RIPOSTE CAPITAL LLC Hedge Fund

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	ISHARES TR	300,000	$73,848	16.0%	—	—	PUT	464287955
—	NVIDIA CORPORATION	200,000	$37,300	8.1%	—	—	CALL	67066G904
BABA	ALIBABA GROUP HLDG	175,000	$25,652	5.5%	—	—	CALL	01609W102
GOOGL	ALPHABET INC	70,000	$21,910	4.7%	$285.60	0.0%	CAP STK CL A	02079K305
FSLR	FIRST SOLAR INC	65,000	$16,980	3.7%	$252.20	0.0%	COM	336433107
MU	MICRON TECHNOLOGY INC	45,000	$12,843	2.8%	$229.35	0.0%	COM	595112103
ONON	ON HLDG AG	250,000	$11,620	2.5%	$43.09	0.0%	NAMEN AKT A	H5919C104
CIEN	CIENA CORP	40,000	$9,355	2.0%	$194.00	0.0%	COM NEW	171779309
LITE	LUMENTUM HLDGS INC	25,000	$9,215	2.0%	$256.82	0.0%	COM	55024U109
COHR	COHERENT CORP	45,000	$8,306	1.8%	$149.58	0.0%	COM	19247G107
GLW	CORNING INC	80,000	$7,005	1.5%	$85.98	0.0%	COM	219350105
MTZ	MASTEC INC	26,859	$5,838	1.3%	$209.86	0.0%	COM	576323109
VST	VISTRA CORP	34,926	$5,635	1.2%	$181.92	0.0%	COM	92840M102
SNDK	SANDISK CORP	20,000	$4,748	1.0%	$200.29	0.0%	COM	80004C200
CLS	CELESTICA INC	15,000	$4,434	1.0%	$301.37	0.0%	COM	15101Q207
CRDO	CREDO TECHNOLOGY GROUP HOLDINGS	30,000	$4,317	0.9%	$153.78	0.0%	ORDINARY SHARES	G25457105

Increased Positions (5)

VIK VIKING HOLDINGS LTD 2.3%

Value ($000) $10,712 (+129.8%) Shares 150,000 (+100.0%) Est. Cost $51.49 Unrealized +23.9%

TPB TURNING PT BRANDS INC 2.3%

Value ($000) $10,840 (+46.2%) Shares 100,000 (+33.3%) Est. Cost $92.34 Unrealized +5.9%

ACGL ARCH CAPITAL GROUP LTD 2.1%

Value ($000) $9,592 (+51.0%) Shares 100,000 (+42.9%) Est. Cost $92.04 Unrealized -0.6%

— HIGHPEAK ENERGY INC 1.7%

Value ($000) $7,940 (-19.8%) Shares 1,675,000 (+19.6%) Est. Cost — Unrealized —

— QXO INC 3.1%

Value ($000) $14,468 (+8.4%) Shares 750,000 (+7.1%) Est. Cost $19.08 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
VIK	VIKING HOLDINGS LTD	150,000 (+100.0%)	$10,712 (+129.8%)	2.3%	$51.49	+23.9%	ORD SHS	G93A5A101
TPB	TURNING PT BRANDS INC	100,000 (+33.3%)	$10,840 (+46.2%)	2.3%	$92.34	+5.9%	COM	90041L105
ACGL	ARCH CAPITAL GROUP LTD	100,000 (+42.9%)	$9,592 (+51.0%)	2.1%	$92.04	-0.6%	ORD	G0450A105
—	HIGHPEAK ENERGY INC	1,675,000 (+19.6%)	$7,940 (-19.8%)	1.7%	—	—	PUT	43114Q955
—	QXO INC	750,000 (+7.1%)	$14,468 (+8.4%)	3.1%	$19.08	—	COM NEW	82846G405

Exited Positions (6)

— INVESCO QQQ TR 26.0%

Value ($000) $120,074 Shares 200,000 Est. Cost — Unrealized —

— ON HLDG AG 6.4%

Value ($000) $29,645 Shares 700,000 Est. Cost — Unrealized —

— DELTA AIR LINES INC DEL 2.5%

Value ($000) $11,350 Shares 200,000 Est. Cost $49.18 Unrealized —

CCL CARNIVAL CORP 1.6%

Value ($000) $7,228 Shares 250,000 Est. Cost $21.40 Unrealized +30.3%

SPOT SPOTIFY TECHNOLOGY S A 1.5%

Value ($000) $6,980 Shares 10,000 Est. Cost $234.88 Unrealized +166.2%

NFE NEW FORTRESS ENERGY INC 0.4%

Value ($000) $1,768 Shares 800,000 Est. Cost $2.85 Unrealized -48.2%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	INVESCO QQQ TR	200,000	$120,074	26.0%	—	—	PUT	46090E953
—	ON HLDG AG	700,000	$29,645	6.4%	—	—	CALL	H5919C904
—	DELTA AIR LINES INC DEL	200,000	$11,350	2.5%	$49.18	—	—	347361702
CCL	CARNIVAL CORP	250,000	$7,228	1.6%	$21.40	+30.3%	—	143658300
SPOT	SPOTIFY TECHNOLOGY S A	10,000	$6,980	1.5%	$234.88	+166.2%	—	L8681T102
NFE	NEW FORTRESS ENERGY INC	800,000	$1,768	0.4%	$2.85	-48.2%	—	644393100

Decreased Positions (11)

— SPDR S&P 500 ETF TR 14.7%

Value ($000) $68,192 (-48.8%) Shares 100,000 (-50.0%) Est. Cost — Unrealized —

VRT VERTIV HOLDINGS CO 0.8%

Value ($000) $3,482 (-87.2%) Shares 21,493 (-88.1%) Est. Cost $116.88 Unrealized +48.5%

— BIRKENSTOCK HOLDING PLC 1.9%

Value ($000) $8,778 (-56.9%) Shares 214,610 (-52.3%) Est. Cost $47.87 Unrealized —

EXE EXPAND ENERGY CORPORATION 2.1%

Value ($000) $9,932 (-53.3%) Shares 90,000 (-55.0%) Est. Cost $105.10 Unrealized +5.3%

JLL JONES LANG LASALLE INC 1.5%

Value ($000) $6,729 (-62.4%) Shares 20,000 (-66.7%) Est. Cost $233.91 Unrealized +34.0%

ETN EATON CORP PLC 1.7%

Value ($000) $7,702 (-58.8%) Shares 24,180 (-51.6%) Est. Cost $363.27 Unrealized -2.4%

CEG CONSTELLATION ENERGY CORP 1.9%

Value ($000) $8,832 (-40.4%) Shares 25,000 (-44.4%) Est. Cost $222.15 Unrealized +63.5%

— CITIZENS INC 1.9%

Value ($000) $8,694 (-39.5%) Shares 1,800,000 (-34.2%) Est. Cost — Unrealized —

BLDR BUILDERS FIRSTSOURCE INC 0.7%

Value ($000) $3,328 (-45.1%) Shares 32,346 (-35.3%) Est. Cost $132.67 Unrealized -15.3%

FCNCA FIRST CTZNS BANCSHARES INC D 2.6%

Value ($000) $11,804 (+10.0%) Shares 5,500 (-8.3%) Est. Cost $1391.02 Unrealized +35.4%

SN SHARKNINJA INC 2.7%

Value ($000) $12,309 (+3.8%) Shares 110,000 (-4.3%) Est. Cost $63.73 Unrealized +54.6%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	SPDR S&P 500 ETF TR	100,000 (-50.0%)	$68,192 (-48.8%)	14.7%	—	—	PUT	78462F953
VRT	VERTIV HOLDINGS CO	21,493 (-88.1%)	$3,482 (-87.2%)	0.8%	$116.88	+48.5%	COM CL A	92537N108
—	BIRKENSTOCK HOLDING PLC	214,610 (-52.3%)	$8,778 (-56.9%)	1.9%	$47.87	—	COM SHS	M20295104
EXE	EXPAND ENERGY CORPORATION	90,000 (-55.0%)	$9,932 (-53.3%)	2.1%	$105.10	+5.3%	COM	165167735
JLL	JONES LANG LASALLE INC	20,000 (-66.7%)	$6,729 (-62.4%)	1.5%	$233.91	+34.0%	COM	48020Q107
ETN	EATON CORP PLC	24,180 (-51.6%)	$7,702 (-58.8%)	1.7%	$363.27	-2.4%	SHS	G29183103
CEG	CONSTELLATION ENERGY CORP	25,000 (-44.4%)	$8,832 (-40.4%)	1.9%	$222.15	+63.5%	COM	21037T109
—	CITIZENS INC	1,800,000 (-34.2%)	$8,694 (-39.5%)	1.9%	—	—	PUT	174740950
BLDR	BUILDERS FIRSTSOURCE INC	32,346 (-35.3%)	$3,328 (-45.1%)	0.7%	$132.67	-15.3%	COM	12008R107
FCNCA	FIRST CTZNS BANCSHARES INC D	5,500 (-8.3%)	$11,804 (+10.0%)	2.6%	$1391.02	+35.4%	CL A	31946M103
SN	SHARKNINJA INC	110,000 (-4.3%)	$12,309 (+3.8%)	2.7%	$63.73	+54.6%	COM SHS	G8068L108