Philosophy Capital Management LLC Hedge Fund

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
HPP	HUDSON PAC PPTYS INC	2,301,096	$24,921	1.1%	$10.83	—	COM	444097406
ESTC	ELASTIC N V	281,101	$21,206	1.0%	$81.59	0.0%	ORD SHS	N14506104
GDS	GDS HLDGS LTD	570,140	$19,898	0.9%	$34.90	—	SPONSORED ADS	36165L108
GME	GAMESTOP CORP NEW	950,000	$19,076	0.9%	$22.44	0.0%	CL A	36467W109
VST	VISTRA CORP	95,962	$15,482	0.7%	$181.92	0.0%	COM	92840M102
RRX	REGAL REXNORD CORPORATION	106,395	$14,929	0.7%	$142.29	0.0%	COM	758750103
CWH	CAMPING WORLD HLDGS INC	1,191,658	$11,595	0.5%	$12.26	0.0%	CL A	13462K109
HPP	HUDSON PAC PPTYS INC	10,165	$11,009	0.5%	$10.83	—	CALL	444097406
MCHB	MECHANICS BANCORP	623,775	$9,126	0.4%	$13.90	0.0%	CL A	43785V102

Increased Positions (19)

COMP COMPASS INC 2.8%

Value ($000) $61,094 (+126.1%) Shares 5,779,926 (+71.8%) Est. Cost $8.53 Unrealized +7.0%

ET ENERGY TRANSFER L P 1.5%

Value ($000) $33,829 (+71.4%) Shares 20,515 (+78.4%) Est. Cost $11.21 Unrealized —

MCY MERCURY GENL CORP NEW 1.1%

Value ($000) $24,115 (+104.7%) Shares 256,380 (+84.5%) Est. Cost $79.73 Unrealized +8.8%

ICLR ICON PLC 1.2%

Value ($000) $26,250 (+88.4%) Shares 144,055 (+80.9%) Est. Cost $172.15 Unrealized +3.4%

CXW CORECIVIC INC 1.5%

Value ($000) $32,732 (+57.5%) Shares 1,712,801 (+67.7%) Est. Cost $19.96 Unrealized -8.2%

RKT ROCKET COS INC 1.0%

Value ($000) $20,886 (+71.0%) Shares 1,078,832 (+71.2%) Est. Cost $17.62 Unrealized +1.5%

CPAY CORPAY INC 1.5%

Value ($000) $33,315 (+31.1%) Shares 110,708 (+25.5%) Est. Cost $302.34 Unrealized -4.0%

TDAY USA TODAY CO INC 1.5%

Value ($000) $33,238 (+28.0%) Shares 6,453,919 (+2.6%) Est. Cost $3.95 Unrealized +19.1%

COMP COMPASS INC 0.5%

Value ($000) $10,570 (+214.2%) Shares 10,000 (+138.7%) Est. Cost $8.53 Unrealized +7.0%

NN NEXTNAV INC 0.7%

Value ($000) $14,613 (+87.6%) Shares 878,183 (+61.2%) Est. Cost $15.18 Unrealized -6.5%

FLUT FLUTTER ENTMT PLC 0.7%

Value ($000) $14,283 (+51.2%) Shares 66,419 (+78.6%) Est. Cost $211.40 Unrealized +6.4%

SBLK STAR BULK CARRIERS CORP. 1.4%

Value ($000) $31,713 (+17.6%) Shares 1,650,000 (+13.8%) Est. Cost $20.46 Unrealized -8.7%

KRC KILROY RLTY CORP 1.9%

Value ($000) $41,776 (-9.2%) Shares 1,117,889 (+2.6%) Est. Cost $38.56 Unrealized —

SBET SHARPLINK GAMING INC 0.4%

Value ($000) $8,842 (+48.5%) Shares 988,985 (+182.6%) Est. Cost $14.84 Unrealized -17.7%

SOLV SOLVENTUM CORP 1.3%

Value ($000) $27,964 (+11.4%) Shares 352,898 (+2.6%) Est. Cost $71.78 Unrealized +6.7%

MRVI MARAVAI LIFESCIENCES HLDGS I 0.5%

Value ($000) $10,076 (+35.4%) Shares 3,100,322 (+19.6%) Est. Cost $3.86 Unrealized -12.7%

OFIX ORTHOFIX MED INC 0.7%

Value ($000) $15,390 (+19.0%) Shares 1,015,194 (+14.9%) Est. Cost $14.68 Unrealized +4.0%

TH TARGET HOSPITALITY CORP 0.2%

Value ($000) $5,209 (+68.3%) Shares 650,364 (+78.2%) Est. Cost $7.45 Unrealized +1.9%

ET ENERGY TRANSFER L P 2.0%

Value ($000) $44,253 (+1.6%) Shares 2,683,629 (+5.7%) Est. Cost $11.21 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
COMP	COMPASS INC	5,779,926 (+71.8%)	$61,094 (+126.1%)	2.8%	$8.53	+7.0%	CL A	20464U100
ET	ENERGY TRANSFER L P	20,515 (+78.4%)	$33,829 (+71.4%)	1.5%	$11.21	—	CALL	29273V100
MCY	MERCURY GENL CORP NEW	256,380 (+84.5%)	$24,115 (+104.7%)	1.1%	$79.73	+8.8%	COM	589400100
ICLR	ICON PLC	144,055 (+80.9%)	$26,250 (+88.4%)	1.2%	$172.15	+3.4%	SHS	G4705A100
CXW	CORECIVIC INC	1,712,801 (+67.7%)	$32,732 (+57.5%)	1.5%	$19.96	-8.2%	COM	21871N101
RKT	ROCKET COS INC	1,078,832 (+71.2%)	$20,886 (+71.0%)	1.0%	$17.62	+1.5%	COM CL A	77311W101
CPAY	CORPAY INC	110,708 (+25.5%)	$33,315 (+31.1%)	1.5%	$302.34	-4.0%	COM SHS	219948106
TDAY	USA TODAY CO INC	6,453,919 (+2.6%)	$33,238 (+28.0%)	1.5%	$3.95	+19.1%	COM	36472T109
COMP	COMPASS INC	10,000 (+138.7%)	$10,570 (+214.2%)	0.5%	$8.53	+7.0%	CALL	20464U100
NN	NEXTNAV INC	878,183 (+61.2%)	$14,613 (+87.6%)	0.7%	$15.18	-6.5%	COMMON STOCK	65345N106
FLUT	FLUTTER ENTMT PLC	66,419 (+78.6%)	$14,283 (+51.2%)	0.7%	$211.40	+6.4%	SHS	G3643J108
SBLK	STAR BULK CARRIERS CORP.	1,650,000 (+13.8%)	$31,713 (+17.6%)	1.4%	$20.46	-8.7%	SHS PAR	Y8162K204
KRC	KILROY RLTY CORP	1,117,889 (+2.6%)	$41,776 (-9.2%)	1.9%	$38.56	—	COM	49427F108
SBET	SHARPLINK GAMING INC	988,985 (+182.6%)	$8,842 (+48.5%)	0.4%	$14.84	-17.7%	COM NEW	820014405
SOLV	SOLVENTUM CORP	352,898 (+2.6%)	$27,964 (+11.4%)	1.3%	$71.78	+6.7%	COM SHS	83444M101
MRVI	MARAVAI LIFESCIENCES HLDGS I	3,100,322 (+19.6%)	$10,076 (+35.4%)	0.5%	$3.86	-12.7%	COM CL A	56600D107
OFIX	ORTHOFIX MED INC	1,015,194 (+14.9%)	$15,390 (+19.0%)	0.7%	$14.68	+4.0%	COM	68752M108
TH	TARGET HOSPITALITY CORP	650,364 (+78.2%)	$5,209 (+68.3%)	0.2%	$7.45	+1.9%	COM	87615L107
ET	ENERGY TRANSFER L P	2,683,629 (+5.7%)	$44,253 (+1.6%)	2.0%	$11.21	—	COM UT LTD PTN	29273V100

Exited Positions (15)

TALO TALOS ENERGY INC 1.4%

Value ($000) $30,737 Shares 3,205,077 Est. Cost $11.97 Unrealized -12.6%

— HUDSON PAC PPTYS INC 1.1%

Value ($000) $23,928 Shares 8,669,493 Est. Cost $2.76 Unrealized —

CMCSA COMCAST CORP NEW 1.0%

Value ($000) $20,918 Shares 665,746 Est. Cost $35.04 Unrealized -18.6%

PRKS UNITED PARKS & RESORTS INC 0.8%

Value ($000) $18,499 Shares 357,818 Est. Cost $52.05 Unrealized -20.2%

PCG PG&E CORP 0.8%

Value ($000) $17,264 Shares 11,448 Est. Cost $16.00 Unrealized -0.5%

MTCH MATCH GROUP INC NEW 0.7%

Value ($000) $14,834 Shares 420,000 Est. Cost $32.00 Unrealized +2.7%

KSPI KASPI KZ JSC 0.5%

Value ($000) $11,738 Shares 143,704 Est. Cost $94.41 Unrealized —

NFE NEW FORTRESS ENERGY INC 0.4%

Value ($000) $9,734 Shares 4,404,731 Est. Cost $10.34 Unrealized -85.7%

NWL NEWELL BRANDS INC 0.4%

Value ($000) $8,184 Shares 1,561,835 Est. Cost $5.51 Unrealized -27.7%

SSNC SS&C TECHNOLOGIES HLDGS INC 0.4%

Value ($000) $7,855 Shares 88,501 Est. Cost $75.73 Unrealized +12.6%

LDI LOANDEPOT INC 0.3%

Value ($000) $6,968 Shares 2,269,684 Est. Cost $1.96 Unrealized +41.7%

SVC SERVICE PPTYS TR 0.2%

Value ($000) $3,838 Shares 1,416,173 Est. Cost $2.71 Unrealized —

ALIT ALIGHT INC 0.1%

Value ($000) $2,800 Shares 858,968 Est. Cost $7.77 Unrealized -68.4%

— HUDSON PAC PPTYS INC 0.1%

Value ($000) $2,760 Shares 10,000 Est. Cost $2.76 Unrealized —

TDAY GANNETT CO INC 0.1%

Value ($000) $1,924 Shares 4,658 Est. Cost $3.95 Unrealized +19.1%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
TALO	TALOS ENERGY INC	3,205,077	$30,737	1.4%	$11.97	-12.6%	—	87484T108
—	HUDSON PAC PPTYS INC	8,669,493	$23,928	1.1%	$2.76	—	—	444097109
CMCSA	COMCAST CORP NEW	665,746	$20,918	1.0%	$35.04	-18.6%	—	20030N101
PRKS	UNITED PARKS & RESORTS INC	357,818	$18,499	0.8%	$52.05	-20.2%	—	81282V100
PCG	PG&E CORP	11,448	$17,264	0.8%	$16.00	-0.5%	CALL	69331C108
MTCH	MATCH GROUP INC NEW	420,000	$14,834	0.7%	$32.00	+2.7%	—	57667L107
KSPI	KASPI KZ JSC	143,704	$11,738	0.5%	$94.41	—	—	48581R205
NFE	NEW FORTRESS ENERGY INC	4,404,731	$9,734	0.4%	$10.34	-85.7%	—	644393100
NWL	NEWELL BRANDS INC	1,561,835	$8,184	0.4%	$5.51	-27.7%	—	651229106
SSNC	SS&C TECHNOLOGIES HLDGS INC	88,501	$7,855	0.4%	$75.73	+12.6%	—	78467J100
LDI	LOANDEPOT INC	2,269,684	$6,968	0.3%	$1.96	+41.7%	—	53946R106
SVC	SERVICE PPTYS TR	1,416,173	$3,838	0.2%	$2.71	—	—	81761L102
ALIT	ALIGHT INC	858,968	$2,800	0.1%	$7.77	-68.4%	—	01626W101
—	HUDSON PAC PPTYS INC	10,000	$2,760	0.1%	$2.76	—	CALL	444097109
TDAY	GANNETT CO INC	4,658	$1,924	0.1%	$3.95	+19.1%	CALL	36472T109

Decreased Positions (11)

IWM ISHARES TR 11.2%

Value ($000) $246,160 (-32.2%) Shares 10,000 (-33.3%) Est. Cost — Unrealized —

SPY SPDR S&P 500 ETF TR 26.4%

Value ($000) $579,632 (-13.0%) Shares 8,500 (-15.0%) Est. Cost — Unrealized —

TLN TALEN ENERGY CORP 1.0%

Value ($000) $22,775 (-73.2%) Shares 60,759 (-69.6%) Est. Cost $117.27 Unrealized +231.4%

CZR CAESARS ENTERTAINMENT INC NE 1.2%

Value ($000) $25,729 (-45.3%) Shares 1,100,000 (-36.8%) Est. Cost $42.77 Unrealized -47.4%

EWZ ISHARES INC 1.3%

Value ($000) $29,076 (-41.4%) Shares 9,152 (-42.8%) Est. Cost — Unrealized —

QQQ INVESCO QQQ TR 19.6%

Value ($000) $430,017 (-4.5%) Shares 7,000 (-6.7%) Est. Cost — Unrealized —

PUMP PROPETRO HLDG CORP 1.7%

Value ($000) $37,129 (+75.1%) Shares 3,904,155 (-3.5%) Est. Cost $7.48 Unrealized +16.2%

GEO GEO GROUP INC NEW 1.2%

Value ($000) $26,251 (-35.3%) Shares 1,628,470 (-17.8%) Est. Cost $25.86 Unrealized -35.5%

GLXY GALAXY DIGITAL INC. 0.5%

Value ($000) $10,666 (-54.9%) Shares 477,025 (-31.9%) Est. Cost $20.30 Unrealized +52.6%

GLNG GOLAR LNG LTD 4.0%

Value ($000) $88,415 (-9.7%) Shares 2,376,098 (-1.9%) Est. Cost $19.97 Unrealized +90.7%

BBIO BRIDGEBIO PHARMA INC 0.7%

Value ($000) $15,299 (-23.5%) Shares 200,019 (-48.0%) Est. Cost $33.94 Unrealized +93.4%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
IWM	ISHARES TR	10,000 (-33.3%)	$246,160 (-32.2%)	11.2%	—	—	PUT	464287655
SPY	SPDR S&P 500 ETF TR	8,500 (-15.0%)	$579,632 (-13.0%)	26.4%	—	—	PUT	78462F103
TLN	TALEN ENERGY CORP	60,759 (-69.6%)	$22,775 (-73.2%)	1.0%	$117.27	+231.4%	COM	87422Q109
CZR	CAESARS ENTERTAINMENT INC NE	1,100,000 (-36.8%)	$25,729 (-45.3%)	1.2%	$42.77	-47.4%	COM	12769G100
EWZ	ISHARES INC	9,152 (-42.8%)	$29,076 (-41.4%)	1.3%	—	—	CALL	464286400
QQQ	INVESCO QQQ TR	7,000 (-6.7%)	$430,017 (-4.5%)	19.6%	—	—	PUT	46090E103
PUMP	PROPETRO HLDG CORP	3,904,155 (-3.5%)	$37,129 (+75.1%)	1.7%	$7.48	+16.2%	COM	74347M108
GEO	GEO GROUP INC NEW	1,628,470 (-17.8%)	$26,251 (-35.3%)	1.2%	$25.86	-35.5%	COM	36162J106
GLXY	GALAXY DIGITAL INC.	477,025 (-31.9%)	$10,666 (-54.9%)	0.5%	$20.30	+52.6%	CL A	36317J209
GLNG	GOLAR LNG LTD	2,376,098 (-1.9%)	$88,415 (-9.7%)	4.0%	$19.97	+90.7%	SHS	G9456A100
BBIO	BRIDGEBIO PHARMA INC	200,019 (-48.0%)	$15,299 (-23.5%)	0.7%	$33.94	+93.4%	COM	10806X102

Unchanged Positions (3)

PCG PG&E CORP 1.6%

Value ($000) $34,442 Shares 2,143,248 Est. Cost $16.00 Unrealized -0.5%

GEO GEO GROUP INC NEW 0.1%

Value ($000) $2,418 Shares 1,500 Est. Cost $25.86 Unrealized -35.5%

AEXA AMERICAN EXCEPTIONALISM ACQU 0.5%

Value ($000) $11,390 Shares 1,000,000 Est. Cost $10.77 Unrealized +4.2%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
PCG	PG&E CORP	2,143,248	$34,442	1.6%	$16.00	-0.5%	COM	69331C108
GEO	GEO GROUP INC NEW	1,500	$2,418	0.1%	$25.86	-35.5%	CALL	36162J106
AEXA	AMERICAN EXCEPTIONALISM ACQU	1,000,000	$11,390	0.5%	$10.77	+4.2%	ORD CL A	G0273J101