Steamboat Capital Partners, LLC Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ARES	ARES MANAGEMENT CORPORATION	39,292	$6,351	1.7%	$154.95	0.0%	Class A Common Stock	03990B101
NVDA	NVIDIA CORPORATION	19,644	$3,664	1.0%	$186.13	0.0%	Common Stock	67066G104
CWAN	CLEARWATER ANALYTICS HOLDINGS INC	147,349	$3,554	1.0%	$20.03	0.0%	Class A	185123106
MED	MEDIFAST INC	276,414	$2,952	0.8%	$11.97	0.0%	Common Stock	58470H101
CORZ	CORE SCIENTIFIC INC NEW	196,433	$2,860	0.8%	$17.44	0.0%	Common Stock	21874A106
RHLD	RESOLUTE HOLDINGS MANAGEMENT INC	10,547	$2,177	0.6%	$147.92	0.0%	Common Stock	76134H101
TDAY	USA TODAY CO INC	245,542	$1,265	0.3%	$4.70	0.0%	Common Stock	36472T109

Increased Positions (13)

GOOG ALPHABET INC 4.9%

Value ($000) $17,806 (+30.8%) Shares 56,742 (+1.5%) Est. Cost $122.08 Unrealized +134.6%

COMP COMPASS INC 2.8%

Value ($000) $10,373 (+54.4%) Shares 981,344 (+17.3%) Est. Cost $8.25 Unrealized +10.6%

TIPT TIPTREE INC 2.5%

Value ($000) $9,023 (+18.7%) Shares 493,854 (+24.6%) Est. Cost $20.66 Unrealized -11.8%

META META PLATFORMS INC-CLASS A 3.0%

Value ($000) $10,944 (-8.8%) Shares 16,579 (+1.5%) Est. Cost $195.14 Unrealized +242.0%

TLN TALEN ENERGY CORP 2.1%

Value ($000) $7,700 (+15.5%) Shares 20,543 (+31.0%) Est. Cost $235.38 Unrealized +65.1%

PRTH PRIORITY TECHNOLOGY HOLDINGS 2.4%

Value ($000) $8,593 (-9.9%) Shares 1,576,734 (+13.5%) Est. Cost $8.59 Unrealized -28.0%

HALO HALOZYME THERAPEUTICS INC 2.7%

Value ($000) $9,707 (-7.2%) Shares 144,240 (+1.2%) Est. Cost $49.32 Unrealized +36.4%

SN SHARKNINJA INC 1.5%

Value ($000) $5,495 (+11.1%) Shares 49,109 (+2.4%) Est. Cost $40.93 Unrealized +140.8%

GPGI COMPOSECURE INC 1.7%

Value ($000) $6,375 (-6.0%) Shares 330,629 (+1.5%) Est. Cost $6.21 Unrealized +221.3%

AMZN AMAZON.COM INC 1.6%

Value ($000) $5,681 (+6.7%) Shares 24,613 (+1.5%) Est. Cost $124.55 Unrealized +83.7%

FISV FISERV INC 0.1%

Value ($000) $354 (-45.0%) Shares 5,275 (+5.5%) Est. Cost $124.85 Unrealized -32.8%

LAD LITHIA MOTORS INC 0.8%

Value ($000) $2,947 (+6.5%) Shares 8,867 (+1.3%) Est. Cost $253.56 Unrealized +25.2%

SARO STANDARDAERO INC 0.1%

Value ($000) $254 (+6.2%) Shares 8,868 (+1.1%) Est. Cost $28.93 Unrealized -5.9%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
GOOG	ALPHABET INC	56,742 (+1.5%)	$17,806 (+30.8%)	4.9%	$122.08	+134.6%	Capital Stock Class C	02079K107
COMP	COMPASS INC	981,344 (+17.3%)	$10,373 (+54.4%)	2.8%	$8.25	+10.6%	Class A	20464U100
TIPT	TIPTREE INC	493,854 (+24.6%)	$9,023 (+18.7%)	2.5%	$20.66	-11.8%	Common Stock	88822Q103
META	META PLATFORMS INC-CLASS A	16,579 (+1.5%)	$10,944 (-8.8%)	3.0%	$195.14	+242.0%	Class A	30303M102
TLN	TALEN ENERGY CORP	20,543 (+31.0%)	$7,700 (+15.5%)	2.1%	$235.38	+65.1%	Common Stock	87422Q109
PRTH	PRIORITY TECHNOLOGY HOLDINGS	1,576,734 (+13.5%)	$8,593 (-9.9%)	2.4%	$8.59	-28.0%	Common Stock	74275G107
HALO	HALOZYME THERAPEUTICS INC	144,240 (+1.2%)	$9,707 (-7.2%)	2.7%	$49.32	+36.4%	Common Stock	40637H109
SN	SHARKNINJA INC	49,109 (+2.4%)	$5,495 (+11.1%)	1.5%	$40.93	+140.8%	Common Shares	G8068L108
GPGI	COMPOSECURE INC	330,629 (+1.5%)	$6,375 (-6.0%)	1.7%	$6.21	+221.3%	Common Stock Class A	20459V105
AMZN	AMAZON.COM INC	24,613 (+1.5%)	$5,681 (+6.7%)	1.6%	$124.55	+83.7%	Common Stock	023135106
FISV	FISERV INC	5,275 (+5.5%)	$354 (-45.0%)	0.1%	$124.85	-32.8%	Common Stock	337738108
LAD	LITHIA MOTORS INC	8,867 (+1.3%)	$2,947 (+6.5%)	0.8%	$253.56	+25.2%	Common Stock	536797103
SARO	STANDARDAERO INC	8,868 (+1.1%)	$254 (+6.2%)	0.1%	$28.93	-5.9%	Common Stock	85423L103

Exited Positions (8)

PM PHILIP MORRIS INTERNATIONAL 2.0%

Value ($000) $7,195 Shares 44,361 Est. Cost $133.58 Unrealized +15.0%

GAMB GAMBLING.COM GROUP LTD 0.8%

Value ($000) $2,985 Shares 364,876 Est. Cost $12.39 Unrealized -48.7%

— TREEHOUSE FOODS INC 0.5%

Value ($000) $1,992 Shares 98,554 Est. Cost $20.21 Unrealized —

— COMPOSECURE INC 0.4%

Value ($000) $1,549 Shares 120,980 Est. Cost $3.77 Unrealized —

PSFE PAYSAFE LTD 0.4%

Value ($000) $1,478 Shares 114,421 Est. Cost $17.80 Unrealized -45.5%

HOV HOVNANIAN ENTERPRISES INC 0.4%

Value ($000) $1,451 Shares 11,291 Est. Cost $120.59 Unrealized -2.2%

KSPI JSKASPI KZ JSC 0.2%

Value ($000) $693 Shares 8,488 Est. Cost $105.99 Unrealized —

NRDS NERDWALLET INC-CL A 0.1%

Value ($000) $439 Shares 40,784 Est. Cost $14.57 Unrealized -10.2%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
PM	PHILIP MORRIS INTERNATIONAL	44,361	$7,195	2.0%	$133.58	+15.0%	—	718172109
GAMB	GAMBLING.COM GROUP LTD	364,876	$2,985	0.8%	$12.39	-48.7%	—	G3R239101
—	TREEHOUSE FOODS INC	98,554	$1,992	0.5%	$20.21	—	—	89469A104
—	COMPOSECURE INC	120,980	$1,549	0.4%	$3.77	—	—	20459V113
PSFE	PAYSAFE LTD	114,421	$1,478	0.4%	$17.80	-45.5%	—	G6964L206
HOV	HOVNANIAN ENTERPRISES INC	11,291	$1,451	0.4%	$120.59	-2.2%	—	442487401
KSPI	JSKASPI KZ JSC	8,488	$693	0.2%	$105.99	—	—	48581R205
NRDS	NERDWALLET INC-CL A	40,784	$439	0.1%	$14.57	-10.2%	—	64082B102

Decreased Positions (12)

APO APOLLO GLOBAL MANAGEMENT INC 0.2%

Value ($000) $791 (-92.9%) Shares 5,461 (-93.4%) Est. Cost $78.32 Unrealized +69.3%

EQH EQUITABLE HOLDINGS INC 0.5%

Value ($000) $1,660 (-82.3%) Shares 34,842 (-81.2%) Est. Cost $47.83 Unrealized -1.2%

REZI RESIDEO TECHNOLOGIES INC 2.9%

Value ($000) $10,539 (-35.7%) Shares 300,098 (-20.9%) Est. Cost $31.24 Unrealized +18.5%

SAN BANCO SANTANDER SA 2.9%

Value ($000) $10,603 (-26.6%) Shares 903,926 (-34.4%) Est. Cost $7.21 Unrealized —

OSUR ORASURE TECHNOLOGIES INC 0.3%

Value ($000) $968 (-77.7%) Shares 400,000 (-70.4%) Est. Cost $2.88 Unrealized -8.8%

CENX CENTURY ALUMINUM COMPANY 4.6%

Value ($000) $16,605 (+19.8%) Shares 423,808 (-10.2%) Est. Cost $20.13 Unrealized +55.2%

DELL DELL TECHNOLOGIES -C 2.1%

Value ($000) $7,780 (-17.6%) Shares 61,803 (-7.2%) Est. Cost $100.60 Unrealized +39.9%

AVGO BROADCOM INC 3.4%

Value ($000) $12,345 (-11.2%) Shares 35,670 (-15.3%) Est. Cost $147.25 Unrealized +142.4%

ACGL ARCH CAPITAL GROUP LTD 0.8%

Value ($000) $2,888 (-30.0%) Shares 30,110 (-33.8%) Est. Cost $96.02 Unrealized -4.7%

AER AERCAP HOLDINGS NV 3.9%

Value ($000) $14,386 (+7.4%) Shares 100,069 (-9.6%) Est. Cost $91.92 Unrealized +44.1%

ACMR ACM RESEARCH INC 5.5%

Value ($000) $19,889 (-3.2%) Shares 504,161 (-4.0%) Est. Cost $21.95 Unrealized +69.8%

RDN RADIAN GROUP INC 0.5%

Value ($000) $1,747 (-2.2%) Shares 48,528 (-1.5%) Est. Cost $34.42 Unrealized +1.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
APO	APOLLO GLOBAL MANAGEMENT INC	5,461 (-93.4%)	$791 (-92.9%)	0.2%	$78.32	+69.3%	Common Stock Class A	03769M106
EQH	EQUITABLE HOLDINGS INC	34,842 (-81.2%)	$1,660 (-82.3%)	0.5%	$47.83	-1.2%	Common Stock	29452E101
REZI	RESIDEO TECHNOLOGIES INC	300,098 (-20.9%)	$10,539 (-35.7%)	2.9%	$31.24	+18.5%	Common Stock	76118Y104
SAN	BANCO SANTANDER SA	903,926 (-34.4%)	$10,603 (-26.6%)	2.9%	$7.21	—	ADR	05964H105
OSUR	ORASURE TECHNOLOGIES INC	400,000 (-70.4%)	$968 (-77.7%)	0.3%	$2.88	-8.8%	Common Stock, New	68554V108
CENX	CENTURY ALUMINUM COMPANY	423,808 (-10.2%)	$16,605 (+19.8%)	4.6%	$20.13	+55.2%	Common Stock	156431108
DELL	DELL TECHNOLOGIES -C	61,803 (-7.2%)	$7,780 (-17.6%)	2.1%	$100.60	+39.9%	Class C	24703L202
AVGO	BROADCOM INC	35,670 (-15.3%)	$12,345 (-11.2%)	3.4%	$147.25	+142.4%	Common Stock	11135F101
ACGL	ARCH CAPITAL GROUP LTD	30,110 (-33.8%)	$2,888 (-30.0%)	0.8%	$96.02	-4.7%	Ordinary Shares	G0450A105
AER	AERCAP HOLDINGS NV	100,069 (-9.6%)	$14,386 (+7.4%)	3.9%	$91.92	+44.1%	Shares	N00985106
ACMR	ACM RESEARCH INC	504,161 (-4.0%)	$19,889 (-3.2%)	5.5%	$21.95	+69.8%	Common Stock, Class A	00108J109
RDN	RADIAN GROUP INC	48,528 (-1.5%)	$1,747 (-2.2%)	0.5%	$34.42	+1.0%	Common Stock	750236101

Unchanged Positions (27)

MU MICRON TECHNOLOGY INC 2.6%

Value ($000) $9,499 Shares 33,282 Est. Cost $126.29 Unrealized +81.6%

TMUS T-MOBILE US INC 2.1%

Value ($000) $7,597 Shares 37,414 Est. Cost $133.40 Unrealized +58.4%

MHO M/I HOMES INC 2.7%

Value ($000) $9,849 Shares 76,976 Est. Cost $90.90 Unrealized +45.4%

GPOR GULFPORT ENERGY CORP 2.6%

Value ($000) $9,475 Shares 45,553 Est. Cost $183.56 Unrealized +8.6%

TMHC TAYLOR MORRISON HOME CORP 2.4%

Value ($000) $8,792 Shares 149,343 Est. Cost $54.82 Unrealized +11.5%

GPN GLOBAL PAYMENTS INC 2.9%

Value ($000) $10,537 Shares 136,140 Est. Cost $78.46 Unrealized +2.3%

IAC IAC INC 1.7%

Value ($000) $6,252 Shares 159,897 Est. Cost $37.44 Unrealized -6.5%

DAL DELTA AIR LINES INC 1.1%

Value ($000) $4,142 Shares 59,680 Est. Cost $58.40 Unrealized +6.9%

VST VISTRA CORP 0.8%

Value ($000) $2,915 Shares 18,068 Est. Cost $132.62 Unrealized +37.2%

TSM TAIWAN SEMICONDUCTOR MFG LTD 2.3%

Value ($000) $8,477 Shares 27,896 Est. Cost $242.46 Unrealized —

MSFT MICROSOFT CORP 2.0%

Value ($000) $7,256 Shares 15,004 Est. Cost $170.25 Unrealized +194.0%

BX BLACKSTONE INC 0.9%

Value ($000) $3,382 Shares 21,942 Est. Cost $59.66 Unrealized +153.9%

JD JD.COM INC 0.3%

Value ($000) $1,270 Shares 44,250 Est. Cost $40.00 Unrealized —

BABA ALIBABA GROUP HOLDING 0.3%

Value ($000) $1,160 Shares 7,912 Est. Cost $111.19 Unrealized —

CRH CRH PLC 1.2%

Value ($000) $4,350 Shares 34,857 Est. Cost $78.37 Unrealized +52.0%

THC TENET HEALTHCARE CORP 2.8%

Value ($000) $10,200 Shares 51,326 Est. Cost $72.18 Unrealized +180.0%

HNRG HALLADOR ENERGY CO 1.5%

Value ($000) $5,560 Shares 292,029 Est. Cost $15.45 Unrealized +31.2%

IESC IES HOLDINGS INC 1.9%

Value ($000) $7,030 Shares 18,070 Est. Cost $202.89 Unrealized +98.1%

TRIP TRIPADVISOR INC 0.4%

Value ($000) $1,354 Shares 92,997 Est. Cost $17.45 Unrealized -12.8%

SLM SLM CORP 1.4%

Value ($000) $4,956 Shares 183,142 Est. Cost $28.35 Unrealized -3.3%

VCTR VICTORY CAPITAL HOLDING 1.9%

Value ($000) $6,746 Shares 106,933 Est. Cost $22.32 Unrealized +183.7%

LOW LOWE'S COS INC 1.0%

Value ($000) $3,548 Shares 14,714 Est. Cost $83.90 Unrealized +185.8%

CI THE CIGNA GROUP 0.7%

Value ($000) $2,557 Shares 9,290 Est. Cost $300.91 Unrealized -7.2%

GFF GRIFFON CORP 0.5%

Value ($000) $1,987 Shares 26,983 Est. Cost $72.38 Unrealized +2.5%

NRG NRG ENERGY INC 0.8%

Value ($000) $2,938 Shares 18,449 Est. Cost $100.05 Unrealized +65.2%

TDG TRANSDIGM GROUP INC 1.0%

Value ($000) $3,656 Shares 2,749 Est. Cost $1235.19 Unrealized +6.1%

BRK/A BERKSHIRE HATHAWAY INC 0.2%

Value ($000) $755 Shares 1 Est. Cost $199512.94 Unrealized +274.1%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
MU	MICRON TECHNOLOGY INC	33,282	$9,499	2.6%	$126.29	+81.6%	Common Stock	595112103
TMUS	T-MOBILE US INC	37,414	$7,597	2.1%	$133.40	+58.4%	Common Stock	872590104
MHO	M/I HOMES INC	76,976	$9,849	2.7%	$90.90	+45.4%	Common Stock	55305B101
GPOR	GULFPORT ENERGY CORP	45,553	$9,475	2.6%	$183.56	+8.6%	Common Shares	402635502
TMHC	TAYLOR MORRISON HOME CORP	149,343	$8,792	2.4%	$54.82	+11.5%	Common Stock	87724P106
GPN	GLOBAL PAYMENTS INC	136,140	$10,537	2.9%	$78.46	+2.3%	Common Stock	37940X102
IAC	IAC INC	159,897	$6,252	1.7%	$37.44	-6.5%	Common New	44891N208
DAL	DELTA AIR LINES INC	59,680	$4,142	1.1%	$58.40	+6.9%	Common Stock, New	247361702
VST	VISTRA CORP	18,068	$2,915	0.8%	$132.62	+37.2%	Common Stock	92840M102
TSM	TAIWAN SEMICONDUCTOR MFG LTD	27,896	$8,477	2.3%	$242.46	—	Sponsored ADS	874039100
MSFT	MICROSOFT CORP	15,004	$7,256	2.0%	$170.25	+194.0%	Common Stock	594918104
BX	BLACKSTONE INC	21,942	$3,382	0.9%	$59.66	+153.9%	Common Stock Class A	09260D107
JD	JD.COM INC	44,250	$1,270	0.3%	$40.00	—	Sponsored ADS - Class A	47215P106
BABA	ALIBABA GROUP HOLDING	7,912	$1,160	0.3%	$111.19	—	Sponsored ADS	01609W102
CRH	CRH PLC	34,857	$4,350	1.2%	$78.37	+52.0%	Ordinary Shares	G25508105
THC	TENET HEALTHCARE CORP	51,326	$10,200	2.8%	$72.18	+180.0%	Common Stock, New	88033G407
HNRG	HALLADOR ENERGY CO	292,029	$5,560	1.5%	$15.45	+31.2%	Common Stock	40609P105
IESC	IES HOLDINGS INC	18,070	$7,030	1.9%	$202.89	+98.1%	Common Stock	44951W106
TRIP	TRIPADVISOR INC	92,997	$1,354	0.4%	$17.45	-12.8%	Common Stock	896945201
SLM	SLM CORP	183,142	$4,956	1.4%	$28.35	-3.3%	Common Stock	78442P106
VCTR	VICTORY CAPITAL HOLDING	106,933	$6,746	1.9%	$22.32	+183.7%	Common Stock Class A	92645B103
LOW	LOWE'S COS INC	14,714	$3,548	1.0%	$83.90	+185.8%	Common Stock	548661107
CI	THE CIGNA GROUP	9,290	$2,557	0.7%	$300.91	-7.2%	Common Stock	125523100
GFF	GRIFFON CORP	26,983	$1,987	0.5%	$72.38	+2.5%	Common Stock	398433102
NRG	NRG ENERGY INC	18,449	$2,938	0.8%	$100.05	+65.2%	Common Stock, New	629377508
TDG	TRANSDIGM GROUP INC	2,749	$3,656	1.0%	$1235.19	+6.1%	Common Stock	893641100
BRK/A	BERKSHIRE HATHAWAY INC	1	$755	0.2%	$199512.94	+274.1%	Common Stock - Class A	084670108