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
Expires: July 31, 2015
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
AFFIRM HLDGS INC COM CL A 00827B106 14,729 180,609 SH SOLE 180,609 0 0
AMERICAN FINL GROUP INC OHIO COM 025932104 17,393 124,290 SH SOLE 124,290 0 0
AMERICAN INTL GROUP INC COM NEW 026874784 21,099 283,100 SH SOLE 283,100 0 0
AMERICOLD RLTY TR COM 03064D108 4,747 302,000 SH SOLE 302,000 0 0
AON PLC SHS CL A G0403H108 73,503 221,600 SH SOLE 221,600 0 0
APOLLO GLOBAL MGMT INC COM CL A 03769M106 12,636 106,800 SH SOLE 106,800 0 0
APPLE HOSPITALITY REIT INC COM NEW 03784Y200 32,924 1,958,612 SH SOLE 1,958,612 0 0
APPLIED DIGITAL CORP COM NEW 038169207 15,292 409,964 SH SOLE 409,964 0 0
APPLIED DIGITAL CORP CALL 038169207 462 110,000 SH SOLE 110,000 0 0
ASSURANT INC COM 04621X108 124,736 464,516 SH SOLE 464,516 0 0
AXA EQUITABLE HLDGS INC COM 29452E101 10,180 232,000 SH SOLE 232,000 0 0
BLACKROCK INC COM 09290D101 33,669 35,015 SH SOLE 35,015 0 0
BLACKSTONE DIGITAL INFRASTRU COMMON STOCK 09264B107 1,984 91,705 SH SOLE 91,705 0 0
BOWHEAD SPECIALTY HLDGS INC COM SHS 10240L102 5,245 175,236 SH SOLE 175,236 0 0
CAPITAL ONE FINL CORP COM 14040H105 64,607 322,039 SH SOLE 322,039 0 0
CARETRUST REIT INC COM 14174T107 52,430 1,299,374 SH SOLE 1,299,374 0 0
CBOE HOLDINGS INC COM 12503M108 5,484 22,600 SH SOLE 22,600 0 0
CHIME FINL INC COM SHS CL A 16935C109 6,274 306,372 SH SOLE 306,372 0 0
CHUBB LIMITED COM H1467J104 18,515 54,339 SH SOLE 54,339 0 0
CINTAS CORP COM 172908105 21,481 126,300 SH SOLE 126,300 0 0
CORPAY INC COM SHS 219948106 12,088 36,272 SH SOLE 36,272 0 0
DIGITAL RLTY TR INC COM 253868103 25,762 143,457 SH SOLE 143,457 0 0
EASTGROUP PPTYS INC COM 277276101 13,821 68,242 SH SOLE 68,242 0 0
ECOLAB INC COM 278865100 19,235 69,040 SH SOLE 69,040 0 0
ENSIGN GROUP INC COM 29358P101 25,113 156,664 SH SOLE 156,664 0 0
EROCK INC CL A COM 296013105 254 17,500 SH SOLE 17,500 0 0
EVEREST GROUP LTD COM G3223R108 12,896 36,100 SH SOLE 36,100 0 0
EXTRA SPACE STORAGE INC COM 30225T102 25,030 172,265 SH SOLE 172,265 0 0
FIRST CAROLINA FINL SVCS INC COMMON STOCK 31943F200 126 9,500 SH SOLE 9,500 0 0
FORGENT POWER SOLUTIONS INC COM SHS CL A 34631F102 9,273 166,000 SH SOLE 166,000 0 0
GALLAGHER ARTHUR J & CO COM 363576109 81,773 356,202 SH SOLE 356,202 0 0
HAGERTY INC CL A COM 405166109 3,301 276,949 SH SOLE 276,949 0 0
HANOVER INS GROUP INC COM 410867105 15,669 73,178 SH SOLE 73,178 0 0
HENRY JACK & ASSOC INC COM 426281101 22,879 166,100 SH SOLE 166,100 0 0
HILTON WORLDWIDE HLDGS INC COM 43300A203 27,428 83,000 SH SOLE 83,000 0 0
HUT 8 MNG CORP COM 44812J104 7,698 66,681 SH SOLE 66,681 0 0
INTERACTIVE BROKERS GRO-CL A COM 45841N107 4,483 51,500 SH SOLE 51,500 0 0
INTERNATIONAL BUSINESS MACHS COM 459200101 9,758 34,700 SH SOLE 34,700 0 0
INVESCO EXCHANGE TRADED FD T S&P500 EQL WGT 46137V357 13,756 64,650 SH SOLE 64,650 0 0
INVITATION HOMES INC COM 46187W107 62,005 2,052,463 SH SOLE 2,052,463 0 0
IREN LIMITED ORDINARY SHARES Q4982L109 3,006 65,742 SH SOLE 65,742 0 0
IREN LIMITED CALL Q4982L109 950 220,000 SH SOLE 220,000 0 0
IRON MTN INC DEL COM 46284V101 17,422 137,932 SH SOLE 137,932 0 0
JANUS LIVING INC CL A-1 471024109 1,092 38,000 SH SOLE 38,000 0 0
KKR & CO INC COM 48251W104 15,474 168,600 SH SOLE 168,600 0 0
LINCOLN INTL INC CL A 533714101 716 30,000 SH SOLE 30,000 0 0
LINEAGE INC COM 53566V106 6,204 143,442 SH SOLE 143,442 0 0
LPL FINL HLDGS INC COM 50212V100 10,501 37,280 SH SOLE 37,280 0 0
MASTERCARD INCORPORATED CL A 57636Q104 32,959 64,172 SH SOLE 64,172 0 0
MOODYS CORP COM 615369105 42,859 94,628 SH SOLE 94,628 0 0
MSCI INC COM 55354G100 40,808 72,866 SH SOLE 72,866 0 0
NASDAQ INC COM 631103108 55,896 709,159 SH SOLE 709,159 0 0
NATIONAL HEALTHCARE PPTYS IN COM CLASS A 42226B501 203 13,839 SH SOLE 13,839 0 0
NEPTUNE INS HLDGS INC CL A 64073B103 10,412 330,535 SH SOLE 330,535 0 0
NETSTREIT CORP COM 64119V303 12,555 594,178 SH SOLE 594,178 0 0
NNN REIT INC COM 637417106 13,522 290,600 SH SOLE 290,600 0 0
PAYLOCITY HLDG CORP COM 70438V106 19,422 185,799 SH SOLE 185,799 0 0
PROGRESSIVE CORP OHIO COM 743315103 70,144 321,100 SH SOLE 321,100 0 0
PUBLIC STORAGE COM 74460D109 20,562 64,597 SH SOLE 64,597 0 0
Q2 HLDGS INC COM 74736L109 11,464 238,336 SH SOLE 238,336 0 0
RENAISSANCERE HOLDINGS LTD COM G7496G103 37,077 117,000 SH SOLE 117,000 0 0
RIOT PLATFORMS INC COM 767292105 2,344 85,600 SH SOLE 85,600 0 0
ROBINHOOD MKTS INC COM CL A 770700102 7,288 72,679 SH SOLE 72,679 0 0
SABRA HEALTH CARE REIT INC COM 78573L106 11,614 595,300 SH SOLE 595,300 0 0
SHOPIFY INC CL A 82509L107 8,883 77,800 SH SOLE 77,800 0 0
SKYWARD SPECIALTY INS GROUP COM 830940102 18,178 311,537 SH SOLE 311,537 0 0
TERAWULF INC COM 88080T104 16,238 657,403 SH SOLE 657,403 0 0
TERRENO RLTY CORP COM 88146M101 26,126 403,366 SH SOLE 403,366 0 0
THE BALDWIN INSURANCE GRP IN COM CL A 05589G102 4,598 172,991 SH SOLE 172,991 0 0
TOAST INC CL A 888787108 13,792 495,752 SH SOLE 495,752 0 0
TPG INC COM CL A 872657101 16,015 394,934 SH SOLE 394,934 0 0
TRADEWEB MKTS INC CL A 892672106 12,418 124,600 SH SOLE 124,600 0 0
TRANSUNION COM 89400J107 16,462 228,200 SH SOLE 228,200 0 0
TWFG INC COM CL A 87318A101 3,575 148,665 SH SOLE 148,665 0 0
UDR INC COM 902653104 46,814 1,172,691 SH SOLE 1,172,691 0 0
UNUM GROUP COM 91529Y106 15,612 174,635 SH SOLE 174,635 0 0
VISA INC COM CL A 92826C839 26,463 77,132 SH SOLE 77,132 0 0
VOYA FINANCIAL INC COM 929089100 11,883 131,255 SH SOLE 131,255 0 0
WASTE CONNECTIONS INC COM 94106B101 7,443 44,654 SH SOLE 44,654 0 0
WELLTOWER INC COM 95040Q104 57,540 253,512 SH SOLE 253,512 0 0
WEX INC COM 96208T104 6,435 45,608 SH SOLE 45,608 0 0
WP CAREY INC COM 92936U109 15,128 211,582 SH SOLE 211,582 0 0