Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
SBAC	SBA COMMUNICATIONS CORP	898,715	$159M	15.2%	$176.46	—	CL A	78410G104
CHDN	CHURCHILL DOWNS INC	398,419	$35.71M	3.4%	$89.64	—	COM	171484108
FERG	FERGUSON ENTERPRISES INC	103,500	$24.56M	2.4%	$237.33	—	COMMON STOCK NEW	31488V107
BLDR	BUILDERS FIRSTSOURCE INC	245,750	$21.99M	2.1%	$89.48	—	COM	12008R107
ELS	EQUITY LIFESTYLE PROPERTIES	306,244	$19.74M	1.9%	$64.45	—	COM	29472R108
HD	HOME DEPOT INC	29,500	$10.4M	1.0%	$352.68	—	COM	437076102
LOW	LOWES COS INC	44,250	$9.757M	0.9%	$220.49	—	COM	548661107
LPX	LOUISIANA PAC CORP	94,000	$7.394M	0.7%	$78.66	—	COM	546347105
ARE	ALEXANDRIA REAL ESTATE EQ IN	94,786	$5.009M	0.5%	$52.85	—	COM	015271109
FBIN	FORTUNE BRANDS INNOVATIONS I	30,000	$1.647M	0.2%	$54.90	—	COM	34964C106

Increased Positions (7)

HGV HILTON GRAND VACATIONS INC 6.0%

Value $62.12M (+227.1%) Shares 1,186,119 (+144.4%) Est. Cost $47.50 Unrealized —

COMP COMPASS INC 4.3%

Value $44.32M (+398.3%) Shares 3,594,368 (+195.4%) Est. Cost $11.14 Unrealized —

SBAC SBA COMMUNICATIONS CORP 8.3%

Value $86.47M (+25.6%) Shares 490,000 (+22.5%) Est. Cost $176.46 Unrealized —

FUN SIX FLAGS ENTERTAINMENT CORP 2.0%

Value $20.86M (+56.6%) Shares 979,395 (+30.5%) Est. Cost $17.95 Unrealized —

POOL POOL CORP 2.7%

Value $28.45M (+28.4%) Shares 132,400 (+20.9%) Est. Cost $245.38 Unrealized —

KREF KKR REAL ESTATE FIN TR INC 3.8%

Value $39.76M (+13.3%) Shares 5,813,201 (+1.4%) Est. Cost $6.90 Unrealized —

MHO M/I HOMES INC 0.9%

Value $8.88M (+52.4%) Shares 55,230 (+16.0%) Est. Cost $126.47 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
HGV	HILTON GRAND VACATIONS INC	1,186,119 (+144.4%)	$62.12M (+227.1%)	6.0%	$47.50	—	COM	43283X105
COMP	COMPASS INC	3,594,368 (+195.4%)	$44.32M (+398.3%)	4.3%	$11.14	—	CL A	20464U100
SBAC	SBA COMMUNICATIONS CORP	490,000 (+22.5%)	$86.47M (+25.6%)	8.3%	$176.46	—	CALL	78410G104
FUN	SIX FLAGS ENTERTAINMENT CORP	979,395 (+30.5%)	$20.86M (+56.6%)	2.0%	$17.95	—	COM	83001C108
POOL	POOL CORP	132,400 (+20.9%)	$28.45M (+28.4%)	2.7%	$245.38	—	COM	73278L105
KREF	KKR REAL ESTATE FIN TR INC	5,813,201 (+1.4%)	$39.76M (+13.3%)	3.8%	$6.90	—	COM	48251K100
MHO	M/I HOMES INC	55,230 (+16.0%)	$8.88M (+52.4%)	0.9%	$126.47	—	COM	55305B101

Exited Positions (12)

INN SUMMIT HOTEL PPTYS 4.0%

Value $41.55M Shares 9,400,000 Est. Cost $5.09 Unrealized —

NCLH NORWEGIAN CRUISE LINE HLDGS 3.1%

Value $32.35M Shares 1,730,000 Est. Cost $22.86 Unrealized —

H HYATT HOTELS CORP 3.1%

Value $32.21M Shares 223,989 Est. Cost $145.30 Unrealized —

AMH AMERICAN HOMES 4 RENT 3.0%

Value $31.04M Shares 1,111,773 Est. Cost $27.92 Unrealized —

KRC KILROY REALTY CORP 2.8%

Value $29.32M Shares 1,039,178 Est. Cost $28.21 Unrealized —

JHX JAMES HARDIE INDS PLC 2.1%

Value $21.88M Shares 1,155,000 Est. Cost $23.75 Unrealized —

CUBE CUBESMART 1.5%

Value $15.96M Shares 435,429 Est. Cost $36.17 Unrealized —

LINE LINEAGE INC 1.3%

Value $13.46M Shares 410,971 Est. Cost $33.76 Unrealized —

CSR CENTERSPACE 1.0%

Value $10.92M Shares 190,000 Est. Cost $62.96 Unrealized —

TMHC TAYLOR MORRISON HOME CORP 1.0%

Value $10.15M Shares 174,364 Est. Cost $63.93 Unrealized —

SAFE SAFEHOLD INC 0.7%

Value $7.492M Shares 553,703 Est. Cost $13.69 Unrealized —

SLG SL GREEN RLTY CORP 0.5%

Value $4.784M Shares 129,500 Est. Cost $45.87 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
INN	SUMMIT HOTEL PPTYS	9,400,000	$41.55M	4.0%	$5.09	—	—	866082100
NCLH	NORWEGIAN CRUISE LINE HLDGS	1,730,000	$32.35M	3.1%	$22.86	—	—	G66721104
H	HYATT HOTELS CORP	223,989	$32.21M	3.1%	$145.30	—	—	448579102
AMH	AMERICAN HOMES 4 RENT	1,111,773	$31.04M	3.0%	$27.92	—	—	02665T306
KRC	KILROY REALTY CORP	1,039,178	$29.32M	2.8%	$28.21	—	—	49427F108
JHX	JAMES HARDIE INDS PLC	1,155,000	$21.88M	2.1%	$23.75	—	—	G4253H101
CUBE	CUBESMART	435,429	$15.96M	1.5%	$36.17	—	—	229663109
LINE	LINEAGE INC	410,971	$13.46M	1.3%	$33.76	—	—	53566V106
CSR	CENTERSPACE	190,000	$10.92M	1.0%	$62.96	—	—	15202L107
TMHC	TAYLOR MORRISON HOME CORP	174,364	$10.15M	1.0%	$63.93	—	—	87724P106
SAFE	SAFEHOLD INC	553,703	$7.492M	0.7%	$13.69	—	—	78646V107
SLG	SL GREEN RLTY CORP	129,500	$4.784M	0.5%	$45.87	—	—	78440X887

Decreased Positions (10)

WH WYNDHAM HOTELS & RESORTS INC 0.2%

Value $2.526M (-95.6%) Shares 30,000 (-95.7%) Est. Cost $77.05 Unrealized —

DOC HEALTHPEAK PROPERTIES INC 0.5%

Value $5.502M (-86.6%) Shares 257,116 (-89.7%) Est. Cost $16.20 Unrealized —

WYNN WYNN RESORTS LTD 2.9%

Value $29.78M (-44.6%) Shares 306,689 (-42.0%) Est. Cost $114.13 Unrealized —

CPT CAMDEN PPTY TR 2.0%

Value $20.9M (-46.7%) Shares 182,538 (-54.5%) Est. Cost $109.97 Unrealized —

PRKS UNITED PARKS & RESORTS INC 3.6%

Value $37.09M (-32.4%) Shares 776,909 (-53.8%) Est. Cost $39.05 Unrealized —

COLD AMERICOLD REALTY TRUST INC 4.1%

Value $42.21M (-18.1%) Shares 2,685,314 (-40.3%) Est. Cost $12.24 Unrealized —

JBGS JBG SMITH PPTYS 5.7%

Value $59.03M (-8.5%) Shares 4,024,019 (-8.8%) Est. Cost $25.34 Unrealized —

SMA SMARTSTOP SELF STORAG REIT I 1.4%

Value $14.46M (-22.2%) Shares 444,839 (-27.5%) Est. Cost $30.28 Unrealized —

JAN JANUS LIVING INC 7.1%

Value $73.82M (-4.8%) Shares 2,568,555 (-21.9%) Est. Cost $23.57 Unrealized —

IRT INDEPENDENCE RLTY TR INC 8.2%

Value $85.57M (+0.3%) Shares 5,127,246 (-10.5%) Est. Cost $15.24 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
WH	WYNDHAM HOTELS & RESORTS INC	30,000 (-95.7%)	$2.526M (-95.6%)	0.2%	$77.05	—	COM	98311A105
DOC	HEALTHPEAK PROPERTIES INC	257,116 (-89.7%)	$5.502M (-86.6%)	0.5%	$16.20	—	COM	42250P103
WYNN	WYNN RESORTS LTD	306,689 (-42.0%)	$29.78M (-44.6%)	2.9%	$114.13	—	COM	983134107
CPT	CAMDEN PPTY TR	182,538 (-54.5%)	$20.9M (-46.7%)	2.0%	$109.97	—	SH BEN INT	133131102
PRKS	UNITED PARKS & RESORTS INC	776,909 (-53.8%)	$37.09M (-32.4%)	3.6%	$39.05	—	COM	81282V100
COLD	AMERICOLD REALTY TRUST INC	2,685,314 (-40.3%)	$42.21M (-18.1%)	4.1%	$12.24	—	COM	03064D108
JBGS	JBG SMITH PPTYS	4,024,019 (-8.8%)	$59.03M (-8.5%)	5.7%	$25.34	—	COM	46590V100
SMA	SMARTSTOP SELF STORAG REIT I	444,839 (-27.5%)	$14.46M (-22.2%)	1.4%	$30.28	—	COMMON STOCK	83192D402
JAN	JANUS LIVING INC	2,568,555 (-21.9%)	$73.82M (-4.8%)	7.1%	$23.57	—	CL A-1	471024109
IRT	INDEPENDENCE RLTY TR INC	5,127,246 (-10.5%)	$85.57M (+0.3%)	8.2%	$15.24	—	COM	45378A106

Unchanged Positions (4)

TRTX TPG RE FIN TR INC 5.7%

Value $58.83M Shares 7,029,102 Est. Cost $8.29 Unrealized —

SMRT SMARTRENT INC 0.6%

Value $6.676M Shares 5,610,150 Est. Cost $2.75 Unrealized —

NXRT NEXPOINT RESIDENTIAL TR INC 1.2%

Value $12.64M Shares 452,604 Est. Cost $31.47 Unrealized —

MAA MID-AMER APT CMNTYS INC 0.5%

Value $5.627M Shares 40,503 Est. Cost $126.46 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
TRTX	TPG RE FIN TR INC	7,029,102	$58.83M	5.7%	$8.29	—	COM	87266M107
SMRT	SMARTRENT INC	5,610,150	$6.676M	0.6%	$2.75	—	COM CL A	83193G107
NXRT	NEXPOINT RESIDENTIAL TR INC	452,604	$12.64M	1.2%	$31.47	—	COM	65341D102
MAA	MID-AMER APT CMNTYS INC	40,503	$5.627M	0.5%	$126.46	—	COM	59522J103