Panoramic Capital, LLC Quant / Systematic

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
LITE	LUMENTUM HLDGS INC	25,000	$9,215	4.9%	$72.44	+254.5%	PUT	55024U109
BIRK	BIRKENSTOCK HOLDING PLC	110,000	$4,499	2.4%	$42.35	0.0%	COM SHS	M2029K104
C	CITIGROUP INC	36,818	$4,296	2.3%	$103.64	0.0%	COM NEW	172967424
ROST	ROSS STORES INC	15,000	$2,702	1.5%	$166.60	0.0%	COM	778296103
CWAN	CLEARWATER ANALYTICS HLDGS I	100,000	$2,412	1.3%	—	—	CALL	185123106
MIAX	MIAMI INTL HLDGS INC	46,087	$2,045	1.1%	$44.60	0.0%	COM	59356Q108
CMG	CHIPOTLE MEXICAN GRILL INC	50,000	$1,850	1.0%	$36.17	0.0%	COM	169656105
NRXS	NEURAXIS INC	165,000	$749	0.4%	$2.99	0.0%	COM	64134X201
CHYM	CHIME FINL INC	25,000	$629	0.3%	$21.24	0.0%	COM SHS CL A	16935C109
LWLG	LIGHTWAVE LOGIC INC	150,000	$486	0.3%	$4.44	0.0%	COM	532275104
BE	BLOOM ENERGY CORP	2,500	$217	0.1%	$105.07	0.0%	COM CL A	093712107

Increased Positions (21)

NVDA NVIDIA CORPORATION 9.8%

Value ($000) $18,293 (+207.2%) Shares 98,086 (+207.3%) Est. Cost $167.07 Unrealized +11.4%

TWLO TWILIO INC 3.1%

Value ($000) $5,788 (+112.5%) Shares 40,689 (+49.5%) Est. Cost $117.01 Unrealized +5.9%

AMZN AMAZON COM INC 4.5%

Value ($000) $8,367 (+53.4%) Shares 36,251 (+45.9%) Est. Cost $210.54 Unrealized +8.7%

STX SEAGATE TECHNOLOGY HLDNGS PL 8.0%

Value ($000) $14,837 (+23.3%) Shares 53,876 (+5.7%) Est. Cost $102.47 Unrealized +152.7%

BRZE BRAZE INC 2.3%

Value ($000) $4,274 (+150.5%) Shares 124,652 (+107.8%) Est. Cost $29.01 Unrealized +2.1%

GOOG ALPHABET INC 3.0%

Value ($000) $5,648 (+79.4%) Shares 18,000 (+39.2%) Est. Cost $231.45 Unrealized +23.7%

LLY ELI LILLY & CO 1.9%

Value ($000) $3,526 (+190.5%) Shares 3,281 (+106.2%) Est. Cost $890.37 Unrealized +7.3%

MNRO MONRO INC 1.5%

Value ($000) $2,879 (+256.0%) Shares 143,663 (+219.3%) Est. Cost $17.78 Unrealized +3.5%

— INDIVIOR PLC 1.4%

Value ($000) $2,692 (+236.9%) Shares 75,035 (+126.4%) Est. Cost $30.68 Unrealized —

HALO HALOZYME THERAPEUTICS INC 4.4%

Value ($000) $8,239 (+25.6%) Shares 122,416 (+36.9%) Est. Cost $58.55 Unrealized +14.9%

W WAYFAIR INC 5.1%

Value ($000) $9,411 (+15.7%) Shares 93,727 (+2.9%) Est. Cost $50.91 Unrealized +88.9%

BOOT BOOT BARN HLDGS INC 3.2%

Value ($000) $6,018 (+21.5%) Shares 34,104 (+14.1%) Est. Cost $145.06 Unrealized +28.6%

CECO CECO ENVIRONMENTAL CORP 1.5%

Value ($000) $2,787 (+23.5%) Shares 46,566 (+5.7%) Est. Cost $42.93 Unrealized +24.6%

NPKI NPK INTERNATIONAL INC 1.3%

Value ($000) $2,417 (+25.4%) Shares 202,754 (+19.0%) Est. Cost $10.14 Unrealized +20.4%

PTON PELOTON INTERACTIVE INC 1.7%

Value ($000) $3,090 (-13.3%) Shares 501,629 (+26.7%) Est. Cost $7.35 Unrealized -4.2%

CRH CRH PLC 2.3%

Value ($000) $4,337 (+10.0%) Shares 34,748 (+5.7%) Est. Cost $98.46 Unrealized +21.0%

BLND BLEND LABS INC 1.1%

Value ($000) $2,121 (-12.0%) Shares 697,689 (+5.7%) Est. Cost $4.11 Unrealized -22.4%

NFLX NETFLIX INC 1.6%

Value ($000) $3,066 (+7.3%) Shares 32,700 (+1272.2%) Est. Cost $105.95 Unrealized +1.8%

MDXH MDXHEALTH SA 0.5%

Value ($000) $852 (+18.2%) Shares 238,668 (+54.0%) Est. Cost $3.38 Unrealized +16.8%

PLSE PULSE BIOSCIENCES INC 0.3%

Value ($000) $522 (-18.0%) Shares 38,054 (+5.7%) Est. Cost $17.12 Unrealized -9.0%

EVLV EVOLV TECHNOLOGIES HLDNGS IN 0.4%

Value ($000) $778 (+0.3%) Shares 108,619 (+5.8%) Est. Cost $5.20 Unrealized +36.8%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
NVDA	NVIDIA CORPORATION	98,086 (+207.3%)	$18,293 (+207.2%)	9.8%	$167.07	+11.4%	COM	67066G104
TWLO	TWILIO INC	40,689 (+49.5%)	$5,788 (+112.5%)	3.1%	$117.01	+5.9%	CL A	90138F102
AMZN	AMAZON COM INC	36,251 (+45.9%)	$8,367 (+53.4%)	4.5%	$210.54	+8.7%	COM	023135106
STX	SEAGATE TECHNOLOGY HLDNGS PL	53,876 (+5.7%)	$14,837 (+23.3%)	8.0%	$102.47	+152.7%	ORD SHS	G7997R103
BRZE	BRAZE INC	124,652 (+107.8%)	$4,274 (+150.5%)	2.3%	$29.01	+2.1%	COM CL A	10576N102
GOOG	ALPHABET INC	18,000 (+39.2%)	$5,648 (+79.4%)	3.0%	$231.45	+23.7%	CAP STK CL C	02079K107
LLY	ELI LILLY & CO	3,281 (+106.2%)	$3,526 (+190.5%)	1.9%	$890.37	+7.3%	COM	532457108
MNRO	MONRO INC	143,663 (+219.3%)	$2,879 (+256.0%)	1.5%	$17.78	+3.5%	COM	610236101
—	INDIVIOR PLC	75,035 (+126.4%)	$2,692 (+236.9%)	1.4%	$30.68	—	ORD	G4766E116
HALO	HALOZYME THERAPEUTICS INC	122,416 (+36.9%)	$8,239 (+25.6%)	4.4%	$58.55	+14.9%	COM	40637H109
W	WAYFAIR INC	93,727 (+2.9%)	$9,411 (+15.7%)	5.1%	$50.91	+88.9%	CL A	94419L101
BOOT	BOOT BARN HLDGS INC	34,104 (+14.1%)	$6,018 (+21.5%)	3.2%	$145.06	+28.6%	COM	099406100
CECO	CECO ENVIRONMENTAL CORP	46,566 (+5.7%)	$2,787 (+23.5%)	1.5%	$42.93	+24.6%	COM	125141101
NPKI	NPK INTERNATIONAL INC	202,754 (+19.0%)	$2,417 (+25.4%)	1.3%	$10.14	+20.4%	COM SHS	651718504
PTON	PELOTON INTERACTIVE INC	501,629 (+26.7%)	$3,090 (-13.3%)	1.7%	$7.35	-4.2%	CL A COM	70614W100
CRH	CRH PLC	34,748 (+5.7%)	$4,337 (+10.0%)	2.3%	$98.46	+21.0%	ORD	G25508105
BLND	BLEND LABS INC	697,689 (+5.7%)	$2,121 (-12.0%)	1.1%	$4.11	-22.4%	CL A	09352U108
NFLX	NETFLIX INC	32,700 (+1272.2%)	$3,066 (+7.3%)	1.6%	$105.95	+1.8%	COM	64110L106
MDXH	MDXHEALTH SA	238,668 (+54.0%)	$852 (+18.2%)	0.5%	$3.38	+16.8%	SHS NEW	B5950S113
PLSE	PULSE BIOSCIENCES INC	38,054 (+5.7%)	$522 (-18.0%)	0.3%	$17.12	-9.0%	COM	74587B101
EVLV	EVOLV TECHNOLOGIES HLDNGS IN	108,619 (+5.8%)	$778 (+0.3%)	0.4%	$5.20	+36.8%	COM CL A	30049H102

Exited Positions (19)

SPY SPDR S&P 500 ETF TR 23.1%

Value ($000) $43,102 Shares 64,700 Est. Cost — Unrealized —

META META PLATFORMS INC 5.5%

Value ($000) $10,265 Shares 13,978 Est. Cost $598.72 Unrealized +11.5%

AAPL APPLE INC 5.5%

Value ($000) $10,185 Shares 40,000 Est. Cost — Unrealized —

STX SEAGATE TECHNOLOGY HLDNGS PL 4.4%

Value ($000) $8,262 Shares 35,000 Est. Cost $102.47 Unrealized +152.7%

ORCL ORACLE CORP 1.9%

Value ($000) $3,561 Shares 12,662 Est. Cost $160.80 Unrealized +48.0%

OLED UNIVERSAL DISPLAY CORP 1.7%

Value ($000) $3,116 Shares 21,695 Est. Cost $138.68 Unrealized -6.8%

CBOE CBOE GLOBAL MKTS INC 1.5%

Value ($000) $2,775 Shares 11,317 Est. Cost $222.22 Unrealized +11.9%

MGNI MAGNITE INC 1.5%

Value ($000) $2,746 Shares 126,080 Est. Cost $18.68 Unrealized -11.2%

GFL GFL ENVIRONMENTAL INC 1.2%

Value ($000) $2,323 Shares 49,030 Est. Cost $49.08 Unrealized -9.0%

SMCI SUPER MICRO COMPUTER INC 1.2%

Value ($000) $2,248 Shares 46,900 Est. Cost — Unrealized —

EOG EOG RES INC 1.2%

Value ($000) $2,159 Shares 19,255 Est. Cost $123.33 Unrealized -13.1%

DOMO DOMO INC 1.0%

Value ($000) $1,899 Shares 119,902 Est. Cost $8.60 Unrealized +36.8%

U UNITY SOFTWARE INC 0.9%

Value ($000) $1,588 Shares 39,655 Est. Cost $37.08 Unrealized +9.9%

FLNC FLUENCE ENERGY INC 0.7%

Value ($000) $1,242 Shares 115,000 Est. Cost $8.36 Unrealized +125.5%

TWLO TWILIO INC 0.5%

Value ($000) $941 Shares 9,400 Est. Cost $117.01 Unrealized +5.9%

OLLI OLLIES BARGAIN OUTLET HLDGS 0.4%

Value ($000) $836 Shares 6,510 Est. Cost $112.81 Unrealized +6.9%

LRCX LAM RESEARCH CORP 0.4%

Value ($000) $670 Shares 5,000 Est. Cost $105.52 Unrealized +47.2%

RMNI RIMINI STR INC DEL 0.3%

Value ($000) $607 Shares 129,608 Est. Cost $4.44 Unrealized -6.6%

FBTC FIDELITY WISE ORIGIN BITCOIN 0.3%

Value ($000) $599 Shares 6,000 Est. Cost $99.81 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
SPY	SPDR S&P 500 ETF TR	64,700	$43,102	23.1%	—	—	PUT	78462F103
META	META PLATFORMS INC	13,978	$10,265	5.5%	$598.72	+11.5%	—	30303M102
AAPL	APPLE INC	40,000	$10,185	5.5%	—	—	CALL	037833100
STX	SEAGATE TECHNOLOGY HLDNGS PL	35,000	$8,262	4.4%	$102.47	+152.7%	CALL	G7997R103
ORCL	ORACLE CORP	12,662	$3,561	1.9%	$160.80	+48.0%	—	68389X105
OLED	UNIVERSAL DISPLAY CORP	21,695	$3,116	1.7%	$138.68	-6.8%	—	91347P105
CBOE	CBOE GLOBAL MKTS INC	11,317	$2,775	1.5%	$222.22	+11.9%	—	12503M108
MGNI	MAGNITE INC	126,080	$2,746	1.5%	$18.68	-11.2%	—	55955D100
GFL	GFL ENVIRONMENTAL INC	49,030	$2,323	1.2%	$49.08	-9.0%	—	36168Q104
SMCI	SUPER MICRO COMPUTER INC	46,900	$2,248	1.2%	—	—	CALL	86800U302
EOG	EOG RES INC	19,255	$2,159	1.2%	$123.33	-13.1%	—	26875P101
DOMO	DOMO INC	119,902	$1,899	1.0%	$8.60	+36.8%	—	257554105
U	UNITY SOFTWARE INC	39,655	$1,588	0.9%	$37.08	+9.9%	—	91332U101
FLNC	FLUENCE ENERGY INC	115,000	$1,242	0.7%	$8.36	+125.5%	—	34379V103
TWLO	TWILIO INC	9,400	$941	0.5%	$117.01	+5.9%	CALL	90138F102
OLLI	OLLIES BARGAIN OUTLET HLDGS	6,510	$836	0.4%	$112.81	+6.9%	—	681116109
LRCX	LAM RESEARCH CORP	5,000	$670	0.4%	$105.52	+47.2%	—	512807306
RMNI	RIMINI STR INC DEL	129,608	$607	0.3%	$4.44	-6.6%	—	76674Q107
FBTC	FIDELITY WISE ORIGIN BITCOIN	6,000	$599	0.3%	$99.81	—	—	315948109

Decreased Positions (6)

FSLR FIRST SOLAR INC 1.5%

Value ($000) $2,707 (-71.4%) Shares 10,364 (-75.8%) Est. Cost $191.94 Unrealized +31.4%

MOD MODINE MFG CO 3.7%

Value ($000) $6,841 (-26.1%) Shares 51,240 (-21.3%) Est. Cost $119.95 Unrealized +24.2%

NBIS NEBIUS GROUP N.V. 0.8%

Value ($000) $1,549 (-57.1%) Shares 18,500 (-42.5%) Est. Cost $58.55 Unrealized +77.0%

SNOW SNOWFLAKE INC 2.4%

Value ($000) $4,497 (-30.9%) Shares 20,501 (-29.0%) Est. Cost $191.22 Unrealized +27.6%

AFRM AFFIRM HLDGS INC 1.8%

Value ($000) $3,377 (-20.5%) Shares 45,377 (-22.0%) Est. Cost $53.30 Unrealized +35.0%

FIVE FIVE BELOW INC 5.0%

Value ($000) $9,380 (-0.3%) Shares 49,798 (-18.1%) Est. Cost $112.50 Unrealized +44.5%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
FSLR	FIRST SOLAR INC	10,364 (-75.8%)	$2,707 (-71.4%)	1.5%	$191.94	+31.4%	COM	336433107
MOD	MODINE MFG CO	51,240 (-21.3%)	$6,841 (-26.1%)	3.7%	$119.95	+24.2%	COM	607828100
NBIS	NEBIUS GROUP N.V.	18,500 (-42.5%)	$1,549 (-57.1%)	0.8%	$58.55	+77.0%	SHS CLASS A	N97284108
SNOW	SNOWFLAKE INC	20,501 (-29.0%)	$4,497 (-30.9%)	2.4%	$191.22	+27.6%	COM SHS	833445109
AFRM	AFFIRM HLDGS INC	45,377 (-22.0%)	$3,377 (-20.5%)	1.8%	$53.30	+35.0%	COM CL A	00827B106
FIVE	FIVE BELOW INC	49,798 (-18.1%)	$9,380 (-0.3%)	5.0%	$112.50	+44.5%	COM	33829M101

Unchanged Positions (1)

LITE LUMENTUM HLDGS INC 10.2%

Value ($000) $18,940 Shares 51,386 Est. Cost $72.44 Unrealized +254.5%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
LITE	LUMENTUM HLDGS INC	51,386	$18,940	10.2%	$72.44	+254.5%	COM	55024U109