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
APOLLO INVT CORP COM NEW 03761U502 1,610 106,332 SH   DFND   106,332 0 0
ARES CAP CORP COM 04010L103 7,845 457,701 SH   DFND   457,701 0 0
BLACKROCK CAPITAL INVESTMENT COM 092533108 2,271 379,107 SH   DFND   379,107 0 0
FS KKR CAPITAL CORP COM 302635107 2,119 350,189 SH   DFND   350,189 0 0
GREAT AJAX CORP COM 38983D300 1,111 80,878 SH   DFND   80,878 0 0
GSV CAP CORP NOTE 4.750% 3/2 36191JAC5 3,904 3,915,000 SH   DFND   3,915,000 0 0
GSV CAP CORP COM 36191J101 3,167 417,793 SH   DFND   417,793 0 0
KEYW HLDG CORP NOTE 2.500% 7/1 493723AA8 5 5,000 SH   DFND   5,000 0 0
MONROE CAP CORP COM 610335101 826 68,057 SH   DFND   68,057 0 0
OFS CAP CORP COM 67103B100 458 38,962 SH   DFND   38,962 0 0
PENNANTPARK FLOATING RATE CA COM 70806A106 2,609 203,698 SH   DFND   203,698 0 0
PENNANTPARK INVT CORP COM 708062104 3,617 523,402 SH   DFND   523,402 0 0
SCORPIO TANKERS INC NOTE 3.000% 5/1 80918TAB5 1,773 2,000,000 SH   DFND   2,000,000 0 0
SOLAR CAP LTD COM 83413U100 4,094 196,442 SH   DFND   196,442 0 0
SOLAR SR CAP LTD COM 83416M105 2,465 143,634 SH   DFND   143,634 0 0
TRIPLEPOINT VENTURE GROWTH B COM 89677Y100 888 64,536 SH   DFND   64,536 0 0
WHITEHORSE FIN INC COM 96524V106 4,647 327,252 SH   DFND   327,252 0 0
APOLLO COML REAL EST FIN INC COM 03762U105 6,436 353,615 SH   DFND 1 353,615 0 0
ARES COML REAL ESTATE CORP COM 04013V108 3,581 235,775 SH   DFND 1 235,775 0 0
BLACKSTONE MTG TR INC COM CL A 09257W100 10,022 290,000 SH   DFND 1 290,000 0 0
BRIXMOR PPTY GROUP INC COM 11120U105 6,430 350,000 SH   DFND 1 350,000 0 0
CITY OFFICE REIT INC COM 178587101 4,241 375,000 SH   DFND 1 375,000 0 0
CONDOR HOSPITALITY TR INC COM NEW 20676Y403 2,992 332,402 SH   DFND 1 332,402 0 0
EPR PPTYS COM SH BEN INT 26884U109 5,383 70,000 SH   DFND 1 70,000 0 0
GRANITE PT MTG TR INC COM 38741L107 7,723 415,884 SH   DFND 1 415,884 0 0
GREAT AJAX CORP COM 38983D300 3,833 278,944 SH   DFND 1 278,944 0 0
HCP INC COM 40414L109 4,369 139,598 SH   DFND 1 139,598 0 0
KKR REAL ESTATE FIN TR INC COM 48251K100 6,206 310,000 SH   DFND 1 310,000 0 0
LADDER CAP CORP CL A 505743104 6,860 403,059 SH   DFND 1 403,059 0 0
MEDICAL PPTYS TRUST INC COM 58463J304 4,628 250,000 SH   DFND 1 250,000 0 0
NEW RESIDENTIAL INVT CORP COM NEW 64828T201 4,228 250,000 SH   DFND 1 250,000 0 0
NEW YORK MTG TR INC PFD-C CONV 649604808 1,492 60,004 SH   DFND 1 60,004 0 0
SPIRIT RLTY CAP INC NEW COM NEW 84860W300 6,953 175,000 SH   DFND 1 175,000 0 0
STAG INDL INC COM 85254J102 5,134 173,160 SH   DFND 1 173,160 0 0
STARWOOD PPTY TR INC COM 85571B105 6,146 275,000 SH   DFND 1 275,000 0 0
TPG RE FIN TR INC COM 87266M107 6,076 310,000 SH   DFND 1 310,000 0 0
VENTAS INC COM 92276F100 2,871 45,000 SH   DFND 1 45,000 0 0
W P CAREY INC COM 92936U109 5,483 70,000 SH   DFND 1 70,000 0 0
WELLTOWER INC COM 95040Q104 4,656 60,000 SH   DFND 1 60,000 0 0
Equity Bancshares COM 29460X109 2,980 103,278 SH   DFND   103,278 0 0
Presidio Bank COM 74101A100 5,085 194,832 SH   DFND   194,832 0 0