Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
XLE	SELECT SECTOR SPDR TR	8,000,000	$425M	36.5%	—	—	CALL	81369Y506
AMZN	AMAZON COM INC	200,000	$47.67M	4.1%	—	—	CALL	023135106
NU	NU HLDGS LTD	3,000,000	$40.08M	3.4%	—	—	CALL	G6683N103
SHEL	SHELL PLC	500,000	$38.77M	3.3%	—	—	CALL	780259305
MSFT	MICROSOFT CORP	100,000	$37.3M	3.2%	—	—	CALL	594918104
BRUN	BOOST RUN INC	750,000	$29.11M	2.5%	$38.81	—	ORD SHS CL A	09940T100
APP	APPLOVIN CORP	50,000	$25.76M	2.2%	$509.82	—	CALL	03831W108
DKS	DICKS SPORTING GOODS INC	100,000	$22.68M	1.9%	$226.81	—	CALL	253393102
NRG	NRG ENERGY INC	150,000	$21.91M	1.9%	$123.01	—	CALL	629377508
RDDT	REDDIT INC	120,000	$20.83M	1.8%	$173.58	—	CL A	75734B100
RRX	REGAL REXNORD CORPORATION	85,000	$20.25M	1.7%	$238.19	—	COM	758750103
AVGO	BROADCOM INC	47,500	$17.94M	1.5%	$377.75	—	COM	11135F101
SNDK	SANDISK CORP	7,500	$17.05M	1.5%	$2273.73	—	COM	80004C200
LPLA	LPL FINL HLDGS INC	60,000	$16.9M	1.5%	$281.68	—	COM	50212V100
SE	SEA LTD	150,000	$14.37M	1.2%	$95.83	—	CALL	81141R100
SE	SEA LTD	150,000	$14.37M	1.2%	$95.83	—	SPONSORD ADS	81141R100
ROP	ROPER TECHNOLOGIES INC	42,000	$14.21M	1.2%	$338.39	—	COM	776696106
MKSI	MKS INC.	29,500	$13.12M	1.1%	$444.80	—	COM	55306N104
LFTO	LIFTOFF MOBILE INC	508,551	$12.22M	1.0%	$24.02	—	COM	53229X101
FDS	FACTSET RESH SYS INC	53,000	$12.19M	1.0%	$230.08	—	COM	303075105
DKS	DICKS SPORTING GOODS INC	50,000	$11.34M	1.0%	$226.81	—	COM	253393102
SEI	SOLARIS ENERGY INFRAS INC	140,000	$11.26M	1.0%	$80.46	—	COM CL A	83418M103
BRC	BRADY CORP	111,935	$10.25M	0.9%	$91.57	—	CL A	104674106
STX	SEAGATE TECHNOLOGY HLDNGS PL	10,000	$9.65M	0.8%	$965.00	—	ORD SHS	G7997R103
WDC	WESTERN DIGITAL CORP	15,077	$9.63M	0.8%	$638.72	—	COM	958102105
FRMI	FERMI INC	875,000	$8.015M	0.7%	$9.16	—	COM	314911108
FTAI	FTAI AVIATION LTD	29,472	$7.973M	0.7%	$270.53	—	SHS	G3730V105
AADX	APPLIED AEROSPACE & DEFENSE	310,000	$7.062M	0.6%	$22.78	—	COMMON STOCK	03815J107
ONTO	ONTO INNOVATION INC	15,000	$5.677M	0.5%	$378.45	—	COM	683344105

Increased Positions (3)

SPY STATE STR SPDR S&P 500 ETF T 6.4%

Value $74.68M (+53.1%) Shares 100,000 (+33.3%) Est. Cost — Unrealized —

APP APPLOVIN CORP 2.7%

Value $30.91M (+94.2%) Shares 60,000 (+50.0%) Est. Cost $509.82 Unrealized —

BKD BROOKDALE SR LIVING INC 2.2%

Value $25.26M (+64.9%) Shares 1,570,000 (+40.2%) Est. Cost $14.49 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
SPY	STATE STR SPDR S&P 500 ETF T	100,000 (+33.3%)	$74.68M (+53.1%)	6.4%	—	—	PUT	78462F103
APP	APPLOVIN CORP	60,000 (+50.0%)	$30.91M (+94.2%)	2.7%	$509.82	—	COM CL A	03831W108
BKD	BROOKDALE SR LIVING INC	1,570,000 (+40.2%)	$25.26M (+64.9%)	2.2%	$14.49	—	COM	112463104

Exited Positions (16)

INDA ISHARES TR 2.0%

Value $23.42M Shares 500,000 Est. Cost — Unrealized —

EXE EXPAND ENERGY CORPORATION 1.9%

Value $21.96M Shares 200,000 Est. Cost $105.80 Unrealized —

SMH VANECK ETF TRUST 1.6%

Value $19.17M Shares 50,000 Est. Cost — Unrealized —

EQT EQT CORP 1.6%

Value $19.09M Shares 300,000 Est. Cost $55.27 Unrealized —

NVDA NVIDIA CORPORATION 1.5%

Value $17.44M Shares 100,000 Est. Cost $186.13 Unrealized —

AR ANTERO RESOURCES CORP 1.3%

Value $14.9M Shares 351,100 Est. Cost $33.80 Unrealized —

SYY SYSCO CORP 1.2%

Value $14.27M Shares 200,000 Est. Cost $82.24 Unrealized —

LGN LEGENCE CORP 1.2%

Value $13.83M Shares 245,000 Est. Cost $43.03 Unrealized —

SNAP SNAP INC 1.2%

Value $13.8M Shares 3,000,000 Est. Cost — Unrealized —

AR ANTERO RESOURCES CORP 1.2%

Value $13.79M Shares 325,000 Est. Cost $33.80 Unrealized —

EXE EXPAND ENERGY CORPORATION 1.1%

Value $13.17M Shares 120,000 Est. Cost $105.80 Unrealized —

EQT EQT CORP 1.1%

Value $12.73M Shares 200,000 Est. Cost $55.27 Unrealized —

XHB SPDR SERIES TRUST 0.8%

Value $9.872M Shares 100,000 Est. Cost — Unrealized —

NVDA NVIDIA CORPORATION 0.7%

Value $8.72M Shares 50,000 Est. Cost $186.13 Unrealized —

— LIVE NATION ENTERTAINMENT IN 0.5%

Value $5.4M Shares 5,000,000 Est. Cost $1.08 Unrealized —

EE EXCELERATE ENERGY INC 0.4%

Value $4.178M Shares 125,000 Est. Cost $36.06 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
INDA	ISHARES TR	500,000	$23.42M	2.0%	—	—	PUT	46429B598
EXE	EXPAND ENERGY CORPORATION	200,000	$21.96M	1.9%	$105.80	—	CALL	165167735
SMH	VANECK ETF TRUST	50,000	$19.17M	1.6%	—	—	PUT	92189F676
EQT	EQT CORP	300,000	$19.09M	1.6%	$55.27	—	CALL	26884L109
NVDA	NVIDIA CORPORATION	100,000	$17.44M	1.5%	$186.13	—	PUT	67066G104
AR	ANTERO RESOURCES CORP	351,100	$14.9M	1.3%	$33.80	—	CALL	03674X106
SYY	SYSCO CORP	200,000	$14.27M	1.2%	$82.24	—	CALL	871829107
LGN	LEGENCE CORP	245,000	$13.83M	1.2%	$43.03	—	—	52476L109
SNAP	SNAP INC	3,000,000	$13.8M	1.2%	—	—	CALL	83304A106
AR	ANTERO RESOURCES CORP	325,000	$13.79M	1.2%	$33.80	—	—	03674X106
EXE	EXPAND ENERGY CORPORATION	120,000	$13.17M	1.1%	$105.80	—	—	165167735
EQT	EQT CORP	200,000	$12.73M	1.1%	$55.27	—	—	26884L109
XHB	SPDR SERIES TRUST	100,000	$9.872M	0.8%	—	—	PUT	78464A888
NVDA	NVIDIA CORPORATION	50,000	$8.72M	0.7%	$186.13	—	—	67066G104
—	LIVE NATION ENTERTAINMENT IN	5,000,000	$5.4M	0.5%	$1.08	—	—	538034BC2
EE	EXCELERATE ENERGY INC	125,000	$4.178M	0.4%	$36.06	—	—	30069T101

Decreased Positions (1)

FRMI FERMI INC 0.8%

Value $9.16M (+33.1%) Shares 1,000,000 (-15.2%) Est. Cost $9.16 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
FRMI	FERMI INC	1,000,000 (-15.2%)	$9.16M (+33.1%)	0.8%	$9.16	—	CALL	314911108

Unchanged Positions (5)

TSM TAIWAN SEMICONDUCTOR MANUFAC 1.8%

Value $21.11M Shares 44,200 Est. Cost $166.00 Unrealized —

SNEX STONEX GROUP INC 1.4%

Value $15.81M Shares 133,389 Est. Cost $94.67 Unrealized —

SYY SYSCO CORP 0.9%

Value $10.03M Shares 120,000 Est. Cost $82.24 Unrealized —

VST VISTRA CORP 1.1%

Value $12.69M Shares 80,000 Est. Cost $163.18 Unrealized —

NRG NRG ENERGY INC 1.9%

Value $22.06M Shares 151,000 Est. Cost $123.01 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
TSM	TAIWAN SEMICONDUCTOR MANUFAC	44,200	$21.11M	1.8%	$166.00	—	SPONSORED ADS	874039100
SNEX	STONEX GROUP INC	133,389	$15.81M	1.4%	$94.67	—	COM	861896108
SYY	SYSCO CORP	120,000	$10.03M	0.9%	$82.24	—	COM	871829107
VST	VISTRA CORP	80,000	$12.69M	1.1%	$163.18	—	COM	92840M102
NRG	NRG ENERGY INC	151,000	$22.06M	1.9%	$123.01	—	COM NEW	629377508