Birnam Oak Advisors, LP Hedge Fund

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
EA	ELECTRONIC ARTS INC	150,972	$30,848	6.9%	$201.71	0.0%	COM	285512109
CMA	COMERICA INC	333,648	$29,004	6.5%	$79.98	0.0%	COM	200340107
—	DAYFORCE INC	359,887	$24,890	5.6%	$68.83	0.0%	COM	15677J108
AES	AES CORP	1,280,832	$18,367	4.1%	$14.03	0.0%	COM	00130H105
EXAS	EXACT SCIENCES CORP	177,379	$18,015	4.0%	$80.31	0.0%	COM	30063P105
—	CIDARA THERAPEUTICS INC	41,414	$9,148	2.0%	$220.89	—	COM NEW	171757206
—	ASTRIA THERAPEUTICS INC	689,735	$9,029	2.0%	$13.09	—	COM	04635X102
CADE	CADENCE BANK	210,338	$9,011	2.0%	$39.41	0.0%	COM	12740C103
—	MARA HOLDINGS INC	7,400,000	$6,194	1.4%	$0.84	—	NOTE 6/0	565788AH9
—	CLEANSPARK INC	4,000,000	$4,158	0.9%	$1.04	—	NOTE 6/1	18452BAC4
KMB	KIMBERLY-CLARK CORP	7,313	$738	0.2%	$108.41	0.0%	COM	494368103

Increased Positions (4)

NSC NORFOLK SOUTHN CORP 7.9%

Value ($000) $35,380 (+22.6%) Shares 122,542 (+27.5%) Est. Cost $278.75 Unrealized +3.5%

— ANYWHERE REAL ESTATE INC 1.6%

Value ($000) $7,186 (+128.5%) Shares 507,463 (+70.9%) Est. Cost $12.07 Unrealized —

GTLS CHART INDS INC 5.6%

Value ($000) $24,806 (+4.8%) Shares 120,283 (+1.7%) Est. Cost $190.26 Unrealized +6.5%

— CYBERARK SOFTWARE LTD 10.1%

Value ($000) $45,311 (-0.4%) Shares 101,581 (+7.9%) Est. Cost $480.45 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
NSC	NORFOLK SOUTHN CORP	122,542 (+27.5%)	$35,380 (+22.6%)	7.9%	$278.75	+3.5%	COM	655844108
—	ANYWHERE REAL ESTATE INC	507,463 (+70.9%)	$7,186 (+128.5%)	1.6%	$12.07	—	COM	75605Y106
GTLS	CHART INDS INC	120,283 (+1.7%)	$24,806 (+4.8%)	5.6%	$190.26	+6.5%	COM	16115Q308
—	CYBERARK SOFTWARE LTD	101,581 (+7.9%)	$45,311 (-0.4%)	10.1%	$480.45	—	SHS	M2682V108

Exited Positions (11)

— INTERPUBLIC GROUP COS INC 8.5%

Value ($000) $38,031 Shares 1,362,621 Est. Cost $25.66 Unrealized +1.2%

— VERONA PHARMA PLC 6.6%

Value ($000) $29,623 Shares 277,604 Est. Cost $106.71 Unrealized —

— KELLANOVA 4.4%

Value ($000) $19,479 Shares 237,491 Est. Cost $80.18 Unrealized +3.1%

ARKK ARK ETF TR 3.5%

Value ($000) $15,534 Shares 180,000 Est. Cost — Unrealized —

— SPIRIT AEROSYSTEMS HLDGS INC 3.4%

Value ($000) $15,085 Shares 390,800 Est. Cost $38.60 Unrealized —

CORZ CORE SCIENTIFIC INC NEW 2.6%

Value ($000) $11,595 Shares 646,323 Est. Cost $14.67 Unrealized +18.9%

OKLO OKLO INC 2.5%

Value ($000) $11,163 Shares 100,000 Est. Cost — Unrealized —

— STEELCASE INC 2.4%

Value ($000) $10,742 Shares 624,544 Est. Cost $17.20 Unrealized —

— MR COOPER GROUP INC 2.0%

Value ($000) $9,085 Shares 43,100 Est. Cost $210.79 Unrealized —

KSS KOHLS CORP 0.2%

Value ($000) $769 Shares 50,000 Est. Cost — Unrealized —

LION LIONSGATE STUDIOS CORP 0.2%

Value ($000) $690 Shares 100,000 Est. Cost $6.43 Unrealized +10.6%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	INTERPUBLIC GROUP COS INC	1,362,621	$38,031	8.5%	$25.66	+1.2%	—	460690100
—	VERONA PHARMA PLC	277,604	$29,623	6.6%	$106.71	—	—	925050106
—	KELLANOVA	237,491	$19,479	4.4%	$80.18	+3.1%	—	487836108
ARKK	ARK ETF TR	180,000	$15,534	3.5%	—	—	PUT	00214Q104
—	SPIRIT AEROSYSTEMS HLDGS INC	390,800	$15,085	3.4%	$38.60	—	—	848574109
CORZ	CORE SCIENTIFIC INC NEW	646,323	$11,595	2.6%	$14.67	+18.9%	—	21874A106
OKLO	OKLO INC	100,000	$11,163	2.5%	—	—	PUT	02156V109
—	STEELCASE INC	624,544	$10,742	2.4%	$17.20	—	—	858155203
—	MR COOPER GROUP INC	43,100	$9,085	2.0%	$210.79	—	—	62482R107
KSS	KOHLS CORP	50,000	$769	0.2%	—	—	CALL	500255104
LION	LIONSGATE STUDIOS CORP	100,000	$690	0.2%	$6.43	+10.6%	—	53626N102

Decreased Positions (3)

MSOS ADVISORSHARES TR 0.6%

Value ($000) $2,803 (-44.0%) Shares 593,782 (-43.2%) Est. Cost $4.79 Unrealized —

TXNM TXNM ENERGY INC 5.0%

Value ($000) $22,366 (+1.4%) Shares 379,851 (-2.6%) Est. Cost $55.16 Unrealized +4.6%

SATS ECHOSTAR CORP 3.4%

Value ($000) $14,994 (+1.8%) Shares 137,935 (-28.5%) Est. Cost $45.28 Unrealized +79.8%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
MSOS	ADVISORSHARES TR	593,782 (-43.2%)	$2,803 (-44.0%)	0.6%	$4.79	—	PURE US CANNABIS	00768Y453
TXNM	TXNM ENERGY INC	379,851 (-2.6%)	$22,366 (+1.4%)	5.0%	$55.16	+4.6%	COM	69349H107
SATS	ECHOSTAR CORP	137,935 (-28.5%)	$14,994 (+1.8%)	3.4%	$45.28	+79.8%	CL A	278768106

Unchanged Positions (14)

ACWI ISHARES TR 8.8%

Value ($000) $39,164 Shares 276,800 Est. Cost $117.50 Unrealized —

— FRONTIER COMMUNICATIONS PARE 8.7%

Value ($000) $38,659 Shares 1,015,468 Est. Cost $36.55 Unrealized —

COF CAPITAL ONE FINL CORP 1.1%

Value ($000) $4,807 Shares 19,833 Est. Cost $185.05 Unrealized +20.1%

AER AERCAP HOLDINGS NV 0.8%

Value ($000) $3,594 Shares 25,000 Est. Cost $95.08 Unrealized +39.3%

VUG VANGUARD INDEX FDS 3.0%

Value ($000) $13,221 Shares 27,100 Est. Cost $410.44 Unrealized —

MSFT MICROSOFT CORP 0.6%

Value ($000) $2,902 Shares 6,000 Est. Cost $424.02 Unrealized +18.1%

VGK VANGUARD INTL EQUITY INDEX F 0.8%

Value ($000) $3,762 Shares 45,000 Est. Cost $63.47 Unrealized —

VTV VANGUARD INDEX FDS 1.6%

Value ($000) $7,258 Shares 38,000 Est. Cost $169.30 Unrealized —

IEUR ISHARES TR 0.9%

Value ($000) $3,904 Shares 55,000 Est. Cost $53.98 Unrealized —

AMZN AMAZON COM INC 0.6%

Value ($000) $2,885 Shares 12,500 Est. Cost $204.58 Unrealized +11.8%

IVE ISHARES TR 0.5%

Value ($000) $2,121 Shares 10,000 Est. Cost $190.88 Unrealized —

BBJP J P MORGAN EXCHANGE TRADED F 0.8%

Value ($000) $3,625 Shares 55,000 Est. Cost $54.89 Unrealized —

EWJ ISHARES INC 0.1%

Value ($000) $323 Shares 4,000 Est. Cost $67.10 Unrealized —

BRK/B BERKSHIRE HATHAWAY INC DEL 1.8%

Value ($000) $8,042 Shares 16,000 Est. Cost $463.15 Unrealized +7.4%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ACWI	ISHARES TR	276,800	$39,164	8.8%	$117.50	—	MSCI ACWI ETF	464288257
—	FRONTIER COMMUNICATIONS PARE	1,015,468	$38,659	8.7%	$36.55	—	COM	35909D109
COF	CAPITAL ONE FINL CORP	19,833	$4,807	1.1%	$185.05	+20.1%	COM	14040H105
AER	AERCAP HOLDINGS NV	25,000	$3,594	0.8%	$95.08	+39.3%	SHS	N00985106
VUG	VANGUARD INDEX FDS	27,100	$13,221	3.0%	$410.44	—	GROWTH ETF	922908736
MSFT	MICROSOFT CORP	6,000	$2,902	0.6%	$424.02	+18.1%	COM	594918104
VGK	VANGUARD INTL EQUITY INDEX F	45,000	$3,762	0.8%	$63.47	—	FTSE EUROPE ETF	922042874
VTV	VANGUARD INDEX FDS	38,000	$7,258	1.6%	$169.30	—	VALUE ETF	922908744
IEUR	ISHARES TR	55,000	$3,904	0.9%	$53.98	—	CORE MSCI EURO	46434V738
AMZN	AMAZON COM INC	12,500	$2,885	0.6%	$204.58	+11.8%	COM	023135106
IVE	ISHARES TR	10,000	$2,121	0.5%	$190.88	—	S&P 500 VAL ETF	464287408
BBJP	J P MORGAN EXCHANGE TRADED F	55,000	$3,625	0.8%	$54.89	—	BETABULDRS JAPAN	46641Q217
EWJ	ISHARES INC	4,000	$323	0.1%	$67.10	—	MSCI JAPAN ETF	46434G822
BRK/B	BERKSHIRE HATHAWAY INC DEL	16,000	$8,042	1.8%	$463.15	+7.4%	CL B NEW	084670702