Q3 2025 Holdings
Filed 2025-11-14 | 26 holdings | $266.1M | 13F-HR | View on SEC ↗ · Holdings Table ↗
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| Issuer | Class | CUSIP | Value ↓ | Shares | % Portfolio |
|---|---|---|---|---|---|
| Spdr S&P 500 ETF TR(SPY)Put | TR UNIT | 78462F103 | $66.6M | 100,000 | 25.0% |
| Ishares TR(IWM)Put | RUSSELL 2000 ETF | 464287655 | $41.1M | 170,000 | 15.5% |
| Select Sector Spdr TR(XLF)Put | FINANCIAL | 81369Y605 | $26.9M | 500,000 | 10.1% |
| Carnival Corp(CCL)Put | UNIT 99/99/9999 | 143658300 | $16.8M | 580,000 | 6.3% |
| Champion Homes Inc(SKY) | COM | 830830105 | $13.0M | 169,895 | 4.9% |
| Ellington Financial Inc(EFC) | COM | 28852N109 | $12.5M | 961,018 | 4.7% |
| Armour Residential REIT Inc(ARR) | COM SHS | 042315705 | $10.7M | 714,416 | 4.0% |
| MFA Finl Inc(MFA) | COM | 55272X607 | $9.8M | 1,062,035 | 3.7% |
| Dynex Cap Inc(DX) | COM | 26817Q886 | $8.6M | 695,711 | 3.2% |
| Champion Homes Inc(SKY)Call | COM | 830830105 | $7.6M | 100,000 | 2.9% |
| Armour Residential REIT Inc(ARR)Call | COM SHS | 042315705 | $7.5M | 500,000 | 2.8% |
| Ishares TR(HYG) | IBOXX HI YD ETF | 464288513 | $6.8M | 83,566 | 2.5% |
| Pennymac Finl Svcs Inc New(PFSI) | COM | 70932M107 | $6.5M | 52,132 | 2.4% |
| Taylor Morrison Home Corp(TMHC) | COM | 87724P106 | $5.3M | 80,000 | 2.0% |
| American Airls Group Inc(AAL)Put | COM | 02376R102 | $4.5M | 400,000 | 1.7% |
| Compass Inc(COMP) | CL A | 20464U100 | $3.7M | 460,802 | 1.4% |
| UWM Holdings Corporation(UWMC) | COM CL A | 91823B109 | $3.4M | 565,589 | 1.3% |
| Somnigroup International Inc(SGI) | COM | 88023U101 | $3.0M | 35,000 | 1.1% |
| M/I Homes Inc(MHO) | COM | 55305B101 | $2.6M | 17,810 | 1.0% |
| Lowes COS Inc(LOW) | COM | 548661107 | $2.5M | 10,000 | 0.9% |
| Masterbrand Inc(MBC) | COMMON STOCK | 57638P104 | $2.2M | 165,100 | 0.8% |
| Invitation Homes Inc(INVH)Call | COM | 46187W107 | $1.3M | 44,800 | 0.5% |
| Pennymac Corp | NOTE 5.500% 3/1 | 70932AAF0 | $998.4K | $1,000,000 | 0.4% |
| Oportun Finl Corp(OPRT) | COM | 68376D104 | $858.7K | 139,172 | 0.3% |
| Ellington Credit Company(EARN) | COM SHS BEN INT | 288578107 | $812.5K | 149,086 | 0.3% |
| Beeline Holdings Inc(BLNE) | COM NEW | 277802500 | $775.3K | 195,780 | 0.3% |