Bayberry Capital Partners LP Quant / Systematic

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
SOLS	SOLSTICE ADVANCED MATLS INC	278,900	$13,549	4.3%	$47.08	0.0%	COM SHS	83443Q103
CELH	CELSIUS HLDGS INC	293,040	$13,404	4.2%	$50.38	0.0%	COM NEW	15118V207
CNM	CORE & MAIN INC	257,000	$13,356	4.2%	$51.29	0.0%	CL A	21874C102
CLH	CLEAN HARBORS INC	48,200	$11,302	3.6%	$228.49	0.0%	COM	184496107
LINE	LINEAGE INC	313,700	$10,980	3.5%	$35.00	—	COM	53566V106
UAL	UNITED AIRLS HLDGS INC	88,400	$9,885	3.1%	$101.05	0.0%	COM	910047109
LION	LIONSGATE STUDIOS CORP	500,000	$4,565	1.4%	$6.62	+7.5%	CALL	53626N102
IFF	INTERNATIONAL FLAVORS&FRAGRA	59,000	$3,976	1.3%	$64.40	0.0%	COM	459506101
GAP	GAP INC	72,200	$1,848	0.6%	$24.07	0.0%	COM	364760108
FNKO	FUNKO INC	80,000	$272	0.1%	$3.14	0.0%	COM CL A	361008105

Increased Positions (4)

QDEL QUIDELORTHO CORP 2.8%

Value ($000) $8,804 (+64.1%) Shares 308,264 (+69.2%) Est. Cost $35.03 Unrealized -22.7%

AYI ACUITY INC 3.1%

Value ($000) $9,828 (+44.9%) Shares 27,296 (+38.6%) Est. Cost $330.35 Unrealized +9.3%

SXT SENSIENT TECHNOLOGIES CORP 6.2%

Value ($000) $19,466 (+7.5%) Shares 207,191 (+7.4%) Est. Cost $74.27 Unrealized +27.0%

PRMB PRIMO BRANDS CORPORATION 6.2%

Value ($000) $19,631 (-5.8%) Shares 1,200,700 (+27.3%) Est. Cost $27.02 Unrealized -31.6%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
QDEL	QUIDELORTHO CORP	308,264 (+69.2%)	$8,804 (+64.1%)	2.8%	$35.03	-22.7%	COM	219798105
AYI	ACUITY INC	27,296 (+38.6%)	$9,828 (+44.9%)	3.1%	$330.35	+9.3%	COM	00508Y102
SXT	SENSIENT TECHNOLOGIES CORP	207,191 (+7.4%)	$19,466 (+7.5%)	6.2%	$74.27	+27.0%	COM	81725T100
PRMB	PRIMO BRANDS CORPORATION	1,200,700 (+27.3%)	$19,631 (-5.8%)	6.2%	$27.02	-31.6%	CLASS A COM SHS	741623102

Exited Positions (12)

IWM ISHARES TR 23.0%

Value ($000) $72,588 Shares 300,000 Est. Cost — Unrealized —

GLNG GOLAR LNG LTD 4.4%

Value ($000) $13,982 Shares 346,000 Est. Cost $39.41 Unrealized -3.3%

ATMU ATMUS FILTRATION TECHNOLOGIE 4.0%

Value ($000) $12,738 Shares 282,500 Est. Cost $35.53 Unrealized +36.0%

ATI ATI INC 3.2%

Value ($000) $10,094 Shares 124,100 Est. Cost $81.04 Unrealized +20.3%

TIC ACUREN CORP 2.8%

Value ($000) $8,980 Shares 674,690 Est. Cost $11.40 Unrealized -2.4%

ALIT ALIGHT INC 2.5%

Value ($000) $7,889 Shares 2,420,000 Est. Cost $6.97 Unrealized -64.7%

MGRC MCGRATH RENTCORP 2.5%

Value ($000) $7,859 Shares 67,000 Est. Cost $115.22 Unrealized -5.9%

LPX LOUISIANA PAC CORP 2.4%

Value ($000) $7,560 Shares 85,100 Est. Cost $92.32 Unrealized -8.5%

VVV VALVOLINE INC 2.4%

Value ($000) $7,484 Shares 208,400 Est. Cost $36.43 Unrealized -11.9%

DLTR DOLLAR TREE INC 2.1%

Value ($000) $6,766 Shares 71,700 Est. Cost $104.77 Unrealized +2.3%

COCO VITA COCO CO INC 1.3%

Value ($000) $3,954 Shares 93,111 Est. Cost $37.08 Unrealized +26.5%

PLYM PLYMOUTH INDL REIT INC 0.6%

Value ($000) $2,050 Shares 91,800 Est. Cost $22.33 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
IWM	ISHARES TR	300,000	$72,588	23.0%	—	—	PUT	464287655
GLNG	GOLAR LNG LTD	346,000	$13,982	4.4%	$39.41	-3.3%	—	G9456A100
ATMU	ATMUS FILTRATION TECHNOLOGIE	282,500	$12,738	4.0%	$35.53	+36.0%	—	04956D107
ATI	ATI INC	124,100	$10,094	3.2%	$81.04	+20.3%	—	01741R102
TIC	ACUREN CORP	674,690	$8,980	2.8%	$11.40	-2.4%	—	00510N102
ALIT	ALIGHT INC	2,420,000	$7,889	2.5%	$6.97	-64.7%	—	01626W101
MGRC	MCGRATH RENTCORP	67,000	$7,859	2.5%	$115.22	-5.9%	—	580589109
LPX	LOUISIANA PAC CORP	85,100	$7,560	2.4%	$92.32	-8.5%	—	546347105
VVV	VALVOLINE INC	208,400	$7,484	2.4%	$36.43	-11.9%	—	92047W101
DLTR	DOLLAR TREE INC	71,700	$6,766	2.1%	$104.77	+2.3%	—	256746108
COCO	VITA COCO CO INC	93,111	$3,954	1.3%	$37.08	+26.5%	—	92846Q107
PLYM	PLYMOUTH INDL REIT INC	91,800	$2,050	0.6%	$22.33	—	—	729640102

Decreased Positions (10)

LION LIONSGATE STUDIOS CORP 9.4%

Value ($000) $29,764 (-22.6%) Shares 3,260,000 (-41.5%) Est. Cost $6.62 Unrealized +7.5%

WCC WESCO INTL INC 6.8%

Value ($000) $21,553 (-24.0%) Shares 88,100 (-34.3%) Est. Cost $177.20 Unrealized +38.2%

GFF GRIFFON CORP 1.5%

Value ($000) $4,787 (-49.2%) Shares 65,000 (-47.5%) Est. Cost $76.76 Unrealized -3.3%

BATRK ATLANTA BRAVES HLDGS INC 4.4%

Value ($000) $13,811 (-23.1%) Shares 350,100 (-18.9%) Est. Cost $38.41 Unrealized +2.9%

UHAL/B U HAUL HOLDING COMPANY 6.1%

Value ($000) $19,358 (-16.8%) Shares 414,154 (-9.4%) Est. Cost $64.88 Unrealized -25.0%

CHDN CHURCHILL DOWNS INC 7.3%

Value ($000) $23,029 (-10.1%) Shares 202,400 (-23.3%) Est. Cost $100.34 Unrealized +3.1%

VSCO VICTORIAS SECRET AND CO 1.3%

Value ($000) $4,209 (-35.8%) Shares 77,700 (-67.8%) Est. Cost $29.40 Unrealized +35.1%

WWD WOODWARD INC 5.4%

Value ($000) $16,930 (+9.3%) Shares 56,000 (-8.6%) Est. Cost $183.99 Unrealized +49.4%

TJX TJX COS INC NEW 3.3%

Value ($000) $10,476 (-6.6%) Shares 68,200 (-12.1%) Est. Cost $78.13 Unrealized +89.0%

AER AERCAP HOLDINGS NV 5.1%

Value ($000) $16,187 (+3.1%) Shares 112,600 (-13.3%) Est. Cost $79.46 Unrealized +66.7%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
LION	LIONSGATE STUDIOS CORP	3,260,000 (-41.5%)	$29,764 (-22.6%)	9.4%	$6.62	+7.5%	COM	53626N102
WCC	WESCO INTL INC	88,100 (-34.3%)	$21,553 (-24.0%)	6.8%	$177.20	+38.2%	COM	95082P105
GFF	GRIFFON CORP	65,000 (-47.5%)	$4,787 (-49.2%)	1.5%	$76.76	-3.3%	COM	398433102
BATRK	ATLANTA BRAVES HLDGS INC	350,100 (-18.9%)	$13,811 (-23.1%)	4.4%	$38.41	+2.9%	COM SER C	047726302
UHAL/B	U HAUL HOLDING COMPANY	414,154 (-9.4%)	$19,358 (-16.8%)	6.1%	$64.88	-25.0%	COM SER N	023586506
CHDN	CHURCHILL DOWNS INC	202,400 (-23.3%)	$23,029 (-10.1%)	7.3%	$100.34	+3.1%	COM	171484108
VSCO	VICTORIAS SECRET AND CO	77,700 (-67.8%)	$4,209 (-35.8%)	1.3%	$29.40	+35.1%	COMMON STOCK	926400102
WWD	WOODWARD INC	56,000 (-8.6%)	$16,930 (+9.3%)	5.4%	$183.99	+49.4%	COM	980745103
TJX	TJX COS INC NEW	68,200 (-12.1%)	$10,476 (-6.6%)	3.3%	$78.13	+89.0%	COM	872540109
AER	AERCAP HOLDINGS NV	112,600 (-13.3%)	$16,187 (+3.1%)	5.1%	$79.46	+66.7%	SHS	N00985106

Unchanged Positions (1)

JBS JBS N.V. 4.6%

Value ($000) $14,449 Shares 1,002,000 Est. Cost $14.14 Unrealized -2.9%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
JBS	JBS N.V.	1,002,000	$14,449	4.6%	$14.14	-2.9%	CL A SHS	N4732M103