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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
ADIT EDTECH ACQUISITION CORP COMMON STOCK 007024102 963 100,000 SH   SOLE   100,000 0 0
AG MTG INVT TR INC COM 001228105 2,151 533,696 SH   SOLE   533,696 0 0
AGILE GROWTH CORP UNIT 03/09/2026 G01202129 497 50,000 SH   SOLE   50,000 0 0
AGNC INVT CORP COM 00123Q104 369 22,000 SH   SOLE   22,000 0 0
ALKURI GLOBAL ACQUISITION CO UNIT 01/01/2028 66981N202 988 100,000 SH   SOLE   100,000 0 0
ANZU SPECIAL ACQUISITIN CORP UNIT 01/27/2026 03737A200 998 100,000 SH   SOLE   100,000 0 0
ARMOUR RESIDENTIAL REIT INC COM NEW 042315507 991 81,265 SH   SOLE   81,265 0 0
ARROWROOT ACQUISITION CORP UNIT 01/29/2026 04282M201 991 100,000 SH   SOLE   100,000 0 0
ASTRONICS CORP COM 046433108 1,995 110,567 SH   SOLE   110,567 0 0
BITE ACQUISITION CORP UNIT 99/99/9999 09175K204 397 40,216 SH   SOLE   40,216 0 0
BOA ACQUISITION CORP UNIT 99/99/9999 05601A208 991 100,000 SH   SOLE   100,000 0 0
CROWN PROPTECH ACQUISITIONS UNIT 99/99/9999 G25741128 798 80,319 SH   SOLE   80,319 0 0
CUMULUS MEDIA INC COM CL A 231082801 3,417 375,063 SH   SOLE   375,063 0 0
DHB CAPITAL CORP UNIT 03/31/2028 23291W208 992 100,000 SH   SOLE   100,000 0 0
DHC ACQUISITION CORP UNIT 02/25/2026 G2758T125 999 100,000 SH   SOLE   100,000 0 0
DIEBOLD INC COM 253651103 48,211 3,411,961 SH   SOLE   3,411,961 0 0
EJF ACQUISITION CORP UNIT 03/10/2026 G2955B117 995 100,000 SH   SOLE   100,000 0 0
ESSENT GROUP LTD COM G3198U102 6,383 134,415 SH   SOLE   134,415 0 0
EXTRACTION OIL & GAS INC COM 30227M303 41,986 1,214,810 SH   SOLE   1,214,810 0 0
FINTECH EVOLUTION ACQUIS GRO UNIT 99/99/9999 G3R19A112 987 100,000 SH   SOLE   100,000 0 0
FLAME ACQUISITION CORP UNIT 99/99/9999 33850F207 993 100,000 SH   SOLE   100,000 0 0
FS KKR CAP CORP COM 302635206 48,033 2,422,224 SH   SOLE   2,422,224 0 0
FS KKR CAP CORP II COM 35952V303 62,532 3,201,850 SH   SOLE   3,201,850 0 0
GIGCAPITAL4 INC UNIT 99/99/9999 37518G200 987 100,000 SH   SOLE   100,000 0 0
GLOBAL PARTNER ACQISTN CORP UNIT 01/06/2026 G3934P110 810 81,868 SH   SOLE   81,868 0 0
GREAT AJAX CORP COM 38983D300 291 26,714 SH   SOLE   26,714 0 0
HC2 HLDGS INC NOTE 7.500% 8/0 404139AG2 2,474 2,155,000 PRN   SOLE   2,155,000 0 0
HIGHLAND INCOME FD HIGHLAND INCOME 43010E404 29,130 2,626,720 SH   SOLE   2,626,720 0 0
INVESCO MORTGAGE CAPITAL INC COM 46131B100 20,499 5,112,093 SH   SOLE   5,112,093 0 0
INVESCO SR INCOME TR COM 46131H107 14,142 3,367,131 SH   SOLE   3,367,131 0 0
ISHARES TR IBOXX HI YD ETF 464288513 30,618 351,199 SH   SOLE   351,199 0 0
JANUS DETROIT STR TR HENDRSON AAA CL 47103U845 1,507 29,843 SH   SOLE   29,843 0 0
LEGATO MERGER CORP COM 52473X106 968 100,000 SH   SOLE   100,000 0 0
LISTED FD TR AAF FRST PRIORTY 53656F656 2,504 100,000 SH   SOLE   100,000 0 0
MASON INDUSTRIAL TECHNOLGY I UNIT 99/99/9999 57520Y205 268 27,000 SH   SOLE   27,000 0 0
MFA FINL INC COM 55272X102 12,803 3,145,754 SH   SOLE   3,145,754 0 0
MFA FINL INC NOTE 6.250% 6/1 55272XAA0 3,960 4,000,000 PRN   SOLE   4,000,000 0 0
MGIC INVT CORP WIS COM 552848103 8,439 609,296 SH   SOLE   609,296 0 0
MONEYGRAM INTL INC COM NEW 60935Y208 3,175 483,222 SH   SOLE   483,222 0 0
NCR CORP NEW COM 62886E108 21,296 561,165 SH   SOLE   561,165 0 0
NOBLE ROCK ACQUISITION CORP UNIT 01/31/2028 G6546R127 495 50,000 SH   SOLE   50,000 0 0
ORION ACQUISITION CORP UNIT 02/19/2026 68626A207 993 99,300 SH   SOLE   99,300 0 0
OYSTER ENTERPRISES ACQ CORP UNIT 01/20/2026 69242M203 989 100,000 SH   SOLE   100,000 0 0
PHENIXFIN CORP COM 71742W103 658 20,000 SH   SOLE   20,000 0 0
PROPERTY SOLUTIONS ACQUISITI UNIT 03/01/2026 74350A207 246 25,000 SH   SOLE   25,000 0 0
RADIAN GROUP INC COM 750236101 3,139 135,000 SH   SOLE   135,000 0 0
REDWOOD TR INC NOTE 5.625% 7/1 758075AD7 7,039 7,153,000 PRN   SOLE   7,153,000 0 0
ROSECLIFF ACQUISITION CORP I UNIT 99/99/9999 77732R202 992 100,000 SH   SOLE   100,000 0 0
RWT HLDGS INC NOTE 5.750%10/0 749772AD1 12,205 12,250,000 PRN   SOLE   12,250,000 0 0
SCIENCE STRATEGIC ACQ ALPHA UNIT 01/20/2026 808641203 902 90,772 SH   SOLE   90,772 0 0
SCIPLAY CORPORATION CL A 809087109 734 45,364 SH   SOLE   45,364 0 0
SINCLAIR BROADCAST GROUP INC CL A 829226109 13,377 457,193 SH   SOLE   457,193 0 0
SPDR SER TR BLOOMBERG BRCLYS 78468R622 8,194 75,315 SH   SOLE   75,315 0 0
STRATIM CLOUD ACQUISITION CO UNIT 03/05/2026 86309R206 500 50,000 SH   SOLE   50,000 0 0
TLG ACQUISITION ONE CORP UNIT 99/99/9999 87257M207 992 100,000 SH   SOLE   100,000 0 0
TUATARA CAPITAL ACQUISITN CO UNIT 99/99/9999 G9118J127 1,000 100,000 SH   SOLE   100,000 0 0
VELOCITY FINL INC COM 92262D101 18,172 2,048,745 SH   SOLE   2,048,745 0 0
VIRTUOSO ACQUISITION CORP UNIT 01/14/2025 92837J203 986 100,000 SH   SOLE   100,000 0 0
WARRIOR TECHNOLOGIES ACQUI C UNIT 03/31/2028 936273200 990 100,000 SH   SOLE   100,000 0 0
WESTERN ASSET MTG CAP CORP COM 95790D105 957 300,000 SH   SOLE   300,000 0 0