AMERICAN FINL GROUP INC OHIO COM 025932104 6870 53790 SH SOLE 53790 0 0 AFFIRM HLDGS INC COM CL A 00827B106 15112 329810 SH SOLE 329810 0 0 AMERICAN INTL GROUP INC COM NEW 026874784 52773 701300 SH SOLE 701300 0 0 ASSURANT INC COM 04621X108 85603 393016 SH SOLE 393016 0 0 GALLAGHER ARTHUR J & CO COM 363576109 25067 115742 SH SOLE 115742 0 0 AMERICAN HOMES 4 RENT CL A 02665T306 6265 224400 SH SOLE 224400 0 0 AMERICAN TOWER CORP NEW COM 03027X100 6316 36600 SH SOLE 36600 0 0 AON PLC SHS CL A G0403H108 33156 102720 SH SOLE 102720 0 0 APPLIED DIGITAL CORP COM NEW 038169207 6051 254897 SH SOLE 254897 0 0 AMERICAN EXPRESS CO COM 025816109 11034 36480 SH SOLE 36480 0 0 AXIS CAPITAL HOLDINGS LTD SHS G0692U109 20611 203249 SH SOLE 203249 0 0 BOWHEAD SPECIALTY HLDGS INC COM SHS 10240L102 9785 436236 SH SOLE 436236 0 0 BLACKSTONE GROUP LP/THE COM 09260D107 9268 80600 SH SOLE 80600 0 0 CHUBB LIMITED COM H1467J104 33460 102659 SH SOLE 102659 0 0 CBOE HOLDINGS INC COM 12503M108 8910 31700 SH SOLE 31700 0 0 CAPITAL ONE FINL CORP COM 14040H105 30501 167193 SH SOLE 167193 0 0 CORPAY INC COM SHS 219948106 20171 69320 SH SOLE 69320 0 0 CARETRUST REIT INC COM 14174T107 33060 902045 SH SOLE 902045 0 0 COGNIZANT TECHNOLOGY SOLUTIO CL A 192446102 9147 149100 SH SOLE 149100 0 0 EASTGROUP PPTYS INC COM 277276101 21201 114542 SH SOLE 114542 0 0 EQUITY LIFESTYLE PPTYS INC COM 29472R108 4182 67000 SH SOLE 67000 0 0 ENSIGN GROUP INC COM 29358P101 10758 53389 SH SOLE 53389 0 0 AXA EQUITABLE HLDGS INC COM 29452E101 7793 210000 SH SOLE 210000 0 0 EQUINIX INC COM 29444U700 14664 14960 SH SOLE 14960 0 0 EQUITY RESIDENTIAL SH BEN INT 29476L107 11066 187081 SH SOLE 187081 0 0 FORGENT POWER SOLUTIONS INC COM SHS CL A 34631F102 1171 40000 SH SOLE 40000 0 0 GLOBAL PMTS INC COM 37940X102 18333 272400 SH SOLE 272400 0 0 HAGERTY INC CL A COM 405166109 2127 202012 SH SOLE 202012 0 0 HUT 8 MNG CORP COM 44812J104 6194 132044 SH SOLE 132044 0 0 INTERCONTINENTAL EXCHANGE IN COM 45866F104 33799 214900 SH SOLE 214900 0 0 INVITATION HOMES INC COM 46187W107 18851 758600 SH SOLE 758600 0 0 IREN LIMITED ORDINARY SHARES Q4982L109 10589 308900 SH SOLE 308900 0 0 JANUS LIVING INC CL A-1 471024109 589 25000 SH SOLE 25000 0 0 JACKSON FINANCIAL INC COM CL A 46817M107 10667 100900 SH SOLE 100900 0 0 KKR & CO INC COM 48251W104 7252 78401 SH SOLE 78401 0 0 LINEAGE INC COM 53566V106 7168 218800 SH SOLE 218800 0 0 LPL FINL HLDGS INC COM 50212V100 6618 22000 SH SOLE 22000 0 0 MASTERCARD INCORPORATED CL A 57636Q104 59055 118190 SH SOLE 118190 0 0 MOODYS CORP COM 615369105 39432 90388 SH SOLE 90388 0 0 MSCI INC COM 55354G100 29290 54340 SH SOLE 54340 0 0 NASDAQ INC COM 631103108 55050 648484 SH SOLE 648484 0 0 NEPTUNE INS HLDGS INC CL A 64073B103 5540 229035 SH SOLE 229035 0 0 NETSTREIT CORP COM 64119V303 6257 332300 SH SOLE 332300 0 0 PAYLOCITY HLDG CORP COM 70438V106 36936 341878 SH SOLE 341878 0 0 PUBLIC STORAGE COM 74460D109 41520 153280 SH SOLE 153280 0 0 QUINSTREET INC COM 74874Q100 1934 161046 SH SOLE 161046 0 0 Q2 HLDGS INC COM 74736L109 4175 88266 SH SOLE 88266 0 0 ROYAL CARIBBEAN GROUP COM V7780T103 2873 10440 SH SOLE 10440 0 0 REINSURANCE GRP OF AMERICA I COM NEW 759351604 8411 41200 SH SOLE 41200 0 0 RYMAN HOSPITALITY PPTYS INC COM 78377T107 9799 106200 SH SOLE 106200 0 0 RIOT PLATFORMS INC COM 767292105 4216 341100 SH SOLE 341100 0 0 RENAISSANCERE HOLDINGS LTD COM G7496G103 23056 77568 SH SOLE 77568 0 0 INVESCO EXCHANGE TRADED FD T S&P500 EQL WGT 46137V357 12820 66800 SH SOLE 66800 0 0 THE CHARLES SCHWAB CORPORATI COM 808513105 21390 227600 SH SOLE 227600 0 0 SELECTIVE INSURANCE GROUP COM 816300107 12115 160700 SH SOLE 160700 0 0 SKYWARD SPECIALTY INS GROUP COM 830940102 12287 281300 SH SOLE 281300 0 0 HANOVER INS GROUP INC COM 410867105 8109 46778 SH SOLE 46778 0 0 TPG INC COM CL A 872657101 5166 127536 SH SOLE 127536 0 0 TERRENO RLTY CORP COM 88146M101 25192 410160 SH SOLE 410160 0 0 TRANSUNION COM 89400J107 9043 130700 SH SOLE 130700 0 0 TWFG INC COM CL A 87318A101 2366 128665 SH SOLE 128665 0 0 UNUM GROUP COM 91529Y106 27226 372800 SH SOLE 372800 0 0 VANGUARD INDEX FDS REAL ESTATE ETF 922908553 9571 107900 SH SOLE 107900 0 0 VOYA FINANCIAL INC COM 929089100 14235 208355 SH SOLE 208355 0 0 WASTE CONNECTIONS INC COM 94106B101 15058 92700 SH SOLE 92700 0 0 WELLTOWER INC COM 95040Q104 27284 137998 SH SOLE 137998 0 0 WYNDHAM HOTELS & RESORTS INC COM 98311A105 40323 496400 SH SOLE 496400 0 0 WP CAREY INC COM 92936U109 31989 470700 SH SOLE 470700 0 0 TERAWULF INC COM 88080T104 2317 160600 SH SOLE 160600 0 0