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 14,223 1,387,609 SH   SOLE   1,387,609 0 0
ARMOUR RESIDENTIAL REIT INC COM NEW 042315507 3,891 396,594 SH   SOLE   396,594 0 0
CROWN PROPTECH ACQUISITIONS UNIT 99/99/9999 G25741128 812 80,319 SH   SOLE   80,319 0 0
CUMULUS MEDIA INC COM CL A 231082801 3,379 300,318 SH   SOLE   300,318 0 0
DIEBOLD NIXDORF INC COM STK 253651103 44,618 4,930,177 SH   SOLE   4,930,177 0 0
EJF ACQUISITION CORP UNIT 03/10/2026 G2955B117 811 78,901 SH   SOLE   78,901 0 0
FINTECH EVOLUTION ACQUIS GRO UNIT 99/99/9999 G3R19A112 576 58,438 SH   SOLE   58,438 0 0
FRONTIER COMMUNICATIONS PARE COM 35909D109 191,532 6,494,818 SH   SOLE   6,494,818 0 0
FS KKR CAP CORP COM 302635206 126,909 6,060,592 SH   SOLE   6,060,592 0 0
GLOBAL PARTNER ACQISTN CORP UNIT 01/06/2026 G3934P110 806 81,868 SH   SOLE   81,868 0 0
GRANITE PT MTG TR INC COM STK 38741L107 4,942 422,066 SH   SOLE   422,066 0 0
GREAT AJAX CORP 7.25 CV SR NT 24 38983D409 9,010 346,403 PRN   SOLE   346,403 0 0
GREAT AJAX CORP COM 38983D300 3,674 279,150 SH   SOLE   279,150 0 0
GREENLIGHT CAP RE LTD NOTE 4.000% 8/0 395366AB3 4,474 4,700,000 SH   SOLE   4,700,000 0 0
INNOVATE CORP NOTE 7.500% 8/0 404139AG2 2,248 2,055,000 SH   SOLE   2,055,000 0 0
LISTED FD TR AAF FRST PRIORTY 53656F656 2,502 100,000 SH   SOLE   100,000 0 0
MASON INDUSTRIAL TECHNOLGY I UNIT 99/99/9999 57520Y205 222 22,410 SH   SOLE   22,410 0 0
MFA FINL INC COM 55272X102 12,276 2,692,055 SH   SOLE   2,692,055 0 0
MGIC INVT CORP WIS COM 552848103 7,841 543,740 SH   SOLE   543,740 0 0
MONEYGRAM INTL INC COM NEW 60935Y208 19,653 2,490,916 SH   SOLE   2,490,916 0 0
MULTIPLAN CORPORATION COM 62548M100 37,664 8,502,096 SH   SOLE   8,502,096 0 0
NCR CORP NEW COM 62886E108 41,763 1,038,875 SH   SOLE   1,038,875 0 0
NEW YORK MTG TR INC COM PAR $.02 649604501 421 113,230 SH   SOLE   113,230 0 0
NOBLE ROCK ACQUISITION CORP UNIT 01/31/2028 G6546R127 421 42,812 SH   SOLE   42,812 0 0
PROPERTY SOLUTIONS ACQUISITI UNIT 03/01/2026 74350A207 247 25,000 SH   SOLE   25,000 0 0
RADIAN GROUP INC COM 750236101 11,463 542,500 SH   SOLE   542,500 0 0
READY CAPITAL CORP 7% CN SR NT 2023 75574U200 2,047 76,120 SH   SOLE   76,120 0 0
SCIENCE STRATEGIC ACQ ALPHA UNIT 01/20/2026 808641203 299 30,312 SH   SOLE   30,312 0 0
STARWOOD PPTY TR INC COM 85571B105 1,823 75,000 SH   SOLE   75,000 0 0
STRATIM CLOUD ACQUISITION CO UNIT 03/05/2026 86309R206 491 49,637 SH   SOLE   49,637 0 0
TLG ACQUISITION ONE CORP UNIT 99/99/9999 87257M207 990 100,000 SH   SOLE   100,000 0 0
TPG RE FIN TR INC COM 87266M107 1,744 141,572 SH   SOLE   141,572 0 0
TWO HARBORS INVENTMENT CORPO NOTE 6.250% 1/1 90187BAB7 9,032 8,965,000 PRN   SOLE   8,965,000 0 0
VELOCITY FINL INC COM 92262D101 39,776 2,903,376 SH   SOLE   2,903,376 0 0
WESTERN ASSET MORTGAGE CAPIT NOTE 6.750% 9/1 95790DAD7 17,897 18,500,000 PRN   SOLE   18,500,000 0 0
WESTERN ASSET MTG CAP CORP COM 95790D105 2,392 1,133,837 SH   SOLE   1,133,837 0 0