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
ARBOR REALTY REIT ORD COM 038923108 7,879 495,566 SH   SOLE 1 495,566 0 0
ALPHABET INC CAP STK CL C 02079K107 4,551 2,200 SH   SOLE 2 2,200 0 0
AMAZON.COM INC COM 023135106 3,713 1,200 SH   SOLE 2 1,200 0 0
ARES CAPITAL ORD COM 04010L103 14,420 770,708 SH   SOLE 1 770,708 0 0
ARES COMMERCIAL REIT ORD COM 04013V108 21,551 1,570,786 SH   SOLE 1 1,570,786 0 0
BLACKROCK MUNIHDS INV QL COM 09254P108 1,265 88,537 SH   SOLE 1 88,537 0 0
BLACKROCK MUNIHDS QLY II COM 09254C107 886 66,127 SH   SOLE 1 66,127 0 0
BROOKFIELD REAL ASST INC SHS BEN INT 112830104 223 10,780 SH   SOLE 1 10,780 0 0
DWS MUN INCOME TR COM 233368109 1,217 104,452 SH   SOLE 1 104,452 0 0
DYNEX CAPITAL REIT ORD COM 26817Q886 441 23,303 SH   SOLE 1 23,303 0 0
ENERGY TRANSFER UNT COM UT LTD PTN 29273V100 38,342 4,992,483 SH   SOLE 1 4,992,483 0 0
GOLUB CAPITAL BDC ORD COM 38173M102 859 58,746 SH   SOLE 1 58,746 0 0
INVESCO ADVANTAGE MU SH BEN INT 46132E103 414 34,896 SH   SOLE 1 34,896 0 0
INVESCO CALIF MUN IN COM 46132P108 1,997 127,445 SH   SOLE 1 127,445 0 0
INVESCO EXCHANGE-TRA SR LN ETF 46138G508 6,444 291,200 SH   SOLE 1 291,200 0 0
INVESCO TR INVT GRAD COM 46131M106 2,025 150,242 SH   SOLE 1 150,242 0 0
ISHARES MSCI CHINA ETF MSCI CHINA ETF 46429B671 10,194 124,777 SH   SOLE 2 124,777 0 0
ISHARES TR JPMORGAN USD EMG 464288281 1,877 17,235 SH   SOLE 1 17,235 0 0
ISHARES TR PFD AND INCM SEC 464288687 366 9,542 SH   SOLE 1 9,542 0 0
KRANESHARES CSI CHINA INTERNE CSI CHI INTERNET 500767306 4,244 55,590 SH   SOLE 2 55,590 0 0
MAIN STREET CAPITAL ORD COM 56035L104 794 20,281 SH   SOLE 1 20,281 0 0
MICROSOFT CORP COM 594918104 3,819 16,200 SH   SOLE 2 16,200 0 0
MPLX LP COM UNIT REP LTD 55336V100 51,902 2,025,040 SH   SOLE 1,2 2,025,040 0 0
NEW YORK MORTGAGE REIT ORD COM PAR $.02 649604501 29,985 6,707,963 SH   SOLE 1 6,707,963 0 0
NUVEEN AMT FREE MUN COM 67071L106 885 52,386 SH   SOLE 1 52,386 0 0
NUVEEN AMT FREE QLTY COM 670657105 5,943 401,000 SH   SOLE 1 401,000 0 0
NUVEEN QUALITY MUNCP COM 67066V101 6,017 397,452 SH   SOLE 1 397,452 0 0
OXFORD LANE CAP CORP COM 691543102 710 112,714 SH   SOLE 1 112,714 0 0
SIXTH STREET SPECIAL COM 83012A109 33,916 1,612,760 SH   SOLE 1 1,612,760 0 0
SPDR S&P CHINA ETF S&P CHINA ETF 78463X400 6,157 47,012 SH   SOLE 2 47,012 0 0
VANECK VECTORS ETF T FALLEN ANGEL HG 92189F437 7,270 227,700 SH   SOLE 1 227,700 0 0
VANGUARD TOTAL STOCK MARKET E TOTAL STK MKT 922908769 60,636 293,367 SH   SOLE 2 293,367 0 0