Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
NKE	NIKE INC	157,000	$6.445M	3.9%	$41.05	—	Com	654106103
DIS	DISNEY WALT CO	16,133	$5.968M	3.6%	$369.89	—	Com	254687106
EL	ESTEE LAUDER COMPANIES, INC	75,000	$5.921M	3.6%	$78.95	—	Com	518439104
GPC	GENUINE PARTS CO COM	50,000	$5.899M	3.5%	$117.98	—	Com	372460105
—	PINNACLE FINL PARTNERS INC	120,000	$1.075M	0.6%	$8.96	—	Pref	72348N307
—	ENTERGY LOUISIANA LLC - CALLABLE	40,000	$800K	0.5%	$20.00	—	Pref	29364W108
—	M&T BANK CORP - CALLABLE	20,000	$499K	0.3%	$24.97	—	Pref	55261F872
AHL 5.625 PERP **	ASPEN INSURANCE HLDG LTD-CALLABLE	20,000	$371K	0.2%	$18.55	—	Pref	G05384204
—	DTE ENERGY CO SERIES E - CALLABLE	20,000	$339K	0.2%	$16.94	—	Pref	233331818
—	DTE ENERGY CO-CALLABLE	60,000	$334K	0.2%	$5.57	—	Pref	233331826
PRHI	PRESURANCE HOLDING COM NPV (R/S)	35,714	$175K	0.1%	$4.91	—	Com	20731J409
OPI	OFFICE PROPERTIES COM	2,832	$24,072	0.0%	$8.50	—	Com	67623C307
2664237D	OFFICE PPTYS INCOME - WARRANT ⚠	2,422	$0	0.0%	—	—	Com	67623C117

Increased Positions (3)

MERC MERCER INTERNATIONAL INC SBI 0.2%

Value $416K (-98.3%) Shares 18,220,000 (+5.8%) Est. Cost $5.56 Unrealized —

UBER UBER TECHNOLOGIES, INC 3.9%

Value $6.494M (+759.9%) Shares 79,500 (+657.1%) Est. Cost $81.30 Unrealized —

— WESBANCO INC - CALLABLE 0.3%

Value $503K (-84.5%) Shares 150,000 (+15.4%) Est. Cost $22.44 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
MERC	MERCER INTERNATIONAL INC SBI	18,220,000 (+5.8%)	$416K (-98.3%)	0.2%	$5.56	—	Com	588056101
UBER	UBER TECHNOLOGIES, INC	79,500 (+657.1%)	$6.494M (+759.9%)	3.9%	$81.30	—	Com	90353T100
—	WESBANCO INC - CALLABLE	150,000 (+15.4%)	$503K (-84.5%)	0.3%	$22.44	—	Pref	950810887

Exited Positions (3)

— SLM CORP PFD SERIES B 0.2%

Value $334K Shares 4,500 Est. Cost $52.67 Unrealized —

— RIGHTS PRESURANCE HOLD-CONIFER 0.1%

Value $127K Shares 250,000 Est. Cost $0.51 Unrealized —

— OFFICE PPTYS INCOME TR 0.0%

Value $10,400 Shares 40,000 Est. Cost $25.05 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	SLM CORP PFD SERIES B	4,500	$334K	0.2%	$52.67	—	—	78442P502
—	RIGHTS PRESURANCE HOLD-CONIFER	250,000	$127K	0.1%	$0.51	—	—	207RGT036
—	OFFICE PPTYS INCOME TR	40,000	$10,400	0.0%	$25.05	—	—	67623C208

Decreased Positions (2)

GLW CORNING INC 1.8%

Value $3.065M (-67.4%) Shares 52,037 (-85.9%) Est. Cost $33.25 Unrealized —

— ALGONQUIN POWER & UTILITIES CORP 0.3%

Value $509K (-90.1%) Shares 60,000 (-70.0%) Est. Cost $25.20 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
GLW	CORNING INC	52,037 (-85.9%)	$3.065M (-67.4%)	1.8%	$33.25	—	Com	219350105
—	ALGONQUIN POWER & UTILITIES CORP	60,000 (-70.0%)	$509K (-90.1%)	0.3%	$25.20	—	Pref	015857808

Unchanged Positions (59)

NTPIF NAM TAI PROPERTY INC 1.1%

Value $1.9M Shares 5,774,800 Est. Cost $6.56 Unrealized —

SRL SCULLY ROYALTY LTD 1.1%

Value $1.866M Shares 3,416,664 Est. Cost $9.79 Unrealized —

AMGN AMGEN INC 5.4%

Value $9.053M Shares 92,500 Est. Cost $122.75 Unrealized —

XOM EXXON MOBIL CORP 0.4%

Value $629K Shares 79,600 Est. Cost $44.77 Unrealized —

AMD ADVANCED MICRO DEVICES INC 11.8%

Value $19.71M Shares 33,936 Est. Cost $119.38 Unrealized —

— ARGONAUT GROUP STATUTORY TR - CALL 1.2%

Value $2M Shares 12,000 Est. Cost $1000.00 Unrealized —

HLIO HELIOS TECHNOLOGIES INC 8.0%

Value $13.39M Shares 300,000 Est. Cost $46.71 Unrealized —

— WINTRUST FINANCIAL CORP-CALL 0.6%

Value $1.05M Shares 240,000 Est. Cost $25.72 Unrealized —

MTN VAIL RESORTS INC. 4.1%

Value $6.808M Shares 84,000 Est. Cost $130.62 Unrealized —

— DELPHI FINANCIAL GROUP - CALLABLE 2.5%

Value $4.108M Shares 328,790 Est. Cost $19.89 Unrealized —

— KKR & CO INC 0.3%

Value $484K Shares 180,000 Est. Cost $25.51 Unrealized —

— XCEL ENERGY INC-CALLABLE 1.1%

Value $1.876M Shares 200,000 Est. Cost $24.83 Unrealized —

— TENNESSEE VALLEY AUTHORITY 2.0%

Value $3.287M Shares 260,000 Est. Cost $22.13 Unrealized —

GE GENERAL ELECTRIC CO 1.0%

Value $1.635M Shares 15,125 Est. Cost $62.95 Unrealized —

— NAM TAI G63907-10-2 PRIVATE 15.2%

Value $25.35M Shares 5,336,452 Est. Cost $5.50 Unrealized —

GEV GE VERNOVA INC 0.8%

Value $1.284M Shares 3,780 Est. Cost $158.10 Unrealized —

— EAGLE POINT CREDIT CO-CALLABLE 0.6%

Value $955K Shares 120,000 Est. Cost $23.97 Unrealized —

PRE 4.875 PERP J PARTNERRE LTD - CALLABLE 0.2%

Value $320K Shares 120,000 Est. Cost $17.34 Unrealized —

— B RILEY FINANCIAL INC - CALLABLE 0.4%

Value $738K Shares 140,000 Est. Cost $25.11 Unrealized —

— F&G ANNUITIES & LIFE INC - CALLABL 0.5%

Value $821K Shares 120,000 Est. Cost $24.60 Unrealized —

— RAMCO RES INC-CALLABLE 0.6%

Value $1.016M Shares 80,000 Est. Cost $25.65 Unrealized —

TRTN 7.625 PERP TRITON INTL LTD-CALLABLE 0.6%

Value $978K Shares 80,000 Est. Cost $25.15 Unrealized —

— TANSCANADA PIPELINE STR 0.6%

Value $920K Shares 80,000 Est. Cost $24.49 Unrealized —

AHL 7 PERP ASPEN INSURANCE HOLDINGS-CALL 0.6%

Value $934K Shares 80,000 Est. Cost $25.39 Unrealized —

— COREBRIDGE FINL INC-CALLABLE 0.5%

Value $914K Shares 80,000 Est. Cost $25.40 Unrealized —

— NEWTEKONE INC-CALLABLE 0.6%

Value $994K Shares 80,000 Est. Cost $24.12 Unrealized —

PHIG PHI GROUP INC 0.3%

Value $566K Shares 39,712 Est. Cost $1.01 Unrealized —

— BANK OZK 0.2%

Value $320K Shares 60,000 Est. Cost $25.22 Unrealized —

— AXIS CAPITAL HOLDINGS-CALLABLE 0.5%

Value $750K Shares 70,000 Est. Cost $25.35 Unrealized —

— AMERICAN FINL GROUP INC OHIO-CALL 0.2%

Value $354K Shares 50,000 Est. Cost $19.87 Unrealized —

— US BANCORP -CALLABLE 0.3%

Value $523K Shares 60,000 Est. Cost $18.32 Unrealized —

— GLOBE LIFE INC - CALLABLE 0.2%

Value $303K Shares 50,000 Est. Cost $16.39 Unrealized —

SPB SPECTRUM BRANDS HOLDINGS INC 0.4%

Value $645K Shares 12,799 Est. Cost $56.67 Unrealized —

GEHC GE HEALTHCARE TECHNOLOGIES INC 0.1%

Value $93,327 Shares 5,040 Est. Cost $71.08 Unrealized —

JCI JOHNSON CTLS INTL PLC 1.0%

Value $1.744M Shares 11,937 Est. Cost $33.21 Unrealized —

— HUDSON PACIFIC PROPERTIES INC-CALL 0.3%

Value $560K Shares 55,000 Est. Cost $25.98 Unrealized —

TEL TE CONNECTIVITY COM 1.5%

Value $2.52M Shares 12,500 Est. Cost $146.90 Unrealized —

— TENNESSEE VALLEY AUTHORITY PARRS 1.7%

Value $2.861M Shares 120,000 Est. Cost $21.98 Unrealized —

— READY CAPITAL CORP 0.3%

Value $450K Shares 20,000 Est. Cost $25.11 Unrealized —

ABBV ABBVIE INC 0.3%

Value $490K Shares 1,948 Est. Cost $70.50 Unrealized —

— CUSTOMERS BANCORP INC 0.5%

Value $864K Shares 40,000 Est. Cost $25.30 Unrealized —

— OXFORD LANE CAP CORP 1.5%

Value $2.499M Shares 100,000 Est. Cost $24.63 Unrealized —

BRK/A BERKSHIRE HATHAWAY INC DEL CL A 0.4%

Value $749K Shares 1 Est. Cost $219080.23 Unrealized —

— BROOKFIELD BRP HLDGS INC-CALLABLE 0.3%

Value $504K Shares 20,000 Est. Cost $25.01 Unrealized —

— SCE TR VIII-CALLABLE 0.3%

Value $453K Shares 20,000 Est. Cost $25.84 Unrealized —

— AFFILIATED MANAGERS GROUP INC-CALL 1.1%

Value $1.82M Shares 80,000 Est. Cost $12.77 Unrealized —

— OXFORD LANE CAP CORP 1.2%

Value $2.036M Shares 80,000 Est. Cost $25.00 Unrealized —

— ARCH CAPITAL GROUP LTD 0.4%

Value $646K Shares 40,000 Est. Cost $16.60 Unrealized —

PG PROCTER & GAMBLE CO 0.5%

Value $836K Shares 5,700 Est. Cost $70.43 Unrealized —

— PROSPECT CAP CORP 0.3%

Value $492K Shares 30,000 Est. Cost $23.36 Unrealized —

— AMERICAN FINANCIAL GR INC OH-CALL 0.3%

Value $476K Shares 30,000 Est. Cost $18.79 Unrealized —

CBL CBL & ASSOC PPTYS INC 0.0%

Value $34,933 Shares 658 Est. Cost $31.91 Unrealized —

— FIFTH THIRD BANCORP-CALLABLE 0.3%

Value $516K Shares 20,000 Est. Cost $26.15 Unrealized —

KALU KAISER ALUM CORP DEPOSITARY S CMN 0.0%

Value $13,694 Shares 70 Est. Cost $51.13 Unrealized —

— ATLANTICUS HOLDINS CORP - CALL 0.3%

Value $505K Shares 20,000 Est. Cost $25.56 Unrealized —

ADNT ADIENT LTD 0.0%

Value $21,927 Shares 1,193 Est. Cost $50.50 Unrealized —

— SVB FINL TR 0.0%

Value $4,000 Shares 240,000 Est. Cost $0.01 Unrealized —

MYMX MYMETICS CORP ⚠ 0.0%

Value $0 Shares 175 Est. Cost $0.00 Unrealized —

CRSXQ CORSA COAL CORP 0.0%

Value $2 Shares 2,226,000 Est. Cost $0.90 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
NTPIF	NAM TAI PROPERTY INC	5,774,800	$1.9M	1.1%	$6.56	—	Com	G63907102
SRL	SCULLY ROYALTY LTD	3,416,664	$1.866M	1.1%	$9.79	—	Com	G7T96K107
AMGN	AMGEN INC	92,500	$9.053M	5.4%	$122.75	—	Com	031162100
XOM	EXXON MOBIL CORP	79,600	$629K	0.4%	$44.77	—	Com	30231G102
AMD	ADVANCED MICRO DEVICES INC	33,936	$19.71M	11.8%	$119.38	—	Com	007903107
—	ARGONAUT GROUP STATUTORY TR - CALL	12,000	$2M	1.2%	$1000.00	—	Pref	8AMCSFQW9
HLIO	HELIOS TECHNOLOGIES INC	300,000	$13.39M	8.0%	$46.71	—	Com	42328H109
—	WINTRUST FINANCIAL CORP-CALL	240,000	$1.05M	0.6%	$25.72	—	Pref	97650W702
MTN	VAIL RESORTS INC.	84,000	$6.808M	4.1%	$130.62	—	Com	91879Q109
—	DELPHI FINANCIAL GROUP - CALLABLE	328,790	$4.108M	2.5%	$19.89	—	Pref	247131303
—	KKR & CO INC	180,000	$484K	0.3%	$25.51	—	Pref	48251W609
—	XCEL ENERGY INC-CALLABLE	200,000	$1.876M	1.1%	$24.83	—	Pref	98389B878
—	TENNESSEE VALLEY AUTHORITY	260,000	$3.287M	2.0%	$22.13	—	Pref	880591409
GE	GENERAL ELECTRIC CO	15,125	$1.635M	1.0%	$62.95	—	Com	369604301
—	NAM TAI G63907-10-2 PRIVATE	5,336,452	$25.35M	15.2%	$5.50	—	Com	G63907PP1
GEV	GE VERNOVA INC	3,780	$1.284M	0.8%	$158.10	—	Com	36828A101
—	EAGLE POINT CREDIT CO-CALLABLE	120,000	$955K	0.6%	$23.97	—	Pref	269809885
PRE 4.875 PERP J	PARTNERRE LTD - CALLABLE	120,000	$320K	0.2%	$17.34	—	Pref	G68603169
—	B RILEY FINANCIAL INC - CALLABLE	140,000	$738K	0.4%	$25.11	—	Pref	05580M819
—	F&G ANNUITIES & LIFE INC - CALLABL	120,000	$821K	0.5%	$24.60	—	Pref	30190A609
—	RAMCO RES INC-CALLABLE	80,000	$1.016M	0.6%	$25.65	—	Pref	75134P808
TRTN 7.625 PERP	TRITON INTL LTD-CALLABLE	80,000	$978K	0.6%	$25.15	—	Pref	G9078F164
—	TANSCANADA PIPELINE STR	80,000	$920K	0.6%	$24.49	—	Pref	893526681
AHL 7 PERP	ASPEN INSURANCE HOLDINGS-CALL	80,000	$934K	0.6%	$25.39	—	Pref	G05384170
—	COREBRIDGE FINL INC-CALLABLE	80,000	$914K	0.5%	$25.40	—	Pref	21871X208
—	NEWTEKONE INC-CALLABLE	80,000	$994K	0.6%	$24.12	—	Pref	652526864
PHIG	PHI GROUP INC	39,712	$566K	0.3%	$1.01	—	Com	69360B104
—	BANK OZK	60,000	$320K	0.2%	$25.22	—	Pref	06417N202
—	AXIS CAPITAL HOLDINGS-CALLABLE	70,000	$750K	0.5%	$25.35	—	Pref	05461T305
—	AMERICAN FINL GROUP INC OHIO-CALL	50,000	$354K	0.2%	$19.87	—	Pref	025932880
—	US BANCORP -CALLABLE	60,000	$523K	0.3%	$18.32	—	Pref	902973668
—	GLOBE LIFE INC - CALLABLE	50,000	$303K	0.2%	$16.39	—	Pref	37959E300
SPB	SPECTRUM BRANDS HOLDINGS INC	12,799	$645K	0.4%	$56.67	—	Com	84790A105
GEHC	GE HEALTHCARE TECHNOLOGIES INC	5,040	$93,327	0.1%	$71.08	—	Com	36266G107
JCI	JOHNSON CTLS INTL PLC	11,937	$1.744M	1.0%	$33.21	—	Com	G51502105
—	HUDSON PACIFIC PROPERTIES INC-CALL	55,000	$560K	0.3%	$25.98	—	Pref	444097307
TEL	TE CONNECTIVITY COM	12,500	$2.52M	1.5%	$146.90	—	Com	G87052109
—	TENNESSEE VALLEY AUTHORITY PARRS	120,000	$2.861M	1.7%	$21.98	—	Pref	880591300
—	READY CAPITAL CORP	20,000	$450K	0.3%	$25.11	—	Pref	75574U838
ABBV	ABBVIE INC	1,948	$490K	0.3%	$70.50	—	Com	00287Y109
—	CUSTOMERS BANCORP INC	40,000	$864K	0.5%	$25.30	—	Pref	23204G803
—	OXFORD LANE CAP CORP	100,000	$2.499M	1.5%	$24.63	—	Pref	691543854
BRK/A	BERKSHIRE HATHAWAY INC DEL CL A	1	$749K	0.4%	$219080.23	—	Com	084670108
—	BROOKFIELD BRP HLDGS INC-CALLABLE	20,000	$504K	0.3%	$25.01	—	Pref	11259P307
—	SCE TR VIII-CALLABLE	20,000	$453K	0.3%	$25.84	—	Pref	80620A208
—	AFFILIATED MANAGERS GROUP INC-CALL	80,000	$1.82M	1.1%	$12.77	—	Pref	008252827
—	OXFORD LANE CAP CORP	80,000	$2.036M	1.2%	$25.00	—	Pref	691543862
—	ARCH CAPITAL GROUP LTD	40,000	$646K	0.4%	$16.60	—	Pref	03939A404
PG	PROCTER & GAMBLE CO	5,700	$836K	0.5%	$70.43	—	Com	742718109
—	PROSPECT CAP CORP	30,000	$492K	0.3%	$23.36	—	Pref	74348T565
—	AMERICAN FINANCIAL GR INC OH-CALL	30,000	$476K	0.3%	$18.79	—	Pref	025932864
CBL	CBL & ASSOC PPTYS INC	658	$34,933	0.0%	$31.91	—	Com	124830878
—	FIFTH THIRD BANCORP-CALLABLE	20,000	$516K	0.3%	$26.15	—	Pref	316773837
KALU	KAISER ALUM CORP DEPOSITARY S CMN	70	$13,694	0.0%	$51.13	—	Com	483007704
—	ATLANTICUS HOLDINS CORP - CALL	20,000	$505K	0.3%	$25.56	—	Pref	04914Y300
ADNT	ADIENT LTD	1,193	$21,927	0.0%	$50.50	—	Com	G0084W101
—	SVB FINL TR	240,000	$4,000	0.0%	$0.01	—	Pref	78500B403
MYMX	MYMETICS CORP ⚠	175	$0	0.0%	$0.00	—	Com	62856A300
CRSXQ	CORSA COAL CORP	2,226,000	$2	0.0%	$0.90	—	Com	22041E609