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
AON PLC SHS CL A G0408V102 1,938 11,743 SH   SOLE   11,743 0 0
AMERICAN INTL GROUP INC COM NEW 026874784 12,343 508,985 SH   SOLE   508,985 0 0
ASSURANT INC COM 04621X108 7,716 74,124 SH   SOLE   74,124 0 0
ALLSTATE CORP COM 020002101 19,075 207,942 SH   SOLE   207,942 0 0
AMERICAN HOMES 4 RENT CL A 02665T306 5,924 255,335 SH   SOLE   255,335 0 0
ARES CAP CORP COM 04010L103 1,035 95,984 SH   SOLE   95,984 0 0
ALEXANDRIA REAL ESTATE EQ IN COM 015271109 3,474 25,348 SH   SOLE   25,348 0 0
AXIS CAPITAL HOLDINGS LTD SHS G0692U109 8,924 230,902 SH   SOLE   230,902 0 0
BRIGHTHOUSE FINL INC COM 10922N103 9,091 376,146 SH   SOLE   376,146 0 0
BANK NEW YORK MELLON CORP COM 064058100 26,825 796,468 SH   SOLE   796,468 0 0
BLACKROCK INC COM 09247X101 2,767 6,289 SH   SOLE   6,289 0 0
POPULAR INC COM NEW 733174700 12,755 364,437 SH   SOLE   364,437 0 0
CADENCE BANCORPORATION CL A 12739A100 4,007 611,756 SH   SOLE   611,756 0 0
CITIZENS FINL GROUP INC COM 174610105 20,125 1,069,887 SH   SOLE   1,069,887 0 0
CAPITAL ONE FINL CORP COM 14040H105 19,643 389,587 SH   SOLE   389,587 0 0
CAMDEN PPTY TR SH BEN INT 133131102 3,627 45,769 SH   SOLE   45,769 0 0
COUSINS PPTYS INC COM NEW 222795502 6,691 228,605 SH   SOLE   228,605 0 0
AXA EQUITABLE HLDGS INC COM 054561105 22,056 1,526,344 SH   SOLE   1,526,344 0 0
FIRST HORIZON NATL CORP COM 320517105 14,505 1,799,632 SH   SOLE   1,799,632 0 0
FIDELITY NATL INFORMATION SV COM 31620M106 11,228 92,309 SH   SOLE   92,309 0 0
FLEETCOR TECHNOLOGIES INC COM 339041105 811 4,346 SH   SOLE   4,346 0 0
FIRST INDL RLTY TR INC COM 32054K103 2,028 61,023 SH   SOLE   61,023 0 0
FEDERAL REALTY INVT TR SH BEN INT NEW 313747206 3,061 41,032 SH   SOLE   41,032 0 0
GOLUB CAP BDC INC COM 38173M102 2,238 178,170 SH   SOLE   178,170 0 0
HIGHWOODS PPTYS INC COM 431284108 7,801 220,240 SH   SOLE   220,240 0 0
HANCOCK WHITNEY CORPORATION COM 410120109 9,679 495,868 SH   SOLE   495,868 0 0
IBERIABANK CORP COM 450828108 5,435 150,298 SH   SOLE   150,298 0 0
INVESTORS BANCORP INC COM 46146L101 9,392 1,175,467 SH   SOLE   1,175,467 0 0
LPL FINL HLDGS INC COM 50212V100 13,210 242,703 SH   SOLE   242,703 0 0
MID AMER APT CMNTYS INC COM 59522J103 7,192 69,807 SH   SOLE   69,807 0 0
MARKEL CORP COM 570535104 3,785 4,079 SH   SOLE   4,079 0 0
REALTY INCOME CORP COM 756109104 4,191 84,046 SH   SOLE   84,046 0 0
CORPORATE OFFICE PPTYS TR SH BEN INT 22002T108 4,667 210,892 SH   SOLE   210,892 0 0
ONEMAIN HLDGS INC COM 68268W103 3,983 208,312 SH   SOLE   208,312 0 0
HEALTHPEAK PPTYS INC COM 42250P103 2,643 110,810 SH   SOLE   110,810 0 0
PRINCIPAL FINL GROUP INC COM 74251V102 12,663 404,047 SH   SOLE   404,047 0 0
PROGRESSIVE CORP OHIO COM 743315103 17,157 232,349 SH   SOLE   232,349 0 0
PNC FINL SVCS GROUP INC COM 693475105 22,438 234,412 SH   SOLE   234,412 0 0
PUBLIC STORAGE COM 74460D109 3,048 15,348 SH   SOLE   15,348 0 0
RENAISSANCERE HOLDINGS LTD COM G7496G103 21,155 141,674 SH   SOLE   141,674 0 0
SOLAR CAP LTD COM 83413U100 3,313 284,629 SH   SOLE   284,629 0 0
SYNOVUS FINL CORP COM NEW 87161C501 15,548 885,416 SH   SOLE   885,416 0 0
STAG INDL INC COM 85254J102 5,461 242,492 SH   SOLE   242,492 0 0
STERLING BANCORP DEL COM 85917A100 11,059 1,058,325 SH   SOLE   1,058,325 0 0
STATE STR CORP COM 857477103 13,791 258,884 SH   SOLE   258,884 0 0
TRUIST FINL CORP COM 89832Q109 20,577 667,230 SH   SOLE   667,230 0 0
HANOVER INS GROUP INC COM 410867105 8,185 90,366 SH   SOLE   90,366 0 0
TPG SPECIALTY LENDING INC COM 87265K102 1,795 128,918 SH   SOLE   128,918 0 0
URBAN EDGE PPTYS COM 91704F104 6,122 694,848 SH   SOLE   694,848 0 0
UMPQUA HLDGS CORP COM 904214103 9,332 856,170 SH   SOLE   856,170 0 0
US BANCORP COM NEW 902973304 19,047 552,896 SH   SOLE   552,896 0 0
VOYA FINL INC COM 929089100 17,735 437,350 SH   SOLE   437,350 0 0
WESTERN ALLIANCE BANCORP COM 957638109 10,550 344,644 SH   SOLE   344,644 0 0
WEBSTER FINL CORP CONN COM 947890109 7,437 324,761 SH   SOLE   324,761 0 0
WILLIS TOWERS WATSON PUB LTD SHS G96629103 28,207 166,071 SH   SOLE   166,071 0 0
BERKLEY W R CORP COM 084423102 11,979 229,613 SH   SOLE   229,613 0 0
WEINGARTEN RLTY INVS SH BEN INT 948741103 3,528 244,505 SH   SOLE   244,505 0 0
WINTRUST FINL CORP COM 97650W108 5,803 176,596 SH   SOLE   176,596 0 0
ALLEGHANY CORP DEL COM 017175100 20,734 37,538 SH   SOLE   37,538 0 0