Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
BRUN	Boost Run Inc.	582,367	$22.6M	26.2%	$38.81	—	ORD SHS CL A	09940T100
TMC	TMC Metals Royalty Company Inc.	1,303,900	$9.31M	10.8%	$7.14	—	COM	87261Y106
GPRO	GoPro Inc.	2,887,253	$2.246M	2.6%	$0.78	—	CL A	38268T103
AVX	Avax One Technology Ltd.	353,107	$1.833M	2.1%	$5.19	—	COM NEW	05353F207
ILLR	Triller Group Inc.	480,426	$1.302M	1.5%	$2.71	—	COM	895970309
NWAX	New America Acquisition I Corp.	100,000	$1.042M	1.2%	$10.42	—	COM SHS CL A	023634108
BENF	Beneficient	280,631	$1.033M	1.2%	$3.68	—	COM CL A	08178Q507
OPTH	Optimi Health Corp	199,000	$1.013M	1.2%	$5.09	—	COMMON SHARES	68405H308
NAKA	Nakamoto Inc	232,500	$918K	1.1%	$3.95	—	COM	49457M205
HDRN	Hadron Energy Inc.	407,608	$827K	1.0%	$2.03	—	COM STOCK	40500A108
EVTL	Vertical Aerospace Ltd	334,448	$582K	0.7%	$1.74	—	SHS NEW	G9471C206
IMSRW	Terrestrial Energy Inc.	152,499	$515K	0.6%	$3.38	—	W EXP 10/28/2030	881454110
GIX	GigCapital9 Corp.	43,301	$442K	0.5%	$10.21	—	CL A	G3865B114
SPWR	SunPower Inc.	551,000	$379K	0.4%	$0.69	—	COM	20460L104
HCHL	Happy City Holdings Limited	72,401	$287K	0.3%	$3.96	—	COM CL A	G4337R109
RNAZ	TransCode Therapeutics, Inc.	19,639	$122K	0.1%	$6.21	—	COM NEW 2025	89357L501
PRFX	PRF Technologies Ltd.	81,103	$112K	0.1%	$1.38	—	SHS NEW	M77798201
NXTS	Nexentis Technologies Inc.	16,409	$70,724	0.1%	$4.31	—	COM	80512Q600
GNLN	Greenlane Holdings Inc.	25,000	$60,500	0.1%	$2.42	—	CL A NEW 2026	395330608

Increased Positions (1)

NOMA Nomader Corp. 0.2%

Value $137K (+1.9%) Shares 36,582 (+14.3%) Est. Cost $4.27 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
NOMA	Nomader Corp.	36,582 (+14.3%)	$137K (+1.9%)	0.2%	$4.27	—	COM CL A	65531Y106

Exited Positions (28)

SVC Service Properties Trust 32.9%

Value $28.33M Shares 20,833,333 Est. Cost $1.36 Unrealized —

— Trump Media & Technology Group Corp 7.1%

Value $6.1M Shares 50,000 Est. Cost — Unrealized —

ALTI Alti Global, Inc. 3.2%

Value $2.798M Shares 773,000 Est. Cost $4.19 Unrealized —

AVX Avax One Technology Ltd. 2.9%

Value $2.534M Shares 4,237,288 Est. Cost $1.16 Unrealized —

GTX Garrett Motion Inc. 2.6%

Value $2.271M Shares 125,000 Est. Cost $12.66 Unrealized —

WLAC Willow Lane Acquisition Corp. 2.5%

Value $2.13M Shares 200,000 Est. Cost $10.89 Unrealized —

JBGS JBG SMITH Properties 2.4%

Value $2.103M Shares 143,918 Est. Cost $14.61 Unrealized —

NAKA Nakamoto Inc. 2.4%

Value $2.054M Shares 9,300,000 Est. Cost $7.93 Unrealized —

OSUR OraSure Technologies Inc. 2.2%

Value $1.905M Shares 635,000 Est. Cost $2.73 Unrealized —

UMAC Unusual Machines Inc. 2.0%

Value $1.692M Shares 136,446 Est. Cost $14.58 Unrealized —

NWAX/U New America Acquisition I Corp. 1.2%

Value $1.038M Shares 100,000 Est. Cost $10.38 Unrealized —

— Velocity Financial Inc. 1.0%

Value $884K Shares 4,250 Est. Cost — Unrealized —

IINN Inspira Technologies Oxy BHN Ltd. 1.0%

Value $883K Shares 1,977,724 Est. Cost $1.02 Unrealized —

— Willow Lane Acq Corp 0.6%

Value $551K Shares 1,750 Est. Cost — Unrealized —

GIXXU GigCapital9 Corp. 0.5%

Value $433K Shares 43,301 Est. Cost $10.01 Unrealized —

EMPD Empery Digital Inc. 0.5%

Value $423K Shares 100,000 Est. Cost $4.34 Unrealized —

ABTC American Bitcoin Corp. 0.4%

Value $369K Shares 399,600 Est. Cost $1.45 Unrealized —

SQNS Sequans Communications SA 0.3%

Value $253K Shares 100,001 Est. Cost $2.53 Unrealized —

VBIX Viewbix Inc. 0.2%

Value $199K Shares 100,000 Est. Cost $1.99 Unrealized —

TRIB Trinity Biotech PLC 0.1%

Value $122K Shares 225,000 Est. Cost $0.54 Unrealized —

GNLN Greenlane Holdings Inc. 0.1%

Value $74,000 Shares 200,000 Est. Cost $1.25 Unrealized —

JUNS Jupiter Neurosciences Inc. 0.1%

Value $48,530 Shares 129,000 Est. Cost $1.33 Unrealized —

EHGO Eshallgo Inc. 0.1%

Value $47,415 Shares 272,500 Est. Cost $0.39 Unrealized —

ORBS Eightco Holdings Inc. 0.0%

Value $27,407 Shares 29,400 Est. Cost $1.45 Unrealized —

ICON Icon Energy Corp. 0.0%

Value $24,531 Shares 30,000 Est. Cost $0.82 Unrealized —

NXTS Nexentis Technologies 0.0%

Value $10,830 Shares 16,409 Est. Cost $1.30 Unrealized —

— ALTI Global, Inc. 0.0%

Value $7,519 Shares 375 Est. Cost — Unrealized —

— Garrett Motion Inc. 0.0%

Value $1,305 Shares 2,250 Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
SVC	Service Properties Trust	20,833,333	$28.33M	32.9%	$1.36	—	—	81761L102
—	Trump Media & Technology Group Corp	50,000	$6.1M	7.1%	—	—	PUT	25400Q955
ALTI	Alti Global, Inc.	773,000	$2.798M	3.2%	$4.19	—	—	02157E106
AVX	Avax One Technology Ltd.	4,237,288	$2.534M	2.9%	$1.16	—	—	05353F108
GTX	Garrett Motion Inc.	125,000	$2.271M	2.6%	$12.66	—	—	366505105
WLAC	Willow Lane Acquisition Corp.	200,000	$2.13M	2.5%	$10.89	—	—	G9675P102
JBGS	JBG SMITH Properties	143,918	$2.103M	2.4%	$14.61	—	—	46590V100
NAKA	Nakamoto Inc.	9,300,000	$2.054M	2.4%	$7.93	—	—	49457M106
OSUR	OraSure Technologies Inc.	635,000	$1.905M	2.2%	$2.73	—	—	68554V108
UMAC	Unusual Machines Inc.	136,446	$1.692M	2.0%	$14.58	—	—	91532F102
NWAX/U	New America Acquisition I Corp.	100,000	$1.038M	1.2%	$10.38	—	—	023634207
—	Velocity Financial Inc.	4,250	$884K	1.0%	—	—	PUT	92262D951
IINN	Inspira Technologies Oxy BHN Ltd.	1,977,724	$883K	1.0%	$1.02	—	—	M53637100
—	Willow Lane Acq Corp	1,750	$551K	0.6%	—	—	CALL	G9675P902
GIXXU	GigCapital9 Corp.	43,301	$433K	0.5%	$10.01	—	—	G3865B106
EMPD	Empery Digital Inc.	100,000	$423K	0.5%	$4.34	—	—	92864V608
ABTC	American Bitcoin Corp.	399,600	$369K	0.4%	$1.45	—	—	02462A104
SQNS	Sequans Communications SA	100,001	$253K	0.3%	$2.53	—	—	817323405
VBIX	Viewbix Inc.	100,000	$199K	0.2%	$1.99	—	—	926711300
TRIB	Trinity Biotech PLC	225,000	$122K	0.1%	$0.54	—	—	896438504
GNLN	Greenlane Holdings Inc.	200,000	$74,000	0.1%	$1.25	—	—	395330509
JUNS	Jupiter Neurosciences Inc.	129,000	$48,530	0.1%	$1.33	—	—	48208B203
EHGO	Eshallgo Inc.	272,500	$47,415	0.1%	$0.39	—	—	G3121H103
ORBS	Eightco Holdings Inc.	29,400	$27,407	0.0%	$1.45	—	—	22890A302
ICON	Icon Energy Corp.	30,000	$24,531	0.0%	$0.82	—	—	Y4001C305
NXTS	Nexentis Technologies	16,409	$10,830	0.0%	$1.30	—	—	80512Q501
—	ALTI Global, Inc.	375	$7,519	0.0%	—	—	CALL	002157E96
—	Garrett Motion Inc.	2,250	$1,305	0.0%	—	—	CALL	366505905

Decreased Positions (5)

DJT Trump Media & Technology Group Corp. 20.4%

Value $17.62M (-73.9%) Shares 2,276,344 (-68.7%) Est. Cost $20.45 Unrealized —

AURE Aurelion Inc. 3.6%

Value $3.133M (-40.7%) Shares 1,485,000 (-40.4%) Est. Cost $2.12 Unrealized —

HSDT Solana Co. 0.6%

Value $495K (-73.6%) Shares 300,000 (-72.4%) Est. Cost $2.64 Unrealized —

TONX Ton Strategy Co 0.5%

Value $408K (-72.5%) Shares 160,000 (-73.3%) Est. Cost $11.67 Unrealized —

RDHL RedHill BioPharma Ltd. 0.1%

Value $107K (-59.2%) Shares 122,131 (-65.2%) Est. Cost $1.03 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
DJT	Trump Media & Technology Group Corp.	2,276,344 (-68.7%)	$17.62M (-73.9%)	20.4%	$20.45	—	COM	25400Q105
AURE	Aurelion Inc.	1,485,000 (-40.4%)	$3.133M (-40.7%)	3.6%	$2.12	—	CL A ORD SHS NEW	G7244A127
HSDT	Solana Co.	300,000 (-72.4%)	$495K (-73.6%)	0.6%	$2.64	—	COM CL A NEW	42328V876
TONX	Ton Strategy Co	160,000 (-73.3%)	$408K (-72.5%)	0.5%	$11.67	—	COM	92337U302
RDHL	RedHill BioPharma Ltd.	122,131 (-65.2%)	$107K (-59.2%)	0.1%	$1.03	—	SPONSORED DR	757468301

Unchanged Positions (9)

STEX Streamex Corp. 3.7%

Value $3.189M Shares 3,750,000 Est. Cost $3.01 Unrealized —

PCAP Procap Acquisition Corp. 2.2%

Value $1.925M Shares 1,250,000 Est. Cost $10.19 Unrealized —

KYIV Kyivstar Group Ltd 1.0%

Value $881K Shares 54,483 Est. Cost $12.37 Unrealized —

SLNH Soluna Holdings Inc. 0.5%

Value $454K Shares 335,976 Est. Cost $1.24 Unrealized —

TVA Texas Ventures Acquisition III Corp. 12.8%

Value $11.08M Shares 1,050,000 Est. Cost $10.70 Unrealized —

SSM Sono Group N.V. 0.4%

Value $305K Shares 70,001 Est. Cost $7.13 Unrealized —

IMSR Terrestrial Energy Inc. 1.0%

Value $864K Shares 122,000 Est. Cost $6.00 Unrealized —

SKYH Sky Harbour Group Corporation 1.0%

Value $886K Shares 90,000 Est. Cost $9.36 Unrealized —

NRSN Neurosense Therapeutics Ltd. 0.1%

Value $56,160 Shares 78,000 Est. Cost $1.05 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
STEX	Streamex Corp.	3,750,000	$3.189M	3.7%	$3.01	—	COM	09073N300
PCAP	Procap Acquisition Corp.	1,250,000	$1.925M	2.2%	$10.19	—	SHS CL A	G7257A105
KYIV	Kyivstar Group Ltd	54,483	$881K	1.0%	$12.37	—	ORD SHS	G5331N101
SLNH	Soluna Holdings Inc.	335,976	$454K	0.5%	$1.24	—	COM NEW	583543301
TVA	Texas Ventures Acquisition III Corp.	1,050,000	$11.08M	12.8%	$10.70	—	USD CL A ORD SHS	G8772L105
SSM	Sono Group N.V.	70,001	$305K	0.4%	$7.13	—	SHS NEW	N81409125
IMSR	Terrestrial Energy Inc.	122,000	$864K	1.0%	$6.00	—	COM SHS	881454102
SKYH	Sky Harbour Group Corporation	90,000	$886K	1.0%	$9.36	—	COM CL A	83085C107
NRSN	Neurosense Therapeutics Ltd.	78,000	$56,160	0.1%	$1.05	—	ORDINARY SHARES	M74240108