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
Expires:Oct 31, 2018
Estimated average burden
hours per response:23.8

COLUMN 1COLUMN 2COLUMN 3COLUMN 4COLUMN 5COLUMN 6COLUMN 7COLUMN 8
VALUESHRS ORSH/PUT/INVESTMENTOTHERVOTING AUTHORITY
NAME OF ISSUERTITLE OF CLASSCUSIP(x$1000)PRN AMTPRNCALLDISCRETIONMANAGERSOLESHAREDNONE
ARCH CAP GROUP LTDORDG0450A1053,875132,463SH SOLE 132,46300
AMERICAN FINL GROUP INC OHIOCOM0259321046,65199,299SH SOLE 99,29900
ASSURANT INCCOM04621X10812,237100,874SH SOLE 100,87400
GALLAGHER ARTHUR J & COCOM3635761097,83974,243SH SOLE 74,24300
ALLSTATE CORPCOM0200021016,10064,801SH SOLE 64,80100
ALLY FINL INCCOM02005N1009,005359,179SH SOLE 359,17900
AMERICAN HOMES 4 RENTCL A02665T3068,432296,075SH SOLE 296,07500
AON PLCSHS CL AG0403H1088,98043,530SH SOLE 43,53000
APOLLO GLOBAL MGMT INCCOM CL A03768E10523,308520,859SH SOLE 520,85900
ARES CAPITAL CORPCOM04010L1032,066148,116SH SOLE 148,11600
ATHENE HOLDING LTDCL AG0684D1076,019176,610SH SOLE 176,61000
BAIN CAP SPECIALTY FIN INCCOM STK05684B1072,446239,759SH SOLE 239,75900
FRANKLIN RESOURCES INCCOM35461310119,958980,750SH SOLE 980,75000
BROADSTONE NET LEASE INCCL A COM11135E1044,373260,617SH SOLE 260,61700
POPULAR INCCOM NEW7331747009,587264,326SH SOLE 264,32600
BRIXMOR PPTY GROUP INCCOM11120U10510,006855,967SH SOLE 855,96700
BOSTON PROPERTIES INCCOM10112110110,570131,630SH SOLE 131,63000
CITIGROUP INCCOM NEW1729674248,609199,698SH SOLE 199,69800
CHUBB LIMITEDCOMH1467J1043,76032,379SH SOLE 32,37900
CITIZENS FINL GROUP INCCOM17461010516,781663,798SH SOLE 663,79800
CARLYLE GROUP INCCOM14316J1089,455383,248SH SOLE 383,24800
CME GROUP INCCOM12572Q10514,40186,071SH SOLE 86,07100
AMERICOLD RLTY TRCOM03064D1087,581212,060SH SOLE 212,06000
CUBESMARTCOM2296631095,379166,483SH SOLE 166,48300
COUSINS PPTYS INCCOM NEW2227955027,955278,254SH SOLE 278,25400
DISCOVER FINL SVCSCOM2547091088,291143,487SH SOLE 143,48700
DUKE REALTY CORPCOM NEW26441150514,845402,313SH SOLE 402,31300
EXTRA SPACE STORAGE INCCOM30225T1026,37159,548SH SOLE 59,54800
FIRST HORIZON NATL CORPCOM32051710510,1821,079,727SH SOLE 1,079,72700
FIFTH THIRD BANCORPCOM31677310010,768505,074SH SOLE 505,07400
FIRST REP BK SAN FRANCISCO CCOM33616C10013,191120,951SH SOLE 120,95100
GOLDMAN SACHS GROUP INCCOM38141G1042,98614,859SH SOLE 14,85900
HIGHWOODS PPTYS INCCOM4312841086,938206,682SH SOLE 206,68200
HUDSON PAC PPTYS INCCOM4440971092,545116,058SH SOLE 116,05800
HOST HOTELS & RESORTS INCCOM44107P1044,844448,975SH SOLE 448,97500
HEALTHCARE TR AMER INCCL A NEW42225P5016,523250,903SH SOLE 250,90300
HANCOCK WHITNEY CORPORATIONCOM4101201097,487398,008SH SOLE 398,00800
INTERCONTINENTAL EXCHANGE INCOM45866F10424,024240,118SH SOLE 240,11800
INVITATION HOMES INCCOM46187W1075,985213,842SH SOLE 213,84200
INVESTORS BANCORP INC NEWCOM46146L1015,142708,328SH SOLE 708,32800
KKR & CO INCCOM48251W1047,905230,211SH SOLE 230,21100
LAZARD LTDSHS AG540501025,476165,693SH SOLE 165,69300
LIFE STORAGE INCCOM53223X1072,72925,920SH SOLE 25,92000
MID AMER APT CMNTYS INCCOM59522J10310,66491,970SH SOLE 91,97000
MORGAN STANLEYCOM NEW61744644820,099415,693SH SOLE 415,69300
NETSTREIT CORPCOM64119V3034,259233,247SH SOLE 233,24700
CORPORATE OFFICE PPTYS TRSH BEN INT22002T1082,620110,445SH SOLE 110,44500
ONEWATER MARINE INCCL A COM68280L10143421,199SH SOLE 21,19900
OWL ROCK CAPITAL CORPORATIONCOM69121K1042,902240,651SH SOLE 240,65100
HEALTHPEAK PROPERTIES INCCOM42250P1037,929292,040SH SOLE 292,04000
PLYMOUTH INDL REIT INCCOM7296401023,676297,923SH SOLE 297,92300
RAYMOND JAMES FINL INCCOM7547301091,81924,995SH SOLE 24,99500
SIGNATURE BK NEW YORK N YCOM82669G1047,47590,072SH SOLE 90,07200
SANTANDER CONSUMER USA HDG ICOM80283M1016,114336,145SH SOLE 336,14500
STIFEL FINL CORPCOM8606301023,05260,368SH SOLE 60,36800
SOLAR CAP LTDCOM83413U1002,984188,287SH SOLE 188,28700
SYNOVUS FINL CORPCOM NEW87161C5013,663173,042SH SOLE 173,04200
SPIRIT RLTY CAP INC NEWCOM NEW84860W30012,218362,008SH SOLE 362,00800
STAG INDL INCCOM85254J1027,884258,573SH SOLE 258,57300
STERLING BANCORP DELCOM85917A1007,115676,368SH SOLE 676,36800
STORE CAP CORPCOM86212110013,556494,194SH SOLE 494,19400
STATE STR CORPCOM8574771035,79097,592SH SOLE 97,59200
SYNCHRONY FINANCIALCOM87165B10326,2131,001,630SH SOLE 1,001,63000
TRUIST FINL CORPCOM89832Q10920,750545,341SH SOLE 545,34100
TREAN INS GROUP INCCOM89457R1011,628106,749SH SOLE 106,74900
SIXTH STREET SPECIALTY LENDNCOM83012A1093,101180,185SH SOLE 180,18500
UDR INCCOM9026531044,890149,967SH SOLE 149,96700
URBAN EDGE PPTYSCOM91704F1047,423763,710SH SOLE 763,71000
UMPQUA HLDGS CORPCOM9042141034,962467,191SH SOLE 467,19100
US BANCORPCOM NEW90297330428,335790,382SH SOLE 790,38200
VICI PPTYS INCCOM9256521095,733245,317SH SOLE 245,31700
VPC IMPACT ACQUISITION HLDNGUNIT 09/22/2025G9441E1261,851185,144SH SOLE 185,14400
VIRTU FINL INCCL A92825410110,923474,720SH SOLE 474,72000
VOYA FINANCIAL INCCOM9290891009,771203,854SH SOLE 203,85400
VENTAS INCCOM92276F1008,996214,388SH SOLE 214,38800
WISDOMTREE INVTS INCCOM97717P1044,9161,536,244SH SOLE 1,536,24400
WELLS FARGO CO NEWCOM94974610127,7921,182,146SH SOLE 1,182,14600
WEINGARTEN RLTY INVSSH BEN INT94874110315,277900,750SH SOLE 900,75000
ALLEGHANY CORP DELCOM0171751008,46316,260SH SOLE 16,26000