Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
TRIP	TRIPADVISOR INC	1,075,000	$11.46M	6.6%	$12.70	0.0%	COM	896945201
DK	DELEK US HLDGS INC NEW	218,658	$9.855M	5.6%	$31.21	0.0%	COM	24665A103
—	GLOBAL PMTS INC	10,000,000	$8.831M	5.1%	$0.88	—	NOTE 1.500% 3/0	37940XAU6
OI	O-I GLASS INC	225,000	$2.365M	1.4%	$15.33	0.0%	COM	67098H104
CAE	CAE INC	350,000	$628K	0.4%	—	—	CALL	124765108
MCO	MOODYS CORP	20,000	$396K	0.2%	—	—	PUT	615369105
VTRS	VIATRIS INC	330,000	$272K	0.2%	—	—	CALL	92556V106
AAL	AMERICAN AIRLINES GROUP INC	380,000	$232K	0.1%	—	—	CALL	02376R102
FOUR	SHIFT4 PMTS INC	125,000	$96,875	0.1%	—	—	CALL	82452J109
ITB	ISHARES TR	100,000	$55,000	0.0%	—	—	CALL	464288752
XRXDW	XEROX HOLDINGS CORP	511,097	$46,254	0.0%	$0.09	—	*W EXP 02/11/202	98421M114

Increased Positions (7)

— SHIFT4 PMTS INC 11.6%

Value $20.24M (+110.1%) Shares 21,500,000 (+115.0%) Est. Cost $0.95 Unrealized —

DCH DAUCH CORP 12.1%

Value $21.14M (+29.7%) Shares 3,565,044 (+40.2%) Est. Cost $6.65 Unrealized +16.0%

— ON SEMICONDUCTOR CORP 8.4%

Value $14.7M (+19.2%) Shares 15,000,000 (+15.4%) Est. Cost $0.95 Unrealized —

TROX TRONOX HOLDINGS PLC 1.1%

Value $1.954M (+212.4%) Shares 200,000 (+33.3%) Est. Cost $4.48 Unrealized +45.1%

DCH DAUCH CORP 0.7%

Value $1.265M (+54.9%) Shares 3,450,000 (+69.1%) Est. Cost $6.65 Unrealized +16.0%

SBGI SINCLAIR INC 7.9%

Value $13.75M (-2.1%) Shares 1,062,452 (+15.8%) Est. Cost $14.84 Unrealized -0.6%

SPY STATE STR SPDR S&P 500 ETF T 1.4%

Value $2.51M (+8.4%) Shares 250,000 (+4.2%) Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	SHIFT4 PMTS INC	21,500,000 (+115.0%)	$20.24M (+110.1%)	11.6%	$0.95	—	NOTE 0.500% 8/0	82452JAD1
DCH	DAUCH CORP	3,565,044 (+40.2%)	$21.14M (+29.7%)	12.1%	$6.65	+16.0%	COM	024061103
—	ON SEMICONDUCTOR CORP	15,000,000 (+15.4%)	$14.7M (+19.2%)	8.4%	$0.95	—	NOTE 0.500% 3/0	682189AU9
TROX	TRONOX HOLDINGS PLC	200,000 (+33.3%)	$1.954M (+212.4%)	1.1%	$4.48	+45.1%	SHS	G9087Q102
DCH	DAUCH CORP	3,450,000 (+69.1%)	$1.265M (+54.9%)	0.7%	$6.65	+16.0%	CALL	024061103
SBGI	SINCLAIR INC	1,062,452 (+15.8%)	$13.75M (-2.1%)	7.9%	$14.84	-0.6%	CL A	829242106
SPY	STATE STR SPDR S&P 500 ETF T	250,000 (+4.2%)	$2.51M (+8.4%)	1.4%	—	—	PUT	78462F103

Exited Positions (8)

— LITHIUM ARGENTINA AG 4.9%

Value $8.631M Shares 9,500,000 Est. Cost $0.91 Unrealized —

FUN SIX FLAGS ENTERTAINMENT CORP 0.9%

Value $1.557M Shares 101,500 Est. Cost $18.08 Unrealized -6.4%

SN SHARKNINJA INC 0.5%

Value $946K Shares 125,000 Est. Cost — Unrealized —

EIX EDISON INTL 0.3%

Value $504K Shares 310,000 Est. Cost — Unrealized —

KVUE KENVUE INC 0.2%

Value $273K Shares 300,000 Est. Cost — Unrealized —

XME SPDR SERIES TRUST 0.1%

Value $240K Shares 100,000 Est. Cost — Unrealized —

DOCN DIGITALOCEAN HLDGS INC 0.0%

Value $16,250 Shares 170,000 Est. Cost — Unrealized —

PCG PG&E CORP 0.0%

Value $10,000 Shares 400,000 Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	LITHIUM ARGENTINA AG	9,500,000	$8.631M	4.9%	$0.91	—	—	53680QAA6
FUN	SIX FLAGS ENTERTAINMENT CORP	101,500	$1.557M	0.9%	$18.08	-6.4%	—	83001C108
SN	SHARKNINJA INC	125,000	$946K	0.5%	—	—	CALL	G8068L108
EIX	EDISON INTL	310,000	$504K	0.3%	—	—	CALL	281020107
KVUE	KENVUE INC	300,000	$273K	0.2%	—	—	CALL	49177J102
XME	SPDR SERIES TRUST	100,000	$240K	0.1%	—	—	PUT	78464A755
DOCN	DIGITALOCEAN HLDGS INC	170,000	$16,250	0.0%	—	—	PUT	25402D102
PCG	PG&E CORP	400,000	$10,000	0.0%	—	—	CALL	69331C108

Decreased Positions (4)

IWM ISHARES TR 0.9%

Value $1.524M (-15.4%) Shares 240,000 (-50.5%) Est. Cost — Unrealized —

VALE VALE S A 0.6%

Value $1.056M (+31.5%) Shares 1,200,000 (-41.5%) Est. Cost — Unrealized —

SBSW SIBANYE STILLWATER LTD 0.7%

Value $1.21M (+25.1%) Shares 400,000 (-11.1%) Est. Cost — Unrealized —

INTC INTEL CORP 0.1%

Value $172K (+43.5%) Shares 140,000 (-6.7%) Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
IWM	ISHARES TR	240,000 (-50.5%)	$1.524M (-15.4%)	0.9%	—	—	PUT	464287655
VALE	VALE S A	1,200,000 (-41.5%)	$1.056M (+31.5%)	0.6%	—	—	CALL	91912E105
SBSW	SIBANYE STILLWATER LTD	400,000 (-11.1%)	$1.21M (+25.1%)	0.7%	—	—	CALL	82575P107
INTC	INTEL CORP	140,000 (-6.7%)	$172K (+43.5%)	0.1%	—	—	CALL	458140100

Unchanged Positions (14)

— KOSMOS ENERGY LTD 12.7%

Value $22.27M Shares 28,300,000 Est. Cost $0.43 Unrealized —

FSP FRANKLIN STR PPTYS CORP 2.5%

Value $4.391M Shares 6,608,478 Est. Cost $0.95 Unrealized —

GLD SPDR GOLD TR 0.1%

Value $126K Shares 75,000 Est. Cost — Unrealized —

— XEROX HOLDINGS CORP 3.4%

Value $5.892M Shares 21,300,000 Est. Cost $0.30 Unrealized —

B BARRICK MNG CORP 0.1%

Value $116K Shares 195,000 Est. Cost — Unrealized —

FLR FLUOR CORP 0.4%

Value $668K Shares 150,000 Est. Cost — Unrealized —

GDX VANECK ETF TRUST 0.2%

Value $282K Shares 142,500 Est. Cost — Unrealized —

KMB KIMBERLY-CLARK CORP 0.1%

Value $117K Shares 120,000 Est. Cost — Unrealized —

FCX FREEPORT MCMORAN INC 0.2%

Value $311K Shares 150,000 Est. Cost — Unrealized —

— PG&E CORP 14.8%

Value $25.91M Shares 25,000,000 Est. Cost $1.03 Unrealized —

LKQ LKQ CORP 0.4%

Value $695K Shares 200,000 Est. Cost — Unrealized —

NEM NEWMONT CORP 0.1%

Value $135K Shares 100,000 Est. Cost — Unrealized —

RKLB ROCKET LAB CORP 0.0%

Value $84,300 Shares 60,000 Est. Cost — Unrealized —

YPF YPF SOCIEDAD ANONIMA 0.1%

Value $90,250 Shares 190,000 Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	KOSMOS ENERGY LTD	28,300,000	$22.27M	12.7%	$0.43	—	NOTE 3.125% 3/1	500688AH9
FSP	FRANKLIN STR PPTYS CORP	6,608,478	$4.391M	2.5%	$0.95	—	COM	35471R106
GLD	SPDR GOLD TR	75,000	$126K	0.1%	—	—	CALL	78463V107
—	XEROX HOLDINGS CORP	21,300,000	$5.892M	3.4%	$0.30	—	NOTE 3.750% 3/1	98421MAE6
B	BARRICK MNG CORP	195,000	$116K	0.1%	—	—	CALL	06849F108
FLR	FLUOR CORP	150,000	$668K	0.4%	—	—	CALL	343412102
GDX	VANECK ETF TRUST	142,500	$282K	0.2%	—	—	CALL	92189F106
KMB	KIMBERLY-CLARK CORP	120,000	$117K	0.1%	—	—	CALL	494368103
FCX	FREEPORT MCMORAN INC	150,000	$311K	0.2%	—	—	CALL	35671D857
—	PG&E CORP	25,000,000	$25.91M	14.8%	$1.03	—	NOTE 4.250%12/0	69331CAL2
LKQ	LKQ CORP	200,000	$695K	0.4%	—	—	CALL	501889208
NEM	NEWMONT CORP	100,000	$135K	0.1%	—	—	CALL	651639106
RKLB	ROCKET LAB CORP	60,000	$84,300	0.0%	—	—	PUT	773121108
YPF	YPF SOCIEDAD ANONIMA	190,000	$90,250	0.1%	—	—	PUT	984245100