Azora Capital LP Quant / Systematic

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
UPST	UPSTART HLDGS INC	882,231	$38,580	2.4%	$46.04	0.0%	COM	91680M107
SCHW	SCHWAB CHARLES CORP	267,195	$26,695	1.7%	$94.74	0.0%	COM	808513105
DLO	DLOCAL LTD	1,547,965	$21,888	1.4%	$14.11	0.0%	CLASS A COM	G29018101
NP	NEPTUNE INS HLDGS INC	743,987	$21,695	1.4%	$26.30	0.0%	CL A	64073B103
EWBC	EAST WEST BANCORP INC	172,673	$19,407	1.2%	$105.17	0.0%	COM	27579R104
SLM	SLM CORP	665,688	$18,014	1.1%	$27.43	0.0%	COM	78442P106
SEIC	SEI INVTS CO	216,465	$17,754	1.1%	$81.71	0.0%	COM	784117103
INDB	INDEPENDENT BK CORP MASS	221,838	$16,212	1.0%	$70.51	0.0%	COM	453836108
CBC	CENTRAL BANCOMPANY	581,710	$14,031	0.9%	$23.43	0.0%	COM CL A	152413100
CIFR	CIPHER MINING INC	890,561	$13,145	0.8%	$17.65	0.0%	COM	17253J106
WLTH	WEALTHFRONT CORP	300,518	$4,084	0.3%	$13.20	0.0%	COM	947002101
COLB	COLUMBIA BKG SYS INC	121,708	$3,402	0.2%	$26.85	0.0%	COM	197236102
PFBC	PREFERRED BK LOS ANGELES CA	32,882	$3,105	0.2%	$93.22	0.0%	COM NEW	740367404
WAFD	WAFD INC	75,357	$2,414	0.2%	$30.49	0.0%	COM	938824109
SFST	SOUTHERN FIRST BANCSHARES	12,526	$645	0.0%	$47.95	0.0%	COM	842873101
RBB	RBB BANCORP	30,913	$638	0.0%	$19.66	0.0%	COM	74930B105
DCOM	DIME CMNTY BANCSHARES INC	18,669	$562	0.0%	$28.60	0.0%	COM	25432X102

Increased Positions (18)

BBT BEACON FINANCIAL CORP. 5.2%

Value ($000) $82,619 (+516.8%) Shares 3,133,051 (+454.5%) Est. Cost $24.94 Unrealized -0.0%

OMF ONEMAIN HLDGS INC 5.8%

Value ($000) $92,066 (+271.8%) Shares 1,362,934 (+210.7%) Est. Cost $58.67 Unrealized +3.6%

BEN FRANKLIN RESOURCES INC 8.7%

Value ($000) $138,480 (+84.6%) Shares 5,796,575 (+78.8%) Est. Cost $21.09 Unrealized +7.4%

SYF SYNCHRONY FINANCIAL 3.5%

Value ($000) $55,654 (+473.9%) Shares 667,070 (+388.7%) Est. Cost $75.44 Unrealized +1.2%

LPLA LPL FINL HLDGS INC 10.1%

Value ($000) $160,080 (+36.2%) Shares 448,189 (+26.8%) Est. Cost $254.32 Unrealized +39.1%

C CITIGROUP INC 5.9%

Value ($000) $93,617 (+79.9%) Shares 802,268 (+56.5%) Est. Cost $82.90 Unrealized +25.0%

ARX ACCELERANT HOLDINGS 2.5%

Value ($000) $39,879 (+327.1%) Shares 2,439,094 (+288.9%) Est. Cost $16.48 Unrealized -14.6%

UWMC UWM HOLDINGS CORPORATION 3.1%

Value ($000) $49,477 (+137.9%) Shares 11,296,053 (+230.8%) Est. Cost $5.17 Unrealized +4.0%

IBOC INTERNATIONAL BANCSHARES COR 6.4%

Value ($000) $101,277 (+30.6%) Shares 1,524,345 (+35.1%) Est. Cost $56.04 Unrealized +19.6%

HUT HUT 8 CORP 2.0%

Value ($000) $31,721 (+271.1%) Shares 690,492 (+181.2%) Est. Cost $37.44 Unrealized +17.7%

RELY REMITLY GLOBAL INC 2.5%

Value ($000) $39,738 (+27.3%) Shares 2,879,568 (+50.4%) Est. Cost $16.80 Unrealized -13.5%

CCB COASTAL FINL CORP WA 4.5%

Value ($000) $70,845 (+10.8%) Shares 618,244 (+4.6%) Est. Cost $79.18 Unrealized +37.8%

WT WISDOMTREE INC 4.7%

Value ($000) $74,970 (-4.2%) Shares 6,150,111 (+9.3%) Est. Cost $7.23 Unrealized +67.0%

BRBS BLUE RIDGE BANKSHARES INC VA 1.3%

Value ($000) $21,085 (+11.5%) Shares 4,937,973 (+10.5%) Est. Cost $2.99 Unrealized +41.9%

OBT ORANGE CNTY BANCORP INC 0.1%

Value ($000) $1,533 (+21.6%) Shares 53,679 (+7.4%) Est. Cost $24.54 Unrealized +7.1%

OBK ORIGIN BANCORP INC 0.0%

Value ($000) $640 (+13.3%) Shares 17,012 (+4.0%) Est. Cost $33.22 Unrealized +7.8%

PGC PEAPACK-GLADSTONE FINL CORP 0.0%

Value ($000) $308 (+5.0%) Shares 11,058 (+4.1%) Est. Cost $27.29 Unrealized -0.4%

SLNH SOLUNA HOLDINGS INC 0.0%

Value ($000) $34 (-1.6%) Shares 29,369 (+97.7%) Est. Cost $1.55 Unrealized +46.7%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
BBT	BEACON FINANCIAL CORP.	3,133,051 (+454.5%)	$82,619 (+516.8%)	5.2%	$24.94	-0.0%	COM	084680107
OMF	ONEMAIN HLDGS INC	1,362,934 (+210.7%)	$92,066 (+271.8%)	5.8%	$58.67	+3.6%	COM	68268W103
BEN	FRANKLIN RESOURCES INC	5,796,575 (+78.8%)	$138,480 (+84.6%)	8.7%	$21.09	+7.4%	COM	354613101
SYF	SYNCHRONY FINANCIAL	667,070 (+388.7%)	$55,654 (+473.9%)	3.5%	$75.44	+1.2%	COM	87165B103
LPLA	LPL FINL HLDGS INC	448,189 (+26.8%)	$160,080 (+36.2%)	10.1%	$254.32	+39.1%	COM	50212V100
C	CITIGROUP INC	802,268 (+56.5%)	$93,617 (+79.9%)	5.9%	$82.90	+25.0%	COM NEW	172967424
ARX	ACCELERANT HOLDINGS	2,439,094 (+288.9%)	$39,879 (+327.1%)	2.5%	$16.48	-14.6%	CL A	G00894108
UWMC	UWM HOLDINGS CORPORATION	11,296,053 (+230.8%)	$49,477 (+137.9%)	3.1%	$5.17	+4.0%	COM CL A	91823B109
IBOC	INTERNATIONAL BANCSHARES COR	1,524,345 (+35.1%)	$101,277 (+30.6%)	6.4%	$56.04	+19.6%	COM	459044103
HUT	HUT 8 CORP	690,492 (+181.2%)	$31,721 (+271.1%)	2.0%	$37.44	+17.7%	COM	44812J104
RELY	REMITLY GLOBAL INC	2,879,568 (+50.4%)	$39,738 (+27.3%)	2.5%	$16.80	-13.5%	COM	75960P104
CCB	COASTAL FINL CORP WA	618,244 (+4.6%)	$70,845 (+10.8%)	4.5%	$79.18	+37.8%	COM NEW	19046P209
WT	WISDOMTREE INC	6,150,111 (+9.3%)	$74,970 (-4.2%)	4.7%	$7.23	+67.0%	COM	97717P104
BRBS	BLUE RIDGE BANKSHARES INC VA	4,937,973 (+10.5%)	$21,085 (+11.5%)	1.3%	$2.99	+41.9%	COM	095825105
OBT	ORANGE CNTY BANCORP INC	53,679 (+7.4%)	$1,533 (+21.6%)	0.1%	$24.54	+7.1%	COM	68417L107
OBK	ORIGIN BANCORP INC	17,012 (+4.0%)	$640 (+13.3%)	0.0%	$33.22	+7.8%	COM	68621T102
PGC	PEAPACK-GLADSTONE FINL CORP	11,058 (+4.1%)	$308 (+5.0%)	0.0%	$27.29	-0.4%	COM	704699107
SLNH	SOLUNA HOLDINGS INC	29,369 (+97.7%)	$34 (-1.6%)	0.0%	$1.55	+46.7%	COM NEW	583543301

Exited Positions (33)

BAC BANK AMERICA CORP 9.1%

Value ($000) $144,424 Shares 2,799,458 Est. Cost $43.55 Unrealized +20.9%

TFC TRUIST FINL CORP 7.3%

Value ($000) $115,417 Shares 2,524,440 Est. Cost $44.34 Unrealized +3.3%

CG CARLYLE GROUP INC 4.2%

Value ($000) $67,470 Shares 1,076,083 Est. Cost $50.71 Unrealized +11.0%

CMA COMERICA INC 4.1%

Value ($000) $65,157 Shares 950,917 Est. Cost $50.28 Unrealized +59.1%

FHN FIRST HORIZON CORPORATION 3.8%

Value ($000) $60,339 Shares 2,668,701 Est. Cost $18.37 Unrealized +20.8%

EBC EASTERN BANKSHARES INC 3.0%

Value ($000) $47,151 Shares 2,597,878 Est. Cost $16.33 Unrealized +11.6%

NU NU HLDGS LTD 2.6%

Value ($000) $41,739 Shares 2,607,082 Est. Cost $11.89 Unrealized +35.2%

FIBK FIRST INTST BANCSYSTEM INC 2.6%

Value ($000) $40,656 Shares 1,275,693 Est. Cost $29.81 Unrealized +7.8%

KLAR KLARNA GROUP PLC 2.5%

Value ($000) $40,344 Shares 1,100,782 Est. Cost $42.59 Unrealized -19.4%

PJT PJT PARTNERS INC 2.5%

Value ($000) $40,061 Shares 225,404 Est. Cost $179.55 Unrealized -4.8%

SOFI SOFI TECHNOLOGIES INC 2.3%

Value ($000) $37,124 Shares 1,405,152 Est. Cost $7.91 Unrealized +252.1%

MS MORGAN STANLEY 2.1%

Value ($000) $32,687 Shares 205,630 Est. Cost $146.45 Unrealized +13.7%

NCNO NCINO INC 2.0%

Value ($000) $31,027 Shares 1,144,472 Est. Cost $27.89 Unrealized -8.9%

STNE STONECO LTD 1.8%

Value ($000) $28,844 Shares 1,525,339 Est. Cost $12.39 Unrealized —

TPG TPG INC 1.6%

Value ($000) $24,996 Shares 435,100 Est. Cost $54.49 Unrealized +8.3%

BGC BGC GROUP INC 1.3%

Value ($000) $21,428 Shares 2,265,066 Est. Cost $9.50 Unrealized -5.3%

WTFC WINTRUST FINL CORP 1.3%

Value ($000) $20,228 Shares 152,737 Est. Cost $114.70 Unrealized +15.9%

PIPR PIPER SANDLER COMPANIES 1.1%

Value ($000) $17,178 Shares 49,507 Est. Cost $326.18 Unrealized +3.6%

KMX CARMAX INC 1.0%

Value ($000) $16,358 Shares 364,571 Est. Cost $67.25 Unrealized -40.5%

MC MOELIS & CO 1.0%

Value ($000) $15,938 Shares 223,470 Est. Cost $54.26 Unrealized +21.3%

CLSK CLEANSPARK INC 1.0%

Value ($000) $15,300 Shares 1,055,201 Est. Cost $11.28 Unrealized +32.9%

JHG JANUS HENDERSON GROUP PLC 0.9%

Value ($000) $13,657 Shares 306,838 Est. Cost $43.19 Unrealized +2.4%

UCB UNITED CMNTY BKS BLAIRSVLE G 0.8%

Value ($000) $13,423 Shares 428,164 Est. Cost $31.62 Unrealized -2.4%

SFNC SIMMONS 1ST NATL CORP 0.8%

Value ($000) $13,177 Shares 687,380 Est. Cost $19.96 Unrealized -7.2%

WULF TERAWULF INC 0.7%

Value ($000) $11,890 Shares 1,041,154 Est. Cost $7.64 Unrealized +75.4%

KEY KEYCORP 0.6%

Value ($000) $9,071 Shares 485,316 Est. Cost $15.17 Unrealized +21.9%

ABR ARBOR REALTY TRUST INC 0.5%

Value ($000) $7,897 Shares 646,728 Est. Cost $12.21 Unrealized —

CORZ CORE SCIENTIFIC INC NEW 0.5%

Value ($000) $7,398 Shares 412,402 Est. Cost $10.01 Unrealized +74.2%

PAYO PAYONEER GLOBAL INC 0.5%

Value ($000) $7,231 Shares 1,195,140 Est. Cost $6.78 Unrealized -14.7%

APLD APPLIED DIGITAL CORP 0.2%

Value ($000) $3,000 Shares 130,777 Est. Cost $14.81 Unrealized +94.5%

AUB ATLANTIC UN BANKSHARES CORP 0.2%

Value ($000) $2,513 Shares 71,211 Est. Cost $27.78 Unrealized +21.9%

FSUN FIRSTSUN CAP BANCORP 0.1%

Value ($000) $1,153 Shares 29,719 Est. Cost $36.32 Unrealized +0.3%

MCGA YORKVILLE ACQUISITION CORP. 0.0%

Value ($000) $133 Shares 12,493 Est. Cost $10.72 Unrealized -3.9%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
BAC	BANK AMERICA CORP	2,799,458	$144,424	9.1%	$43.55	+20.9%	—	060505104
TFC	TRUIST FINL CORP	2,524,440	$115,417	7.3%	$44.34	+3.3%	—	89832Q109
CG	CARLYLE GROUP INC	1,076,083	$67,470	4.2%	$50.71	+11.0%	—	14316J108
CMA	COMERICA INC	950,917	$65,157	4.1%	$50.28	+59.1%	—	200340107
FHN	FIRST HORIZON CORPORATION	2,668,701	$60,339	3.8%	$18.37	+20.8%	—	320517105
EBC	EASTERN BANKSHARES INC	2,597,878	$47,151	3.0%	$16.33	+11.6%	—	27627N105
NU	NU HLDGS LTD	2,607,082	$41,739	2.6%	$11.89	+35.2%	—	G6683N103
FIBK	FIRST INTST BANCSYSTEM INC	1,275,693	$40,656	2.6%	$29.81	+7.8%	—	32055Y201
KLAR	KLARNA GROUP PLC	1,100,782	$40,344	2.5%	$42.59	-19.4%	—	G5279N105
PJT	PJT PARTNERS INC	225,404	$40,061	2.5%	$179.55	-4.8%	—	69343T107
SOFI	SOFI TECHNOLOGIES INC	1,405,152	$37,124	2.3%	$7.91	+252.1%	—	83406F102
MS	MORGAN STANLEY	205,630	$32,687	2.1%	$146.45	+13.7%	—	617446448
NCNO	NCINO INC	1,144,472	$31,027	2.0%	$27.89	-8.9%	—	63947X101
STNE	STONECO LTD	1,525,339	$28,844	1.8%	$12.39	—	—	G85158106
TPG	TPG INC	435,100	$24,996	1.6%	$54.49	+8.3%	—	872657101
BGC	BGC GROUP INC	2,265,066	$21,428	1.3%	$9.50	-5.3%	—	088929104
WTFC	WINTRUST FINL CORP	152,737	$20,228	1.3%	$114.70	+15.9%	—	97650W108
PIPR	PIPER SANDLER COMPANIES	49,507	$17,178	1.1%	$326.18	+3.6%	—	724078100
KMX	CARMAX INC	364,571	$16,358	1.0%	$67.25	-40.5%	—	143130102
MC	MOELIS & CO	223,470	$15,938	1.0%	$54.26	+21.3%	—	60786M105
CLSK	CLEANSPARK INC	1,055,201	$15,300	1.0%	$11.28	+32.9%	—	18452B209
JHG	JANUS HENDERSON GROUP PLC	306,838	$13,657	0.9%	$43.19	+2.4%	—	G4474Y214
UCB	UNITED CMNTY BKS BLAIRSVLE G	428,164	$13,423	0.8%	$31.62	-2.4%	—	90984P303
SFNC	SIMMONS 1ST NATL CORP	687,380	$13,177	0.8%	$19.96	-7.2%	—	828730200
WULF	TERAWULF INC	1,041,154	$11,890	0.7%	$7.64	+75.4%	—	88080T104
KEY	KEYCORP	485,316	$9,071	0.6%	$15.17	+21.9%	—	493267108
ABR	ARBOR REALTY TRUST INC	646,728	$7,897	0.5%	$12.21	—	—	038923108
CORZ	CORE SCIENTIFIC INC NEW	412,402	$7,398	0.5%	$10.01	+74.2%	—	21874A106
PAYO	PAYONEER GLOBAL INC	1,195,140	$7,231	0.5%	$6.78	-14.7%	—	70451X104
APLD	APPLIED DIGITAL CORP	130,777	$3,000	0.2%	$14.81	+94.5%	—	038169207
AUB	ATLANTIC UN BANKSHARES CORP	71,211	$2,513	0.2%	$27.78	+21.9%	—	04911A107
FSUN	FIRSTSUN CAP BANCORP	29,719	$1,153	0.1%	$36.32	+0.3%	—	33767U107
MCGA	YORKVILLE ACQUISITION CORP.	12,493	$133	0.0%	$10.72	-3.9%	—	G98659116

Decreased Positions (12)

WBS WEBSTER FINL CORP 3.0%

Value ($000) $48,106 (-42.8%) Shares 764,322 (-46.0%) Est. Cost $47.43 Unrealized +25.2%

DBRG DIGITALBRIDGE GROUP INC 0.5%

Value ($000) $7,681 (-82.3%) Shares 500,720 (-86.5%) Est. Cost $10.15 Unrealized +18.4%

BULL WEBULL CORP 0.9%

Value ($000) $13,989 (-71.2%) Shares 1,800,423 (-45.3%) Est. Cost $14.43 Unrealized -30.3%

TCBI TEXAS CAP BANCSHARES INC 3.9%

Value ($000) $61,190 (-30.2%) Shares 675,833 (-34.8%) Est. Cost $76.37 Unrealized +15.0%

LC LENDINGCLUB CORP 0.6%

Value ($000) $10,163 (-72.0%) Shares 536,577 (-77.6%) Est. Cost $13.84 Unrealized +27.7%

RIOT RIOT PLATFORMS INC 0.2%

Value ($000) $3,310 (-86.1%) Shares 261,233 (-79.2%) Est. Cost $9.97 Unrealized +71.6%

BTDR BITDEER TECHNOLOGIES GROUP 0.6%

Value ($000) $8,767 (-63.2%) Shares 782,038 (-43.9%) Est. Cost $14.04 Unrealized +14.8%

DAVE DAVE INC 0.9%

Value ($000) $13,838 (-47.9%) Shares 62,501 (-53.1%) Est. Cost $184.90 Unrealized +16.3%

VLY VALLEY NATL BANCORP 5.7%

Value ($000) $91,082 (-11.7%) Shares 7,798,088 (-19.8%) Est. Cost $9.99 Unrealized +11.1%

BITF BITFARMS LTD 0.4%

Value ($000) $6,199 (-46.3%) Shares 2,637,772 (-35.6%) Est. Cost $1.55 Unrealized +120.7%

EVR EVERCORE INC 2.5%

Value ($000) $40,187 (-7.6%) Shares 118,110 (-8.4%) Est. Cost $312.02 Unrealized +2.8%

COSO COASTALSOUTH BANCSHARES INC 0.5%

Value ($000) $7,183 (-17.5%) Shares 308,940 (-22.6%) Est. Cost $21.58 Unrealized +2.9%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
WBS	WEBSTER FINL CORP	764,322 (-46.0%)	$48,106 (-42.8%)	3.0%	$47.43	+25.2%	COM	947890109
DBRG	DIGITALBRIDGE GROUP INC	500,720 (-86.5%)	$7,681 (-82.3%)	0.5%	$10.15	+18.4%	CL A NEW	25401T603
BULL	WEBULL CORP	1,800,423 (-45.3%)	$13,989 (-71.2%)	0.9%	$14.43	-30.3%	ORD SHS	G9572D103
TCBI	TEXAS CAP BANCSHARES INC	675,833 (-34.8%)	$61,190 (-30.2%)	3.9%	$76.37	+15.0%	COM	88224Q107
LC	LENDINGCLUB CORP	536,577 (-77.6%)	$10,163 (-72.0%)	0.6%	$13.84	+27.7%	COM NEW	52603A208
RIOT	RIOT PLATFORMS INC	261,233 (-79.2%)	$3,310 (-86.1%)	0.2%	$9.97	+71.6%	COM	767292105
BTDR	BITDEER TECHNOLOGIES GROUP	782,038 (-43.9%)	$8,767 (-63.2%)	0.6%	$14.04	+14.8%	CL A ORD SHS	G11448100
DAVE	DAVE INC	62,501 (-53.1%)	$13,838 (-47.9%)	0.9%	$184.90	+16.3%	CLASS A COM NEW	23834J201
VLY	VALLEY NATL BANCORP	7,798,088 (-19.8%)	$91,082 (-11.7%)	5.7%	$9.99	+11.1%	COM	919794107
BITF	BITFARMS LTD	2,637,772 (-35.6%)	$6,199 (-46.3%)	0.4%	$1.55	+120.7%	COM	09173B107
EVR	EVERCORE INC	118,110 (-8.4%)	$40,187 (-7.6%)	2.5%	$312.02	+2.8%	CLASS A	29977A105
COSO	COASTALSOUTH BANCSHARES INC	308,940 (-22.6%)	$7,183 (-17.5%)	0.5%	$21.58	+2.9%	COM NEW	19058X207