The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE
OMB APPROVAL
OMB Number: 3235-0006
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COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP FIGI (to the nearest dollar) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
ACI WORLDWIDE INC COM 004498101 BBG000PMBV39 600,915 11,949 SH   SOLE   11,949 0 0
AFFIRM HLDGS INC COM CL A 00827B106 BBG00Y7BP8Y1 846,326 10,378 SH   SOLE   10,378 0 0
ALLY FINL INC COM 02005N100 BBG000BC2R71 1,938,860 42,195 SH   SOLE   42,195 0 0
AMERICAN FINL GROUP COM 025932104 BBG000DPKKK0 669,193 4,782 SH   SOLE   4,782 0 0
AMERICAN HEALTHCARE REIT COM 398182303 BBG01L820CZ4 6,643,336 127,389 SH   SOLE   127,389 0 0
AMERICAN HOMES 4 RENT CL A 02665T306 BBG003NXJNH6 679,249 20,264 SH   SOLE   20,264 0 0
AMERIS BANCORP COM 03076K108 BBG000CDY3H5 2,380,788 26,377 SH   SOLE   26,377 0 0
ANNALY CAPITAL MGMT COM 035710839 BBG000BJFJ98 3,495,038 165,250 SH   SOLE   165,250 0 0
ANNALY CAPITAL MGMT IN COM NEW 035710839 BBG000BJFJ98 4,713,175 210,786 SH   SOLE   210,786 0 0
ARTHUR J GALLAGHER & CO COM 363576109 BBG000BBHXQ3 2,656,354 11,571 SH   SOLE   11,571 0 0
ASSURANT INC COM 04621X108 BBG000BZX1N5 423,203 1,576 SH   SOLE   1,576 0 0
AVIDIA BANCORP INC COMMON STOCK 05369T100 BBG01TVWYGZ9 10,437,445 497,258 SH   SOLE   497,258 0 0
BANK OF HAWAII CORP COM 062540109 BBG000C8D8G9 25,481,353 312,693 SH   SOLE   312,693 0 0
BLOCK INC CL A 852234103 BBG0018SLC07 1,240,168 16,318 SH   SOLE   16,318 0 0
BOWHEAD SPECIALTY HLDGS INC COM SHS 10240L102 BBG01MF58GZ0 251,562 8,405 SH   SOLE   8,405 0 0
BRAEMAR HOTELS & RESORTS COM 10482B101 BBG000B9Z6F6 97,019 44,916 SH   SOLE   44,916 0 0
BREAD FINL HLDGS COM 018581108 BBG000BFNR17 542,508 5,007 SH   SOLE   5,007 0 0
BRIXMOR PPTY GROUP INC COM 11120U105 BBG002MWGL55 2,243,864 71,166 SH   SOLE   71,166 0 0
BROADSTONE NET LEASE COM 11135E203 BBG000PWD2R3 306,267 14,817 SH   SOLE   14,817 0 0
BXP INC COM 101121101 BBG000BS5CM9 234,273 3,533 SH   SOLE   3,533 0 0
CALIFORNIA BANCORP COM 84252A106 BBG000QJ8KD2 42,816,489 2,054,534 SH   SOLE   2,054,534 0 0
CAMDEN PPTY TR SH BEN INT 133131102 BBG000BB0V03 519,670 4,539 SH   SOLE   4,539 0 0
CAPITAL ONE FINL COM 14040H105 BBG000BGKTF9 946,525 4,718 SH   SOLE   4,718 0 0
CARLYLE GROUP COM 14316J108 BBG000BH3F20 511,594 12,149 SH   SOLE   12,149 0 0
CENTENE CORP DEL COM 15135B101 BBG000BDXCJ5 224,472 3,497 SH   SOLE   3,497 0 0
CHAIN BRIDGE BANCORP COM CL A 15746L100 BBG000V8CRG7 12,353,785 293,788 SH   SOLE   293,788 0 0
CHAMPION HOMES INC COM 830830105 BBG000BT2TP0 4,436,666 50,348 SH   SOLE   50,348 0 0
CHIME FINL INC COM SHS CL A 16935C109 BBG00QK4M9M3 749,937 36,618 SH   SOLE   36,618 0 0
CHUBB LIMITED COM H1467J104 BBG000BR14K5 242,607 712 SH   SOLE   712 0 0
CME GROUP INC COM 12572Q105 BBG000BHLYP4 3,920,616 17,754 SH   SOLE   17,754 0 0
CNO FINL GROUP COM 12621E103 BBG000Q1GK24 4,184,336 82,078 SH   SOLE   82,078 0 0
COPT DEFENSE PPTYS SHS BEN INT 22002T108 BBG000BQKJP3 505,821 13,900 SH   SOLE   13,900 0 0
CTO RLTY GROWTH INC NEW COM 22948Q101 BBG00Y3M1H59 2,601,032 120,922 SH   SOLE   120,922 0 0
CUBESMART COM SH BEN INT 229663109 BBG000HF17Z7 230,905 5,806 SH   SOLE   5,806 0 0
CURBLINE PPTYS CORP COM 23128Q101 BBG01JZB98V3 358,902 11,806 SH   SOLE   11,806 0 0
CVB FINL CORP COM 126600105 BBG000JTYFB2 29,209,511 1,295,322 SH   SOLE   1,295,322 0 0
DAVE INC COM CL A 23834J201 BBG00Z483VQ0 1,453,101 3,900 SH   SOLE   3,900 0 0
DIAMONDROCK HOSPITALITY CO COM 252784301 BBG000JKHFP5 847,947 69,618 SH   SOLE   69,618 0 0
EASTGROUP PPTYS INC COM 277276101 BBG000BHRBT4 1,904,187 9,402 SH   SOLE   9,402 0 0
ELEVANCE HEALTH INC FORMERLY COM 036752103 BBG000BCG930 554,184 1,433 SH   SOLE   1,433 0 0
ENCORE CAPITAL GROUP INC COM 292554102 BBG000BQVXX7 3,558,454 38,144 SH   SOLE   38,144 0 0
ENTERPRISE FINL SERVICES COM 293712105 BBG000BD17M1 670,790 10,182 SH   SOLE   10,182 0 0
EQUITY BANCSHARES COM CL A 29460X109 BBG000QKJS40 47,103,493 961,492 SH   SOLE   961,492 0 0
ESSENTIAL PPTYS RLTY TR COM SH BEN INT 29670E107 BBG00L17LGJ7 314,589 10,539 SH   SOLE   10,539 0 0
ETORO GROUP LTD SHS CL A G32089107 BBG00KG5TXN7 2,884,349 73,077 SH   SOLE   73,077 0 0
EVEREST GROUP COM G3223R108 BBG000C1XVK6 766,973 2,147 SH   SOLE   2,147 0 0
EXZEO GROUP COM 30234F101 BBG01XL8FHT0 3,775,304 223,788 SH   SOLE   223,788 0 0
FEDERATED HERMES COM CL B 314211103 BBG000BP0929 2,073,842 37,556 SH   SOLE   37,556 0 0
FIRST AMERICAN FINL CORP COM 31847R102 BBG000V78V75 6,285,793 91,643 SH   SOLE   91,643 0 0
FIRST INDL RLTY TR COM SH BEN INT 32054K103 BBG000CKGDS5 2,707,511 44,161 SH   SOLE   44,161 0 0
FIRST MERCHANTS COM 320817109 BBG000BBSJ28 31,082,158 711,425 SH   SOLE   711,425 0 0
FIRSTCASH HLDGS COM 33768G107 BBG000BP80W3 4,906,787 22,683 SH   SOLE   22,683 0 0
FRANKLIN RES COM 354613101 BBG000BFVYL0 1,111,717 33,415 SH   SOLE   33,415 0 0
FRONTVIEW REIT INC COM 35922N100 BBG01PNY4CV8 374,032 18,489 SH   SOLE   18,489 0 0
GEN DIGITAL INC COM 668771108 BBG000BH2JM1 215,572 8,661 SH   SOLE   8,661 0 0
GLOBE LIFE INC COM 37959E102 BBG000BVD6X4 2,065,183 11,558 SH   SOLE   11,558 0 0
GOOSEHEAD INSURANCE INC COM CL A 38267D109 BBG00KHHBMC5 384,363 7,925 SH   SOLE   7,925 0 0
HANOVER INSURANCE GROUP COM 410867105 BBG000FJH8W0 847,273 3,957 SH   SOLE   3,957 0 0
HAWTHORN BANCSHARES COM 420476103 BBG000BHQP32 7,494,903 190,710 SH   SOLE   190,710 0 0
HCI GROUP COM 40416E103 BBG000F4DVC8 1,364,672 7,787 SH   SOLE   7,787 0 0
HERCULES CAPITAL INC COM 427096508 BBG000C2R8K2 3,927,345 249,039 SH   SOLE   249,039 0 0
HOMETRUST BANCSHARES COM 437872104 BBG002CV5W70 41,863,447 839,115 SH   SOLE   839,115 0 0
HORIZON BANCORP COM 440407104 BBG000BJ3LL2 24,906,069 1,246,550 SH   SOLE   1,246,550 0 0
HOULIHAN LOKEY CL A 441593100 BBG000CZTB66 2,346,873 17,497 SH   SOLE   17,497 0 0
HOYNE BANCORP COM 44326H107 BBG01VNLTT85 4,369,140 261,000 SH   SOLE   261,000 0 0
HUNTINGTON BANCSHARES COM 446150104 BBG000BKYDS2 24,184,234 1,364,029 SH   SOLE   1,364,029 0 0
INDEPENDENT BANK MICH COM NEW 453838609 BBG000BLN9N0 7,344,104 203,607 SH   SOLE   203,607 0 0
INVENTRUST PPTYS COM 46124J201 BBG000BJSP36 2,355,587 66,542 SH   SOLE   66,542 0 0
IRON MOUNTAIN INC DEL COM 46284V101 BBG000KCZPC3 481,746 3,814 SH   SOLE   3,814 0 0
JACKSON FINL COM CL A 46817M107 BBG00922Y5Z6 219,934 2,148 SH   SOLE   2,148 0 0
JANUS HENDERSON GROUP PLC ORD G4474Y214 BBG00GSNPM07 375,287 7,224 SH   SOLE   7,224 0 0
JANUS LIVING INC CL A-1 471024109 BBG020PSLYJ0 618,542 21,522 SH   SOLE   21,522 0 0
JONES LANG LASALLE COM 48020Q107 BBG000C2L2L0 5,842,867 18,851 SH   SOLE   18,851 0 0
KLARNA GROUP PLC SHS G5279N105 BBG01MG54LV6 496,669 24,539 SH   SOLE   24,539 0 0
LPL FINL HLDGS INC COM 50212V100 BBG000P2TYL8 8,441,105 29,967 SH   SOLE   29,967 0 0
LXP INDL TR COM 529043408 BBG000BL3355 493,002 9,150 SH   SOLE   9,150 0 0
MACERICH CO COM 554382101 BBG000BL9C59 245,300 9,738 SH   SOLE   9,738 0 0
MAIN STREET CAPITAL COM 56035L104 BBG000BW0QP8 2,754,050 53,085 SH   SOLE   53,085 0 0
MARKEL GROUP COM 570535104 BBG000FC7J03 490,206 251 SH   SOLE   251 0 0
MARKETAXESS HLDGS INC COM 57060D108 BBG000BJBZ23 4,226,027 37,237 SH   SOLE   37,237 0 0
MASTERCARD INCORPORATED COM CL A 57636Q104 BBG000F1ZSQ2 929,616 1,810 SH   SOLE   1,810 0 0
MERCURY GENERAL CORP NEW COM 589400100 BBG000F1C7F5 499,195 4,682 SH   SOLE   4,682 0 0
MIAMI INTL HLDGS INC COM 59356Q108 BBG004RKDWL9 4,433,151 119,299 SH   SOLE   119,299 0 0
MID-AMERICA APARTMENT COMMUNITIES COM SH BEN INT 59522J103 BBG000BLMY92 238,004 1,713 SH   SOLE   1,713 0 0
MSC INCOME FUND COM 55374X208 BBG00XRMJ1K2 2,386,359 206,254 SH   SOLE   206,254 0 0
NEPTUNE INSURANCE HLDGS COM CL A 64073B103 BBG01X1D5ZD9 724,280 22,993 SH   SOLE   22,993 0 0
NICOLET BANKSHARES COM 65406E102 BBG000QK0TG5 45,853,220 277,243 SH   SOLE   277,243 0 0
OCTAVE SPECIALTY GROUP INC COM NEW 023139884 BBG004HQHKK0 361,527 57,937 SH   SOLE   57,937 0 0
OLD SECOND BANCORP INC DEL COM 680277100 BBG000BLFSZ4 34,056,831 1,460,413 SH   SOLE   1,460,413 0 0
PARK HOTELS & RESORTS INC COM 700517105 BBG00FGXCJX5 221,716 15,559 SH   SOLE   15,559 0 0
PIEDMONT RLTY TR INC COM CL A 720190206 BBG000JVJ8N7 917,397 100,262 SH   SOLE   100,262 0 0
POSTAL RLTY TR COM CL A 73757R102 BBG00NSBGFJ3 835,813 33,921 SH   SOLE   33,921 0 0
PRINCIPAL FINL GROUP INC COM 74251V102 BBG000NSCNT7 235,068 2,181 SH   SOLE   2,181 0 0
REDWOOD TR COM 758075402 BBG000JNJPB0 1,442,932 304,416 SH   SOLE   304,416 0 0
REINSURANCE GROUP OF AMERICA COM 759351604 BBG000BDLCQ0 3,418,774 16,077 SH   SOLE   16,077 0 0
RIDGEPOST CAPITAL COM CL A 69376K106 BBG012QFRJQ3 526,708 66,926 SH   SOLE   66,926 0 0
RLJ LODGING TR COM 74965L101 BBG001HPC9F4 491,870 41,508 SH   SOLE   41,508 0 0
ROCKET COS INC COM CL A 77311W101 BBG00VY1MYW7 783,799 49,765 SH   SOLE   49,765 0 0
RYMAN HOSPITALITY PPTYS COM SH BEN INT 78377T107 BBG000BXPSJ1 524,227 4,078 SH   SOLE   4,078 0 0
SBA COMMUNICATIONS CORP CL A 78410G104 BBG000D2M0Z7 211,752 1,200 SH   SOLE   1,200 0 0
SEACOAST BANKING OF FLORIDA COM 811707801 BBG000KK3464 33,461,570 1,006,363 SH   SOLE   1,006,363 0 0
SIRIUSPOINT LTD COM G8192H106 BBG004TYNXX1 676,728 28,197 SH   SOLE   28,197 0 0
SKYWARD SPECIALTY INSURANCE GROUP COM 830940102 BBG002QHKLM6 2,156,966 36,966 SH   SOLE   36,966 0 0
SLIDE INSURANCE HLDGS INC COM 831349105 BBG013PZCC16 770,093 39,757 SH   SOLE   39,757 0 0
SOUTHERN FIRST BANCSHARES COM 842873101 BBG000C0C4Q5 54,514,825 892,223 SH   SOLE   892,223 0 0
SOUTHSTATE BANK COM 84472E102 BBG000BNPYN9 43,853,403 438,973 SH   SOLE   438,973 0 0
STOCK YARDS BANCORP COM 861025104 BBG000FLKSG5 6,221,523 81,359 SH   SOLE   81,359 0 0
SUNSTONE HOTEL INVESTORS COM 867892101 BBG000C2Y4X7 330,161 28,835 SH   SOLE   28,835 0 0
SYNCHRONY FINL COM 87165B103 BBG00658F3P3 1,280,530 16,838 SH   SOLE   16,838 0 0
TOLL BROTHERS COM 889478103 BBG000BVLTK7 3,137,993 19,047 SH   SOLE   19,047 0 0
TOWNEBANK COM 89214P109 BBG000BBSC23 36,532,493 1,008,071 SH   SOLE   1,008,071 0 0
TPG RE FINANCE TR INC COM 87266M107 BBG00GKJ8C78 2,090,307 249,738 SH   SOLE   249,738 0 0
TRANSUNION COM 89400J107 BBG00B6CHLT7 440,992 6,113 SH   SOLE   6,113 0 0
TRUIST FINL CORP COM 89832Q109 BBG000BYYLS8 22,243,484 446,477 SH   SOLE   446,477 0 0
UDR INC COM 902653104 BBG000C41023 2,365,619 59,259 SH   SOLE   59,259 0 0
UMB FINL COM 902788108 BBG000DD8WX1 18,199,901 127,486 SH   SOLE   127,486 0 0
UNIVERSAL HEALTH RLTY INCOME TR COM SH BEN INT 91359E105 BBG000BW0BB9 412,679 9,409 SH   SOLE   9,409 0 0
VISA INC COM CL A 92826C839 BBG000PSKYX7 693,042 2,020 SH   SOLE   2,020 0 0
WELLS FARGO & CO COM 949746101 BBG000BWQFY7 6,678,138 80,810 SH   SOLE   80,810 0 0
WELLTOWER COM SH BEN INT 95040Q104 BBG000BKY1G5 4,333,992 19,095 SH   SOLE   19,095 0 0
XENIA HOTELS & RESORTS COM 984017103 BBG000BZJ6J6 535,488 26,301 SH   SOLE   26,301 0 0