Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
SPY	STATE STR SPDR S&P 500 ETF T	370,000	$241M	60.7%	—	—	CALL	78462F103
BKLN	INVESCO EXCH TRADED FD TR II	844,400	$17.23M	4.3%	—	—	PUT	46138G508
RITM	RITHM CAPITAL CORP	1,000,000	$9.48M	2.4%	$9.48	—	CALL	64828T201
ITB	ISHARES TR	50,000	$4.527M	1.1%	—	—	CALL	464288752
DX	DYNEX CAP INC	345,000	$4.402M	1.1%	$12.76	—	COM	26817Q886
KBH	KB HOME	77,657	$4.019M	1.0%	$61.00	0.0%	COM	48666K109
FBIN	FORTUNE BRANDS INNOVATIONS I	100,000	$3.897M	1.0%	$56.84	0.0%	COM	34964C106
ESNT	ESSENT GROUP LTD	60,000	$3.506M	0.9%	$62.56	0.0%	COM	G3198U102
RITM	RITHM CAPITAL CORP	300,000	$2.844M	0.7%	$9.48	—	COM NEW	64828T201
COMP	COMPASS INC	256,987	$1.879M	0.5%	$11.75	0.0%	CL A	20464U100
COMP	COMPASS INC	200,000	$1.462M	0.4%	$11.75	0.0%	CALL	20464U100
JBBB	JANUS DETROIT STR TR	20,000	$932K	0.2%	—	—	PUT	47103U753

Increased Positions (7)

SPY STATE STR SPDR S&P 500 ETF T 6.6%

Value $26.01M (+27.2%) Shares 40,000 (+33.3%) Est. Cost — Unrealized —

PFSI PENNYMAC FINL SVCS INC NEW 1.4%

Value $5.745M (+117.9%) Shares 65,727 (+228.6%) Est. Cost $115.89 Unrealized +3.2%

CCS CENTURY COMMUNITIES INC 0.8%

Value $3.23M (+293.7%) Shares 56,285 (+307.2%) Est. Cost $65.72 Unrealized +2.5%

MHO M/I HOMES INC 1.5%

Value $5.841M (+65.8%) Shares 47,700 (+73.3%) Est. Cost $125.80 Unrealized +9.6%

CPT CAMDEN PPTY TR 1.4%

Value $5.388M (+26.5%) Shares 55,176 (+42.6%) Est. Cost $105.24 Unrealized +4.7%

MAA MID-AMER APT CMNTYS INC 1.1%

Value $4.25M (+23.4%) Shares 34,800 (+40.3%) Est. Cost $134.76 Unrealized +3.2%

NVR NVR INC 0.5%

Value $1.799M (-1.3%) Shares 273 (+9.2%) Est. Cost $7488.72 Unrealized +1.8%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
SPY	STATE STR SPDR S&P 500 ETF T	40,000 (+33.3%)	$26.01M (+27.2%)	6.6%	—	—	PUT	78462F103
PFSI	PENNYMAC FINL SVCS INC NEW	65,727 (+228.6%)	$5.745M (+117.9%)	1.4%	$115.89	+3.2%	COM	70932M107
CCS	CENTURY COMMUNITIES INC	56,285 (+307.2%)	$3.23M (+293.7%)	0.8%	$65.72	+2.5%	COM	156504300
MHO	M/I HOMES INC	47,700 (+73.3%)	$5.841M (+65.8%)	1.5%	$125.80	+9.6%	COM	55305B101
CPT	CAMDEN PPTY TR	55,176 (+42.6%)	$5.388M (+26.5%)	1.4%	$105.24	+4.7%	SH BEN INT	133131102
MAA	MID-AMER APT CMNTYS INC	34,800 (+40.3%)	$4.25M (+23.4%)	1.1%	$134.76	+3.2%	COM	59522J103
NVR	NVR INC	273 (+9.2%)	$1.799M (-1.3%)	0.5%	$7488.72	+1.8%	COM	62944T105

Exited Positions (12)

DHI D R HORTON INC 3.6%

Value $14.4M Shares 100,000 Est. Cost — Unrealized —

ITB ISHARES TR 2.4%

Value $9.63M Shares 100,000 Est. Cost — Unrealized —

RDN RADIAN GROUP INC 1.1%

Value $4.319M Shares 120,000 Est. Cost $34.76 Unrealized -3.0%

CVCO CAVCO INDS INC DEL 0.8%

Value $2.979M Shares 5,043 Est. Cost $566.58 Unrealized +6.6%

MAS MASCO CORP 0.7%

Value $2.856M Shares 45,000 Est. Cost $64.75 Unrealized +9.0%

OC OWENS CORNING NEW 0.7%

Value $2.786M Shares 24,893 Est. Cost $117.36 Unrealized +7.1%

SKY CHAMPION HOMES INC 0.7%

Value $2.69M Shares 31,829 Est. Cost $70.62 Unrealized +27.8%

TREX TREX CO INC 0.5%

Value $2.105M Shares 60,000 Est. Cost $40.45 Unrealized +3.2%

TMHC TAYLOR MORRISON HOME CORP 0.4%

Value $1.766M Shares 30,000 Est. Cost $59.60 Unrealized +7.3%

— PENNYMAC CORP 0.3%

Value $1.004M Shares 1,000,000 Est. Cost $0.96 Unrealized —

LEGH LEGACY HOUSING CORP 0.1%

Value $342K Shares 17,524 Est. Cost $21.42 Unrealized -0.4%

MBC MASTERBRAND INC 0.0%

Value $117K Shares 10,566 Est. Cost $12.36 Unrealized -1.8%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
DHI	D R HORTON INC	100,000	$14.4M	3.6%	—	—	PUT	23331A109
ITB	ISHARES TR	100,000	$9.63M	2.4%	—	—	PUT	464288752
RDN	RADIAN GROUP INC	120,000	$4.319M	1.1%	$34.76	-3.0%	—	750236101
CVCO	CAVCO INDS INC DEL	5,043	$2.979M	0.8%	$566.58	+6.6%	—	149568107
MAS	MASCO CORP	45,000	$2.856M	0.7%	$64.75	+9.0%	—	574599106
OC	OWENS CORNING NEW	24,893	$2.786M	0.7%	$117.36	+7.1%	—	690742101
SKY	CHAMPION HOMES INC	31,829	$2.69M	0.7%	$70.62	+27.8%	—	830830105
TREX	TREX CO INC	60,000	$2.105M	0.5%	$40.45	+3.2%	—	89531P105
TMHC	TAYLOR MORRISON HOME CORP	30,000	$1.766M	0.4%	$59.60	+7.3%	—	87724P106
—	PENNYMAC CORP	1,000,000	$1.004M	0.3%	$0.96	—	—	70932AAF0
LEGH	LEGACY HOUSING CORP	17,524	$342K	0.1%	$21.42	-0.4%	—	52472M101
MBC	MASTERBRAND INC	10,566	$117K	0.0%	$12.36	-1.8%	—	57638P104

Decreased Positions (2)

FND FLOOR & DECOR HLDGS INC 0.5%

Value $2.032M (-42.6%) Shares 40,000 (-31.2%) Est. Cost $64.82 Unrealized +7.9%

MFA MFA FINL INC 1.5%

Value $6.117M (-8.7%) Shares 638,478 (-11.3%) Est. Cost $9.76 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
FND	FLOOR & DECOR HLDGS INC	40,000 (-31.2%)	$2.032M (-42.6%)	0.5%	$64.82	+7.9%	CL A	339750101
MFA	MFA FINL INC	638,478 (-11.3%)	$6.117M (-8.7%)	1.5%	$9.76	—	COM	55272X607

Unchanged Positions (6)

EFC ELLINGTON FINANCIAL INC 2.9%

Value $11.39M Shares 961,018 Est. Cost $18.06 Unrealized —

IWM ISHARES TR 6.3%

Value $24.8M Shares 100,000 Est. Cost — Unrealized —

EARN ELLINGTON CREDIT COMPANY 0.2%

Value $660K Shares 149,086 Est. Cost $11.37 Unrealized —

BLNE BEELINE HOLDINGS INC 0.1%

Value $460K Shares 195,781 Est. Cost $6.47 Unrealized -56.1%

SRLN SSGA ACTIVE ETF TR 0.9%

Value $3.424M Shares 85,300 Est. Cost — Unrealized —

OPRT OPORTUN FINL CORP 0.2%

Value $642K Shares 139,172 Est. Cost $5.53 Unrealized -4.0%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
EFC	ELLINGTON FINANCIAL INC	961,018	$11.39M	2.9%	$18.06	—	COM	28852N109
IWM	ISHARES TR	100,000	$24.8M	6.3%	—	—	PUT	464287655
EARN	ELLINGTON CREDIT COMPANY	149,086	$660K	0.2%	$11.37	—	COM SHS BEN INT	288578107
BLNE	BEELINE HOLDINGS INC	195,781	$460K	0.1%	$6.47	-56.1%	COM NEW	277802500
SRLN	SSGA ACTIVE ETF TR	85,300	$3.424M	0.9%	—	—	PUT	78467V608
OPRT	OPORTUN FINL CORP	139,172	$642K	0.2%	$5.53	-4.0%	COM	68376D104