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
AMERICAN INTL GROUP INC COM NEW 026874784 50,120 976,426 SH   SOLE   976,426 0 0
APARTMENT INVT & MGMT CO CL A 03748R754 11,556 223,729 SH   SOLE   223,729 0 0
ASSURANT INC COM 04621X108 13,698 104,504 SH   SOLE   104,504 0 0
ALLSTATE CORP COM 020002101 28,844 256,504 SH   SOLE   256,504 0 0
AMERICAN HOMES 4 RENT CL A 02665T306 10,996 419,533 SH   SOLE   419,533 0 0
AMERIPRISE FINL INC COM 03076C106 4,594 27,581 SH   SOLE   27,581 0 0
AON PLC SHS CL A G0408V102 50,564 242,757 SH   SOLE   242,757 0 0
ARES CAP CORP COM 04010L103 7,218 387,005 SH   SOLE   387,005 0 0
ALEXANDRIA REAL ESTATE EQ IN COM 015271109 3,682 22,788 SH   SOLE   22,788 0 0
ARGO GROUP INTL HLDGS LTD COM G0464B107 3,869 58,839 SH   SOLE   58,839 0 0
BAIN CAP SPECIALTY FIN INC COM 05684B107 1,945 98,448 SH   SOLE   98,448 0 0
BANK NEW YORK MELLON CORP COM 064058100 38,375 762,460 SH   SOLE   762,460 0 0
BLACKROCK INC COM 09247X101 17,331 34,476 SH   SOLE   34,476 0 0
POPULAR INC COM NEW 733174700 8,750 148,938 SH   SOLE   148,938 0 0
BRP GROUP INC COM CL A 05589G102 1,395 86,888 SH   SOLE   86,888 0 0
CADENCE BANCORPORATION CL A 12739A100 8,590 473,796 SH   SOLE   473,796 0 0
CITIZENS FINL GROUP INC COM 174610105 58,343 1,436,656 SH   SOLE   1,436,656 0 0
CAPITAL ONE FINL CORP COM 14040H105 46,833 455,088 SH   SOLE   455,088 0 0
AMERICOLD RLTY TR COM 03064D108 4,577 130,550 SH   SOLE   130,550 0 0
DOUGLAS EMMETT INC COM 25960P109 6,102 139,009 SH   SOLE   139,009 0 0
AXA EQUITABLE HLDGS INC COM 054561105 38,957 1,572,122 SH   SOLE   1,572,122 0 0
EQUITY RESIDENTIAL SH BEN INT 29476L107 6,659 82,293 SH   SOLE   82,293 0 0
E TRADE FINANCIAL CORP COM NEW 269246401 9,721 214,258 SH   SOLE   214,258 0 0
EXTRA SPACE STORAGE INC COM 30225T102 6,429 60,869 SH   SOLE   60,869 0 0
FIRST HORIZON NATL CORP COM 320517105 21,528 1,299,990 SH   SOLE   1,299,990 0 0
FIDELITY NATL INFORMATION SV COM 31620M106 20,120 144,652 SH   SOLE   144,652 0 0
FISERV INC COM 337738108 9,355 80,904 SH   SOLE   80,904 0 0
FEDERAL REALTY INVT TR SH BEN INT NEW 313747206 9,788 76,032 SH   SOLE   76,032 0 0
GOLUB CAP BDC INC COM 38173M102 2,799 151,696 SH   SOLE   151,696 0 0
GOLDMAN SACHS GROUP INC COM 38141G104 40,206 174,864 SH   SOLE   174,864 0 0
HIGHWOODS PPTYS INC COM 431284108 10,647 217,684 SH   SOLE   217,684 0 0
HERITAGE INS HLDGS INC COM 42727J102 2,875 216,997 SH   SOLE   216,997 0 0
HOST HOTELS & RESORTS INC COM 44107P104 6,502 350,513 SH   SOLE   350,513 0 0
HANCOCK WHITNEY CORPORATION COM 410120109 7,383 168,244 SH   SOLE   168,244 0 0
IBERIABANK CORP COM 450828108 7,878 105,285 SH   SOLE   105,285 0 0
INVITATION HOMES INC COM 46187W107 6,222 207,594 SH   SOLE   207,594 0 0
INVESTORS BANCORP INC COM 46146L101 7,233 606,784 SH   SOLE   606,784 0 0
LPL FINL HLDGS INC COM 50212V100 7,633 82,743 SH   SOLE   82,743 0 0
MARKEL CORP COM 570535104 10,194 8,917 SH   SOLE   8,917 0 0
M & T BK CORP COM 55261F104 36,831 216,972 SH   SOLE   216,972 0 0
CORPORATE OFFICE PPTYS TR SH BEN INT 22002T108 9,864 335,726 SH   SOLE   335,726 0 0
ONEMAIN HLDGS INC COM 68268W103 8,138 193,068 SH   SOLE   193,068 0 0
PEOPLES UTD FINL INC COM 712704105 18,645 1,103,244 SH   SOLE   1,103,244 0 0
HEALTHPEAK PPTYS INC COM 42250P103 9,803 284,395 SH   SOLE   284,395 0 0
PNC FINL SVCS GROUP INC COM 693475105 31,405 196,739 SH   SOLE   196,739 0 0
RYMAN HOSPITALITY PPTYS INC COM 78377T107 3,689 42,566 SH   SOLE   42,566 0 0
RENAISSANCERE HOLDINGS LTD COM G7496G103 35,561 181,417 SH   SOLE   181,417 0 0
SABRA HEALTH CARE REIT INC COM 78573L106 6,145 287,942 SH   SOLE   287,942 0 0
THE CHARLES SCHWAB CORPORATI COM 808513105 10,275 216,052 SH   SOLE   216,052 0 0
SUNSTONE HOTEL INVS INC NEW COM 867892101 8,206 589,500 SH   SOLE   589,500 0 0
SL GREEN RLTY CORP COM 78440X101 8,971 97,637 SH   SOLE   97,637 0 0
SOLAR CAP LTD COM 83413U100 2,449 118,791 SH   SOLE   118,791 0 0
SYNOVUS FINL CORP COM NEW 87161C501 11,402 290,871 SH   SOLE   290,871 0 0
SPIRIT RLTY CAP INC NEW COM NEW 84860W300 8,155 165,813 SH   SOLE   165,813 0 0
STERLING BANCORP DEL COM 85917A100 25,087 1,190,094 SH   SOLE   1,190,094 0 0
STATE STR CORP COM 857477103 12,508 158,132 SH   SOLE   158,132 0 0
TRUIST FINL CORP COM 89832Q109 56,548 1,004,045 SH   SOLE   1,004,045 0 0
HANOVER INS GROUP INC COM 410867105 19,795 144,835 SH   SOLE   144,835 0 0
TAYLOR MORRISON HOME CORP COM 87724P106 6,299 288,164 SH   SOLE   288,164 0 0
TRI POINTE GROUP INC COM 87265H109 4,571 293,390 SH   SOLE   293,390 0 0
TPG SPECIALTY LENDING INC COM 87265K102 4,930 229,640 SH   SOLE   229,640 0 0
TRADEWEB MKTS INC CL A 892672106 2,131 45,968 SH   SOLE   45,968 0 0
URBAN EDGE PPTYS COM 91704F104 6,473 337,501 SH   SOLE   337,501 0 0
VICI PPTYS INC COM 925652109 11,979 468,835 SH   SOLE   468,835 0 0
VOYA FINL INC COM 929089100 58,624 961,360 SH   SOLE   961,360 0 0
WESTERN ALLIANCE BANCORP COM 957638109 8,647 151,696 SH   SOLE   151,696 0 0
WEBSTER FINL CORP CONN COM 947890109 10,057 188,471 SH   SOLE   188,471 0 0
WILLIS TOWERS WATSON PUB LTD SHS G96629103 61,397 304,036 SH   SOLE   304,036 0 0
BERKLEY W R CORP COM 084423102 12,270 177,567 SH   SOLE   177,567 0 0
WEINGARTEN RLTY INVS SH BEN INT 948741103 6,985 223,586 SH   SOLE   223,586 0 0
ALLEGHANY CORP DEL COM 017175100 27,640 34,568 SH   SOLE   34,568 0 0
ZIONS BANCORPORATION N A COM 989701107 7,458 143,639 SH   SOLE   143,639 0 0