Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
SLV	ISHARES SILVER TR	400,000	$21.39M	8.8%	—	—	CALL	46428Q109
SILJ	AMPLIFY ETF TR	500,000	$12.96M	5.3%	—	—	CALL	032108649
PDS	PRECISION DRILLING CORP	133,600	$10.24M	4.2%	—	—	CALL	74022D407
TRI	THOMSON REUTERS CORP	100,000	$8.167M	3.4%	—	—	CALL	884903881
AEM	AGNICO EAGLE MINES LTD	50,000	$7.756M	3.2%	$155.13	—	CALL	008474108
TAC	TRANSALTA CORP	550,000	$7.606M	3.1%	$13.83	—	COM	89346D107
AEM	AGNICO EAGLE MINES LTD	45,000	$6.981M	2.9%	$155.13	—	COM	008474108
SHOP	SHOPIFY INC	53,700	$6.131M	2.5%	$114.18	—	CL A SUB VTG SHS	82509L107
CCJ	CAMECO CORP	50,000	$5.093M	2.1%	$101.86	—	COM	13321L108
IAG	IAMGOLD CORP	300,000	$4.752M	2.0%	$15.84	—	COM	450913108
—	PROGRESS SOFTWARE CORP	4,885,000	$4.708M	1.9%	$0.96	—	NOTE 3.500% 3/0	743312AD2
SLSR	SOLARIS RES INC	550,000	$4.609M	1.9%	$8.38	—	COM NEW	83419D201
ATS	ATS CORPORATION	150,000	$4.317M	1.8%	$28.78	—	COM	00217Y104
VISN	VISTANCE NETWORKS INC	200,000	$2.556M	1.1%	$12.78	—	COM	20337X109
TCNNF	TRULIEVE CANNABIS CORP	200,000	$1.966M	0.8%	$9.83	—	SUB VTG SHS	89788C104
—	WINNEBAGO INDS INC	2,000,000	$1.883M	0.8%	$0.94	—	NOTE 3.250% 1/1	974637AF7
SLRC	SLR INVESTMENT CORP	108,983	$1.348M	0.6%	$12.37	—	COM	83413U100

Increased Positions (11)

MDALF MDA SPACE LTD 12.3%

Value $29.93M (+89.1%) Shares 725,000 (+16.0%) Est. Cost $27.76 Unrealized —

GIL GILDAN ACTIVEWEAR INC 6.4%

Value $15.48M (+37.3%) Shares 300,000 (+48.1%) Est. Cost $59.65 Unrealized —

ARI APOLLO COML REAL ESTATE FIN 2.8%

Value $6.807M (+110.9%) Shares 637,325 (+108.5%) Est. Cost $10.62 Unrealized —

CAE CAE INC 2.7%

Value $6.455M (+56.6%) Shares 257,600 (+62.8%) Est. Cost $29.20 Unrealized —

BGSI BOYD GROUP SERVICES INC 3.1%

Value $7.551M (-15.1%) Shares 79,800 (+14.3%) Est. Cost $155.26 Unrealized —

PSBD PALMER SQUARE CAPITAL BDC IN 0.7%

Value $1.61M (+123.7%) Shares 154,539 (+109.7%) Est. Cost $11.00 Unrealized —

OCSL OAKTREE SPECIALTY LENDING 0.4%

Value $881K (+92.6%) Shares 73,819 (+82.3%) Est. Cost $12.19 Unrealized —

ELME ELME COMMUNITIES 0.6%

Value $1.542M (+33.0%) Shares 1,041,833 (+80.6%) Est. Cost $1.77 Unrealized —

GBDC GOLUB CAP BDC INC 0.2%

Value $515K (+59.0%) Shares 40,000 (+56.3%) Est. Cost $13.04 Unrealized —

MSDL MORGAN STANLEY DIRECT LENDIN 0.2%

Value $519K (+52.9%) Shares 34,300 (+41.2%) Est. Cost $15.76 Unrealized —

MFIC MIDCAP FINANCIAL INVSTMNT CO 0.2%

Value $454K (+15.3%) Shares 45,000 (+28.6%) Est. Cost $11.01 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
MDALF	MDA SPACE LTD	725,000 (+16.0%)	$29.93M (+89.1%)	12.3%	$27.76	—	COM	55293N109
GIL	GILDAN ACTIVEWEAR INC	300,000 (+48.1%)	$15.48M (+37.3%)	6.4%	$59.65	—	COM	375916103
ARI	APOLLO COML REAL ESTATE FIN	637,325 (+108.5%)	$6.807M (+110.9%)	2.8%	$10.62	—	COM	03762U105
CAE	CAE INC	257,600 (+62.8%)	$6.455M (+56.6%)	2.7%	$29.20	—	COM	124765108
BGSI	BOYD GROUP SERVICES INC	79,800 (+14.3%)	$7.551M (-15.1%)	3.1%	$155.26	—	COM	103310108
PSBD	PALMER SQUARE CAPITAL BDC IN	154,539 (+109.7%)	$1.61M (+123.7%)	0.7%	$11.00	—	COM SHS	69702V107
OCSL	OAKTREE SPECIALTY LENDING	73,819 (+82.3%)	$881K (+92.6%)	0.4%	$12.19	—	COM	67401P405
ELME	ELME COMMUNITIES	1,041,833 (+80.6%)	$1.542M (+33.0%)	0.6%	$1.77	—	SH BEN INT	939653101
GBDC	GOLUB CAP BDC INC	40,000 (+56.3%)	$515K (+59.0%)	0.2%	$13.04	—	COM	38173M102
MSDL	MORGAN STANLEY DIRECT LENDIN	34,300 (+41.2%)	$519K (+52.9%)	0.2%	$15.76	—	COM SHS	61774A103
MFIC	MIDCAP FINANCIAL INVSTMNT CO	45,000 (+28.6%)	$454K (+15.3%)	0.2%	$11.01	—	COM NEW	03761U502

Exited Positions (13)

SPY STATE STREET SPDR S&P 500 ETF 26.8%

Value $65.03M Shares 100,000 Est. Cost — Unrealized —

HYG ISHARES IBOXX USD HIGH YIELD CORPORATE BOND ETF 9.8%

Value $23.87M Shares 300,000 Est. Cost — Unrealized —

CDE COEUR MINING INC 4.8%

Value $11.73M Shares 625,000 Est. Cost $17.39 Unrealized —

SSRM SSR MINING INC 3.4%

Value $8.232M Shares 280,000 Est. Cost $25.47 Unrealized —

BEP BROOKFIELD RENEWABLE PARTNERS L.P 3.2%

Value $7.799M Shares 239,500 Est. Cost $22.16 Unrealized —

WFG WEST FRASER TIMBER CO LTD 2.7%

Value $6.529M Shares 100,000 Est. Cost $69.34 Unrealized —

USAS AMERICAS GOLD AND SILVER CORPORTATION 2.0%

Value $4.908M Shares 940,200 Est. Cost $2.61 Unrealized —

BAM BROOKFIELD ASSET MANAGEMENT LTD. 1.0%

Value $2.4M Shares 54,000 Est. Cost $57.38 Unrealized —

ZD ZIFF DAVIS INC 0.9%

Value $2.203M Shares 52,500 Est. Cost $34.39 Unrealized —

DCBO DOCEBO INC 0.6%

Value $1.558M Shares 89,172 Est. Cost $19.32 Unrealized —

TRS TRIMAS CORP 0.6%

Value $1.438M Shares 40,000 Est. Cost $34.92 Unrealized —

NCDL NUVEEN CHURCHILL DIRECT LENDING CORP. 0.1%

Value $355K Shares 27,900 Est. Cost $13.59 Unrealized —

BW BABCOCK & WILCOX ENTERPRISES, INC. 0.1%

Value $329K Shares 22,400 Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
SPY	STATE STREET SPDR S&P 500 ETF	100,000	$65.03M	26.8%	—	—	PUT	78462F103
HYG	ISHARES IBOXX USD HIGH YIELD CORPORATE BOND ETF	300,000	$23.87M	9.8%	—	—	PUT	464288513
CDE	COEUR MINING INC	625,000	$11.73M	4.8%	$17.39	—	—	192108504
SSRM	SSR MINING INC	280,000	$8.232M	3.4%	$25.47	—	—	784730103
BEP	BROOKFIELD RENEWABLE PARTNERS L.P	239,500	$7.799M	3.2%	$22.16	—	—	G16258108
WFG	WEST FRASER TIMBER CO LTD	100,000	$6.529M	2.7%	$69.34	—	—	952845105
USAS	AMERICAS GOLD AND SILVER CORPORTATION	940,200	$4.908M	2.0%	$2.61	—	CALL	03062D803
BAM	BROOKFIELD ASSET MANAGEMENT LTD.	54,000	$2.4M	1.0%	$57.38	—	—	113004105
ZD	ZIFF DAVIS INC	52,500	$2.203M	0.9%	$34.39	—	—	48123V102
DCBO	DOCEBO INC	89,172	$1.558M	0.6%	$19.32	—	—	25609L105
TRS	TRIMAS CORP	40,000	$1.438M	0.6%	$34.92	—	—	896215209
NCDL	NUVEEN CHURCHILL DIRECT LENDING CORP.	27,900	$355K	0.1%	$13.59	—	—	67090S108
BW	BABCOCK & WILCOX ENTERPRISES, INC.	22,400	$329K	0.1%	—	—	CALL	05614L209

Decreased Positions (4)

HSLV HIGHLANDER SILVER CORP 8.0%

Value $19.48M (-32.4%) Shares 4,180,000 (-14.7%) Est. Cost $5.88 Unrealized —

USAS AMERICAS GOLD AND SILVER COR 6.8%

Value $16.52M (-28.9%) Shares 3,500,000 (-21.3%) Est. Cost $2.61 Unrealized —

VZLA VIZSLA SILVER CORP 0.8%

Value $1.959M (-33.6%) Shares 593,700 (-33.6%) Est. Cost $4.70 Unrealized —

EFXT ENERFLEX LTD 6.4%

Value $15.61M (+1.3%) Shares 636,744 (-13.6%) Est. Cost $7.05 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
HSLV	HIGHLANDER SILVER CORP	4,180,000 (-14.7%)	$19.48M (-32.4%)	8.0%	$5.88	—	COM	43087N204
USAS	AMERICAS GOLD AND SILVER COR	3,500,000 (-21.3%)	$16.52M (-28.9%)	6.8%	$2.61	—	COM NEW	03062D803
VZLA	VIZSLA SILVER CORP	593,700 (-33.6%)	$1.959M (-33.6%)	0.8%	$4.70	—	COM NEW	92859G608
EFXT	ENERFLEX LTD	636,744 (-13.6%)	$15.61M (+1.3%)	6.4%	$7.05	—	COM	29269R105

Unchanged Positions (2)

ANNA ALEANNA INC 0.0%

Value $82,021 Shares 28,283 Est. Cost $10.41 Unrealized —

ENB ENBRIDGE INC 2.0%

Value $4.879M Shares 90,000 Est. Cost $31.06 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
ANNA	ALEANNA INC	28,283	$82,021	0.0%	$10.41	—	COM CL A	01444V103
ENB	ENBRIDGE INC	90,000	$4.879M	2.0%	$31.06	—	COM	29250N105