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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
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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 FIGI (to the nearest dollar) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
AMERICAN HOMES 4 RENT CL A 02665T306   743,200 20,000 SH   SOLE   20,000 0 0
ARBOR REALTY TRUST INC NOTE 7.500% 8/0 038923BA5   10,604,864 10,750,000 PRN   SOLE   10,750,000 0 0
CAMDEN PPTY TR SH BEN INT 133131102   818,325 7,500 SH   SOLE   7,500 0 0
CAPITAL SOUTHWEST CORP COM 140501107   994,760 38,128 SH   SOLE   38,128 0 0
CLAROS MTG TR INC COMMON STOCK 18270D106   4,448,317 554,653 SH   SOLE   554,653 0 0
GLOBAL NET LEASE INC COM NEW 379378201   2,121,938 288,699 SH   SOLE   288,699 0 0
HILTON WORLDWIDE HLDGS INC COM 43300A203   2,618,400 12,000 SH   SOLE   12,000 0 0
KILROY RLTY CORP COM 49427F108   1,309,140 42,000 SH   SOLE   42,000 0 0
MARRIOTT INTL INC NEW CL A 571903202   2,852,886 11,800 SH   SOLE   11,800 0 0
MFA FINL INC COM 55272X607   1,150,184 108,100 SH   SOLE   108,100 0 0
MR COOPER GROUP INC COM 62482R107   808,645 9,955 SH   SOLE   9,955 0 0
NEW YORK MTG TR INC COM 649604840   1,727,472 295,800 SH   SOLE   295,800 0 0
PENNYMAC CORP NOTE 5.500% 3/1 70932AAF0   11,144,823 11,760,000 PRN   SOLE   11,760,000 0 0
READY CAPITAL CORP COM 75574U101   31,975,481 3,908,983 SH   SOLE   3,908,983 0 0
REDWOOD TRUST INC NOTE 7.750% 6/1 758075AF2   47,124,339 49,023,000 PRN   SOLE   49,023,000 0 0
REGIONAL MGMT CORP COM 75902K106   632,280 22,000 SH   SOLE   22,000 0 0
RITHM CAPITAL CORP COM NEW 64828T201   2,209,275 202,500 SH   SOLE   202,500 0 0
SL GREEN RLTY CORP COM 78440X887   3,172,123 56,005 SH   SOLE   56,005 0 0
TWO HARBORS INVENTMENT CORPO NOTE 6.250% 1/1 90187BAB7   15,419,660 15,939,000 PRN   SOLE   15,939,000 0 0
UDR INC COM 902653104   820,284 19,934 SH   SOLE   19,934 0 0
VALLEY NATL BANCORP COM 919794107   1,692,650 242,500 SH   SOLE   242,500 0 0