Voss Capital, LLC Quant / Systematic

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
EQT	EQT CORP	924,841	$49,571	2.4%	$56.13	0.0%	COM	26884L109
CSR	CENTERSPACE	330,751	$22,068	1.1%	$66.72	—	COM	15202L107
DHI	D R HORTON INC	115,000	$16,563	0.8%	$152.01	0.0%	COM	23331A109
AMZN	AMAZON COM INC	65,000	$15,003	0.7%	$228.79	0.0%	CALL	023135106
OC	OWENS CORNING NEW	115,000	$12,870	0.6%	$117.36	0.0%	COM	690742101
INVH	INVITATION HOMES INC	450,000	$12,506	0.6%	$27.64	0.0%	COM	46187W107
LRN	STRIDE INC	138,274	$8,978	0.4%	$90.80	0.0%	COM	86333M108
CELH	CELSIUS HLDGS INC	165,000	$7,547	0.4%	$50.38	0.0%	COM NEW	15118V207
MCW	MISTER CAR WASH INC	1,296,915	$7,211	0.3%	$5.26	0.0%	COM	60646V105
AMZN	AMAZON COM INC	25,000	$5,771	0.3%	$228.79	0.0%	COM	023135106
UNF	UNIFIRST CORP MASS	29,485	$5,688	0.3%	$168.52	0.0%	COM	904708104
PEB	PEBBLEBROOK HOTEL TR	432,613	$4,897	0.2%	$11.32	—	COM	70509V100
ARE	ALEXANDRIA REAL ESTATE EQ	75,000	$3,671	0.2%	$58.01	0.0%	COM	015271109
OKLO	OKLO INC	50,000	$3,588	0.2%	—	—	PUT	02156V109
GOOGL	ALPHABET INC	10,000	$3,130	0.2%	$285.60	0.0%	CAP STK CL A	02079K305
FIVN	FIVE9 INC	150,000	$3,008	0.1%	$26.91	-21.1%	CALL	338307101
XERS	XERIS BIOPHARMA HOLDINGS	371,709	$2,918	0.1%	$7.87	0.0%	COM	98422E103
SNDX	SYNDAX PHARMACEUTICALS INC	125,000	$2,626	0.1%	$17.45	0.0%	COM	87164F105
EEFT	EURONET WORLDWIDE INC	10,200	$776	0.0%	$95.51	-18.4%	CALL	298736109
XERS	XERIS BIOPHARMA HOLDINGS	22,500	$177	0.0%	$7.87	0.0%	CALL	98422E103

Increased Positions (19)

SN SHARKNINJA INC 5.1%

Value ($000) $107,307 (+90.0%) Shares 958,952 (+75.2%) Est. Cost $94.23 Unrealized +4.6%

SHC SOTERA HEALTH CO 3.4%

Value ($000) $69,828 (+140.0%) Shares 3,958,482 (+114.0%) Est. Cost $15.09 Unrealized +9.6%

PAR PAR TECHNOLOGY CORP 7.6%

Value ($000) $157,455 (+33.7%) Shares 4,340,000 (+45.9%) Est. Cost $45.71 Unrealized -21.0%

FLYW FLYWIRE CORPORATION 8.0%

Value ($000) $166,380 (+27.7%) Shares 11,750,000 (+22.1%) Est. Cost $12.96 Unrealized +5.6%

XPOF XPONENTIAL FITNESS INC 2.4%

Value ($000) $49,657 (+97.2%) Shares 6,033,653 (+86.7%) Est. Cost $10.15 Unrealized -30.0%

POWL POWELL INDS INC 5.4%

Value ($000) $111,573 (+24.1%) Shares 350,000 (+18.6%) Est. Cost $228.08 Unrealized +47.6%

GENI GENIUS SPORTS LIMITED 5.9%

Value ($000) $122,322 (+20.5%) Shares 11,100,000 (+35.4%) Est. Cost $7.98 Unrealized +36.7%

CLBT CELLEBRITE DI LTD 7.0%

Value ($000) $145,142 (+15.6%) Shares 8,050,000 (+18.8%) Est. Cost $14.40 Unrealized +24.7%

TTAM TITAN AMER SA 2.1%

Value ($000) $42,848 (+67.2%) Shares 2,600,000 (+51.6%) Est. Cost $14.65 Unrealized +6.9%

KNF KNIFE RIVER CORP 2.4%

Value ($000) $49,952 (+47.7%) Shares 710,048 (+61.4%) Est. Cost $77.32 Unrealized -9.2%

GOOGL ALPHABET INC 0.9%

Value ($000) $19,563 (+221.9%) Shares 62,500 (+150.0%) Est. Cost $285.60 Unrealized 0.0%

GFF GRIFFON CORP 6.2%

Value ($000) $129,624 (+10.9%) Shares 1,760,000 (+14.7%) Est. Cost $40.32 Unrealized +84.0%

PHIN PHINIA INC 5.2%

Value ($000) $108,295 (+12.1%) Shares 1,727,468 (+2.8%) Est. Cost $43.42 Unrealized +26.9%

EEFT EURONET WORLDWIDE INC 5.2%

Value ($000) $108,837 (-7.5%) Shares 1,430,000 (+6.7%) Est. Cost $95.51 Unrealized -18.4%

FIVN FIVE9 INC 5.7%

Value ($000) $118,195 (+7.3%) Shares 5,895,000 (+29.6%) Est. Cost $26.91 Unrealized -21.1%

QURE UNIQURE NV 0.2%

Value ($000) $5,025 (-31.1%) Shares 210,000 (+68.0%) Est. Cost $23.63 Unrealized +63.3%

ACTU ACTUATE THERAPEUTICS INC 0.4%

Value ($000) $7,956 (+32.7%) Shares 1,300,000 (+45.0%) Est. Cost $7.39 Unrealized -7.0%

RNTX REIN THERAPEUTICS INC 0.2%

Value ($000) $4,923 (+61.2%) Shares 4,243,969 (+59.2%) Est. Cost $1.77 Unrealized -22.1%

HSY HERSHEY CO 0.2%

Value ($000) $3,640 (+96.1%) Shares 20,000 (+100.0%) Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
SN	SHARKNINJA INC	958,952 (+75.2%)	$107,307 (+90.0%)	5.1%	$94.23	+4.6%	COM SHS	G8068L108
SHC	SOTERA HEALTH CO	3,958,482 (+114.0%)	$69,828 (+140.0%)	3.4%	$15.09	+9.6%	COM	83601L102
PAR	PAR TECHNOLOGY CORP	4,340,000 (+45.9%)	$157,455 (+33.7%)	7.6%	$45.71	-21.0%	COM	698884103
FLYW	FLYWIRE CORPORATION	11,750,000 (+22.1%)	$166,380 (+27.7%)	8.0%	$12.96	+5.6%	COM VTG	302492103
XPOF	XPONENTIAL FITNESS INC	6,033,653 (+86.7%)	$49,657 (+97.2%)	2.4%	$10.15	-30.0%	COM CL A	98422X101
POWL	POWELL INDS INC	350,000 (+18.6%)	$111,573 (+24.1%)	5.4%	$228.08	+47.6%	COM	739128106
GENI	GENIUS SPORTS LIMITED	11,100,000 (+35.4%)	$122,322 (+20.5%)	5.9%	$7.98	+36.7%	SHARES CL A	G3934V109
CLBT	CELLEBRITE DI LTD	8,050,000 (+18.8%)	$145,142 (+15.6%)	7.0%	$14.40	+24.7%	ORDINARY SHARES	M2197Q107
TTAM	TITAN AMER SA	2,600,000 (+51.6%)	$42,848 (+67.2%)	2.1%	$14.65	+6.9%	COMMON SHARES	B9151N105
KNF	KNIFE RIVER CORP	710,048 (+61.4%)	$49,952 (+47.7%)	2.4%	$77.32	-9.2%	COMMON STOCK	498894104
GOOGL	ALPHABET INC	62,500 (+150.0%)	$19,563 (+221.9%)	0.9%	$285.60	0.0%	CALL	02079K305
GFF	GRIFFON CORP	1,760,000 (+14.7%)	$129,624 (+10.9%)	6.2%	$40.32	+84.0%	COM	398433102
PHIN	PHINIA INC	1,727,468 (+2.8%)	$108,295 (+12.1%)	5.2%	$43.42	+26.9%	COMMON STOCK	71880K101
EEFT	EURONET WORLDWIDE INC	1,430,000 (+6.7%)	$108,837 (-7.5%)	5.2%	$95.51	-18.4%	COM	298736109
FIVN	FIVE9 INC	5,895,000 (+29.6%)	$118,195 (+7.3%)	5.7%	$26.91	-21.1%	COM	338307101
QURE	UNIQURE NV	210,000 (+68.0%)	$5,025 (-31.1%)	0.2%	$23.63	+63.3%	SHS	N90064101
ACTU	ACTUATE THERAPEUTICS INC	1,300,000 (+45.0%)	$7,956 (+32.7%)	0.4%	$7.39	-7.0%	COM	005083100
RNTX	REIN THERAPEUTICS INC	4,243,969 (+59.2%)	$4,923 (+61.2%)	0.2%	$1.77	-22.1%	COM NEW	00887A204
HSY	HERSHEY CO	20,000 (+100.0%)	$3,640 (+96.1%)	0.2%	—	—	PUT	427866108

Exited Positions (21)

CROX CROCS INC 2.7%

Value ($000) $55,561 Shares 665,000 Est. Cost $97.74 Unrealized -14.4%

QQQ INVESCO QQQ TR 1.6%

Value ($000) $33,020 Shares 55,000 Est. Cost — Unrealized —

CNH CNH INDL N V 1.4%

Value ($000) $30,109 Shares 2,775,000 Est. Cost $10.85 Unrealized -7.9%

RTO RENTOKIL INITIAL PLC 1.3%

Value ($000) $27,775 Shares 1,100,000 Est. Cost $27.62 Unrealized —

ABG ASBURY AUTOMOTIVE GROUP INC 1.1%

Value ($000) $22,001 Shares 90,000 Est. Cost $219.96 Unrealized +7.5%

SPY SPDR S&P 500 ETF TR 0.8%

Value ($000) $16,655 Shares 25,000 Est. Cost — Unrealized —

IMXI INTERNATIONAL MNY EXPRESS IN 0.8%

Value ($000) $16,308 Shares 1,167,390 Est. Cost $19.45 Unrealized -22.8%

AMTM AMENTUM HOLDINGS INC 0.7%

Value ($000) $14,969 Shares 625,000 Est. Cost $21.48 Unrealized +19.0%

SXT SENSIENT TECHNOLOGIES CORP 0.3%

Value ($000) $7,039 Shares 75,000 Est. Cost $102.76 Unrealized -8.2%

IBM INTERNATIONAL BUSINESS MACHS 0.2%

Value ($000) $4,911 Shares 17,500 Est. Cost — Unrealized —

BXC BLUELINX HLDGS INC 0.2%

Value ($000) $4,385 Shares 60,000 Est. Cost $71.87 Unrealized -10.2%

ARKO ARKO CORP 0.2%

Value ($000) $4,375 Shares 957,247 Est. Cost $5.70 Unrealized -21.6%

ARKK ARK ETF TR 0.1%

Value ($000) $2,158 Shares 25,000 Est. Cost — Unrealized —

AMRZ AMRIZE LTD 0.1%

Value ($000) $2,150 Shares 44,305 Est. Cost $50.45 Unrealized +1.1%

IOVA IOVANCE BIOTHERAPEUTICS INC 0.1%

Value ($000) $1,411 Shares 650,000 Est. Cost $2.49 Unrealized -7.0%

CGEM CULLINAN THERAPEUTICS INC 0.1%

Value ($000) $1,313 Shares 221,473 Est. Cost $11.44 Unrealized -21.2%

RCKT ROCKET PHARMACEUTICALS INC 0.0%

Value ($000) $978 Shares 300,000 Est. Cost $13.59 Unrealized -74.8%

FLYW FLYWIRE CORPORATION 0.0%

Value ($000) $677 Shares 50,000 Est. Cost $12.96 Unrealized +5.6%

RCL ROYAL CARIBBEAN GROUP 0.0%

Value ($000) $324 Shares 1,000 Est. Cost — Unrealized —

EOLS EVOLUS INC 0.0%

Value ($000) $307 Shares 50,000 Est. Cost — Unrealized —

CLBT CELLEBRITE DI LTD 0.0%

Value ($000) $43 Shares 2,300 Est. Cost $14.40 Unrealized +24.7%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
CROX	CROCS INC	665,000	$55,561	2.7%	$97.74	-14.4%	—	227046109
QQQ	INVESCO QQQ TR	55,000	$33,020	1.6%	—	—	PUT	46090E103
CNH	CNH INDL N V	2,775,000	$30,109	1.4%	$10.85	-7.9%	—	N20944109
RTO	RENTOKIL INITIAL PLC	1,100,000	$27,775	1.3%	$27.62	—	—	760125104
ABG	ASBURY AUTOMOTIVE GROUP INC	90,000	$22,001	1.1%	$219.96	+7.5%	—	043436104
SPY	SPDR S&P 500 ETF TR	25,000	$16,655	0.8%	—	—	PUT	78462F103
IMXI	INTERNATIONAL MNY EXPRESS IN	1,167,390	$16,308	0.8%	$19.45	-22.8%	—	46005L101
AMTM	AMENTUM HOLDINGS INC	625,000	$14,969	0.7%	$21.48	+19.0%	—	023939101
SXT	SENSIENT TECHNOLOGIES CORP	75,000	$7,039	0.3%	$102.76	-8.2%	—	81725T100
IBM	INTERNATIONAL BUSINESS MACHS	17,500	$4,911	0.2%	—	—	PUT	459200101
BXC	BLUELINX HLDGS INC	60,000	$4,385	0.2%	$71.87	-10.2%	—	09624H208
ARKO	ARKO CORP	957,247	$4,375	0.2%	$5.70	-21.6%	—	041242108
ARKK	ARK ETF TR	25,000	$2,158	0.1%	—	—	PUT	00214Q104
AMRZ	AMRIZE LTD	44,305	$2,150	0.1%	$50.45	+1.1%	—	H2927K103
IOVA	IOVANCE BIOTHERAPEUTICS INC	650,000	$1,411	0.1%	$2.49	-7.0%	—	462260100
CGEM	CULLINAN THERAPEUTICS INC	221,473	$1,313	0.1%	$11.44	-21.2%	—	230031106
RCKT	ROCKET PHARMACEUTICALS INC	300,000	$978	0.0%	$13.59	-74.8%	—	77313F106
FLYW	FLYWIRE CORPORATION	50,000	$677	0.0%	$12.96	+5.6%	CALL	302492103
RCL	ROYAL CARIBBEAN GROUP	1,000	$324	0.0%	—	—	PUT	V7780T103
EOLS	EVOLUS INC	50,000	$307	0.0%	—	—	CALL	30052C107
CLBT	CELLEBRITE DI LTD	2,300	$43	0.0%	$14.40	+24.7%	PUT	M2197Q107

Decreased Positions (15)

TSLA TESLA INC 7.6%

Value ($000) $158,526 (-29.1%) Shares 352,500 (-29.9%) Est. Cost — Unrealized —

PRKS UNITED PARKS & RESORTS INC 2.9%

Value ($000) $59,532 (-43.8%) Shares 1,640,000 (-20.0%) Est. Cost $51.56 Unrealized -19.4%

SWIM LATHAM GROUP INC 0.5%

Value ($000) $10,319 (-68.8%) Shares 1,625,000 (-62.6%) Est. Cost $4.32 Unrealized +61.8%

CRH CRH PLC 0.5%

Value ($000) $10,709 (-60.3%) Shares 85,809 (-61.9%) Est. Cost $54.75 Unrealized +117.6%

LEGH LEGACY HOUSING CORP 0.7%

Value ($000) $14,933 (-49.1%) Shares 765,000 (-28.3%) Est. Cost $21.24 Unrealized +0.9%

CCS CENTURY CMNTYS INC 0.5%

Value ($000) $9,496 (-58.9%) Shares 160,000 (-56.2%) Est. Cost $62.76 Unrealized -3.3%

AVTR AVANTOR INC 2.3%

Value ($000) $47,018 (-16.7%) Shares 4,102,790 (-9.3%) Est. Cost $12.96 Unrealized -5.1%

AIOT POWERFLEET INC 1.0%

Value ($000) $21,014 (-30.9%) Shares 3,949,990 (-31.9%) Est. Cost $5.06 Unrealized +1.1%

ALTG ALTA EQUIPMENT GROUP INC 0.6%

Value ($000) $12,991 (-37.8%) Shares 2,824,199 (-2.2%) Est. Cost $12.05 Unrealized -54.4%

ALX ALEXANDERS INC 0.2%

Value ($000) $3,269 (-44.9%) Shares 15,000 (-40.7%) Est. Cost $214.32 Unrealized —

KURA KURA ONCOLOGY INC 0.0%

Value ($000) $309 (-88.6%) Shares 29,737 (-90.3%) Est. Cost $12.88 Unrealized -18.6%

RMNI RIMINI STR INC DEL 0.0%

Value ($000) $272 (-76.8%) Shares 70,000 (-72.0%) Est. Cost $3.34 Unrealized +24.2%

RGNX REGENXBIO INC 0.2%

Value ($000) $4,248 (-12.0%) Shares 295,000 (-41.0%) Est. Cost $8.87 Unrealized +40.6%

IRD OPUS GENETICS INC 0.0%

Value ($000) $888 (-4.3%) Shares 441,891 (-21.4%) Est. Cost $1.00 Unrealized +103.6%

CGTX COGNITION THERAPEUTICS INC 0.0%

Value ($000) $377 (-6.9%) Shares 279,340 (-6.9%) Est. Cost $0.49 Unrealized +228.3%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
TSLA	TESLA INC	352,500 (-29.9%)	$158,526 (-29.1%)	7.6%	—	—	PUT	88160R101
PRKS	UNITED PARKS & RESORTS INC	1,640,000 (-20.0%)	$59,532 (-43.8%)	2.9%	$51.56	-19.4%	COM	81282V100
SWIM	LATHAM GROUP INC	1,625,000 (-62.6%)	$10,319 (-68.8%)	0.5%	$4.32	+61.8%	COM	51819L107
CRH	CRH PLC	85,809 (-61.9%)	$10,709 (-60.3%)	0.5%	$54.75	+117.6%	ORD	G25508105
LEGH	LEGACY HOUSING CORP	765,000 (-28.3%)	$14,933 (-49.1%)	0.7%	$21.24	+0.9%	COM	52472M101
CCS	CENTURY CMNTYS INC	160,000 (-56.2%)	$9,496 (-58.9%)	0.5%	$62.76	-3.3%	COM	156504300
AVTR	AVANTOR INC	4,102,790 (-9.3%)	$47,018 (-16.7%)	2.3%	$12.96	-5.1%	COM	05352A100
AIOT	POWERFLEET INC	3,949,990 (-31.9%)	$21,014 (-30.9%)	1.0%	$5.06	+1.1%	COM	73931J109
ALTG	ALTA EQUIPMENT GROUP INC	2,824,199 (-2.2%)	$12,991 (-37.8%)	0.6%	$12.05	-54.4%	COMMON STOCK	02128L106
ALX	ALEXANDERS INC	15,000 (-40.7%)	$3,269 (-44.9%)	0.2%	$214.32	—	COM	014752109
KURA	KURA ONCOLOGY INC	29,737 (-90.3%)	$309 (-88.6%)	0.0%	$12.88	-18.6%	COM	50127T109
RMNI	RIMINI STR INC DEL	70,000 (-72.0%)	$272 (-76.8%)	0.0%	$3.34	+24.2%	COM	76674Q107
RGNX	REGENXBIO INC	295,000 (-41.0%)	$4,248 (-12.0%)	0.2%	$8.87	+40.6%	COM	75901B107
IRD	OPUS GENETICS INC	441,891 (-21.4%)	$888 (-4.3%)	0.0%	$1.00	+103.6%	COM	67577R102
CGTX	COGNITION THERAPEUTICS INC	279,340 (-6.9%)	$377 (-6.9%)	0.0%	$0.49	+228.3%	COM	19243B102

Unchanged Positions (3)

LGIH LGI HOMES INC 0.6%

Value ($000) $12,888 Shares 300,000 Est. Cost $55.61 Unrealized -15.7%

LTRN LANTERN PHARMA INC 0.0%

Value ($000) $152 Shares 50,000 Est. Cost $3.42 Unrealized +8.7%

PAR PAR TECHNOLOGY CORP 0.0%

Value ($000) $337 Shares 9,300 Est. Cost $45.71 Unrealized -21.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
LGIH	LGI HOMES INC	300,000	$12,888	0.6%	$55.61	-15.7%	COM	50187T106
LTRN	LANTERN PHARMA INC	50,000	$152	0.0%	$3.42	+8.7%	COM	51654W101
PAR	PAR TECHNOLOGY CORP	9,300	$337	0.0%	$45.71	-21.0%	CALL	698884103