HGC Investment Management Inc. Quant / Systematic

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
DMII	DRUGS MADE IN AMERICA ACQUIS	1,230,980	$12,187	2.6%	$9.89	0.0%	UNIT 09/16/2030	G2851K104
PAII	PYROPHYTE ACQUISITION CORP-A	850,000	$8,551	1.8%	$10.06	0.0%	CL A SHS	G7309T102
EXAS	EXACT SCIENCES CORP	80,000	$8,125	1.7%	$80.31	0.0%	COM	30063P105
ITHAU	ITHAX ACQUISITION CORP III	800,000	$7,980	1.7%	$9.97	—	UNIT 11/17/2030	G4977S128
LPCVU	LAUNCHPAD CADENZA ACQUISITIO	750,000	$7,485	1.6%	$9.98	—	UNIT 12/15/2030	G6001S123
ADACU	AMERICAN DRIVE ACQUISITION C	750,000	$7,478	1.6%	$9.97	—	UNIT 12/04/2030	G0R91M121
JENA	JENA ACQUISITION CORP II - A	700,000	$7,119	1.5%	$10.19	0.0%	USD CL A ORD SHS	G5093B105
VHCPU	VINE HILL CAPITAL INVESTMENT	650,000	$6,514	1.4%	$10.02	—	UNIT 11/25/2030	G9709D125
SBXE/U	SILVERBOX CORP V	899,986	$6,100	1.3%	$6.78	—	UNIT 99/99/9999	G8148S123
CEPV	CANTOR EQUITY PARTNERS-CL A	583,153	$5,977	1.3%	$10.25	0.0%	SHS CL A	G1828S109
CFLT	CONFLUENT INC-CLASS A	174,258	$5,270	1.1%	$24.55	0.0%	CLASS A COM	20717M103
IRHOU	IRON HORSE ACQUISITION II CO	523,489	$5,206	1.1%	$9.95	—	UNIT 07/11/2030	46283H202
VACI/U	VIKING ACQUISITIONS CORP I	500,000	$5,035	1.1%	$10.07	—	UNIT 99/99/9999	G9582G120
KBONU	KARBON CAPITAL PARTNERS CORP	500,000	$5,033	1.1%	$10.06	—	UNIT 12/11/2030	G5225W126
CGCT	CARTESIAN GROWTH CORP I-CL A	450,000	$4,633	1.0%	$10.14	0.0%	COM CL A	G19307100
AIIA/U	AI INFRASTRUCTURE ACQUISITIO	400,000	$4,072	0.9%	$10.18	—	UNIT 99/99/9999	G01336125
CRANU	CRANE HARBOR ACQUISITION COR	400,000	$4,028	0.9%	$10.07	—	UNIT 12/09/2030	G25014120
APXTU	APEX TREASURY CORP	400,000	$4,020	0.9%	$10.05	—	UNIT 10/07/2030	G04104116
HAVAU	HARVARD AVE ACQUISITION CORP	375,000	$3,784	0.8%	$10.09	—	UNIT 10/03/2030	G4330A129
CRAC	CROWN RESERVE ACQUISITI-CL A	375,000	$3,728	0.8%	$9.91	0.0%	ORD SHS CL A	G2574F119
LKSPU	LAKE SUPERIOR ACQUISITION CO	320,000	$3,254	0.7%	$10.17	—	UNIT 09/19/2030	G5354C131
NGD	New Gold Inc. USD	346,542	$3,018	0.6%	$7.53	0.0%	COM	644535106
EVOXU	EVOLUTION GLOBAL ACQUISITION	300,000	$3,015	0.6%	$10.05	—	UNIT 10/22/2030	G3226F127
QUMS	QUANTUMSPHERE ACQUISITION CO	300,000	$3,003	0.6%	$9.98	0.0%	UNIT 07/30/2030	G7387B106
NSC	NORFOLK SOUTHERN CORP	10,000	$2,887	0.6%	$288.62	0.0%	COM	655844108
GIWWU	GIGCAPITAL8 CORP	250,000	$2,545	0.5%	$10.18	—	UNIT 09/30/2030	G3864J126
ALUB/U	ALUSSA ENERGY ACQUISITION CO	250,000	$2,525	0.5%	$10.10	—	UNIT 99/99/9999	G0233J126
SAC/U	SAFEGUARD ACQUISITION CORP	250,000	$2,521	0.5%	$10.09	—	UNIT 99/99/9999	G77676123
TDWDU	TAILWIND 2.0 ACQUISITION COR	250,000	$2,515	0.5%	$10.06	—	UNIT 11/07/2030	G8662J103
BPACU	BLUEPORT ACQUISITION LTD	250,000	$2,515	0.5%	$10.06	—	UNIT 10/22/2030	G1196A128
DNMXU	DYNAMIX CORP III	250,000	$2,513	0.5%	$10.05	—	UNIT 10/09/2030	G2949T125
IGACU	INVEST GREEN ACQUISITION COR	250,000	$2,508	0.5%	$10.03	—	UNIT 11/04/2030	G4924G128
AEAQU	ACTIVATE ENERGY ACQUISITION	250,000	$2,499	0.5%	$9.99	—	UNIT 11/10/2030	G0081J129
GSRF	GSR IV ACQUISITION CORP-CL A	250,000	$2,498	0.5%	$10.02	0.0%	CL A SHS	G4R12K107
TWLVU	TWELVE SEAS INVESTMENT CO II	250,000	$2,488	0.5%	$9.95	—	UNIT 11/21/2030	G9145D127
PMTR	PERIMETER ACQUIS CORP I CL A	238,400	$2,451	0.5%	$10.32	0.0%	COM CL A	G7010A129
CCXIU	CHURCHILL CAPITAL CORP XI	200,000	$2,042	0.4%	$10.21	—	UNIT 12/10/2030	G2131A124
DYORU	INSIGHT DIGITAL PARTNERS II	200,000	$2,014	0.4%	$10.07	—	UNIT 10/28/2030	G4814G121
HCACU	HALL CHADWICK ACQUISITION CO	200,000	$2,004	0.4%	$10.02	—	UNIT 11/20/2030	G42386121
MMTXU	MILUNA ACQUISITION CORP	175,000	$1,748	0.4%	$9.99	—	UNIT 09/29/2030	G6180J126
LFACU	LEAPFROG ACQUISITION CORP	150,000	$1,501	0.3%	$10.01	—	UNIT 11/10/2030	G5414D129
USAS	AMERICAS GOLD & SILVER CORP	300,000	$1,479	0.3%	$4.50	0.0%	COM NEW	03062D803
SCIIU	SC II ACQUISITION CORP	100,000	$1,007	0.2%	$10.07	—	UNIT 11/06/2030	G7866D128
TACH	TITAN ACQUISITION CORP-CL A	50,000	$513	0.1%	$10.23	0.0%	CL A	G8901A103
DSACU	DAEDALUS SPECIAL ACQUISITION	25,000	$251	0.1%	$10.04	—	UNIT 11/10/2030	G2616C124
CGCTW	WT - CGCTW US $11.5 06Mar2030	300,000	$237	0.1%	$0.79	—	*W EXP 05/02/203	G19307126
GSRFR	GSR IV ACQUISITION CORP-RTS	75,000	$179	0.0%	$2.38	—	RIGHT 08/22/2030	G4R12K115
PAII/WS	PAII/WS US 15 Jul 30 C11.5	425,000	$179	0.0%	$0.42	—	*W EXP 07/30/203	G7309T110
DMIIR	DRUGS MADE IN AMERICA ACQ-RT	1,230,980	$172	0.0%	$0.14	—	RIGHT 09/16/2030	G2851K112
PMTRW	PMTRW US 17 Jun 30 C11.5	194,200	$137	0.0%	$0.71	—	*W EXP 05/13/203	G7010A111
JENA-R	JENA ACQUISITION CORP II-RTS	700,000	$126	0.0%	$0.18	—	RIGHT 03/31/2030	G5093B113
COLAR	COLUMBUS ACQUISITION CORP	300,000	$101	0.0%	$0.34	—	UNIT 12/26/2029	G2295P115
CRACR	CROWN RESERVE ACQUISITIO-RTS	375,000	$71	0.0%	$0.19	—	RIGHT 10/06/2030	G2574F127
—	SHMDW US 25 Aug 28 C11.5	46,200	$67	0.0%	$1.46	—	*W EXP 04/30/202	00150021S
QUMSR	QUANTUMSPHERE ACQUISITION CO	300,000	$63	0.0%	$0.21	—	UNIT 07/30/2030	G7387B114
BACCR	BLUE ACQUISITION CORP-RTS	150,000	$49	0.0%	$0.32	—	RIGHT 06/11/2030	G1331A116
TACHW	TACHW US 02 Jun 30 C11.5	100,000	$32	0.0%	$0.32	—	*W EXP 05/16/203	G8901A111
RFAIR	RF ACQUISITION CORP II - RTS	200,000	$24	0.0%	$0.12	—	RIGHT 05/01/2026	G75389117
CRACW	CRACW US 06 Nov 30 C11.5	187,500	$16	0.0%	$0.09	—	*W EXP 10/06/203	G2574S103
IAUX	I-80 GOLD CORP	84	$0	0.0%	$1.14	0.0%	COM	44955L106
—	WALDW US 27 Jul 27 C11.5	666	$0	0.0%	$0.03	—	*W EXP 07/27/202	00BPG9B35

Increased Positions (4)

— CYBER-ARK SOFTWARE LTD/ISRAE 1.8%

Value ($000) $8,701 (+54.8%) Shares 19,507 (+67.6%) Est. Cost $468.19 Unrealized —

EA ELECTRONIC ARTS INC 1.6%

Value ($000) $7,727 (+39.3%) Shares 37,816 (+37.5%) Est. Cost $175.19 Unrealized +15.1%

APADR A PARADISE ACQUISITION CORP 0.0%

Value ($000) $119 (+85.5%) Shares 475,000 (+18.8%) Est. Cost $0.17 Unrealized —

HCMAW HCMAW US 31 Jul 30 C11.5 0.0%

Value ($000) $133 (-19.2%) Shares 266,666 (+14.3%) Est. Cost $0.68 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	CYBER-ARK SOFTWARE LTD/ISRAE	19,507 (+67.6%)	$8,701 (+54.8%)	1.8%	$468.19	—	SHS	M2682V108
EA	ELECTRONIC ARTS INC	37,816 (+37.5%)	$7,727 (+39.3%)	1.6%	$175.19	+15.1%	COM	285512109
APADR	A PARADISE ACQUISITION CORP	475,000 (+18.8%)	$119 (+85.5%)	0.0%	$0.17	—	RIGHT 07/29/2025	G04819119
HCMAW	HCMAW US 31 Jul 30 C11.5	266,666 (+14.3%)	$133 (-19.2%)	0.0%	$0.68	—	*W EXP 07/23/203	G4365E111

Exited Positions (23)

DMIIU DRUGS MADE IN AMERICA ACQUIS 2.5%

Value ($000) $11,934 Shares 1,200,000 Est. Cost $9.95 Unrealized —

PAII/U PYROPHYTE ACQUISITION CORP I 1.8%

Value ($000) $8,611 Shares 850,000 Est. Cost $10.13 Unrealized —

CGCTU CARTESIAN GROWTH CORP III 1.7%

Value ($000) $8,136 Shares 800,000 Est. Cost $10.13 Unrealized —

— VERONA PHARMA PLC - ADR 1.7%

Value ($000) $7,885 Shares 73,890 Est. Cost $106.71 Unrealized —

JENA/U JENA ACQUISITION CORP II 1.5%

Value ($000) $7,287 Shares 700,000 Est. Cost $10.28 Unrealized —

MLAC MOUNTAIN LAKE ACQUISITION-A 1.5%

Value ($000) $7,210 Shares 700,000 Est. Cost $10.00 Unrealized +4.1%

GSRFU GSR IV ACQUISITION CORP 1.1%

Value ($000) $5,321 Shares 525,000 Est. Cost $10.13 Unrealized —

LOKVU LIVE OAK ACQUISITION CORP V 0.9%

Value ($000) $4,191 Shares 402,960 Est. Cost $10.08 Unrealized —

PMTRU PERIMETER ACQUISITION CORP I 0.8%

Value ($000) $3,997 Shares 388,400 Est. Cost $10.55 Unrealized —

COLAU COLUMBUS ACQUISITION CORP 0.7%

Value ($000) $3,105 Shares 300,000 Est. Cost $10.15 Unrealized —

SSEAU STARRY SEA ACQUISITION CORP 0.6%

Value ($000) $3,042 Shares 299,986 Est. Cost $10.14 Unrealized —

QUMSU QUANTUMSPHERE ACQUISITION CO 0.6%

Value ($000) $3,039 Shares 300,000 Est. Cost $10.13 Unrealized —

RIBB RIBBON ACQUISITION CORP 0.5%

Value ($000) $2,560 Shares 250,000 Est. Cost $10.19 Unrealized +1.1%

BACCU BLUE ACQUISITION CORP 0.5%

Value ($000) $2,523 Shares 250,000 Est. Cost $10.04 Unrealized —

RFAIU RF ACQUISITION CORP II 0.5%

Value ($000) $2,138 Shares 200,000 Est. Cost $10.06 Unrealized —

HCMAU HCM III ACQUISITION CORP 0.2%

Value ($000) $1,031 Shares 100,000 Est. Cost $10.31 Unrealized —

GTEN GORES HOLDINGS X INC-CL A 0.2%

Value ($000) $1,021 Shares 100,000 Est. Cost $10.22 Unrealized +1.0%

BNC CEA Industries Inc Private Placement Founder Share 0.0%

Value ($000) $185 Shares 23,763 Est. Cost $16.76 Unrealized -58.1%

IPEXR MAYWOOD ACQUISITION CORP 0.0%

Value ($000) $60 Shares 100,000 Est. Cost $0.60 Unrealized —

LOKVW LOKVW US 17 Apr 30 C11.5 0.0%

Value ($000) $55 Shares 100,000 Est. Cost $0.70 Unrealized —

SHMDW SHMDW US 25 Aug 28 C11.5 0.0%

Value ($000) $13 Shares 46,200 Est. Cost $0.45 Unrealized —

SHMD SCHMID GROUP NV 0.0%

Value ($000) $7 Shares 2,505 Est. Cost $4.07 Unrealized +8.3%

WALDW WALDW US 27 Jul 27 C11.5 0.0%

Value ($000) $0 Shares 666 Est. Cost $1.50 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
DMIIU	DRUGS MADE IN AMERICA ACQUIS	1,200,000	$11,934	2.5%	$9.95	—	—	G2851K120
PAII/U	PYROPHYTE ACQUISITION CORP I	850,000	$8,611	1.8%	$10.13	—	—	G7309T128
CGCTU	CARTESIAN GROWTH CORP III	800,000	$8,136	1.7%	$10.13	—	—	G19307118
—	VERONA PHARMA PLC - ADR	73,890	$7,885	1.7%	$106.71	—	—	925050106
JENA/U	JENA ACQUISITION CORP II	700,000	$7,287	1.5%	$10.28	—	—	G5093B121
MLAC	MOUNTAIN LAKE ACQUISITION-A	700,000	$7,210	1.5%	$10.00	+4.1%	—	G6301B101
GSRFU	GSR IV ACQUISITION CORP	525,000	$5,321	1.1%	$10.13	—	—	G4R12K123
LOKVU	LIVE OAK ACQUISITION CORP V	402,960	$4,191	0.9%	$10.08	—	—	G5509P128
PMTRU	PERIMETER ACQUISITION CORP I	388,400	$3,997	0.8%	$10.55	—	—	G7010A103
COLAU	COLUMBUS ACQUISITION CORP	300,000	$3,105	0.7%	$10.15	—	—	G2295P123
SSEAU	STARRY SEA ACQUISITION CORP	299,986	$3,042	0.6%	$10.14	—	—	G8559L104
QUMSU	QUANTUMSPHERE ACQUISITION CO	300,000	$3,039	0.6%	$10.13	—	—	G7387B122
RIBB	RIBBON ACQUISITION CORP	250,000	$2,560	0.5%	$10.19	+1.1%	—	G7552W109
BACCU	BLUE ACQUISITION CORP	250,000	$2,523	0.5%	$10.04	—	—	G1331A124
RFAIU	RF ACQUISITION CORP II	200,000	$2,138	0.5%	$10.06	—	—	G75389125
HCMAU	HCM III ACQUISITION CORP	100,000	$1,031	0.2%	$10.31	—	—	G4365E129
GTEN	GORES HOLDINGS X INC-CL A	100,000	$1,021	0.2%	$10.22	+1.0%	—	G4002F109
BNC	CEA Industries Inc Private Placement Founder Share	23,763	$185	0.0%	$16.76	-58.1%	—	86887P309
IPEXR	MAYWOOD ACQUISITION CORP	100,000	$60	0.0%	$0.60	—	—	G6001J131
LOKVW	LOKVW US 17 Apr 30 C11.5	100,000	$55	0.0%	$0.70	—	—	G5509P110
SHMDW	SHMDW US 25 Aug 28 C11.5	46,200	$13	0.0%	$0.45	—	—	N68722110
SHMD	SCHMID GROUP NV	2,505	$7	0.0%	$4.07	+8.3%	—	N68722102
WALDW	WALDW US 27 Jul 27 C11.5	666	$0	0.0%	$1.50	—	—	G9503X111

Decreased Positions (20)

AEXA AMERICAN EXCEPTIONALISM-CL A 0.0%

Value ($000) $114 (-98.5%) Shares 10,000 (-98.6%) Est. Cost $10.77 Unrealized +4.2%

AAM AA MISSION ACQUISITION COR-A 1.4%

Value ($000) $6,455 (-49.1%) Shares 605,000 (-49.8%) Est. Cost $9.99 Unrealized +6.0%

CEPF CANTOR EQUITY PARTNERS-CL A 1.4%

Value ($000) $6,682 (-47.5%) Shares 650,000 (-48.0%) Est. Cost $10.15 Unrealized +2.4%

LOKV LIVE OAK ACQUISITION CORP-A 0.1%

Value ($000) $288 (-93.7%) Shares 27,960 (-93.8%) Est. Cost $10.26 Unrealized +0.1%

SOUL SOULPOWER ACQUISITION CO-A 2.1%

Value ($000) $9,674 (-26.4%) Shares 953,146 (-26.9%) Est. Cost $10.07 Unrealized +0.8%

MBVIU M3-BRIGADE ACQUISITION VI CO 1.3%

Value ($000) $6,328 (-26.4%) Shares 625,000 (-26.5%) Est. Cost $10.12 Unrealized —

TVA TEXAS VENTURES ACQUISITION-A 0.0%

Value ($000) $42 (-98.0%) Shares 3,925 (-98.0%) Est. Cost $10.15 Unrealized +7.0%

TACHU TITAN ACQUISITION CORP 1.2%

Value ($000) $5,843 (-25.3%) Shares 559,131 (-26.3%) Est. Cost $10.18 Unrealized —

FCRS/U FUTURECREST ACQUISITION CORP 1.2%

Value ($000) $5,632 (-24.1%) Shares 550,000 (-21.4%) Est. Cost $10.60 Unrealized —

APAD A PARADISE ACQUISITION - A 0.5%

Value ($000) $2,513 (-36.6%) Shares 250,000 (-37.5%) Est. Cost $9.89 Unrealized +1.1%

IBIT ISHARES BITCOIN TRUST 0.4%

Value ($000) $1,718 (-38.4%) Shares 34,606 (-19.4%) Est. Cost $34.14 Unrealized —

HCMA HCM III ACQUISITION COR-CL A 1.3%

Value ($000) $6,024 (-14.8%) Shares 600,000 (-14.3%) Est. Cost $10.10 Unrealized +0.7%

JACS JACKSON ACQUISITION CO-CL A 3.3%

Value ($000) $15,372 (-6.0%) Shares 1,475,200 (-6.3%) Est. Cost $10.18 Unrealized +2.3%

CAEP CANTOR EQUITY PARTNERS III-A 0.5%

Value ($000) $2,295 (-19.1%) Shares 225,000 (-18.2%) Est. Cost $10.53 Unrealized -1.5%

MCGA YORKVILLE ACQUISITION CORP-A 0.0%

Value ($000) $39 (-85.4%) Shares 3,852 (-84.6%) Est. Cost $10.72 Unrealized -3.9%

IPCXR INFLECTION POINT ACQUISITION 0.0%

Value ($000) $176 (-56.3%) Shares 465,000 (-49.2%) Est. Cost $0.44 Unrealized —

SOUL-R SOULPOWER ACQUISITION CORP 0.0%

Value ($000) $71 (-71.5%) Shares 403,161 (-69.1%) Est. Cost $0.19 Unrealized —

MLACR MOUNTAIN LAKE ACQUISITION CO 0.0%

Value ($000) $10 (-90.9%) Shares 40,000 (-94.3%) Est. Cost $0.18 Unrealized —

PGACR SHEPHERD AVE CAPITAL ACQUISI 0.0%

Value ($000) $50 (-50.0%) Shares 250,000 (-50.0%) Est. Cost $0.20 Unrealized —

JACS-R JACKSON ACQUISITION CO II 0.1%

Value ($000) $356 (-10.5%) Shares 1,425,700 (-3.4%) Est. Cost $0.27 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
AEXA	AMERICAN EXCEPTIONALISM-CL A	10,000 (-98.6%)	$114 (-98.5%)	0.0%	$10.77	+4.2%	ORD CL A	G0273J101
AAM	AA MISSION ACQUISITION COR-A	605,000 (-49.8%)	$6,455 (-49.1%)	1.4%	$9.99	+6.0%	ORD SHS CL A	G1000R101
CEPF	CANTOR EQUITY PARTNERS-CL A	650,000 (-48.0%)	$6,682 (-47.5%)	1.4%	$10.15	+2.4%	SHS CL A	G1828E100
LOKV	LIVE OAK ACQUISITION CORP-A	27,960 (-93.8%)	$288 (-93.7%)	0.1%	$10.26	+0.1%	CL A SHS	G5509P102
SOUL	SOULPOWER ACQUISITION CO-A	953,146 (-26.9%)	$9,674 (-26.4%)	2.1%	$10.07	+0.8%	USD CL A ORD SHS	G82745103
MBVIU	M3-BRIGADE ACQUISITION VI CO	625,000 (-26.5%)	$6,328 (-26.4%)	1.3%	$10.12	—	UNIT 08/18/2030	G63221124
TVA	TEXAS VENTURES ACQUISITION-A	3,925 (-98.0%)	$42 (-98.0%)	0.0%	$10.15	+7.0%	USD CL A ORD SHS	G8772L105
TACHU	TITAN ACQUISITION CORP	559,131 (-26.3%)	$5,843 (-25.3%)	1.2%	$10.18	—	UNIT 04/09/2030	G8901A129
FCRS/U	FUTURECREST ACQUISITION CORP	550,000 (-21.4%)	$5,632 (-24.1%)	1.2%	$10.60	—	UNIT 99/99/9999	G3730U123
APAD	A PARADISE ACQUISITION - A	250,000 (-37.5%)	$2,513 (-36.6%)	0.5%	$9.89	+1.1%	COM CL A	G04819101
IBIT	ISHARES BITCOIN TRUST	34,606 (-19.4%)	$1,718 (-38.4%)	0.4%	$34.14	—	SHS BEN INT	46438F101
HCMA	HCM III ACQUISITION COR-CL A	600,000 (-14.3%)	$6,024 (-14.8%)	1.3%	$10.10	+0.7%	ORD SHS CL A	G4365E103
JACS	JACKSON ACQUISITION CO-CL A	1,475,200 (-6.3%)	$15,372 (-6.0%)	3.3%	$10.18	+2.3%	COM SHS CL A	G4992A110
CAEP	CANTOR EQUITY PARTNERS III-A	225,000 (-18.2%)	$2,295 (-19.1%)	0.5%	$10.53	-1.5%	SHS CL A	G1828A108
MCGA	YORKVILLE ACQUISITION CORP-A	3,852 (-84.6%)	$39 (-85.4%)	0.0%	$10.72	-3.9%	SHS CL A	G98659116
IPCXR	INFLECTION POINT ACQUISITION	465,000 (-49.2%)	$176 (-56.3%)	0.0%	$0.44	—	RIGHT 04/25/2030	G47875110
SOUL-R	SOULPOWER ACQUISITION CORP	403,161 (-69.1%)	$71 (-71.5%)	0.0%	$0.19	—	RIGHT 99/99/9999	G82745137
MLACR	MOUNTAIN LAKE ACQUISITION CO	40,000 (-94.3%)	$10 (-90.9%)	0.0%	$0.18	—	RIGHT 11/15/2028	G6301B127
PGACR	SHEPHERD AVE CAPITAL ACQUISI	250,000 (-50.0%)	$50 (-50.0%)	0.0%	$0.20	—	RIGHT 11/15/2029	G8089R118
JACS-R	JACKSON ACQUISITION CO II	1,425,700 (-3.4%)	$356 (-10.5%)	0.1%	$0.27	—	RIGHT 99/99/9999	G4992A136

Unchanged Positions (77)

AACB ARTIUS II ACQUISITION INC-A 3.3%

Value ($000) $15,450 Shares 1,500,000 Est. Cost $10.13 Unrealized +1.2%

OBAWU OXLEY BRIDGE ACQUISITION LTD 2.1%

Value ($000) $9,704 Shares 950,000 Est. Cost $10.01 Unrealized —

SDHI SIDDHI ACQUISITION CORP-A 2.7%

Value ($000) $12,850 Shares 1,250,000 Est. Cost $10.12 Unrealized +1.1%

ALF CENTURION ACQUISITION CORP 3.3%

Value ($000) $15,443 Shares 1,450,000 Est. Cost $9.99 Unrealized +6.2%

AACBR ARTIUS II ACQUISITION INC 0.1%

Value ($000) $495 Shares 1,500,000 Est. Cost $0.24 Unrealized —

PACHU PIONEER ACQUISITION I CORP 1.6%

Value ($000) $7,594 Shares 743,077 Est. Cost $10.00 Unrealized —

GPAT GP-ACT III ACQUISITION-A 3.1%

Value ($000) $14,699 Shares 1,375,000 Est. Cost $10.02 Unrealized +6.3%

KFIIU K&F GROWTH ACQUISITION CORP 1.7%

Value ($000) $7,845 Shares 750,000 Est. Cost $10.08 Unrealized —

EVAC/U EQV VENTURES ACQUISITION COR 1.5%

Value ($000) $7,055 Shares 697,174 Est. Cost $10.01 Unrealized —

BCARU D BORAL ARC ACQUISITION I CO 0.8%

Value ($000) $3,825 Shares 375,000 Est. Cost $10.00 Unrealized —

TVAIU THAYER VENTURES ACQUISITION 1.1%

Value ($000) $5,413 Shares 525,000 Est. Cost $10.16 Unrealized —

FERAU FIFTH ERA ACQUISITION CORP I 2.5%

Value ($000) $12,026 Shares 1,150,760 Est. Cost $10.07 Unrealized —

WENNW WENNW US 15 May 31 C11.5 0.0%

Value ($000) $70 Shares 225,000 Est. Cost $0.56 Unrealized —

TACOW TACOW US 28 Apr 30 C11.5 0.0%

Value ($000) $65 Shares 175,000 Est. Cost $0.71 Unrealized —

SZZL SIZZLE ACQUISITION CORP-CL A 1.4%

Value ($000) $6,609 Shares 650,539 Est. Cost $10.08 Unrealized +0.7%

GTENU GORES HOLDINGS X INC 0.9%

Value ($000) $4,192 Shares 400,000 Est. Cost $10.39 Unrealized —

BCSS/U BAIN CAPITAL GSS INVESTMENT 0.9%

Value ($000) $4,088 Shares 400,000 Est. Cost $10.09 Unrealized —

SPEGU SILVER PEGASUS ACQUISITION C 0.9%

Value ($000) $4,120 Shares 400,000 Est. Cost $10.17 Unrealized —

RDAG REPUBLIC DIGITAL ACQUIS-CL A 1.3%

Value ($000) $6,103 Shares 602,741 Est. Cost $10.29 Unrealized -0.3%

FIGXU FIGX CAPITAL ACQUISITION COR 1.1%

Value ($000) $5,090 Shares 500,000 Est. Cost $10.02 Unrealized —

SDHIR SIDDHI ACQUISITION CORP 0.1%

Value ($000) $313 Shares 1,250,000 Est. Cost $0.21 Unrealized —

CRAQU CAL REDWOOD ACQUISITION CORP 0.3%

Value ($000) $1,575 Shares 150,000 Est. Cost $10.26 Unrealized —

AXINU AXIOM INTELLIGENCE ACQUISITI 0.8%

Value ($000) $3,584 Shares 350,000 Est. Cost $10.09 Unrealized —

COPL/U COPLEY ACQUISITION CORP 0.5%

Value ($000) $2,590 Shares 250,000 Est. Cost $10.07 Unrealized —

RDAGU REPUBLIC DIGITAL ACQUISITION 1.0%

Value ($000) $4,621 Shares 443,934 Est. Cost $10.70 Unrealized —

NPAC NEW PROVIDENCE ACQUISITION-A 1.0%

Value ($000) $4,617 Shares 450,000 Est. Cost $10.13 Unrealized +1.2%

BLUWW BLUWW US 31 Dec 26 C11.5 0.0%

Value ($000) $53 Shares 100,000 Est. Cost $0.14 Unrealized —

LWACU LIGHTWAVE ACQUISITION COR 0.5%

Value ($000) $2,504 Shares 245,500 Est. Cost $10.06 Unrealized —

EGHAU EGH ACQUISITION CORP 0.5%

Value ($000) $2,585 Shares 250,000 Est. Cost $10.19 Unrealized —

SOCAU SOLARIUS CAPITAL ACQUISITION 0.6%

Value ($000) $3,057 Shares 300,000 Est. Cost $10.09 Unrealized —

ONCHU 1RT ACQUISITION CORP 0.4%

Value ($000) $2,080 Shares 200,000 Est. Cost $10.55 Unrealized —

DYCQR DT CLOUD ACQUISITION COR-RTS 0.0%

Value ($000) $0 Shares 150,000 Est. Cost $0.24 Unrealized —

ANSCW ANSCW US 31 Dec 28 C11.5 0.0%

Value ($000) $161 Shares 503,500 Est. Cost $0.19 Unrealized —

PLMKU PLUM ACQUISITION CORP IV 0.2%

Value ($000) $1,060 Shares 100,000 Est. Cost $10.10 Unrealized —

MACI MELAR ACQUISITION CORP I-A 0.4%

Value ($000) $1,860 Shares 175,000 Est. Cost $10.51 Unrealized +0.6%

NHICU NEWHOLD INVESTMENT CORP III 0.4%

Value ($000) $2,090 Shares 200,000 Est. Cost $10.07 Unrealized —

TVACW TVACW US 15 May 31 C11.5 0.0%

Value ($000) $90 Shares 100,000 Est. Cost $1.10 Unrealized —

GTERU GLOBA TERRA ACQUISITION CORP 0.3%

Value ($000) $1,542 Shares 150,000 Est. Cost $10.17 Unrealized —

UYSC UY SCUTI ACQUISITION CORP 0.3%

Value ($000) $1,538 Shares 150,000 Est. Cost $10.11 Unrealized +0.9%

OTGAU OTG ACQUISITION CORP I 0.3%

Value ($000) $1,274 Shares 125,000 Est. Cost $10.07 Unrealized —

BLZRU TRAILBLAZER ACQUISITION CORP 1.2%

Value ($000) $5,638 Shares 550,000 Est. Cost $10.22 Unrealized —

SZZLR SIZZLE ACQUISITION CORP -RTS 0.0%

Value ($000) $104 Shares 650,539 Est. Cost $0.18 Unrealized —

LCCCU LAKESHORE ACQUISITION III CO 0.7%

Value ($000) $3,090 Shares 300,000 Est. Cost $10.20 Unrealized —

WENN WEN ACQUISITION CORP-A 1.2%

Value ($000) $5,555 Shares 550,000 Est. Cost $10.20 Unrealized -0.2%

MKLYU MCKINLEY ACQUISITION CORP 0.2%

Value ($000) $1,010 Shares 100,000 Est. Cost $9.99 Unrealized —

GSHRU GESHER ACQUISITION CORP II 0.3%

Value ($000) $1,556 Shares 150,000 Est. Cost $10.03 Unrealized —

FUFUW FUFUW US 07 Jun 28 C11.5 0.0%

Value ($000) $10 Shares 50,000 Est. Cost $0.38 Unrealized —

PGAC AIFEEX NEXUS ACQUISITION COR 0.2%

Value ($000) $1,036 Shares 100,000 Est. Cost $10.23 Unrealized +0.9%

GTENW GTENW US 20 Jun 31 C11.5 0.0%

Value ($000) $46 Shares 50,000 Est. Cost $0.76 Unrealized —

NPACW NPACW US 24 Apr 30 C11.5 0.0%

Value ($000) $76 Shares 150,000 Est. Cost $0.45 Unrealized —

MBAV M3-BRIGADE ACQUISITION V-A 0.2%

Value ($000) $1,069 Shares 100,600 Est. Cost $9.99 Unrealized +6.2%

BDCIU BTC DEVELOPMENT CORP 0.4%

Value ($000) $2,028 Shares 200,000 Est. Cost $10.10 Unrealized —

CRAQR CAL REDWOOD ACQUISITION CORP 0.0%

Value ($000) $22 Shares 66,869 Est. Cost $0.22 Unrealized —

MCGAW MCGAW US 06 Jun 30 C11.5 0.0%

Value ($000) $4 Shares 8,333 Est. Cost $1.20 Unrealized —

BAYAR BAYVIEW ACQUISITION CORP 0.0%

Value ($000) $30 Shares 150,000 Est. Cost $10.01 Unrealized —

ISLWF ISRLW US 28 Feb 28 C11.5 0.0%

Value ($000) $13 Shares 100,800 Est. Cost $0.00 Unrealized —

AMBWQ AMBI/WS US 06 Mar 28 C11.5 0.0%

Value ($000) $1 Shares 130,905 Est. Cost $0.00 Unrealized —

INACU INDIGO ACQUISITION CORP 0.3%

Value ($000) $1,521 Shares 150,000 Est. Cost $10.11 Unrealized —

BKHAR BLACK HAWK ACQUISITION C-RTS 0.0%

Value ($000) $13 Shares 10,000 Est. Cost $1.39 Unrealized —

— ATMCW US 17 Jan 28 C11.5 0.0%

Value ($000) $18 Shares 300,000 Est. Cost $0.03 Unrealized —

MACIW MACIW US 01 Jun 31 C11.5 0.0%

Value ($000) $21 Shares 150,528 Est. Cost $0.16 Unrealized —

HVMCU HIGHVIEW MERGER CORP 0.4%

Value ($000) $2,026 Shares 200,000 Est. Cost $10.12 Unrealized —

KOYNU CSLM DIGITAL ASSET ACQUISITI 0.2%

Value ($000) $1,012 Shares 100,000 Est. Cost $10.10 Unrealized —

DAICW DAICW US 17 Nov 26 C11.5 0.0%

Value ($000) $2 Shares 25,000 Est. Cost $0.08 Unrealized —

RIBBR RIBBON ACQUISITION CORP 0.0%

Value ($000) $60 Shares 250,000 Est. Cost $0.23 Unrealized —

SIMA SIM ACQUISITION CORP I-A 0.1%

Value ($000) $265 Shares 25,000 Est. Cost $9.98 Unrealized +5.8%

FSHPR FLAG SHIP ACQUISITION CORP 0.0%

Value ($000) $5 Shares 27,000 Est. Cost $0.18 Unrealized —

FORLW FORLW US 12 May 28 C11.5 0.0%

Value ($000) $4 Shares 110,000 Est. Cost $0.05 Unrealized —

YHNAR YHN ACQUISITION I LTD 0.0%

Value ($000) $53 Shares 344,188 Est. Cost $0.15 Unrealized —

GCLWW GCLWW US 13 Feb 30 C11.5 0.0%

Value ($000) $0 Shares 4,500 Est. Cost $0.05 Unrealized —

UYSCR UY SCUTI ACQUISITION CORP 0.0%

Value ($000) $40 Shares 150,000 Est. Cost $0.27 Unrealized —

LIMNW LIMNW US 30 Apr 30 C11.5 0.0%

Value ($000) $0 Shares 1,250 Est. Cost $0.24 Unrealized —

OAKUW OAKUW US 17 May 28 C11.5 0.0%

Value ($000) $5 Shares 120,000 Est. Cost $0.02 Unrealized —

OAKUR OAK WOODS ACQUISITION COR-RT 0.0%

Value ($000) $30 Shares 120,000 Est. Cost $0.16 Unrealized —

MKDWW MKDWW US 31 Jul 29 C0 0.0%

Value ($000) $3 Shares 175,000 Est. Cost $0.02 Unrealized —

LSBWF YSBPW US 15 Mar 28 C11.5 0.0%

Value ($000) $0 Shares 5,000 Est. Cost $0.00 Unrealized —

— YOULW US 10 Jul 30 C11.5 0.0%

Value ($000) $0 Shares 125,000 Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
AACB	ARTIUS II ACQUISITION INC-A	1,500,000	$15,450	3.3%	$10.13	+1.2%	SHS CL A	G0509J115
OBAWU	OXLEY BRIDGE ACQUISITION LTD	950,000	$9,704	2.1%	$10.01	—	UNIT 06/17/2030	G6858G123
SDHI	SIDDHI ACQUISITION CORP-A	1,250,000	$12,850	2.7%	$10.12	+1.1%	CL A SHS	G8118C124
ALF	CENTURION ACQUISITION CORP	1,450,000	$15,443	3.3%	$9.99	+6.2%	SHS CL A	G20315100
AACBR	ARTIUS II ACQUISITION INC	1,500,000	$495	0.1%	$0.24	—	RIGHT 11/27/2029	G0509J123
PACHU	PIONEER ACQUISITION I CORP	743,077	$7,594	1.6%	$10.00	—	UNIT 06/16/2030	G7117W123
GPAT	GP-ACT III ACQUISITION-A	1,375,000	$14,699	3.1%	$10.02	+6.3%	CL A	G4035N103
KFIIU	K&F GROWTH ACQUISITION CORP	750,000	$7,845	1.7%	$10.08	—	UNIT 99/99/9999	G52258103
EVAC/U	EQV VENTURES ACQUISITION COR	697,174	$7,055	1.5%	$10.01	—	UNIT 06/30/2032	G3106Q110
BCARU	D BORAL ARC ACQUISITION I CO	375,000	$3,825	0.8%	$10.00	—	UNIT 07/23/2030	G2616F127
TVAIU	THAYER VENTURES ACQUISITION	525,000	$5,413	1.1%	$10.16	—	UNIT 05/15/2030	G87890128
FERAU	FIFTH ERA ACQUISITION CORP I	1,150,760	$12,026	2.5%	$10.07	—	UNIT 99/99/9999	G3415K127
WENNW	WENNW US 15 May 31 C11.5	225,000	$70	0.0%	$0.56	—	*W EXP 99/99/999	G9R39C111
TACOW	TACOW US 28 Apr 30 C11.5	175,000	$65	0.0%	$0.71	—	*W EXP 05/01/203	G1051H119
SZZL	SIZZLE ACQUISITION CORP-CL A	650,539	$6,609	1.4%	$10.08	+0.7%	USD CL A ORD SHS	G8193F109
GTENU	GORES HOLDINGS X INC	400,000	$4,192	0.9%	$10.39	—	UNIT 05/02/2030	G4002F117
BCSS/U	BAIN CAPITAL GSS INVESTMENT	400,000	$4,088	0.9%	$10.09	—	UNIT 99/99/9999	G0R78B122
SPEGU	SILVER PEGASUS ACQUISITION C	400,000	$4,120	0.9%	$10.17	—	UNIT 06/26/2030	G8192J128
RDAG	REPUBLIC DIGITAL ACQUIS-CL A	602,741	$6,103	1.3%	$10.29	-0.3%	USD CL A ORD SHS	G7515A103
FIGXU	FIGX CAPITAL ACQUISITION COR	500,000	$5,090	1.1%	$10.02	—	UNIT 06/17/2030	G3473K126
SDHIR	SIDDHI ACQUISITION CORP	1,250,000	$313	0.1%	$0.21	—	RIGHT 09/15/2029	G8118C116
CRAQU	CAL REDWOOD ACQUISITION CORP	150,000	$1,575	0.3%	$10.26	—	UNIT 05/15/2030	G17564124
AXINU	AXIOM INTELLIGENCE ACQUISITI	350,000	$3,584	0.8%	$10.09	—	UNIT 06/10/2030	G0750N120
COPL/U	COPLEY ACQUISITION CORP	250,000	$2,590	0.5%	$10.07	—	UNIT 99/99/9999	G24243118
RDAGU	REPUBLIC DIGITAL ACQUISITION	443,934	$4,621	1.0%	$10.70	—	UNIT 99/99/9999	G7515A111
NPAC	NEW PROVIDENCE ACQUISITION-A	450,000	$4,617	1.0%	$10.13	+1.2%	USD CL A ORD SHS	G6476A102
BLUWW	BLUWW US 31 Dec 26 C11.5	100,000	$53	0.0%	$0.14	—	*W EXP 05/23/203	G1368E114
LWACU	LIGHTWAVE ACQUISITION COR	245,500	$2,504	0.5%	$10.06	—	UNIT 06/06/2030	G5490M118
EGHAU	EGH ACQUISITION CORP	250,000	$2,585	0.5%	$10.19	—	UNIT 99/99/9999	G2946P126
SOCAU	SOLARIUS CAPITAL ACQUISITION	300,000	$3,057	0.6%	$10.09	—	UNIT 07/10/2030	G82617120
ONCHU	1RT ACQUISITION CORP	200,000	$2,080	0.4%	$10.55	—	UNIT 06/26/2030	G6757R121
DYCQR	DT CLOUD ACQUISITION COR-RTS	150,000	$0	0.0%	$0.24	—	RIGHT 02/14/2029	G28524133
ANSCW	ANSCW US 31 Dec 28 C11.5	503,500	$161	0.0%	$0.19	—	*W EXP 10/01/202	G0131Y118
PLMKU	PLUM ACQUISITION CORP IV	100,000	$1,060	0.2%	$10.10	—	UNIT 08/19/2029	G7134A112
MACI	MELAR ACQUISITION CORP I-A	175,000	$1,860	0.4%	$10.51	+0.6%	SHS CL A	G6004G100
NHICU	NEWHOLD INVESTMENT CORP III	200,000	$2,090	0.4%	$10.07	—	UNIT 99/99/9999	G6486E128
TVACW	TVACW US 15 May 31 C11.5	100,000	$90	0.0%	$1.10	—	*W EXP 04/23/203	G8772L113
GTERU	GLOBA TERRA ACQUISITION CORP	150,000	$1,542	0.3%	$10.17	—	UNIT 99/99/9999	G3933N108
UYSC	UY SCUTI ACQUISITION CORP	150,000	$1,538	0.3%	$10.11	+0.9%	ORD SHS	G93Y0A104
OTGAU	OTG ACQUISITION CORP I	125,000	$1,274	0.3%	$10.07	—	UNIT 09/05/2030	G6791A126
BLZRU	TRAILBLAZER ACQUISITION CORP	550,000	$5,638	1.2%	$10.22	—	UNIT 08/21/2030	G9009S129
SZZLR	SIZZLE ACQUISITION CORP -RTS	650,539	$104	0.0%	$0.18	—	RIGHT 04/02/2030	G8193F133
LCCCU	LAKESHORE ACQUISITION III CO	300,000	$3,090	0.7%	$10.20	—	UNIT 99/99/9999	G5353S129
WENN	WEN ACQUISITION CORP-A	550,000	$5,555	1.2%	$10.20	-0.2%	COM CL A	G9R39C103
MKLYU	MCKINLEY ACQUISITION CORP	100,000	$1,010	0.2%	$9.99	—	UNIT 07/25/2030	G6005T127
GSHRU	GESHER ACQUISITION CORP II	150,000	$1,556	0.3%	$10.03	—	UNIT 03/11/2030	G3852D123
FUFUW	FUFUW US 07 Jun 28 C11.5	50,000	$10	0.0%	$0.38	—	*W EXP 03/01/202	G1152A120
PGAC	AIFEEX NEXUS ACQUISITION COR	100,000	$1,036	0.2%	$10.23	+0.9%	ORD SHS CL A	G8089R100
GTENW	GTENW US 20 Jun 31 C11.5	50,000	$46	0.0%	$0.76	—	*W EXP 05/02/203	G4002F125
NPACW	NPACW US 24 Apr 30 C11.5	150,000	$76	0.0%	$0.45	—	*W EXP 04/24/203	G6476A110
MBAV	M3-BRIGADE ACQUISITION V-A	100,600	$1,069	0.2%	$9.99	+6.2%	CL A	G63212107
BDCIU	BTC DEVELOPMENT CORP	200,000	$2,028	0.4%	$10.10	—	UNIT 09/11/2030	G0701G125
CRAQR	CAL REDWOOD ACQUISITION CORP	66,869	$22	0.0%	$0.22	—	UNIT 05/15/2030	G17564116
MCGAW	MCGAW US 06 Jun 30 C11.5	8,333	$4	0.0%	$1.20	—	*W EXP 06/06/203	G98659124
BAYAR	BAYVIEW ACQUISITION CORP	150,000	$30	0.0%	$10.01	—	RIGHT 99/99/9999	07323B118
ISLWF	ISRLW US 28 Feb 28 C11.5	100,800	$13	0.0%	$0.00	—	*W EXP 99/99/999	G49667119
AMBWQ	AMBI/WS US 06 Mar 28 C11.5	130,905	$1	0.0%	$0.00	—	*W EXP 03/03/202	G02532110
INACU	INDIGO ACQUISITION CORP	150,000	$1,521	0.3%	$10.11	—	UNIT 07/01/2030	G4791J122
BKHAR	BLACK HAWK ACQUISITION C-RTS	10,000	$13	0.0%	$1.39	—	RIGHT 06/20/2025	G1148A119
—	ATMCW US 17 Jan 28 C11.5	300,000	$18	0.0%	$0.03	—	*W EXP 03/01/202	G0223V121
MACIW	MACIW US 01 Jun 31 C11.5	150,528	$21	0.0%	$0.16	—	*W EXP 06/01/203	G6004G118
HVMCU	HIGHVIEW MERGER CORP	200,000	$2,026	0.4%	$10.12	—	UNIT 07/24/2030	G4569C127
KOYNU	CSLM DIGITAL ASSET ACQUISITI	100,000	$1,012	0.2%	$10.10	—	UNIT 08/12/2030	G2584S135
DAICW	DAICW US 17 Nov 26 C11.5	25,000	$2	0.0%	$0.08	—	*W EXP 12/31/202	171756117
RIBBR	RIBBON ACQUISITION CORP	250,000	$60	0.0%	$0.23	—	ORD SHS CL A	G7552W117
SIMA	SIM ACQUISITION CORP I-A	25,000	$265	0.1%	$9.98	+5.8%	SHS CL A	G8431T101
FSHPR	FLAG SHIP ACQUISITION CORP	27,000	$5	0.0%	$0.18	—	RIGHT 03/31/2026	G3530C117
FORLW	FORLW US 12 May 28 C11.5	110,000	$4	0.0%	$0.05	—	*W EXP 03/15/202	35088F115
YHNAR	YHN ACQUISITION I LTD	344,188	$53	0.0%	$0.15	—	RIGHT 08/15/2029	G1514D127
GCLWW	GCLWW US 13 Feb 30 C11.5	4,500	$0	0.0%	$0.05	—	*W EXP 02/13/203	G3777K111
UYSCR	UY SCUTI ACQUISITION CORP	150,000	$40	0.0%	$0.27	—	ORD SHS	G93Y0A112
LIMNW	LIMNW US 30 Apr 30 C11.5	1,250	$0	0.0%	$0.24	—	*W EXP 04/30/203	53271X116
OAKUW	OAKUW US 17 May 28 C11.5	120,000	$5	0.0%	$0.02	—	*W EXP 99/99/999	67190B112
OAKUR	OAK WOODS ACQUISITION COR-RT	120,000	$30	0.0%	$0.16	—	RIGHT 03/23/2028	67190B120
MKDWW	MKDWW US 31 Jul 29 C0	175,000	$3	0.0%	$0.02	—	*W EXP 07/31/202	G6209W116
LSBWF	YSBPW US 15 Mar 28 C11.5	5,000	$0	0.0%	$0.00	—	*W EXP 03/15/202	G9845F117
—	YOULW US 10 Jul 30 C11.5	125,000	$0	0.0%	—	—	*W EXP 11/30/202	G9878M112