Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
FNF	FIDELITY NATL FINL INC	190,000	$8.812M	3.4%	$54.54	0.0%	PUT	31620R303
FNF	FIDELITY NATL FINL INC	183,100	$8.492M	3.3%	$54.54	0.0%	COM SHS	31620R303
QQQ	INVESCO QQQ TR	10,000	$5.772M	2.2%	$577.18	—	PUT	46090E103
CBSH	COMMERCE BANCSHARES INC	85,000	$4.182M	1.6%	$53.64	0.0%	COM	200525103
QQQ	INVESCO QQQ TR	7,140	$4.121M	1.6%	$577.18	—	UNIT SER 1	46090E103
ASB	ASSOCIATED BANC-CORP	150,000	$3.879M	1.5%	$27.38	0.0%	COM	045487105
BANR	BANNER CORP	60,000	$3.641M	1.4%	$63.22	0.0%	COM NEW	06652V208
COLB	COLUMBIA BKG SYS INC	111,586	$3.061M	1.2%	$29.96	0.0%	COM	197236102
SCHW	SCHWAB CHARLES CORP	32,500	$3.054M	1.2%	$100.12	0.0%	PUT	808513105
SCHW	SCHWAB CHARLES CORP	28,977	$2.723M	1.0%	$100.12	0.0%	COM	808513105
CBRE	CBRE GROUP INC	20,000	$2.709M	1.0%	$161.40	0.0%	PUT	12504L109
OFG	OFG BANCORP	61,794	$2.5M	1.0%	$41.04	0.0%	COM	67103X102
CBRE	CBRE GROUP INC	17,350	$2.35M	0.9%	$161.40	0.0%	CL A	12504L109
REM	ISHARES TR	100,000	$2.147M	0.8%	—	—	PUT	46435G342
EFC	ELLINGTON FINANCIAL INC	176,500	$2.092M	0.8%	$11.85	—	COM	28852N109
KRE	SPDR SERIES TRUST	25,000	$1.629M	0.6%	—	—	CALL	78464A698
FBP	FIRST BANCORP CORPORATION	64,646	$1.381M	0.5%	$21.95	0.0%	COM NEW	318672706
NRIM	NORTHRIM BANCORP INC	50,540	$1.156M	0.4%	$26.02	0.0%	COM	666762109
KIE	SPDR SERIES TRUST	10,000	$550K	0.2%	—	—	PUT	78464A789
JLL	JONES LANG LASALLE INC	1,733	$527K	0.2%	$336.02	0.0%	COM	48020Q107
FG	F&G ANNUITIES & LIFE INC	15,000	$380K	0.1%	$27.80	0.0%	COMMON STOCK	30190A104
PGR	PROGRESSIVE CORP	1,500	$297K	0.1%	$206.69	0.0%	COM	743315103
NBTB	NBT BANCORP INC	5,168	$220K	0.1%	$44.33	0.0%	COM	628778102

Increased Positions (17)

XLF SELECT SECTOR SPDR TR 4.7%

Value $12.34M (+275.6%) Shares 250,000 (+316.7%) Est. Cost $50.36 Unrealized —

XLF SELECT SECTOR SPDR TR 3.6%

Value $9.232M (+392.9%) Shares 187,000 (+446.8%) Est. Cost $50.36 Unrealized —

KRE SPDR SERIES TRUST 9.2%

Value $23.78M (+33.4%) Shares 365,000 (+32.7%) Est. Cost — Unrealized —

APO APOLLO GLOBAL MGMT INC 1.7%

Value $4.457M (+71.0%) Shares 40,000 (+122.2%) Est. Cost $133.03 Unrealized +0.3%

APO APOLLO GLOBAL MGMT INC 1.7%

Value $4.457M (+53.9%) Shares 40,000 (+100.0%) Est. Cost $133.03 Unrealized +0.3%

UMBF UMB FINL CORP 0.9%

Value $2.365M (+105.6%) Shares 20,968 (+109.7%) Est. Cost $115.91 Unrealized +7.9%

SPGI S&P GLOBAL INC 1.1%

Value $2.829M (+69.1%) Shares 6,650 (+107.8%) Est. Cost $508.63 Unrealized -4.6%

ONB OLD NATL BANCORP IND 1.6%

Value $4.199M (+29.8%) Shares 190,000 (+31.0%) Est. Cost $22.22 Unrealized +8.7%

NWBI NORTHWEST BANCSHARES INC 0.7%

Value $1.928M (+78.6%) Shares 151,965 (+68.8%) Est. Cost $12.19 Unrealized +3.4%

FFBC 1ST FINL BANCORP 0.8%

Value $2.136M (+42.3%) Shares 76,611 (+27.7%) Est. Cost $25.54 Unrealized +10.5%

BAC BANK AMERICA CORP 0.8%

Value $2.194M (+33.0%) Shares 45,000 (+50.0%) Est. Cost $47.30 Unrealized +13.5%

HBNC HORIZON BANCORP IND 0.8%

Value $1.961M (+21.1%) Shares 118,372 (+24.0%) Est. Cost $16.33 Unrealized +8.1%

TOWN TOWNEBANK PORTSMOUTH VA 0.8%

Value $2.131M (+16.1%) Shares 63,302 (+15.1%) Est. Cost $33.92 Unrealized +4.9%

BAC BANK AMERICA CORP 1.2%

Value $3.169M (-4.0%) Shares 65,000 (+8.3%) Est. Cost $47.30 Unrealized +13.5%

JPM JPMORGAN CHASE & CO 1.5%

Value $3.971M (-1.4%) Shares 13,500 (+8.0%) Est. Cost $287.96 Unrealized +8.1%

SPGI S&P GLOBAL INC 1.2%

Value $3.19M (+1.7%) Shares 7,500 (+25.0%) Est. Cost $508.63 Unrealized -4.6%

FNB F N B CORP 0.9%

Value $2.441M (-0.9%) Shares 145,979 (+1.4%) Est. Cost $15.54 Unrealized +14.6%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
XLF	SELECT SECTOR SPDR TR	250,000 (+316.7%)	$12.34M (+275.6%)	4.7%	$50.36	—	PUT	81369Y605
XLF	SELECT SECTOR SPDR TR	187,000 (+446.8%)	$9.232M (+392.9%)	3.6%	$50.36	—	STATE STREET FIN	81369Y605
KRE	SPDR SERIES TRUST	365,000 (+32.7%)	$23.78M (+33.4%)	9.2%	—	—	PUT	78464A698
APO	APOLLO GLOBAL MGMT INC	40,000 (+122.2%)	$4.457M (+71.0%)	1.7%	$133.03	+0.3%	COM	03769M106
APO	APOLLO GLOBAL MGMT INC	40,000 (+100.0%)	$4.457M (+53.9%)	1.7%	$133.03	+0.3%	PUT	03769M106
UMBF	UMB FINL CORP	20,968 (+109.7%)	$2.365M (+105.6%)	0.9%	$115.91	+7.9%	COM	902788108
SPGI	S&P GLOBAL INC	6,650 (+107.8%)	$2.829M (+69.1%)	1.1%	$508.63	-4.6%	COM	78409V104
ONB	OLD NATL BANCORP IND	190,000 (+31.0%)	$4.199M (+29.8%)	1.6%	$22.22	+8.7%	COM	680033107
NWBI	NORTHWEST BANCSHARES INC	151,965 (+68.8%)	$1.928M (+78.6%)	0.7%	$12.19	+3.4%	COM	667340103
FFBC	1ST FINL BANCORP	76,611 (+27.7%)	$2.136M (+42.3%)	0.8%	$25.54	+10.5%	COM	320209109
BAC	BANK AMERICA CORP	45,000 (+50.0%)	$2.194M (+33.0%)	0.8%	$47.30	+13.5%	COM	060505104
HBNC	HORIZON BANCORP IND	118,372 (+24.0%)	$1.961M (+21.1%)	0.8%	$16.33	+8.1%	COM	440407104
TOWN	TOWNEBANK PORTSMOUTH VA	63,302 (+15.1%)	$2.131M (+16.1%)	0.8%	$33.92	+4.9%	COM	89214P109
BAC	BANK AMERICA CORP	65,000 (+8.3%)	$3.169M (-4.0%)	1.2%	$47.30	+13.5%	PUT	060505104
JPM	JPMORGAN CHASE & CO	13,500 (+8.0%)	$3.971M (-1.4%)	1.5%	$287.96	+8.1%	COM	46625H100
SPGI	S&P GLOBAL INC	7,500 (+25.0%)	$3.19M (+1.7%)	1.2%	$508.63	-4.6%	PUT	78409V104
FNB	F N B CORP	145,979 (+1.4%)	$2.441M (-0.9%)	0.9%	$15.54	+14.6%	COM	302520101

Exited Positions (38)

USB US BANCORP DEL 2.7%

Value $6.937M Shares 130,000 Est. Cost $41.56 Unrealized +36.3%

BIZD VANECK ETF TRUST 2.2%

Value $5.672M Shares 400,000 Est. Cost $14.18 Unrealized —

CB CHUBB LIMITED 1.5%

Value $3.901M Shares 12,500 Est. Cost $275.21 Unrealized +14.9%

BIZD VANECK ETF TRUST 1.5%

Value $3.885M Shares 274,000 Est. Cost $14.18 Unrealized —

C CITIGROUP INC 1.3%

Value $3.501M Shares 30,000 Est. Cost $74.53 Unrealized +55.9%

RF REGIONS FINANCIAL CORP NEW 1.3%

Value $3.388M Shares 125,000 Est. Cost $25.00 Unrealized +15.9%

HIG HARTFORD INSURANCE GROUP INC 1.3%

Value $3.307M Shares 24,000 Est. Cost $127.36 Unrealized +7.4%

BXSL BLACKSTONE SECD LENDING FD 1.3%

Value $3.291M Shares 125,000 Est. Cost $26.09 Unrealized -2.4%

ICE INTERCONTINENTAL EXCHANGE IN 1.2%

Value $3.239M Shares 20,000 Est. Cost $177.73 Unrealized -7.2%

TRV TRAVELERS COMPANIES INC 1.2%

Value $3.191M Shares 11,000 Est. Cost $280.61 Unrealized +2.8%

BRO BROWN & BROWN INC 1.2%

Value $3.188M Shares 40,000 Est. Cost $83.36 Unrealized -11.0%

PNC PNC FINL SVCS GROUP INC 1.2%

Value $3.131M Shares 15,000 Est. Cost $183.33 Unrealized +22.7%

V VISA INC 1.1%

Value $2.981M Shares 8,500 Est. Cost $340.38 Unrealized -3.3%

BXSL BLACKSTONE SECD LENDING FD 1.1%

Value $2.817M Shares 107,000 Est. Cost $26.09 Unrealized -2.4%

RJF RAYMOND JAMES FINL INC 1.1%

Value $2.81M Shares 17,500 Est. Cost $164.67 Unrealized +0.4%

GL GLOBE LIFE INC 1.1%

Value $2.797M Shares 20,000 Est. Cost $119.76 Unrealized +18.4%

USB US BANCORP DEL 1.0%

Value $2.668M Shares 50,000 Est. Cost $41.56 Unrealized +36.3%

TFC TRUIST FINL CORP 0.9%

Value $2.461M Shares 50,000 Est. Cost $41.19 Unrealized +24.2%

MFA MFA FINL INC 0.9%

Value $2.351M Shares 252,500 Est. Cost $9.19 Unrealized —

MFA MFA FINL INC 0.9%

Value $2.328M Shares 250,000 Est. Cost $9.19 Unrealized —

BRO BROWN & BROWN INC 0.9%

Value $2.24M Shares 28,109 Est. Cost $83.36 Unrealized -11.0%

RF REGIONS FINANCIAL CORP NEW 0.8%

Value $2.168M Shares 80,000 Est. Cost $25.00 Unrealized +15.9%

ITB ISHARES TR 0.7%

Value $1.926M Shares 20,000 Est. Cost $96.30 Unrealized —

CB CHUBB LIMITED 0.7%

Value $1.873M Shares 6,000 Est. Cost $275.21 Unrealized +14.9%

WD WALKER & DUNLOP INC 0.7%

Value $1.804M Shares 30,000 Est. Cost $73.70 Unrealized -14.9%

ITB ISHARES TR 0.7%

Value $1.791M Shares 18,600 Est. Cost $96.30 Unrealized —

PNC PNC FINL SVCS GROUP INC 0.6%

Value $1.67M Shares 8,000 Est. Cost $183.33 Unrealized +22.7%

V VISA INC 0.6%

Value $1.669M Shares 4,760 Est. Cost $340.38 Unrealized -3.3%

RJF RAYMOND JAMES FINL INC 0.6%

Value $1.63M Shares 10,148 Est. Cost $164.67 Unrealized +0.4%

TFC TRUIST FINL CORP 0.6%

Value $1.575M Shares 32,000 Est. Cost $41.19 Unrealized +24.2%

WD WALKER & DUNLOP INC 0.6%

Value $1.492M Shares 24,800 Est. Cost $73.70 Unrealized -14.9%

TRV TRAVELERS COMPANIES INC 0.6%

Value $1.45M Shares 5,000 Est. Cost $280.61 Unrealized +2.8%

— PINNACLE FINL PARTNERS INC 0.6%

Value $1.431M Shares 15,000 Est. Cost $95.41 Unrealized —

HIG HARTFORD INSURANCE GROUP INC 0.5%

Value $1.24M Shares 9,000 Est. Cost $127.36 Unrealized +7.4%

ICE INTERCONTINENTAL EXCHANGE IN 0.3%

Value $794K Shares 4,900 Est. Cost $177.73 Unrealized -7.2%

— PINNACLE FINL PARTNERS INC 0.3%

Value $716K Shares 7,500 Est. Cost $95.41 Unrealized —

BPOP POPULAR INC 0.1%

Value $374K Shares 3,000 Est. Cost $94.42 Unrealized +43.2%

FAF FIRST AMERN FINL CORP 0.1%

Value $307K Shares 5,000 Est. Cost $60.86 Unrealized +5.4%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
USB	US BANCORP DEL	130,000	$6.937M	2.7%	$41.56	+36.3%	PUT	902973304
BIZD	VANECK ETF TRUST	400,000	$5.672M	2.2%	$14.18	—	PUT	92189F411
CB	CHUBB LIMITED	12,500	$3.901M	1.5%	$275.21	+14.9%	PUT	H1467J104
BIZD	VANECK ETF TRUST	274,000	$3.885M	1.5%	$14.18	—	—	92189F411
C	CITIGROUP INC	30,000	$3.501M	1.3%	$74.53	+55.9%	PUT	172967424
RF	REGIONS FINANCIAL CORP NEW	125,000	$3.388M	1.3%	$25.00	+15.9%	PUT	7591EP100
HIG	HARTFORD INSURANCE GROUP INC	24,000	$3.307M	1.3%	$127.36	+7.4%	PUT	416515104
BXSL	BLACKSTONE SECD LENDING FD	125,000	$3.291M	1.3%	$26.09	-2.4%	PUT	09261X102
ICE	INTERCONTINENTAL EXCHANGE IN	20,000	$3.239M	1.2%	$177.73	-7.2%	PUT	45866F104
TRV	TRAVELERS COMPANIES INC	11,000	$3.191M	1.2%	$280.61	+2.8%	PUT	89417E109
BRO	BROWN & BROWN INC	40,000	$3.188M	1.2%	$83.36	-11.0%	PUT	115236101
PNC	PNC FINL SVCS GROUP INC	15,000	$3.131M	1.2%	$183.33	+22.7%	PUT	693475105
V	VISA INC	8,500	$2.981M	1.1%	$340.38	-3.3%	PUT	92826C839
BXSL	BLACKSTONE SECD LENDING FD	107,000	$2.817M	1.1%	$26.09	-2.4%	—	09261X102
RJF	RAYMOND JAMES FINL INC	17,500	$2.81M	1.1%	$164.67	+0.4%	PUT	754730109
GL	GLOBE LIFE INC	20,000	$2.797M	1.1%	$119.76	+18.4%	PUT	37959E102
USB	US BANCORP DEL	50,000	$2.668M	1.0%	$41.56	+36.3%	—	902973304
TFC	TRUIST FINL CORP	50,000	$2.461M	0.9%	$41.19	+24.2%	PUT	89832Q109
MFA	MFA FINL INC	252,500	$2.351M	0.9%	$9.19	—	—	55272X607
MFA	MFA FINL INC	250,000	$2.328M	0.9%	$9.19	—	PUT	55272X607
BRO	BROWN & BROWN INC	28,109	$2.24M	0.9%	$83.36	-11.0%	—	115236101
RF	REGIONS FINANCIAL CORP NEW	80,000	$2.168M	0.8%	$25.00	+15.9%	—	7591EP100
ITB	ISHARES TR	20,000	$1.926M	0.7%	$96.30	—	PUT	464288752
CB	CHUBB LIMITED	6,000	$1.873M	0.7%	$275.21	+14.9%	—	H1467J104
WD	WALKER & DUNLOP INC	30,000	$1.804M	0.7%	$73.70	-14.9%	PUT	93148P102
ITB	ISHARES TR	18,600	$1.791M	0.7%	$96.30	—	—	464288752
PNC	PNC FINL SVCS GROUP INC	8,000	$1.67M	0.6%	$183.33	+22.7%	—	693475105
V	VISA INC	4,760	$1.669M	0.6%	$340.38	-3.3%	—	92826C839
RJF	RAYMOND JAMES FINL INC	10,148	$1.63M	0.6%	$164.67	+0.4%	—	754730109
TFC	TRUIST FINL CORP	32,000	$1.575M	0.6%	$41.19	+24.2%	—	89832Q109
WD	WALKER & DUNLOP INC	24,800	$1.492M	0.6%	$73.70	-14.9%	—	93148P102
TRV	TRAVELERS COMPANIES INC	5,000	$1.45M	0.6%	$280.61	+2.8%	—	89417E109
—	PINNACLE FINL PARTNERS INC	15,000	$1.431M	0.6%	$95.41	—	PUT	72348Q104
HIG	HARTFORD INSURANCE GROUP INC	9,000	$1.24M	0.5%	$127.36	+7.4%	—	416515104
ICE	INTERCONTINENTAL EXCHANGE IN	4,900	$794K	0.3%	$177.73	-7.2%	—	45866F104
—	PINNACLE FINL PARTNERS INC	7,500	$716K	0.3%	$95.41	—	—	72348Q104
BPOP	POPULAR INC	3,000	$374K	0.1%	$94.42	+43.2%	—	733174700
FAF	FIRST AMERN FINL CORP	5,000	$307K	0.1%	$60.86	+5.4%	—	31847R102

Decreased Positions (13)

RSP INVESCO EXCHANGE TRADED FD T 21.0%

Value $54.7M (-74.1%) Shares 285,000 (-74.2%) Est. Cost — Unrealized —

BBT BEACON FINANCIAL CORP. 4.6%

Value $11.84M (-17.6%) Shares 394,828 (-27.5%) Est. Cost $26.59 Unrealized +8.7%

ARCC ARES CAPITAL CORP 1.4%

Value $3.604M (-40.6%) Shares 200,000 (-33.3%) Est. Cost $19.79 Unrealized +1.1%

WSBC WESBANCO INC 0.1%

Value $259K (-90.3%) Shares 7,500 (-90.7%) Est. Cost $31.26 Unrealized +13.8%

SBSI SOUTHSIDE BANCSHARES INC 0.2%

Value $466K (-82.0%) Shares 15,000 (-82.4%) Est. Cost $29.94 Unrealized +8.1%

ARCC ARES CAPITAL CORP 1.3%

Value $3.338M (-38.9%) Shares 185,258 (-31.4%) Est. Cost $19.79 Unrealized +1.1%

JPM JPMORGAN CHASE & CO 2.3%

Value $5.883M (-18.9%) Shares 20,000 (-11.1%) Est. Cost $287.96 Unrealized +8.1%

C CITIGROUP INC 0.1%

Value $284K (-82.0%) Shares 2,500 (-81.5%) Est. Cost $74.53 Unrealized +55.9%

BUSE FIRST BUSEY CORP 0.2%

Value $505K (-70.5%) Shares 20,000 (-72.2%) Est. Cost $21.94 Unrealized +15.0%

RITM RITHM CAPITAL CORP 1.5%

Value $3.846M (-17.2%) Shares 405,707 (-4.8%) Est. Cost $11.12 Unrealized —

GL GLOBE LIFE INC 0.1%

Value $348K (-66.8%) Shares 2,500 (-66.7%) Est. Cost $119.76 Unrealized +18.4%

TMHC TAYLOR MORRISON HOME CORP 0.1%

Value $349K (-34.0%) Shares 6,000 (-33.3%) Est. Cost $61.95 Unrealized +3.2%

FULT FULTON FINL CORP PA 0.4%

Value $956K (-14.0%) Shares 47,000 (-18.3%) Est. Cost $18.56 Unrealized +12.8%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
RSP	INVESCO EXCHANGE TRADED FD T	285,000 (-74.2%)	$54.7M (-74.1%)	21.0%	—	—	PUT	46137V357
BBT	BEACON FINANCIAL CORP.	394,828 (-27.5%)	$11.84M (-17.6%)	4.6%	$26.59	+8.7%	COM	084680107
ARCC	ARES CAPITAL CORP	200,000 (-33.3%)	$3.604M (-40.6%)	1.4%	$19.79	+1.1%	PUT	04010L103
WSBC	WESBANCO INC	7,500 (-90.7%)	$259K (-90.3%)	0.1%	$31.26	+13.8%	COM	950810101
SBSI	SOUTHSIDE BANCSHARES INC	15,000 (-82.4%)	$466K (-82.0%)	0.2%	$29.94	+8.1%	COM	84470P109
ARCC	ARES CAPITAL CORP	185,258 (-31.4%)	$3.338M (-38.9%)	1.3%	$19.79	+1.1%	COM	04010L103
JPM	JPMORGAN CHASE & CO	20,000 (-11.1%)	$5.883M (-18.9%)	2.3%	$287.96	+8.1%	PUT	46625H100
C	CITIGROUP INC	2,500 (-81.5%)	$284K (-82.0%)	0.1%	$74.53	+55.9%	COM NEW	172967424
BUSE	FIRST BUSEY CORP	20,000 (-72.2%)	$505K (-70.5%)	0.2%	$21.94	+15.0%	COM NEW	319383204
RITM	RITHM CAPITAL CORP	405,707 (-4.8%)	$3.846M (-17.2%)	1.5%	$11.12	—	COM NEW	64828T201
GL	GLOBE LIFE INC	2,500 (-66.7%)	$348K (-66.8%)	0.1%	$119.76	+18.4%	COM	37959E102
TMHC	TAYLOR MORRISON HOME CORP	6,000 (-33.3%)	$349K (-34.0%)	0.1%	$61.95	+3.2%	COM	87724P106
FULT	FULTON FINL CORP PA	47,000 (-18.3%)	$956K (-14.0%)	0.4%	$18.56	+12.8%	COM	360271100

Unchanged Positions (5)

BANC BANC OF CALIFORNIA INC 4.9%

Value $12.75M Shares 725,000 Est. Cost $11.64 Unrealized +73.1%

RITM RITHM CAPITAL CORP 1.6%

Value $4.266M Shares 450,000 Est. Cost $11.12 Unrealized —

FLG FLAGSTAR BANK NATIONAL ASSOC 0.8%

Value $2.195M Shares 166,666 Est. Cost $10.59 Unrealized +26.2%

FISI FINANCIAL INSTITUTIONS INC 0.6%

Value $1.585M Shares 50,000 Est. Cost $24.34 Unrealized +35.1%

BKU BANKUNITED INC 0.1%

Value $226K Shares 5,000 Est. Cost $35.30 Unrealized +35.5%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
BANC	BANC OF CALIFORNIA INC	725,000	$12.75M	4.9%	$11.64	+73.1%	COM	05990K106
RITM	RITHM CAPITAL CORP	450,000	$4.266M	1.6%	$11.12	—	PUT	64828T201
FLG	FLAGSTAR BANK NATIONAL ASSOC	166,666	$2.195M	0.8%	$10.59	+26.2%	COM NEW	649445400
FISI	FINANCIAL INSTITUTIONS INC	50,000	$1.585M	0.6%	$24.34	+35.1%	COM	317585404
BKU	BANKUNITED INC	5,000	$226K	0.1%	$35.30	+35.5%	COM	06652K103