Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
VBIL	VANGUARD INSTL INDEX FD	91,000 (+93.2%)	$6.884M (+93.8%)	5.0%	$75.54	—	0-3 MO TREAS BIL	922040845
IJH	ISHARES TR	106,900 (+49.9%)	$7.219M (+53.4%)	5.2%	$66.25	—	CORE S&P MCP ETF	464287507
HOG	HARLEY DAVIDSON INC	54,404 (+253.2%)	$1.1M (+248.5%)	0.8%	$21.51	-5.6%	COM	412822108
IAC	IAC INC	55,500 (+15.6%)	$2.222M (+18.4%)	1.6%	$36.78	+2.5%	COM NEW	44891N208
KHC	KRAFT HEINZ CO	57,000 (+35.7%)	$1.282M (+25.9%)	0.9%	$25.08	-4.6%	COM	500754106
GNW	GENWORTH FINL INC	627,000 (+6.6%)	$5.091M (-4.1%)	3.7%	$6.38	+35.6%	COM SHS	37247D106
WEX	WEX INC	19,000 (+2.7%)	$2.908M (+5.5%)	2.1%	$174.26	-10.5%	COM	96208T104
ACI	ALBERTSONS COS INC	100,000 (+5.3%)	$1.704M (+4.5%)	1.2%	$18.27	-4.8%	COMMON STOCK	013091103
LGIH	LGI HOMES INC	7,000 (+2.9%)	$277K (-5.3%)	0.2%	$54.66	-3.1%	COM	50187T106
UNH	UNITEDHEALTH GROUP INC	2,200 (+22.2%)	$595K (+0.2%)	0.4%	$300.71	+2.7%	COM	91324P102

Exited Positions (4)

AAPL APPLE INC 2.3%

Value $3.154M Shares 11,600 Est. Cost $124.74 Unrealized +110.7%

HUM HUMANA INC 0.6%

Value $768K Shares 3,000 Est. Cost $261.21 Unrealized -14.4%

ACT ENACT HLDGS INC 0.2%

Value $317K Shares 8,000 Est. Cost $36.93 Unrealized +10.4%

ANGO ANGIODYNAMICS INC 0.1%

Value $159K Shares 12,400 Est. Cost $8.61 Unrealized +25.3%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
AAPL	APPLE INC	11,600	$3.154M	2.3%	$124.74	+110.7%	—	037833100
HUM	HUMANA INC	3,000	$768K	0.6%	$261.21	-14.4%	—	444859102
ACT	ENACT HLDGS INC	8,000	$317K	0.2%	$36.93	+10.4%	—	29249E109
ANGO	ANGIODYNAMICS INC	12,400	$159K	0.1%	$8.61	+25.3%	—	03475V101

Decreased Positions (27)

AL AIR LEASE CORP 2.2%

Value $3.052M (-47.8%) Shares 47,000 (-48.4%) Est. Cost $39.14 Unrealized +64.8%

SEB SEABOARD CORP DEL 2.0%

Value $2.765M (-48.3%) Shares 489 (-59.4%) Est. Cost $3134.77 Unrealized +57.7%

SPGI S&P GLOBAL INC 0.4%

Value $553K (-80.8%) Shares 1,300 (-76.4%) Est. Cost $319.12 Unrealized +52.1%

TEVA TEVA PHARMACEUTICAL INDS LTD 5.1%

Value $6.988M (-22.8%) Shares 232,000 (-20.0%) Est. Cost $372.43 Unrealized —

CHRD CHORD ENERGY CORPORATION 4.5%

Value $6.256M (+38.6%) Shares 44,000 (-9.7%) Est. Cost $109.81 Unrealized -10.9%

RSP INVESCO EXCHANGE TRADED FD T 1.6%

Value $2.207M (-43.2%) Shares 11,500 (-43.3%) Est. Cost $188.21 Unrealized —

DIN DINE BRANDS GLOBAL INC 0.7%

Value $945K (-63.9%) Shares 36,016 (-55.8%) Est. Cost $32.75 Unrealized +6.1%

URI UNITED RENTALS INC 3.9%

Value $5.318M (-22.7%) Shares 7,300 (-14.1%) Est. Cost $283.29 Unrealized +211.6%

SOLV SOLVENTUM CORP 0.8%

Value $1.11M (-56.9%) Shares 17,000 (-47.7%) Est. Cost $60.65 Unrealized +29.3%

GPN GLOBAL PMTS INC 1.1%

Value $1.548M (-44.4%) Shares 23,000 (-36.1%) Est. Cost $106.76 Unrealized -29.8%

VCSH VANGUARD SCOTTSDALE FDS 0.7%

Value $951K (-49.2%) Shares 12,000 (-48.9%) Est. Cost $79.85 Unrealized —

TPH TRI POINTE HOMES INC 2.7%

Value $3.668M (+31.0%) Shares 78,500 (-11.8%) Est. Cost $24.52 Unrealized +51.6%

NOMD NOMAD FOODS LTD 1.0%

Value $1.312M (-36.6%) Shares 136,575 (-17.5%) Est. Cost $19.92 Unrealized -38.0%

M MACYS INC 0.5%

Value $687K (-49.7%) Shares 38,000 (-38.7%) Est. Cost $17.50 Unrealized +23.2%

CNC CENTENE CORP DEL 1.0%

Value $1.408M (-25.6%) Shares 43,000 (-6.5%) Est. Cost $61.87 Unrealized -29.9%

CSX CSX CORP 1.5%

Value $2.011M (-14.6%) Shares 49,000 (-24.6%) Est. Cost $31.86 Unrealized +20.9%

VTI VANGUARD INDEX FDS 4.2%

Value $5.775M (-5.6%) Shares 18,000 (-1.4%) Est. Cost $329.20 Unrealized —

CNNE CANNAE HLDGS INC 0.4%

Value $563K (-35.5%) Shares 49,477 (-10.8%) Est. Cost $18.97 Unrealized -22.6%

IMKTA INGLES MKTS INC 1.6%

Value $2.247M (+15.8%) Shares 24,996 (-11.7%) Est. Cost $71.09 Unrealized +9.7%

SITC SITE CTRS CORP 0.2%

Value $308K (-44.3%) Shares 57,000 (-33.7%) Est. Cost $15.29 Unrealized —

COF CAPITAL ONE FINL CORP 0.4%

Value $503K (-29.8%) Shares 2,755 (-6.8%) Est. Cost $185.05 Unrealized +20.6%

NSC NORFOLK SOUTHN CORP 0.5%

Value $738K (-21.9%) Shares 2,570 (-21.4%) Est. Cost $225.08 Unrealized +32.5%

MGM MGM RESORTS INTERNATIONAL 1.7%

Value $2.406M (-7.1%) Shares 65,000 (-8.5%) Est. Cost $34.28 Unrealized +2.4%

CFG CITIZENS FINL GROUP INC 2.7%

Value $3.718M (-3.6%) Shares 62,000 (-6.1%) Est. Cost $29.98 Unrealized +110.5%

VTRS VIATRIS INC 2.3%

Value $3.215M (-2.5%) Shares 238,000 (-10.2%) Est. Cost $10.67 Unrealized +32.0%

CPAY CORPAY INC 0.5%

Value $698K (-7.2%) Shares 2,400 (-4.0%) Est. Cost $287.05 Unrealized +14.1%

CCS CENTURY COMMUNITIES INC 0.4%

Value $578K (-6.1%) Shares 10,071 (-2.9%) Est. Cost $72.18 Unrealized -6.7%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
AL	AIR LEASE CORP	47,000 (-48.4%)	$3.052M (-47.8%)	2.2%	$39.14	+64.8%	CL A	00912X302
SEB	SEABOARD CORP DEL	489 (-59.4%)	$2.765M (-48.3%)	2.0%	$3134.77	+57.7%	COM	811543107
SPGI	S&P GLOBAL INC	1,300 (-76.4%)	$553K (-80.8%)	0.4%	$319.12	+52.1%	COM	78409V104
TEVA	TEVA PHARMACEUTICAL INDS LTD	232,000 (-20.0%)	$6.988M (-22.8%)	5.1%	$372.43	—	SPONSORED ADS	881624209
CHRD	CHORD ENERGY CORPORATION	44,000 (-9.7%)	$6.256M (+38.6%)	4.5%	$109.81	-10.9%	COM NEW	674215207
RSP	INVESCO EXCHANGE TRADED FD T	11,500 (-43.3%)	$2.207M (-43.2%)	1.6%	$188.21	—	S&P500 EQL WGT	46137V357
DIN	DINE BRANDS GLOBAL INC	36,016 (-55.8%)	$945K (-63.9%)	0.7%	$32.75	+6.1%	COM	254423106
URI	UNITED RENTALS INC	7,300 (-14.1%)	$5.318M (-22.7%)	3.9%	$283.29	+211.6%	COM	911363109
SOLV	SOLVENTUM CORP	17,000 (-47.7%)	$1.11M (-56.9%)	0.8%	$60.65	+29.3%	COM SHS	83444M101
GPN	GLOBAL PMTS INC	23,000 (-36.1%)	$1.548M (-44.4%)	1.1%	$106.76	-29.8%	COM	37940X102
VCSH	VANGUARD SCOTTSDALE FDS	12,000 (-48.9%)	$951K (-49.2%)	0.7%	$79.85	—	SHRT TRM CORP BD	92206C409
TPH	TRI POINTE HOMES INC	78,500 (-11.8%)	$3.668M (+31.0%)	2.7%	$24.52	+51.6%	COM	87265H109
NOMD	NOMAD FOODS LTD	136,575 (-17.5%)	$1.312M (-36.6%)	1.0%	$19.92	-38.0%	USD ORD SHS	G6564A105
M	MACYS INC	38,000 (-38.7%)	$687K (-49.7%)	0.5%	$17.50	+23.2%	COM	55616P104
CNC	CENTENE CORP DEL	43,000 (-6.5%)	$1.408M (-25.6%)	1.0%	$61.87	-29.9%	COM	15135B101
CSX	CSX CORP	49,000 (-24.6%)	$2.011M (-14.6%)	1.5%	$31.86	+20.9%	COM	126408103
VTI	VANGUARD INDEX FDS	18,000 (-1.4%)	$5.775M (-5.6%)	4.2%	$329.20	—	TOTAL STK MKT	922908769
CNNE	CANNAE HLDGS INC	49,477 (-10.8%)	$563K (-35.5%)	0.4%	$18.97	-22.6%	COM	13765N107
IMKTA	INGLES MKTS INC	24,996 (-11.7%)	$2.247M (+15.8%)	1.6%	$71.09	+9.7%	CL A	457030104
SITC	SITE CTRS CORP	57,000 (-33.7%)	$308K (-44.3%)	0.2%	$15.29	—	COM	82981J851
COF	CAPITAL ONE FINL CORP	2,755 (-6.8%)	$503K (-29.8%)	0.4%	$185.05	+20.6%	COM	14040H105
NSC	NORFOLK SOUTHN CORP	2,570 (-21.4%)	$738K (-21.9%)	0.5%	$225.08	+32.5%	COM	655844108
MGM	MGM RESORTS INTERNATIONAL	65,000 (-8.5%)	$2.406M (-7.1%)	1.7%	$34.28	+2.4%	COM	552953101
CFG	CITIZENS FINL GROUP INC	62,000 (-6.1%)	$3.718M (-3.6%)	2.7%	$29.98	+110.5%	COM	174610105
VTRS	VIATRIS INC	238,000 (-10.2%)	$3.215M (-2.5%)	2.3%	$10.67	+32.0%	COM	92556V106
CPAY	CORPAY INC	2,400 (-4.0%)	$698K (-7.2%)	0.5%	$287.05	+14.1%	COM SHS	219948106
CCS	CENTURY COMMUNITIES INC	10,071 (-2.9%)	$578K (-6.1%)	0.4%	$72.18	-6.7%	COM	156504300

Unchanged Positions (22)

SYF SYNCHRONY FINANCIAL 4.4%

Value $6.122M Shares 90,000 Est. Cost $36.31 Unrealized +110.1%

FHI FEDERATED HERMES INC 6.3%

Value $8.69M Shares 153,239 Est. Cost $31.42 Unrealized +70.4%

AXP AMERICAN EXPRESS CO 1.1%

Value $1.543M Shares 5,100 Est. Cost $137.48 Unrealized +159.1%

GPI GROUP 1 AUTOMOTIVE INC 1.2%

Value $1.617M Shares 4,890 Est. Cost $180.82 Unrealized +103.3%

ALSN ALLISON TRANSMISSION HLDGS I 0.8%

Value $1.089M Shares 9,300 Est. Cost $38.50 Unrealized +188.9%

TNL TRAVEL PLUS LEISURE CO 4.4%

Value $6.02M Shares 87,000 Est. Cost $45.22 Unrealized +61.0%

ABG ASBURY AUTOMOTIVE GROUP INC 0.6%

Value $782K Shares 4,000 Est. Cost $212.79 Unrealized +11.1%

LAD LITHIA MTRS INC 0.2%

Value $270K Shares 1,080 Est. Cost $271.01 Unrealized +18.7%

CI THE CIGNA GROUP 2.4%

Value $3.308M Shares 12,400 Est. Cost $289.19 Unrealized -2.9%

STRT STRATTEC SEC CORP 1.7%

Value $2.369M Shares 30,246 Est. Cost $32.46 Unrealized +158.1%

AN AUTONATION INC 0.8%

Value $1.103M Shares 5,650 Est. Cost $152.72 Unrealized +37.1%

PGR PROGRESSIVE CORP 0.3%

Value $396K Shares 2,000 Est. Cost $80.89 Unrealized +155.5%

CVS CVS HEALTH CORP 0.3%

Value $359K Shares 5,000 Est. Cost $67.82 Unrealized +15.0%

BFH BREAD FINANCIAL HOLDINGS INC 1.9%

Value $2.621M Shares 35,000 Est. Cost $43.33 Unrealized +70.5%

TMHC TAYLOR MORRISON HOME CORP 1.4%

Value $1.893M Shares 32,500 Est. Cost $27.38 Unrealized +133.5%

IJJ ISHARES TR 1.8%

Value $2.504M Shares 18,900 Est. Cost $652.90 Unrealized —

BYD BOYD GAMING CORP 0.2%

Value $329K Shares 4,000 Est. Cost $82.27 Unrealized +3.5%

LEGH LEGACY HOUSING CORP 0.2%

Value $245K Shares 12,000 Est. Cost $21.42 Unrealized -0.4%

BGS B & G FOODS INC 0.1%

Value $101K Shares 21,099 Est. Cost $13.61 Unrealized -65.9%

BRID BRIDGFORD FOODS CORP 0.1%

Value $186K Shares 25,017 Est. Cost $9.82 Unrealized -19.9%

IVOV VANGUARD ADMIRAL FDS INC 0.4%

Value $530K Shares 5,200 Est. Cost $312.47 Unrealized —

AZO AUTOZONE INC 0.2%

Value $236K Shares 70 Est. Cost $2858.33 Unrealized +26.8%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
SYF	SYNCHRONY FINANCIAL	90,000	$6.122M	4.4%	$36.31	+110.1%	COM	87165B103
FHI	FEDERATED HERMES INC	153,239	$8.69M	6.3%	$31.42	+70.4%	CL B	314211103
AXP	AMERICAN EXPRESS CO	5,100	$1.543M	1.1%	$137.48	+159.1%	COM	025816109
GPI	GROUP 1 AUTOMOTIVE INC	4,890	$1.617M	1.2%	$180.82	+103.3%	COM	398905109
ALSN	ALLISON TRANSMISSION HLDGS I	9,300	$1.089M	0.8%	$38.50	+188.9%	COM	01973R101
TNL	TRAVEL PLUS LEISURE CO	87,000	$6.02M	4.4%	$45.22	+61.0%	COM	894164102
ABG	ASBURY AUTOMOTIVE GROUP INC	4,000	$782K	0.6%	$212.79	+11.1%	COM	043436104
LAD	LITHIA MTRS INC	1,080	$270K	0.2%	$271.01	+18.7%	COM	536797103
CI	THE CIGNA GROUP	12,400	$3.308M	2.4%	$289.19	-2.9%	COM	125523100
STRT	STRATTEC SEC CORP	30,246	$2.369M	1.7%	$32.46	+158.1%	COM	863111100
AN	AUTONATION INC	5,650	$1.103M	0.8%	$152.72	+37.1%	COM	05329W102
PGR	PROGRESSIVE CORP	2,000	$396K	0.3%	$80.89	+155.5%	COM	743315103
CVS	CVS HEALTH CORP	5,000	$359K	0.3%	$67.82	+15.0%	COM	126650100
BFH	BREAD FINANCIAL HOLDINGS INC	35,000	$2.621M	1.9%	$43.33	+70.5%	COM	018581108
TMHC	TAYLOR MORRISON HOME CORP	32,500	$1.893M	1.4%	$27.38	+133.5%	COM	87724P106
IJJ	ISHARES TR	18,900	$2.504M	1.8%	$652.90	—	S&P MC 400VL ETF	464287705
BYD	BOYD GAMING CORP	4,000	$329K	0.2%	$82.27	+3.5%	COM	103304101
LEGH	LEGACY HOUSING CORP	12,000	$245K	0.2%	$21.42	-0.4%	COM	52472M101
BGS	B & G FOODS INC	21,099	$101K	0.1%	$13.61	-65.9%	COM	05508R106
BRID	BRIDGFORD FOODS CORP	25,017	$186K	0.1%	$9.82	-19.9%	COM	108763103
IVOV	VANGUARD ADMIRAL FDS INC	5,200	$530K	0.4%	$312.47	—	MIDCP 400 VAL	921932844
AZO	AUTOZONE INC	70	$236K	0.2%	$2858.33	+26.8%	COM	053332102