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  <proxyTable>
    <issuerName>AERCAP HOLDINGS N.V.</issuerName>
    <cusip>N00985106</cusip>
    <isin>NL0000687663</isin>
    <meetingDate>04/15/2026</meetingDate>
    <voteDescription>Report of the Nomination &amp; Compensation Committee for the 2025 financial year</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
      </voteCategory>
    </voteCategories>
    <sharesVoted>404266</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
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        <howVoted>FOR</howVoted>
        <sharesVoted>404266</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
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  <proxyTable>
    <issuerName>AMERICAN PUBLIC EDUCATION, INC.</issuerName>
    <cusip>02913V103</cusip>
    <isin>US02913V1035</isin>
    <meetingDate>05/22/2026</meetingDate>
    <voteDescription>to approve, by a non-binding advisory vote, the compensation paid to APEI's named executive officers; and</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
      </voteCategory>
    </voteCategories>
    <sharesVoted>10000</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
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      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>10000</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
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  <proxyTable>
    <issuerName>CAESARS ENTERTAINMENT, INC.</issuerName>
    <cusip>12769G100</cusip>
    <isin>US12769G1004</isin>
    <meetingDate>06/09/2026</meetingDate>
    <voteDescription>ADVISORY VOTE TO APPROVE NAMED EXECUTIVE OFFICER COMPENSATION.</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
      </voteCategory>
    </voteCategories>
    <sharesVoted>420000</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>420000</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
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  <proxyTable>
    <issuerName>CBL &amp; ASSOCIATES PROPERTIES, INC.</issuerName>
    <cusip>124830878</cusip>
    <isin>US1248308785</isin>
    <meetingDate>05/21/2026</meetingDate>
    <voteDescription>An advisory vote on the approval of executive compensation.</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
      </voteCategory>
    </voteCategories>
    <sharesVoted>117613</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>117613</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
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  <proxyTable>
    <issuerName>CENTENE CORPORATION</issuerName>
    <cusip>15135B101</cusip>
    <isin>US15135B1017</isin>
    <meetingDate>05/12/2026</meetingDate>
    <voteDescription>ADVISORY VOTE TO APPROVE EXECUTIVE COMPENSATION.</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
      </voteCategory>
    </voteCategories>
    <sharesVoted>208500</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>208500</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
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  <proxyTable>
    <issuerName>EHEALTH, INC.</issuerName>
    <cusip>28238P109</cusip>
    <isin>US28238P1093</isin>
    <meetingDate>06/18/2026</meetingDate>
    <voteDescription>Approval, on an advisory basis, of the compensation of the Named Executive Officers of eHealth, Inc.</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
      </voteCategory>
    </voteCategories>
    <sharesVoted>467395</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>467395</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
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  <proxyTable>
    <issuerName>ELEVANCE HEALTH, INC.</issuerName>
    <cusip>036752103</cusip>
    <isin>US0367521038</isin>
    <meetingDate>05/13/2026</meetingDate>
    <voteDescription>Advisory Vote to Approve the Compensation of Our Named Executive Officers (&quot;Say-on-Pay&quot;).</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
      </voteCategory>
    </voteCategories>
    <sharesVoted>84800</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>84800</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
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  <proxyTable>
    <issuerName>GLOBAL BUSINESS TRAVEL GROUP, INC.</issuerName>
    <cusip>37890B100</cusip>
    <isin>US37890B1008</isin>
    <meetingDate>05/13/2026</meetingDate>
    <voteDescription>Approval, on an advisory basis, of the compensation of the Company's named executive officers.</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
      </voteCategory>
    </voteCategories>
    <sharesVoted>500000</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>500000</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
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  </proxyTable>
  <proxyTable>
    <issuerName>KINDERCARE LEARNING COMPANIES, INC.</issuerName>
    <cusip>49456W105</cusip>
    <isin>US49456W1053</isin>
    <meetingDate>06/04/2026</meetingDate>
    <voteDescription>Approval, on an advisory basis, of the compensation of the Company's named executive officers</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
      </voteCategory>
    </voteCategories>
    <sharesVoted>1250000</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>1250000</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
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  <proxyTable>
    <issuerName>MASTERBRAND INC</issuerName>
    <cusip>57638P104</cusip>
    <isin>US57638P1049</isin>
    <meetingDate>06/04/2026</meetingDate>
    <voteDescription>Advisory resolution to approve the compensation of MasterBrand's named executive officers.</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
      </voteCategory>
    </voteCategories>
    <sharesVoted>1266271</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>1266271</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
      </voteRecord>
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  </proxyTable>
  <proxyTable>
    <issuerName>MERCER INTERNATIONAL INC.</issuerName>
    <cusip>588056101</cusip>
    <isin>US5880561015</isin>
    <meetingDate>06/01/2026</meetingDate>
    <voteDescription>Approval of the advisory (non-binding) resolution to approve executive compensation.</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
      </voteCategory>
    </voteCategories>
    <sharesVoted>4648133</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>4648133</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
      </voteRecord>
    </vote>
  </proxyTable>
  <proxyTable>
    <issuerName>MOLINA HEALTHCARE, INC.</issuerName>
    <cusip>60855R100</cusip>
    <isin>US60855R1005</isin>
    <meetingDate>05/06/2026</meetingDate>
    <voteDescription>To consider and approve, on a non-binding, advisory basis, the compensation of our named executive officers.</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
      </voteCategory>
    </voteCategories>
    <sharesVoted>310000</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>AGAINST</howVoted>
        <sharesVoted>310000</sharesVoted>
        <managementRecommendation>AGAINST</managementRecommendation>
      </voteRecord>
    </vote>
  </proxyTable>
  <proxyTable>
    <issuerName>TELEPHONE AND DATA SYSTEMS, INC.</issuerName>
    <cusip>879433829</cusip>
    <isin>US8794338298</isin>
    <meetingDate>05/21/2026</meetingDate>
    <voteDescription>Advisory vote to approve executive compensation</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
      </voteCategory>
    </voteCategories>
    <sharesVoted>876580</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>AGAINST</howVoted>
        <sharesVoted>876580</sharesVoted>
        <managementRecommendation>AGAINST</managementRecommendation>
      </voteRecord>
    </vote>
  </proxyTable>
  <proxyTable>
    <issuerName>UNITEDHEALTH GROUP INCORPORATED</issuerName>
    <cusip>91324P102</cusip>
    <isin>US91324P1021</isin>
    <meetingDate>06/01/2026</meetingDate>
    <voteDescription>Advisory approval of the Company's executive compensation.</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
      </voteCategory>
    </voteCategories>
    <sharesVoted>27500</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>AGAINST</howVoted>
        <sharesVoted>27500</sharesVoted>
        <managementRecommendation>AGAINST</managementRecommendation>
      </voteRecord>
    </vote>
  </proxyTable>
  <proxyTable>
    <issuerName>VANQUIS BANKING GROUP PLC</issuerName>
    <cusip>G72783171</cusip>
    <isin>GB00B1Z4ST84</isin>
    <meetingDate>05/06/2026</meetingDate>
    <voteDescription>THAT THE ANNUAL STATEMENT BY THE CHAIR OF THE REMUNERATION COMMITTEE AND THE DIRECTORS' REMUNERATION REPORT FOR THE YEAR ENDED 31 DECEMBER 2025 AS SET OUT ON PAGES 95 TO 122 (INCLUSIVE) OF THE 2025 ANNUAL REPORT BE APPROVED</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
      </voteCategory>
    </voteCategories>
    <sharesVoted>34493160</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>34493160</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
      </voteRecord>
    </vote>
  </proxyTable>
  <proxyTable>
    <issuerName>VISTANCE NETWORKS, INC.</issuerName>
    <cusip>20337X109</cusip>
    <isin>US20337X1090</isin>
    <meetingDate>05/07/2026</meetingDate>
    <voteDescription>Non-binding, advisory vote to approve the compensation of our named executive officers as described in the proxy statement.</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
      </voteCategory>
    </voteCategories>
    <sharesVoted>1340894</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>FOR</howVoted>
        <sharesVoted>1340894</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
      </voteRecord>
    </vote>
  </proxyTable>
  <proxyTable>
    <issuerName>VISTANCE NETWORKS, INC.</issuerName>
    <cusip>20337X109</cusip>
    <isin>US20337X1090</isin>
    <meetingDate>05/07/2026</meetingDate>
    <voteDescription>Non-binding, advisory vote to approve the frequency of future advisory votes on compensation of our named executive officers.</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
      </voteCategory>
    </voteCategories>
    <sharesVoted>1340894</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>1 YEAR</howVoted>
        <sharesVoted>1340894</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
      </voteRecord>
    </vote>
  </proxyTable>
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