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
AIR LEASE CORP CL A 00912X302   7,967,311 167,627 SH   SOLE   0 167,627 0
ANNALY CAPITAL MANAGEMENT IN COM NEW 035710839   5,224,689 274,118 SH   SOLE   0 274,118 0
ANYWHERE REAL ESTATE INC COM 75605Y106   127,210 38,432 SH   SOLE   0 38,432 0
APOLLO GLOBAL MGMT INC COM 03769M106   18,053,493 152,905 SH   SOLE   0 152,905 0
AVALONBAY CMNTYS INC COM 053484101   2,096,623 10,134 SH   SOLE   0 10,134 0
BLUE OWL CAPITAL INC COM CL A 09581B103   2,069,100 116,569 SH   SOLE   0 116,569 0
BOEING CO COM 097023105   5,369,841 29,503 SH   SOLE   0 29,503 0
BOSTON PROPERTIES INC COM 101121101   488,540 7,936 SH   SOLE   0 7,936 0
BREAD FINANCIAL HOLDINGS INC COM 018581108   14,917,797 334,780 SH   SOLE   0 334,780 0
CAMDEN PPTY TR SH BEN INT 133131102   994,210 9,112 SH   SOLE   0 9,112 0
CARGURUS INC COM CL A 141788109   1,946,450 74,292 SH   SOLE   0 74,292 0
CARS COM INC COM 14575E105   1,846,442 93,728 SH   SOLE   0 93,728 0
CBRE GROUP INC CL A 12504L109   9,653,910 108,337 SH   SOLE   0 108,337 0
CUSHMAN WAKEFIELD PLC SHS G2717B108   1,358,053 130,582 SH   SOLE   0 130,582 0
DIGITALBRIDGE GROUP INC CL A NEW 25401T603   416,151 30,376 SH   SOLE   0 30,376 0
DISCOVER FINL SVCS COM 254709108   20,177,443 154,250 SH   SOLE   0 154,250 0
ELME COMMUNITIES SH BEN INT 939653101   1,596,967 100,249 SH   SOLE   0 100,249 0
EQUIFAX INC COM 294429105   4,892,115 20,177 SH   SOLE   0 20,177 0
ESSEX PPTY TR INC COM 297178105   584,413 2,147 SH   SOLE   0 2,147 0
EVERQUOTE INC COM CL A 30041R108   1,418,438 67,998 SH   SOLE   0 67,998 0
EXP WORLD HLDGS INC COM 30212W100   232,968 20,644 SH   SOLE   0 20,644 0
FIRST HORIZON CORPORATION COM 320517105   5,483,986 347,748 SH   SOLE   0 347,748 0
GLOBAL PMTS INC COM 37940X102   4,038,579 41,764 SH   SOLE   0 41,764 0
GLOBE LIFE INC COM 37959E102   1,086,178 13,201 SH   SOLE   0 13,201 0
GOLDMAN SACHS GROUP INC COM 38141G104   12,209,474 26,993 SH   SOLE   0 26,993 0
H & E EQUIPMENT SERVICES INC COM 404030108   4,760,378 107,774 SH   SOLE   0 107,774 0
HENRY JACK & ASSOC INC COM 426281101   3,342,481 20,133 SH   SOLE   0 20,133 0
HERC HLDGS INC COM 42704L104   2,554,236 19,163 SH   SOLE   0 19,163 0
IBOTTA INC CLASS A COM SHS 451051106   450,659 5,996 SH   SOLE   0 5,996 0
INTERNATIONAL MNY EXPRESS IN COM 46005L101   495,700 23,786 SH   SOLE   0 23,786 0
JONES LANG LASALLE INC COM 48020Q107   4,264,281 20,773 SH   SOLE   0 20,773 0
L3HARRIS TECHNOLOGIES INC COM 502431109   245,017 1,091 SH   SOLE   0 1,091 0
LADDER CAP CORP CL A 505743104   1,074,210 95,147 SH   SOLE   0 95,147 0
LENNAR CORP CL A 526057104   3,772,827 25,174 SH   SOLE   0 25,174 0
LIGHTSPEED COMMERCE INC SUB VTG SHS 53229C107   2,130,753 155,643 SH   SOLE   0 155,643 0
LOCKHEED MARTIN CORP COM 539830109   224,675 481 SH   SOLE   0 481 0
MASTERCARD INCORPORATED CL A 57636Q104   6,826,510 15,474 SH   SOLE   0 15,474 0
MID-AMER APT CMNTYS INC COM 59522J103   1,126,762 7,901 SH   SOLE   0 7,901 0
NORTHROP GRUMMAN CORP COM 666807102   212,308 487 SH   SOLE   0 487 0
OLO INC CL A 68134L109   176,323 39,892 SH   SOLE   0 39,892 0
OPORTUN FINL CORP COM 68376D104   168,362 58,056 SH   SOLE   0 58,056 0
PAYPAL HLDGS INC COM 70450Y103   5,036,250 86,787 SH   SOLE   0 86,787 0
QUINSTREET INC COM 74874Q100   842,490 50,783 SH   SOLE   0 50,783 0
RAYMOND JAMES FINL INC COM 754730109   2,896,924 23,436 SH   SOLE   0 23,436 0
REDFIN CORP COM 75737F108   989,522 164,646 SH   SOLE   0 164,646 0
REDWOOD TRUST INC COM 758075402   10,534,341 1,623,165 SH   SOLE   0 1,623,165 0
REPAY HLDGS CORP COM CL A 76029L100   1,012,767 95,906 SH   SOLE   0 95,906 0
RTX CORPORATION COM 75513E101   447,940 4,462 SH   SOLE   0 4,462 0
SCHWAB CHARLES CORP COM 808513105   5,155,573 69,963 SH   SOLE   0 69,963 0
SLM CORP COM 78442P106   8,366,062 402,408 SH   SOLE   0 402,408 0
SYNCHRONY FINANCIAL COM 87165B103   6,521,611 138,199 SH   SOLE   0 138,199 0
UDR INC COM 902653104   3,151,514 76,586 SH   SOLE   0 76,586 0
WELLS FARGO CO NEW COM 949746101   12,348,785 207,927 SH   SOLE   0 207,927 0
WESTERN ALLIANCE BANCORP COM 957638109   8,027,454 127,785 SH   SOLE   0 127,785 0