| 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 |
| Academy Sports and Outdoors, Inc. | Common Stocks | 00402L107 | 5,268 | 120,000 | SH | | SOLE | | 120,000 | 0 | 0 |
| ArcBest Corporation | Common Stocks | 03937C105 | 20,375 | 170,000 | SH | | SOLE | | 170,000 | 0 | 0 |
| AvalonBay Communities, Inc. | Common Stocks | 053484101 | 26,522 | 105,000 | SH | | SOLE | | 105,000 | 0 | 0 |
| Bank of America Corporation | Common Stocks | 060505104 | 8,898 | 200,000 | SH | | SOLE | | 200,000 | 0 | 0 |
| Builders FirstSourse, Inc. | Common Stocks | 12008R107 | 39,427 | 460,000 | SH | | SOLE | | 460,000 | 0 | 0 |
| C.H. Robinson Worldwide, Inc. | Common Stocks | 12541W209 | 18,835 | 175,000 | SH | | SOLE | | 175,000 | 0 | 0 |
| Callon Petroleum Company | Common Stocks | 13123X508 | 8,033 | 170,000 | SH | | SOLE | | 170,000 | 0 | 0 |
| Camden Property Trust | Common Stocks | 133131102 | 7,147 | 40,000 | SH | | SOLE | | 40,000 | 0 | 0 |
| CBRE Group, Inc. | Common Stocks | 12504L109 | 27,670 | 255,000 | SH | | SOLE | | 255,000 | 0 | 0 |
| Centerspace | Common Stocks | 15202L107 | 20,184 | 182,000 | SH | | SOLE | | 182,000 | 0 | 0 |
| Century Communities, Inc. | Common Stocks | 156504300 | 4,907 | 60,000 | SH | | SOLE | | 60,000 | 0 | 0 |
| Citigroup Inc. | Common Stocks | 172967424 | 15,098 | 250,000 | SH | | SOLE | | 250,000 | 0 | 0 |
| CubeSmart | Common Stocks | 229663109 | 23,902 | 420,000 | SH | | SOLE | | 420,000 | 0 | 0 |
| Cushman & Wakefield plc | Common Stocks | G2717B108 | 12,232 | 550,000 | SH | | SOLE | | 550,000 | 0 | 0 |
| Customers Bancorp, Inc. | Common Stocks | 23204G100 | 10,132 | 155,000 | SH | | SOLE | | 155,000 | 0 | 0 |
| CVS HEALTH Corp. | Common Stocks | 126650100 | 43,327 | 420,000 | SH | | SOLE | | 420,000 | 0 | 0 |
| D.R. Horton, Inc. | Common Stocks | 23331A109 | 17,352 | 160,000 | SH | | SOLE | | 160,000 | 0 | 0 |
| Devon Energy Corporation | Common Stocks | 25179M103 | 18,501 | 420,000 | SH | | SOLE | | 420,000 | 0 | 0 |
| Diamondback Energy, Inc. | Common Stocks | 25278X109 | 33,434 | 310,000 | SH | | SOLE | | 310,000 | 0 | 0 |
| DiamondRock Hospitality Company | Common Stocks | 252784301 | 1,922 | 200,000 | SH | | SOLE | | 200,000 | 0 | 0 |
| Dicks Sporting Goods,Inc. | Common Stocks | 253393102 | 5,750 | 50,000 | SH | | SOLE | | 50,000 | 0 | 0 |
| EOG Resources, Inc. | Common Stocks | 26875P101 | 7,106 | 80,000 | SH | | SOLE | | 80,000 | 0 | 0 |
| Equity Residential | Common Stocks | 29476L107 | 21,268 | 235,000 | SH | | SOLE | | 235,000 | 0 | 0 |
| Extra Space Storage Inc. | Common Stocks | 30225T102 | 22,673 | 100,000 | SH | | SOLE | | 100,000 | 0 | 0 |
| Federal Realty Investment Trust | Common Stocks | 313747206 | 25,901 | 190,000 | SH | | SOLE | | 190,000 | 0 | 0 |
| Foot Locker, Inc. | Common Stocks | 344849104 | 19,634 | 450,000 | SH | | SOLE | | 450,000 | 0 | 0 |
| GMS Inc. | Common Stocks | 36251C103 | 4,809 | 80,000 | SH | | SOLE | | 80,000 | 0 | 0 |
| Host Hotels & Resorts, Inc. | Common Stocks | 44107P104 | 5,217 | 300,000 | SH | | SOLE | | 300,000 | 0 | 0 |
| Jones Lang LaSalle Incorporated | Common Stocks | 48020Q107 | 35,014 | 130,000 | SH | | SOLE | | 130,000 | 0 | 0 |
| Knight-Swift Transportation Holdings Inc. | Common Stocks | 499049104 | 6,703 | 110,000 | SH | | SOLE | | 110,000 | 0 | 0 |
| Lennar Corporation | Common Stocks | 526057104 | 22,070 | 190,000 | SH | | SOLE | | 190,000 | 0 | 0 |
| Life Storage, Inc. | Common Stocks | 53223X107 | 27,572 | 180,000 | SH | | SOLE | | 180,000 | 0 | 0 |
| Lockheed Martin Corporation | Common Stocks | 539830109 | 3,554 | 10,000 | SH | | SOLE | | 10,000 | 0 | 0 |
| Louisiana-Pacific Corporation | Common Stocks | 546347105 | 11,361 | 145,000 | SH | | SOLE | | 145,000 | 0 | 0 |
| M/I Homes, Inc. | Common Stocks | 55305B101 | 4,353 | 70,000 | SH | | SOLE | | 70,000 | 0 | 0 |
| Meritage Homes Corporation | Common Stocks | 59001A102 | 14,647 | 120,000 | SH | | SOLE | | 120,000 | 0 | 0 |
| Mid-America Apartment Communities, Inc. | Common Stocks | 59522J103 | 9,178 | 40,000 | SH | | SOLE | | 40,000 | 0 | 0 |
| National Storage Affiliates Trust | Common Stocks | 637870106 | 24,912 | 360,000 | SH | | SOLE | | 360,000 | 0 | 0 |
| Newmark Group, Inc. | Common Stocks | 65158N102 | 9,911 | 530,000 | SH | | SOLE | | 530,000 | 0 | 0 |
| NexPoint Residential Trust, Inc. | Common Stocks | 65341D102 | 28,586 | 341,000 | SH | | SOLE | | 341,000 | 0 | 0 |
| Northrop Grumman Corporation | Common Stocks | 666807102 | 3,871 | 10,000 | SH | | SOLE | | 10,000 | 0 | 0 |
| Oasis Petroleum Inc. | Common Stocks | 674215207 | 15,119 | 120,000 | SH | | SOLE | | 120,000 | 0 | 0 |
| Park Hotels & Resorts Inc. | Common Stocks | 700517105 | 21,712 | 1,150,000 | SH | | SOLE | | 1,150,000 | 0 | 0 |
| Pioneer Natural Resources Company | Common Stocks | 723787107 | 18,188 | 100,000 | SH | | SOLE | | 100,000 | 0 | 0 |
| Prudential Financial, Inc. | Common Stocks | 744320102 | 38,966 | 360,000 | SH | | SOLE | | 360,000 | 0 | 0 |
| Public Storage | Common Stocks | 74460D109 | 18,728 | 50,000 | SH | | SOLE | | 50,000 | 0 | 0 |
| Ryman Hospitality Properties, Inc. | Common Stocks | 78377T107 | 25,749 | 280,000 | SH | | SOLE | | 280,000 | 0 | 0 |
| Signet Jewelers Limited | Common Stocks | G81276100 | 44,651 | 513,052 | SH | | SOLE | | 513,052 | 0 | 0 |
| Simon Property Group, Inc. | Common Stocks | 828806109 | 31,954 | 200,000 | SH | | SOLE | | 200,000 | 0 | 0 |
| Sunstone Hotel Investors, Inc. | Common Stocks | 867892101 | 22,874 | 1,950,000 | SH | | SOLE | | 1,950,000 | 0 | 0 |
| Tanger Factory Outlet Centers, Inc. | Common Stocks | 875465106 | 16,388 | 850,000 | SH | | SOLE | | 850,000 | 0 | 0 |
| Target Corporation | Common Stocks | 87612E110 | 6,943 | 30,000 | SH | | SOLE | | 30,000 | 0 | 0 |
| Taylor Morrison Home Corporation | Common Stocks | 87724P106 | 3,846 | 110,000 | SH | | SOLE | | 110,000 | 0 | 0 |
| Tenet Healthcare Corporation | Common Stocks | 88033G407 | 39,211 | 480,000 | SH | | SOLE | | 480,000 | 0 | 0 |
| Textron Inc. | Common Stocks | 883203101 | 10,422 | 135,000 | SH | | SOLE | | 135,000 | 0 | 0 |
| The Buckle, Inc. | Common Stocks | 118440106 | 35,540 | 840,000 | SH | | SOLE | | 840,000 | 0 | 0 |
| The Howard Hughes Corporation | Common Stocks | 44267D107 | 13,231 | 130,000 | SH | | SOLE | | 130,000 | 0 | 0 |
| Toll Brothers, Inc. | Common Stocks | 889478103 | 8,687 | 120,000 | SH | | SOLE | | 120,000 | 0 | 0 |
| TRI Pointe Group, Inc. | Common Stocks | 87265H109 | 1,116 | 40,000 | SH | | SOLE | | 40,000 | 0 | 0 |
| UDR, Inc. | Common Stocks | 902653104 | 17,997 | 300,000 | SH | | SOLE | | 300,000 | 0 | 0 |
| Wells Fargo & Company | Common Stocks | 949746101 | 9,596 | 200,000 | SH | | SOLE | | 200,000 | 0 | 0 |
| West Fraser Timber Co. LTD. | Common Stocks | 952845105 | 10,490 | 110,000 | SH | | SOLE | | 110,000 | 0 | 0 |
