Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
VIRT	VIRTU FINL INC	1,880,990	$82.73M	5.4%	$37.41	0.0%	CL A	928254101
PB	PROSPERITY BANCSHARES INC	936,043	$62.88M	4.1%	$72.15	0.0%	COM	743606105
XYZ	BLOCK INC	695,247	$41.84M	2.8%	$60.32	0.0%	CL A	852234103
PRG	PROG HOLDINGS INC	966,576	$27.73M	1.8%	$33.58	0.0%	COM NPV	74319R101
HOMB	HOME BANCSHARES INC	1,029,342	$27.72M	1.8%	$28.98	0.0%	COM	436893200
KLAR	KLARNA GROUP PLC	1,544,803	$20.22M	1.3%	$23.46	0.0%	SHS	G5279N105
FCFS	FIRSTCASH HOLDINGS INC	96,997	$18.24M	1.2%	$173.44	0.0%	COM	33768G107
AAMI	ACADIAN ASSET MANAGEMENT INC	329,349	$17.92M	1.2%	$52.80	0.0%	COM	10948W103
IWM	ISHARES TR	69,401	$17.21M	1.1%	$248.00	—	RUSSELL 2000 ETF	464287655
MTB	M & T BK CORP	74,276	$14.92M	1.0%	$221.15	0.0%	COM	55261F104
IBKR	INTERACTIVE BROKERS GROUP IN	211,418	$14.18M	0.9%	$73.62	0.0%	COM CL A	45841N107
PNFP	PINNACLE FINL PARTNERS INC	149,042	$12.84M	0.8%	$97.40	0.0%	COM	72348N109
SSB	SOUTHSTATE BK CORP	118,438	$10.96M	0.7%	$100.90	0.0%	COM	84472E102
NU	NU HLDGS LTD	671,113	$9.644M	0.6%	$17.34	0.0%	ORD SHS CL A	G6683N103
PFSI	PENNYMAC FINL SVCS INC NEW	109,878	$9.603M	0.6%	$119.59	0.0%	COM	70932M107
ARI	APOLLO COML REAL ESTATE FIN	708,335	$7.48M	0.5%	$10.56	—	COM	03762U105
WULF	TERAWULF INC	224,537	$3.24M	0.2%	$14.58	0.0%	COM	88080T104
FHI	FEDERATED HERMES INC	53,897	$3.056M	0.2%	$53.54	0.0%	CL B	314211103
SPY	STATE STR SPDR S&P 500 ETF T	2,286	$1.487M	0.1%	$650.34	—	TR UNIT	78462F103
GLBE	GLOBAL E ONLINE LTD	21,273	$656K	0.0%	$36.21	0.0%	SHS	M5216V106

Increased Positions (11)

SLM SLM CORP 4.5%

Value $68.64M (+281.0%) Shares 3,205,808 (+381.6%) Est. Cost $26.18 Unrealized -1.2%

RIOT RIOT PLATFORMS INC 3.0%

Value $46.14M (+1293.9%) Shares 3,732,717 (+1328.9%) Est. Cost $15.46 Unrealized +2.7%

SCHW SCHWAB CHARLES CORP 3.6%

Value $55.41M (+107.5%) Shares 589,547 (+120.6%) Est. Cost $97.68 Unrealized +2.5%

CCB COASTAL FINL CORP WA 3.3%

Value $50.12M (-29.3%) Shares 658,617 (+6.5%) Est. Cost $80.39 Unrealized +23.0%

BTDR BITDEER TECHNOLOGIES GROUP 1.9%

Value $28.96M (+230.3%) Shares 3,347,667 (+328.1%) Est. Cost $12.48 Unrealized -3.8%

VLY VALLEY NATL BANCORP 7.2%

Value $110M (+20.6%) Shares 8,948,599 (+14.8%) Est. Cost $10.33 Unrealized +22.4%

EWBC EAST WEST BANCORP INC 2.2%

Value $33.3M (+71.6%) Shares 311,949 (+80.7%) Est. Cost $110.09 Unrealized +5.5%

BITF BITFARMS LTD 1.3%

Value $19.88M (+220.7%) Shares 10,194,455 (+286.5%) Est. Cost $2.22 Unrealized +10.6%

HUT HUT 8 CORP 2.4%

Value $35.87M (+13.1%) Shares 764,573 (+10.7%) Est. Cost $39.30 Unrealized +44.0%

WLTH WEALTHFRONT CORP 0.5%

Value $7.502M (+83.7%) Shares 811,056 (+169.9%) Est. Cost $10.92 Unrealized -12.3%

NP NEPTUNE INS HLDGS INC 1.5%

Value $23.08M (+6.4%) Shares 954,029 (+28.2%) Est. Cost $25.80 Unrealized -6.9%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
SLM	SLM CORP	3,205,808 (+381.6%)	$68.64M (+281.0%)	4.5%	$26.18	-1.2%	COM	78442P106
RIOT	RIOT PLATFORMS INC	3,732,717 (+1328.9%)	$46.14M (+1293.9%)	3.0%	$15.46	+2.7%	COM	767292105
SCHW	SCHWAB CHARLES CORP	589,547 (+120.6%)	$55.41M (+107.5%)	3.6%	$97.68	+2.5%	COM	808513105
CCB	COASTAL FINL CORP WA	658,617 (+6.5%)	$50.12M (-29.3%)	3.3%	$80.39	+23.0%	COM NEW	19046P209
BTDR	BITDEER TECHNOLOGIES GROUP	3,347,667 (+328.1%)	$28.96M (+230.3%)	1.9%	$12.48	-3.8%	CL A ORD SHS	G11448100
VLY	VALLEY NATL BANCORP	8,948,599 (+14.8%)	$110M (+20.6%)	7.2%	$10.33	+22.4%	COM	919794107
EWBC	EAST WEST BANCORP INC	311,949 (+80.7%)	$33.3M (+71.6%)	2.2%	$110.09	+5.5%	COM	27579R104
BITF	BITFARMS LTD	10,194,455 (+286.5%)	$19.88M (+220.7%)	1.3%	$2.22	+10.6%	COM	09173B107
HUT	HUT 8 CORP	764,573 (+10.7%)	$35.87M (+13.1%)	2.4%	$39.30	+44.0%	COM	44812J104
WLTH	WEALTHFRONT CORP	811,056 (+169.9%)	$7.502M (+83.7%)	0.5%	$10.92	-12.3%	COM	947002101
NP	NEPTUNE INS HLDGS INC	954,029 (+28.2%)	$23.08M (+6.4%)	1.5%	$25.80	-6.9%	CL A	64073B103

Exited Positions (22)

C CITIGROUP INC 6.2%

Value $93.62M Shares 802,268 Est. Cost $82.90 Unrealized +40.1%

SYF SYNCHRONY FINANCIAL 3.7%

Value $55.65M Shares 667,070 Est. Cost $75.44 Unrealized +1.1%

UWMC UWM HOLDINGS CORPORATION 3.3%

Value $49.48M Shares 11,296,053 Est. Cost $5.17 Unrealized -1.9%

WBS WEBSTER FINL CORP 3.2%

Value $48.11M Shares 764,322 Est. Cost $47.43 Unrealized +43.8%

EVR EVERCORE INC 2.6%

Value $40.19M Shares 118,110 Est. Cost $312.02 Unrealized +12.8%

RELY REMITLY GLOBAL INC 2.6%

Value $39.74M Shares 2,879,568 Est. Cost $16.80 Unrealized -17.0%

UPST UPSTART HLDGS INC 2.5%

Value $38.58M Shares 882,231 Est. Cost $46.04 Unrealized -12.8%

DLO DLOCAL LTD 1.4%

Value $21.89M Shares 1,547,965 Est. Cost $14.11 Unrealized -3.8%

SEIC SEI INVTS CO 1.2%

Value $17.75M Shares 216,465 Est. Cost $81.71 Unrealized +3.0%

INDB INDEPENDENT BK CORP MASS 1.1%

Value $16.21M Shares 221,838 Est. Cost $70.51 Unrealized +13.3%

BULL WEBULL CORP 0.9%

Value $13.99M Shares 1,800,423 Est. Cost $14.43 Unrealized -50.4%

LC LENDINGCLUB CORP 0.7%

Value $10.16M Shares 536,577 Est. Cost $13.84 Unrealized +31.2%

COSO COASTALSOUTH BANCSHARES INC 0.5%

Value $7.183M Shares 308,940 Est. Cost $21.58 Unrealized +12.5%

COLB COLUMBIA BKG SYS INC 0.2%

Value $3.402M Shares 121,708 Est. Cost $26.85 Unrealized +11.6%

PFBC PREFERRED BK LOS ANGELES CA 0.2%

Value $3.105M Shares 32,882 Est. Cost $93.22 Unrealized -1.9%

WAFD WAFD INC 0.2%

Value $2.414M Shares 75,357 Est. Cost $30.49 Unrealized +6.7%

OBT ORANGE CNTY BANCORP INC 0.1%

Value $1.533M Shares 53,679 Est. Cost $24.54 Unrealized +29.6%

SFST SOUTHERN FIRST BANCSHARES 0.0%

Value $645K Shares 12,526 Est. Cost $47.95 Unrealized +17.8%

OBK ORIGIN BANCORP INC 0.0%

Value $640K Shares 17,012 Est. Cost $33.22 Unrealized +26.4%

RBB RBB BANCORP 0.0%

Value $638K Shares 30,913 Est. Cost $19.66 Unrealized +9.9%

DCOM DIME CMNTY BANCSHARES INC 0.0%

Value $562K Shares 18,669 Est. Cost $28.60 Unrealized +15.3%

PGC PEAPACK-GLADSTONE FINL CORP 0.0%

Value $308K Shares 11,058 Est. Cost $27.29 Unrealized +15.6%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
C	CITIGROUP INC	802,268	$93.62M	6.2%	$82.90	+40.1%	—	172967424
SYF	SYNCHRONY FINANCIAL	667,070	$55.65M	3.7%	$75.44	+1.1%	—	87165B103
UWMC	UWM HOLDINGS CORPORATION	11,296,053	$49.48M	3.3%	$5.17	-1.9%	—	91823B109
WBS	WEBSTER FINL CORP	764,322	$48.11M	3.2%	$47.43	+43.8%	—	947890109
EVR	EVERCORE INC	118,110	$40.19M	2.6%	$312.02	+12.8%	—	29977A105
RELY	REMITLY GLOBAL INC	2,879,568	$39.74M	2.6%	$16.80	-17.0%	—	75960P104
UPST	UPSTART HLDGS INC	882,231	$38.58M	2.5%	$46.04	-12.8%	—	91680M107
DLO	DLOCAL LTD	1,547,965	$21.89M	1.4%	$14.11	-3.8%	—	G29018101
SEIC	SEI INVTS CO	216,465	$17.75M	1.2%	$81.71	+3.0%	—	784117103
INDB	INDEPENDENT BK CORP MASS	221,838	$16.21M	1.1%	$70.51	+13.3%	—	453836108
BULL	WEBULL CORP	1,800,423	$13.99M	0.9%	$14.43	-50.4%	—	G9572D103
LC	LENDINGCLUB CORP	536,577	$10.16M	0.7%	$13.84	+31.2%	—	52603A208
COSO	COASTALSOUTH BANCSHARES INC	308,940	$7.183M	0.5%	$21.58	+12.5%	—	19058X207
COLB	COLUMBIA BKG SYS INC	121,708	$3.402M	0.2%	$26.85	+11.6%	—	197236102
PFBC	PREFERRED BK LOS ANGELES CA	32,882	$3.105M	0.2%	$93.22	-1.9%	—	740367404
WAFD	WAFD INC	75,357	$2.414M	0.2%	$30.49	+6.7%	—	938824109
OBT	ORANGE CNTY BANCORP INC	53,679	$1.533M	0.1%	$24.54	+29.6%	—	68417L107
SFST	SOUTHERN FIRST BANCSHARES	12,526	$645K	0.0%	$47.95	+17.8%	—	842873101
OBK	ORIGIN BANCORP INC	17,012	$640K	0.0%	$33.22	+26.4%	—	68621T102
RBB	RBB BANCORP	30,913	$638K	0.0%	$19.66	+9.9%	—	74930B105
DCOM	DIME CMNTY BANCSHARES INC	18,669	$562K	0.0%	$28.60	+15.3%	—	25432X102
PGC	PEAPACK-GLADSTONE FINL CORP	11,058	$308K	0.0%	$27.29	+15.6%	—	704699107

Decreased Positions (11)

OMF ONEMAIN HLDGS INC 1.0%

Value $15.55M (-83.1%) Shares 290,665 (-78.7%) Est. Cost $58.67 Unrealized +7.8%

LPLA LPL FINL HLDGS INC 8.5%

Value $129M (-19.7%) Shares 427,338 (-4.7%) Est. Cost $254.32 Unrealized +40.3%

TCBI TEXAS CAP BANCSHARES INC 2.5%

Value $37.95M (-38.0%) Shares 400,000 (-40.8%) Est. Cost $76.37 Unrealized +31.0%

BEN FRANKLIN RESOURCES INC 7.9%

Value $120M (-13.0%) Shares 5,099,949 (-12.0%) Est. Cost $21.09 Unrealized +24.9%

ARX ACCELERANT HOLDINGS 1.7%

Value $26.46M (-33.7%) Shares 1,980,211 (-18.8%) Est. Cost $16.48 Unrealized -20.4%

IBOC INTERNATIONAL BANCSHARES COR 5.8%

Value $88.33M (-12.8%) Shares 1,312,674 (-13.9%) Est. Cost $56.04 Unrealized +24.8%

WT WISDOMTREE INC 5.7%

Value $87.18M (+16.3%) Shares 5,987,605 (-2.6%) Est. Cost $7.23 Unrealized +114.8%

DAVE DAVE INC 0.1%

Value $2.202M (-84.1%) Shares 12,649 (-79.8%) Est. Cost $184.90 Unrealized +1.7%

CIFR CIPHER DIGITAL INC 0.2%

Value $3.341M (-74.6%) Shares 259,577 (-70.9%) Est. Cost $17.65 Unrealized -5.5%

BRBS BLUE RIDGE BANKSHARES INC VA 0.7%

Value $11.35M (-46.1%) Shares 2,703,441 (-45.3%) Est. Cost $2.99 Unrealized +43.7%

SLNH SOLUNA HOLDINGS INC 0.0%

Value $16,917 (-50.8%) Shares 23,934 (-18.5%) Est. Cost $1.55 Unrealized -20.2%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
OMF	ONEMAIN HLDGS INC	290,665 (-78.7%)	$15.55M (-83.1%)	1.0%	$58.67	+7.8%	COM	68268W103
LPLA	LPL FINL HLDGS INC	427,338 (-4.7%)	$129M (-19.7%)	8.5%	$254.32	+40.3%	COM	50212V100
TCBI	TEXAS CAP BANCSHARES INC	400,000 (-40.8%)	$37.95M (-38.0%)	2.5%	$76.37	+31.0%	COM	88224Q107
BEN	FRANKLIN RESOURCES INC	5,099,949 (-12.0%)	$120M (-13.0%)	7.9%	$21.09	+24.9%	COM	354613101
ARX	ACCELERANT HOLDINGS	1,980,211 (-18.8%)	$26.46M (-33.7%)	1.7%	$16.48	-20.4%	CL A	G00894108
IBOC	INTERNATIONAL BANCSHARES COR	1,312,674 (-13.9%)	$88.33M (-12.8%)	5.8%	$56.04	+24.8%	COM	459044103
WT	WISDOMTREE INC	5,987,605 (-2.6%)	$87.18M (+16.3%)	5.7%	$7.23	+114.8%	COM	97717P104
DAVE	DAVE INC	12,649 (-79.8%)	$2.202M (-84.1%)	0.1%	$184.90	+1.7%	CLASS A COM NEW	23834J201
CIFR	CIPHER DIGITAL INC	259,577 (-70.9%)	$3.341M (-74.6%)	0.2%	$17.65	-5.5%	COM	17253J106
BRBS	BLUE RIDGE BANKSHARES INC VA	2,703,441 (-45.3%)	$11.35M (-46.1%)	0.7%	$2.99	+43.7%	COM	095825105
SLNH	SOLUNA HOLDINGS INC	23,934 (-18.5%)	$16,917 (-50.8%)	0.0%	$1.55	-20.2%	COM NEW	583543301

Unchanged Positions (3)

BBT BEACON FINANCIAL CORP. 6.2%

Value $94.14M Shares 3,137,941 Est. Cost $24.94 Unrealized +15.9%

CBC CENTRAL BANCOMPANY 0.9%

Value $13.97M Shares 583,336 Est. Cost $23.43 Unrealized +3.3%

DBRG DIGITALBRIDGE GROUP INC 0.5%

Value $7.721M Shares 500,720 Est. Cost $10.15 Unrealized +51.7%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
BBT	BEACON FINANCIAL CORP.	3,137,941	$94.14M	6.2%	$24.94	+15.9%	COM	084680107
CBC	CENTRAL BANCOMPANY	583,336	$13.97M	0.9%	$23.43	+3.3%	COM CL A	152413100
DBRG	DIGITALBRIDGE GROUP INC	500,720	$7.721M	0.5%	$10.15	+51.7%	CL A NEW	25401T603