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    <nameOfIssuer>CAPITAL SOUTHWEST CORP</nameOfIssuer>
    <titleOfClass>NOTE 5.125%11/1</titleOfClass>
    <cusip>140501AE7</cusip>
    <value>571710</value>
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      <Sole>570000</Sole>
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      <None>0</None>
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  <infoTable>
    <nameOfIssuer>CIRCLE INTERNET GROUP INC</nameOfIssuer>
    <titleOfClass>COM CL A</titleOfClass>
    <cusip>172573107</cusip>
    <value>2480088</value>
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      <sshPrnamt>25994</sshPrnamt>
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    <votingAuthority>
      <Sole>25994</Sole>
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      <None>0</None>
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    <nameOfIssuer>CLIPPER RLTY INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>18885T306</cusip>
    <value>700486</value>
    <shrsOrPrnAmt>
      <sshPrnamt>231949</sshPrnamt>
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    <votingAuthority>
      <Sole>231949</Sole>
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      <None>0</None>
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    <nameOfIssuer>GE HEALTHCARE TECHNOLOGIES I</nameOfIssuer>
    <titleOfClass>COMMON STOCK</titleOfClass>
    <cusip>36266G107</cusip>
    <value>222437</value>
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      <sshPrnamt>3125</sshPrnamt>
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    <votingAuthority>
      <Sole>3125</Sole>
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      <None>0</None>
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    <nameOfIssuer>INVESCO QQQ TR</nameOfIssuer>
    <titleOfClass>UNIT SER 1</titleOfClass>
    <cusip>46090E103</cusip>
    <value>5540928</value>
    <shrsOrPrnAmt>
      <sshPrnamt>9600</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>9600</Sole>
      <Shared>0</Shared>
      <None>0</None>
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    <nameOfIssuer>ISHARES BITCOIN TRUST ETF</nameOfIssuer>
    <titleOfClass>SHS BEN INT</titleOfClass>
    <cusip>46438F101</cusip>
    <value>2335936</value>
    <shrsOrPrnAmt>
      <sshPrnamt>60800</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>60800</Sole>
      <Shared>0</Shared>
      <None>0</None>
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    <nameOfIssuer>ISHARES TR</nameOfIssuer>
    <titleOfClass>RUSSELL 2000 ETF</titleOfClass>
    <cusip>464287655</cusip>
    <value>5505600</value>
    <shrsOrPrnAmt>
      <sshPrnamt>22200</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>22200</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>ISHARES TR</nameOfIssuer>
    <titleOfClass>CORE US AGGBD ET</titleOfClass>
    <cusip>464287226</cusip>
    <value>9784051</value>
    <shrsOrPrnAmt>
      <sshPrnamt>98560</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>98560</Sole>
      <Shared>0</Shared>
      <None>0</None>
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    <nameOfIssuer>ISHARES TR</nameOfIssuer>
    <titleOfClass>ISHS 1-5YR INVS</titleOfClass>
    <cusip>464288646</cusip>
    <value>19331568</value>
    <shrsOrPrnAmt>
      <sshPrnamt>367800</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>367800</Sole>
      <Shared>0</Shared>
      <None>0</None>
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    <nameOfIssuer>ISHARES TR</nameOfIssuer>
    <titleOfClass>CORE S&amp;P500 ETF</titleOfClass>
    <cusip>464287200</cusip>
    <value>103207180</value>
    <shrsOrPrnAmt>
      <sshPrnamt>158000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>158000</Sole>
      <Shared>0</Shared>
      <None>0</None>
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  <infoTable>
    <nameOfIssuer>LEMONADE INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>52567D107</cusip>
    <value>3550446</value>
    <shrsOrPrnAmt>
      <sshPrnamt>56644</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <votingAuthority>
      <Sole>56644</Sole>
      <Shared>0</Shared>
      <None>0</None>
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    <nameOfIssuer>SPDR SERIES TRUST</nameOfIssuer>
    <titleOfClass>STATE STREET SPD</titleOfClass>
    <cusip>78464A375</cusip>
    <value>9069216</value>
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      <sshPrnamt>270400</sshPrnamt>
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      <Sole>270400</Sole>
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      <None>0</None>
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  <infoTable>
    <nameOfIssuer>SPDR SERIES TRUST</nameOfIssuer>
    <titleOfClass>STATE STREET SPD</titleOfClass>
    <cusip>78464A649</cusip>
    <value>6420372</value>
    <shrsOrPrnAmt>
      <sshPrnamt>250600</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>250600</Sole>
      <Shared>0</Shared>
      <None>0</None>
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    <nameOfIssuer>VANGUARD INDEX FDS</nameOfIssuer>
    <titleOfClass>LARGE CAP ETF</titleOfClass>
    <cusip>922908637</cusip>
    <value>13687330</value>
    <shrsOrPrnAmt>
      <sshPrnamt>45800</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>45800</Sole>
      <Shared>0</Shared>
      <None>0</None>
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    <nameOfIssuer>VANGUARD INDEX FDS</nameOfIssuer>
    <titleOfClass>S&amp;P 500 ETF SHS</titleOfClass>
    <cusip>922908363</cusip>
    <value>117358820</value>
    <shrsOrPrnAmt>
      <sshPrnamt>196400</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>196400</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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