# EDGAR Filing Document

**Accession Number:** 0001000742
**File Stem:** 0001140361-25-042347
**Filing Date:** 2025-11
**Character Count:** 17584
**Document Hash:** 584ff6d364238ecd88b32beeef15ede8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001140361-25-042347.hdr.sgml**: 20251114

**ACCESSION NUMBER**: 0001140361-25-042347

**CONFORMED SUBMISSION TYPE**: 13F-HR

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251114

**DATE AS OF CHANGE**: 20251114

**EFFECTIVENESS DATE**: 20251114

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SANDLER CAPITAL MANAGEMENT
- **CENTRAL INDEX KEY:** 0001000742

**ORGANIZATION NAME:**
- **EIN:** 112792496
- **STATE OF INCORPORATION:** NY
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-06285
- **FILM NUMBER:** 251487147

**BUSINESS ADDRESS:**
- **STREET 1:** 711 FIFTH AVENUE
- **STREET 2:** SUITE 500
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10022
- **BUSINESS PHONE:** 2127548100

**MAIL ADDRESS:**
- **STREET 1:** 711 FIFTH AVENUE
- **STREET 2:** SUITE 500
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10022

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 09-30-2025

**Check here if Amendment** [ ] **Amendment Number:** 

**This Amendment (Check only one.):** [ ] is a restatement.

[ ] adds new holdings entries.

**Institutional Investment Manager Filing this Report:**

**Name:** SANDLER CAPITAL MANAGEMENT<br>**Address:** 711 FIFTH AVENUE<br>SUITE 500<br>NEW YORK, NY 10022

**Form 13F File Number:** 028-06285

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

**Person Signing this Report on Behalf of Reporting Manager:**

**Name:** Andrew Sandler<br>**Title:** Managing Director<br>**Phone:** 212-754-8100

**Signature, Place, and Date of Signing:**

/s/ Andrew Sandler  NEW YORK, NY  11-14-2025<br>[Signature]  [City, State]  [Date]

**Report Type (Check only one.):**

[x] **13F HOLDINGS REPORT.** (Check here if all holdings of this reporting manager are reported in this report.)

[ ] **13F NOTICE.** (Check here if no holdings are reported in this report, and all holdings are reported by other reporting manager(s).)

[ ] **13F COMBINATION REPORT.** (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)

### Form 13F Summary Page

**Report Summary:**

**Number of Other Included Managers:** 0

**Form 13F Information Table Entry Total:** 144

**Form 13F Information Table Value Total:** $340450287

      (round to nearest dollar)

**List of Other Included Managers:**

Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.

[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]

**NONE**

### FORM 13F INFORMATION TABLE

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | VOTING AUTHORITY | VOTING AUTHORITY | VOTING AUTHORITY |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | SOLE | SHARED | NONE |
| ADVANCED ENERGY INDS | COM | 007973100 |  | 549042 | 3227 | SH |  | SOLE |  | 3227 | 0 | 0 |
| AECOM | COM | 00766T100 |  | 1259296 | 9652 | SH |  | SOLE |  | 9652 | 0 | 0 |
| AERCAP HOLDINGS NV | SHS | N00985106 |  | 1787775 | 14775 | SH |  | SOLE |  | 14775 | 0 | 0 |
| AGILENT TECHNOLOGIES INC | COM | 00846U101 |  | 2770948 | 21589 | SH |  | SOLE |  | 21589 | 0 | 0 |
| AIRBNB INC | COM CL A | 009066101 |  | 624706 | 5145 | SH |  | SOLE |  | 5145 | 0 | 0 |
| ALIBABA GROUP HLDG LTD | SPONSORED ADS | 01609W102 |  | 1096687 | 6136 | SH |  | SOLE |  | 6136 | 0 | 0 |
| ALPHABET INC | CAP STK CL C | 02079K107 |  | 1387991 | 5699 | SH |  | SOLE |  | 5699 | 0 | 0 |
| ALPHABET INC | CAP STK CL C | 02079K107 |  | 6064395 | 24900 | SH | Call | SOLE |  | 24900 | 0 | 0 |
| AMAZON COM INC | COM | 023135106 |  | 3224166 | 14684 | SH |  | SOLE |  | 14684 | 0 | 0 |
| AMPHENOL CORP NEW | CL A | 032095101 |  | 4517865 | 36508 | SH |  | SOLE |  | 36508 | 0 | 0 |
| APPLE INC | COM | 037833100 |  | 4341951 | 17052 | SH |  | SOLE |  | 17052 | 0 | 0 |
| APPLIED INDL TECHNOLOGIES IN | COM | 03820C105 |  | 1070044 | 4099 | SH |  | SOLE |  | 4099 | 0 | 0 |
| ARCHROCK INC | COM | 03957W106 |  | 1609225 | 61164 | SH |  | SOLE |  | 61164 | 0 | 0 |
| ATMUS FILTRATION TECHNOLOGIE | COM | 04956D107 |  | 1403877 | 31135 | SH |  | SOLE |  | 31135 | 0 | 0 |
| AXON ENTERPRISE INC | COM | 05464C101 |  | 1846488 | 2573 | SH |  | SOLE |  | 2573 | 0 | 0 |
| BHP GROUP LTD | SPONSORED ADS | 088606108 |  | 3181541 | 57068 | SH |  | SOLE |  | 57068 | 0 | 0 |
| BIO-TECHNE CORP | COM | 09073M104 |  | 2197385 | 39500 | SH | Call | SOLE |  | 39500 | 0 | 0 |
| BLACKSTONE INC | COM | 09260D107 |  | 3598614 | 21063 | SH |  | SOLE |  | 21063 | 0 | 0 |
| BOSTON SCIENTIFIC CORP | COM | 101137107 |  | 1757731 | 18004 | SH |  | SOLE |  | 18004 | 0 | 0 |
| BROADCOM INC | COM | 11135F101 |  | 2135837 | 6474 | SH |  | SOLE |  | 6474 | 0 | 0 |
| CAESARS ENTERTAINMENT INC NE | COM | 12769G100 |  | 1053975 | 39000 | SH | Put | SOLE |  | 39000 | 0 | 0 |
| CAMECO CORP | COM | 13321L108 |  | 2715303 | 32379 | SH |  | SOLE |  | 32379 | 0 | 0 |
| CATERPILLAR INC | COM | 149123101 |  | 2784170 | 5835 | SH |  | SOLE |  | 5835 | 0 | 0 |
| CBOE GLOBAL MKTS INC | COM | 12503M108 |  | 3383469 | 13796 | SH |  | SOLE |  | 13796 | 0 | 0 |
| CBRE GROUP INC | CL A | 12504L109 |  | 2609824 | 16564 | SH |  | SOLE |  | 16564 | 0 | 0 |
| CELSIUS HLDGS INC | COM NEW | 15118V207 |  | 953817 | 16591 | SH |  | SOLE |  | 16591 | 0 | 0 |
| CENTRUS ENERGY CORP | CL A | 15643U104 |  | 1101989 | 3554 | SH |  | SOLE |  | 3554 | 0 | 0 |
| CERTARA INC | COM | 15687V109 |  | 790292 | 64672 | SH |  | SOLE |  | 64672 | 0 | 0 |
| CHENIERE ENERGY INC | COM NEW | 16411R208 |  | 1461811 | 6221 | SH |  | SOLE |  | 6221 | 0 | 0 |
| CHURCHILL CAP CORP X | SHS CL A | G2130T108 |  | 1253850 | 97500 | SH |  | SOLE |  | 97500 | 0 | 0 |
| CLEAN HARBORS INC | COM | 184496107 |  | 3840919 | 16540 | SH |  | SOLE |  | 16540 | 0 | 0 |
| COGNEX CORP | COM | 192422103 |  | 546001 | 12053 | SH |  | SOLE |  | 12053 | 0 | 0 |
| COHERENT CORP | COM | 19247G107 |  | 551419 | 5119 | SH |  | SOLE |  | 5119 | 0 | 0 |
| CONSTELLATION ENERGY CORP | COM | 21037T109 |  | 1169844 | 3555 | SH |  | SOLE |  | 3555 | 0 | 0 |
| CORE SCIENTIFIC INC NEW | COM | 21874A106 |  | 2213796 | 123400 | SH | Call | SOLE |  | 123400 | 0 | 0 |
| CORNING INC | COM | 219350105 |  | 13749951 | 167621 | SH |  | SOLE |  | 167621 | 0 | 0 |
| CREDO TECHNOLOGY GROUP HOLDI | ORDINARY SHARES | G25457105 |  | 829395 | 5696 | SH |  | SOLE |  | 5696 | 0 | 0 |
| CRH PLC | ORD | G25508105 |  | 2815372 | 23481 | SH |  | SOLE |  | 23481 | 0 | 0 |
| CURTISS WRIGHT CORP | COM | 231561101 |  | 3474816 | 6400 | SH |  | SOLE |  | 6400 | 0 | 0 |
| CUSTOM TRUCK ONE SOURCE INC | COM CL A | 23204X103 |  | 1420675 | 221289 | SH |  | SOLE |  | 221289 | 0 | 0 |
| CYBERARK SOFTWARE LTD | SHS | M2682V108 |  | 2322019 | 4806 | SH |  | SOLE |  | 4806 | 0 | 0 |
| D R HORTON INC | COM | 23331A109 |  | 2270898 | 13400 | SH | Call | SOLE |  | 13400 | 0 | 0 |
| DANAHER CORPORATION | COM | 235851102 |  | 1034917 | 5220 | SH |  | SOLE |  | 5220 | 0 | 0 |
| DYCOM INDS INC | COM | 267475101 |  | 3263044 | 11184 | SH |  | SOLE |  | 11184 | 0 | 0 |
| E L F BEAUTY INC | COM | 26856L103 |  | 1459135 | 11014 | SH |  | SOLE |  | 11014 | 0 | 0 |
| EASTGROUP PPTYS INC | COM | 277276101 |  | 3015536 | 17816 | SH |  | SOLE |  | 17816 | 0 | 0 |
| EATON CORP PLC | SHS | G29183103 |  | 1866011 | 4986 | SH |  | SOLE |  | 4986 | 0 | 0 |
| EBAY INC. | COM | 278642103 |  | 2664835 | 29300 | SH | Call | SOLE |  | 29300 | 0 | 0 |
| ELI LILLY  CO | COM | 532457108 |  | 1480983 | 1941 | SH |  | SOLE |  | 1941 | 0 | 0 |
| EVERCORE INC | CLASS A | 29977A105 |  | 1378964 | 4088 | SH |  | SOLE |  | 4088 | 0 | 0 |
| FACTSET RESH SYS INC | COM | 303075105 |  | 315139 | 1100 | SH | Put | SOLE |  | 1100 | 0 | 0 |
| FAIR ISAAC CORP | COM | 303250104 |  | 420525 | 281 | SH |  | SOLE |  | 281 | 0 | 0 |
| FERGUSON ENTERPRISES INC | COMMON STOCK NEW | 31488V107 |  | 1986186 | 8844 | SH |  | SOLE |  | 8844 | 0 | 0 |
| FIDELITY NATL INFORMATION SV | COM | 31620M106 |  | 1015542 | 15401 | SH |  | SOLE |  | 15401 | 0 | 0 |
| FLOOR  DECOR HLDGS INC | CL A | 339750101 |  | 767807 | 10418 | SH |  | SOLE |  | 10418 | 0 | 0 |
| FLOWERS FOODS INC | COM | 343498101 |  | 3228570 | 247400 | SH | Put | SOLE |  | 247400 | 0 | 0 |
| FORESTAR GROUP INC | COM | 346232101 |  | 1323251 | 49765 | SH |  | SOLE |  | 49765 | 0 | 0 |
| FOX CORP | CL A COM | 35137L105 |  | 654815 | 10384 | SH |  | SOLE |  | 10384 | 0 | 0 |
| GE AEROSPACE | COM NEW | 369604301 |  | 1143718 | 3802 | SH |  | SOLE |  | 3802 | 0 | 0 |
| GENERAC HLDGS INC | COM | 368736104 |  | 1269394 | 7583 | SH |  | SOLE |  | 7583 | 0 | 0 |
| GENERAL DYNAMICS CORP | COM | 369550108 |  | 511500 | 1500 | SH |  | SOLE |  | 1500 | 0 | 0 |
| GENERAL MTRS CO | COM | 37045V100 |  | 2987530 | 49000 | SH | Call | SOLE |  | 49000 | 0 | 0 |
| GENPACT LIMITED | SHS | G3922B107 |  | 4113598 | 98200 | SH | Put | SOLE |  | 98200 | 0 | 0 |
| GOGO INC | COM | 38046C109 |  | 7895928 | 919200 | SH | Put | SOLE |  | 919200 | 0 | 0 |
| GRANITE CONSTR INC | COM | 387328107 |  | 2933138 | 26750 | SH |  | SOLE |  | 26750 | 0 | 0 |
| GROUPON INC | COM NEW | 399473206 |  | 1984423 | 84986 | SH |  | SOLE |  | 84986 | 0 | 0 |
| HINGE HEALTH INC | CL A | 433313103 |  | 2587890 | 52728 | SH |  | SOLE |  | 52728 | 0 | 0 |
| HOLOGIC INC | COM | 436440101 |  | 5577239 | 82638 | SH |  | SOLE |  | 82638 | 0 | 0 |
| HOME DEPOT INC | COM | 437076102 |  | 2473280 | 6104 | SH |  | SOLE |  | 6104 | 0 | 0 |
| HUBBELL INC | COM | 443510607 |  | 1209171 | 2810 | SH |  | SOLE |  | 2810 | 0 | 0 |
| HURON CONSULTING GROUP INC | COM | 447462102 |  | 2205660 | 15028 | SH |  | SOLE |  | 15028 | 0 | 0 |
| IDEXX LABS INC | COM | 45168D104 |  | 1507780 | 2360 | SH |  | SOLE |  | 2360 | 0 | 0 |
| INFOSYS LTD | SPONSORED ADR | 456788108 |  | 533656 | 32800 | SH | Put | SOLE |  | 32800 | 0 | 0 |
| ISHARES SILVER TR | ISHARES | 46428Q109 |  | 2499830 | 59000 | SH |  | SOLE |  | 59000 | 0 | 0 |
| KEYSIGHT TECHNOLOGIES INC | COM | 49338L103 |  | 6290473 | 35962 | SH |  | SOLE |  | 35962 | 0 | 0 |
| L3HARRIS TECHNOLOGIES INC | COM | 502431109 |  | 1115357 | 3652 | SH |  | SOLE |  | 3652 | 0 | 0 |
| LAUDER ESTEE COS INC | CL A | 518439104 |  | 2564292 | 29100 | SH | Put | SOLE |  | 29100 | 0 | 0 |
| LIBERTY MEDIA CORP DEL | COM LBTY ONE S C | 531229755 |  | 1354299 | 12966 | SH |  | SOLE |  | 12966 | 0 | 0 |
| LINDSAY CORP | COM | 535555106 |  | 835348 | 5943 | SH |  | SOLE |  | 5943 | 0 | 0 |
| LIONSGATE STUDIOS CORP | COM | 53626N102 |  | 1175760 | 170400 | SH | Call | SOLE |  | 170400 | 0 | 0 |
| LIVE NATION ENTERTAINMENT IN | COM | 538034109 |  | 1279095 | 7828 | SH |  | SOLE |  | 7828 | 0 | 0 |
| LOCKHEED MARTIN CORP | COM | 539830109 |  | 1195109 | 2394 | SH |  | SOLE |  | 2394 | 0 | 0 |
| LUMENTUM HLDGS INC | COM | 55024U109 |  | 5531164 | 33994 | SH |  | SOLE |  | 33994 | 0 | 0 |
| MACYS INC | COM | 55616P104 |  | 1793000 | 100000 | SH | Put | SOLE |  | 100000 | 0 | 0 |
| MADISON SQUARE GARDEN ENTMT | COM CL A | 558256103 |  | 1324627 | 29280 | SH |  | SOLE |  | 29280 | 0 | 0 |
| MADISON SQUARE GRDN SPRT COR | CL A | 55825T103 |  | 3379576 | 14888 | SH |  | SOLE |  | 14888 | 0 | 0 |
| MARTIN MARIETTA MATLS INC | COM | 573284106 |  | 2927020 | 4644 | SH |  | SOLE |  | 4644 | 0 | 0 |
| MERCURY SYS INC | COM | 589378108 |  | 1441807 | 18628 | SH |  | SOLE |  | 18628 | 0 | 0 |
| META PLATFORMS INC | CL A | 30303M102 |  | 10369446 | 14120 | SH |  | SOLE |  | 14120 | 0 | 0 |
| MICROCHIP TECHNOLOGY INC. | COM | 595017104 |  | 677200 | 10545 | SH |  | SOLE |  | 10545 | 0 | 0 |
| MICROSOFT CORP | COM | 594918104 |  | 2696448 | 5206 | SH |  | SOLE |  | 5206 | 0 | 0 |
| MIRION TECHNOLOGIES INC | COM CL A | 60471A101 |  | 1779995 | 76526 | SH |  | SOLE |  | 76526 | 0 | 0 |
| MOELIS  CO | CL A | 60786M105 |  | 2005518 | 28120 | SH |  | SOLE |  | 28120 | 0 | 0 |
| NETFLIX INC | COM | 64110L106 |  | 2672393 | 2229 | SH |  | SOLE |  | 2229 | 0 | 0 |
| NIKE INC | CL B | 654106103 |  | 2064008 | 29600 | SH | Put | SOLE |  | 29600 | 0 | 0 |
| NOKIA CORP | SPONSORED ADR | 654902204 |  | 721500 | 150000 | SH | Call | SOLE |  | 150000 | 0 | 0 |
| NORTHROP GRUMMAN CORP | COM | 666807102 |  | 1992476 | 3270 | SH |  | SOLE |  | 3270 | 0 | 0 |
| NUTANIX INC | CL A | 67059N108 |  | 957771 | 12875 | SH |  | SOLE |  | 12875 | 0 | 0 |
| NVENT ELECTRIC PLC | SHS | G6700G107 |  | 2615144 | 26512 | SH |  | SOLE |  | 26512 | 0 | 0 |
| NVIDIA CORPORATION | COM | 67066G104 |  | 1972151 | 10570 | SH |  | SOLE |  | 10570 | 0 | 0 |
| OKTA INC | CL A | 679295105 |  | 3576300 | 39000 | SH | Call | SOLE |  | 39000 | 0 | 0 |
| PAN AMERN SILVER CORP | COM | 697900108 |  | 1691765 | 43681 | SH |  | SOLE |  | 43681 | 0 | 0 |
| PARKER-HANNIFIN CORP | COM | 701094104 |  | 1920394 | 2533 | SH |  | SOLE |  | 2533 | 0 | 0 |
| PEDIATRIX MEDICAL GROUP INC | COM | 58502B106 |  | 565346 | 33752 | SH |  | SOLE |  | 33752 | 0 | 0 |
| PELOTON INTERACTIVE INC | CL A COM | 70614W100 |  | 1047600 | 116400 | SH | Call | SOLE |  | 116400 | 0 | 0 |
| PLANET LABS PBC | COM CL A | 72703X106 |  | 1511378 | 116439 | SH |  | SOLE |  | 116439 | 0 | 0 |
| PROLOGIS INC. | COM | 74340W103 |  | 3136588 | 27389 | SH |  | SOLE |  | 27389 | 0 | 0 |
| REPLIGEN CORP | COM | 759916109 |  | 1511006 | 11304 | SH |  | SOLE |  | 11304 | 0 | 0 |
| ROCKWELL AUTOMATION INC | COM | 773903109 |  | 1081096 | 3093 | SH |  | SOLE |  | 3093 | 0 | 0 |
| ROKU INC | COM CL A | 77543R102 |  | 10013000 | 100000 | SH | Put | SOLE |  | 100000 | 0 | 0 |
| RTX CORPORATION | COM | 75513E101 |  | 4921845 | 29414 | SH |  | SOLE |  | 29414 | 0 | 0 |
| SENSIENT TECHNOLOGIES CORP | COM | 81725T100 |  | 968532 | 10320 | SH |  | SOLE |  | 10320 | 0 | 0 |
| SHERWIN WILLIAMS CO | COM | 824348106 |  | 1002423 | 2895 | SH |  | SOLE |  | 2895 | 0 | 0 |
| SHOPIFY INC | CL A SUB VTG SHS | 82509L107 |  | 2703959 | 18195 | SH |  | SOLE |  | 18195 | 0 | 0 |
| SNOWFLAKE INC | COM SHS | 833445109 |  | 3833899 | 16998 | SH |  | SOLE |  | 16998 | 0 | 0 |
| SPDR GOLD TR | GOLD SHS | 78463V107 |  | 2737119 | 7700 | SH |  | SOLE |  | 7700 | 0 | 0 |
| SPHERE ENTERTAINMENT CO | CL A | 55826T102 |  | 2759867 | 44428 | SH |  | SOLE |  | 44428 | 0 | 0 |
| SPOTIFY TECHNOLOGY S A | SHS | L8681T102 |  | 3076086 | 4407 | SH |  | SOLE |  | 4407 | 0 | 0 |
| SPX TECHNOLOGIES INC | COM | 78473E103 |  | 2989414 | 16005 | SH |  | SOLE |  | 16005 | 0 | 0 |
| STEEL DYNAMICS INC | COM | 858119100 |  | 814550 | 5842 | SH |  | SOLE |  | 5842 | 0 | 0 |
| TAIWAN SEMICONDUCTOR MFG LTD | SPONSORED ADS | 874039100 |  | 4561364 | 16332 | SH |  | SOLE |  | 16332 | 0 | 0 |
| TALEN ENERGY CORP | COM | 87422Q109 |  | 2132430 | 5013 | SH |  | SOLE |  | 5013 | 0 | 0 |
| TELEDYNE TECHNOLOGIES INC | COM | 879360105 |  | 3106012 | 5300 | SH |  | SOLE |  | 5300 | 0 | 0 |
| TESLA INC | COM | 88160R101 |  | 4313784 | 9700 | SH | Put | SOLE |  | 9700 | 0 | 0 |
| TEXTRON INC | COM | 883203101 |  | 1596861 | 18900 | SH |  | SOLE |  | 18900 | 0 | 0 |
| TJX COS INC NEW | COM | 872540109 |  | 3949556 | 27325 | SH |  | SOLE |  | 27325 | 0 | 0 |
| TKO GROUP HOLDINGS INC | CL A | 87256C101 |  | 12355105 | 61176 | SH |  | SOLE |  | 61176 | 0 | 0 |
| TOLL BROTHERS INC | COM | 889478103 |  | 1339958 | 9700 | SH | Call | SOLE |  | 9700 | 0 | 0 |
| TRIMBLE INC | COM | 896239100 |  | 3257427 | 39895 | SH |  | SOLE |  | 39895 | 0 | 0 |
| ULTA BEAUTY INC | COM | 90384S303 |  | 914166 | 1672 | SH |  | SOLE |  | 1672 | 0 | 0 |
| UNITED AIRLS HLDGS INC | COM | 910047109 |  | 1399250 | 14500 | SH | Call | SOLE |  | 14500 | 0 | 0 |
| UNITED RENTALS INC | COM | 911363109 |  | 1318385 | 1381 | SH |  | SOLE |  | 1381 | 0 | 0 |
| UPSTART HLDGS INC | COM | 91680M107 |  | 1493520 | 29400 | SH | Put | SOLE |  | 29400 | 0 | 0 |
| URANIUM ENERGY CORP | COM | 916896103 |  | 1036024 | 77663 | SH |  | SOLE |  | 77663 | 0 | 0 |
| URANIUM ENERGY CORP | COM | 916896103 |  | 1317992 | 98800 | SH | Call | SOLE |  | 98800 | 0 | 0 |
| VALMONT INDS INC | COM | 920253101 |  | 3464755 | 8936 | SH |  | SOLE |  | 8936 | 0 | 0 |
| VANECK ETF TRUST | GOLD MINERS ETF | 92189F106 |  | 2574680 | 33700 | SH |  | SOLE |  | 33700 | 0 | 0 |
| VERALTO CORP | COM SHS | 92338C103 |  | 1200855 | 11264 | SH |  | SOLE |  | 11264 | 0 | 0 |
| VERTIV HOLDINGS CO | COM CL A | 92537N108 |  | 2237405 | 14831 | SH |  | SOLE |  | 14831 | 0 | 0 |
| VISTRA CORP | COM | 92840M102 |  | 955110 | 4875 | SH |  | SOLE |  | 4875 | 0 | 0 |
| WARNER BROS DISCOVERY INC | COM SER A | 934423104 |  | 815260 | 41744 | SH |  | SOLE |  | 41744 | 0 | 0 |
| WESCO INTL INC | COM | 95082P105 |  | 1167269 | 5519 | SH |  | SOLE |  | 5519 | 0 | 0 |
| ZILLOW GROUP INC | CL A | 98954M101 |  | 485572 | 6523 | SH |  | SOLE |  | 6523 | 0 | 0 |
| ZSCALER INC | COM | 98980G102 |  | 1816239 | 6061 | SH |  | SOLE |  | 6061 | 0 | 0 |

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