Ursa Fund Management, LLC

2. Key Holdings

The portfolio is dominated by three major financial services positions, which together form the core of the fund's strategy:

• Apartment Investment & Management Co (AIV): This is the flagship holding, representing a massive 53.84% of the portfolio ($40.44M). This position indicates a strong bullish stance on the residential real estate sector, specifically apartment REITs. The size of this stake suggests the fund views AIV as significantly undervalued or poised for a turnaround/acquisition.
• Mr. Cooper Group Inc (07WA): Comprising 26.01% of the portfolio ($19.54M), this position reinforces the fund's focus on housing and mortgage finance. As a major mortgage servicer and originator, Mr. Cooper benefits from housing market activity.
• Rocket Cos Inc (RKT): Accounting for 12.68% ($9.53M), Rocket completes the "housing trifecta." Combined with AIV and Mr. Cooper, nearly 93% of the fund is exposed to the US housing ecosystem, ranging from property ownership (AIV) to mortgage servicing and origination (07WA, RKT).