Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
CF	CF INDUSTRIES HOLD	60,000	$6.496M	1.4%	$108.26	—	COM	125269100
POOL	POOL CORP	20,000	$4.298M	0.9%	$214.90	—	COM	73278L105
INTU	INTUIT	15,000	$3.915M	0.8%	$261.00	—	COM	461202103
TZOO	TRAVELZOO	244,305	$2.853M	0.6%	$11.68	—	COM NEW	89421Q205
CDW	CDW CORP	20,000	$2.813M	0.6%	$140.64	—	COM	12514G108
CRM	SALESFORCE INC	15,000	$2.35M	0.5%	$156.66	—	COM	79466L302
FDS	FACTSET RESH SYS INC	10,000	$2.301M	0.5%	$230.08	—	COM	303075105
SBFG	SB FINL GROUP INC	90,373	$2.284M	0.5%	$25.27	—	COM	78408D105
UNB	UNION BANKSHARES INC	80,000	$1.941M	0.4%	$24.26	—	COM	905400107
BOOM	DMC GLOBAL INC	300,000	$1.743M	0.4%	$5.81	—	COM	23291C103
GETY	GETTY IMAGES HOLDINGS INC	1,500,000	$1.29M	0.3%	$0.86	—	CL A COM	374275105
ARQ	ARQ INC	420,000	$1.071M	0.2%	$2.55	—	COM	00770C101
SLQT	SELECTQUOTE INC	1,000,000	$841K	0.2%	$0.84	—	COM	816307300

Increased Positions (3)

— STATE STR SPDR S&P 500 ETF T 55.9%

Value $261M (+100.9%) Shares 350,000 (+75.0%) Est. Cost — Unrealized —

EOG EOG RES INC 1.9%

Value $8.757M (+51.4%) Shares 67,500 (+68.8%) Est. Cost $119.30 Unrealized —

— PETROLEO BRASILEIRO S A 1.2%

Value $5.656M (+9.0%) Shares 350,000 (+40.0%) Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	STATE STR SPDR S&P 500 ETF T	350,000 (+75.0%)	$261M (+100.9%)	55.9%	—	—	PUT	78462F953
EOG	EOG RES INC	67,500 (+68.8%)	$8.757M (+51.4%)	1.9%	$119.30	—	COM	26875P101
—	PETROLEO BRASILEIRO S A	350,000 (+40.0%)	$5.656M (+9.0%)	1.2%	—	—	CALL	71654V908

Exited Positions (12)

— SELECT SECTOR SPDR TR 5.2%

Value $24.5M Shares 400,000 Est. Cost — Unrealized —

— ISHARES TR 3.6%

Value $17.04M Shares 300,000 Est. Cost — Unrealized —

AMPY AMPLIFY ENERGY CORP NEW 1.7%

Value $7.8M Shares 1,250,000 Est. Cost $3.69 Unrealized —

REI RING ENERGY INC 0.7%

Value $3.06M Shares 2,000,000 Est. Cost $1.13 Unrealized —

CRGY CRESCENT ENERGY COMPANY 0.6%

Value $2.7M Shares 200,000 Est. Cost $9.32 Unrealized —

WHR WHIRLPOOL CORP 0.6%

Value $2.696M Shares 50,000 Est. Cost $97.51 Unrealized —

SND SMART SAND INC 0.5%

Value $2.253M Shares 440,000 Est. Cost $3.71 Unrealized —

PINS PINTEREST INC 0.3%

Value $1.467M Shares 80,000 Est. Cost $22.23 Unrealized —

PPIH PERMA-PIPE INTL HLDGS INC 0.3%

Value $1.222M Shares 41,000 Est. Cost $14.42 Unrealized —

ALTO ALTO INGREDIENTS INC 0.2%

Value $1.137M Shares 235,000 Est. Cost $1.89 Unrealized —

DOUG DOUGLAS ELLIMAN INC 0.2%

Value $741K Shares 452,066 Est. Cost $1.91 Unrealized —

GPMT GRANITE PT MTG TR INC 0.1%

Value $531K Shares 366,274 Est. Cost $2.47 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	SELECT SECTOR SPDR TR	400,000	$24.5M	5.2%	—	—	PUT	81369Y956
—	ISHARES TR	300,000	$17.04M	3.6%	—	—	PUT	464287954
AMPY	AMPLIFY ENERGY CORP NEW	1,250,000	$7.8M	1.7%	$3.69	—	—	03212B103
REI	RING ENERGY INC	2,000,000	$3.06M	0.7%	$1.13	—	—	76680V108
CRGY	CRESCENT ENERGY COMPANY	200,000	$2.7M	0.6%	$9.32	—	—	44952J104
WHR	WHIRLPOOL CORP	50,000	$2.696M	0.6%	$97.51	—	—	963320106
SND	SMART SAND INC	440,000	$2.253M	0.5%	$3.71	—	—	83191H107
PINS	PINTEREST INC	80,000	$1.467M	0.3%	$22.23	—	—	72352L106
PPIH	PERMA-PIPE INTL HLDGS INC	41,000	$1.222M	0.3%	$14.42	—	—	714167103
ALTO	ALTO INGREDIENTS INC	235,000	$1.137M	0.2%	$1.89	—	—	021513106
DOUG	DOUGLAS ELLIMAN INC	452,066	$741K	0.2%	$1.91	—	—	25961D105
GPMT	GRANITE PT MTG TR INC	366,274	$531K	0.1%	$2.47	—	—	38741L107

Decreased Positions (13)

CHCI COMSTOCK HLDG COS INC 0.8%

Value $3.909M (-41.0%) Shares 244,461 (-30.2%) Est. Cost $12.74 Unrealized —

EC ECOPETROL S A 1.3%

Value $6.123M (-25.7%) Shares 430,000 (-21.8%) Est. Cost $9.72 Unrealized —

ICLR ICON PUB LTD CO 0.2%

Value $1.042M (-60.8%) Shares 6,000 (-75.0%) Est. Cost $156.36 Unrealized —

OPBK OP BANCORP 0.8%

Value $3.897M (-26.7%) Shares 260,000 (-35.0%) Est. Cost $15.34 Unrealized —

AVAL GRUPO AVAL ACCIONES Y VALORE 1.1%

Value $5.03M (-18.3%) Shares 1,000,000 (-28.6%) Est. Cost $2.03 Unrealized —

FRD FRIEDMAN INDS INC 0.8%

Value $3.751M (+41.1%) Shares 116,551 (-22.3%) Est. Cost $15.68 Unrealized —

ADBE ADOBE INC 0.6%

Value $2.87M (-26.2%) Shares 14,000 (-12.5%) Est. Cost $337.60 Unrealized —

BBD BANCO BRADESCO S A 1.1%

Value $5.205M (-16.1%) Shares 1,500,000 (-11.8%) Est. Cost $2.74 Unrealized —

DIBS 1STDIBS COM INC 0.0%

Value $103K (-89.6%) Shares 21,083 (-88.3%) Est. Cost $2.64 Unrealized —

INFU INFUSYSTEM HLDGS INC 0.3%

Value $1.241M (-41.5%) Shares 128,629 (-44.1%) Est. Cost $6.13 Unrealized —

LCUT LIFETIME BRANDS INC 0.1%

Value $364K (-68.3%) Shares 42,679 (-78.7%) Est. Cost $3.64 Unrealized —

GOOGL ALPHABET INC 0.8%

Value $3.574M (-17.1%) Shares 10,000 (-33.3%) Est. Cost $171.01 Unrealized —

TFX TELEFLEX INCORPORATED 0.7%

Value $3.169M (-17.2%) Shares 25,000 (-21.9%) Est. Cost $108.70 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
CHCI	COMSTOCK HLDG COS INC	244,461 (-30.2%)	$3.909M (-41.0%)	0.8%	$12.74	—	CL A NEW	205684202
EC	ECOPETROL S A	430,000 (-21.8%)	$6.123M (-25.7%)	1.3%	$9.72	—	SPONSORED ADS	279158109
ICLR	ICON PUB LTD CO	6,000 (-75.0%)	$1.042M (-60.8%)	0.2%	$156.36	—	SHS	G4705A100
OPBK	OP BANCORP	260,000 (-35.0%)	$3.897M (-26.7%)	0.8%	$15.34	—	COM	67109R109
AVAL	GRUPO AVAL ACCIONES Y VALORE	1,000,000 (-28.6%)	$5.03M (-18.3%)	1.1%	$2.03	—	SPONSORED ADS	40053W101
FRD	FRIEDMAN INDS INC	116,551 (-22.3%)	$3.751M (+41.1%)	0.8%	$15.68	—	COM	358435105
ADBE	ADOBE INC	14,000 (-12.5%)	$2.87M (-26.2%)	0.6%	$337.60	—	COM	00724F101
BBD	BANCO BRADESCO S A	1,500,000 (-11.8%)	$5.205M (-16.1%)	1.1%	$2.74	—	SP ADR PFD NEW	059460303
DIBS	1STDIBS COM INC	21,083 (-88.3%)	$103K (-89.6%)	0.0%	$2.64	—	COM	320551104
INFU	INFUSYSTEM HLDGS INC	128,629 (-44.1%)	$1.241M (-41.5%)	0.3%	$6.13	—	COM	45685K102
LCUT	LIFETIME BRANDS INC	42,679 (-78.7%)	$364K (-68.3%)	0.1%	$3.64	—	COM	53222Q103
GOOGL	ALPHABET INC	10,000 (-33.3%)	$3.574M (-17.1%)	0.8%	$171.01	—	CAP STK CL A	02079K305
TFX	TELEFLEX INCORPORATED	25,000 (-21.9%)	$3.169M (-17.2%)	0.7%	$108.70	—	COM	879369106

Unchanged Positions (23)

— ISHARES INC 5.2%

Value $24.15M Shares 700,000 Est. Cost — Unrealized —

NCSM NCS MULTISTAGE HLDGS INC 0.8%

Value $3.53M Shares 80,000 Est. Cost $39.55 Unrealized —

KSPI KASPI KZ JSC 2.0%

Value $9.53M Shares 110,000 Est. Cost $88.83 Unrealized —

STNE STONECO LTD 0.9%

Value $4.336M Shares 400,000 Est. Cost $9.70 Unrealized —

SM SM ENERGY COMPANY 1.3%

Value $6.264M Shares 240,000 Est. Cost $19.89 Unrealized —

PAGS PAGSEGURO DIGITAL LTD 1.5%

Value $6.787M Shares 750,000 Est. Cost $8.00 Unrealized —

— NEWMONT CORP 0.8%

Value $3.736M Shares 40,000 Est. Cost — Unrealized —

BSET BASSETT FURNITURE INDS INC 0.6%

Value $2.658M Shares 150,000 Est. Cost $13.65 Unrealized —

— SLB LIMITED 1.0%

Value $4.649M Shares 100,000 Est. Cost — Unrealized —

VIST VISTA ENERGY S.A.B. DE C.V. 0.5%

Value $2.552M Shares 40,000 Est. Cost $49.39 Unrealized —

AXR AMREP CORP 0.9%

Value $4.035M Shares 160,000 Est. Cost $25.19 Unrealized —

SLB SLB LIMITED 0.9%

Value $4.417M Shares 95,000 Est. Cost $34.14 Unrealized —

HOFT HOOKER FURNISHINGS CORPORATI 0.2%

Value $1.052M Shares 58,996 Est. Cost $9.66 Unrealized —

LGCY LEGACY ED INC 0.9%

Value $4.116M Shares 350,000 Est. Cost $9.34 Unrealized —

AMLP ALPS ETF TR 2.7%

Value $12.44M Shares 240,000 Est. Cost $48.36 Unrealized —

HGBL HERITAGE GLOBAL INC 0.3%

Value $1.331M Shares 1,100,000 Est. Cost $1.84 Unrealized —

AUBN AUBURN NATL BANCORP 0.3%

Value $1.352M Shares 50,000 Est. Cost $22.66 Unrealized —

— ENERGY TRANSFER L P 2.0%

Value $9.56M Shares 500,000 Est. Cost — Unrealized —

HNNA HENNESSY ADVISORS INC 0.4%

Value $2.03M Shares 200,000 Est. Cost $11.12 Unrealized —

AEO AMERICAN EAGLE OUTFITTERS IN 0.5%

Value $2.408M Shares 140,000 Est. Cost $13.49 Unrealized —

PYPL PAYPAL HLDGS INC 0.3%

Value $1.468M Shares 34,000 Est. Cost $50.08 Unrealized —

ULBI ULTRALIFE CORP 0.3%

Value $1.58M Shares 250,000 Est. Cost $5.93 Unrealized —

MGYR MAGYAR BANCORP INC 0.7%

Value $3.49M Shares 200,000 Est. Cost $16.08 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	ISHARES INC	700,000	$24.15M	5.2%	—	—	CALL	464286900
NCSM	NCS MULTISTAGE HLDGS INC	80,000	$3.53M	0.8%	$39.55	—	COM NEW	628877201
KSPI	KASPI KZ JSC	110,000	$9.53M	2.0%	$88.83	—	SPONSORED ADS	48581R205
STNE	STONECO LTD	400,000	$4.336M	0.9%	$9.70	—	COM CL A	G85158106
SM	SM ENERGY COMPANY	240,000	$6.264M	1.3%	$19.89	—	COM	78454L100
PAGS	PAGSEGURO DIGITAL LTD	750,000	$6.787M	1.5%	$8.00	—	COM CL A	G68707101
—	NEWMONT CORP	40,000	$3.736M	0.8%	—	—	CALL	651639906
BSET	BASSETT FURNITURE INDS INC	150,000	$2.658M	0.6%	$13.65	—	COM	070203104
—	SLB LIMITED	100,000	$4.649M	1.0%	—	—	CALL	806857908
VIST	VISTA ENERGY S.A.B. DE C.V.	40,000	$2.552M	0.5%	$49.39	—	SPONSORED ADS	92837L109
AXR	AMREP CORP	160,000	$4.035M	0.9%	$25.19	—	COM	032159105
SLB	SLB LIMITED	95,000	$4.417M	0.9%	$34.14	—	COM STK	806857108
HOFT	HOOKER FURNISHINGS CORPORATI	58,996	$1.052M	0.2%	$9.66	—	COM	439038100
LGCY	LEGACY ED INC	350,000	$4.116M	0.9%	$9.34	—	COM	52474R207
AMLP	ALPS ETF TR	240,000	$12.44M	2.7%	$48.36	—	ALERIAN MLP	00162Q452
HGBL	HERITAGE GLOBAL INC	1,100,000	$1.331M	0.3%	$1.84	—	COM	42727E103
AUBN	AUBURN NATL BANCORP	50,000	$1.352M	0.3%	$22.66	—	COM	050473107
—	ENERGY TRANSFER L P	500,000	$9.56M	2.0%	—	—	CALL	29273V900
HNNA	HENNESSY ADVISORS INC	200,000	$2.03M	0.4%	$11.12	—	COM	425885100
AEO	AMERICAN EAGLE OUTFITTERS IN	140,000	$2.408M	0.5%	$13.49	—	COM	02553E106
PYPL	PAYPAL HLDGS INC	34,000	$1.468M	0.3%	$50.08	—	COM	70450Y103
ULBI	ULTRALIFE CORP	250,000	$1.58M	0.3%	$5.93	—	COM	903899102
MGYR	MAGYAR BANCORP INC	200,000	$3.49M	0.7%	$16.08	—	COM	55977T208