III Capital Management Hedge Fund

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
XLE	SELECT SECTOR SPDR TR	1,435,744	$64,431	9.5%	$44.71	—	PUT	81369Y506
XLE	SELECT SECTOR SPDR TR	911,680	$40,913	6.0%	$44.71	—	CALL	81369Y506
XLF	SELECT SECTOR SPDR TR	608,198	$33,663	5.0%	—	—	PUT	81369Y605
KWEB	KRANESHARES TRUST	850,900	$28,973	4.3%	$34.05	—	CALL	500767306
LQD	ISHARES TR	229,000	$25,234	3.7%	$110.19	—	IBOXX INV CP ETF	464287242
XLF	SELECT SECTOR SPDR TR	423,099	$23,418	3.4%	—	—	CALL	81369Y605
KWEB	KRANESHARES TRUST	352,400	$11,999	1.8%	$34.05	—	PUT	500767306
XLU	SELECT SECTOR SPDR TR	219,800	$9,404	1.4%	$84.25	—	PUT	81369Y886
AVGO	BROADCOM INC	14,814	$5,127	0.8%	—	—	CALL	11135F101
VISN	COMMSCOPE HLDG CO INC	280,000	$5,076	0.7%	$17.25	0.0%	COM	20337X109
GDX	VANECK ETF TRUST	58,200	$4,992	0.7%	—	—	CALL	92189F106
BKNG	BOOKING HOLDINGS INC	800	$4,284	0.6%	$5137.84	0.0%	COM	09857L108
BYD	BOYD GAMING CORP	49,000	$4,177	0.6%	$82.27	0.0%	COM	103304101
TMUS	T-MOBILE US INC	20,000	$4,061	0.6%	$211.32	0.0%	COM	872590104
KWEB	KRANESHARES TRUST	115,000	$3,916	0.6%	$34.05	—	CSI CHI INTERNET	500767306
XME	SPDR SERIES TRUST	33,100	$3,429	0.5%	—	—	CALL	78464A755
PBI	PITNEY BOWES INC	280,000	$2,960	0.4%	$10.37	0.0%	COM	724479100
KMB	KIMBERLY-CLARK CORP	26,000	$2,623	0.4%	$108.41	0.0%	COM	494368103
XLE	SELECT SECTOR SPDR TR	50,000	$2,236	0.3%	$44.71	—	STATE STREET ENE	81369Y506
FLUT	FLUTTER ENTMT PLC	10,000	$2,150	0.3%	$224.90	0.0%	SHS	G3643J108
PCG	PG&E CORP	80,000	$1,286	0.2%	—	—	PUT	69331C108
ETSY	ETSY INC	20,000	$1,109	0.2%	$61.02	0.0%	COM	29786A106
NFLX	NETFLIX INC	6,000	$563	0.1%	$107.81	0.0%	COM	64110L106
SLV	ISHARES SILVER TR	6,500	$419	0.1%	$64.42	—	ISHARES	46428Q109
PENN	PENN ENTERTAINMENT INC	20,000	$295	0.0%	$15.60	0.0%	COM	707569109

Increased Positions (14)

SPY SPDR S&P 500 ETF TR 44.1%

Value ($000) $299,285 (+8.0%) Shares 438,886 (+5.6%) Est. Cost $630.76 Unrealized —

ACI ALBERTSONS COS INC 0.5%

Value ($000) $3,698 (+75.4%) Shares 215,370 (+78.9%) Est. Cost $18.12 Unrealized -2.6%

RTO RENTOKIL INITIAL PLC 0.8%

Value ($000) $5,454 (+34.9%) Shares 185,132 (+15.6%) Est. Cost $27.69 Unrealized —

WH WYNDHAM HOTELS & RESORTS INC 0.4%

Value ($000) $2,493 (+122.9%) Shares 33,000 (+135.7%) Est. Cost $79.94 Unrealized -5.7%

NCLH NORWEGIAN CRUISE LINE HLDG L 0.5%

Value ($000) $3,097 (+70.5%) Shares 138,734 (+88.2%) Est. Cost $19.84 Unrealized +6.4%

META META PLATFORMS INC 0.3%

Value ($000) $2,310 (+57.3%) Shares 3,500 (+75.0%) Est. Cost $590.12 Unrealized +13.1%

MAT MATTEL INC 0.6%

Value ($000) $4,166 (+23.8%) Shares 210,000 (+5.0%) Est. Cost $18.28 Unrealized +5.7%

MHK MOHAWK INDS INC 0.7%

Value ($000) $4,574 (+18.9%) Shares 41,850 (+40.2%) Est. Cost $114.24 Unrealized +0.5%

GLD SPDR GOLD TR 0.1%

Value ($000) $819 (+382.9%) Shares 2,066 (+333.1%) Est. Cost $386.88 Unrealized —

FUN SIX FLAGS ENTERTAINMENT CORP 0.2%

Value ($000) $1,227 (-28.0%) Shares 80,000 (+6.7%) Est. Cost $40.23 Unrealized -55.1%

UBER UBER TECHNOLOGIES INC 0.6%

Value ($000) $4,029 (+13.3%) Shares 49,313 (+35.8%) Est. Cost $81.43 Unrealized +10.6%

CAR AVIS BUDGET GROUP 0.2%

Value ($000) $1,283 (-11.2%) Shares 10,000 (+11.1%) Est. Cost $91.91 Unrealized +51.8%

DRVN DRIVEN BRANDS HLDGS INC 0.7%

Value ($000) $4,900 (+2.9%) Shares 330,625 (+11.8%) Est. Cost $16.34 Unrealized -9.0%

LCID LUCID GROUP INC 0.0%

Value ($000) $96 (+60.4%) Shares 9,100 (+261.1%) Est. Cost $17.81 Unrealized -10.3%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
SPY	SPDR S&P 500 ETF TR	438,886 (+5.6%)	$299,285 (+8.0%)	44.1%	$630.76	—	TR UNIT	78462F103
ACI	ALBERTSONS COS INC	215,370 (+78.9%)	$3,698 (+75.4%)	0.5%	$18.12	-2.6%	COMMON STOCK	013091103
RTO	RENTOKIL INITIAL PLC	185,132 (+15.6%)	$5,454 (+34.9%)	0.8%	$27.69	—	SPONSORED ADR	760125104
WH	WYNDHAM HOTELS & RESORTS INC	33,000 (+135.7%)	$2,493 (+122.9%)	0.4%	$79.94	-5.7%	COM	98311A105
NCLH	NORWEGIAN CRUISE LINE HLDG L	138,734 (+88.2%)	$3,097 (+70.5%)	0.5%	$19.84	+6.4%	SHS	G66721104
META	META PLATFORMS INC	3,500 (+75.0%)	$2,310 (+57.3%)	0.3%	$590.12	+13.1%	CL A	30303M102
MAT	MATTEL INC	210,000 (+5.0%)	$4,166 (+23.8%)	0.6%	$18.28	+5.7%	COM	577081102
MHK	MOHAWK INDS INC	41,850 (+40.2%)	$4,574 (+18.9%)	0.7%	$114.24	+0.5%	COM	608190104
GLD	SPDR GOLD TR	2,066 (+333.1%)	$819 (+382.9%)	0.1%	$386.88	—	GOLD SHS	78463V107
FUN	SIX FLAGS ENTERTAINMENT CORP	80,000 (+6.7%)	$1,227 (-28.0%)	0.2%	$40.23	-55.1%	COM	83001C108
UBER	UBER TECHNOLOGIES INC	49,313 (+35.8%)	$4,029 (+13.3%)	0.6%	$81.43	+10.6%	COM	90353T100
CAR	AVIS BUDGET GROUP	10,000 (+11.1%)	$1,283 (-11.2%)	0.2%	$91.91	+51.8%	COM	053774105
DRVN	DRIVEN BRANDS HLDGS INC	330,625 (+11.8%)	$4,900 (+2.9%)	0.7%	$16.34	-9.0%	COM	26210V102
LCID	LUCID GROUP INC	9,100 (+261.1%)	$96 (+60.4%)	0.0%	$17.81	-10.3%	COM NEW	549498202

Exited Positions (17)

IJH ISHARES TR 1.1%

Value ($000) $7,309 Shares 112,000 Est. Cost $65.26 Unrealized —

IAC IAC INC 0.9%

Value ($000) $6,133 Shares 180,000 Est. Cost $37.31 Unrealized -6.1%

T AT&T INC 0.7%

Value ($000) $4,619 Shares 163,550 Est. Cost $27.87 Unrealized -9.3%

CRH CRH PLC 0.6%

Value ($000) $4,130 Shares 34,448 Est. Cost $79.44 Unrealized +50.0%

GOOG ALPHABET INC 0.5%

Value ($000) $3,444 Shares 14,140 Est. Cost $209.93 Unrealized +36.4%

DLTR DOLLAR TREE INC 0.5%

Value ($000) $3,303 Shares 35,000 Est. Cost $80.76 Unrealized +32.7%

CZR CAESARS ENTERTAINMENT INC NE 0.3%

Value ($000) $2,139 Shares 79,136 Est. Cost $37.23 Unrealized -39.6%

NXST NEXSTAR MEDIA GROUP INC 0.3%

Value ($000) $1,920 Shares 9,710 Est. Cost $160.51 Unrealized +20.2%

RRR RED ROCK RESORTS INC 0.3%

Value ($000) $1,776 Shares 29,087 Est. Cost $58.84 Unrealized -0.6%

CCL CARNIVAL CORP 0.3%

Value ($000) $1,735 Shares 60,000 Est. Cost $30.20 Unrealized -7.7%

WBD WARNER BROS DISCOVERY INC 0.2%

Value ($000) $1,172 Shares 60,000 Est. Cost $13.62 Unrealized +71.6%

DIS DISNEY WALT CO 0.2%

Value ($000) $1,145 Shares 10,000 Est. Cost $116.99 Unrealized -6.4%

PINS PINTEREST INC 0.2%

Value ($000) $1,126 Shares 35,000 Est. Cost $36.26 Unrealized -20.6%

MSTR STRATEGY INC 0.1%

Value ($000) $999 Shares 3,100 Est. Cost $369.72 Unrealized -37.7%

XLU SELECT SECTOR SPDR TR 0.1%

Value ($000) $654 Shares 7,500 Est. Cost $84.25 Unrealized —

GDEN GOLDEN ENTMT INC 0.1%

Value ($000) $459 Shares 19,455 Est. Cost $29.32 Unrealized -12.4%

KRE SPDR SERIES TRUST 0.0%

Value ($000) $317 Shares 5,000 Est. Cost $63.30 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
IJH	ISHARES TR	112,000	$7,309	1.1%	$65.26	—	—	464287507
IAC	IAC INC	180,000	$6,133	0.9%	$37.31	-6.1%	—	44891N208
T	AT&T INC	163,550	$4,619	0.7%	$27.87	-9.3%	—	00206R102
CRH	CRH PLC	34,448	$4,130	0.6%	$79.44	+50.0%	—	G25508105
GOOG	ALPHABET INC	14,140	$3,444	0.5%	$209.93	+36.4%	—	02079K107
DLTR	DOLLAR TREE INC	35,000	$3,303	0.5%	$80.76	+32.7%	—	256746108
CZR	CAESARS ENTERTAINMENT INC NE	79,136	$2,139	0.3%	$37.23	-39.6%	—	12769G100
NXST	NEXSTAR MEDIA GROUP INC	9,710	$1,920	0.3%	$160.51	+20.2%	—	65336K103
RRR	RED ROCK RESORTS INC	29,087	$1,776	0.3%	$58.84	-0.6%	—	75700L108
CCL	CARNIVAL CORP	60,000	$1,735	0.3%	$30.20	-7.7%	—	143658300
WBD	WARNER BROS DISCOVERY INC	60,000	$1,172	0.2%	$13.62	+71.6%	—	934423104
DIS	DISNEY WALT CO	10,000	$1,145	0.2%	$116.99	-6.4%	—	254687106
PINS	PINTEREST INC	35,000	$1,126	0.2%	$36.26	-20.6%	—	72352L106
MSTR	STRATEGY INC	3,100	$999	0.1%	$369.72	-37.7%	—	594972408
XLU	SELECT SECTOR SPDR TR	7,500	$654	0.1%	$84.25	—	—	81369Y886
GDEN	GOLDEN ENTMT INC	19,455	$459	0.1%	$29.32	-12.4%	—	381013101
KRE	SPDR SERIES TRUST	5,000	$317	0.0%	$63.30	—	—	78464A698

Decreased Positions (9)

OUT OUTFRONT MEDIA INC 0.1%

Value ($000) $947 (-78.0%) Shares 39,300 (-83.3%) Est. Cost $16.18 Unrealized —

XLP SELECT SECTOR SPDR TR 0.1%

Value ($000) $470 (-83.4%) Shares 6,051 (-83.2%) Est. Cost $77.67 Unrealized —

WDC WESTERN DIGITAL CORP 0.5%

Value ($000) $3,188 (-36.3%) Shares 18,506 (-55.6%) Est. Cost $44.92 Unrealized +237.4%

CHTR CHARTER COMMUNICATIONS INC N 0.3%

Value ($000) $1,879 (-43.1%) Shares 9,000 (-25.0%) Est. Cost $339.72 Unrealized -33.8%

LCID LUCID GROUP INC 0.0%

Value ($000) $266 (-83.8%) Shares 25,190 (-63.6%) Est. Cost $17.81 Unrealized -10.3%

KHC KRAFT HEINZ CO 0.2%

Value ($000) $1,280 (-40.6%) Shares 52,779 (-36.2%) Est. Cost $28.43 Unrealized -13.4%

H HYATT HOTELS CORP 0.8%

Value ($000) $5,431 (+6.7%) Shares 33,875 (-5.6%) Est. Cost $139.78 Unrealized +9.5%

BWA BORGWARNER INC 0.6%

Value ($000) $4,317 (-7.2%) Shares 95,810 (-9.5%) Est. Cost $29.92 Unrealized +46.0%

RL RALPH LAUREN CORP 0.5%

Value ($000) $3,237 (-7.4%) Shares 9,155 (-17.9%) Est. Cost $268.90 Unrealized +26.4%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
OUT	OUTFRONT MEDIA INC	39,300 (-83.3%)	$947 (-78.0%)	0.1%	$16.18	—	COM NEW	69007J304
XLP	SELECT SECTOR SPDR TR	6,051 (-83.2%)	$470 (-83.4%)	0.1%	$77.67	—	STATE STREET CON	81369Y308
WDC	WESTERN DIGITAL CORP	18,506 (-55.6%)	$3,188 (-36.3%)	0.5%	$44.92	+237.4%	COM	958102105
CHTR	CHARTER COMMUNICATIONS INC N	9,000 (-25.0%)	$1,879 (-43.1%)	0.3%	$339.72	-33.8%	CL A	16119P108
LCID	LUCID GROUP INC	25,190 (-63.6%)	$266 (-83.8%)	0.0%	$17.81	-10.3%	PUT	549498202
KHC	KRAFT HEINZ CO	52,779 (-36.2%)	$1,280 (-40.6%)	0.2%	$28.43	-13.4%	COM	500754106
H	HYATT HOTELS CORP	33,875 (-5.6%)	$5,431 (+6.7%)	0.8%	$139.78	+9.5%	COM CL A	448579102
BWA	BORGWARNER INC	95,810 (-9.5%)	$4,317 (-7.2%)	0.6%	$29.92	+46.0%	COM	099724106
RL	RALPH LAUREN CORP	9,155 (-17.9%)	$3,237 (-7.4%)	0.5%	$268.90	+26.4%	CL A	751212101

Unchanged Positions (7)

SATS ECHOSTAR CORP 0.4%

Value ($000) $2,718 Shares 25,000 Est. Cost $45.28 Unrealized +79.8%

— SOUTHERN CO 2.6%

Value ($000) $17,617 Shares 16,482,000 Est. Cost $1.10 Unrealized —

CNK CINEMARK HLDGS INC 0.3%

Value ($000) $1,975 Shares 85,000 Est. Cost $27.48 Unrealized -4.5%

— WEC ENERGY GROUP INC 0.9%

Value ($000) $5,838 Shares 5,000,000 Est. Cost $1.15 Unrealized —

URBN URBAN OUTFITTERS INC 0.6%

Value ($000) $4,256 Shares 56,550 Est. Cost $56.72 Unrealized +24.7%

— BOX INC 0.3%

Value ($000) $1,775 Shares 1,820,000 Est. Cost $1.01 Unrealized —

BBAI/WS BIGBEAR AI HLDGS INC 0.0%

Value ($000) $55 Shares 34,000 Est. Cost $0.88 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
SATS	ECHOSTAR CORP	25,000	$2,718	0.4%	$45.28	+79.8%	CL A	278768106
—	SOUTHERN CO	16,482,000	$17,617	2.6%	$1.10	—	NOTE 4.500% 6/1	842587DZ7
CNK	CINEMARK HLDGS INC	85,000	$1,975	0.3%	$27.48	-4.5%	COM	17243V102
—	WEC ENERGY GROUP INC	5,000,000	$5,838	0.9%	$1.15	—	NOTE 4.375% 6/0	92939UAR7
URBN	URBAN OUTFITTERS INC	56,550	$4,256	0.6%	$56.72	+24.7%	COM	917047102
—	BOX INC	1,820,000	$1,775	0.3%	$1.01	—	NOTE 1.500% 9/1	10316TAD6
BBAI/WS	BIGBEAR AI HLDGS INC	34,000	$55	0.0%	$0.88	—	*W EXP 12/08/202	08975B117