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
ADECOAGRO SA COM L00849106 2,950 679,726 SH   SOLE   679,726 0 0
AGNC INVESTMENT CORP COM 00123Q104 6,066 470,196 SH   SOLE   470,196 0 0
ANWORTH MORTGAGE ASSET CORP COM 037347101 360 211,745 SH   SOLE   211,745 0 0
ARMOUR RESIDENTIAL REIT INC COM 042315507 98 10,450 SH   SOLE   10,450 0 0
BERKSHIRE HATHAWAY INC-CL A CL A 084670108 2,138 8 SH   SOLE   8 0 0
BRANDYWINEGLOBAL GLOBAL INCO COM 10537L104 5,279 457,424 SH   SOLE   457,424 0 0
CAPSTEAD MORTGAGE CORP COM NO PAR 14067E506 2,784 507,146 SH   SOLE   507,146 0 0
CARNIVAL PLC-ADR ADR 14365C103 145 11,500 SH   SOLE   11,500 0 0
CHERRY HILL MORTGAGE INVESTM COM 164651101 333 36,904 SH   SOLE   36,904 0 0
CITIGROUP INC COM NEW 172967424 230 4,500 SH   SOLE   4,500 0 0
CUSHING NEXTGEN INFRA INC COM 231647207 1,199 39,161 SH   SOLE   39,161 0 0
DYNEX CAPITAL INC COM 26817Q886 327 22,833 SH   SOLE   22,833 0 0
EATON VANCE SENIOR INCOME TR SH BEN INT 27826S103 425 79,687 SH   SOLE   79,687 0 0
ELLINGTON FINANCIAL INC COM 28852N109 239 20,281 SH   SOLE   20,281 0 0
ELLINGTON RESIDENTIAL MORTGA COM SHS BEN INT 288578107 142 13,782 SH   SOLE   13,782 0 0
EQUUS TOTAL RETURN INC COM 294766100 63 54,210 SH   SOLE   54,210 0 0
FS KKR CAPITAL CORP II COM 35952V303 2,715 210,662 SH   SOLE   210,662 0 0
GARRISON CAPITAL INC COM 366554103 238 70,513 SH   SOLE   70,513 0 0
GOLUB CAPITAL BDC INC COM 38173M102 3,162 271,387 SH   SOLE   271,387 0 0
GREAT AJAX CORP COM 38983D300 5,758 625,920 SH   SOLE   625,920 0 0
HIGHLAND INCOME FUND HIGHLAND INCOME 43010E404 4,901 608,796 SH   SOLE   608,796 0 0
HUNT COMPANIES FINANCE TRUST COM 44558T100 820 309,271 SH   SOLE   309,271 0 0
KAYNE ANDERSON MIDSTREAM/ENE COM 48661E108 82 18,000 SH   SOLE   18,000 0 0
MEDLEY CAP CORP COM 58503F106 110 143,729 SH   SOLE   143,729 0 0
MFA FINANCIAL INC NOTE 6.250% 6/1 55272XAA0 6,652 7,500,000 SH   SOLE   7,500,000 0 0
MFA FINANCIAL INC COM 55272X102 483 193,891 SH   SOLE   193,891 0 0
MGIC INVESTMENT CORP COM 552848103 3,171 387,206 SH   SOLE   387,206 0 0
MMA CAPITAL HOLDINGS INC COM 55315D105 2,969 128,419 SH   SOLE   128,419 0 0
MVC CAPITAL INC COM 553829102 3,287 503,444 SH   SOLE   503,444 0 0
NEW YORK MORTGAGE TRUST INC COM PAR $.02 649604501 6,097 2,335,962 SH   SOLE   2,335,962 0 0
NICHOLAS FINANCIAL INC COM NEW 65373J209 699 94,503 SH   SOLE   94,503 0 0
OAKTREE SPECIALTY LENDING CO COM 67401P108 365 81,566 SH   SOLE   81,566 0 0
PIONEER FLOATING RATE TRUST COM 72369J102 512 53,835 SH   SOLE   53,835 0 0
SAFEGUARD SCIENTIFICS INC COM NEW 786449207 4,499 642,753 SH   SOLE   642,753 0 0
SALIENT MIDSTREAM & MLP FUND SH BEN INT 79471V105 306 74,165 SH   SOLE   74,165 0 0
STERLING BANCORP INC/MI COM 85917W102 211 59,028 SH   SOLE   59,028 0 0
THIRD POINT REINSURANCE LTD COM G8827U100 259 34,500 SH   SOLE   34,500 0 0
TORTOISE ENERGY INDEPENDENCE COM 89148K200 439 37,698 SH   SOLE   37,698 0 0
TREMONT MORTGAGE TRUST COM 894789106 827 268,595 SH   SOLE   268,595 0 0
TWO HARBORS INVESTMENT CORP COM NEW 90187B408 50 10,000 SH   SOLE   10,000 0 0
VERTICAL CAPITAL INCOME SHS BEN INT 92535C104 2,075 214,351 SH   SOLE   214,351 0 0
WATFORD HOLDINGS LTD SHS G94787101 450 26,934 SH   SOLE   26,934 0 0
WESTERN ASSET CORPORATE LOAN COM 95790J102 236 27,589 SH   SOLE   27,589 0 0
WESTERN ASSET GLOBAL HIGH IN COM 95766B109 266 28,709 SH   SOLE   28,709 0 0
WESTERN ASSET HI INC OPPORT COM 95766K109 3,799 822,340 SH   SOLE   822,340 0 0
WESTERN ASSET MTGE CAP NOTE 6.750%10/0 95790DAA3 1,945 2,745,000 SH   SOLE   2,745,000 0 0