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
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
EQUITY BANCSHARES INC COM CL A 29460X109 17,817,800 455,000 SH   DFND   455,000 0 0
ARES CAP CORP COM 04010L103 5,503,605 346,793 SH   DFND   346,793 0 0
PENNANTPARK INVT CORP COM 708062104 1,715,184 256,764 SH   DFND   256,764 0 0
BLACKROCK CAPITAL INVESTMENT COM 092533108 2,078,770 344,738 SH   DFND   344,738 0 0
SOLAR CAP LTD COM 83413U100 2,681,956 132,051 SH   DFND   132,051 0 0
SOLAR SR CAP LTD COM 83416M105 1,395,979 83,094 SH   DFND   83,094 0 0
PENNANTPARK FLOATING RATE CA COM 70806A106 2,156,551 164,748 SH   DFND   164,748 0 0
TPG Specialty Lending, Inc. COM 87265K102 803,700 45,000 SH   DFND   45,000 0 0
GREAT AJAX CORP COM 38983D300 1,376,314 101,573 SH   DFND   101,573 0 0
OFS CAP CORP COM 67103B100 948,202 84,510 SH   DFND   84,510 0 0
WHITEHORSE FIN INC COM 96524V106 3,057,965 246,213 SH   DFND   246,213 0 0
MONROE CAP CORP COM 610335101 984,000 80,000 SH   DFND   80,000 0 0
CORPORATE CAP TR INC COM 219880101 611,290 36,171 SH   DFND   36,171 0 0
ALEXANDRIA REAL ESTATE EQ IN COM 015271109 1,585,479 12,695 SH   DFND 1 12,695 0 0
APOLLO COML REAL EST FIN INC COM 03762U105 2,964,974 164,904 SH   DFND 1 164,904 0 0
BLACKSTONE MTG TR INC COM CL A 09257W100 5,961,819 189,746 SH   DFND 1 189,746 0 0
BOSTON PROPERTIES INC COM 101121101 3,080,500 25,000 SH   DFND 1 25,000 0 0
CITY OFFICE REIT INC COM 178587101 4,020,961 347,834 SH   DFND 1 347,834 0 0
CONDOR HOSPITALITY TR INC COM NEW 20676Y403 3,019,050 301,905 SH   DFND 1 301,905 0 0
EPR PPTYS COM SH BEN INT 26884U109 2,940,854 53,084 SH   DFND 1 53,084 0 0
GLOBAL MED REIT INC COM NEW 37954A204 3,353,368 482,499 SH   DFND 1 482,499 0 0
GRANITE PT MTG TR INC COM 38741L107 4,234,240 256,000 SH   DFND 1 256,000 0 0
GREAT AJAX CORP COM 38983D300 2,372,009 175,056 SH   DFND 1 175,056 0 0
INDEPENDENCE RLTY TR INC COM 45378A106 5,245,663 571,423 SH   DFND 1 571,423 0 0
INNOVATIVE INDL PPTYS INC COM 45781V101 3,483,091 130,209 SH   DFND 1 130,209 0 0
MEDEQUITIES RLTY TR INC COM 58409L306 2,259,650 215,000 SH   DFND 1 215,000 0 0
MEDICAL PPTYS TRUST INC COM 58463J304 1,730,443 133,111 SH   DFND 1 133,111 0 0
NATIONAL STORAGE AFFILIATES COM SHS BEN IN 637870106 3,138,762 125,150 SH   DFND 1 125,150 0 0
NEW RESIDENTIAL INVT CORP COM NEW 64828T201 6,229,615 378,700 SH   DFND 1 378,700 0 0
NEW YORK MTG TR INC PFD-C CONV 649604808 1,417,294 60,004 SH   DFND 1 60,004 0 0
OMEGA HEALTHCARE INVS INC COM 681936100 3,742,877 138,420 SH   DFND 1 138,420 0 0
PARK HOTELS RESORTS INC COM 700517105 2,149,549 79,554 SH   DFND 1 79,554 0 0
PLYMOUTH INDL REIT INC COM 729640102 3,457,475 201,250 SH   DFND 1 201,250 0 0
PROLOGIS INC COM 74340W103 3,149,500 50,000 SH   DFND 1 50,000 0 0
SACHEM CAP CORP COM 78590A109 2,923,940 842,634 SH   DFND 1 842,634 0 0
SPIRIT RLTY CAP INC NEW COM 84860W102 3,880,000 500,000 SH   DFND 1 500,000 0 0
STAG Industrial, Inc. COM 85254J102 3,881,259 162,260 SH   DFND 1 162,260 0 0
TPG RE FIN TR INC COM 87266M107 496,952 24,985 SH   DFND 1 24,985 0 0
UNITI GROUP INC COM 91325V108 4,719,000 290,400 SH   DFND 1 290,400 0 0
W P CAREY INC COM 92936U109 1,561,962 25,197 SH   DFND 1 25,197 0 0
WASHINGTON PRIME GROUP NEW COM 93964W108 2,931,565 439,515 SH   DFND 1 439,515 0 0
WHEELER REAL ESTATE INVT TR PFD CNV SER D 963025606 4,126,617 264,019 SH   DFND 1 264,019 0 0
WHITESTONE REIT COM 966084204 4,532,710 436,257 SH   DFND 1 436,257 0 0