Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
COF	CAPITAL ONE FINL CORP	122,855	$24.65M	5.0%	$200.62	—	COM	14040H105
MCD	MCDONALDS CORP	55,976	$15.13M	3.1%	$270.31	—	COM	580135101
DVN	DEVON ENERGY CORP NEW	331,738	$13.71M	2.8%	$41.32	—	COM	25179M103
PM	PHILIP MORRIS INTL INC	69,538	$12.58M	2.5%	$180.91	—	COM	718172109
MA	MASTERCARD INCORPORATED	22,575	$11.59M	2.3%	$513.60	—	CL A	57636Q104
AR	ANTERO RESOURCES CORP	311,065	$10.93M	2.2%	$35.14	—	COM	03674X106
WMT	WALMART INC	59,324	$6.719M	1.4%	$113.26	—	COM	931142103
META	META PLATFORMS INC	11,926	$6.718M	1.4%	$563.29	—	CL A	30303M102
FISV	FISERV INC	134,686	$6.606M	1.3%	$49.05	—	COM	337738108
SNPS	SYNOPSYS INC	14,205	$6.336M	1.3%	$446.07	—	COM	871607107
CRC	CALIFORNIA RES CORP	112,748	$5.961M	1.2%	$52.87	—	COM STOCK	13057Q305
BURL	BURLINGTON STORES INC	17,199	$5.449M	1.1%	$316.80	—	COM	122017106
SAIA	SAIA INC	7,772	$3.273M	0.7%	$421.16	—	COM	78709Y105
NVDA	NVIDIA CORPORATION	13,198	$2.641M	0.5%	$200.09	—	COM	67066G104
TLT	ISHARES TR	30,000	$2.593M	0.5%	—	—	CALL	464287432
APGE	APOGEE THERAPEUTICS INC	14,000	$1.858M	0.4%	$132.73	—	COM	03770N101
TLT	ISHARES TR	20,000	$1.728M	0.3%	—	—	PUT	464287432
CVNA	CARVANA CO	25,000	$1.645M	0.3%	—	—	PUT	146869102
TMHC	TAYLOR MORRISON HOME CORP	19,000	$1.363M	0.3%	$71.74	—	COM	87724P106
NUVL	NUVALENT INC	10,500	$1.297M	0.3%	$123.50	—	COM	670703107
SGI	SOMNIGROUP INTERNATIONAL INC	11,640	$913K	0.2%	$78.40	—	COM	88023U101
TXNM	TXNM ENERGY INC	15,000	$852K	0.2%	$56.78	—	COM	69349H107
BRSL	BRIGHTSTAR LOTTERY PLC	74,600	$800K	0.2%	$10.72	—	SHS USD	G4863A108
NCLH	NORWEGIAN CRUISE LINE HLDGS	30,000	$633K	0.1%	$21.11	—	SHS	G66721104
ELME	ELME COMMUNITIES	250,000	$370K	0.1%	$1.48	—	SH BEN INT	939653101
SPCX	SPACE EXPLORATION TECHN CORP	2,000	$342K	0.1%	—	—	PUT	84615Q103
SATS	ECHOSTAR CORP	2,500	$254K	0.1%	$101.50	—	CL A	278768106
LNSR	LENSAR INC	20,000	$114K	0.0%	$5.71	—	COM	52634L108
ANNA	ALEANNA INC	30,000	$87,000	0.0%	$2.90	—	COM CL A	01444V103
VGAS	VERDE CLEAN FUELS INC	20,000	$20,400	0.0%	$1.02	—	CLASS A COM	923372106

Increased Positions (32)

HBAN HUNTINGTON BANCSHARES INC 7.4%

Value $36.42M (+718.0%) Shares 2,054,001 (+622.0%) Est. Cost $17.67 Unrealized —

WFC WELLS FARGO & CO 5.5%

Value $27.32M (+653.8%) Shares 330,615 (+626.2%) Est. Cost $83.66 Unrealized —

PNFP PINNACLE FINL PARTNERS INC 5.3%

Value $26.18M (+405.5%) Shares 259,538 (+331.6%) Est. Cost $100.07 Unrealized —

JPM JPMORGAN CHASE & CO 4.5%

Value $22.35M (+1066.3%) Shares 68,285 (+948.1%) Est. Cost $324.85 Unrealized —

PG PROCTER & GAMBLE CO 4.3%

Value $21.25M (+1086.6%) Shares 144,934 (+1068.8%) Est. Cost $147.08 Unrealized —

BAC BANK OF AMER CORP 3.6%

Value $18.01M (+667.3%) Shares 316,147 (+556.5%) Est. Cost $56.23 Unrealized —

TFC TRUIST FINL CORP 3.3%

Value $16.45M (+702.3%) Shares 330,162 (+640.3%) Est. Cost $50.00 Unrealized —

FHN FIRST HORIZON CORPORATION 2.7%

Value $13.25M (+908.7%) Shares 516,678 (+795.4%) Est. Cost $25.39 Unrealized —

HAL HALLIBURTON CO 2.5%

Value $12.56M (+628.6%) Shares 370,090 (+736.8%) Est. Cost $33.90 Unrealized —

SSB SOUTHSTATE BK CORP 2.4%

Value $11.98M (+615.4%) Shares 119,913 (+562.6%) Est. Cost $99.65 Unrealized —

ONB OLD NATL BANCORP IND 2.4%

Value $12.02M (+593.5%) Shares 464,159 (+491.7%) Est. Cost $25.35 Unrealized —

EXE EXPAND ENERGY CORPORATION 2.5%

Value $12.6M (+383.7%) Shares 138,214 (+482.3%) Est. Cost $93.70 Unrealized —

COLB COLUMBIA BKG SYS INC 2.3%

Value $11.14M (+510.5%) Shares 347,529 (+422.5%) Est. Cost $31.65 Unrealized —

CBRE CBRE GROUP INC 1.9%

Value $9.583M (+495.4%) Shares 71,147 (+498.8%) Est. Cost $139.15 Unrealized —

MTDR MATADOR RES CO 1.9%

Value $9.465M (+343.8%) Shares 190,138 (+463.3%) Est. Cost $48.65 Unrealized —

PSX PHILLIPS 66 1.9%

Value $9.361M (+337.1%) Shares 55,375 (+371.0%) Est. Cost $162.15 Unrealized —

CVX CHEVRON CORPORATION 2.0%

Value $9.743M (+270.4%) Shares 58,775 (+362.3%) Est. Cost $163.84 Unrealized —

UPS UNITED PARCEL SVCS INC 1.7%

Value $8.539M (+319.2%) Shares 79,432 (+283.6%) Est. Cost $106.67 Unrealized —

CLX CLOROX CO DEL 1.7%

Value $8.289M (+343.2%) Shares 86,855 (+381.2%) Est. Cost $98.81 Unrealized —

NSC NORFOLK SOUTHN CORP 1.5%

Value $7.537M (+201.9%) Shares 23,958 (+175.4%) Est. Cost $306.36 Unrealized —

MDLZ MONDELEZ INTL INC 1.2%

Value $5.839M (+267.0%) Shares 100,948 (+265.8%) Est. Cost $58.50 Unrealized —

AZO AUTOZONE INC 1.3%

Value $6.232M (+207.5%) Shares 1,950 (+225.0%) Est. Cost $3343.66 Unrealized —

ICE INTERCONTINENTAL EXCHANGE IN 0.9%

Value $4.502M (+121.9%) Shares 36,568 (+183.5%) Est. Cost $137.88 Unrealized —

ACI ALBERTSONS COMPANIES INC 0.8%

Value $4.126M (+103.1%) Shares 304,938 (+155.8%) Est. Cost $15.30 Unrealized —

JHG JANUS HENDERSON GROUP PLC 0.4%

Value $1.974M (+67.1%) Shares 38,000 (+65.2%) Est. Cost $49.86 Unrealized —

IMXI INTERNATIONAL MONEY EXPRESS 0.3%

Value $1.604M (+56.2%) Shares 111,000 (+70.8%) Est. Cost $14.78 Unrealized —

WLFC WILLIS LEASE FIN CORP 0.2%

Value $938K (+77.7%) Shares 4,100 (+32.3%) Est. Cost $193.87 Unrealized —

WBD WARNER BROS DISCOVERY INC 0.6%

Value $2.986M (+13.3%) Shares 112,000 (+16.7%) Est. Cost $26.28 Unrealized —

KBR KBR INC 0.2%

Value $898K (+54.2%) Shares 26,000 (+64.6%) Est. Cost $39.52 Unrealized —

BHF BRIGHTHOUSE FINL INC 0.3%

Value $1.583M (+20.1%) Shares 25,000 (+13.6%) Est. Cost $54.67 Unrealized —

PEN PENUMBRA INC 0.2%

Value $979K (+14.6%) Shares 3,100 (+19.2%) Est. Cost $335.72 Unrealized —

WTW WILLIS TOWERS WATSON PLC LTD 0.1%

Value $314K (-1.9%) Shares 1,200 (+9.1%) Est. Cost $310.47 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
HBAN	HUNTINGTON BANCSHARES INC	2,054,001 (+622.0%)	$36.42M (+718.0%)	7.4%	$17.67	—	COM	446150104
WFC	WELLS FARGO & CO	330,615 (+626.2%)	$27.32M (+653.8%)	5.5%	$83.66	—	COM	949746101
PNFP	PINNACLE FINL PARTNERS INC	259,538 (+331.6%)	$26.18M (+405.5%)	5.3%	$100.07	—	COM	72348N109
JPM	JPMORGAN CHASE & CO	68,285 (+948.1%)	$22.35M (+1066.3%)	4.5%	$324.85	—	COM	46625H100
PG	PROCTER & GAMBLE CO	144,934 (+1068.8%)	$21.25M (+1086.6%)	4.3%	$147.08	—	COM	742718109
BAC	BANK OF AMER CORP	316,147 (+556.5%)	$18.01M (+667.3%)	3.6%	$56.23	—	COM	060505104
TFC	TRUIST FINL CORP	330,162 (+640.3%)	$16.45M (+702.3%)	3.3%	$50.00	—	COM	89832Q109
FHN	FIRST HORIZON CORPORATION	516,678 (+795.4%)	$13.25M (+908.7%)	2.7%	$25.39	—	COM	320517105
HAL	HALLIBURTON CO	370,090 (+736.8%)	$12.56M (+628.6%)	2.5%	$33.90	—	COM	406216101
SSB	SOUTHSTATE BK CORP	119,913 (+562.6%)	$11.98M (+615.4%)	2.4%	$99.65	—	COM	84472E102
ONB	OLD NATL BANCORP IND	464,159 (+491.7%)	$12.02M (+593.5%)	2.4%	$25.35	—	COM	680033107
EXE	EXPAND ENERGY CORPORATION	138,214 (+482.3%)	$12.6M (+383.7%)	2.5%	$93.70	—	COM	165167735
COLB	COLUMBIA BKG SYS INC	347,529 (+422.5%)	$11.14M (+510.5%)	2.3%	$31.65	—	COM	197236102
CBRE	CBRE GROUP INC	71,147 (+498.8%)	$9.583M (+495.4%)	1.9%	$139.15	—	CL A	12504L109
MTDR	MATADOR RES CO	190,138 (+463.3%)	$9.465M (+343.8%)	1.9%	$48.65	—	COM	576485205
PSX	PHILLIPS 66	55,375 (+371.0%)	$9.361M (+337.1%)	1.9%	$162.15	—	COM	718546104
CVX	CHEVRON CORPORATION	58,775 (+362.3%)	$9.743M (+270.4%)	2.0%	$163.84	—	COM	166764100
UPS	UNITED PARCEL SVCS INC	79,432 (+283.6%)	$8.539M (+319.2%)	1.7%	$106.67	—	CL B	911312106
CLX	CLOROX CO DEL	86,855 (+381.2%)	$8.289M (+343.2%)	1.7%	$98.81	—	COM	189054109
NSC	NORFOLK SOUTHN CORP	23,958 (+175.4%)	$7.537M (+201.9%)	1.5%	$306.36	—	COM	655844108
MDLZ	MONDELEZ INTL INC	100,948 (+265.8%)	$5.839M (+267.0%)	1.2%	$58.50	—	CL A	609207105
AZO	AUTOZONE INC	1,950 (+225.0%)	$6.232M (+207.5%)	1.3%	$3343.66	—	COM	053332102
ICE	INTERCONTINENTAL EXCHANGE IN	36,568 (+183.5%)	$4.502M (+121.9%)	0.9%	$137.88	—	COM	45866F104
ACI	ALBERTSONS COMPANIES INC	304,938 (+155.8%)	$4.126M (+103.1%)	0.8%	$15.30	—	COMMON STOCK	013091103
JHG	JANUS HENDERSON GROUP PLC	38,000 (+65.2%)	$1.974M (+67.1%)	0.4%	$49.86	—	ORD SHS	G4474Y214
IMXI	INTERNATIONAL MONEY EXPRESS	111,000 (+70.8%)	$1.604M (+56.2%)	0.3%	$14.78	—	COM	46005L101
WLFC	WILLIS LEASE FIN CORP	4,100 (+32.3%)	$938K (+77.7%)	0.2%	$193.87	—	COM	970646105
WBD	WARNER BROS DISCOVERY INC	112,000 (+16.7%)	$2.986M (+13.3%)	0.6%	$26.28	—	COM SER A	934423104
KBR	KBR INC	26,000 (+64.6%)	$898K (+54.2%)	0.2%	$39.52	—	COM	48242W106
BHF	BRIGHTHOUSE FINL INC	25,000 (+13.6%)	$1.583M (+20.1%)	0.3%	$54.67	—	COM	10922N103
PEN	PENUMBRA INC	3,100 (+19.2%)	$979K (+14.6%)	0.2%	$335.72	—	COM	70975L107
WTW	WILLIS TOWERS WATSON PLC LTD	1,200 (+9.1%)	$314K (-1.9%)	0.1%	$310.47	—	SHS	G96629103

Exited Positions (28)

SWKH SWK HLDGS CORP 29.2%

Value $144M Shares 8,493,088 Est. Cost $10.16 Unrealized —

CFR CULLEN FROST BANKERS INC 0.8%

Value $3.95M Shares 28,818 Est. Cost $134.44 Unrealized —

SEE SEALED AIR CORP NEW 0.6%

Value $3.196M Shares 76,000 Est. Cost $39.50 Unrealized —

HD HOME DEPOT INC 0.6%

Value $3.117M Shares 9,477 Est. Cost $373.98 Unrealized —

SOFI SOFI TECHNOLOGIES INC 0.6%

Value $3.017M Shares 190,000 Est. Cost — Unrealized —

SLB SLB LIMITED 0.4%

Value $2.201M Shares 42,822 Est. Cost $48.30 Unrealized —

OVV OVINTIV INC 0.4%

Value $2.036M Shares 34,306 Est. Cost $40.61 Unrealized —

STT STATE STR CORP 0.4%

Value $1.951M Shares 15,413 Est. Cost $118.36 Unrealized —

FND FLOOR & DECOR HLDGS INC 0.4%

Value $1.853M Shares 36,478 Est. Cost $68.23 Unrealized —

NDAQ NASDAQ INC 0.3%

Value $1.672M Shares 19,700 Est. Cost $91.74 Unrealized —

WHD CACTUS INC 0.3%

Value $1.611M Shares 34,018 Est. Cost $55.06 Unrealized —

SFNC SIMMONS FIRST NATL CORP 0.3%

Value $1.529M Shares 78,624 Est. Cost $19.74 Unrealized —

MS MORGAN STANLEY 0.3%

Value $1.429M Shares 8,682 Est. Cost $179.67 Unrealized —

COST COSTCO WHOLESALE CORPORATION 0.3%

Value $1.4M Shares 1,405 Est. Cost $930.72 Unrealized —

GDEN GOLDEN ENTMT INC 0.3%

Value $1.335M Shares 50,000 Est. Cost $26.54 Unrealized —

TPH TRI POINTE HOMES INC 0.2%

Value $1.215M Shares 26,000 Est. Cost $37.17 Unrealized —

HOLX HOLOGIC INC 0.2%

Value $1.209M Shares 16,000 Est. Cost $73.07 Unrealized —

APLS APELLIS PHARMACEUTICALS INC 0.2%

Value $1.207M Shares 30,000 Est. Cost $22.69 Unrealized —

OII OCEANEERING INTL INC 0.2%

Value $1.163M Shares 32,800 Est. Cost $20.47 Unrealized —

DKS DICKS SPORTING GOODS INC 0.2%

Value $1.057M Shares 5,333 Est. Cost $207.91 Unrealized —

AFRM AFFIRM HLDGS INC 0.2%

Value $916K Shares 20,000 Est. Cost — Unrealized —

SLAB SILICON LABORATORIES INC 0.2%

Value $770K Shares 3,700 Est. Cost $170.34 Unrealized —

TERN TERNS PHARMACEUTICALS INC 0.1%

Value $633K Shares 12,000 Est. Cost $37.46 Unrealized —

FOLD AMICUS THERAPEUTIC 0.1%

Value $607K Shares 42,000 Est. Cost $14.31 Unrealized —

TIC TIC SOLUTIONS INC 0.1%

Value $572K Shares 87,000 Est. Cost $10.25 Unrealized —

LEG LEGGETT & PLATT INC 0.1%

Value $524K Shares 53,000 Est. Cost $11.22 Unrealized —

PZZA PAPA JOHNS INTL INC 0.1%

Value $486K Shares 15,000 Est. Cost — Unrealized —

LWAY LIFEWAY FOODS INC 0.0%

Value $193K Shares 10,000 Est. Cost $22.08 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
SWKH	SWK HLDGS CORP	8,493,088	$144M	29.2%	$10.16	—	—	78501P203
CFR	CULLEN FROST BANKERS INC	28,818	$3.95M	0.8%	$134.44	—	—	229899109
SEE	SEALED AIR CORP NEW	76,000	$3.196M	0.6%	$39.50	—	—	81211K100
HD	HOME DEPOT INC	9,477	$3.117M	0.6%	$373.98	—	—	437076102
SOFI	SOFI TECHNOLOGIES INC	190,000	$3.017M	0.6%	—	—	PUT	83406F102
SLB	SLB LIMITED	42,822	$2.201M	0.4%	$48.30	—	—	806857108
OVV	OVINTIV INC	34,306	$2.036M	0.4%	$40.61	—	—	69047Q102
STT	STATE STR CORP	15,413	$1.951M	0.4%	$118.36	—	—	857477103
FND	FLOOR & DECOR HLDGS INC	36,478	$1.853M	0.4%	$68.23	—	—	339750101
NDAQ	NASDAQ INC	19,700	$1.672M	0.3%	$91.74	—	—	631103108
WHD	CACTUS INC	34,018	$1.611M	0.3%	$55.06	—	—	127203107
SFNC	SIMMONS FIRST NATL CORP	78,624	$1.529M	0.3%	$19.74	—	—	828730200
MS	MORGAN STANLEY	8,682	$1.429M	0.3%	$179.67	—	—	617446448
COST	COSTCO WHOLESALE CORPORATION	1,405	$1.4M	0.3%	$930.72	—	—	22160K105
GDEN	GOLDEN ENTMT INC	50,000	$1.335M	0.3%	$26.54	—	—	381013101
TPH	TRI POINTE HOMES INC	26,000	$1.215M	0.2%	$37.17	—	—	87265H109
HOLX	HOLOGIC INC	16,000	$1.209M	0.2%	$73.07	—	—	436440101
APLS	APELLIS PHARMACEUTICALS INC	30,000	$1.207M	0.2%	$22.69	—	—	03753U106
OII	OCEANEERING INTL INC	32,800	$1.163M	0.2%	$20.47	—	—	675232102
DKS	DICKS SPORTING GOODS INC	5,333	$1.057M	0.2%	$207.91	—	—	253393102
AFRM	AFFIRM HLDGS INC	20,000	$916K	0.2%	—	—	PUT	00827B106
SLAB	SILICON LABORATORIES INC	3,700	$770K	0.2%	$170.34	—	—	826919102
TERN	TERNS PHARMACEUTICALS INC	12,000	$633K	0.1%	$37.46	—	—	880881107
FOLD	AMICUS THERAPEUTIC	42,000	$607K	0.1%	$14.31	—	—	03152W109
TIC	TIC SOLUTIONS INC	87,000	$572K	0.1%	$10.25	—	—	00510N102
LEG	LEGGETT & PLATT INC	53,000	$524K	0.1%	$11.22	—	—	524660107
PZZA	PAPA JOHNS INTL INC	15,000	$486K	0.1%	—	—	CALL	698813102
LWAY	LIFEWAY FOODS INC	10,000	$193K	0.0%	$22.08	—	—	531914109

Decreased Positions (10)

HYG ISHARES TR 0.2%

Value $800K (-98.6%) Shares 10,000 (-98.6%) Est. Cost — Unrealized —

BRBR BELLRING BRANDS INC 0.1%

Value $461K (-30.2%) Shares 35,600 (-13.2%) Est. Cost $22.20 Unrealized —

AAUC ALLIED GOLD CORP 0.1%

Value $427K (-30.9%) Shares 18,000 (-10.0%) Est. Cost $29.54 Unrealized —

EA ELECTRONIC ARTS INC 0.5%

Value $2.563M (-6.9%) Shares 12,500 (-7.4%) Est. Cost $178.84 Unrealized —

TSLA TESLA INC 0.3%

Value $1.682M (-9.5%) Shares 4,000 (-20.0%) Est. Cost — Unrealized —

QS QUANTUMSCAPE CORP 0.1%

Value $378K (-15.4%) Shares 50,000 (-28.6%) Est. Cost — Unrealized —

AON AON PLC 0.1%

Value $299K (-15.9%) Shares 900 (-18.2%) Est. Cost $349.93 Unrealized —

WBS WEBSTER FINL CORP 0.5%

Value $2.656M (-1.9%) Shares 34,756 (-10.9%) Est. Cost $68.20 Unrealized —

RKT ROCKET COS INC 0.1%

Value $504K (-5.7%) Shares 32,000 (-14.7%) Est. Cost $20.15 Unrealized —

AJG GALLAGHER ARTHUR J & CO 0.1%

Value $344K (-0.6%) Shares 1,500 (-6.3%) Est. Cost $240.41 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
HYG	ISHARES TR	10,000 (-98.6%)	$800K (-98.6%)	0.2%	—	—	PUT	464288513
BRBR	BELLRING BRANDS INC	35,600 (-13.2%)	$461K (-30.2%)	0.1%	$22.20	—	COMMON STOCK	07831C103
AAUC	ALLIED GOLD CORP	18,000 (-10.0%)	$427K (-30.9%)	0.1%	$29.54	—	COM NEW	01921D204
EA	ELECTRONIC ARTS INC	12,500 (-7.4%)	$2.563M (-6.9%)	0.5%	$178.84	—	COM	285512109
TSLA	TESLA INC	4,000 (-20.0%)	$1.682M (-9.5%)	0.3%	—	—	PUT	88160R101
QS	QUANTUMSCAPE CORP	50,000 (-28.6%)	$378K (-15.4%)	0.1%	—	—	PUT	74767V109
AON	AON PLC	900 (-18.2%)	$299K (-15.9%)	0.1%	$349.93	—	SHS CL A	G0403H108
WBS	WEBSTER FINL CORP	34,756 (-10.9%)	$2.656M (-1.9%)	0.5%	$68.20	—	COM	947890109
RKT	ROCKET COS INC	32,000 (-14.7%)	$504K (-5.7%)	0.1%	$20.15	—	COM CL A	77311W101
AJG	GALLAGHER ARTHUR J & CO	1,500 (-6.3%)	$344K (-0.6%)	0.1%	$240.41	—	COM	363576109

Unchanged Positions (2)

CYTK CYTOKINETICS INC 0.2%

Value $767K Shares 9,000 Est. Cost $50.87 Unrealized —

MRSH MARSH & MCLENNAN COS INC 0.1%

Value $317K Shares 1,900 Est. Cost $181.36 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
CYTK	CYTOKINETICS INC	9,000	$767K	0.2%	$50.87	—	COM NEW	23282W605
MRSH	MARSH & MCLENNAN COS INC	1,900	$317K	0.1%	$181.36	—	COM	571748102