KIM, LLC Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
PLTR	PALANTIR TECHNOLOGIES INC	500,000	$88,875	7.2%	—	—	PUT	69608A108
—	JETBLUE AIRWAYS CORP	26,126,000	$25,695	2.1%	$0.98	—	NOTE 0.500% 4/0	477143AP6
—	AIRBNB INC	19,055,000	$18,903	1.5%	$0.99	—	NOTE 3/1	009066AB7
—	EXACT SCIENCES CORP	15,384,000	$16,095	1.3%	$1.05	—	NOTE 0.375% 3/1	30063PAB1
—	FORD MTR CO	15,000,000	$15,615	1.3%	$1.04	—	NOTE 3/1	345370CZ1
—	RAPID7 INC	10,000,000	$9,475	0.8%	$0.95	—	NOTE 0.250% 3/1	753422AF1
—	CMS ENERGY CORP	7,500,000	$8,040	0.7%	$1.07	—	NOTE 3.375% 5/0	125896BX7
CHYM	CHIME FINL INC	289,032	$7,275	0.6%	$21.24	0.0%	COM SHS CL A	16935C109
—	GLOBAL PMTS INC	8,000,000	$7,196	0.6%	$0.90	—	NOTE 1.500% 3/0	37940XAU6
—	PPL CAP FDG INC	6,000,000	$6,593	0.5%	$1.10	—	NOTE 2.875% 3/1	69352PAS2
—	TETRA TECH INC NEW	5,000,000	$5,437	0.4%	$1.09	—	DBCV 2.250% 8/1	88162GAB9
—	NUTANIX INC	5,000,000	$4,835	0.4%	$0.97	—	NOTE 0.500%12/1	67059NAK4
—	WISDOMTREE INC	4,000,000	$4,645	0.4%	$1.16	—	NOTE 3.250% 6/1	97717PAD6
—	LEMAITRE VASCULAR INC	2,500,000	$2,506	0.2%	$1.00	—	NOTE 2.500% 2/0	525558AB8
—	SHAKE SHACK INC	2,000,000	$1,895	0.2%	$0.95	—	NOTE 3/0	819047AB7

Increased Positions (14)

SPY SPDR S&P 500 ETF TR 22.1%

Value ($000) $272,768 (+36.5%) Shares 400,000 (+33.3%) Est. Cost — Unrealized —

— MARRIOTT VACATIONS WORLDWIDE 2.2%

Value ($000) $26,968 (+321.6%) Shares 27,000,000 (+316.0%) Est. Cost $0.99 Unrealized —

— CABLE ONE INC 2.0%

Value ($000) $24,688 (+152.8%) Shares 25,000,000 (+150.0%) Est. Cost $0.98 Unrealized —

— LIBERTY MEDIA CORP DEL 1.2%

Value ($000) $15,098 (+125.7%) Shares 15,000,000 (+134.4%) Est. Cost $1.02 Unrealized —

— FLUOR CORP 1.1%

Value ($000) $13,700 (+130.5%) Shares 12,000,000 (+140.0%) Est. Cost $1.11 Unrealized —

— OSI SYSTEMS INC 0.9%

Value ($000) $11,160 (+70.7%) Shares 7,500,000 (+66.7%) Est. Cost $1.47 Unrealized —

— UBER TECHNOLOGIES INC 1.6%

Value ($000) $19,233 (+30.6%) Shares 14,800,000 (+48.0%) Est. Cost $1.28 Unrealized —

— SNOWFLAKE INC 1.2%

Value ($000) $14,870 (+39.8%) Shares 10,000,000 (+42.9%) Est. Cost $1.51 Unrealized —

— PG&E CORP 0.5%

Value ($000) $6,181 (+103.2%) Shares 6,000,000 (+100.0%) Est. Cost $1.02 Unrealized —

— ON SEMICONDUCTOR CORP 0.5%

Value ($000) $5,965 (+109.2%) Shares 5,000,000 (+100.0%) Est. Cost $1.17 Unrealized —

— ITRON INC 0.4%

Value ($000) $4,958 (+87.3%) Shares 5,000,000 (+100.0%) Est. Cost $1.02 Unrealized —

— ALARM COM HLDGS INC 0.6%

Value ($000) $6,884 (+16.0%) Shares 6,867,000 (+14.4%) Est. Cost $0.97 Unrealized —

MMLP MARTIN MIDSTREAM PRTNRS L P 0.2%

Value ($000) $2,479 (+60.0%) Shares 949,957 (+87.6%) Est. Cost $2.85 Unrealized —

— ITRON INC 0.3%

Value ($000) $3,737 (+8.5%) Shares 3,689,000 (+23.0%) Est. Cost $1.16 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
SPY	SPDR S&P 500 ETF TR	400,000 (+33.3%)	$272,768 (+36.5%)	22.1%	—	—	PUT	78462F103
—	MARRIOTT VACATIONS WORLDWIDE	27,000,000 (+316.0%)	$26,968 (+321.6%)	2.2%	$0.99	—	NOTE 1/1	57164YAD9
—	CABLE ONE INC	25,000,000 (+150.0%)	$24,688 (+152.8%)	2.0%	$0.98	—	NOTE 3/1	12685JAE5
—	LIBERTY MEDIA CORP DEL	15,000,000 (+134.4%)	$15,098 (+125.7%)	1.2%	$1.02	—	NOTE 3.750% 3/1	531229AP7
—	FLUOR CORP	12,000,000 (+140.0%)	$13,700 (+130.5%)	1.1%	$1.11	—	NOTE 1.125% 8/1	343412AJ1
—	OSI SYSTEMS INC	7,500,000 (+66.7%)	$11,160 (+70.7%)	0.9%	$1.47	—	NOTE 2.250% 8/0	671044AF2
—	UBER TECHNOLOGIES INC	14,800,000 (+48.0%)	$19,233 (+30.6%)	1.6%	$1.28	—	NOTE 0.875%12/0	90353TAM2
—	SNOWFLAKE INC	10,000,000 (+42.9%)	$14,870 (+39.8%)	1.2%	$1.51	—	NOTE 10/0	833445AB5
—	PG&E CORP	6,000,000 (+100.0%)	$6,181 (+103.2%)	0.5%	$1.02	—	NOTE 4.250%12/0	69331CAL2
—	ON SEMICONDUCTOR CORP	5,000,000 (+100.0%)	$5,965 (+109.2%)	0.5%	$1.17	—	NOTE 5/0	682189AS4
—	ITRON INC	5,000,000 (+100.0%)	$4,958 (+87.3%)	0.4%	$1.02	—	NOTE 3/1	465741AN6
—	ALARM COM HLDGS INC	6,867,000 (+14.4%)	$6,884 (+16.0%)	0.6%	$0.97	—	NOTE 1/1	011642AB1
MMLP	MARTIN MIDSTREAM PRTNRS L P	949,957 (+87.6%)	$2,479 (+60.0%)	0.2%	$2.85	—	UNIT L P INT	573331105
—	ITRON INC	3,689,000 (+23.0%)	$3,737 (+8.5%)	0.3%	$1.16	—	NOTE 1.375% 7/1	465741AQ9

Exited Positions (11)

HYG ISHARES TR 4.6%

Value ($000) $56,833 Shares 700,000 Est. Cost — Unrealized —

— PEABODY ENGR CORP 0.8%

Value ($000) $9,758 Shares 6,500,000 Est. Cost $1.03 Unrealized —

— NOVOCURE LTD 0.7%

Value ($000) $8,108 Shares 8,159,000 Est. Cost $0.99 Unrealized —

— PINNACLE WEST CAP CORP 0.6%

Value ($000) $7,536 Shares 7,000,000 Est. Cost $1.09 Unrealized —

— VARONIS SYS INC 0.4%

Value ($000) $4,862 Shares 4,500,000 Est. Cost $1.08 Unrealized —

— SSR MINING IN 0.3%

Value ($000) $3,528 Shares 2,500,000 Est. Cost $1.41 Unrealized —

— STARWOOD PPTY TR INC 0.2%

Value ($000) $2,945 Shares 2,776,000 Est. Cost $1.05 Unrealized —

— DEXCOM INC 0.2%

Value ($000) $2,483 Shares 2,500,000 Est. Cost $0.99 Unrealized —

— SUPER MICRO COMPUTER INC 0.2%

Value ($000) $2,046 Shares 2,000,000 Est. Cost $1.02 Unrealized —

— ON SEMICONDUCTOR CORP 0.1%

Value ($000) $1,289 Shares 1,393,000 Est. Cost $0.95 Unrealized —

— SHIFT4 PMTS INC 0.1%

Value ($000) $1,016 Shares 1,030,000 Est. Cost $1.07 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
HYG	ISHARES TR	700,000	$56,833	4.6%	—	—	PUT	464288513
—	PEABODY ENGR CORP	6,500,000	$9,758	0.8%	$1.03	—	—	704551AD2
—	NOVOCURE LTD	8,159,000	$8,108	0.7%	$0.99	—	—	67011XAB9
—	PINNACLE WEST CAP CORP	7,000,000	$7,536	0.6%	$1.09	—	—	723484AK7
—	VARONIS SYS INC	4,500,000	$4,862	0.4%	$1.08	—	—	922280AD4
—	SSR MINING IN	2,500,000	$3,528	0.3%	$1.41	—	—	784730AB9
—	STARWOOD PPTY TR INC	2,776,000	$2,945	0.2%	$1.05	—	—	85571BBA2
—	DEXCOM INC	2,500,000	$2,483	0.2%	$0.99	—	—	252131AK3
—	SUPER MICRO COMPUTER INC	2,000,000	$2,046	0.2%	$1.02	—	—	86800UAB0
—	ON SEMICONDUCTOR CORP	1,393,000	$1,289	0.1%	$0.95	—	—	682189AU9
—	SHIFT4 PMTS INC	1,030,000	$1,016	0.1%	$1.07	—	—	82452JAD1

Decreased Positions (14)

RSSY TIDAL TRUST II 4.4%

Value ($000) $54,336 (-33.7%) Shares 2,830,000 (-30.6%) Est. Cost $21.10 Unrealized —

RSBY TIDAL TRUST II 4.7%

Value ($000) $57,787 (-29.3%) Shares 3,755,000 (-24.9%) Est. Cost $19.77 Unrealized —

— WESTERN DIGITAL CORP 0.6%

Value ($000) $6,879 (-57.1%) Shares 1,500,000 (-70.0%) Est. Cost $1.94 Unrealized —

TE T1 ENERGY INC 0.7%

Value ($000) $8,684 (-44.0%) Shares 1,300,000 (-81.7%) Est. Cost $1.58 Unrealized +178.7%

— CAPITAL SOUTHWEST CORP 0.2%

Value ($000) $2,481 (-72.2%) Shares 2,500,000 (-72.2%) Est. Cost $0.97 Unrealized —

— BOX INC 0.5%

Value ($000) $5,850 (-38.9%) Shares 6,000,000 (-36.8%) Est. Cost $1.01 Unrealized —

— EVERGY INC 0.9%

Value ($000) $10,970 (-24.2%) Shares 9,000,000 (-21.7%) Est. Cost $1.14 Unrealized —

VSH VISHAY INTERTECHNOLOGY INC 3.6%

Value ($000) $44,868 (-7.2%) Shares 3,096,454 (-2.0%) Est. Cost $17.71 Unrealized -14.8%

— CHEFS WHSE INC 0.4%

Value ($000) $4,564 (-42.7%) Shares 3,000,000 (-45.5%) Est. Cost $1.31 Unrealized —

— PROGRESS SOFTWARE CORP 0.6%

Value ($000) $7,100 (-29.6%) Shares 7,000,000 (-30.0%) Est. Cost $1.08 Unrealized —

— DAYFORCE INC 0.4%

Value ($000) $4,963 (-36.7%) Shares 5,000,000 (-37.5%) Est. Cost $0.96 Unrealized —

— ZIFF DAVIS INC 0.5%

Value ($000) $6,537 (-26.3%) Shares 6,665,000 (-27.3%) Est. Cost $0.97 Unrealized —

— BLACKLINE INC 0.2%

Value ($000) $2,115 (-32.3%) Shares 2,000,000 (-33.3%) Est. Cost $1.07 Unrealized —

MMLP MARTIN MIDSTREAM PRTNRS L P 0.0%

Value ($000) $112 (-64.6%) Shares 43,100 (-58.5%) Est. Cost $2.85 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
RSSY	TIDAL TRUST II	2,830,000 (-30.6%)	$54,336 (-33.7%)	4.4%	$21.10	—	RETURN STACKED U	88636J345
RSBY	TIDAL TRUST II	3,755,000 (-24.9%)	$57,787 (-29.3%)	4.7%	$19.77	—	RETURN STACKED B	88636J352
—	WESTERN DIGITAL CORP	1,500,000 (-70.0%)	$6,879 (-57.1%)	0.6%	$1.94	—	NOTE 3.000%11/1	958102AT2
TE	T1 ENERGY INC	1,300,000 (-81.7%)	$8,684 (-44.0%)	0.7%	$1.58	+178.7%	COM NEW	35834F104
—	CAPITAL SOUTHWEST CORP	2,500,000 (-72.2%)	$2,481 (-72.2%)	0.2%	$0.97	—	NOTE 5.125%11/1	140501AE7
—	BOX INC	6,000,000 (-36.8%)	$5,850 (-38.9%)	0.5%	$1.01	—	NOTE 1.500% 9/1	10316TAD6
—	EVERGY INC	9,000,000 (-21.7%)	$10,970 (-24.2%)	0.9%	$1.14	—	NOTE 4.500%12/1	30034WAD8
VSH	VISHAY INTERTECHNOLOGY INC	3,096,454 (-2.0%)	$44,868 (-7.2%)	3.6%	$17.71	-14.8%	COM	928298108
—	CHEFS WHSE INC	3,000,000 (-45.5%)	$4,564 (-42.7%)	0.4%	$1.31	—	NOTE 2.375%12/1	163086AE1
—	PROGRESS SOFTWARE CORP	7,000,000 (-30.0%)	$7,100 (-29.6%)	0.6%	$1.08	—	NOTE 3.500% 3/0	743312AD2
—	DAYFORCE INC	5,000,000 (-37.5%)	$4,963 (-36.7%)	0.4%	$0.96	—	NOTE 0.250% 3/1	15677JAD0
—	ZIFF DAVIS INC	6,665,000 (-27.3%)	$6,537 (-26.3%)	0.5%	$0.97	—	DEBT 3.625% 3/0	48123VAH5
—	BLACKLINE INC	2,000,000 (-33.3%)	$2,115 (-32.3%)	0.2%	$1.07	—	NOTE 1.000% 6/0	09239BAF6
MMLP	MARTIN MIDSTREAM PRTNRS L P	43,100 (-58.5%)	$112 (-64.6%)	0.0%	$2.85	—	CALL	573331105

Unchanged Positions (33)

ASPN ASPEN AEROGELS INC 2.8%

Value ($000) $34,754 Shares 12,280,426 Est. Cost $14.34 Unrealized -64.0%

SPMC SOUND POINT MERIDIAN CAP INC 12.0%

Value ($000) $148,375 Shares 10,790,928 Est. Cost $17.88 Unrealized —

— KORE GROUP HLDGS INC 0.7%

Value ($000) $8,440 Shares 2,000,000 Est. Cost $2.42 Unrealized —

SMRT SMARTRENT INC 0.4%

Value ($000) $5,365 Shares 2,656,173 Est. Cost $4.97 Unrealized -67.0%

— PENGUIN SOLUTIONS INC 0.7%

Value ($000) $8,164 Shares 8,000,000 Est. Cost $1.19 Unrealized —

— SPOTIFY USA INC 0.5%

Value ($000) $6,122 Shares 5,382,000 Est. Cost $1.45 Unrealized —

— CSG SYS INTL INC 1.4%

Value ($000) $17,786 Shares 15,000,000 Est. Cost $1.04 Unrealized —

— HAEMONETICS CORP MASS 0.6%

Value ($000) $7,805 Shares 7,500,000 Est. Cost $0.96 Unrealized —

— AKAMAI TECHNOLOGIES INC 0.6%

Value ($000) $7,538 Shares 7,500,000 Est. Cost $0.97 Unrealized —

— VAIL RESORTS INC 2.0%

Value ($000) $25,244 Shares 25,231,000 Est. Cost $0.98 Unrealized —

— LYFT INC 0.2%

Value ($000) $3,015 Shares 2,500,000 Est. Cost $0.97 Unrealized —

— SNAP INC 0.8%

Value ($000) $9,696 Shares 10,000,000 Est. Cost $0.96 Unrealized —

— MITEK SYS INC 1.6%

Value ($000) $19,820 Shares 20,000,000 Est. Cost $0.99 Unrealized —

— ENVISTA HOLDINGS CORPORATION 0.4%

Value ($000) $5,446 Shares 5,658,000 Est. Cost $0.95 Unrealized —

FIP FTAI INFRASTRUCTURE INC 0.1%

Value ($000) $1,355 Shares 293,901 Est. Cost $2.61 Unrealized +87.8%

— LCI INDS 0.2%

Value ($000) $2,468 Shares 2,500,000 Est. Cost $0.96 Unrealized —

— ALARM COM HLDGS INC 0.7%

Value ($000) $8,591 Shares 9,000,000 Est. Cost $0.97 Unrealized —

— DRAFTKINGS INC NEW 0.3%

Value ($000) $3,662 Shares 4,000,000 Est. Cost $0.90 Unrealized —

— DROPBOX INC 0.2%

Value ($000) $2,526 Shares 2,500,000 Est. Cost $0.91 Unrealized —

— NUVEEN AMT FREE QLTY MUN INC 0.2%

Value ($000) $2,834 Shares 243,700 Est. Cost $11.27 Unrealized —

— TRIPADVISOR INC 0.3%

Value ($000) $3,935 Shares 4,000,000 Est. Cost $0.96 Unrealized —

— BLACKROCK MUNIYIELD QUALITY 0.2%

Value ($000) $2,219 Shares 204,185 Est. Cost $11.35 Unrealized —

— AMPHASTAR PHARMACEUTICALS IN 0.2%

Value ($000) $2,318 Shares 2,500,000 Est. Cost $0.94 Unrealized —

— NUVEEN QUALITY MUNCP INCOME 0.1%

Value ($000) $1,202 Shares 100,000 Est. Cost $11.74 Unrealized —

— MICROCHIP TECHNOLOGY INC. 0.2%

Value ($000) $2,457 Shares 2,500,000 Est. Cost $0.99 Unrealized —

— GLADSTONE CAP CORP 0.1%

Value ($000) $1,470 Shares 1,500,000 Est. Cost $0.99 Unrealized —

— BLACKROCK MUNIYIELD FD INC 0.1%

Value ($000) $1,238 Shares 117,981 Est. Cost $11.05 Unrealized —

— ETSY INC 0.2%

Value ($000) $1,855 Shares 2,000,000 Est. Cost $0.85 Unrealized —

— MARRIOTT VACATIONS WORLDWIDE 0.2%

Value ($000) $1,905 Shares 2,000,000 Est. Cost $0.93 Unrealized —

— NUVEEN MUNICIPAL CREDIT INC 0.3%

Value ($000) $3,145 Shares 250,000 Est. Cost $12.11 Unrealized —

— GUESS INC 1.2%

Value ($000) $14,888 Shares 15,000,000 Est. Cost $0.99 Unrealized —

OUSTZ OUSTER INC 0.0%

Value ($000) $17 Shares 274,200 Est. Cost $0.35 Unrealized —

— BLACKROCK MUNIHOLDINGS FD IN 0.0%

Value ($000) $268 Shares 22,805 Est. Cost $12.08 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ASPN	ASPEN AEROGELS INC	12,280,426	$34,754	2.8%	$14.34	-64.0%	COM	04523Y105
SPMC	SOUND POINT MERIDIAN CAP INC	10,790,928	$148,375	12.0%	$17.88	—	COMMON STOCK	83617A108
—	KORE GROUP HLDGS INC	2,000,000	$8,440	0.7%	$2.42	—	COM NEW	50066V107
SMRT	SMARTRENT INC	2,656,173	$5,365	0.4%	$4.97	-67.0%	COM CL A	83193G107
—	PENGUIN SOLUTIONS INC	8,000,000	$8,164	0.7%	$1.19	—	NOTE 2.000% 8/1	83205YAE4
—	SPOTIFY USA INC	5,382,000	$6,122	0.5%	$1.45	—	NOTE 3/1	84921RAB6
—	CSG SYS INTL INC	15,000,000	$17,786	1.4%	$1.04	—	NOTE 3.875% 9/1	126349AH2
—	HAEMONETICS CORP MASS	7,500,000	$7,805	0.6%	$0.96	—	NOTE 2.500% 6/0	405024AD2
—	AKAMAI TECHNOLOGIES INC	7,500,000	$7,538	0.6%	$0.97	—	NOTE 0.375% 9/0	00971TAL5
—	VAIL RESORTS INC	25,231,000	$25,244	2.0%	$0.98	—	NOTE 1/0	91879QAN9
—	LYFT INC	2,500,000	$3,015	0.2%	$0.97	—	NOTE 0.625% 3/0	55087PAD6
—	SNAP INC	10,000,000	$9,696	0.8%	$0.96	—	NOTE 0.750% 8/0	83304AAB2
—	MITEK SYS INC	20,000,000	$19,820	1.6%	$0.99	—	NOTE 0.750% 2/0	606710AA9
—	ENVISTA HOLDINGS CORPORATION	5,658,000	$5,446	0.4%	$0.95	—	NOTE 1.750% 8/1	29415FAD6
FIP	FTAI INFRASTRUCTURE INC	293,901	$1,355	0.1%	$2.61	+87.8%	COMMON STOCK	35953C106
—	LCI INDS	2,500,000	$2,468	0.2%	$0.96	—	NOTE 1.125% 5/1	501812AB7
—	ALARM COM HLDGS INC	9,000,000	$8,591	0.7%	$0.97	—	NOTE 2.250% 6/0	011642AD7
—	DRAFTKINGS INC NEW	4,000,000	$3,662	0.3%	$0.90	—	NOTE 3/1	26142RAB0
—	DROPBOX INC	2,500,000	$2,526	0.2%	$0.91	—	NOTE 3/0	26210CAD6
—	NUVEEN AMT FREE QLTY MUN INC	243,700	$2,834	0.2%	$11.27	—	COM	670657105
—	TRIPADVISOR INC	4,000,000	$3,935	0.3%	$0.96	—	NOTE 0.250% 4/0	896945AD4
—	BLACKROCK MUNIYIELD QUALITY	204,185	$2,219	0.2%	$11.35	—	COM	09254E103
—	AMPHASTAR PHARMACEUTICALS IN	2,500,000	$2,318	0.2%	$0.94	—	NOTE 2.000% 3/1	03209RAB9
—	NUVEEN QUALITY MUNCP INCOME	100,000	$1,202	0.1%	$11.74	—	COM	67066V101
—	MICROCHIP TECHNOLOGY INC.	2,500,000	$2,457	0.2%	$0.99	—	NOTE 0.750% 6/0	595017BG8
—	GLADSTONE CAP CORP	1,500,000	$1,470	0.1%	$0.99	—	NOTE 5.875%10/0	376535AG5
—	BLACKROCK MUNIYIELD FD INC	117,981	$1,238	0.1%	$11.05	—	COM	09253W104
—	ETSY INC	2,000,000	$1,855	0.2%	$0.85	—	NOTE 0.125% 9/0	29786AAL0
—	MARRIOTT VACATIONS WORLDWIDE	2,000,000	$1,905	0.2%	$0.93	—	NOTE 3.250%12/1	57164YAF4
—	NUVEEN MUNICIPAL CREDIT INC	250,000	$3,145	0.3%	$12.11	—	COM SH BEN INT	67070X101
—	GUESS INC	15,000,000	$14,888	1.2%	$0.99	—	NOTE 3.750% 4/1	401617AF2
OUSTZ	OUSTER INC	274,200	$17	0.0%	$0.35	—	*W EXP 03/11/202	68989M111
—	BLACKROCK MUNIHOLDINGS FD IN	22,805	$268	0.0%	$12.08	—	COM	09253N104