Quarterly 13F snapshot: US-listed longs only, no performance figures — 13F data cannot support them.
Reported portfolio value by quarter (20 quarters reported)
$897M in Q3 2021 → $125M now. Hover for any quarter.
As reported for the quarter ended June 30, 2026. Activity is the change in share count since the prior quarter's filing.
| Holding | % of portfolio | Activity | Shares | Value |
|---|---|---|---|---|
| SS State Str SPDR S&P 500 ETF T Put | 14.9% | Trimmed 38% | 25,000 | $18.7M |
| IE Invesco Exch Traded Fd Tr Ii Put | 13.7% | Unchanged | 844,400 | $17.2M |
| Ellington Financial Inc | 12.2% | Added 17% | 1,122,952 | $15.3M |
| American Homes 4 Rent | 7.2% | New | 270,000 | $9.05M |
| Home Depot Inc Call | 7.0% | New | 25,000 | $8.82M |
| PF Pennymac Finl Svcs Inc New Call | 7.0% | New | 100,000 | $8.71M |
| IT Ishares Tr Put | 6.9% | New | 100,000 | $8.64M |
| Invitation Homes Inc | 6.8% | New | 280,000 | $8.46M |
| PM Pennymac Mtg Invt Tr | 5.2% | New | 572,080 | $6.45M |
| Century Communities Inc | 2.5% | Trimmed 22% | 44,061 | $3.16M |
| RC Rocket Cos Inc Call | 2.5% | New | 200,000 | $3.15M |
| MF Mfa Finl Inc | 2.5% | Trimmed 50% | 317,127 | $3.07M |
| OC Owens Corning New | 1.9% | New | 15,000 | $2.38M |
| CP Camden Ppty Tr | 1.8% | Trimmed 63% | 20,176 | $2.31M |
| M/i Homes Inc | 1.7% | Trimmed 72% | 13,343 | $2.15M |
| FA First Amern Finl Corp | 1.6% | New | 30,000 | $2.06M |
| MA Mid-amer Apt Cmntys Inc | 1.6% | Trimmed 57% | 14,800 | $2.06M |
| Radian Group Inc | 1.5% | New | 50,000 | $1.88M |
| OF Oportun Finl Corp | 0.6% | Trimmed 0.1% | 139,072 | $794K |
| Ellington Credit Company | 0.5% | Unchanged | 149,086 | $659K |
| Beeline Holdings Inc | 0.2% | Unchanged | 195,781 | $239K |
What changed each quarter, from the filings' own share counts. Largest moves first; most recent 8 quarters.
quarter ended June 30, 2026 · filed August 14, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| SS State Str SPDR S&P 500 ETF T | Exited | −370,000 | −$241M | — |
| IT Ishares Tr | Exited | −100,000 | −$24.8M | — |
| SS State Str SPDR S&P 500 ETF T | Trimmed | −15,000 | −$11.2M | 14.9% |
| Rithm Capital Corp | Exited | −1,000,000 | −$9.48M | — |
| American Homes 4 Rent | New | +270,000 | +$9.05M | 7.2% |
| Home Depot Inc | New | +25,000 | +$8.82M | 7.0% |
| PF Pennymac Finl Svcs Inc New | New | +100,000 | +$8.71M | 7.0% |
| IT Ishares Tr | New | +100,000 | +$8.64M | 6.9% |
| Invitation Homes Inc | New | +280,000 | +$8.46M | 6.8% |
| PM Pennymac Mtg Invt Tr | New | +572,080 | +$6.45M | 5.2% |
Showing the 10 largest of 34 changes.
quarter ended March 31, 2026 · filed May 19, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| SS State Str SPDR S&P 500 ETF T | New | +370,000 | +$241M | 60.7% |
| IE Invesco Exch Traded Fd Tr Ii | New | +844,400 | +$17.2M | 4.3% |
| D R Horton Inc | Exited | −100,000 | −$14.4M | — |
| IT Ishares Tr | Exited | −100,000 | −$9.63M | — |
| Rithm Capital Corp | New | +1,000,000 | +$9.48M | 2.4% |
| SS State Str SPDR S&P 500 ETF T | Added | +10,000 | +$6.5M | 6.6% |
| IT Ishares Tr | New | +50,000 | +$4.53M | 1.1% |
| DC Dynex Cap Inc | New | +345,000 | +$4.4M | 1.1% |
| Radian Group Inc | Exited | −120,000 | −$4.32M | — |
| Kb Home | New | +77,657 | +$4.02M | 1.0% |
Showing the 10 largest of 33 changes.
quarter ended December 31, 2025 · filed February 17, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| SS SPDR S&P 500 ETF Tr | Trimmed | −70,000 | −$47.7M | 15.1% |
| SS Select Sector SPDR Tr | Exited | −500,000 | −$26.9M | — |
| IT Ishares Tr | Trimmed | −70,000 | −$17.2M | 18.2% |
| Carnival Corp | Exited | −580,000 | −$16.8M | — |
| D R Horton Inc | New | +100,000 | +$14.4M | 10.6% |
| Champion Homes Inc | Trimmed | −138,066 | −$11.7M | 2.0% |
| Armour Residential REIT Inc | Exited | −714,416 | −$10.7M | — |
| IT Ishares Tr | New | +100,000 | +$9.63M | 7.1% |
| DC Dynex Cap Inc | Exited | −695,711 | −$8.55M | — |
| Champion Homes Inc | Exited | −100,000 | −$7.64M | — |
Showing the 10 largest of 36 changes.
quarter ended September 30, 2025 · filed November 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| SS SPDR S&P 500 ETF Tr | New | +100,000 | +$66.6M | 25.0% |
| IT Ishares Tr | New | +170,000 | +$41.1M | 15.5% |
| AC Annaly Capital Management In | Exited | −1,000,000 | −$18.8M | — |
| SS Select Sector SPDR Tr | Added | +300,000 | +$16.2M | 10.1% |
| Champion Homes Inc | New | +169,895 | +$13M | 4.9% |
| Armour Residential REIT Inc | New | +714,416 | +$10.7M | 4.0% |
| DC Dynex Cap Inc | New | +695,711 | +$8.55M | 3.2% |
| Uwm Holdings Corporation | Exited | −2,000,000 | −$8.28M | — |
| Champion Homes Inc | New | +100,000 | +$7.64M | 2.9% |
| Armour Residential REIT Inc | New | +500,000 | +$7.47M | 2.8% |
Showing the 10 largest of 26 changes.
quarter ended June 30, 2025 · filed August 12, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| IT Ishares Tr | Exited | −390,000 | −$42.4M | — |
| LC Lowes Cos Inc | Exited | −100,000 | −$23.3M | — |
| AC Annaly Capital Management In | New | +1,000,000 | +$18.8M | 13.8% |
| AI Agnc Invt Corp | Exited | −1,500,000 | −$14.4M | — |
| Home Depot Inc | Exited | −30,000 | −$11M | — |
| MC Mr Cooper Group Inc | Trimmed | −57,000 | −$8.5M | 4.4% |
| Uwm Holdings Corporation | New | +2,000,000 | +$8.28M | 6.1% |
| M/i Homes Inc | New | +68,301 | +$7.66M | 5.6% |
| Uwm Holdings Corporation | New | +1,777,370 | +$7.36M | 5.4% |
| PF Pennymac Finl Svcs Inc New | Exited | −64,580 | −$6.47M | — |
Showing the 10 largest of 29 changes.
quarter ended March 31, 2025 · filed May 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| IT Ishares Tr | New | +390,000 | +$42.4M | 20.4% |
| SS SPDR S&P 500 ETF Tr | Trimmed | −70,000 | −$39.2M | 1.3% |
| LC Lowes Cos Inc | New | +100,000 | +$23.3M | 11.2% |
| NC Norwegian Cruise Line Hldg L | Exited | −850,000 | −$21.9M | — |
| SS Select Sector SPDR Tr | New | +300,000 | +$14.9M | 7.2% |
| AI Agnc Invt Corp | New | +1,500,000 | +$14.4M | 6.9% |
| Home Depot Inc | New | +30,000 | +$11M | 5.3% |
| Meritage Homes Corp | New | +141,977 | +$10.1M | 4.8% |
| Echostar Corp | Exited | −300,000 | −$6.87M | — |
| PF Pennymac Finl Svcs Inc New | New | +64,580 | +$6.47M | 3.1% |
Showing the 10 largest of 29 changes.
quarter ended December 31, 2024 · filed February 12, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Home Depot Inc | Exited | −75,000 | −$30.4M | — |
| IT Ishares Tr | Exited | −55,000 | −$12.1M | — |
| SS SPDR S&P 500 ETF Tr | Added | +13,500 | +$7.91M | 26.1% |
| Meritage Homes Corp | Exited | −23,560 | −$4.83M | — |
| OC Owens Corning New | New | +27,000 | +$4.6M | 2.7% |
| PF Pennymac Finl Svcs Inc New | Exited | −38,649 | −$4.4M | — |
| FA First Amern Finl Corp | New | +69,982 | +$4.37M | 2.6% |
| NY New York Mtg Tr Inc | Trimmed | −610,971 | −$3.7M | 2.6% |
| Essent Group Ltd | New | +66,773 | +$3.64M | 2.2% |
| Toll Brothers Inc | New | +23,000 | +$2.9M | 1.7% |
Showing the 10 largest of 31 changes.
quarter ended September 30, 2024 · filed November 12, 2024
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Home Depot Inc | New | +75,000 | +$30.4M | 15.9% |
| IT Ishares Tr | Trimmed | −74,900 | −$16.5M | 6.4% |
| IT Ishares Tr | Exited | −185,500 | −$14.3M | — |
| Beazer Homes Usa Inc | Exited | −247,349 | −$6.8M | — |
| SS SPDR S&P 500 ETF Tr | Added | +11,500 | +$6.6M | 18.5% |
| Home Depot Inc | Exited | −15,750 | −$5.42M | — |
| Trex Co Inc | Exited | −70,000 | −$5.19M | — |
| AI Agnc Invt Corp | Exited | −500,000 | −$4.77M | — |
| DC Dynex Cap Inc | Exited | −396,832 | −$4.74M | — |
| MC Mr Cooper Group Inc | Added | +50,200 | +$4.63M | 3.8% |
Showing the 10 largest of 29 changes.
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