Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
BX	BLACKSTONE INC	450,970	$51.86M	3.6%	$140.88	0.0%	COM	09260D107
DX	DYNEX CAP INC	1,670,854	$21.32M	1.5%	$12.76	—	COM	26817Q886
BBWI	BATH & BODY WORKS INC	1,050,000	$19.6M	1.4%	$22.41	0.0%	COM	070830104
FSK	FS KKR CAP CORP	1,334,709	$13.59M	1.0%	$13.80	0.0%	COM	302635206
LAZ	LAZARD INC	308,420	$13.1M	0.9%	$52.61	0.0%	COM	52110M109
OWL	BLUE OWL CAPITAL INC	1,345,500	$12.28M	0.9%	$17.38	-21.0%	CALL	09581B103
MTH	MERITAGE HOMES CORP	135,000	$8.348M	0.6%	$74.25	0.0%	COM	59001A102
TRIP	TRIPADVISOR INC	576,249	$6.143M	0.4%	$12.70	0.0%	COM	896945201
OTF	BLUE OWL TECHNOLOGY FIN CORP	175,000	$2.168M	0.2%	$13.15	0.0%	COMMON STOCK	095924106
TCPC	BLACKROCK TCP CAPITAL CORP	377,726	$1.364M	0.1%	$5.19	0.0%	COM	09259E108

Increased Positions (26)

OVV OVINTIV INC 3.0%

Value $43.56M (+1874.0%) Shares 733,807 (+1203.2%) Est. Cost $43.45 Unrealized +0.5%

BTI BRITISH AMERN TOB PLC 4.4%

Value $63M (+63.5%) Shares 1,077,491 (+58.4%) Est. Cost $52.49 Unrealized —

WFC WELLS FARGO & CO 2.2%

Value $31.52M (+233.2%) Shares 395,970 (+290.1%) Est. Cost $89.16 Unrealized +1.0%

UDR UDR INC 2.0%

Value $28.17M (+304.2%) Shares 833,925 (+338.9%) Est. Cost $36.46 Unrealized +0.6%

PRDO PERDOCEO ED CORP 3.4%

Value $48.99M (+73.3%) Shares 1,316,540 (+36.6%) Est. Cost $26.57 Unrealized +19.5%

GSK GSK PLC 4.9%

Value $69.51M (+41.1%) Shares 1,259,477 (+25.4%) Est. Cost $43.81 Unrealized —

JACK JACK IN THE BOX INC 1.2%

Value $17.02M (-47.2%) Shares 1,760,470 (+3.5%) Est. Cost $31.09 Unrealized -33.3%

ON ON SEMICONDUCTOR CORP 1.4%

Value $20.48M (+204.5%) Shares 330,730 (+166.3%) Est. Cost $59.30 Unrealized +8.1%

GPN GLOBAL PMTS INC 4.0%

Value $57.29M (+27.9%) Shares 851,331 (+47.0%) Est. Cost $86.62 Unrealized -13.5%

MRP MILLROSE PPTYS INC 1.5%

Value $21.35M (+97.6%) Shares 762,392 (+110.8%) Est. Cost $28.89 Unrealized —

ET ENERGY TRANSFER L P 2.5%

Value $36.19M (+38.5%) Shares 1,875,000 (+18.3%) Est. Cost $16.81 Unrealized —

SSNC SS&C TECH HLDGS 2.1%

Value $30.37M (+46.4%) Shares 449,401 (+89.4%) Est. Cost $74.51 Unrealized +7.4%

WWW WOLVERINE WORLD WIDE INC 5.1%

Value $73.52M (+14.9%) Shares 4,505,165 (+27.8%) Est. Cost $15.59 Unrealized +17.1%

OC OWENS CORNING NEW 2.5%

Value $35.36M (+36.7%) Shares 326,730 (+41.3%) Est. Cost $130.85 Unrealized -3.9%

TGT TARGET CORP 1.5%

Value $21.35M (+73.3%) Shares 176,142 (+39.8%) Est. Cost $98.12 Unrealized +11.3%

COF CAPITAL ONE FINL CORP 3.4%

Value $47.98M (-12.5%) Shares 262,996 (+16.2%) Est. Cost $189.24 Unrealized +18.0%

FCPT FOUR CORNERS PPTY TR INC 2.6%

Value $37.03M (+22.6%) Shares 1,565,607 (+19.6%) Est. Cost $23.81 Unrealized —

TSLX SIXTH STREET SPECIALTY LENDI 1.5%

Value $20.76M (-13.3%) Shares 1,129,520 (+2.5%) Est. Cost $20.39 Unrealized +2.1%

PAA PLAINS ALL AMERN PIPELINE L 0.3%

Value $4.466M (+65.8%) Shares 200,000 (+33.3%) Est. Cost $19.12 Unrealized —

SSTK SHUTTERSTOCK INC 1.5%

Value $21.13M (+7.0%) Shares 1,272,139 (+23.0%) Est. Cost $19.27 Unrealized -5.6%

GEL GENESIS ENERGY L P 0.6%

Value $8.647M (+17.9%) Shares 484,963 (+3.1%) Est. Cost $13.62 Unrealized —

CION CION INVT CORP 0.3%

Value $4.189M (-23.0%) Shares 612,388 (+8.9%) Est. Cost $7.85 Unrealized +14.8%

OBDC BLUE OWL CAPITAL CORPORATION 0.3%

Value $4.977M (+33.5%) Shares 450,000 (+50.0%) Est. Cost $12.96 Unrealized -7.2%

EXR EXTRA SPACE STORAGE INC 0.5%

Value $7.409M (+13.8%) Shares 56,500 (+13.0%) Est. Cost $134.94 Unrealized -2.9%

GETY GETTY IMAGES HOLDINGS INC 0.0%

Value $476K (-28.9%) Shares 600,000 (+20.0%) Est. Cost $1.62 Unrealized -30.1%

MTCH MATCH GROUP INC NEW 3.6%

Value $51.91M (-0.2%) Shares 1,690,388 (+4.9%) Est. Cost $31.81 Unrealized -1.3%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
OVV	OVINTIV INC	733,807 (+1203.2%)	$43.56M (+1874.0%)	3.0%	$43.45	+0.5%	COM	69047Q102
BTI	BRITISH AMERN TOB PLC	1,077,491 (+58.4%)	$63M (+63.5%)	4.4%	$52.49	—	SPONSORED ADR	110448107
WFC	WELLS FARGO & CO	395,970 (+290.1%)	$31.52M (+233.2%)	2.2%	$89.16	+1.0%	COM	949746101
UDR	UDR INC	833,925 (+338.9%)	$28.17M (+304.2%)	2.0%	$36.46	+0.6%	COM	902653104
PRDO	PERDOCEO ED CORP	1,316,540 (+36.6%)	$48.99M (+73.3%)	3.4%	$26.57	+19.5%	COM	71363P106
GSK	GSK PLC	1,259,477 (+25.4%)	$69.51M (+41.1%)	4.9%	$43.81	—	SPONSORED ADR	37733W204
JACK	JACK IN THE BOX INC	1,760,470 (+3.5%)	$17.02M (-47.2%)	1.2%	$31.09	-33.3%	COM	466367109
ON	ON SEMICONDUCTOR CORP	330,730 (+166.3%)	$20.48M (+204.5%)	1.4%	$59.30	+8.1%	COM	682189105
GPN	GLOBAL PMTS INC	851,331 (+47.0%)	$57.29M (+27.9%)	4.0%	$86.62	-13.5%	COM	37940X102
MRP	MILLROSE PPTYS INC	762,392 (+110.8%)	$21.35M (+97.6%)	1.5%	$28.89	—	COM CL A	601137102
ET	ENERGY TRANSFER L P	1,875,000 (+18.3%)	$36.19M (+38.5%)	2.5%	$16.81	—	COM UT LTD PTN	29273V100
SSNC	SS&C TECH HLDGS	449,401 (+89.4%)	$30.37M (+46.4%)	2.1%	$74.51	+7.4%	COM	78467J100
WWW	WOLVERINE WORLD WIDE INC	4,505,165 (+27.8%)	$73.52M (+14.9%)	5.1%	$15.59	+17.1%	COM	978097103
OC	OWENS CORNING NEW	326,730 (+41.3%)	$35.36M (+36.7%)	2.5%	$130.85	-3.9%	COM	690742101
TGT	TARGET CORP	176,142 (+39.8%)	$21.35M (+73.3%)	1.5%	$98.12	+11.3%	COM	87612E106
COF	CAPITAL ONE FINL CORP	262,996 (+16.2%)	$47.98M (-12.5%)	3.4%	$189.24	+18.0%	COM	14040H105
FCPT	FOUR CORNERS PPTY TR INC	1,565,607 (+19.6%)	$37.03M (+22.6%)	2.6%	$23.81	—	COM	35086T109
TSLX	SIXTH STREET SPECIALTY LENDI	1,129,520 (+2.5%)	$20.76M (-13.3%)	1.5%	$20.39	+2.1%	COM	83012A109
PAA	PLAINS ALL AMERN PIPELINE L	200,000 (+33.3%)	$4.466M (+65.8%)	0.3%	$19.12	—	UNIT LTD PARTN	726503105
SSTK	SHUTTERSTOCK INC	1,272,139 (+23.0%)	$21.13M (+7.0%)	1.5%	$19.27	-5.6%	COM	825690100
GEL	GENESIS ENERGY L P	484,963 (+3.1%)	$8.647M (+17.9%)	0.6%	$13.62	—	UNIT LTD PARTN	371927104
CION	CION INVT CORP	612,388 (+8.9%)	$4.189M (-23.0%)	0.3%	$7.85	+14.8%	COM	17259U204
OBDC	BLUE OWL CAPITAL CORPORATION	450,000 (+50.0%)	$4.977M (+33.5%)	0.3%	$12.96	-7.2%	COM	69121K104
EXR	EXTRA SPACE STORAGE INC	56,500 (+13.0%)	$7.409M (+13.8%)	0.5%	$134.94	-2.9%	COM	30225T102
GETY	GETTY IMAGES HOLDINGS INC	600,000 (+20.0%)	$476K (-28.9%)	0.0%	$1.62	-30.1%	CL A COM	374275105
MTCH	MATCH GROUP INC NEW	1,690,388 (+4.9%)	$51.91M (-0.2%)	3.6%	$31.81	-1.3%	COM	57667L107

Exited Positions (6)

LBRT LIBERTY ENERGY INC 3.0%

Value $42.25M Shares 2,288,934 Est. Cost $13.15 Unrealized +76.4%

AQN ALGONQUIN PWR UTILS CORP 2.5%

Value $35.36M Shares 5,749,636 Est. Cost $5.34 Unrealized +22.0%

SOLS SOLSTICE ADVANCED MATLS INC 0.6%

Value $8.225M Shares 169,300 Est. Cost $47.08 Unrealized +38.5%

SRLN SSGA ACTIVE ETF TR 0.2%

Value $2.889M Shares 70,000 Est. Cost $41.27 Unrealized —

JAAA JANUS DETROIT STR TR 0.2%

Value $2.529M Shares 50,000 Est. Cost $50.58 Unrealized —

ADC AGREE RLTY CORP 0.1%

Value $720K Shares 10,000 Est. Cost $71.04 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
LBRT	LIBERTY ENERGY INC	2,288,934	$42.25M	3.0%	$13.15	+76.4%	—	53115L104
AQN	ALGONQUIN PWR UTILS CORP	5,749,636	$35.36M	2.5%	$5.34	+22.0%	—	015857105
SOLS	SOLSTICE ADVANCED MATLS INC	169,300	$8.225M	0.6%	$47.08	+38.5%	—	83443Q103
SRLN	SSGA ACTIVE ETF TR	70,000	$2.889M	0.2%	$41.27	—	—	78467V608
JAAA	JANUS DETROIT STR TR	50,000	$2.529M	0.2%	$50.58	—	—	47103U845
ADC	AGREE RLTY CORP	10,000	$720K	0.1%	$71.04	—	—	008492100

Decreased Positions (15)

OWL BLUE OWL CAPITAL INC 1.9%

Value $26.94M (-64.3%) Shares 2,951,055 (-41.5%) Est. Cost $17.38 Unrealized -21.0%

APO APOLLO GLOBAL MGMT INC 3.4%

Value $48.86M (-26.7%) Shares 438,504 (-4.8%) Est. Cost $136.44 Unrealized -2.2%

UGI UGI CORP NEW 1.0%

Value $14.1M (-44.2%) Shares 387,287 (-42.7%) Est. Cost $29.95 Unrealized +27.6%

VTRS VIATRIS INC 7.7%

Value $110M (-9.0%) Shares 8,118,742 (-16.1%) Est. Cost $9.84 Unrealized +43.2%

MO ALTRIA GROUP INC 1.2%

Value $17.48M (-35.7%) Shares 264,844 (-43.8%) Est. Cost $57.08 Unrealized +10.4%

BAX BAXTER INTL INC 1.5%

Value $22.05M (-28.4%) Shares 1,312,616 (-18.5%) Est. Cost $32.09 Unrealized -36.2%

GBDC GOLUB CAP BDC INC 0.2%

Value $2.532M (-58.5%) Shares 200,000 (-55.6%) Est. Cost $11.77 Unrealized +11.5%

SHEL SHELL PLC 0.4%

Value $6.138M (-28.6%) Shares 66,000 (-43.6%) Est. Cost $70.69 Unrealized —

KBDC KAYNE ANDERSON BDC INC 0.3%

Value $4.003M (-30.1%) Shares 291,741 (-27.1%) Est. Cost $13.51 Unrealized +5.6%

NCDL NUVEEN CHURCHILL DIRECT LEND 0.4%

Value $5.724M (-21.9%) Shares 450,000 (-18.1%) Est. Cost $14.30 Unrealized -5.0%

BBDC BARINGS BDC INC 0.1%

Value $2.14M (-34.6%) Shares 260,000 (-27.1%) Est. Cost $6.84 Unrealized +33.0%

BXSL BLACKSTONE SECD LENDING FD 0.1%

Value $888K (-55.0%) Shares 37,500 (-50.0%) Est. Cost $18.24 Unrealized +39.5%

PAGP PLAINS GP HLDGS L P 0.7%

Value $9.469M (-8.4%) Shares 390,000 (-27.8%) Est. Cost $18.77 Unrealized —

MFIC MIDCAP FINANCIAL INVSTMNT CO 0.4%

Value $5.149M (-6.9%) Shares 458,108 (-5.2%) Est. Cost $11.83 Unrealized -4.6%

STWD STARWOOD PPTY TR INC 0.0%

Value $344K (-51.4%) Shares 20,000 (-49.2%) Est. Cost $19.37 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
OWL	BLUE OWL CAPITAL INC	2,951,055 (-41.5%)	$26.94M (-64.3%)	1.9%	$17.38	-21.0%	COM CL A	09581B103
APO	APOLLO GLOBAL MGMT INC	438,504 (-4.8%)	$48.86M (-26.7%)	3.4%	$136.44	-2.2%	COM	03769M106
UGI	UGI CORP NEW	387,287 (-42.7%)	$14.1M (-44.2%)	1.0%	$29.95	+27.6%	COM	902681105
VTRS	VIATRIS INC	8,118,742 (-16.1%)	$110M (-9.0%)	7.7%	$9.84	+43.2%	COM	92556V106
MO	ALTRIA GROUP INC	264,844 (-43.8%)	$17.48M (-35.7%)	1.2%	$57.08	+10.4%	COM	02209S103
BAX	BAXTER INTL INC	1,312,616 (-18.5%)	$22.05M (-28.4%)	1.5%	$32.09	-36.2%	COM	071813109
GBDC	GOLUB CAP BDC INC	200,000 (-55.6%)	$2.532M (-58.5%)	0.2%	$11.77	+11.5%	COM	38173M102
SHEL	SHELL PLC	66,000 (-43.6%)	$6.138M (-28.6%)	0.4%	$70.69	—	SPON ADS	780259305
KBDC	KAYNE ANDERSON BDC INC	291,741 (-27.1%)	$4.003M (-30.1%)	0.3%	$13.51	+5.6%	COM SHS	48662X105
NCDL	NUVEEN CHURCHILL DIRECT LEND	450,000 (-18.1%)	$5.724M (-21.9%)	0.4%	$14.30	-5.0%	COM SHS	67090S108
BBDC	BARINGS BDC INC	260,000 (-27.1%)	$2.14M (-34.6%)	0.1%	$6.84	+33.0%	COM	06759L103
BXSL	BLACKSTONE SECD LENDING FD	37,500 (-50.0%)	$888K (-55.0%)	0.1%	$18.24	+39.5%	COMMON STOCK	09261X102
PAGP	PLAINS GP HLDGS L P	390,000 (-27.8%)	$9.469M (-8.4%)	0.7%	$18.77	—	LTD PARTNR INT A	72651A207
MFIC	MIDCAP FINANCIAL INVSTMNT CO	458,108 (-5.2%)	$5.149M (-6.9%)	0.4%	$11.83	-4.6%	COM NEW	03761U502
STWD	STARWOOD PPTY TR INC	20,000 (-49.2%)	$344K (-51.4%)	0.0%	$19.37	—	COM	85571B105

Unchanged Positions (5)

SPB SPECTRUM BRANDS HOLDINGS INC 10.6%

Value $151M Shares 2,048,783 Est. Cost $65.77 Unrealized +4.9%

GPK GRAPHIC PACKAGING HLDG CO 0.7%

Value $10.25M Shares 1,030,776 Est. Cost $18.25 Unrealized -22.7%

O REALTY INCOME CORP 2.4%

Value $33.95M Shares 554,923 Est. Cost $54.66 Unrealized +4.8%

CCAP CRESCENT CAP BDC INC 0.1%

Value $1.458M Shares 120,000 Est. Cost $13.81 Unrealized +2.6%

BCSF BAIN CAP SPECIALTY FIN INC 0.1%

Value $1.331M Shares 107,349 Est. Cost $13.37 Unrealized +1.0%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
SPB	SPECTRUM BRANDS HOLDINGS INC	2,048,783	$151M	10.6%	$65.77	+4.9%	COM	84790A105
GPK	GRAPHIC PACKAGING HLDG CO	1,030,776	$10.25M	0.7%	$18.25	-22.7%	COM	388689101
O	REALTY INCOME CORP	554,923	$33.95M	2.4%	$54.66	+4.8%	COM	756109104
CCAP	CRESCENT CAP BDC INC	120,000	$1.458M	0.1%	$13.81	+2.6%	COM	225655109
BCSF	BAIN CAP SPECIALTY FIN INC	107,349	$1.331M	0.1%	$13.37	+1.0%	COM STK	05684B107