Core Natural Resources, Inc.

Hopefully, we'll see a bit of a turnaround from them.

Uh, when we move back down to the Core holdings, uh, now one of the reasons that Core Natural Resources and, and Peabody BTU have been, uh, the biggest in the portfolio is because they're generally the least volatile.

They have, uh, almost equi- equitable exposure on both thermal and met, and, you know, and they're very well-owned.

Uh, both are buying back stock.

While we had nice gains in Acadia Healthcare, Centene, Greenbrick Partners, and TD Cinex, we attribute these mostly to the market lifting the stocks rather than the specific company developments, though Centene did have surprisingly strong results.

Similarly, we had losses on several shorts in areas exposed to the most hyped parts of the market, as well as a loss in core natural resources, which reversed its gain from the first quarter.

Speaking of the most hyped parts of the market, let's discuss SpaceX.

which had a successful IPO in June.

GreenLake closed to new investment on July 1st.

Prior to closing, we continued our recent fundraising success and further strengthened our capital base by welcoming a large and diverse group of investors.

At quarter end, the largest disclosed positions in the partnerships were Acadia Healthcare, Bright House Financial, Core Natural Resources, Fluor, and GreenBrig Partners.

The partnerships had an average exposure of 105% long and 63% short.