,135 (-24.7%)	$77.33M (-24.6%)	0.9%	—	—	COM CL A	872657101
AEVA	AEVA TECHNOLOGIES INC	803,137 (-42.3%)	$23.07M (+26.0%)	0.3%	—	—	COM NEW	00835Q202
MNKD	MANNKIND CORP	34,226 (-92.9%)	$146K (-87.7%)	0.0%	—	—	COM NEW	56400P706

Unchanged Positions (53)

RXT RACKSPACE TECHNOLOGY INC 9.5%

Value $846M Shares 129,609,000 Est. Cost — Unrealized —

AERO GRUPO AEROMEXICO SAB DE CV 5.5%

Value $495M Shares 27,505,017 Est. Cost — Unrealized —

VOO VANGUARD INDEX FDS 4.6%

Value $407M Shares 592,238 Est. Cost — Unrealized —

PXED PHOENIX ED PARTNERS INC 9.2%

Value $818M Shares 24,901,320 Est. Cost — Unrealized —

TDAY USA TODAY CO INC 1.2%

Value $104M Shares 12,128,756 Est. Cost — Unrealized —

SABR SABRE CORP 0.3%

Value $30.1M Shares 14,400,819 Est. Cost — Unrealized —

PSA PUBLIC STORAGE 0.5%

Value $45.83M Shares 143,980 Est. Cost — Unrealized —

IRM IRON MTN INC DEL 0.4%

Value $33.54M Shares 265,539 Est. Cost — Unrealized —

SPG SIMON PPTY GROUP INC NEW 0.4%

Value $37.8M Shares 169,000 Est. Cost — Unrealized —

AMH AMERICAN HOMES 4 RENT 0.3%

Value $30.97M Shares 924,070 Est. Cost — Unrealized —

UDR UDR INC 0.3%

Value $30.1M Shares 754,130 Est. Cost — Unrealized —

CPT CAMDEN PPTY TR 0.3%

Value $28.1M Shares 245,410 Est. Cost — Unrealized —

VTR VENTAS INC 0.6%

Value $51.62M Shares 581,300 Est. Cost — Unrealized —

EXR EXTRA SPACE STORAGE INC 0.5%

Value $41.63M Shares 286,510 Est. Cost — Unrealized —

MAC MACERICH CO 0.2%

Value $15.36M Shares 609,640 Est. Cost — Unrealized —

CUZ COUSINS PPTYS INC 0.2%

Value $15.11M Shares 503,863 Est. Cost — Unrealized —

HST HOST HOTELS & RESORTS INC 0.2%

Value $19.02M Shares 802,070 Est. Cost — Unrealized —

KIM KIMCO REALTY CORP 0.4%

Value $31.49M Shares 1,242,255 Est. Cost — Unrealized —

KRG KITE REALTY GROUP TRUST 0.2%

Value $21.81M Shares 768,330 Est. Cost — Unrealized —

BRX BRIXMOR PPTY GROUP INC 0.4%

Value $32.3M Shares 1,024,300 Est. Cost — Unrealized —

MFIC MIDCAP FINANCIAL INVSTMNT CO 0.3%

Value $23.68M Shares 2,348,753 Est. Cost — Unrealized —

ESS ESSEX PPTY TR INC 0.2%

Value $14.01M Shares 48,060 Est. Cost — Unrealized —

HR HEALTHCARE RLTY TR 0.2%

Value $13.66M Shares 677,181 Est. Cost — Unrealized —

BXP BXP INC 0.1%

Value $9.311M Shares 140,410 Est. Cost — Unrealized —

EQR EQUITY RESIDENTIAL 0.2%

Value $15.13M Shares 222,720 Est. Cost — Unrealized —

H HYATT HOTELS CORP 0.1%

Value $5.815M Shares 30,000 Est. Cost — Unrealized —

AHR AMERICAN HEALTHCARE REIT INC 0.2%

Value $14.67M Shares 281,320 Est. Cost — Unrealized —

OHI OMEGA HEALTHCARE INVS INC 0.2%

Value $17.03M Shares 357,078 Est. Cost — Unrealized —

VICI VICI PPTYS INC 0.5%

Value $45.13M Shares 1,699,715 Est. Cost — Unrealized —

COLD AMERICOLD REALTY TRUST INC 0.0%

Value $3.58M Shares 227,720 Est. Cost — Unrealized —

FR FIRST INDL RLTY TR INC 0.1%

Value $12.81M Shares 208,950 Est. Cost — Unrealized —

EPR EPR PPTYS 0.1%

Value $5.024M Shares 86,610 Est. Cost — Unrealized —

MAR MARRIOTT INTL INC NEW 0.1%

Value $5.299M Shares 14,300 Est. Cost — Unrealized —

ELS EQUITY LIFESTYLE PROPERTIES 0.2%

Value $17.06M Shares 264,680 Est. Cost — Unrealized —

BPRE BLUEROCK PVT REAL ESTATE FD 0.0%

Value $1.621M Shares 124,596 Est. Cost — Unrealized —

HLT HILTON WORLDWIDE HLDGS INC 0.1%

Value $5.32M Shares 16,100 Est. Cost — Unrealized —

O REALTY INCOME CORP 0.4%

Value $31.52M Shares 508,760 Est. Cost — Unrealized —

CCLD CARECLOUD INC 0.0%

Value $445K Shares 209,844 Est. Cost — Unrealized —

TKNO ALPHA TEKNOVA INC 0.0%

Value $369K Shares 65,036 Est. Cost — Unrealized —

WH WYNDHAM HOTELS & RESORTS INC 0.1%

Value $4.956M Shares 58,850 Est. Cost — Unrealized —

MXCT MAXCYTE INC 0.0%

Value $379K Shares 307,987 Est. Cost — Unrealized —

NAMMW NAMIB MINERALS 0.0%

Value $300K Shares 1,364,262 Est. Cost — Unrealized —

ADC AGREE RLTY CORP 0.3%

Value $23.92M Shares 315,810 Est. Cost — Unrealized —

ARI APOLLO COML REAL EST FIN INC 0.1%

Value $7.108M Shares 665,573 Est. Cost — Unrealized —

JAAA JANUS DETROIT STR TR 0.3%

Value $25.25M Shares 500,000 Est. Cost — Unrealized —

CION CION INVT CORP 0.0%

Value $394K Shares 63,263 Est. Cost — Unrealized —

SATLW SATELLOGIC INC 0.0%

Value $191K Shares 147,784 Est. Cost — Unrealized —

RAIN RAIN ENHANCEMENT TECHNOLOGIE 0.0%

Value $49,618 Shares 23,970 Est. Cost — Unrealized —

GLPI GAMING & LEISURE P 0.0%

Value $2.821M Shares 63,350 Est. Cost — Unrealized —

FBYDW FALCONS BEYOND GLOBAL INC 0.0%

Value $32,450 Shares 12,433 Est. Cost — Unrealized —

RAINW RAIN ENHANCEMENT TECHNOLOGIE 0.0%

Value $40,230 Shares 217,457 Est. Cost — Unrealized —

SPSC SPS COMM INC 0.0%

Value $191K Shares 3,349 Est. Cost — Unrealized —

BNAIW BRAND ENGAGEMENT NETWORK INC 0.0%

Value $2,540 Shares 18,143 Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
RXT	RACKSPACE TECHNOLOGY INC	129,609,000	$846M	9.5%	—	—	COM	750102105
AERO	GRUPO AEROMEXICO SAB DE CV	27,505,017	$495M	5.5%	—	—	SPONSORED ADS	40054J109
VOO	VANGUARD INDEX FDS	592,238	$407M	4.6%	—	—	S&P 500 ETF SHS	922908363
PXED	PHOENIX ED PARTNERS INC	24,901,320	$818M	9.2%	—	—	COM	718968100
TDAY	USA TODAY CO INC	12,128,756	$104M	1.2%	—	—	COM	36472T109
SABR	SABRE CORP	14,400,819	$30.1M	0.3%	—	—	COM	78573M104
PSA	PUBLIC STORAGE	143,980	$45.83M	0.5%	—	—	COM	74460D109
IRM	IRON MTN INC DEL	265,539	$33.54M	0.4%	—	—	COM	46284V101
SPG	SIMON PPTY GROUP INC NEW	169,000	$37.8M	0.4%	—	—	COM	828806109
AMH	AMERICAN HOMES 4 RENT	924,070	$30.97M	0.3%	—	—	CL A	02665T306
UDR	UDR INC	754,130	$30.1M	0.3%	—	—	COM	902653104
CPT	CAMDEN PPTY TR	245,410	$28.1M	0.3%	—	—	SH BEN INT	133131102
VTR	VENTAS INC	581,300	$51.62M	0.6%	—	—	COM	92276F100
EXR	EXTRA SPACE STORAGE INC	286,510	$41.63M	0.5%	—	—	COM	30225T102
MAC	MACERICH CO	609,640	$15.36M	0.2%	—	—	COM	554382101
CUZ	COUSINS PPTYS INC	503,863	$15.11M	0.2%	—	—	COM NEW	222795502
HST	HOST HOTELS & RESORTS INC	802,070	$19.02M	0.2%	—	—	COM	44107P104
KIM	KIMCO REALTY CORP	1,242,255	$31.49M	0.4%	—	—	COM	49446R109
KRG	KITE REALTY GROUP TRUST	768,330	$21.81M	0.2%	—	—	COM NEW	49803T300
BRX	BRIXMOR PPTY GROUP INC	1,024,300	$32.3M	0.4%	—	—	COM	11120U105
MFIC	MIDCAP FINANCIAL INVSTMNT CO	2,348,753	$23.68M	0.3%	—	—	COM NEW	03761U502
ESS	ESSEX PPTY TR INC	48,060	$14.01M	0.2%	—	—	COM	297178105
HR	HEALTHCARE RLTY TR	677,181	$13.66M	0.2%	—	—	CL A COM	42226K105
BXP	BXP INC	140,410	$9.311M	0.1%	—	—	COM	101121101
EQR	EQUITY RESIDENTIAL	222,720	$15.13M	0.2%	—	—	SH BEN INT	29476L107
H	HYATT HOTELS CORP	30,000	$5.815M	0.1%	—	—	COM CL A	448579102
AHR	AMERICAN HEALTHCARE REIT INC	281,320	$14.67M	0.2%	—	—	COM SHS	398182303
OHI	OMEGA HEALTHCARE INVS INC	357,078	$17.03M	0.2%	—	—	COM	681936100
VICI	VICI PPTYS INC	1,699,715	$45.13M	0.5%	—	—	COM	925652109
COLD	AMERICOLD REALTY TRUST INC	227,720	$3.58M	0.0%	—	—	COM	03064D108
FR	FIRST INDL RLTY TR INC	208,950	$12.81M	0.1%	—	—	COM	32054K103
EPR	EPR PPTYS	86,610	$5.024M	0.1%	—	—	COM SH BEN INT	26884U109
MAR	MARRIOTT INTL INC NEW	14,300	$5.299M	0.1%	—	—	CL A	571903202
ELS	EQUITY LIFESTYLE PROPERTIES	264,680	$17.06M	0.2%	—	—	COM	29472R108
BPRE	BLUEROCK PVT REAL ESTATE FD	124,596	$1.621M	0.0%	—	—	COM	09631P102
HLT	HILTON WORLDWIDE HLDGS INC	16,100	$5.32M	0.1%	—	—	COM	43300A203
O	REALTY INCOME CORP	508,760	$31.52M	0.4%	—	—	COM	756109104
CCLD	CARECLOUD INC	209,844	$445K	0.0%	—	—	COM	14167R100
TKNO	ALPHA TEKNOVA INC	65,036	$369K	0.0%	—	—	COM	02080L102
WH	WYNDHAM HOTELS & RESORTS INC	58,850	$4.956M	0.1%	—	—	COM	98311A105
MXCT	MAXCYTE INC	307,987	$379K	0.0%	—	—	COM	57777K106
NAMMW	NAMIB MINERALS	1,364,262	$300K	0.0%	—	—	*W EXP 06/05/203	G63638111
ADC	AGREE RLTY CORP	315,810	$23.92M	0.3%	—	—	COM	008492100
ARI	APOLLO COML REAL EST FIN INC	665,573	$7.108M	0.1%	—	—	COM	03762U105
JAAA	JANUS DETROIT STR TR	500,000	$25.25M	0.3%	—	—	HENDRSON AAA CL	47103U845
CION	CION INVT CORP	63,263	$394K	0.0%	—	—	COM	17259U204
SATLW	SATELLOGIC INC	147,784	$191K	0.0%	—	—	*W EXP 01/25/202	80401C118
RAIN	RAIN ENHANCEMENT TECHNOLOGIE	23,970	$49,618	0.0%	—	—	CL A	75080J103
GLPI	GAMING & LEISURE P	63,350	$2.821M	0.0%	—	—	COM	36467J108
FBYDW	FALCONS BEYOND GLOBAL INC	12,433	$32,450	0.0%	—	—	*W EXP 10/06/202	306121112
RAINW	RAIN ENHANCEMENT TECHNOLOGIE	217,457	$40,230	0.0%	—	—	*W EXP 12/31/202	75080J111
SPSC	SPS COMM INC	3,349	$191K	0.0%	—	—	COM	78463M107
BNAIW	BRAND ENGAGEMENT NETWORK INC	18,143	$2,540	0.0%	—	—	*W EXP 03/14/202	104932116