Cruiser Capital Advisors, LLC Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	SPDR S&P 500 ETF TR - PUT	1,000	$20,704	17.6%	$20704.30	—	PUT	78462F953
—	ASHLAND INC - CALL	1,500	$2,853	2.4%	$1901.67	—	CALL	044186904
NVRI	ENVIRI CORP	53,451	$958	0.8%	$14.90	0.0%	COM	415864107
COLD	AMERICOLD REALTY TRUST INC	69,422	$893	0.8%	$12.86	—	COM	03064D108
STKL	SUNOPTA INC	135,000	$513	0.4%	$4.54	0.0%	COM	8676EP108
—	BANC OF CALIFORNIA INC	25,000	$482	0.4%	$19.29	—	COM	05590K106
LWLG	LIGHTWAVE LOGIC INC	75,000	$243	0.2%	$4.44	0.0%	COM	532275104
PRMB	PRIMO BRANDS CORPORATION	10,000	$164	0.1%	$18.48	0.0%	CLASS A COM SHS	741623102
LAKE	LAKELAND INDS INC	10,000	$88	0.1%	$14.04	0.0%	COM	511795106

Increased Positions (8)

ASH ASHLAND INC 1.5%

Value ($000) $1,752 (+83.7%) Shares 29,860 (+50.1%) Est. Cost $52.12 Unrealized +0.9%

NN NEXTNAV INC 1.3%

Value ($000) $1,479 (+75.7%) Shares 88,854 (+51.0%) Est. Cost $10.60 Unrealized +34.0%

TIC TIC SOLUTIONS INC 2.0%

Value ($000) $2,325 (-15.9%) Shares 229,938 (+10.8%) Est. Cost $11.38 Unrealized -2.1%

FIP FTAI INFRASTRUCTURE INC 2.3%

Value ($000) $2,709 (+17.8%) Shares 587,557 (+11.4%) Est. Cost $4.15 Unrealized +18.4%

ALIT ALIGHT INC 0.6%

Value ($000) $652 (+79.7%) Shares 334,118 (+200.4%) Est. Cost $4.34 Unrealized -43.4%

NBIS NEBIUS GROUP N.V. 3.8%

Value ($000) $4,428 (-5.9%) Shares 52,900 (+26.3%) Est. Cost $47.69 Unrealized +117.3%

SKIL SKILLSOFT CORP 0.5%

Value ($000) $537 (+98.3%) Shares 57,794 (+177.7%) Est. Cost $12.26 Unrealized -9.0%

PBI PITNEY BOWES INC 0.6%

Value ($000) $665 (+53.7%) Shares 62,906 (+66.0%) Est. Cost $7.11 Unrealized +45.9%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ASH	ASHLAND INC	29,860 (+50.1%)	$1,752 (+83.7%)	1.5%	$52.12	+0.9%	COM	044186104
NN	NEXTNAV INC	88,854 (+51.0%)	$1,479 (+75.7%)	1.3%	$10.60	+34.0%	COMMON STOCK	65345N106
TIC	TIC SOLUTIONS INC	229,938 (+10.8%)	$2,325 (-15.9%)	2.0%	$11.38	-2.1%	COM	00510N102
FIP	FTAI INFRASTRUCTURE INC	587,557 (+11.4%)	$2,709 (+17.8%)	2.3%	$4.15	+18.4%	COMMON STOCK	35953C106
ALIT	ALIGHT INC	334,118 (+200.4%)	$652 (+79.7%)	0.6%	$4.34	-43.4%	COM CL A	01626W101
NBIS	NEBIUS GROUP N.V.	52,900 (+26.3%)	$4,428 (-5.9%)	3.8%	$47.69	+117.3%	SHS CLASS A	N97284108
SKIL	SKILLSOFT CORP	57,794 (+177.7%)	$537 (+98.3%)	0.5%	$12.26	-9.0%	CL A	83066P309
PBI	PITNEY BOWES INC	62,906 (+66.0%)	$665 (+53.7%)	0.6%	$7.11	+45.9%	COM	724479100

Exited Positions (12)

— SABLE OFFSHORE CORP 1.7%

Value ($000) $2,000 Shares 500 Est. Cost $4000.00 Unrealized —

APD AIR PRODS & CHEMS INC 1.5%

Value ($000) $1,793 Shares 6,574 Est. Cost $302.42 Unrealized -16.8%

— FTAI INFRASTRUCTURE INC CALL 1.2%

Value ($000) $1,400 Shares 2,000 Est. Cost $500.00 Unrealized —

— AMBAC FINL GROUP INC CALL 0.8%

Value ($000) $900 Shares 1,000 Est. Cost $900.00 Unrealized —

— KINGSTONE COS INC CALL 0.7%

Value ($000) $875 Shares 500 Est. Cost $1750.00 Unrealized —

RITM RITHM CAPITAL CORP 0.6%

Value ($000) $748 Shares 65,649 Est. Cost $10.93 Unrealized —

MSOS ADVISORSHARES TR 0.6%

Value ($000) $707 Shares 147,600 Est. Cost $7.00 Unrealized —

— ADVISORSHARES TR CALL 0.5%

Value ($000) $625 Shares 1,250 Est. Cost $500.00 Unrealized —

CURI CURIOSITYSTREAM INC 0.4%

Value ($000) $530 Shares 100,000 Est. Cost $4.47 Unrealized -1.7%

PENN PENN ENTERTAINMENT INC 0.4%

Value ($000) $482 Shares 25,000 Est. Cost $19.54 Unrealized -20.2%

PERI PERION NETWORK LTD 0.1%

Value ($000) $96 Shares 10,000 Est. Cost $9.55 Unrealized +1.6%

OEC ORION S.A. 0.1%

Value ($000) $83 Shares 11,000 Est. Cost $14.14 Unrealized -61.6%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	SABLE OFFSHORE CORP	500	$2,000	1.7%	$4000.00	—	—	78574H904
APD	AIR PRODS & CHEMS INC	6,574	$1,793	1.5%	$302.42	-16.8%	—	009158106
—	FTAI INFRASTRUCTURE INC CALL	2,000	$1,400	1.2%	$500.00	—	—	35953C906
—	AMBAC FINL GROUP INC CALL	1,000	$900	0.8%	$900.00	—	—	023139904
—	KINGSTONE COS INC CALL	500	$875	0.7%	$1750.00	—	—	496719905
RITM	RITHM CAPITAL CORP	65,649	$748	0.6%	$10.93	—	—	64828T201
MSOS	ADVISORSHARES TR	147,600	$707	0.6%	$7.00	—	—	00768Y453
—	ADVISORSHARES TR CALL	1,250	$625	0.5%	$500.00	—	—	00768Y903
CURI	CURIOSITYSTREAM INC	100,000	$530	0.4%	$4.47	-1.7%	—	23130Q107
PENN	PENN ENTERTAINMENT INC	25,000	$482	0.4%	$19.54	-20.2%	—	707569109
PERI	PERION NETWORK LTD	10,000	$96	0.1%	$9.55	+1.6%	—	M78673114
OEC	ORION S.A.	11,000	$83	0.1%	$14.14	-61.6%	—	L72967109

Decreased Positions (12)

FTAI FTAI AVIATION LTD 28.4%

Value ($000) $33,502 (+7.5%) Shares 170,192 (-8.9%) Est. Cost $16.81 Unrealized +912.7%

AVD AMERICAN VANGUARD CORP 1.9%

Value ($000) $2,184 (-50.6%) Shares 571,781 (-27.6%) Est. Cost $17.96 Unrealized -74.0%

GDOT GREEN DOT CORP 0.8%

Value ($000) $942 (-46.2%) Shares 73,500 (-43.6%) Est. Cost $10.56 Unrealized +17.7%

APG API GROUP CORP 7.8%

Value ($000) $9,181 (+6.5%) Shares 239,956 (-4.3%) Est. Cost $17.77 Unrealized +108.0%

GECC GREAT ELM CAP CORP 0.8%

Value ($000) $922 (-35.3%) Shares 130,827 (-8.0%) Est. Cost $6.87 Unrealized +5.8%

DUOT DUOS TECHNOLOGIES GROUP INC 0.1%

Value ($000) $169 (-68.3%) Shares 14,978 (-79.3%) Est. Cost $7.12 Unrealized +31.8%

LODE COMSTOCK INC 0.2%

Value ($000) $191 (-64.0%) Shares 50,776 (-67.2%) Est. Cost $3.12 Unrealized +9.1%

TDAY USA TODAY CO INC 0.0%

Value ($000) $57 (-79.1%) Shares 11,075 (-83.2%) Est. Cost $4.52 Unrealized +3.8%

OSG AMBAC FINL GROUP INC 0.7%

Value ($000) $834 (-10.6%) Shares 107,140 (-4.2%) Est. Cost $8.45 Unrealized +1.2%

STIM NEURONETICS INC 0.1%

Value ($000) $67 (-50.6%) Shares 48,900 (-2.2%) Est. Cost $3.65 Unrealized -42.7%

INVE IDENTIV INC 0.1%

Value ($000) $122 (-15.3%) Shares 31,778 (-23.9%) Est. Cost $4.75 Unrealized -24.1%

BDMDW BAIRD MED INVT HLDGS LTD 0.0%

Value ($000) $1 (-28.6%) Shares 25,000 (-9.1%) Est. Cost $0.21 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
FTAI	FTAI AVIATION LTD	170,192 (-8.9%)	$33,502 (+7.5%)	28.4%	$16.81	+912.7%	SHS	G3730V105
AVD	AMERICAN VANGUARD CORP	571,781 (-27.6%)	$2,184 (-50.6%)	1.9%	$17.96	-74.0%	COM	030371108
GDOT	GREEN DOT CORP	73,500 (-43.6%)	$942 (-46.2%)	0.8%	$10.56	+17.7%	CL A	39304D102
APG	API GROUP CORP	239,956 (-4.3%)	$9,181 (+6.5%)	7.8%	$17.77	+108.0%	COM STK	00187Y100
GECC	GREAT ELM CAP CORP	130,827 (-8.0%)	$922 (-35.3%)	0.8%	$6.87	+5.8%	COM NEW	390320703
DUOT	DUOS TECHNOLOGIES GROUP INC	14,978 (-79.3%)	$169 (-68.3%)	0.1%	$7.12	+31.8%	COM	266042407
LODE	COMSTOCK INC	50,776 (-67.2%)	$191 (-64.0%)	0.2%	$3.12	+9.1%	COM SHS	205750409
TDAY	USA TODAY CO INC	11,075 (-83.2%)	$57 (-79.1%)	0.0%	$4.52	+3.8%	COM	36472T109
OSG	AMBAC FINL GROUP INC	107,140 (-4.2%)	$834 (-10.6%)	0.7%	$8.45	+1.2%	COM NEW	023139884
STIM	NEURONETICS INC	48,900 (-2.2%)	$67 (-50.6%)	0.1%	$3.65	-42.7%	COM	64131A105
INVE	IDENTIV INC	31,778 (-23.9%)	$122 (-15.3%)	0.1%	$4.75	-24.1%	COM NEW	45170X205
BDMDW	BAIRD MED INVT HLDGS LTD	25,000 (-9.1%)	$1 (-28.6%)	0.0%	$0.21	—	*W EXP 10/01/202	G0705H111

Unchanged Positions (25)

KINS KINGSTONE COS INC 4.9%

Value ($000) $5,790 Shares 344,019 Est. Cost $14.59 Unrealized +3.8%

GFL GFL ENVIRONMENTAL INC 4.3%

Value ($000) $5,058 Shares 117,767 Est. Cost $41.32 Unrealized +8.1%

ORN ORION GROUP HLDGS INC 2.1%

Value ($000) $2,426 Shares 244,104 Est. Cost $7.63 Unrealized +27.0%

CRH CRH PLC 6.6%

Value ($000) $7,836 Shares 62,791 Est. Cost $65.14 Unrealized +82.9%

BODI THE BEACHBODY COMPANY INC 0.2%

Value ($000) $205 Shares 19,830 Est. Cost $5.11 Unrealized +50.2%

AGM FEDERAL AGRIC MTG CORP 1.4%

Value ($000) $1,624 Shares 9,249 Est. Cost $82.25 Unrealized +103.1%

URNM SPROTT FDS TR 0.5%

Value ($000) $549 Shares 10,000 Est. Cost $26.30 Unrealized —

MOD MODINE MFG CO 0.6%

Value ($000) $668 Shares 5,000 Est. Cost $41.93 Unrealized +255.2%

CECO CECO ENVIRONMENTAL CORP 0.2%

Value ($000) $265 Shares 4,431 Est. Cost $42.33 Unrealized +26.4%

SRUUF SPROTT FDS TRUST 1.1%

Value ($000) $1,308 Shares 67,100 Est. Cost $20.02 Unrealized —

UNH UNITEDHEALTH GROUP INC 0.6%

Value ($000) $660 Shares 2,000 Est. Cost $298.94 Unrealized +12.8%

GPGI COMPOSECURE INC 0.2%

Value ($000) $268 Shares 13,876 Est. Cost $9.04 Unrealized +120.8%

RSVRW RESERVOIR MEDIA INC 0.0%

Value ($000) $9 Shares 30,503 Est. Cost $1.97 Unrealized —

VLY VALLEY NATL BANCORP 0.1%

Value ($000) $145 Shares 12,399 Est. Cost $9.99 Unrealized +11.1%

GTLS CHART INDS INC 0.4%

Value ($000) $454 Shares 2,200 Est. Cost $113.15 Unrealized +79.1%

SCLXW SCILEX HOLDING CO 0.0%

Value ($000) $5 Shares 49,999 Est. Cost $0.19 Unrealized —

BCIC BCP INVESTMENT CORPORATION 0.2%

Value ($000) $242 Shares 20,435 Est. Cost $11.61 Unrealized +2.7%

PHYWF PYROPHYTE ACQUISITION CORP 0.0%

Value ($000) $17 Shares 37,500 Est. Cost $0.10 Unrealized —

AEAEW ALTENERGY ACQUISITION CORP 0.0%

Value ($000) $4 Shares 20,000 Est. Cost $0.08 Unrealized —

ACR ACRES COMMERCIAL REALTY CORP 0.2%

Value ($000) $251 Shares 11,742 Est. Cost $21.67 Unrealized —

QXO QXO INC 0.5%

Value ($000) $552 Shares 10,000 Est. Cost $16.42 Unrealized +16.7%

ICUCW SEASTAR MEDICAL HOLDING CORP 0.0%

Value ($000) $0 Shares 32,473 Est. Cost $0.09 Unrealized —

MSAIW INFRARED CAMERAS HLDGS INC 0.0%

Value ($000) $1 Shares 37,500 Est. Cost $0.05 Unrealized —

SQLLW SEQLL INC 0.0%

Value ($000) $0 Shares 70,000 Est. Cost $1.06 Unrealized —

BENFW BENEFICIENT 0.0%

Value ($000) $1 Shares 48,750 Est. Cost $0.01 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
KINS	KINGSTONE COS INC	344,019	$5,790	4.9%	$14.59	+3.8%	COM	496719105
GFL	GFL ENVIRONMENTAL INC	117,767	$5,058	4.3%	$41.32	+8.1%	SUB VTG SHS	36168Q104
ORN	ORION GROUP HLDGS INC	244,104	$2,426	2.1%	$7.63	+27.0%	COM	68628V308
CRH	CRH PLC	62,791	$7,836	6.6%	$65.14	+82.9%	ORD	G25508105
BODI	THE BEACHBODY COMPANY INC	19,830	$205	0.2%	$5.11	+50.2%	COM CL A NEW	073463309
AGM	FEDERAL AGRIC MTG CORP	9,249	$1,624	1.4%	$82.25	+103.1%	CL C	313148306
URNM	SPROTT FDS TR	10,000	$549	0.5%	$26.30	—	URANIUM MINERS E	85208P303
MOD	MODINE MFG CO	5,000	$668	0.6%	$41.93	+255.2%	COM	607828100
CECO	CECO ENVIRONMENTAL CORP	4,431	$265	0.2%	$42.33	+26.4%	COM	125141101
SRUUF	SPROTT FDS TRUST	67,100	$1,308	1.1%	$20.02	—	URANIUM MINERS E	85210A104
UNH	UNITEDHEALTH GROUP INC	2,000	$660	0.6%	$298.94	+12.8%	COM	91324P102
GPGI	COMPOSECURE INC	13,876	$268	0.2%	$9.04	+120.8%	COM CL A	20459V105
RSVRW	RESERVOIR MEDIA INC	30,503	$9	0.0%	$1.97	—	*W EXP 08/26/202	76119X113
VLY	VALLEY NATL BANCORP	12,399	$145	0.1%	$9.99	+11.1%	COM	919794107
GTLS	CHART INDS INC	2,200	$454	0.4%	$113.15	+79.1%	COM	16115Q308
SCLXW	SCILEX HOLDING CO	49,999	$5	0.0%	$0.19	—	*W EXP 11/10/202	80880W114
BCIC	BCP INVESTMENT CORPORATION	20,435	$242	0.2%	$11.61	+2.7%	COM NEW	73688F201
PHYWF	PYROPHYTE ACQUISITION CORP	37,500	$17	0.0%	$0.10	—	*W EXP 05/03/202	G7308P127
AEAEW	ALTENERGY ACQUISITION CORP	20,000	$4	0.0%	$0.08	—	*W EXP 10/29/202	02157M116
ACR	ACRES COMMERCIAL REALTY CORP	11,742	$251	0.2%	$21.67	—	COM NEW	00489Q102
QXO	QXO INC	10,000	$552	0.5%	$16.42	+16.7%	COM NEW	82846H405
ICUCW	SEASTAR MEDICAL HOLDING CORP	32,473	$0	0.0%	$0.09	—	*W EXP 10/28/202	81256L112
MSAIW	INFRARED CAMERAS HLDGS INC	37,500	$1	0.0%	$0.05	—	*W EXP 12/19/202	456948116
SQLLW	SEQLL INC	70,000	$0	0.0%	$1.06	—	*W EXP 08/31/202	81734C114
BENFW	BENEFICIENT	48,750	$1	0.0%	$0.01	—	*W EXP 06/07/202	08178Q119