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 (x$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
AMERIS BANCORP COM 03076K108 4,797 122,407 SH   SOLE   122,407 0 0
ALLEGIANCE BANCSHARES INC COM 01748H107 1,592 47,758 SH   SOLE   47,758 0 0
ATLANTIC CAP BANCSHARES INC COM 048269203 1,652 96,523 SH   SOLE   96,523 0 0
ARCH CAP GROUP LTD ORD G0450A105 9,655 260,391 SH   SOLE   260,391 0 0
ALLIANCE DATA SYSTEMS CORP COM 018581108 1,282 9,150 SH   SOLE   9,150 0 0
AGNC INVT CORP COM 00123Q104 12,696 754,840 SH   SOLE   754,840 0 0
AMERICAN INTL GROUP INC COM NEW 026874784 17,737 332,908 SH   SOLE   332,908 0 0
APARTMENT INVT & MGMT CO CL A 03748R754 7,421 148,056 SH   SOLE   148,056 0 0
ASSURANT INC COM 04621X108 26,832 252,231 SH   SOLE   252,231 0 0
ALLY FINL INC COM 02005N100 19,243 620,933 SH   SOLE   620,933 0 0
AMERICAN HOMES 4 RENT CL A 02665T306 6,329 260,335 SH   SOLE   260,335 0 0
AON PLC SHS CL A G0408V102 30,995 160,611 SH   SOLE   160,611 0 0
ARES CAP CORP COM 04010L103 6,172 344,036 SH   SOLE   344,036 0 0
ALEXANDRIA REAL ESTATE EQ IN COM 015271109 1,151 8,161 SH   SOLE   8,161 0 0
ASSOCIATED BANC CORP COM 045487105 5,183 245,161 SH   SOLE   245,161 0 0
ATHENE HLDG LTD CL A G0684D107 26,964 626,203 SH   SOLE   626,203 0 0
AXIS CAPITAL HOLDINGS LTD SHS G0692U109 27,470 460,520 SH   SOLE   460,520 0 0
BB&T CORP COM 054937107 31,436 639,849 SH   SOLE   639,849 0 0
BAIN CAP SPECIALTY FIN INC COM 05684B107 1,848 99,225 SH   SOLE   99,225 0 0
BRIDGE BANCORP INC COM 108035106 1,705 57,878 SH   SOLE   57,878 0 0
BLACKROCK INC COM 09247X101 23,196 49,427 SH   SOLE   49,427 0 0
CITIZENS FINL GROUP INC COM 174610105 30,101 851,279 SH   SOLE   851,279 0 0
CARETRUST REIT INC COM 14174T107 3,275 137,707 SH   SOLE   137,707 0 0
CUBESMART COM 229663109 7,174 214,533 SH   SOLE   214,533 0 0
DOUGLAS EMMETT INC COM 25960P109 4,988 125,189 SH   SOLE   125,189 0 0
DISCOVER FINL SVCS COM 254709108 29,874 385,023 SH   SOLE   385,023 0 0
DUKE REALTY CORP COM NEW 264411505 2,052 64,912 SH   SOLE   64,912 0 0
AXA EQUITABLE HLDGS INC COM 054561105 15,776 754,839 SH   SOLE   754,839 0 0
EQUITY RESIDENTIAL SH BEN INT 29476L107 2,171 28,590 SH   SOLE   28,590 0 0
EMPIRE ST RLTY TR INC CL A 292104106 3,806 256,959 SH   SOLE   256,959 0 0
E TRADE FINANCIAL CORP COM NEW 269246401 16,160 362,324 SH   SOLE   362,324 0 0
FLAGSTAR BANCORP INC COM PAR .001 337930705 3,835 115,709 SH   SOLE   115,709 0 0
FEDERATED INVS INC PA CL B 314211103 9,644 296,742 SH   SOLE   296,742 0 0
FIFTH THIRD BANCORP COM 316773100 24,087 863,333 SH   SOLE   863,333 0 0
FIRST REP BK SAN FRANCISCO C COM 33616C100 6,683 68,436 SH   SOLE   68,436 0 0
FEDERAL REALTY INVT TR SH BEN INT NEW 313747206 1,863 14,466 SH   SOLE   14,466 0 0
HCP INC COM 40414L109 4,359 136,318 SH   SOLE   136,318 0 0
HIGHWOODS PPTYS INC COM 431284108 4,864 117,769 SH   SOLE   117,769 0 0
HERITAGE INS HLDGS INC COM 42727J102 2,435 157,991 SH   SOLE   157,991 0 0
HOST HOTELS & RESORTS INC COM 44107P104 3,548 194,740 SH   SOLE   194,740 0 0
IBERIABANK CORP COM 450828108 18,731 246,950 SH   SOLE   246,950 0 0
INVESCO LTD SHS G491BT108 12,626 617,083 SH   SOLE   617,083 0 0
KILROY RLTY CORP COM 49427F108 3,799 51,466 SH   SOLE   51,466 0 0
LINX S A SPONSORED ADS 53619W101 174 19,077 SH   SOLE   19,077 0 0
LIBERTY PPTY TR SH BEN INT 531172104 10,173 203,305 SH   SOLE   203,305 0 0
MORGAN STANLEY COM NEW 617446448 26,460 603,965 SH   SOLE   603,965 0 0
ANNALY CAP MGMT INC COM 035710409 13,910 1,523,587 SH   SOLE   1,523,587 0 0
NORTHERN TR CORP COM 665859104 11,517 127,969 SH   SOLE   127,969 0 0
CORPORATE OFFICE PPTYS TR SH BEN INT 22002T108 5,676 215,256 SH   SOLE   215,256 0 0
ONEMAIN HLDGS INC COM 68268W103 15,320 453,124 SH   SOLE   453,124 0 0
OLD SECOND BANCORP INC ILL COM 680277100 2,051 160,612 SH   SOLE   160,612 0 0
PEOPLES UTD FINL INC COM 712704105 9,995 595,674 SH   SOLE   595,674 0 0
PNC FINL SVCS GROUP INC COM 693475105 53,531 389,939 SH   SOLE   389,939 0 0
POSTAL REALTY TRUST INC CL A 73757R102 315 20,030 SH   SOLE   20,030 0 0
REGIONS FINL CORP NEW COM 7591EP100 20,088 1,344,610 SH   SOLE   1,344,610 0 0
RAYMOND JAMES FINANCIAL INC COM 754730109 12,153 143,735 SH   SOLE   143,735 0 0
RENAISSANCERE HOLDINGS LTD COM G7496G103 18,142 101,914 SH   SOLE   101,914 0 0
SIGNATURE BK NEW YORK N Y COM 82669G104 12,513 103,548 SH   SOLE   103,548 0 0
SANTANDER CONSUMER USA HDG I COM 80283M101 17,308 722,382 SH   SOLE   722,382 0 0
SITE CENTERS CORP COM 82981J109 3,720 280,978 SH   SOLE   280,978 0 0
SVB FINL GROUP COM 78486Q101 18,070 80,458 SH   SOLE   80,458 0 0
SOLAR CAP LTD COM 83413U100 2,458 119,726 SH   SOLE   119,726 0 0
SYNOVUS FINL CORP COM NEW 87161C501 23,904 682,971 SH   SOLE   682,971 0 0
SOUTH PLAINS FINANCIAL INC COM 83946P107 169 10,229 SH   SOLE   10,229 0 0
SPIRIT RLTY CAP INC NEW COM NEW 84860W300 4,167 97,688 SH   SOLE   97,688 0 0
STERLING BANCORP DEL COM 85917A100 16,037 753,613 SH   SOLE   753,613 0 0
STORE CAP CORP COM 862121100 5,829 175,629 SH   SOLE   175,629 0 0
SYNCHRONY FINL COM 87165B103 44,016 1,269,578 SH   SOLE   1,269,578 0 0
HANOVER INS GROUP INC COM 410867105 20,512 159,876 SH   SOLE   159,876 0 0
TAYLOR MORRISON HOME CORP COM 87724P106 5,734 273,559 SH   SOLE   273,559 0 0
TPG SPECIALTY LENDING INC COM 87265K102 5,372 274,072 SH   SOLE   274,072 0 0
VICI PPTYS INC COM 925652109 8,783 398,511 SH   SOLE   398,511 0 0
VOYA FINL INC COM 929089100 45,743 827,170 SH   SOLE   827,170 0 0
WILLIS TOWERS WATSON PUB LTD SHS G96629103 42,362 221,166 SH   SOLE   221,166 0 0
WORLDPAY INC CL A 981558109 18,319 149,484 SH   SOLE   149,484 0 0
BERKLEY W R CORP COM 084423102 8,272 125,464 SH   SOLE   125,464 0 0
WEINGARTEN RLTY INVS SH BEN INT 948741103 5,966 217,594 SH   SOLE   217,594 0 0
WINTRUST FINL CORP COM 97650W108 9,666 132,124 SH   SOLE   132,124 0 0
ALLEGHANY CORP DEL COM 017175100 10,358 15,208 SH   SOLE   15,208 0 0
ZIONS BANCORPORATION N A COM 989701107 11,598 252,230 SH   SOLE   252,230 0 0