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
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 FIGI (to the nearest dollar) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
ACUREN CORP COM 00510N102   109,701,486 8,242,035 SH   DFND 1 8,242,035 0 0
AMRIZE LTD SHS H2927K103   153,806,323 3,169,304 SH   DFND 1 3,169,304 0 0
API GROUP CORP COM STK 00187Y100   73,001,055 2,123,976 SH   DFND 1 2,123,976 0 0
ARMSTRONG WORLD INDS INC NEW COM 04247X102   94,029,917 479,720 SH   DFND 1 479,720 0 0
ATKORE INC COM 047649108   184,709,572 2,944,048 SH   DFND 1 2,944,048 0 0
CARRIER GLOBAL CORPORATION COM 14448C104   174,772,108 2,927,506 SH   DFND 1 2,927,506 0 0
CHART INDS INC COM 16115Q308   18,413,800 92,000 SH   DFND 1 92,000 0 0
CONSENSUS CLOUD SOLUTIONS IN COM 20848V105   40,266,681 1,371,014 SH   DFND 1 1,371,014 0 0
CRH PLC ORD G25508105   127,896,731 1,066,695 SH   DFND 1 1,066,695 0 0
DARLING INGREDIENTS INC COM 237266101   172,128,311 5,575,909 SH   DFND 1 5,575,909 0 0
DARLING INGREDIENTS INC COM 237266101   24,387,300 790,000 SH Call DFND 1 790,000 0 0
DAVITA INC COM 23918K108   158,166,189 1,190,383 SH   DFND 1 1,190,383 0 0
ELEMENT SOLUTIONS INC COM 28618M106   106,275,895 4,222,324 SH   DFND 1 4,222,324 0 0
ENVISTA HOLDINGS CORPORATION COM 29415F104   126,761,960 6,222,973 SH   DFND 1 6,222,973 0 0
FORTIVE CORP COM 34959J108   194,594,796 3,972,133 SH   DFND 1 3,972,133 0 0
GAMING & LEISURE PPTYS INC COM 36467J108   109,422,382 2,347,616 SH   DFND 1 2,347,616 0 0
GARRETT MOTION INC COM 366505105   86,114,112 6,322,622 SH   DFND 1 6,322,622 0 0
LAMB WESTON HLDGS INC COM 513272104   63,709,288 1,096,923 SH   DFND 1 1,096,923 0 0
MASTERBRAND INC COMMON STOCK 57638P104   136,656,398 10,376,340 SH   DFND 1 10,376,340 0 0
NEOGEN CORP COM 640491106   62,241,581 10,900,452 SH   DFND 1 10,900,452 0 0
OTIS WORLDWIDE CORP COM 68902V107   101,837,934 1,113,835 SH   DFND 1 1,113,835 0 0
PENTAIR PLC SHS G7S00T104   119,726,687 1,080,956 SH   DFND 1 1,080,956 0 0
RALLIANT CORP COM 750940108   130,565,973 2,985,730 SH   DFND 1 2,985,730 0 0
RENTOKIL INITIAL PLC SPONSORED ADR 760125104   151,187,380 5,987,619 SH   DFND 1 5,987,619 0 0
S&P GLOBAL INC COM 78409V104   139,955,407 287,554 SH   DFND 1 287,554 0 0
SELECT SECTOR SPDR TR INDL 81369Y704   1,002,495,000 6,500,000 SH Put DFND 1 6,500,000 0 0
SELECT SECTOR SPDR TR SBI MATERIALS 81369Y100   313,670,000 3,500,000 SH Put DFND 1 3,500,000 0 0
SELECT SECTOR SPDR TR INDL 81369Y704   771,150,000 5,000,000 SH Call DFND 1 5,000,000 0 0
SELECT SECTOR SPDR TR SBI MATERIALS 81369Y100   246,455,000 2,750,000 SH Call DFND 1 2,750,000 0 0
TKO GROUP HOLDINGS INC CL A 87256C101   108,037,694 534,946 SH   DFND 1 534,946 0 0
VERALTO CORP COM SHS 92338C103   110,453,077 1,036,048 SH   DFND 1 1,036,048 0 0
VICI PPTYS INC COM 925652109   87,041,308 2,669,160 SH   DFND 1 2,669,160 0 0
WYNDHAM HOTELS & RESORTS INC COM 98311A105   64,461,562 806,778 SH   DFND 1 806,778 0 0
XBP GLOBAL HOLDINGS INC COM 98400V101   25,768,725 31,931,506 SH   DFND 1 31,931,506 0 0