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 (x$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
Academy Sports and Outdoors, Inc. Common Stocks 00402L107 4,265 120,000 SH   SOLE   120,000 0 0
Alpha Metallurgical Resource, Inc. Common Stocks 020764106 23,889 185,000 SH   SOLE   185,000 0 0
American Homes 4 Rent Common Stocks 02665T306 1,772 50,000 SH   SOLE   50,000 0 0
AMN Healthcare Services, Inc. Common Stocks 001744101 32,913 300,000 SH   SOLE   300,000 0 0
Anglo American plc ADR ADR 03485P300 7,196 400,000 SH   SOLE   400,000 0 0
Antero Resources Corporation Common Stocks 03674X106 42,910 1,400,000 SH   SOLE   1,400,000 0 0
Arch Coal, Inc. Common Stocks 03940R107 27,187 190,000 SH   SOLE   190,000 0 0
B2Gold Corp. Common Stocks 11777Q209 5,085 1,500,000 SH   SOLE   1,500,000 0 0
Bank of America Corporation Common Stocks 060505104 20,235 650,000 SH   SOLE   650,000 0 0
BHP Billiton Limited ADR ADR 088606108 5,618 100,000 SH   SOLE   100,000 0 0
Boston Properties, Inc. Common Stocks 101121101 13,347 150,000 SH   SOLE   150,000 0 0
Bristol-Myers Squibb Company Common Stocks 110122108 9,240 120,000 SH   SOLE   120,000 0 0
Brixmor Property Group, Inc. Common Stocks 11120U105 10,105 500,000 SH   SOLE   500,000 0 0
Camden Property Trust Common Stocks 133131102 5,379 40,000 SH   SOLE   40,000 0 0
Cheniere Energy, Inc. Common Stocks 16411R208 5,321 40,000 SH   SOLE   40,000 0 0
Citigroup Inc. Common Stocks 172967424 28,054 610,000 SH   SOLE   610,000 0 0
Consol Energy Inc. Common Stocks 20854L108 30,863 625,000 SH   SOLE   625,000 0 0
COTERRA ENERGY INC Common Stocks 127097103 33,527 1,300,000 SH   SOLE   1,300,000 0 0
CVR Energy, Inc. Common Stocks 12662P108 6,030 180,000 SH   SOLE   180,000 0 0
D.R. Horton, Inc. Common Stocks 23331A109 7,943 120,000 SH   SOLE   120,000 0 0
Delek US Holdings, Inc. Common Stocks 24665A103 7,752 300,000 SH   SOLE   300,000 0 0
Essex Property Trust, Inc. Common Stocks 297178105 10,460 40,000 SH   SOLE   40,000 0 0
Extra Space Storage Inc. Common Stocks 30225T102 6,805 40,000 SH   SOLE   40,000 0 0
Federal Realty Investment Trust Common Stocks 313745101 11,489 120,000 SH   SOLE   120,000 0 0
First Industrial Realty Trust, Inc. Common Stocks 32054K103 7,597 160,000 SH   SOLE   160,000 0 0
Halliburton Company Common Stocks 406216101 25,088 800,000 SH   SOLE   800,000 0 0
HF Sinclair Corporation Common Stocks 403949100 9,032 200,000 SH   SOLE   200,000 0 0
Highwoods Properties, Inc. Common Stocks 431284108 7,522 220,000 SH   SOLE   220,000 0 0
Innovative Industrial Properties, Inc. Common Stocks 45781V101 9,888 90,000 SH   SOLE   90,000 0 0
Invitation Homes Inc. Common Stocks 46187W107 7,116 200,000 SH   SOLE   200,000 0 0
Kimco Realty Corporation Common Stocks 49446R109 10,874 550,000 SH   SOLE   550,000 0 0
Kinross Gold Corporation Common Stocks 496902404 8,950 2,500,000 SH   SOLE   2,500,000 0 0
Lennar Corporation Common Stocks 526057104 8,468 120,000 SH   SOLE   120,000 0 0
Life Storage, Inc. Common Stocks 53223X107 2,233 20,000 SH   SOLE   20,000 0 0
Merck & Co., Inc. Common Stocks 58933Y105 9,117 100,000 SH   SOLE   100,000 0 0
Meritage Homes Corporation Common Stocks 59001A102 8,700 120,000 SH   SOLE   120,000 0 0
Mid-America Apartment Communities, Inc. Common Stocks 59522J103 13,974 80,000 SH   SOLE   80,000 0 0
National Storage Affiliates Trust Common Stocks 637870106 2,504 50,000 SH   SOLE   50,000 0 0
NexPoint Residential Trust, Inc. Common Stocks 65341D102 11,314 181,000 SH   SOLE   181,000 0 0
O-I Glass, Inc. Common Stocks 67098H104 11,620 830,000 SH   SOLE   830,000 0 0
Ovintiv Inc. Common Stocks 69047Q102 4,419 100,000 SH   SOLE   100,000 0 0
Peabody Energy Corporation Common Stocks 704551100 29,222 1,370,000 SH   SOLE   1,370,000 0 0
Pfizer Inc. Common Stocks 717081103 3,146 60,000 SH   SOLE   60,000 0 0
Prologis, Inc. Common Stocks 74340W103 7,059 60,000 SH   SOLE   60,000 0 0
Public Storage Common Stocks 74460D109 6,253 20,000 SH   SOLE   20,000 0 0
PulteGroup, Inc. Common Stocks 745867101 3,963 100,000 SH   SOLE   100,000 0 0
Range Resources Corporation Common Stocks 75281A109 29,700 1,200,000 SH   SOLE   1,200,000 0 0
Regency Centers Corporation Common Stocks 758849103 8,897 150,000 SH   SOLE   150,000 0 0
Rio Tinto plc ADR ADR 767204100 10,980 180,000 SH   SOLE   180,000 0 0
Ryman Hospitality Properties, Inc. Common Stocks 78377T107 12,165 160,000 SH   SOLE   160,000 0 0
Schlumberger Limited Common Stocks 806857108 23,244 650,000 SH   SOLE   650,000 0 0
Signet Jewelers Limited Common Stocks G81276100 36,302 679,052 SH   SOLE   679,052 0 0
Simon Property Group, Inc. Common Stocks 828806109 18,984 200,000 SH   SOLE   200,000 0 0
SITE Centers Corp. Common Stocks 82981J109 10,776 800,000 SH   SOLE   800,000 0 0
SL Green Realty Corp. Common Stocks 78440X887 8,307 180,000 SH   SOLE   180,000 0 0
SM Energy Company Common Stocks 78454L100 7,864 230,000 SH   SOLE   230,000 0 0
Southwestern Energy Company Common Stocks 845467109 31,875 5,100,000 SH   SOLE   5,100,000 0 0
Tanger Factory Outlet Centers, Inc. Common Stocks 875465106 9,883 695,000 SH   SOLE   695,000 0 0
Taylor Morrison Home Corporation Common Stocks 87724P106 2,336 100,000 SH   SOLE   100,000 0 0
Teck Resources Limited Common Stocks 878742204 8,865 290,000 SH   SOLE   290,000 0 0
Tenet Healthcare Corporation Common Stocks 88033G407 27,594 525,000 SH   SOLE   525,000 0 0
The Howard Hughes Corporation Common Stocks 44267D107 2,722 40,000 SH   SOLE   40,000 0 0
Toll Brothers, Inc. Common Stocks 889478103 4,460 100,000 SH   SOLE   100,000 0 0
UDR, Inc. Common Stocks 902653104 9,208 200,000 SH   SOLE   200,000 0 0
Wells Fargo & Company Common Stocks 949746101 11,751 300,000 SH   SOLE   300,000 0 0