The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE
OMB APPROVAL
OMB Number: 3235-0006
Expires: July 31, 2015
Estimated average burden
hours per response: 23.8
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
ALEXANDERS INC COM 014752109 4,682,040 16,991 SH SOLE 16,991 0 0
ALPHA METALLURGICAL RESOUR I COM 020764106 1,289,336 7,817 SH SOLE 7,817 0 0
ARCELORMITTAL SA LUXEMBOURG NY REGISTRY SH 03938L203 733,961 12,188 SH SOLE 12,188 0 0
ARDMORE SHIPPING CORP COM Y0207T100 3,308,069 236,122 SH SOLE 236,122 0 0
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702 355,277 710 SH SOLE 710 0 0
BORGWARNER INC COM 099724106 1,845,920 27,800 SH Call SOLE 27,800 0 0
BORR DRILLING LTD SHS G1466R173 3,811,635 922,914 SH SOLE 922,914 0 0
BUILDERS FIRSTSOURCE INC COM 12008R107 928,087 10,372 SH SOLE 10,372 0 0
CENTURY ALUM CO COM 156431108 3,290,451 71,516 SH SOLE 71,516 0 0
CIPHER DIGITAL INC COM 17253J106 1,169,018 47,715 SH SOLE 47,715 0 0
CLEANSPARK INC COM NEW 18452B209 237,834 16,346 SH SOLE 16,346 0 0
CLEVELAND-CLIFFS INC NEW COM 185899101 371,966 39,613 SH SOLE 39,613 0 0
CMB.TECH NV SHS B38564108 4,352,415 311,109 SH SOLE 311,109 0 0
COMPASS INC CL A 20464U100 5,219,314 423,302 SH SOLE 423,302 0 0
CORE NATURAL RESOURCES INC COM SHS 218937100 10,304,816 128,778 SH SOLE 128,778 0 0
CORE SCIENTIFIC INC NEW COM 21874A106 1,508,377 58,944 SH SOLE 58,944 0 0
DHT HOLDINGS INC SHS NEW Y2065G121 8,957,128 541,871 SH SOLE 541,871 0 0
DOUGLAS EMMETT INC COM 25960P109 5,866,169 497,133 SH SOLE 497,133 0 0
EAGLE MATLS INC COM 26969P108 3,383,775 15,039 SH SOLE 15,039 0 0
ECHOSTAR CORP CL A 278768106 3,588,939 35,359 SH SOLE 35,359 0 0
ECHOSTAR CORP CL A 278768106 1,522,500 15,000 SH Call SOLE 15,000 0 0
FERMI INC COM 314911108 659,199 71,965 SH SOLE 71,965 0 0
FIRST CTZNS BANCSHARES INC D CL A 31946M103 5,886,555 2,829 SH SOLE 2,829 0 0
FORTUNE BRANDS INNOVATIONS I COM 34964C106 2,443,050 44,500 SH SOLE 44,500 0 0
FRONTLINE PLC COM M46528101 2,820,808 81,081 SH SOLE 81,081 0 0
GALAXY DIGITAL INC. CL A 36317J209 1,485,710 54,342 SH SOLE 54,342 0 0
GARRETT MOTION INC COM 366505105 5,931,322 163,713 SH SOLE 163,713 0 0
GENCO SHIPPING & TRADING LTD SHS Y2685T131 946,918 38,213 SH SOLE 38,213 0 0
HAFNIA LTD SHS Y2990R101 257,366 38,760 SH SOLE 38,760 0 0
HAFNIA LTD SHS Y2990R101 1,422,288 214,200 SH Call SOLE 214,200 0 0
HIMALAYA SHIPPING LTD ORD SHS G4660A103 2,901,284 217,162 SH SOLE 217,162 0 0
HUDSON PACIFIC PROPERTIES IN COM 444097406 1,552,205 102,186 SH SOLE 102,186 0 0
HUT 8 CORP COM 44812J104 1,510,482 13,084 SH SOLE 13,084 0 0
INTERNATIONAL SEAWAYS INC COM Y41053102 2,446,208 31,939 SH SOLE 31,939 0 0
INVESCO QQQ TR UNIT SER 1 46090E103 58,912,000 80,000 SH Put SOLE 80,000 0 0
JBG SMITH PPTYS COM 46590V100 5,598,351 381,619 SH SOLE 381,619 0 0
KKR & CO INC COM 48251W104 1,194,884 13,019 SH SOLE 13,019 0 0
LENNAR CORP CL A 526057104 2,452,279 27,100 SH SOLE 27,100 0 0
LENNAR CORP CL B 526057302 329,735 3,717 SH SOLE 3,717 0 0
MARTIN MARIETTA MATLS INC COM 573284106 1,528,832 2,651 SH SOLE 2,651 0 0
NAVIGATOR HLDGS LTD SHS Y62132108 1,854,523 99,545 SH SOLE 99,545 0 0
NAVIOS MARITIME PARTNERS LP COM UNIT LPI Y62267409 4,736,242 67,593 SH SOLE 67,593 0 0
NEBIUS GROUP N.V. SHS CLASS A N97284108 406,246 1,471 SH SOLE 1,471 0 0
NEXPOINT RESIDENTIAL TR INC COM 65341D102 3,668,856 131,406 SH SOLE 131,406 0 0
NVR INC COM 62944T105 1,103,771 162 SH SOLE 162 0 0
OFFICE PPTYS INCOME TR COM OF BENEFICIA 67623C307 865,164 50,892 SH SOLE 50,892 0 0
OKEANIS ECO TANKERS COR SHS Y64177101 4,826,255 96,294 SH SOLE 96,294 0 0
OWENS CORNING NEW COM 690742101 570,666 3,590 SH SOLE 3,590 0 0
PEABODY ENGR CORP COM 704551100 1,230,261 53,212 SH SOLE 53,212 0 0
QXO INC COM NEW 82846H405 917,430 53,092 SH SOLE 53,092 0 0
RAMACO RES INC COM CL A 75134P600 1,616,243 122,165 SH SOLE 122,165 0 0
SCORPIO TANKERS INC SHS Y7542C130 1,712,523 24,726 SH SOLE 24,726 0 0
SEANERGY MARITIME HLDGS CORP SHS Y73760400 1,055,665 78,605 SH SOLE 78,605 0 0
SHERWIN WILLIAMS CO COM 824348106 4,336,022 12,593 SH SOLE 12,593 0 0
SPDR GOLD TR GOLD SHS 78463V107 1,518,094 4,121 SH SOLE 4,121 0 0
STAR BULK CARRIERS CORP. SHS PAR Y8162K204 12,876,979 515,698 SH SOLE 515,698 0 0
TALEN ENERGY CORP COM 87422Q109 5,591,367 14,551 SH SOLE 14,551 0 0
TEEKAY TANKERS LTD CL A G8726X106 2,879,644 44,391 SH SOLE 44,391 0 0
TERAWULF INC COM 88080T104 8,027,278 324,991 SH SOLE 324,991 0 0
TIDEWATER INC NEW COM 88642R109 6,562,389 98,490 SH SOLE 98,490 0 0
TORM PLC SHS CL A G89479102 6,850,549 262,876 SH SOLE 262,876 0 0
TRANSOCEAN LTD REGISTERED SHS H8817H100 3,619,920 740,270 SH SOLE 740,270 0 0
TSAKOS ENERGY NAVIGATION LTD SHS G9108L173 253,178 7,158 SH SOLE 7,158 0 0
VALARIS LTD CL A G9460G101 1,384,845 19,075 SH SOLE 19,075 0 0
VISTRA CORP COM 92840M102 1,355,017 8,542 SH SOLE 8,542 0 0
VORNADO RLTY TR SH BEN INT 929042109 6,142,276 156,292 SH SOLE 156,292 0 0
WARRIOR MET COAL INC COM 93627C101 6,453,113 79,511 SH SOLE 79,511 0 0
WESTLAKE CORPORATION COM 960413102 540,346 7,402 SH SOLE 7,402 0 0
WYNDHAM HOTELS & RESORTS INC COM 98311A105 391,324 4,647 SH SOLE 4,647 0 0