Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
AIG	AMERICAN INTL GROUP INC	244,264	$18.38M	3.3%	$76.34	0.0%	COM NEW	026874784
FHN	FIRST HORIZON CORPORATION	738,556	$16.81M	3.0%	$24.71	0.0%	COM	320517105
LNC	LINCOLN NATL CORP IND	392,881	$13.95M	2.5%	$40.87	0.0%	COM	534187109
JLL	JONES LANG LASALLE INC	36,400	$11.08M	2.0%	$336.02	0.0%	COM	48020Q107
EVR	EVERCORE INC	35,610	$10.63M	1.9%	$351.86	0.0%	CLASS A	29977A105
MAR	MARRIOTT INTL INC NEW	26,240	$8.582M	1.5%	$330.79	0.0%	CL A	571903202
PIPR	PIPER SANDLER COMPANIES	106,823	$8.177M	1.5%	$76.55	—	COM NEW	724078209
MA	MASTERCARD INCORPORATED	14,200	$7.095M	1.3%	$539.05	0.0%	CL A	57636Q104
CRBG	COREBRIDGE FINL INC	256,449	$6.119M	1.1%	$30.26	0.0%	COM	21871X109
BRX	BRIXMOR PPTY GROUP INC	210,514	$6.063M	1.1%	$28.80	—	COM	11120U105
UDR	UDR INC	133,900	$4.523M	0.8%	$36.69	0.0%	COM	902653104
HOOD	ROBINHOOD MKTS INC	62,504	$4.332M	0.8%	$95.75	0.0%	COM CL A	770700102
DAVE	DAVE INC	18,940	$3.297M	0.6%	$188.03	0.0%	CLASS A COM NEW	23834J201
EXR	EXTRA SPACE STORAGE INC	22,971	$3.012M	0.5%	$130.97	0.0%	COM	30225T102
FOUR	SHIFT4 PMTS INC	52,800	$2.309M	0.4%	$60.83	0.0%	CL A	82452J109

Increased Positions (17)

COF CAPITAL ONE FINL CORP 6.3%

Value $35.31M (+87.1%) Shares 193,578 (+148.6%) Est. Cost $222.82 Unrealized +0.2%

PLD PROLOGIS INC. 3.3%

Value $18.65M (+282.6%) Shares 141,101 (+269.6%) Est. Cost $127.64 Unrealized +1.1%

V VISA INC 6.4%

Value $35.74M (+54.9%) Shares 118,235 (+79.7%) Est. Cost $335.41 Unrealized -1.9%

WELL WELLTOWER INC 4.6%

Value $25.64M (+73.5%) Shares 129,693 (+62.9%) Est. Cost $186.65 Unrealized +0.2%

KKR KKR & CO INC 2.4%

Value $13.1M (+465.6%) Shares 141,656 (+679.4%) Est. Cost $115.99 Unrealized -1.1%

VLY VALLEY NATL BANCORP 4.4%

Value $24.46M (+61.4%) Shares 1,991,569 (+53.5%) Est. Cost $11.64 Unrealized +8.7%

LPLA LPL FINL HLDGS INC 5.1%

Value $28.68M (+32.6%) Shares 95,330 (+57.4%) Est. Cost $354.87 Unrealized +0.6%

FR FIRST INDL RLTY TR INC 1.5%

Value $8.557M (+195.3%) Shares 147,925 (+192.3%) Est. Cost $57.65 Unrealized —

RDN RADIAN GROUP INC 3.3%

Value $18.48M (+26.5%) Shares 558,703 (+37.6%) Est. Cost $34.48 Unrealized -2.2%

MQ MARQETA INC 1.4%

Value $8.057M (+74.4%) Shares 1,974,643 (+103.0%) Est. Cost $4.55 Unrealized -5.3%

RKT ROCKET COS INC 1.0%

Value $5.557M (+152.9%) Shares 389,980 (+243.6%) Est. Cost $19.49 Unrealized +3.4%

MSCI MSCI INC 4.3%

Value $24.01M (+9.2%) Shares 44,552 (+16.2%) Est. Cost $561.29 Unrealized +1.4%

OWL BLUE OWL CAPITAL INC 2.8%

Value $15.87M (+12.2%) Shares 1,737,678 (+83.6%) Est. Cost $14.77 Unrealized -7.0%

INTU INTUIT 2.8%

Value $15.36M (-9.6%) Shares 35,535 (+38.5%) Est. Cost $615.36 Unrealized -19.1%

VOYA VOYA FINANCIAL INC 3.4%

Value $19.14M (+4.4%) Shares 280,213 (+13.9%) Est. Cost $72.89 Unrealized +3.4%

LC LENDINGCLUB ISSUANCE TR SER 2.2%

Value $12.48M (-4.1%) Shares 871,811 (+26.8%) Est. Cost $17.77 Unrealized +2.2%

TOST TOAST INC 2.5%

Value $13.68M (+0.4%) Shares 516,138 (+34.4%) Est. Cost $34.76 Unrealized -10.8%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
COF	CAPITAL ONE FINL CORP	193,578 (+148.6%)	$35.31M (+87.1%)	6.3%	$222.82	+0.2%	COM	14040H105
PLD	PROLOGIS INC.	141,101 (+269.6%)	$18.65M (+282.6%)	3.3%	$127.64	+1.1%	COM	74340W103
V	VISA INC	118,235 (+79.7%)	$35.74M (+54.9%)	6.4%	$335.41	-1.9%	COM CL A	92826C839
WELL	WELLTOWER INC	129,693 (+62.9%)	$25.64M (+73.5%)	4.6%	$186.65	+0.2%	COM	95040Q104
KKR	KKR & CO INC	141,656 (+679.4%)	$13.1M (+465.6%)	2.4%	$115.99	-1.1%	COM	48251W104
VLY	VALLEY NATL BANCORP	1,991,569 (+53.5%)	$24.46M (+61.4%)	4.4%	$11.64	+8.7%	COM	919794107
LPLA	LPL FINL HLDGS INC	95,330 (+57.4%)	$28.68M (+32.6%)	5.1%	$354.87	+0.6%	COM	50212V100
FR	FIRST INDL RLTY TR INC	147,925 (+192.3%)	$8.557M (+195.3%)	1.5%	$57.65	—	COM	32054K103
RDN	RADIAN GROUP INC	558,703 (+37.6%)	$18.48M (+26.5%)	3.3%	$34.48	-2.2%	COM	750236101
MQ	MARQETA INC	1,974,643 (+103.0%)	$8.057M (+74.4%)	1.4%	$4.55	-5.3%	CLASS A COM	57142B104
RKT	ROCKET COS INC	389,980 (+243.6%)	$5.557M (+152.9%)	1.0%	$19.49	+3.4%	COM CL A	77311W101
MSCI	MSCI INC	44,552 (+16.2%)	$24.01M (+9.2%)	4.3%	$561.29	+1.4%	COM	55354G100
OWL	BLUE OWL CAPITAL INC	1,737,678 (+83.6%)	$15.87M (+12.2%)	2.8%	$14.77	-7.0%	COM CL A	09581B103
INTU	INTUIT	35,535 (+38.5%)	$15.36M (-9.6%)	2.8%	$615.36	-19.1%	COM	461202103
VOYA	VOYA FINANCIAL INC	280,213 (+13.9%)	$19.14M (+4.4%)	3.4%	$72.89	+3.4%	COM	929089100
LC	LENDINGCLUB ISSUANCE TR SER	871,811 (+26.8%)	$12.48M (-4.1%)	2.2%	$17.77	+2.2%	COM NEW	52603A208
TOST	TOAST INC	516,138 (+34.4%)	$13.68M (+0.4%)	2.5%	$34.76	-10.8%	CL A	888787108

Exited Positions (15)

FITB FIFTH THIRD BANCORP 3.7%

Value $20.65M Shares 441,134 Est. Cost $43.65 Unrealized +17.5%

PGR PROGRESSIVE CORP 3.1%

Value $17.38M Shares 76,342 Est. Cost $212.34 Unrealized -2.7%

AER AERCAP HOLDINGS NV 2.7%

Value $14.94M Shares 103,921 Est. Cost $132.45 Unrealized +10.1%

VICI VICI PPTYS INC 2.5%

Value $13.84M Shares 492,269 Est. Cost $29.30 Unrealized -3.9%

MC MOELIS & CO 2.4%

Value $13.52M Shares 196,678 Est. Cost $65.79 Unrealized +6.9%

ETOR ETORO GROUP LTD 1.8%

Value $9.912M Shares 282,149 Est. Cost $38.62 Unrealized -20.7%

CCI CROWN CASTLE INC 1.7%

Value $9.639M Shares 108,460 Est. Cost $91.09 Unrealized -2.6%

REG REGENCY CTRS CORP 1.5%

Value $8.416M Shares 121,912 Est. Cost $69.47 Unrealized -2.2%

PIPR PIPER SANDLER COMPANIES 1.4%

Value $7.841M Shares 23,080 Est. Cost $337.82 Unrealized +3.1%

ESS ESSEX PPTY TR INC 0.8%

Value $4.708M Shares 17,992 Est. Cost $256.27 Unrealized +0.2%

SLG SL GREEN RLTY CORP 0.5%

Value $2.919M Shares 63,637 Est. Cost $45.87 Unrealized —

SUI SUN CMNTYS INC 0.5%

Value $2.875M Shares 23,200 Est. Cost $123.91 Unrealized —

BKNG BOOKING HOLDINGS INC 0.5%

Value $2.86M Shares 534 Est. Cost $5137.84 Unrealized -6.9%

MAC MACERICH CO 0.4%

Value $2.141M Shares 116,006 Est. Cost $18.46 Unrealized —

HST HOST HOTELS & RESORTS INC 0.4%

Value $2.027M Shares 114,340 Est. Cost $16.93 Unrealized +7.3%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
FITB	FIFTH THIRD BANCORP	441,134	$20.65M	3.7%	$43.65	+17.5%	—	316773100
PGR	PROGRESSIVE CORP	76,342	$17.38M	3.1%	$212.34	-2.7%	—	743315103
AER	AERCAP HOLDINGS NV	103,921	$14.94M	2.7%	$132.45	+10.1%	—	N00985106
VICI	VICI PPTYS INC	492,269	$13.84M	2.5%	$29.30	-3.9%	—	925652109
MC	MOELIS & CO	196,678	$13.52M	2.4%	$65.79	+6.9%	—	60786M105
ETOR	ETORO GROUP LTD	282,149	$9.912M	1.8%	$38.62	-20.7%	—	G32089107
CCI	CROWN CASTLE INC	108,460	$9.639M	1.7%	$91.09	-2.6%	—	22822V101
REG	REGENCY CTRS CORP	121,912	$8.416M	1.5%	$69.47	-2.2%	—	758849103
PIPR	PIPER SANDLER COMPANIES	23,080	$7.841M	1.4%	$337.82	+3.1%	—	724078100
ESS	ESSEX PPTY TR INC	17,992	$4.708M	0.8%	$256.27	+0.2%	—	297178105
SLG	SL GREEN RLTY CORP	63,637	$2.919M	0.5%	$45.87	—	—	78440X887
SUI	SUN CMNTYS INC	23,200	$2.875M	0.5%	$123.91	—	—	866674104
BKNG	BOOKING HOLDINGS INC	534	$2.86M	0.5%	$5137.84	-6.9%	—	09857L108
MAC	MACERICH CO	116,006	$2.141M	0.4%	$18.46	—	—	554382101
HST	HOST HOTELS & RESORTS INC	114,340	$2.027M	0.4%	$16.93	+7.3%	—	44107P104

Decreased Positions (10)

KLAR KLARNA GROUP PLC 0.5%

Value $2.509M (-84.3%) Shares 191,690 (-65.3%) Est. Cost $34.34 Unrealized -31.7%

SPGI S&P GLOBAL INC 2.4%

Value $13.39M (-46.0%) Shares 31,479 (-33.7%) Est. Cost $494.21 Unrealized -1.8%

FICO FAIR ISAAC CORP 0.9%

Value $5.164M (-67.1%) Shares 4,837 (-47.9%) Est. Cost $1721.38 Unrealized -14.8%

BAC BANK AMERICA CORP 2.0%

Value $10.88M (-48.3%) Shares 223,200 (-41.6%) Est. Cost $52.67 Unrealized +1.9%

BXP BXP INC 0.6%

Value $3.477M (-70.2%) Shares 67,000 (-61.3%) Est. Cost $70.38 Unrealized -3.6%

ADC AGREE RLTY CORP 1.9%

Value $10.54M (-33.1%) Shares 139,785 (-36.1%) Est. Cost $72.03 Unrealized —

BLK BLACKROCK INC 3.4%

Value $18.91M (-21.2%) Shares 19,664 (-12.3%) Est. Cost $1089.41 Unrealized +0.7%

AHR AMERICAN HEALTHCARE REIT INC 2.4%

Value $13.52M (-25.7%) Shares 286,585 (-25.8%) Est. Cost $47.06 Unrealized —

IRM IRON MTN INC DEL 2.4%

Value $13.61M (-19.1%) Shares 133,253 (-34.3%) Est. Cost $92.78 Unrealized -10.3%

DRH DIAMONDROCK HOSPITALITY CO 0.6%

Value $3.223M (-28.7%) Shares 343,947 (-31.8%) Est. Cost $8.96 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
KLAR	KLARNA GROUP PLC	191,690 (-65.3%)	$2.509M (-84.3%)	0.5%	$34.34	-31.7%	SHS	G5279N105
SPGI	S&P GLOBAL INC	31,479 (-33.7%)	$13.39M (-46.0%)	2.4%	$494.21	-1.8%	COM	78409V104
FICO	FAIR ISAAC CORP	4,837 (-47.9%)	$5.164M (-67.1%)	0.9%	$1721.38	-14.8%	COM	303250104
BAC	BANK AMERICA CORP	223,200 (-41.6%)	$10.88M (-48.3%)	2.0%	$52.67	+1.9%	COM	060505104
BXP	BXP INC	67,000 (-61.3%)	$3.477M (-70.2%)	0.6%	$70.38	-3.6%	COM	101121101
ADC	AGREE RLTY CORP	139,785 (-36.1%)	$10.54M (-33.1%)	1.9%	$72.03	—	COM	008492100
BLK	BLACKROCK INC	19,664 (-12.3%)	$18.91M (-21.2%)	3.4%	$1089.41	+0.7%	COM	09290D101
AHR	AMERICAN HEALTHCARE REIT INC	286,585 (-25.8%)	$13.52M (-25.7%)	2.4%	$47.06	—	COM SHS	398182303
IRM	IRON MTN INC DEL	133,253 (-34.3%)	$13.61M (-19.1%)	2.4%	$92.78	-10.3%	COM	46284V101
DRH	DIAMONDROCK HOSPITALITY CO	343,947 (-31.8%)	$3.223M (-28.7%)	0.6%	$8.96	—	COM	252784301

Unchanged Positions (1)

USB US BANCORP 2.6%

Value $14.75M Shares 283,631 Est. Cost $48.72 Unrealized +16.2%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
USB	US BANCORP	283,631	$14.75M	2.6%	$48.72	+16.2%	COM NEW	902973304