RPO LLC Hedge Fund

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
AAPL	APPLE INC	60,000	$16,312	1.7%	$268.34	0.0%	PUT	037833100
MSFT	MICROSOFT CORP	15,500	$7,496	0.8%	$500.58	0.0%	COM	594918104
—	STRATEGY INC	5,000,000	$4,123	0.4%	$0.82	—	NOTE 12/0	594972AS0
AAPL	APPLE INC	14,300	$3,888	0.4%	$268.34	0.0%	COM	037833100
—	LIBERTY ALL STAR EQUITY FD	573,700	$3,603	0.4%	$6.28	—	SH BEN INT	530158104
BSOL	BITWISE SOLANA STAKING ETF	201,100	$3,298	0.3%	$16.40	—	COM SHS OF BENEF	091948109
ETH	GRAYSCALE ETHEREUM MINI TR E	59,400	$1,667	0.2%	$28.06	—	SHS NEW	38964R203
—	EATON VANCE RISK-MANAGED DIV	136,910	$1,208	0.1%	$8.82	—	COM	27829G106
COP	CONOCOPHILLIPS	11,834	$1,108	0.1%	$90.02	0.0%	COM	20825C104
—	LIBERTY ALL-STAR GROWTH FD I	128,609	$682	0.1%	$5.30	—	COM	529900102
FSOL	FIDELITY SOLANA FD	16,400	$239	0.0%	$14.59	—	BENEFICIAL INT	31641G104
SOC	SABLE OFFSHORE CORP	14,018	$126	0.0%	$9.44	0.0%	COM SHS	78574H104
WEAV	WEAVE COMMUNICATIONS INC	10,612	$81	0.0%	$6.64	0.0%	COM	94724R108
UDMY	UDEMY INC	13,186	$77	0.0%	$5.83	0.0%	COM	902685106
UAA	UNDER ARMOUR INC	15,272	$76	0.0%	$4.63	0.0%	CL A	904311107
SXC	SUNCOKE ENERGY INC	10,202	$73	0.0%	$7.36	0.0%	COM	86722A103
TROX	TRONOX HOLDINGS PLC	17,538	$73	0.0%	$3.81	0.0%	SHS	G9087Q102
EVH	EVOLENT HEALTH INC	17,673	$71	0.0%	$5.56	0.0%	CL A	30050B101
AHH	ARMADA HOFFLER PPTYS INC	10,250	$68	0.0%	$6.62	—	COM	04208T108
JBLU	JETBLUE AWYS CORP	14,614	$66	0.0%	$4.56	0.0%	COM	477143101
PSEC	PROSPECT CAP CORP	25,568	$66	0.0%	$2.54	0.0%	COM	74348T102
BLND	BLEND LABS INC	21,768	$66	0.0%	$3.19	0.0%	CL A	09352U108
PAYO	PAYONEER GLOBAL INC	11,758	$66	0.0%	$5.78	0.0%	COM	70451X104
BMBL	BUMBLE INC	18,448	$66	0.0%	$4.43	0.0%	COM CL A	12047B105
BDN	BRANDYWINE RLTY TR	22,424	$65	0.0%	$2.92	—	SH BEN INT NEW	105368203
VTEX	VTEX	17,392	$65	0.0%	$4.10	0.0%	SHS CL A	G9470A102
GDRX	GOODRX HLDGS INC	24,072	$65	0.0%	$3.28	0.0%	COM CL A	38246G108
WEST	WESTROCK COFFEE CO	16,000	$65	0.0%	$4.38	0.0%	COM	96145W103
NWL	NEWELL BRANDS INC	17,442	$65	0.0%	$3.99	0.0%	COM	651229106
RBBN	RIBBON COMMUNICATIONS INC	22,208	$64	0.0%	$3.23	0.0%	COM	762544104
CLVT	CLARIVATE PLC	19,104	$64	0.0%	$3.56	0.0%	ORD SHS	G21810109
AUR	AURORA INNOVATION INC	16,373	$63	0.0%	$4.58	0.0%	CLASS A COM	051774107
RXRX	RECURSION PHARMACEUTICALS IN	15,120	$62	0.0%	$4.95	0.0%	CL A	75629V104
FUFU	BITFUFU INC	23,114	$61	0.0%	$3.17	0.0%	CL A ORD SHS	G1152A104
CINT	CI&T INC	14,864	$60	0.0%	$4.55	0.0%	COM CL A	G21307106
CODI	COMPASS DIVERSIFIED	12,468	$60	0.0%	$6.32	0.0%	SH BEN INT	20451Q104
RC	READY CAPITAL CORP	27,154	$59	0.0%	$2.18	—	COM	75574U101
AMC	AMC ENTMT HLDGS INC	31,172	$49	0.0%	$2.38	0.0%	CL A NEW	00165C302
BTBT	BIT DIGITAL INC	12,361	$23	0.0%	$2.89	0.0%	SHS	G1144A105

Increased Positions (3)

SPY SPDR S&P 500 ETF TR 4.0%

Value ($000) $38,069 (+194.0%) Shares 55,826 (+187.2%) Est. Cost $676.44 Unrealized —

SPY SPDR S&P 500 ETF TR 40.0%

Value ($000) $382,557 (+6.1%) Shares 561,000 (+3.7%) Est. Cost $676.44 Unrealized —

ARKB ARK 21SHARES BITCOIN ETF 0.3%

Value ($000) $2,688 (-8.8%) Shares 92,570 (+19.3%) Est. Cost $41.05 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
SPY	SPDR S&P 500 ETF TR	55,826 (+187.2%)	$38,069 (+194.0%)	4.0%	$676.44	—	TR UNIT	78462F103
SPY	SPDR S&P 500 ETF TR	561,000 (+3.7%)	$382,557 (+6.1%)	40.0%	$676.44	—	PUT	78462F103
ARKB	ARK 21SHARES BITCOIN ETF	92,570 (+19.3%)	$2,688 (-8.8%)	0.3%	$41.05	—	SHS BEN INT	040919102

Exited Positions (13)

— SEAGATE HDD CAYMAN 1.5%

Value ($000) $14,334 Shares 5,000,000 Est. Cost $1.21 Unrealized —

IBIT ISHARES BITCOIN TRUST ETF 0.4%

Value ($000) $3,900 Shares 60,000 Est. Cost $51.44 Unrealized —

IBIT ISHARES BITCOIN TRUST ETF 0.4%

Value ($000) $3,718 Shares 57,200 Est. Cost $51.44 Unrealized —

EZBC FRANKLIN TEMPLETON DIGITAL H 0.2%

Value ($000) $2,344 Shares 35,400 Est. Cost $42.10 Unrealized —

BTC GRAYSCALE BITCOIN MINI TR ET 0.2%

Value ($000) $2,324 Shares 45,900 Est. Cost $47.75 Unrealized —

HODL VANECK BITCOIN ETF 0.2%

Value ($000) $2,254 Shares 69,644 Est. Cost $35.17 Unrealized —

FETH FIDELITY ETHEREUM FD 0.2%

Value ($000) $2,152 Shares 51,800 Est. Cost $25.17 Unrealized —

TETH 21SHARES ETHEREUM ETF 0.2%

Value ($000) $2,088 Shares 100,400 Est. Cost $12.58 Unrealized —

BRRR COINSHARES BITCOIN ETF 0.2%

Value ($000) $1,751 Shares 54,159 Est. Cost $17.98 Unrealized —

ETHA ISHARES ETHEREUM TR 0.2%

Value ($000) $1,560 Shares 49,500 Est. Cost $31.51 Unrealized —

ETHW BITWISE ETHEREUM ETF 0.1%

Value ($000) $1,270 Shares 42,600 Est. Cost $29.82 Unrealized —

— NUVEEN DOW 30 DYNMC OVERWRT 0.1%

Value ($000) $585 Shares 39,270 Est. Cost $14.89 Unrealized —

RUN SUNRUN INC 0.1%

Value ($000) $519 Shares 30,000 Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	SEAGATE HDD CAYMAN	5,000,000	$14,334	1.5%	$1.21	—	—	81180WBL4
IBIT	ISHARES BITCOIN TRUST ETF	60,000	$3,900	0.4%	$51.44	—	CALL	46438F101
IBIT	ISHARES BITCOIN TRUST ETF	57,200	$3,718	0.4%	$51.44	—	—	46438F101
EZBC	FRANKLIN TEMPLETON DIGITAL H	35,400	$2,344	0.2%	$42.10	—	—	354921108
BTC	GRAYSCALE BITCOIN MINI TR ET	45,900	$2,324	0.2%	$47.75	—	—	389930207
HODL	VANECK BITCOIN ETF	69,644	$2,254	0.2%	$35.17	—	—	92189K105
FETH	FIDELITY ETHEREUM FD	51,800	$2,152	0.2%	$25.17	—	—	31613E103
TETH	21SHARES ETHEREUM ETF	100,400	$2,088	0.2%	$12.58	—	—	04071F102
BRRR	COINSHARES BITCOIN ETF	54,159	$1,751	0.2%	$17.98	—	—	91916J100
ETHA	ISHARES ETHEREUM TR	49,500	$1,560	0.2%	$31.51	—	—	46438R105
ETHW	BITWISE ETHEREUM ETF	42,600	$1,270	0.1%	$29.82	—	—	091955104
—	NUVEEN DOW 30 DYNMC OVERWRT	39,270	$585	0.1%	$14.89	—	—	67075F105
RUN	SUNRUN INC	30,000	$519	0.1%	—	—	PUT	86771W105

Decreased Positions (11)

SPY SPDR S&P 500 ETF TR 21.4%

Value ($000) $204,576 (-14.7%) Shares 300,000 (-16.7%) Est. Cost $676.44 Unrealized —

XME SPDR SERIES TRUST 0.1%

Value ($000) $1,243 (-80.9%) Shares 12,000 (-82.9%) Est. Cost — Unrealized —

BAC BANK AMERICA CORP 2.4%

Value ($000) $22,880 (-17.9%) Shares 416,000 (-23.0%) Est. Cost — Unrealized —

CUK CARNIVAL PLC 0.0%

Value ($000) $337 (-89.6%) Shares 11,110 (-90.9%) Est. Cost $26.44 Unrealized —

FBTC FIDELITY WISE ORIGIN BITCOIN 0.2%

Value ($000) $2,360 (-52.5%) Shares 30,960 (-37.8%) Est. Cost $72.97 Unrealized —

BITB BITWISE BITCOIN ETF TR 0.2%

Value ($000) $1,517 (-60.3%) Shares 31,900 (-48.1%) Est. Cost $43.44 Unrealized —

XME SPDR SERIES TRUST 2.5%

Value ($000) $24,141 (+9.8%) Shares 233,000 (-1.3%) Est. Cost — Unrealized —

MS MORGAN STANLEY 1.4%

Value ($000) $12,960 (+10.2%) Shares 73,000 (-1.4%) Est. Cost — Unrealized —

QCOM QUALCOMM INC 0.4%

Value ($000) $3,421 (-10.6%) Shares 20,000 (-13.0%) Est. Cost — Unrealized —

MS MORGAN STANLEY 0.9%

Value ($000) $8,166 (+4.8%) Shares 46,000 (-6.1%) Est. Cost — Unrealized —

BAC BANK AMERICA CORP 2.6%

Value ($000) $24,475 (+0.9%) Shares 445,000 (-5.3%) Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
SPY	SPDR S&P 500 ETF TR	300,000 (-16.7%)	$204,576 (-14.7%)	21.4%	$676.44	—	CALL	78462F103
XME	SPDR SERIES TRUST	12,000 (-82.9%)	$1,243 (-80.9%)	0.1%	—	—	CALL	78464A755
BAC	BANK AMERICA CORP	416,000 (-23.0%)	$22,880 (-17.9%)	2.4%	—	—	PUT	060505104
CUK	CARNIVAL PLC	11,110 (-90.9%)	$337 (-89.6%)	0.0%	$26.44	—	ADS	14365C103
FBTC	FIDELITY WISE ORIGIN BITCOIN	30,960 (-37.8%)	$2,360 (-52.5%)	0.2%	$72.97	—	SHS	315948109
BITB	BITWISE BITCOIN ETF TR	31,900 (-48.1%)	$1,517 (-60.3%)	0.2%	$43.44	—	SHS BEN INT	09174C104
XME	SPDR SERIES TRUST	233,000 (-1.3%)	$24,141 (+9.8%)	2.5%	—	—	PUT	78464A755
MS	MORGAN STANLEY	73,000 (-1.4%)	$12,960 (+10.2%)	1.4%	—	—	PUT	617446448
QCOM	QUALCOMM INC	20,000 (-13.0%)	$3,421 (-10.6%)	0.4%	—	—	CALL	747525103
MS	MORGAN STANLEY	46,000 (-6.1%)	$8,166 (+4.8%)	0.9%	—	—	CALL	617446448
BAC	BANK AMERICA CORP	445,000 (-5.3%)	$24,475 (+0.9%)	2.6%	—	—	CALL	060505104

Unchanged Positions (17)

— STRATEGY INC 0.6%

Value ($000) $5,867 Shares 5,000,000 Est. Cost $1.89 Unrealized —

MSFT MICROSOFT CORP 2.8%

Value ($000) $26,599 Shares 55,000 Est. Cost $500.58 Unrealized 0.0%

MSFT MICROSOFT CORP 1.6%

Value ($000) $14,992 Shares 31,000 Est. Cost $500.58 Unrealized 0.0%

BTCO INVESCO GALAXY BITCOIN ETF 0.2%

Value ($000) $1,770 Shares 20,300 Est. Cost $107.53 Unrealized —

QCOM QUALCOMM INC 1.7%

Value ($000) $15,908 Shares 93,000 Est. Cost — Unrealized —

COP CONOCOPHILLIPS 2.4%

Value ($000) $22,841 Shares 244,000 Est. Cost $90.02 Unrealized 0.0%

COP CONOCOPHILLIPS 2.3%

Value ($000) $22,186 Shares 237,000 Est. Cost $90.02 Unrealized 0.0%

BULLW WEBULL CORP 0.0%

Value ($000) $60 Shares 21,000 Est. Cost $4.04 Unrealized —

— SRH TOTAL RETURN FUND INC 0.3%

Value ($000) $3,133 Shares 168,990 Est. Cost $14.04 Unrealized —

NVDA NVIDIA CORPORATION 4.6%

Value ($000) $44,201 Shares 237,000 Est. Cost — Unrealized —

BZAIW BLAIZE HLDGS INC 0.0%

Value ($000) $18 Shares 45,520 Est. Cost $0.19 Unrealized —

NVDA NVIDIA CORPORATION 2.2%

Value ($000) $21,261 Shares 114,000 Est. Cost — Unrealized —

— CALAMOS GBL DYN INCOME FUND 0.0%

Value ($000) $458 Shares 61,799 Est. Cost $5.97 Unrealized —

— CLOUGH GLOBAL EQUITY FD 0.1%

Value ($000) $707 Shares 92,327 Est. Cost $6.00 Unrealized —

— CLOUGH GLOBAL OPPORTUNITIES 0.1%

Value ($000) $631 Shares 111,479 Est. Cost $4.98 Unrealized —

— CLOUGH GLOBAL DIVID & INCOME 0.0%

Value ($000) $422 Shares 70,753 Est. Cost $5.23 Unrealized —

ANNAW ALEANNA INC 0.0%

Value ($000) $2 Shares 13,896 Est. Cost $0.14 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	STRATEGY INC	5,000,000	$5,867	0.6%	$1.89	—	NOTE 0.625% 9/1	594972AQ4
MSFT	MICROSOFT CORP	55,000	$26,599	2.8%	$500.58	0.0%	PUT	594918104
MSFT	MICROSOFT CORP	31,000	$14,992	1.6%	$500.58	0.0%	CALL	594918104
BTCO	INVESCO GALAXY BITCOIN ETF	20,300	$1,770	0.2%	$107.53	—	COM SHS BEN INT	46091J101
QCOM	QUALCOMM INC	93,000	$15,908	1.7%	—	—	PUT	747525103
COP	CONOCOPHILLIPS	244,000	$22,841	2.4%	$90.02	0.0%	PUT	20825C104
COP	CONOCOPHILLIPS	237,000	$22,186	2.3%	$90.02	0.0%	CALL	20825C104
BULLW	WEBULL CORP	21,000	$60	0.0%	$4.04	—	*W EXP 04/10/203	G9572D111
—	SRH TOTAL RETURN FUND INC	168,990	$3,133	0.3%	$14.04	—	COM	101507101
NVDA	NVIDIA CORPORATION	237,000	$44,201	4.6%	—	—	PUT	67066G104
BZAIW	BLAIZE HLDGS INC	45,520	$18	0.0%	$0.19	—	*W EXP 01/13/203	092915115
NVDA	NVIDIA CORPORATION	114,000	$21,261	2.2%	—	—	CALL	67066G104
—	CALAMOS GBL DYN INCOME FUND	61,799	$458	0.0%	$5.97	—	COM	12811L107
—	CLOUGH GLOBAL EQUITY FD	92,327	$707	0.1%	$6.00	—	COM	18914C100
—	CLOUGH GLOBAL OPPORTUNITIES	111,479	$631	0.1%	$4.98	—	SH BEN INT	18914E106
—	CLOUGH GLOBAL DIVID & INCOME	70,753	$422	0.0%	$5.23	—	COM	18913Y103
ANNAW	ALEANNA INC	13,896	$2	0.0%	$0.14	—	*W EXP 12/13/202	01444V111