AAI

Aequim Alternative Investments Portfolio holdings

AUM $2.51B

AUM

$2.51B

AUM Growth

-$600M (-19%)

Cap. Flow

+$60.6M

Cap. Flow % of AUM

2.42%

Top 10 Holdings %Top 10 Hldgs %

37.17%

Holding

111

New

Increased

Reduced

Closed

Top Buys

1	PCG.PRX PG&E Corporation 6.000% Series A Mandatory Convertible Preferred Stock PCG.PRX	$45M
2	BA.PRA The Boeing Company Depositary Shares, each representing a 1/20th interest in a share of 6.00% Series A Mandatory Convertible Preferred Stock, par value $1.00 BA.PRA	$23.9M
3	BrightSpring Health Services, Inc. Tangible Equity Unit BTSGU	$9.89M
4	Spotify SPOT	$7.87M
5	Kellanova K	$4.33M

Top Sells

1	Fluor FLR	$15.7M
2	EXEEL Expand Energy Corporation Class C Warrants EXEEL	$14M
3	Albemarle Corp Depositary Shares ALB.PRA	$12.5M

Sector Composition

1	Communication Services	1.82%
2	Consumer Discretionary	0.94%
3	Financials	0.85%
4	Industrials	0.54%
5	Technology	0.48%

#	Name	Market Value	Portfolio Weight	Shares or Principal	Shares Change %	Capital Flow
1	EXEEL 1 Expand Energy Corporation Class C Warrants EXEEL	$116M	4.59%	1,154,388 -139,709	-11%	-$14M
2	HPE.PRC 2 Hewlett Packard Enterprise Company 7.625% Series C Mandatory Convertible Preferred Stock HPE.PRC $1.55B	$85.9M	3.4%	1,800,000	–	–
3	3 BrightSpring Health Services, Inc. Tangible Equity Unit BTSGU $643M	$75.2M	2.98%	1,140,000 +150,000	+15%	+$9.89M
4	PCG.PRX 4 PG&E Corporation 6.000% Series A Mandatory Convertible Preferred Stock PCG.PRX $1.41B	$59.6M	2.36%	1,350,000 +1,020,000	+309%	+$45M
5	NEE.PRS 5 NextEra Energy, Inc. 7.299% Corporate Units NEE.PRS $1.89B	$50.2M	1.99%	1,050,000	–	–
6	6 Chart Industries, Inc. Depositary Shares, each Representing a 1/20th Interest in a Share of 6.75% Series B Mandatory Convertible Preferred Stock GTLS.PRB $481M	$27.4M	1.08%	500,000 +50,000	+11%	+$2.74M
7	7 Albemarle Corp Depositary Shares ALB.PRA $1.35B	$26.7M	1.06%	750,000 -350,000	-32%	-$12.5M
8	8 Cinemark Holdings CNK $3.66B	$24.9M	0.99%	1,000,209 +40,413	+4%	+$1.01M
9	BA.PRA 9 The Boeing Company Depositary Shares, each representing a 1/20th interest in a share of 6.00% Series A Mandatory Convertible Preferred Stock, par value $1.00 BA.PRA $7.63B	$23.9M	0.95%	400,000	New	+$23.9M
10	10 Carnival Corp CCL $31.7B	$19.6M	0.78%	1,004,704	–	–
11	11 Spotify SPOT $135B	$13.8M	0.54%	25,000 +14,300	+134%	+$7.87M
12	12 Fluor FLR $6.34B	$13.4M	0.53%	375,318 -438,032	-54%	-$15.7M
13	DFS 13 DELISTED Discover Financial Services DFS	$10.7M	0.42%	62,478	–	–
14	14 EPR Properties 5.75% Series C Cumulative Convertible Preferred Shares EPR.PRC $125M	$10.2M	0.4%	440,000	–	–
15	15 Coinbase COIN $67.9B	$10.1M	0.4%	58,800	–	–
16	16 SiriusXM SIRI $7.68B	$6.61M	0.26%	293,124	–	–
17	17 Kellanova K $28.6B	$4.33M	0.17%	52,546	New	+$4.33M
18	18 Etsy ETSY $4.9B	$3.5M	0.14%	74,126	New	+$3.5M
19	19 Repay Holdings RPAY $366M	$3.22M	0.13%	578,484	–	–
20	20 PagerDuty PD $1.53B	$2.98M	0.12%	163,300	–	–
21	21 Allete ALE $3.78B	$2.53M	0.1%	38,525 +12,049	+46%	+$792K
22	22 EPR Properties 9.00% Series E Cumulative Convertible Preferred Shares EPR.PRE $102M	$2.09M	0.08%	69,492 +19,492	+39%	+$585K
23	23 Jazz Pharmaceuticals JAZZ $6.72B	$2.07M	0.08%	16,700	–	–
24	24 GCM Grosvenor Inc. Warrant GCMGW $54.7M	$1.98M	0.08%	1,151,021 +66,021	+6%	+$114K
25	ITCI 25 DELISTED Intra-Cellular Therapies Inc. ITCI	$1.98M	0.08%	15,000	New	+$1.98M