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
Estimated average burden
hours per response: 23.8
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
AMERICAN FINL GROUP INC OHIO COM 025932104   6,870 53,790 SH   SOLE   53,790 0 0
AFFIRM HLDGS INC COM CL A 00827B106   15,112 329,810 SH   SOLE   329,810 0 0
AMERICAN INTL GROUP INC COM NEW 026874784   52,773 701,300 SH   SOLE   701,300 0 0
ASSURANT INC COM 04621X108   85,603 393,016 SH   SOLE   393,016 0 0
GALLAGHER ARTHUR J & CO COM 363576109   25,067 115,742 SH   SOLE   115,742 0 0
AMERICAN HOMES 4 RENT CL A 02665T306   6,265 224,400 SH   SOLE   224,400 0 0
AMERICAN TOWER CORP NEW COM 03027X100   6,316 36,600 SH   SOLE   36,600 0 0
AON PLC SHS CL A G0403H108   33,156 102,720 SH   SOLE   102,720 0 0
APPLIED DIGITAL CORP COM NEW 038169207   6,051 254,897 SH   SOLE   254,897 0 0
AMERICAN EXPRESS CO COM 025816109   11,034 36,480 SH   SOLE   36,480 0 0
AXIS CAPITAL HOLDINGS LTD SHS G0692U109   20,611 203,249 SH   SOLE   203,249 0 0
BOWHEAD SPECIALTY HLDGS INC COM SHS 10240L102   9,785 436,236 SH   SOLE   436,236 0 0
BLACKSTONE GROUP LP/THE COM 09260D107   9,268 80,600 SH   SOLE   80,600 0 0
CHUBB LIMITED COM H1467J104   33,460 102,659 SH   SOLE   102,659 0 0
CBOE HOLDINGS INC COM 12503M108   8,910 31,700 SH   SOLE   31,700 0 0
CAPITAL ONE FINL CORP COM 14040H105   30,501 167,193 SH   SOLE   167,193 0 0
CORPAY INC COM SHS 219948106   20,171 69,320 SH   SOLE   69,320 0 0
CARETRUST REIT INC COM 14174T107   33,060 902,045 SH   SOLE   902,045 0 0
COGNIZANT TECHNOLOGY SOLUTIO CL A 192446102   9,147 149,100 SH   SOLE   149,100 0 0
EASTGROUP PPTYS INC COM 277276101   21,201 114,542 SH   SOLE   114,542 0 0
EQUITY LIFESTYLE PPTYS INC COM 29472R108   4,182 67,000 SH   SOLE   67,000 0 0
ENSIGN GROUP INC COM 29358P101   10,758 53,389 SH   SOLE   53,389 0 0
AXA EQUITABLE HLDGS INC COM 29452E101   7,793 210,000 SH   SOLE   210,000 0 0
EQUINIX INC COM 29444U700   14,664 14,960 SH   SOLE   14,960 0 0
EQUITY RESIDENTIAL SH BEN INT 29476L107   11,066 187,081 SH   SOLE   187,081 0 0
FORGENT POWER SOLUTIONS INC COM SHS CL A 34631F102   1,171 40,000 SH   SOLE   40,000 0 0
GLOBAL PMTS INC COM 37940X102   18,333 272,400 SH   SOLE   272,400 0 0
HAGERTY INC CL A COM 405166109   2,127 202,012 SH   SOLE   202,012 0 0
HUT 8 MNG CORP COM 44812J104   6,194 132,044 SH   SOLE   132,044 0 0
INTERCONTINENTAL EXCHANGE IN COM 45866F104   33,799 214,900 SH   SOLE   214,900 0 0
INVITATION HOMES INC COM 46187W107   18,851 758,600 SH   SOLE   758,600 0 0
IREN LIMITED ORDINARY SHARES Q4982L109   10,589 308,900 SH   SOLE   308,900 0 0
JANUS LIVING INC CL A-1 471024109   589 25,000 SH   SOLE   25,000 0 0
JACKSON FINANCIAL INC COM CL A 46817M107   10,667 100,900 SH   SOLE   100,900 0 0
KKR & CO INC COM 48251W104   7,252 78,401 SH   SOLE   78,401 0 0
LINEAGE INC COM 53566V106   7,168 218,800 SH   SOLE   218,800 0 0
LPL FINL HLDGS INC COM 50212V100   6,618 22,000 SH   SOLE   22,000 0 0
MASTERCARD INCORPORATED CL A 57636Q104   59,055 118,190 SH   SOLE   118,190 0 0
MOODYS CORP COM 615369105   39,432 90,388 SH   SOLE   90,388 0 0
MSCI INC COM 55354G100   29,290 54,340 SH   SOLE   54,340 0 0
NASDAQ INC COM 631103108   55,050 648,484 SH   SOLE   648,484 0 0
NEPTUNE INS HLDGS INC CL A 64073B103   5,540 229,035 SH   SOLE   229,035 0 0
NETSTREIT CORP COM 64119V303   6,257 332,300 SH   SOLE   332,300 0 0
PAYLOCITY HLDG CORP COM 70438V106   36,936 341,878 SH   SOLE   341,878 0 0
PUBLIC STORAGE COM 74460D109   41,520 153,280 SH   SOLE   153,280 0 0
QUINSTREET INC COM 74874Q100   1,934 161,046 SH   SOLE   161,046 0 0
Q2 HLDGS INC COM 74736L109   4,175 88,266 SH   SOLE   88,266 0 0
ROYAL CARIBBEAN GROUP COM V7780T103   2,873 10,440 SH   SOLE   10,440 0 0
REINSURANCE GRP OF AMERICA I COM NEW 759351604   8,411 41,200 SH   SOLE   41,200 0 0
RYMAN HOSPITALITY PPTYS INC COM 78377T107   9,799 106,200 SH   SOLE   106,200 0 0
RIOT PLATFORMS INC COM 767292105   4,216 341,100 SH   SOLE   341,100 0 0
RENAISSANCERE HOLDINGS LTD COM G7496G103   23,056 77,568 SH   SOLE   77,568 0 0
INVESCO EXCHANGE TRADED FD T S&P500 EQL WGT 46137V357   12,820 66,800 SH   SOLE   66,800 0 0
THE CHARLES SCHWAB CORPORATI COM 808513105   21,390 227,600 SH   SOLE   227,600 0 0
SELECTIVE INSURANCE GROUP COM 816300107   12,115 160,700 SH   SOLE   160,700 0 0
SKYWARD SPECIALTY INS GROUP COM 830940102   12,287 281,300 SH   SOLE   281,300 0 0
HANOVER INS GROUP INC COM 410867105   8,109 46,778 SH   SOLE   46,778 0 0
TPG INC COM CL A 872657101   5,166 127,536 SH   SOLE   127,536 0 0
TERRENO RLTY CORP COM 88146M101   25,192 410,160 SH   SOLE   410,160 0 0
TRANSUNION COM 89400J107   9,043 130,700 SH   SOLE   130,700 0 0
TWFG INC COM CL A 87318A101   2,366 128,665 SH   SOLE   128,665 0 0
UNUM GROUP COM 91529Y106   27,226 372,800 SH   SOLE   372,800 0 0
VANGUARD INDEX FDS REAL ESTATE ETF 922908553   9,571 107,900 SH   SOLE   107,900 0 0
VOYA FINANCIAL INC COM 929089100   14,235 208,355 SH   SOLE   208,355 0 0
WASTE CONNECTIONS INC COM 94106B101   15,058 92,700 SH   SOLE   92,700 0 0
WELLTOWER INC COM 95040Q104   27,284 137,998 SH   SOLE   137,998 0 0
WYNDHAM HOTELS & RESORTS INC COM 98311A105   40,323 496,400 SH   SOLE   496,400 0 0
WP CAREY INC COM 92936U109   31,989 470,700 SH   SOLE   470,700 0 0
TERAWULF INC COM 88080T104   2,317 160,600 SH   SOLE   160,600 0 0