Greenhouse Funds LLLP Hedge Fund

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
TOST	TOAST INC	1,860,143	$66,054	2.4%	$36.05	0.0%	CL A	888787108
FLS	FLOWSERVE CORP	552,830	$38,355	1.4%	$64.09	0.0%	COM	34354P105
FLR	FLUOR CORP NEW	750,000	$29,723	1.1%	—	—	CALL	343412102
NOVT	NOVANTA INC	226,071	$26,900	1.0%	$113.88	0.0%	COM	67000B104
SRAD	SPORTRADAR GROUP AG	750,000	$17,828	0.6%	$11.80	—	CALL	H8088L103
UNF	UNIFIRST CORP MASS	63,894	$12,325	0.4%	$168.52	0.0%	COM	904708104
GSAT	GLOBALSTAR INC	200,000	$12,208	0.4%	$25.13	+119.8%	PUT	378973507
LIVN	LIVANOVA PLC	120,341	$7,405	0.3%	$57.14	0.0%	SHS	G5509L101

Increased Positions (15)

GSAT GLOBALSTAR INC 4.9%

Value ($000) $135,805 (+73.6%) Shares 2,224,845 (+3.5%) Est. Cost $25.13 Unrealized +119.8%

NEO NEOGENOMICS INC 3.7%

Value ($000) $101,652 (+60.2%) Shares 8,643,846 (+5.1%) Est. Cost $11.03 Unrealized -2.2%

CHYM CHIME FINL INC 3.0%

Value ($000) $82,858 (+74.6%) Shares 3,291,951 (+39.9%) Est. Cost $27.41 Unrealized -22.5%

VYX NCR VOYIX CORPORATION 6.8%

Value ($000) $187,180 (-14.8%) Shares 18,350,987 (+4.8%) Est. Cost $11.90 Unrealized -8.7%

XBI SPDR SERIES TRUST 3.0%

Value ($000) $83,830 (+23.8%) Shares 687,524 (+1.7%) Est. Cost $85.30 Unrealized —

OLED UNIVERSAL DISPLAY CORP 3.3%

Value ($000) $90,426 (-13.2%) Shares 774,330 (+6.8%) Est. Cost $144.50 Unrealized -10.6%

SRAD SPORTRADAR GROUP AG 5.7%

Value ($000) $157,394 (-7.3%) Shares 6,621,554 (+4.9%) Est. Cost $11.80 Unrealized —

NCLH NORWEGIAN CRUISE LINE HLDG L 4.3%

Value ($000) $118,266 (-5.4%) Shares 5,298,649 (+4.4%) Est. Cost $19.16 Unrealized +10.2%

GTM ZOOMINFO TECHNOLOGIES INC 3.9%

Value ($000) $108,128 (-5.8%) Shares 10,632,097 (+1.0%) Est. Cost $11.68 Unrealized -11.9%

VMI VALMONT INDS INC 3.0%

Value ($000) $82,123 (+6.2%) Shares 204,124 (+2.3%) Est. Cost $245.55 Unrealized +65.7%

HAYW HAYWARD HLDGS INC 3.3%

Value ($000) $91,958 (+4.0%) Shares 5,952,001 (+1.8%) Est. Cost $13.83 Unrealized +14.3%

ADT ADT INC DEL 0.4%

Value ($000) $11,728 (+34.7%) Shares 1,453,300 (+45.3%) Est. Cost $8.46 Unrealized -2.2%

HQY HEALTHEQUITY INC 3.6%

Value ($000) $98,912 (-2.4%) Shares 1,079,704 (+1.0%) Est. Cost $84.49 Unrealized +13.3%

TDY TELEDYNE TECHNOLOGIES INC 2.8%

Value ($000) $76,337 (-1.7%) Shares 149,466 (+12.8%) Est. Cost $498.38 Unrealized +5.7%

ADT ADT INC DEL 1.7%

Value ($000) $45,901 (+2.8%) Shares 5,687,898 (+10.9%) Est. Cost $8.46 Unrealized -2.2%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
GSAT	GLOBALSTAR INC	2,224,845 (+3.5%)	$135,805 (+73.6%)	4.9%	$25.13	+119.8%	COM NEW	378973507
NEO	NEOGENOMICS INC	8,643,846 (+5.1%)	$101,652 (+60.2%)	3.7%	$11.03	-2.2%	COM NEW	64049M209
CHYM	CHIME FINL INC	3,291,951 (+39.9%)	$82,858 (+74.6%)	3.0%	$27.41	-22.5%	COM SHS CL A	16935C109
VYX	NCR VOYIX CORPORATION	18,350,987 (+4.8%)	$187,180 (-14.8%)	6.8%	$11.90	-8.7%	COM	62886E108
XBI	SPDR SERIES TRUST	687,524 (+1.7%)	$83,830 (+23.8%)	3.0%	$85.30	—	STATE STREET SPD	78464A870
OLED	UNIVERSAL DISPLAY CORP	774,330 (+6.8%)	$90,426 (-13.2%)	3.3%	$144.50	-10.6%	COM	91347P105
SRAD	SPORTRADAR GROUP AG	6,621,554 (+4.9%)	$157,394 (-7.3%)	5.7%	$11.80	—	CLASS A ORD SHS	H8088L103
NCLH	NORWEGIAN CRUISE LINE HLDG L	5,298,649 (+4.4%)	$118,266 (-5.4%)	4.3%	$19.16	+10.2%	SHS	G66721104
GTM	ZOOMINFO TECHNOLOGIES INC	10,632,097 (+1.0%)	$108,128 (-5.8%)	3.9%	$11.68	-11.9%	COMMON STOCK	98980F104
VMI	VALMONT INDS INC	204,124 (+2.3%)	$82,123 (+6.2%)	3.0%	$245.55	+65.7%	COM	920253101
HAYW	HAYWARD HLDGS INC	5,952,001 (+1.8%)	$91,958 (+4.0%)	3.3%	$13.83	+14.3%	COM	421298100
ADT	ADT INC DEL	1,453,300 (+45.3%)	$11,728 (+34.7%)	0.4%	$8.46	-2.2%	CALL	00090Q103
HQY	HEALTHEQUITY INC	1,079,704 (+1.0%)	$98,912 (-2.4%)	3.6%	$84.49	+13.3%	COM	42226A107
TDY	TELEDYNE TECHNOLOGIES INC	149,466 (+12.8%)	$76,337 (-1.7%)	2.8%	$498.38	+5.7%	COM	879360105
ADT	ADT INC DEL	5,687,898 (+10.9%)	$45,901 (+2.8%)	1.7%	$8.46	-2.2%	COM	00090Q103

Exited Positions (7)

EFX EQUIFAX INC 2.8%

Value ($000) $77,879 Shares 303,587 Est. Cost $252.36 Unrealized -13.4%

BLKB BLACKBAUD INC 1.9%

Value ($000) $51,635 Shares 802,904 Est. Cost $68.24 Unrealized -9.4%

SAIA SAIA INC 1.1%

Value ($000) $31,246 Shares 104,375 Est. Cost $329.35 Unrealized -8.2%

NCLH NORWEGIAN CRUISE LINE HLDG L 0.9%

Value ($000) $24,630 Shares 1,000,000 Est. Cost $19.16 Unrealized +10.2%

GPN GLOBAL PMTS INC 0.8%

Value ($000) $21,051 Shares 253,385 Est. Cost $83.75 Unrealized -4.1%

GTM ZOOMINFO TECHNOLOGIES INC 0.4%

Value ($000) $12,001 Shares 1,100,000 Est. Cost $11.68 Unrealized -11.9%

VYX NCR VOYIX CORPORATION 0.2%

Value ($000) $5,760 Shares 459,000 Est. Cost $11.90 Unrealized -8.7%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
EFX	EQUIFAX INC	303,587	$77,879	2.8%	$252.36	-13.4%	—	294429105
BLKB	BLACKBAUD INC	802,904	$51,635	1.9%	$68.24	-9.4%	—	09227Q100
SAIA	SAIA INC	104,375	$31,246	1.1%	$329.35	-8.2%	—	78709Y105
NCLH	NORWEGIAN CRUISE LINE HLDG L	1,000,000	$24,630	0.9%	$19.16	+10.2%	CALL	G66721104
GPN	GLOBAL PMTS INC	253,385	$21,051	0.8%	$83.75	-4.1%	—	37940X102
GTM	ZOOMINFO TECHNOLOGIES INC	1,100,000	$12,001	0.4%	$11.68	-11.9%	CALL	98980F104
VYX	NCR VOYIX CORPORATION	459,000	$5,760	0.2%	$11.90	-8.7%	CALL	62886E108

Decreased Positions (9)

PHR PHREESIA INC 1.5%

Value ($000) $41,826 (-54.2%) Shares 2,471,960 (-36.3%) Est. Cost $22.99 Unrealized -10.2%

GTLB GITLAB INC 0.3%

Value ($000) $8,051 (-83.5%) Shares 214,529 (-80.1%) Est. Cost $50.43 Unrealized -14.2%

CFLT CONFLUENT INC 3.7%

Value ($000) $101,813 (+43.9%) Shares 3,366,843 (-5.8%) Est. Cost $25.13 Unrealized -2.3%

GPN GLOBAL PMTS INC 1.8%

Value ($000) $50,310 (-19.3%) Shares 650,000 (-13.3%) Est. Cost $83.75 Unrealized -4.1%

ALAB ASTERA LABS INC 1.9%

Value ($000) $52,306 (-16.9%) Shares 314,417 (-2.2%) Est. Cost $70.48 Unrealized +137.4%

SG SWEETGREEN INC 0.9%

Value ($000) $24,002 (-23.8%) Shares 3,550,564 (-10.0%) Est. Cost $13.94 Unrealized -50.7%

MCW MISTER CAR WASH INC 3.3%

Value ($000) $92,016 (+2.4%) Shares 16,549,713 (-1.9%) Est. Cost $7.81 Unrealized -32.6%

CHEF CHEFS WHSE INC 0.5%

Value ($000) $14,727 (+2.8%) Shares 236,270 (-3.8%) Est. Cost $26.11 Unrealized +130.3%

BILL BILL HOLDINGS INC 5.8%

Value ($000) $160,016 (-0.2%) Shares 2,933,926 (-3.0%) Est. Cost $60.01 Unrealized -14.4%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
PHR	PHREESIA INC	2,471,960 (-36.3%)	$41,826 (-54.2%)	1.5%	$22.99	-10.2%	COM	71944F106
GTLB	GITLAB INC	214,529 (-80.1%)	$8,051 (-83.5%)	0.3%	$50.43	-14.2%	CLASS A COM	37637K108
CFLT	CONFLUENT INC	3,366,843 (-5.8%)	$101,813 (+43.9%)	3.7%	$25.13	-2.3%	CLASS A COM	20717M103
GPN	GLOBAL PMTS INC	650,000 (-13.3%)	$50,310 (-19.3%)	1.8%	$83.75	-4.1%	CALL	37940X102
ALAB	ASTERA LABS INC	314,417 (-2.2%)	$52,306 (-16.9%)	1.9%	$70.48	+137.4%	COM	04626A103
SG	SWEETGREEN INC	3,550,564 (-10.0%)	$24,002 (-23.8%)	0.9%	$13.94	-50.7%	COM CL A	87043Q108
MCW	MISTER CAR WASH INC	16,549,713 (-1.9%)	$92,016 (+2.4%)	3.3%	$7.81	-32.6%	COM	60646V105
CHEF	CHEFS WHSE INC	236,270 (-3.8%)	$14,727 (+2.8%)	0.5%	$26.11	+130.3%	COM	163086101
BILL	BILL HOLDINGS INC	2,933,926 (-3.0%)	$160,016 (-0.2%)	5.8%	$60.01	-14.4%	COM	090043100

Unchanged Positions (8)

RBC RBC BEARINGS INC 3.8%

Value ($000) $105,465 Shares 235,187 Est. Cost $309.54 Unrealized +36.8%

MSGS MADISON SQUARE GRDN SPRT COR 3.9%

Value ($000) $109,174 Shares 422,091 Est. Cost $179.80 Unrealized +26.6%

CDRE CADRE HLDGS INC 4.1%

Value ($000) $114,027 Shares 2,792,035 Est. Cost $24.03 Unrealized +72.5%

CFLT CONFLUENT INC 1.1%

Value ($000) $30,240 Shares 1,000,000 Est. Cost $25.13 Unrealized -2.3%

MMSI MERIT MED SYS INC 2.8%

Value ($000) $76,437 Shares 867,227 Est. Cost $82.60 Unrealized +3.0%

OII OCEANEERING INTL INC 2.1%

Value ($000) $59,312 Shares 2,468,260 Est. Cost $17.30 Unrealized +39.6%

CLAR CLARUS CORP NEW 0.7%

Value ($000) $18,252 Shares 5,448,431 Est. Cost $9.61 Unrealized -64.7%

BILL BILL HOLDINGS INC 1.0%

Value ($000) $27,270 Shares 500,000 Est. Cost $60.01 Unrealized -14.4%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
RBC	RBC BEARINGS INC	235,187	$105,465	3.8%	$309.54	+36.8%	COM	75524B104
MSGS	MADISON SQUARE GRDN SPRT COR	422,091	$109,174	3.9%	$179.80	+26.6%	CL A	55825T103
CDRE	CADRE HLDGS INC	2,792,035	$114,027	4.1%	$24.03	+72.5%	COM	12763L105
CFLT	CONFLUENT INC	1,000,000	$30,240	1.1%	$25.13	-2.3%	CALL	20717M103
MMSI	MERIT MED SYS INC	867,227	$76,437	2.8%	$82.60	+3.0%	COM	589889104
OII	OCEANEERING INTL INC	2,468,260	$59,312	2.1%	$17.30	+39.6%	COM	675232102
CLAR	CLARUS CORP NEW	5,448,431	$18,252	0.7%	$9.61	-64.7%	COM	18270P109
BILL	BILL HOLDINGS INC	500,000	$27,270	1.0%	$60.01	-14.4%	CALL	090043100