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
CHATHAM LODGING TR COM 16208T102 4,144 383,680 SH   SOLE   383,680 0 0
CHATHAM LODGING TR COM 16208T102 1,197 110,802 SH   OTR   0 110,802 0
DANAOS CORPORATION SHS Y1968P121 6,198 289,210 SH   SOLE   289,210 0 0
DANAOS CORPORATION SHS Y1968P121 1,816 84,758 SH   OTR   0 84,758 0
EXANTAS CAP CORP COM NEW 30068N105 48 12,145 SH   SOLE   12,145 0 0
EXANTAS CAP CORP COM NEW 30068N105 31 7,788 SH   OTR   0 7,788 0
GILDAN ACTIVEWEAR INC COM 375916103 1,770 63,200 SH   SOLE   63,200 0 0
GILDAN ACTIVEWEAR INC COM 375916103 545 19,472 SH   OTR   0 19,472 0
GRANITE PT MTG TR INC COM STK 38741L107 1,401 140,275 SH   SOLE   140,275 0 0
GRANITE PT MTG TR INC COM STK 38741L107 232 23,216 SH   OTR   0 23,216 0
GREAT AJAX CORP COM 38983D300 124 11,831 SH   SOLE   11,831 0 0
GREAT AJAX CORP COM 38983D300 33 3,169 SH   OTR   0 3,169 0
HOUGHTON MIFFLIN HARCOURT CO COM 44157R109 125 37,629 SH   SOLE   37,629 0 0
HOUGHTON MIFFLIN HARCOURT CO COM 44157R109 63 19,029 SH   OTR   0 19,029 0
KURA SUSHI USA INC CL A COM 501270102 1,405 72,031 SH   SOLE   72,031 0 0
KURA SUSHI USA INC CL A COM 501270102 487 24,964 SH   OTR   0 24,964 0
LADDER CAP CORP CL A 505743104 2,820 288,388 SH   SOLE   288,388 0 0
LADDER CAP CORP CL A 505743104 1,061 108,500 SH   OTR   0 108,500 0
M/I HOMES INC COM 55305B101 2,380 53,730 SH   SOLE   53,730 0 0
M/I HOMES INC COM 55305B101 526 11,868 SH   OTR   0 11,868 0
MEDALLION FINL CORP COM 583928106 530 108,143 SH   SOLE   108,143 0 0
MEDALLION FINL CORP COM 583928106 163 33,226 SH   OTR   0 33,226 0
MFA FINL INC COM 55272X102 577 148,293 SH   SOLE   148,293 0 0
MFA FINL INC COM 55272X102 158 40,693 SH   OTR   0 40,693 0
MISTRAS GROUP INC COM 60649T107 809 104,295 SH   SOLE   104,295 0 0
NEW HOME CO INC COM 645370107 763 162,671 SH   SOLE   162,671 0 0
NEW HOME CO INC COM 645370107 233 49,679 SH   OTR   0 49,679 0
NEW RESIDENTIAL INVT CORP COM NEW 64828T201 939 94,500 SH   SOLE   94,500 0 0
NEW RESIDENTIAL INVT CORP COM NEW 64828T201 303 30,500 SH   OTR   0 30,500 0
NEW YORK MTG TR INC COM PAR $.02 649604501 4,122 1,117,029 SH   SOLE   1,117,029 0 0
NEW YORK MTG TR INC COM PAR $.02 649604501 1,058 286,723 SH   OTR   0 286,723 0
NEWMARK GROUP INC CL A 65158N102 1,722 236,255 SH   SOLE   236,255 0 0
NEWMARK GROUP INC CL A 65158N102 593 81,318 SH   OTR   0 81,318 0
PENNSYLVANIA REAL ESTATE INV SH BEN INT 709102107 245 245,073 SH   SOLE   245,073 0 0
PENNSYLVANIA REAL ESTATE INV SH BEN INT 709102107 95 94,803 SH   OTR   0 94,803 0
PLAYAGS INC COM 72814N104 389 54,036 SH   SOLE   54,036 0 0
PLAYAGS INC COM 72814N104 8 1,056 SH   OTR   0 1,056 0
REDWOOD TR INC COM 758075402 661 75,337 SH   SOLE   75,337 0 0
SELECT INTERIOR CONCEPTS INC CL A 816120307 289 40,408 SH   SOLE   40,408 0 0
SELECT INTERIOR CONCEPTS INC CL A 816120307 67 9,321 SH   OTR   0 9,321 0
SPDR S&P 500 ETF TR UNIT 78462F103 32,976 88,200 SH Put SOLE   0 0 88,200
SPDR S&P 500 ETF TR UNIT 78462F103 10,020 26,800 SH Put OTR   0 0 26,800
TPG RE FIN TR INC COM 87266M107 6,512 613,167 SH   SOLE   613,167 0 0
TPG RE FIN TR INC COM 87266M107 1,632 153,669 SH   OTR   0 153,669 0
VIVINT SMART HOME INC COM CL A 928542109 1,038 50,000 SH   SOLE   50,000 0 0
WASHINGTON PRIME GROUP NEW COM 93964W405 183 28,086 SH   SOLE   28,086 0 0
WASHINGTON PRIME GROUP NEW COM 93964W405 71 10,861 SH   OTR   0 10,861 0