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
AG MTG INVT TR INC COM NEW 001228501 8,804 770,222 SH   SOLE   770,222 0 0
ANZU SPECIAL ACQUISITIN CORP UNIT 01/27/2026 03737A200 937 94,616 SH   SOLE   94,616 0 0
ARMOUR RESIDENTIAL REIT INC COM NEW 042315507 1,753 162,572 SH   SOLE   162,572 0 0
BOA ACQUISITION CORP UNIT 99/99/9999 05601A208 988 100,000 SH   SOLE   100,000 0 0
CROWN PROPTECH ACQUISITIONS UNIT 99/99/9999 G25741128 789 80,319 SH   SOLE   80,319 0 0
CUMULUS MEDIA INC COM CL A 231082801 3,679 300,318 SH   SOLE   300,318 0 0
DIEBOLD NIXDORF INC COM STK 253651103 49,907 4,936,353 SH   SOLE   4,936,353 0 0
EJF ACQUISITION CORP UNIT 03/10/2026 G2955B117 821 78,901 SH   SOLE   78,901 0 0
FINTECH EVOLUTION ACQUIS GRO UNIT 99/99/9999 G3R19A112 577 58,438 SH   SOLE   58,438 0 0
FRONTIER COMMUNICATIONS PARE COM 35909D109 199,140 7,145,324 SH   SOLE   7,145,324 0 0
FS KKR CAP CORP COM 302635206 98,426 4,465,811 SH   SOLE   4,465,811 0 0
GLOBAL PARTNER ACQISTN CORP UNIT 01/06/2026 G3934P110 810 81,868 SH   SOLE   81,868 0 0
GREENLIGHT CAP RE LTD NOTE 4.000% 8/0 395366AB3 4,444 4,700,000 SH   SOLE   4,700,000 0 0
HAEMONETICS CORP MASS COM 405024100 24,942 353,340 SH   SOLE   353,340 0 0
HIGHLAND INCOME FD HIGHLAND INCOME 43010E404 3,495 324,502 SH   SOLE   324,502 0 0
INNOVATE CORP NOTE 7.500% 8/0 404139AG2 2,547 2,155,000 SH   SOLE   2,155,000 0 0
INVESCO MORTGAGE CAPITAL INC COM 46131B100 9,919 3,148,828 SH   SOLE   3,148,828 0 0
LISTED FD TR AAF FRST PRIORTY 53656F656 2,501 100,000 SH   SOLE   100,000 0 0
MASON INDUSTRIAL TECHNOLGY I UNIT 99/99/9999 57520Y205 223 22,410 SH   SOLE   22,410 0 0
MFA FINL INC COM 55272X102 9,667 2,115,391 SH   SOLE   2,115,391 0 0
MFA FINL INC NOTE 6.250% 6/1 55272XAA0 8,335 8,165,000 SH   SOLE   8,165,000 0 0
MGIC INVT CORP WIS COM 552848103 8,566 572,568 SH   SOLE   572,568 0 0
MONEYGRAM INTL INC COM NEW 60935Y208 17,108 2,133,129 SH   SOLE   2,133,129 0 0
NCR CORP NEW COM 62886E108 43,588 1,124,573 SH   SOLE   1,124,573 0 0
NEW YORK MTG TR INC COM PAR $.02 649604501 483 113,410 SH   SOLE   113,410 0 0
NOBLE ROCK ACQUISITION CORP UNIT 01/31/2028 G6546R127 426 42,812 SH   SOLE   42,812 0 0
PROPERTY SOLUTIONS ACQUISITI UNIT 03/01/2026 74350A207 246 25,000 SH   SOLE   25,000 0 0
RADIAN GROUP INC COM 750236101 10,451 460,000 SH   SOLE   460,000 0 0
ROSECLIFF ACQUISITION CORP I UNIT 99/99/9999 77732R202 949 95,900 SH   SOLE   95,900 0 0
SCIENCE STRATEGIC ACQ ALPHA UNIT 01/20/2026 808641203 302 30,312 SH   SOLE   30,312 0 0
STRATIM CLOUD ACQUISITION CO UNIT 03/05/2026 86309R206 493 49,637 SH   SOLE   49,637 0 0
TLG ACQUISITION ONE CORP UNIT 99/99/9999 87257M207 993 100,000 SH   SOLE   100,000 0 0
TPG RE FIN TR INC COM 87266M107 297 24,000 SH   SOLE   24,000 0 0
VELOCITY FINL INC COM 92262D101 36,273 2,756,315 SH   SOLE   2,756,315 0 0
WESTERN ASSET MORTGAGE CAPIT NOTE 6.750% 9/1 95790DAD7 15,195 15,000,000 SH   SOLE   15,000,000 0 0