| 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 | 4,265 | 120,000 | SH | | SOLE | | 120,000 | 0 | 0 |
| Alpha Metallurgical Resource, Inc. | Common Stocks | 020764106 | 23,889 | 185,000 | SH | | SOLE | | 185,000 | 0 | 0 |
| American Homes 4 Rent | Common Stocks | 02665T306 | 1,772 | 50,000 | SH | | SOLE | | 50,000 | 0 | 0 |
| AMN Healthcare Services, Inc. | Common Stocks | 001744101 | 32,913 | 300,000 | SH | | SOLE | | 300,000 | 0 | 0 |
| Anglo American plc ADR | ADR | 03485P300 | 7,196 | 400,000 | SH | | SOLE | | 400,000 | 0 | 0 |
| Antero Resources Corporation | Common Stocks | 03674X106 | 42,910 | 1,400,000 | SH | | SOLE | | 1,400,000 | 0 | 0 |
| Arch Coal, Inc. | Common Stocks | 03940R107 | 27,187 | 190,000 | SH | | SOLE | | 190,000 | 0 | 0 |
| B2Gold Corp. | Common Stocks | 11777Q209 | 5,085 | 1,500,000 | SH | | SOLE | | 1,500,000 | 0 | 0 |
| Bank of America Corporation | Common Stocks | 060505104 | 20,235 | 650,000 | SH | | SOLE | | 650,000 | 0 | 0 |
| BHP Billiton Limited ADR | ADR | 088606108 | 5,618 | 100,000 | SH | | SOLE | | 100,000 | 0 | 0 |
| Boston Properties, Inc. | Common Stocks | 101121101 | 13,347 | 150,000 | SH | | SOLE | | 150,000 | 0 | 0 |
| Bristol-Myers Squibb Company | Common Stocks | 110122108 | 9,240 | 120,000 | SH | | SOLE | | 120,000 | 0 | 0 |
| Brixmor Property Group, Inc. | Common Stocks | 11120U105 | 10,105 | 500,000 | SH | | SOLE | | 500,000 | 0 | 0 |
| Camden Property Trust | Common Stocks | 133131102 | 5,379 | 40,000 | SH | | SOLE | | 40,000 | 0 | 0 |
| Cheniere Energy, Inc. | Common Stocks | 16411R208 | 5,321 | 40,000 | SH | | SOLE | | 40,000 | 0 | 0 |
| Citigroup Inc. | Common Stocks | 172967424 | 28,054 | 610,000 | SH | | SOLE | | 610,000 | 0 | 0 |
| Consol Energy Inc. | Common Stocks | 20854L108 | 30,863 | 625,000 | SH | | SOLE | | 625,000 | 0 | 0 |
| COTERRA ENERGY INC | Common Stocks | 127097103 | 33,527 | 1,300,000 | SH | | SOLE | | 1,300,000 | 0 | 0 |
| CVR Energy, Inc. | Common Stocks | 12662P108 | 6,030 | 180,000 | SH | | SOLE | | 180,000 | 0 | 0 |
| D.R. Horton, Inc. | Common Stocks | 23331A109 | 7,943 | 120,000 | SH | | SOLE | | 120,000 | 0 | 0 |
| Delek US Holdings, Inc. | Common Stocks | 24665A103 | 7,752 | 300,000 | SH | | SOLE | | 300,000 | 0 | 0 |
| Essex Property Trust, Inc. | Common Stocks | 297178105 | 10,460 | 40,000 | SH | | SOLE | | 40,000 | 0 | 0 |
| Extra Space Storage Inc. | Common Stocks | 30225T102 | 6,805 | 40,000 | SH | | SOLE | | 40,000 | 0 | 0 |
| Federal Realty Investment Trust | Common Stocks | 313745101 | 11,489 | 120,000 | SH | | SOLE | | 120,000 | 0 | 0 |
| First Industrial Realty Trust, Inc. | Common Stocks | 32054K103 | 7,597 | 160,000 | SH | | SOLE | | 160,000 | 0 | 0 |
| Halliburton Company | Common Stocks | 406216101 | 25,088 | 800,000 | SH | | SOLE | | 800,000 | 0 | 0 |
| HF Sinclair Corporation | Common Stocks | 403949100 | 9,032 | 200,000 | SH | | SOLE | | 200,000 | 0 | 0 |
| Highwoods Properties, Inc. | Common Stocks | 431284108 | 7,522 | 220,000 | SH | | SOLE | | 220,000 | 0 | 0 |
| Innovative Industrial Properties, Inc. | Common Stocks | 45781V101 | 9,888 | 90,000 | SH | | SOLE | | 90,000 | 0 | 0 |
| Invitation Homes Inc. | Common Stocks | 46187W107 | 7,116 | 200,000 | SH | | SOLE | | 200,000 | 0 | 0 |
| Kimco Realty Corporation | Common Stocks | 49446R109 | 10,874 | 550,000 | SH | | SOLE | | 550,000 | 0 | 0 |
| Kinross Gold Corporation | Common Stocks | 496902404 | 8,950 | 2,500,000 | SH | | SOLE | | 2,500,000 | 0 | 0 |
| Lennar Corporation | Common Stocks | 526057104 | 8,468 | 120,000 | SH | | SOLE | | 120,000 | 0 | 0 |
| Life Storage, Inc. | Common Stocks | 53223X107 | 2,233 | 20,000 | SH | | SOLE | | 20,000 | 0 | 0 |
| Merck & Co., Inc. | Common Stocks | 58933Y105 | 9,117 | 100,000 | SH | | SOLE | | 100,000 | 0 | 0 |
| Meritage Homes Corporation | Common Stocks | 59001A102 | 8,700 | 120,000 | SH | | SOLE | | 120,000 | 0 | 0 |
| Mid-America Apartment Communities, Inc. | Common Stocks | 59522J103 | 13,974 | 80,000 | SH | | SOLE | | 80,000 | 0 | 0 |
| National Storage Affiliates Trust | Common Stocks | 637870106 | 2,504 | 50,000 | SH | | SOLE | | 50,000 | 0 | 0 |
| NexPoint Residential Trust, Inc. | Common Stocks | 65341D102 | 11,314 | 181,000 | SH | | SOLE | | 181,000 | 0 | 0 |
| O-I Glass, Inc. | Common Stocks | 67098H104 | 11,620 | 830,000 | SH | | SOLE | | 830,000 | 0 | 0 |
| Ovintiv Inc. | Common Stocks | 69047Q102 | 4,419 | 100,000 | SH | | SOLE | | 100,000 | 0 | 0 |
| Peabody Energy Corporation | Common Stocks | 704551100 | 29,222 | 1,370,000 | SH | | SOLE | | 1,370,000 | 0 | 0 |
| Pfizer Inc. | Common Stocks | 717081103 | 3,146 | 60,000 | SH | | SOLE | | 60,000 | 0 | 0 |
| Prologis, Inc. | Common Stocks | 74340W103 | 7,059 | 60,000 | SH | | SOLE | | 60,000 | 0 | 0 |
| Public Storage | Common Stocks | 74460D109 | 6,253 | 20,000 | SH | | SOLE | | 20,000 | 0 | 0 |
| PulteGroup, Inc. | Common Stocks | 745867101 | 3,963 | 100,000 | SH | | SOLE | | 100,000 | 0 | 0 |
| Range Resources Corporation | Common Stocks | 75281A109 | 29,700 | 1,200,000 | SH | | SOLE | | 1,200,000 | 0 | 0 |
| Regency Centers Corporation | Common Stocks | 758849103 | 8,897 | 150,000 | SH | | SOLE | | 150,000 | 0 | 0 |
| Rio Tinto plc ADR | ADR | 767204100 | 10,980 | 180,000 | SH | | SOLE | | 180,000 | 0 | 0 |
| Ryman Hospitality Properties, Inc. | Common Stocks | 78377T107 | 12,165 | 160,000 | SH | | SOLE | | 160,000 | 0 | 0 |
| Schlumberger Limited | Common Stocks | 806857108 | 23,244 | 650,000 | SH | | SOLE | | 650,000 | 0 | 0 |
| Signet Jewelers Limited | Common Stocks | G81276100 | 36,302 | 679,052 | SH | | SOLE | | 679,052 | 0 | 0 |
| Simon Property Group, Inc. | Common Stocks | 828806109 | 18,984 | 200,000 | SH | | SOLE | | 200,000 | 0 | 0 |
| SITE Centers Corp. | Common Stocks | 82981J109 | 10,776 | 800,000 | SH | | SOLE | | 800,000 | 0 | 0 |
| SL Green Realty Corp. | Common Stocks | 78440X887 | 8,307 | 180,000 | SH | | SOLE | | 180,000 | 0 | 0 |
| SM Energy Company | Common Stocks | 78454L100 | 7,864 | 230,000 | SH | | SOLE | | 230,000 | 0 | 0 |
| Southwestern Energy Company | Common Stocks | 845467109 | 31,875 | 5,100,000 | SH | | SOLE | | 5,100,000 | 0 | 0 |
| Tanger Factory Outlet Centers, Inc. | Common Stocks | 875465106 | 9,883 | 695,000 | SH | | SOLE | | 695,000 | 0 | 0 |
| Taylor Morrison Home Corporation | Common Stocks | 87724P106 | 2,336 | 100,000 | SH | | SOLE | | 100,000 | 0 | 0 |
| Teck Resources Limited | Common Stocks | 878742204 | 8,865 | 290,000 | SH | | SOLE | | 290,000 | 0 | 0 |
| Tenet Healthcare Corporation | Common Stocks | 88033G407 | 27,594 | 525,000 | SH | | SOLE | | 525,000 | 0 | 0 |
| The Howard Hughes Corporation | Common Stocks | 44267D107 | 2,722 | 40,000 | SH | | SOLE | | 40,000 | 0 | 0 |
| Toll Brothers, Inc. | Common Stocks | 889478103 | 4,460 | 100,000 | SH | | SOLE | | 100,000 | 0 | 0 |
| UDR, Inc. | Common Stocks | 902653104 | 9,208 | 200,000 | SH | | SOLE | | 200,000 | 0 | 0 |
| Wells Fargo & Company | Common Stocks | 949746101 | 11,751 | 300,000 | SH | | SOLE | | 300,000 | 0 | 0 |
