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
AERCAP HOLDINGS NV SHS N00985106   11,213,856 178,935 SH   SOLE   0 0 0
AIR LEASE CORP CL A 00912X302   40,181,451 1,019,575 SH   SOLE   0 0 0
ALEXANDRIA REAL ESTATE EQ IN COM 015271109   1,004,003 10,030 SH   SOLE   0 0 0
ANNALY CAPITAL MANAGEMENT IN COM NEW 035710839   9,280,704 493,392 SH   SOLE   0 0 0
AUTONATION INC COM 05329W102   2,896,433 19,131 SH   SOLE   0 0 0
AVIDXCHANGE HOLDINGS INC COM 05368X102   2,176,267 229,564 SH   SOLE   0 0 0
BOSTON PROPERTIES INC COM 101121101   4,563,425 76,722 SH   SOLE   0 0 0
CARMAX INC COM 143130102   1,997,203 28,237 SH   SOLE   0 0 0
CBRE GROUP INC CL A 12504L109   17,028,940 230,557 SH   SOLE   0 0 0
CREDIT ACCEP CORP MICH COM 225310101   2,321,305 5,045 SH   SOLE   0 0 0
DIGITALBRIDGE GROUP INC CL A NEW 25401T603   534,010 30,376 SH   SOLE   0 0 0
DISCOVER FINL SVCS COM 254709108   40,139,751 463,347 SH   SOLE   0 0 0
EVERQUOTE INC COM CL A 30041R108   1,851,466 256,081 SH   SOLE   0 0 0
FIDELITY NATL INFORMATION SV COM 31620M106   4,172,001 75,484 SH   SOLE   0 0 0
FIRST HORIZON CORPORATION COM 320517105   8,381,658 760,586 SH   SOLE   0 0 0
GOLDMAN SACHS GROUP INC COM 38141G104   6,430,307 19,873 SH   SOLE   0 0 0
GREEN DOT CORP CL A 39304D102   2,168,121 155,644 SH   SOLE   0 0 0
GROUP 1 AUTOMOTIVE INC COM 398905109   953,652 3,549 SH   SOLE   0 0 0
HENRY JACK & ASSOC INC COM 426281101   5,359,878 35,463 SH   SOLE   0 0 0
HERTZ GLOBAL HLDGS INC COM NEW 42806J700   3,822,711 312,058 SH   SOLE   0 0 0
HIPPO HLDGS INC COM NEW 433539202   236,789 29,710 SH   SOLE   0 0 0
KKR & CO INC COM 48251W104   10,343,810 167,919 SH   SOLE   0 0 0
KKR REAL ESTATE FIN TR INC COM 48251K100   3,321,036 279,784 SH   SOLE   0 0 0
LPL FINL HLDGS INC COM 50212V100   4,567,395 19,219 SH   SOLE   0 0 0
MASTERCARD INCORPORATED CL A 57636Q104   7,365,906 18,605 SH   SOLE   0 0 0
MEDIAALPHA INC CL A 58450V104   1,380,477 167,128 SH   SOLE   0 0 0
PAYPAL HLDGS INC COM 70450Y103   3,031,560 51,857 SH   SOLE   0 0 0
PRA GROUP INC COM 69354N106   1,592,259 82,887 SH   SOLE   0 0 0
Q2 HLDGS INC COM 74736L109   2,022,845 62,685 SH   SOLE   0 0 0
QUINSTREET INC COM 74874Q100   2,186,518 243,759 SH   SOLE   0 0 0
RADIAN GROUP INC COM 750236101   2,475,168 98,573 SH   SOLE   0 0 0
REDWOOD TRUST INC COM 758075402   9,851,528 1,381,701 SH   SOLE   0 0 0
REPAY HLDGS CORP COM CL A 76029L100   1,101,226 145,089 SH   SOLE   0 0 0
ROOT INC CL A NEW 77664L207   404,869 42,573 SH   SOLE   0 0 0
SCHWAB CHARLES CORP COM 808513105   17,039,642 310,376 SH   SOLE   0 0 0
SHOPIFY INC CL A 82509L107   3,437,583 62,994 SH   SOLE   0 0 0
SLM CORP COM 78442P106   3,938,550 289,174 SH   SOLE   0 0 0
STATE STR CORP COM 857477103   6,166,079 92,086 SH   SOLE   0 0 0
SYNCHRONY FINANCIAL COM 87165B103   5,738,020 187,701 SH   SOLE   0 0 0
TRINITY INDS INC COM 896522109   5,345,409 219,524 SH   SOLE   0 0 0
VERRA MOBILITY CORP CL A COM STK 92511U102   993,082 53,106 SH   SOLE   0 0 0
WEBSTER FINL CORP COM 947890109   9,137,874 226,690 SH   SOLE   0 0 0
WESTERN ALLIANCE BANCORP COM 957638109   5,254,601 114,305 SH   SOLE   0 0 0
WEX INC COM 96208T104   5,769,096 30,672 SH   SOLE   0 0 0