NEXPOINT ASSET MANAGEMENT, L.P. Quant / Systematic

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	CYBERARK SOFTWARE LTD	185,862	$82,906	5.8%	$446.06	—	SHS	M2682V108
RNA	AVIDITY BIOSCIENCES INC	923,950	$66,645	4.6%	$64.59	0.0%	COM	05370A108
HOLX	HOLOGIC INC	859,040	$63,990	4.5%	$73.07	0.0%	COM	436440101
—	CIDARA THERAPEUTICS INC	279,900	$61,827	4.3%	$220.89	—	COM NEW	171757206
—	HILLENBRAND INC	1,916,660	$60,796	4.2%	$31.72	—	COM	431571108
SEE	SEALED AIR CORP NEW	1,445,310	$59,879	4.2%	$38.57	0.0%	COM	81211K100
EXAS	EXACT SCIENCES CORP	485,990	$49,357	3.4%	$80.31	0.0%	COM	30063P105
CFLT	CONFLUENT INC	1,382,600	$41,810	2.9%	$24.55	0.0%	CLASS A COM	20717M103
SEMR	SEMRUSH HLDGS INC	3,474,250	$41,309	2.9%	$9.37	0.0%	CL A COM	81686C104
BHF	BRIGHTHOUSE FINL INC	576,508	$37,352	2.6%	$58.76	0.0%	COM	10922N103
CWAN	CLEARWATER ANALYTICS HLDGS I	1,492,220	$35,992	2.5%	$20.03	0.0%	CL A	185123106
CSGS	CSG SYS INTL INC	420,260	$32,230	2.2%	$73.52	0.0%	COM	126349109
ALEX	ALEXANDER & BALDWIN INC NEW	646,139	$13,336	0.9%	$20.64	—	COM	014491104
FRMI	FERMI INC	1,301,478	$10,412	0.7%	$19.51	0.0%	COM	314911108
PLYM	PLYMOUTH INDL REIT INC	390,301	$8,540	0.6%	$21.88	—	COM	729640102
HESM	HESS MIDSTREAM LP	221,900	$7,656	0.5%	$32.62	0.0%	CL A SHS	428103105
JHX	JAMES HARDIE INDS PLC	326,700	$6,779	0.5%	$20.06	0.0%	ORD SHS	G4253H101
JAAA	JANUS DETROIT STR TR	120,060	$6,073	0.4%	$50.58	—	HENDRSON AAA CL	47103U845
SW	SMURFIT WESTROCK PLC	79,700	$3,082	0.2%	$38.13	0.0%	SHS	G8267P108
SWX	SOUTHWEST GAS HLDGS INC	32,900	$2,633	0.2%	$80.11	0.0%	COM	844895102
NPB	NORTHPOINTE BANCSHARES INC.	100,000	$2,475	0.2%	$16.93	0.0%	COM SHS	66661N886
GPC	GENUINE PARTS CO	17,750	$2,183	0.2%	$128.69	0.0%	COM	372460105
BL	BLACKLINE INC	35,450	$1,960	0.1%	$55.08	0.0%	COM	09239B109
LEG	LEGGETT & PLATT INC	161,640	$1,778	0.1%	$9.84	0.0%	COM	524660107
OKTA	OKTA INC	20,159	$1,743	0.1%	$87.27	0.0%	CL A	679295105
AMRZ	AMRIZE LTD	31,552	$1,706	0.1%	$51.02	0.0%	SHS	H2927K103
PSN	PARSONS CORP DEL	26,000	$1,607	0.1%	$78.26	0.0%	COM	70202L102
REZI	RESIDEO TECHNOLOGIES INC	45,300	$1,591	0.1%	$37.00	0.0%	COM	76118Y104
KMB	KIMBERLY-CLARK CORP	14,280	$1,441	0.1%	$108.41	0.0%	COM	494368103
WK	WORKIVA INC	15,320	$1,321	0.1%	$88.54	0.0%	COM CL A	98139A105
PRMB	PRIMO BRANDS CORPORATION	72,000	$1,177	0.1%	$18.48	0.0%	CLASS A COM SHS	741623102
EVAC	EQV VENTURES AC CORP. II	51,000	$512	0.0%	$10.01	0.0%	ORD SHS CL A	G3106Q102
NVO	NOVO-NORDISK A S	229,960	$139	0.0%	$0.61	—	ADR	670100205

Increased Positions (15)

— DAYFORCE INC 6.8%

Value ($000) $97,988 (+553.0%) Shares 1,416,835 (+550.4%) Est. Cost $67.82 Unrealized +1.5%

— JAMF HLDG CORP 2.6%

Value ($000) $37,797 (+4575.1%) Shares 2,905,260 (+3745.0%) Est. Cost $12.95 Unrealized —

EA ELECTRONIC ARTS INC 3.2%

Value ($000) $45,549 (+44.9%) Shares 222,920 (+43.0%) Est. Cost $176.22 Unrealized +14.5%

NREF NEXPOINT REAL ESTATE FIN INC 9.3%

Value ($000) $132,910 (+9.1%) Shares 9,439,635 (+9.9%) Est. Cost $19.60 Unrealized —

— HIGHLAND OPPS & INCOME FD 1.5%

Value ($000) $21,965 (+22.7%) Shares 3,673,047 (+30.3%) Est. Cost $7.17 Unrealized —

SHC SOTERA HEALTH CO 0.4%

Value ($000) $5,565 (+49.1%) Shares 315,479 (+32.9%) Est. Cost $12.91 Unrealized +28.1%

BRZE BRAZE INC 0.2%

Value ($000) $2,570 (+114.8%) Shares 74,955 (+78.1%) Est. Cost $28.91 Unrealized +2.5%

GTLB GITLAB INC 0.2%

Value ($000) $2,622 (+100.9%) Shares 69,862 (+141.3%) Est. Cost $44.31 Unrealized -2.3%

NXDT NEXPOINT DIVERSIFIED REL ET 1.3%

Value ($000) $19,261 (+6.4%) Shares 5,028,935 (+2.5%) Est. Cost $10.71 Unrealized —

LION LIONSGATE STUDIOS CORP 0.2%

Value ($000) $2,266 (+98.8%) Shares 248,140 (+50.3%) Est. Cost $6.80 Unrealized +4.7%

FISV FISERV INC 0.1%

Value ($000) $1,679 (+148.1%) Shares 25,000 (+376.2%) Est. Cost $96.35 Unrealized -13.0%

BILL BILL HOLDINGS INC 0.1%

Value ($000) $1,758 (+107.1%) Shares 32,225 (+101.1%) Est. Cost $48.92 Unrealized +5.0%

WDAY WORKDAY INC 0.1%

Value ($000) $1,115 (+160.2%) Shares 5,192 (+191.7%) Est. Cost $228.59 Unrealized -0.6%

FLR FLUOR CORP NEW 0.1%

Value ($000) $1,730 (+31.8%) Shares 43,650 (+39.9%) Est. Cost $45.51 Unrealized -2.8%

ADBE ADOBE INC 0.1%

Value ($000) $1,014 (+33.5%) Shares 2,896 (+34.5%) Est. Cost $373.71 Unrealized -9.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	DAYFORCE INC	1,416,835 (+550.4%)	$97,988 (+553.0%)	6.8%	$67.82	+1.5%	COM	15677J108
—	JAMF HLDG CORP	2,905,260 (+3745.0%)	$37,797 (+4575.1%)	2.6%	$12.95	—	COM	47074L105
EA	ELECTRONIC ARTS INC	222,920 (+43.0%)	$45,549 (+44.9%)	3.2%	$176.22	+14.5%	COM	285512109
NREF	NEXPOINT REAL ESTATE FIN INC	9,439,635 (+9.9%)	$132,910 (+9.1%)	9.3%	$19.60	—	COM	65342V101
—	HIGHLAND OPPS & INCOME FD	3,673,047 (+30.3%)	$21,965 (+22.7%)	1.5%	$7.17	—	HIGHLAND INCOME	43010E404
SHC	SOTERA HEALTH CO	315,479 (+32.9%)	$5,565 (+49.1%)	0.4%	$12.91	+28.1%	COM	83601L102
BRZE	BRAZE INC	74,955 (+78.1%)	$2,570 (+114.8%)	0.2%	$28.91	+2.5%	COM CL A	10576N102
GTLB	GITLAB INC	69,862 (+141.3%)	$2,622 (+100.9%)	0.2%	$44.31	-2.3%	CLASS A COM	37637K108
NXDT	NEXPOINT DIVERSIFIED REL ET	5,028,935 (+2.5%)	$19,261 (+6.4%)	1.3%	$10.71	—	COM NEW	65340G205
LION	LIONSGATE STUDIOS CORP	248,140 (+50.3%)	$2,266 (+98.8%)	0.2%	$6.80	+4.7%	COM	53626N102
FISV	FISERV INC	25,000 (+376.2%)	$1,679 (+148.1%)	0.1%	$96.35	-13.0%	COM	337738108
BILL	BILL HOLDINGS INC	32,225 (+101.1%)	$1,758 (+107.1%)	0.1%	$48.92	+5.0%	COM	090043100
WDAY	WORKDAY INC	5,192 (+191.7%)	$1,115 (+160.2%)	0.1%	$228.59	-0.6%	CL A	98138H101
FLR	FLUOR CORP NEW	43,650 (+39.9%)	$1,730 (+31.8%)	0.1%	$45.51	-2.8%	COM	343412102
ADBE	ADOBE INC	2,896 (+34.5%)	$1,014 (+33.5%)	0.1%	$373.71	-9.0%	COM	00724F101

Exited Positions (48)

— WNS HLDGS LTD 6.8%

Value ($000) $96,947 Shares 1,271,098 Est. Cost $76.27 Unrealized —

— AVIDXCHANGE HOLDINGS INC 6.1%

Value ($000) $88,247 Shares 8,869,060 Est. Cost $9.86 Unrealized —

— VERONA PHARMA PLC 4.3%

Value ($000) $62,383 Shares 584,601 Est. Cost $106.71 Unrealized —

— MR COOPER GROUP INC 2.8%

Value ($000) $40,286 Shares 191,117 Est. Cost $210.79 Unrealized —

— INTEGRAL AD SCIENCE HLDNG CO 1.9%

Value ($000) $27,287 Shares 2,683,061 Est. Cost $10.17 Unrealized —

— VERINT SYS INC 1.6%

Value ($000) $23,122 Shares 1,141,840 Est. Cost $20.25 Unrealized —

— TOURMALINE BIO INC 1.5%

Value ($000) $21,780 Shares 455,360 Est. Cost $47.83 Unrealized —

— GUILD HLDGS CO 1.2%

Value ($000) $16,599 Shares 832,466 Est. Cost $19.85 Unrealized —

STAA STAAR SURGICAL CO 1.1%

Value ($000) $15,157 Shares 564,100 Est. Cost $23.84 Unrealized +8.1%

— VIMEO INC 1.0%

Value ($000) $13,818 Shares 1,783,001 Est. Cost $7.75 Unrealized —

— HANESBRANDS INC 0.9%

Value ($000) $13,152 Shares 1,995,792 Est. Cost $6.59 Unrealized —

— MRC GLOBAL INC 0.8%

Value ($000) $12,099 Shares 839,024 Est. Cost $14.42 Unrealized —

— STEELCASE INC 0.8%

Value ($000) $11,441 Shares 665,152 Est. Cost $17.20 Unrealized —

— ARIS WATER SOLUTIONS INC 0.8%

Value ($000) $11,094 Shares 449,898 Est. Cost $24.66 Unrealized —

— KELLANOVA 0.7%

Value ($000) $10,687 Shares 130,300 Est. Cost $71.14 Unrealized +16.2%

— MERIDIANLINK INC 0.7%

Value ($000) $10,610 Shares 532,370 Est. Cost $19.93 Unrealized —

— PROS HOLDINGS INC 0.7%

Value ($000) $10,324 Shares 450,618 Est. Cost $22.91 Unrealized —

VSCO VICTORIAS SECRET AND CO 0.5%

Value ($000) $7,207 Shares 265,541 Est. Cost $19.55 Unrealized +103.1%

— GUESS INC 0.5%

Value ($000) $6,960 Shares 416,492 Est. Cost $16.71 Unrealized —

STAA STAAR SURGICAL CO 0.4%

Value ($000) $6,275 Shares 233,537 Est. Cost $23.84 Unrealized +8.1%

TRGP TARGA RES CORP 0.4%

Value ($000) $5,998 Shares 35,800 Est. Cost $32.08 Unrealized +423.9%

— CITY OFFICE REIT INC 0.4%

Value ($000) $5,318 Shares 764,085 Est. Cost $6.96 Unrealized —

— PARAMOUNT GROUP INC 0.4%

Value ($000) $5,314 Shares 812,559 Est. Cost $6.54 Unrealized —

SNPS SYNOPSYS INC 0.3%

Value ($000) $4,687 Shares 9,500 Est. Cost $565.30 Unrealized -21.4%

— 89BIO INC 0.3%

Value ($000) $4,295 Shares 292,200 Est. Cost $14.70 Unrealized —

LW LAMB WESTON HLDGS INC 0.3%

Value ($000) $4,148 Shares 71,417 Est. Cost $55.06 Unrealized +6.7%

— ALLETE INC 0.2%

Value ($000) $3,220 Shares 48,500 Est. Cost $64.53 Unrealized —

KBR KBR INC 0.2%

Value ($000) $2,171 Shares 45,914 Est. Cost $52.43 Unrealized -18.5%

— 89BIO INC 0.1%

Value ($000) $2,148 Shares 146,100 Est. Cost $14.70 Unrealized —

WBD WARNER BROS DISCOVERY INC 0.1%

Value ($000) $1,953 Shares 100,000 Est. Cost — Unrealized —

— ZIMVIE INC 0.1%

Value ($000) $1,673 Shares 88,330 Est. Cost $18.94 Unrealized —

SNPS SYNOPSYS INC 0.1%

Value ($000) $1,593 Shares 3,229 Est. Cost $565.30 Unrealized -21.4%

CRESY CRESUD S A C I F Y A 0.1%

Value ($000) $1,559 Shares 169,419 Est. Cost $8.93 Unrealized —

IMXI INTERNATIONAL MNY EXPRESS IN 0.1%

Value ($000) $1,385 Shares 99,110 Est. Cost $12.39 Unrealized +21.2%

CRL CHARLES RIV LABS INTL INC 0.1%

Value ($000) $1,307 Shares 8,354 Est. Cost $141.70 Unrealized +28.0%

WSC WILLSCOT HLDGS CORP 0.1%

Value ($000) $790 Shares 37,415 Est. Cost $29.72 Unrealized -32.1%

SMPL SIMPLY GOOD FOODS CO 0.0%

Value ($000) $640 Shares 25,778 Est. Cost $34.87 Unrealized -40.3%

— SURMODICS INC 0.0%

Value ($000) $620 Shares 20,742 Est. Cost $29.89 Unrealized —

FCX FREEPORT-MCMORAN INC 0.0%

Value ($000) $618 Shares 15,750 Est. Cost $37.70 Unrealized +14.9%

LOMA LOMA NEGRA C I A S A MTN 14 0.0%

Value ($000) $472 Shares 64,000 Est. Cost $5.75 Unrealized —

GWRE GUIDEWIRE SOFTWARE INC 0.0%

Value ($000) $440 Shares 1,915 Est. Cost $227.43 Unrealized -2.7%

AMD ADVANCED MICRO DEVICES INC 0.0%

Value ($000) $437 Shares 2,700 Est. Cost $161.38 Unrealized +39.2%

DDOG DATADOG INC 0.0%

Value ($000) $424 Shares 2,980 Est. Cost $137.70 Unrealized +14.8%

CSGP COSTAR GROUP INC 0.0%

Value ($000) $398 Shares 4,715 Est. Cost $88.37 Unrealized -19.8%

VERX VERTEX INC 0.0%

Value ($000) $296 Shares 11,945 Est. Cost $28.97 Unrealized -25.3%

SMR NUSCALE PWR CORP 0.0%

Value ($000) $256 Shares 7,100 Est. Cost — Unrealized —

MAA MID-AMER APT CMNTYS INC 0.0%

Value ($000) $252 Shares 1,800 Est. Cost $120.75 Unrealized +10.2%

CEROW CERO THERAPEUTICS HLDGS INC 0.0%

Value ($000) $1 Shares 108,741 Est. Cost $0.42 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	WNS HLDGS LTD	1,271,098	$96,947	6.8%	$76.27	—	—	G98196101
—	AVIDXCHANGE HOLDINGS INC	8,869,060	$88,247	6.1%	$9.86	—	—	05368X102
—	VERONA PHARMA PLC	584,601	$62,383	4.3%	$106.71	—	—	925050106
—	MR COOPER GROUP INC	191,117	$40,286	2.8%	$210.79	—	—	62482R107
—	INTEGRAL AD SCIENCE HLDNG CO	2,683,061	$27,287	1.9%	$10.17	—	—	45828L108
—	VERINT SYS INC	1,141,840	$23,122	1.6%	$20.25	—	—	92343X100
—	TOURMALINE BIO INC	455,360	$21,780	1.5%	$47.83	—	—	89157D105
—	GUILD HLDGS CO	832,466	$16,599	1.2%	$19.85	—	—	40172N107
STAA	STAAR SURGICAL CO	564,100	$15,157	1.1%	$23.84	+8.1%	PUT	852312305
—	VIMEO INC	1,783,001	$13,818	1.0%	$7.75	—	—	92719V100
—	HANESBRANDS INC	1,995,792	$13,152	0.9%	$6.59	—	—	410345102
—	MRC GLOBAL INC	839,024	$12,099	0.8%	$14.42	—	—	55345K103
—	STEELCASE INC	665,152	$11,441	0.8%	$17.20	—	—	858155203
—	ARIS WATER SOLUTIONS INC	449,898	$11,094	0.8%	$24.66	—	—	04041L106
—	KELLANOVA	130,300	$10,687	0.7%	$71.14	+16.2%	—	487836108
—	MERIDIANLINK INC	532,370	$10,610	0.7%	$19.93	—	—	58985J105
—	PROS HOLDINGS INC	450,618	$10,324	0.7%	$22.91	—	—	74346Y103
VSCO	VICTORIAS SECRET AND CO	265,541	$7,207	0.5%	$19.55	+103.1%	—	926400102
—	GUESS INC	416,492	$6,960	0.5%	$16.71	—	—	401617105
STAA	STAAR SURGICAL CO	233,537	$6,275	0.4%	$23.84	+8.1%	—	852312305
TRGP	TARGA RES CORP	35,800	$5,998	0.4%	$32.08	+423.9%	—	87612G101
—	CITY OFFICE REIT INC	764,085	$5,318	0.4%	$6.96	—	—	178587101
—	PARAMOUNT GROUP INC	812,559	$5,314	0.4%	$6.54	—	—	69924R108
SNPS	SYNOPSYS INC	9,500	$4,687	0.3%	$565.30	-21.4%	PUT	871607107
—	89BIO INC	292,200	$4,295	0.3%	$14.70	—	PUT	282559103
LW	LAMB WESTON HLDGS INC	71,417	$4,148	0.3%	$55.06	+6.7%	—	513272104
—	ALLETE INC	48,500	$3,220	0.2%	$64.53	—	—	018522300
KBR	KBR INC	45,914	$2,171	0.2%	$52.43	-18.5%	—	48242W106
—	89BIO INC	146,100	$2,148	0.1%	$14.70	—	—	282559103
WBD	WARNER BROS DISCOVERY INC	100,000	$1,953	0.1%	—	—	PUT	934423104
—	ZIMVIE INC	88,330	$1,673	0.1%	$18.94	—	—	98888T107
SNPS	SYNOPSYS INC	3,229	$1,593	0.1%	$565.30	-21.4%	—	871607107
CRESY	CRESUD S A C I F Y A	169,419	$1,559	0.1%	$8.93	—	—	226406106
IMXI	INTERNATIONAL MNY EXPRESS IN	99,110	$1,385	0.1%	$12.39	+21.2%	—	46005L101
CRL	CHARLES RIV LABS INTL INC	8,354	$1,307	0.1%	$141.70	+28.0%	—	159864107
WSC	WILLSCOT HLDGS CORP	37,415	$790	0.1%	$29.72	-32.1%	—	971378104
SMPL	SIMPLY GOOD FOODS CO	25,778	$640	0.0%	$34.87	-40.3%	—	82900L102
—	SURMODICS INC	20,742	$620	0.0%	$29.89	—	—	868873100
FCX	FREEPORT-MCMORAN INC	15,750	$618	0.0%	$37.70	+14.9%	—	35671D857
LOMA	LOMA NEGRA C I A S A MTN 14	64,000	$472	0.0%	$5.75	—	—	54150E104
GWRE	GUIDEWIRE SOFTWARE INC	1,915	$440	0.0%	$227.43	-2.7%	—	40171V100
AMD	ADVANCED MICRO DEVICES INC	2,700	$437	0.0%	$161.38	+39.2%	—	007903107
DDOG	DATADOG INC	2,980	$424	0.0%	$137.70	+14.8%	—	23804L103
CSGP	COSTAR GROUP INC	4,715	$398	0.0%	$88.37	-19.8%	—	22160N109
VERX	VERTEX INC	11,945	$296	0.0%	$28.97	-25.3%	—	92538J106
SMR	NUSCALE PWR CORP	7,100	$256	0.0%	—	—	PUT	67079K100
MAA	MID-AMER APT CMNTYS INC	1,800	$252	0.0%	$120.75	+10.2%	—	59522J103
CEROW	CERO THERAPEUTICS HLDGS INC	108,741	$1	0.0%	$0.42	—	—	71902K113

Decreased Positions (8)

TXNM TXNM ENERGY INC 2.1%

Value ($000) $29,640 (-27.8%) Shares 503,403 (-30.6%) Est. Cost $54.34 Unrealized +6.2%

TALO TALOS ENERGY INC 0.4%

Value ($000) $5,654 (-55.2%) Shares 513,098 (-61.0%) Est. Cost $13.05 Unrealized -19.8%

— BRAEMAR HOTELS & RESORTS INC 0.4%

Value ($000) $5,032 (-40.8%) Shares 339,774 (-35.1%) Est. Cost $20.80 Unrealized —

GTLS CHART INDS INC 2.4%

Value ($000) $34,855 (-8.7%) Shares 169,010 (-11.4%) Est. Cost $186.82 Unrealized +8.5%

CSX CSX CORP 0.1%

Value ($000) $1,269 (-68.9%) Shares 35,000 (-69.6%) Est. Cost $33.93 Unrealized +5.2%

— SOHO HOUSE & CO INC 1.1%

Value ($000) $16,174 (-10.3%) Shares 1,805,182 (-11.4%) Est. Cost $8.85 Unrealized —

RC READY CAPITAL CORP 0.1%

Value ($000) $1,853 (-45.1%) Shares 850,129 (-2.6%) Est. Cost $5.09 Unrealized —

IP INTERNATIONAL PAPER CO 0.2%

Value ($000) $2,275 (-27.0%) Shares 57,750 (-14.1%) Est. Cost $45.98 Unrealized -11.2%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
TXNM	TXNM ENERGY INC	503,403 (-30.6%)	$29,640 (-27.8%)	2.1%	$54.34	+6.2%	COM	69349H107
TALO	TALOS ENERGY INC	513,098 (-61.0%)	$5,654 (-55.2%)	0.4%	$13.05	-19.8%	COM	87484T108
—	BRAEMAR HOTELS & RESORTS INC	339,774 (-35.1%)	$5,032 (-40.8%)	0.4%	$20.80	—	5.5 CUM CV PFD B	10482B200
GTLS	CHART INDS INC	169,010 (-11.4%)	$34,855 (-8.7%)	2.4%	$186.82	+8.5%	COM	16115Q308
CSX	CSX CORP	35,000 (-69.6%)	$1,269 (-68.9%)	0.1%	$33.93	+5.2%	COM	126408103
—	SOHO HOUSE & CO INC	1,805,182 (-11.4%)	$16,174 (-10.3%)	1.1%	$8.85	—	COM CL A	586001109
RC	READY CAPITAL CORP	850,129 (-2.6%)	$1,853 (-45.1%)	0.1%	$5.09	—	COM	75574U101
IP	INTERNATIONAL PAPER CO	57,750 (-14.1%)	$2,275 (-27.0%)	0.2%	$45.98	-11.2%	COM	460146103

Unchanged Positions (27)

CEPU CENTRAL PUERTO S A 0.6%

Value ($000) $9,275 Shares 530,000 Est. Cost $2.95 Unrealized —

VST VISTRA CORP 0.8%

Value ($000) $12,019 Shares 74,500 Est. Cost $35.83 Unrealized +407.7%

NXRT NEXPOINT RESIDENTIAL TR INC 2.0%

Value ($000) $28,136 Shares 934,752 Est. Cost $43.30 Unrealized —

ARE ALEXANDRIA REAL ESTATE EQ IN 0.2%

Value ($000) $2,741 Shares 56,000 Est. Cost $142.21 Unrealized -59.2%

WSR WHITESTONE REIT 0.8%

Value ($000) $12,157 Shares 875,255 Est. Cost $9.78 Unrealized —

YETI YETI HLDGS INC 0.3%

Value ($000) $4,236 Shares 95,898 Est. Cost $30.01 Unrealized +28.2%

TSAT TELESAT CORP 0.8%

Value ($000) $11,542 Shares 396,623 Est. Cost $40.01 Unrealized -27.3%

— FRONTIER COMMUNICATIONS PARE 3.6%

Value ($000) $51,902 Shares 1,363,323 Est. Cost $36.62 Unrealized —

ET ENERGY TRANSFER L P 0.9%

Value ($000) $12,566 Shares 762,040 Est. Cost $12.79 Unrealized —

AL AIR LEASE CORP 3.4%

Value ($000) $49,129 Shares 764,898 Est. Cost $59.40 Unrealized +7.2%

SRG SERITAGE GROWTH PPTYS 0.1%

Value ($000) $1,357 Shares 417,500 Est. Cost $11.09 Unrealized -65.8%

REYN REYNOLDS CONSUMER PRODS INC 0.4%

Value ($000) $5,629 Shares 245,575 Est. Cost $22.97 Unrealized +3.5%

GPRE GREEN PLAINS INC 0.2%

Value ($000) $3,410 Shares 348,000 Est. Cost $8.04 Unrealized +25.2%

PSX PHILLIPS 66 0.3%

Value ($000) $4,707 Shares 36,475 Est. Cost $113.48 Unrealized +18.1%

PRA PROASSURANCE CORP 2.2%

Value ($000) $32,108 Shares 1,328,990 Est. Cost $23.80 Unrealized +1.0%

RAL RALLIANT CORP 0.1%

Value ($000) $1,599 Shares 31,408 Est. Cost $45.77 Unrealized +2.4%

MMLP MARTIN MIDSTREAM PRTNRS L P 0.1%

Value ($000) $1,066 Shares 408,240 Est. Cost $3.59 Unrealized —

SUPV GRUPO SUPERVIELLE S.A. 0.0%

Value ($000) $287 Shares 24,300 Est. Cost $3.21 Unrealized —

CVGW CALAVO GROWERS INC 0.0%

Value ($000) $665 Shares 30,586 Est. Cost $25.51 Unrealized -13.8%

— WHEELER REAL ESTATE INVT TR 0.0%

Value ($000) $427 Shares 82,301 Est. Cost $3.96 Unrealized —

BEP BROOKFIELD RENEWABLE PARTNER 0.1%

Value ($000) $1,551 Shares 57,506 Est. Cost $25.79 Unrealized —

TECK TECK RESOURCES LTD 0.1%

Value ($000) $807 Shares 16,850 Est. Cost $47.72 Unrealized -9.2%

SAFE SAFEHOLD INC 0.0%

Value ($000) $510 Shares 37,256 Est. Cost $29.78 Unrealized —

INDI INDIE SEMICONDUCTOR INC 0.0%

Value ($000) $375 Shares 106,100 Est. Cost $4.70 Unrealized -6.8%

CNR CORE NATURAL RESOURCES INC 0.0%

Value ($000) $475 Shares 5,368 Est. Cost $84.05 Unrealized +1.3%

HRTX HERON THERAPEUTICS INC 0.0%

Value ($000) $618 Shares 475,750 Est. Cost $18.41 Unrealized -93.3%

LWACU LIGHTWAVE ACQUISITION CORP 0.1%

Value ($000) $1,020 Shares 100,000 Est. Cost $10.04 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
CEPU	CENTRAL PUERTO S A	530,000	$9,275	0.6%	$2.95	—	SPONSORED ADR	155038201
VST	VISTRA CORP	74,500	$12,019	0.8%	$35.83	+407.7%	COM	92840M102
NXRT	NEXPOINT RESIDENTIAL TR INC	934,752	$28,136	2.0%	$43.30	—	COM	65341D102
ARE	ALEXANDRIA REAL ESTATE EQ IN	56,000	$2,741	0.2%	$142.21	-59.2%	COM	015271109
WSR	WHITESTONE REIT	875,255	$12,157	0.8%	$9.78	—	COM	966084204
YETI	YETI HLDGS INC	95,898	$4,236	0.3%	$30.01	+28.2%	COM	98585X104
TSAT	TELESAT CORP	396,623	$11,542	0.8%	$40.01	-27.3%	CL A & CL B SHS	879512309
—	FRONTIER COMMUNICATIONS PARE	1,363,323	$51,902	3.6%	$36.62	—	COM	35909D109
ET	ENERGY TRANSFER L P	762,040	$12,566	0.9%	$12.79	—	COM UT LTD PTN	29273V100
AL	AIR LEASE CORP	764,898	$49,129	3.4%	$59.40	+7.2%	CL A	00912X302
SRG	SERITAGE GROWTH PPTYS	417,500	$1,357	0.1%	$11.09	-65.8%	CL A	81752R100
REYN	REYNOLDS CONSUMER PRODS INC	245,575	$5,629	0.4%	$22.97	+3.5%	COM	76171L106
GPRE	GREEN PLAINS INC	348,000	$3,410	0.2%	$8.04	+25.2%	COM	393222104
PSX	PHILLIPS 66	36,475	$4,707	0.3%	$113.48	+18.1%	COM	718546104
PRA	PROASSURANCE CORP	1,328,990	$32,108	2.2%	$23.80	+1.0%	COM	74267C106
RAL	RALLIANT CORP	31,408	$1,599	0.1%	$45.77	+2.4%	COM	750940108
MMLP	MARTIN MIDSTREAM PRTNRS L P	408,240	$1,066	0.1%	$3.59	—	UNIT L P INT	573331105
SUPV	GRUPO SUPERVIELLE S.A.	24,300	$287	0.0%	$3.21	—	SPONSORED ADR	40054A108
CVGW	CALAVO GROWERS INC	30,586	$665	0.0%	$25.51	-13.8%	COM	128246105
—	WHEELER REAL ESTATE INVT TR	82,301	$427	0.0%	$3.96	—	CV PFD SER B	963025309
BEP	BROOKFIELD RENEWABLE PARTNER	57,506	$1,551	0.1%	$25.79	—	PARTNERSHIP UNIT	G16258108
TECK	TECK RESOURCES LTD	16,850	$807	0.1%	$47.72	-9.2%	CL B	878742204
SAFE	SAFEHOLD INC	37,256	$510	0.0%	$29.78	—	COM	78646V107
INDI	INDIE SEMICONDUCTOR INC	106,100	$375	0.0%	$4.70	-6.8%	CLASS A COM	45569U101
CNR	CORE NATURAL RESOURCES INC	5,368	$475	0.0%	$84.05	+1.3%	COM SHS	218937100
HRTX	HERON THERAPEUTICS INC	475,750	$618	0.0%	$18.41	-93.3%	COM	427746102
LWACU	LIGHTWAVE ACQUISITION CORP	100,000	$1,020	0.1%	$10.04	—	UNIT 06/06/2030	G5490M118