Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
VST	VISTRA CORP	1,020,228	$162M	4.9%	—	—	COM	92840M102
PLNT	PLANET FITNESS MASTER ISSUER	1,893,738	$98.8M	3.0%	—	—	CL A	72703H101
META	META PLATFORMS INC	100,000	$56.33M	1.7%	—	—	CALL	30303M102
FWONK	LIBERTY MEDIA CORP DEL	400,900	$38.14M	1.2%	—	—	COM LBTY ONE S C	531229755
MEG	ONTERRIS INC	1,770,000	$35.77M	1.1%	—	—	COM	615111101
FWONA	LIBERTY MEDIA CORP DEL	318,350	$27.87M	0.9%	—	—	COM LBTY ONE S A	531229771

Increased Positions (3)

META META PLATFORMS INC 4.8%

Value $158M (+11386.4%) Shares 280,000 (+11566.7%) Est. Cost — Unrealized —

WGS GENEDX HOLDINGS CORP 10.0%

Value $328M (+58.4%) Shares 4,784,570 (+48.2%) Est. Cost — Unrealized —

AMZN AMAZON COM INC 6.6%

Value $216M (+17.4%) Shares 905,732 (+2.6%) Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
META	META PLATFORMS INC	280,000 (+11566.7%)	$158M (+11386.4%)	4.8%	—	—	CL A	30303M102
WGS	GENEDX HOLDINGS CORP	4,784,570 (+48.2%)	$328M (+58.4%)	10.0%	—	—	COM CL A	81663L200
AMZN	AMAZON COM INC	905,732 (+2.6%)	$216M (+17.4%)	6.6%	—	—	COM	023135106

Exited Positions (6)

CSGP COSTAR GROUP INC 1.0%

Value $34.36M Shares 851,734 Est. Cost — Unrealized —

LION LIONSGATE STUDIOS CORP 0.5%

Value $15.56M Shares 1,622,551 Est. Cost — Unrealized —

CRM SALESFORCE INC 0.1%

Value $2.707M Shares 14,500 Est. Cost — Unrealized —

IWM ISHARES TR 0.0%

Value $1.24M Shares 5,000 Est. Cost — Unrealized —

AMBP ARDAGH METAL PACKAGING S A 0.0%

Value $1.137M Shares 280,854 Est. Cost — Unrealized —

LAB STANDARD BIOTOOLS INC 0.0%

Value $40,762 Shares 44,340 Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
CSGP	COSTAR GROUP INC	851,734	$34.36M	1.0%	—	—	—	22160N109
LION	LIONSGATE STUDIOS CORP	1,622,551	$15.56M	0.5%	—	—	—	53626N102
CRM	SALESFORCE INC	14,500	$2.707M	0.1%	—	—	—	79466L302
IWM	ISHARES TR	5,000	$1.24M	0.0%	—	—	—	464287655
AMBP	ARDAGH METAL PACKAGING S A	280,854	$1.137M	0.0%	—	—	—	L02235106
LAB	STANDARD BIOTOOLS INC	44,340	$40,762	0.0%	—	—	—	34385P108

Decreased Positions (7)

SWX SOUTHWEST GAS HLDGS INC 8.7%

Value $285M (-24.2%) Shares 3,208,538 (-25.7%) Est. Cost — Unrealized —

UNP UNION PAC CORP 2.7%

Value $88.76M (-24.5%) Shares 326,330 (-32.6%) Est. Cost — Unrealized —

ILMN ILLUMINA INC 15.2%

Value $498M (+5.4%) Shares 2,830,552 (-26.1%) Est. Cost — Unrealized —

QSR RESTAURANT BRANDS INTL INC 2.8%

Value $91.74M (-21.3%) Shares 1,265,178 (-19.8%) Est. Cost — Unrealized —

FTRE FORTREA HLDGS INC 1.6%

Value $52M (+18.9%) Shares 2,988,551 (-35.6%) Est. Cost — Unrealized —

IAC PEOPLE INC 3.9%

Value $129M (-4.0%) Shares 2,793,715 (-16.7%) Est. Cost — Unrealized —

CX CEMEX SA EURO MTN BE 144A 3.0%

Value $99.78M (+1.4%) Shares 8,315,275 (-3.3%) Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
SWX	SOUTHWEST GAS HLDGS INC	3,208,538 (-25.7%)	$285M (-24.2%)	8.7%	—	—	COM	844895102
UNP	UNION PAC CORP	326,330 (-32.6%)	$88.76M (-24.5%)	2.7%	—	—	COM	907818108
ILMN	ILLUMINA INC	2,830,552 (-26.1%)	$498M (+5.4%)	15.2%	—	—	COM	452327109
QSR	RESTAURANT BRANDS INTL INC	1,265,178 (-19.8%)	$91.74M (-21.3%)	2.8%	—	—	COM	76131D103
FTRE	FORTREA HLDGS INC	2,988,551 (-35.6%)	$52M (+18.9%)	1.6%	—	—	COMMON STOCK	34965K107
IAC	PEOPLE INC	2,793,715 (-16.7%)	$129M (-4.0%)	3.9%	—	—	COM NEW	44891N208
CX	CEMEX SA EURO MTN BE 144A	8,315,275 (-3.3%)	$99.78M (+1.4%)	3.0%	—	—	SPON ADR NEW	151290889

Unchanged Positions (9)

VSTS VESTIS CORPORATION 8.8%

Value $288M Shares 19,813,963 Est. Cost — Unrealized —

MGM MGM RESORTS INTERNATIONAL 7.8%

Value $256M Shares 5,347,978 Est. Cost — Unrealized —

LLYVA LIBERTY LIVE HOLDINGS INC 3.1%

Value $102M Shares 1,005,434 Est. Cost — Unrealized —

NVDA NVIDIA CORPORATION 0.1%

Value $3.251M Shares 16,250 Est. Cost — Unrealized —

MSFT MICROSOFT CORP 1.5%

Value $49.11M Shares 131,661 Est. Cost — Unrealized —

LLYVK LIBERTY LIVE HOLDINGS INC 0.1%

Value $3.414M Shares 32,322 Est. Cost — Unrealized —

DIS DISNEY WALT CO 6.4%

Value $208M Shares 2,160,581 Est. Cost — Unrealized —

TSLA TESLA INC 0.0%

Value $1.199M Shares 2,850 Est. Cost — Unrealized —

FLYX/WS FLYEXCLUSIVE INC 0.0%

Value $42,174 Shares 200,827 Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
VSTS	VESTIS CORPORATION	19,813,963	$288M	8.8%	—	—	COM SHS	29430C102
MGM	MGM RESORTS INTERNATIONAL	5,347,978	$256M	7.8%	—	—	COM	552953101
LLYVA	LIBERTY LIVE HOLDINGS INC	1,005,434	$102M	3.1%	—	—	COM SER A	530909100
NVDA	NVIDIA CORPORATION	16,250	$3.251M	0.1%	—	—	COM	67066G104
MSFT	MICROSOFT CORP	131,661	$49.11M	1.5%	—	—	COM	594918104
LLYVK	LIBERTY LIVE HOLDINGS INC	32,322	$3.414M	0.1%	—	—	COM SHS SER C	530909308
DIS	DISNEY WALT CO	2,160,581	$208M	6.4%	—	—	COM	254687106
TSLA	TESLA INC	2,850	$1.199M	0.0%	—	—	COM	88160R101
FLYX/WS	FLYEXCLUSIVE INC	200,827	$42,174	0.0%	—	—	*W EXP 99/99/999	343928115