AYAL Capital Advisors Ltd Hedge Fund

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ARKK	ARK ETF TR	353,600	$27,199	9.5%	—	—	PUT	00214Q104
BGSI	BOYD GROUP SERVICES INC	58,098	$9,255	3.2%	$160.25	0.0%	COM	103310108
MIDD	MIDDLEBY CORP	44,000	$6,541	2.3%	$131.27	0.0%	COM	596278101
CTRI	CENTURI HOLDINGS INC	200,000	$5,050	1.8%	$22.36	0.0%	COM SHS	155923105
KD	KYNDRYL HLDGS INC	190,000	$5,046	1.8%	$27.11	0.0%	COMMON STOCK	50155Q100
REZI	RESIDEO TECHNOLOGIES INC	140,840	$4,946	1.7%	$37.00	0.0%	COM	76118Y104
SGHC	SUPER GROUP SGHC LIMITED	377,406	$4,510	1.6%	$12.02	0.0%	ORD SHS	G8588X103
GENI	GENIUS SPORTS LIMITED	352,009	$3,879	1.4%	$10.90	0.0%	SHARES CL A	G3934V109
PRCH	PORCH GROUP INC	406,542	$3,712	1.3%	$12.04	0.0%	COM	733245104
SOLS	SOLSTICE ADVANCED MATLS INC	70,000	$3,401	1.2%	$47.08	0.0%	COM SHS	83443Q103
LLYVA	LIBERTY LIVE HOLDINGS INC	31,000	$2,527	0.9%	$83.24	0.0%	COM SER A	530909100
CDNL	CARDINAL INFRASTRUCTURE GROUP	94,200	$2,278	0.8%	$24.69	0.0%	CL A	14154A102
ATS	ATS CORPORATION	72,200	$1,988	0.7%	$26.71	0.0%	COM	00217Y104
PRCH	PORCH GROUP INC	150,000	$1,370	0.5%	$12.04	0.0%	CALL	733245104
NVRI	ENVIRI CORP	75,000	$1,344	0.5%	$9.07	+64.3%	CALL	415864107
TU	TELUS CORPORATION	60,000	$790	0.3%	$14.08	0.0%	COM	87971M103
CAE	CAE INC	13,500	$411	0.1%	$28.05	0.0%	COM	124765108

Increased Positions (10)

HYG ISHARES TR 20.4%

Value ($000) $58,457 (+105.7%) Shares 725,000 (+107.1%) Est. Cost — Unrealized —

SEI SOLARIS ENERGY INFRAS INC 5.0%

Value ($000) $14,210 (+53.7%) Shares 309,121 (+33.6%) Est. Cost $26.88 Unrealized +79.7%

TFII TFI INTL INC 1.4%

Value ($000) $4,025 (+273.2%) Shares 38,950 (+218.0%) Est. Cost $96.20 Unrealized -3.2%

PAR PAR TECHNOLOGY CORP 2.6%

Value ($000) $7,437 (+56.6%) Shares 205,000 (+70.8%) Est. Cost $47.29 Unrealized -23.7%

ACA ARCOSA INC 2.5%

Value ($000) $7,120 (+59.3%) Shares 66,972 (+40.4%) Est. Cost $95.19 Unrealized +6.0%

SRI STONERIDGE INC 2.2%

Value ($000) $6,305 (-22.4%) Shares 1,089,000 (+2.1%) Est. Cost $9.95 Unrealized -36.7%

ATEX ANTERIX INC 2.0%

Value ($000) $5,785 (+28.9%) Shares 265,000 (+26.8%) Est. Cost $29.13 Unrealized -28.7%

BIO BIO RAD LABS INC 2.1%

Value ($000) $6,060 (+23.5%) Shares 20,000 (+14.3%) Est. Cost $277.12 Unrealized +12.6%

SGRY SURGERY PARTNERS INC 1.2%

Value ($000) $3,476 (+28.5%) Shares 225,000 (+80.0%) Est. Cost $20.52 Unrealized -10.4%

GLNG GOLAR LNG LTD 2.1%

Value ($000) $6,003 (-1.6%) Shares 161,319 (+6.8%) Est. Cost $33.13 Unrealized +15.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
HYG	ISHARES TR	725,000 (+107.1%)	$58,457 (+105.7%)	20.4%	—	—	PUT	464288513
SEI	SOLARIS ENERGY INFRAS INC	309,121 (+33.6%)	$14,210 (+53.7%)	5.0%	$26.88	+79.7%	COM CL A	83418M103
TFII	TFI INTL INC	38,950 (+218.0%)	$4,025 (+273.2%)	1.4%	$96.20	-3.2%	COM	87241L109
PAR	PAR TECHNOLOGY CORP	205,000 (+70.8%)	$7,437 (+56.6%)	2.6%	$47.29	-23.7%	COM	698884103
ACA	ARCOSA INC	66,972 (+40.4%)	$7,120 (+59.3%)	2.5%	$95.19	+6.0%	COM	039653100
SRI	STONERIDGE INC	1,089,000 (+2.1%)	$6,305 (-22.4%)	2.2%	$9.95	-36.7%	COM	86183P102
ATEX	ANTERIX INC	265,000 (+26.8%)	$5,785 (+28.9%)	2.0%	$29.13	-28.7%	COM	03676C100
BIO	BIO RAD LABS INC	20,000 (+14.3%)	$6,060 (+23.5%)	2.1%	$277.12	+12.6%	CL A	090572207
SGRY	SURGERY PARTNERS INC	225,000 (+80.0%)	$3,476 (+28.5%)	1.2%	$20.52	-10.4%	COM	86881A100
GLNG	GOLAR LNG LTD	161,319 (+6.8%)	$6,003 (-1.6%)	2.1%	$33.13	+15.0%	SHS	G9456A100

Exited Positions (17)

IWM ISHARES TR 5.1%

Value ($000) $14,518 Shares 60,000 Est. Cost — Unrealized —

BKD BROOKDALE SR LIVING INC 2.2%

Value ($000) $6,455 Shares 762,100 Est. Cost $6.85 Unrealized +43.5%

DD DUPONT DE NEMOURS INC 1.9%

Value ($000) $5,453 Shares 70,000 Est. Cost $31.14 Unrealized +20.0%

AGCO AGCO CORP 1.9%

Value ($000) $5,354 Shares 50,000 Est. Cost $94.49 Unrealized +12.2%

ASTL ALGOMA STL GROUP INC 1.8%

Value ($000) $5,215 Shares 1,467,000 Est. Cost $8.00 Unrealized -50.2%

— LIBERTY MEDIA CORP DEL 1.8%

Value ($000) $5,187 Shares 55,000 Est. Cost $66.56 Unrealized —

GSM FERROGLOBE PLC 1.7%

Value ($000) $4,893 Shares 1,075,400 Est. Cost $4.92 Unrealized -6.4%

MTRX MATRIX SVC CO 1.0%

Value ($000) $2,943 Shares 225,000 Est. Cost $14.21 Unrealized -11.6%

TAC TRANSALTA CORP 1.0%

Value ($000) $2,734 Shares 200,000 Est. Cost $12.30 Unrealized +21.4%

KNF KNIFE RIVER CORP 0.9%

Value ($000) $2,690 Shares 35,000 Est. Cost — Unrealized —

BLDR BUILDERS FIRSTSOURCE INC 0.9%

Value ($000) $2,668 Shares 22,000 Est. Cost $115.39 Unrealized -2.6%

OTEX OPEN TEXT CORP 0.9%

Value ($000) $2,617 Shares 70,000 Est. Cost — Unrealized —

DD DUPONT DE NEMOURS INC 0.9%

Value ($000) $2,532 Shares 32,500 Est. Cost $31.14 Unrealized +20.0%

FLG FLAGSTAR FINANCIAL INC 0.7%

Value ($000) $1,935 Shares 167,500 Est. Cost — Unrealized —

FVR FRONTVIEW REIT INC 0.3%

Value ($000) $823 Shares 60,000 Est. Cost $13.71 Unrealized —

IP INTERNATIONAL PAPER CO 0.3%

Value ($000) $724 Shares 15,600 Est. Cost $43.67 Unrealized -6.5%

PAL PROFICIENT AUTO LOGISTICS INC 0.1%

Value ($000) $341 Shares 49,500 Est. Cost $11.12 Unrealized -29.5%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
IWM	ISHARES TR	60,000	$14,518	5.1%	—	—	PUT	464287655
BKD	BROOKDALE SR LIVING INC	762,100	$6,455	2.2%	$6.85	+43.5%	—	112463104
DD	DUPONT DE NEMOURS INC	70,000	$5,453	1.9%	$31.14	+20.0%	—	26614N102
AGCO	AGCO CORP	50,000	$5,354	1.9%	$94.49	+12.2%	—	001084102
ASTL	ALGOMA STL GROUP INC	1,467,000	$5,215	1.8%	$8.00	-50.2%	—	015658107
—	LIBERTY MEDIA CORP DEL	55,000	$5,187	1.8%	$66.56	—	—	531229748
GSM	FERROGLOBE PLC	1,075,400	$4,893	1.7%	$4.92	-6.4%	—	G33856108
MTRX	MATRIX SVC CO	225,000	$2,943	1.0%	$14.21	-11.6%	—	576853105
TAC	TRANSALTA CORP	200,000	$2,734	1.0%	$12.30	+21.4%	CALL	89346D107
KNF	KNIFE RIVER CORP	35,000	$2,690	0.9%	—	—	PUT	498894104
BLDR	BUILDERS FIRSTSOURCE INC	22,000	$2,668	0.9%	$115.39	-2.6%	—	12008R107
OTEX	OPEN TEXT CORP	70,000	$2,617	0.9%	—	—	CALL	683715106
DD	DUPONT DE NEMOURS INC	32,500	$2,532	0.9%	$31.14	+20.0%	CALL	26614N102
FLG	FLAGSTAR FINANCIAL INC	167,500	$1,935	0.7%	—	—	CALL	649445400
FVR	FRONTVIEW REIT INC	60,000	$823	0.3%	$13.71	—	—	35922N100
IP	INTERNATIONAL PAPER CO	15,600	$724	0.3%	$43.67	-6.5%	—	460146103
PAL	PROFICIENT AUTO LOGISTICS INC	49,500	$341	0.1%	$11.12	-29.5%	—	74317M104

Decreased Positions (11)

SPY SPDR S&P 500 ETF TR 4.6%

Value ($000) $13,297 (-41.3%) Shares 19,500 (-42.6%) Est. Cost — Unrealized —

SWIM LATHAM GROUP INC 0.7%

Value ($000) $1,905 (-70.5%) Shares 300,000 (-64.7%) Est. Cost $6.51 Unrealized +7.4%

CLMT CALUMET INC 1.4%

Value ($000) $3,875 (-49.0%) Shares 195,000 (-53.2%) Est. Cost $13.45 Unrealized +43.1%

TAC TRANSALTA CORP 0.1%

Value ($000) $324 (-90.8%) Shares 25,600 (-90.0%) Est. Cost $12.30 Unrealized +21.4%

DCH AMERICAN AXLE & MFG HLDGS INC 1.8%

Value ($000) $5,128 (-22.4%) Shares 800,000 (-27.2%) Est. Cost $5.35 Unrealized +16.2%

GXO GXO LOGISTICS INCORPORATED 1.8%

Value ($000) $5,264 (-21.6%) Shares 100,000 (-21.3%) Est. Cost $39.85 Unrealized +31.9%

SLM SLM CORP 1.6%

Value ($000) $4,578 (-21.2%) Shares 169,180 (-19.4%) Est. Cost $31.21 Unrealized -12.1%

OFIX ORTHOFIX MED INC 3.9%

Value ($000) $11,254 (-7.4%) Shares 742,372 (-10.5%) Est. Cost $12.38 Unrealized +23.3%

CLS CELESTICA INC 1.6%

Value ($000) $4,552 (+3.8%) Shares 15,400 (-13.5%) Est. Cost $106.30 Unrealized +183.5%

NVRI ENVIRI CORP 5.2%

Value ($000) $15,053 (-1.1%) Shares 840,000 (-30.0%) Est. Cost $9.07 Unrealized +64.3%

SEI SOLARIS ENERGY INFRAS INC 1.0%

Value ($000) $2,758 (+6.2%) Shares 60,000 (-7.7%) Est. Cost $26.88 Unrealized +79.7%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
SPY	SPDR S&P 500 ETF TR	19,500 (-42.6%)	$13,297 (-41.3%)	4.6%	—	—	PUT	78462F103
SWIM	LATHAM GROUP INC	300,000 (-64.7%)	$1,905 (-70.5%)	0.7%	$6.51	+7.4%	COM	51819L107
CLMT	CALUMET INC	195,000 (-53.2%)	$3,875 (-49.0%)	1.4%	$13.45	+43.1%	COM	131428104
TAC	TRANSALTA CORP	25,600 (-90.0%)	$324 (-90.8%)	0.1%	$12.30	+21.4%	COM	89346D107
DCH	AMERICAN AXLE & MFG HLDGS INC	800,000 (-27.2%)	$5,128 (-22.4%)	1.8%	$5.35	+16.2%	COM	024061103
GXO	GXO LOGISTICS INCORPORATED	100,000 (-21.3%)	$5,264 (-21.6%)	1.8%	$39.85	+31.9%	COMMON STOCK	36262G101
SLM	SLM CORP	169,180 (-19.4%)	$4,578 (-21.2%)	1.6%	$31.21	-12.1%	COM	78442P106
OFIX	ORTHOFIX MED INC	742,372 (-10.5%)	$11,254 (-7.4%)	3.9%	$12.38	+23.3%	COM	68752M108
CLS	CELESTICA INC	15,400 (-13.5%)	$4,552 (+3.8%)	1.6%	$106.30	+183.5%	COM	15101Q207
NVRI	ENVIRI CORP	840,000 (-30.0%)	$15,053 (-1.1%)	5.2%	$9.07	+64.3%	COM	415864107
SEI	SOLARIS ENERGY INFRAS INC	60,000 (-7.7%)	$2,758 (+6.2%)	1.0%	$26.88	+79.7%	PUT	83418M103

Unchanged Positions (4)

NTGR NETGEAR INC 1.7%

Value ($000) $4,996 Shares 203,672 Est. Cost $26.86 Unrealized +7.1%

MGNI MAGNITE INC 1.1%

Value ($000) $3,246 Shares 200,000 Est. Cost $16.21 Unrealized +2.4%

SKYH SKY HARBOUR GROUP CORPORATION 1.3%

Value ($000) $3,809 Shares 424,592 Est. Cost $11.69 Unrealized -18.3%

DCO DUCOMMUN INC DEL 1.3%

Value ($000) $3,805 Shares 40,000 Est. Cost $90.38 Unrealized +3.1%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
NTGR	NETGEAR INC	203,672	$4,996	1.7%	$26.86	+7.1%	COM	64111Q104
MGNI	MAGNITE INC	200,000	$3,246	1.1%	$16.21	+2.4%	COM	55955D100
SKYH	SKY HARBOUR GROUP CORPORATION	424,592	$3,809	1.3%	$11.69	-18.3%	COM CL A	83085C107
DCO	DUCOMMUN INC DEL	40,000	$3,805	1.3%	$90.38	+3.1%	COM	264147109