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
Expires: July 31, 2015
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
AMERICAN ASSETS TRUST INC Common 024013104 1,389,500 70,000 SH SOLE 70,000 0 0
AMREP CORP Common 032159105 1,046,500 50,000 SH SOLE 50,000 0 0
byNordic Acquisition Corp Common 124420100 539,935 44,494 SH SOLE 44,494 0 0
CBL & ASSOCIATES PROPERTIES Common 124830878 776,700 30,000 SH SOLE 30,000 0 0
GRAPHIC PACKAGING HOLDING CO Common 388689101 1,156,100 55,000 SH SOLE 55,000 0 0
INGRAM MICRO HOLDING CORP Common 457152106 205,900 10,000 SH SOLE 10,000 0 0
IRON HORSE ACQUISITIONS CORP Common 462837105 3,508,301 333,172 SH SOLE 333,172 0 0
ISHARES US REAL ESTATE ETF Common 464287739 1,882,600 20,000 SH SOLE 20,000 0 0
LABRADOR IRON ORE ROYALTY CO Common 505440107 1,141,149 25,000 SH SOLE 25,000 0 0
LAMAR ADVERTISING CO-A Common 512816109 32,330 1,000 SH SOLE 1,000 0 0
PHILLIPS 66 Common 718546104 119,250 1,000 SH SOLE 1,000 0 0
PLYMOUTH INDUSTRIAL REIT INC Common 729640102 160,900 10,000 SH SOLE 10,000 0 0
SAUL CENTERS INC Common 804395101 1,023,300 30,000 SH SOLE 30,000 0 0
WARNER BROS DISCOVERY INC Common 934423104 511,400 40,000 SH SOLE 40,000 0 0
WHITESTONE REIT Common 966084204 184,350 30,000 SH SOLE 30,000 0 0
AIRBNB INC 0 3/15/2026 Convertible Bond 009066AB7 14,497,455 15,000,000 PRN SOLE 15,000,000 0 0
ALPINE INCOME PROPERTY TRUST Common 02083X103 1,665,322 112,674 SH SOLE 112,674 0 0
ARMADA HOFFLER PROPERTIES IN Common 04208T108 315,450 45,000 SH SOLE 45,000 0 0
ARRAY TECHNOLOGIES INC 1 12/1/2028 Convertible Bond 04271TAB6 3,382,174 4,250,000 PRN SOLE 4,250,000 0 0
BALLY'S CORP Common 05875B304 239,500 25,000 SH SOLE 25,000 0 0
BRAEMAR HOTELS & RESORTS 4.5 6/1/2026 Convertible Bond 10482BAB7 4,693,125 5,000,000 PRN SOLE 5,000,000 0 0
CO2 ENERGY TRANSITION CORP Common 12664M103 251,750 25,000 SH SOLE 25,000 0 0
CO2 Energy Transition Corp Rights 12664M129 45,750 280,000 SH SOLE 280,000 0 0
CHIMERA INVESTMENT CORP REIT 0.0 Common 16934Q802 93,900 30,000 SH SOLE 30,000 0 0
CTO REALTY GROWTH INC Common 22948Q101 1,679,917 105,390 SH SOLE 105,390 0 0
FG Merger II Corp Common 30334J102 241,618 24,480 SH SOLE 24,480 0 0
Four Leaf Acquisition Corp Common 35088F107 1,398,378 121,387 SH SOLE 121,387 0 0
GENWORTH FINANCIAL INC-CL A Common 37247D106 7,250 1,000 SH SOLE 1,000 0 0
GLOBAL MEDICAL REIT INC Common 37954A204 6,730 1,000 SH SOLE 1,000 0 0
GLOBAL SELF STORAGE INC Common 37955N106 262,000 50,000 SH SOLE 50,000 0 0
HOST HOTELS & RESORTS INC Common 44107P104 197,000 12,500 SH SOLE 12,500 0 0
IB Acquisition Corp Common 44934N108 4,557,231 435,390 SH SOLE 435,390 0 0
MAGNITE INC 0.25 3/15/2026 Convertible Bond 55955DAB6 5,804,071 6,000,000 PRN SOLE 6,000,000 0 0
Oak Woods Acquisition Corp Unit 67190B104 18,195 1,538 SH SOLE 1,538 0 0
Quetta Acquisition Corp Common 74841A105 830,283 76,383 SH SOLE 76,383 0 0
SMARTSTOP SELF STORAGE REIT Common 83192D402 360,500 10,000 SH SOLE 10,000 0 0
CROSSINGBRIDGE PRE-MERGER SP Common 89834G778 1,058,985 49,416 SH SOLE 49,416 0 0
Aimei Health Technology Co Ltd Common G01341109 2,146,575 193,292 SH SOLE 193,292 0 0
Axiom Intelligence Acquisition Corp 1 Unit G0750N120 1,724,171 170,710 SH SOLE 170,710 0 0
Armada Acquisition Corp II Unit G0R38G120 1,489,589 146,325 SH SOLE 146,325 0 0
AA MISSION ACQUISITION COR-A WRNT 8/1/2030 Warrant G1000R127 7,040 74,898 SH SOLE 74,898 0 0
BEST SPAC I Acquisition Corp Unit G1069P137 489,711 48,776 SH SOLE 48,776 0 0
Black Hawk Acquisition Corp Rights G1148A119 19,582 17,000 SH SOLE 17,000 0 0
Blue Acquisition Corp Unit G1331A124 587,641 58,530 SH SOLE 58,530 0 0
Blue Water Acquisition Corp III Unit G1368E122 780,800 78,041 SH SOLE 78,041 0 0
Cal Redwood Acquisition Corp Unit G17564124 1,501,295 146,325 SH SOLE 146,325 0 0
CARTESIAN GROWTH CORP II Common G19305112 3,312,579 275,587 SH SOLE 275,587 0 0
Cayson Acquisition Corp Rights G1993W117 25,961 175,000 SH SOLE 175,000 0 0
COLUMBUS ACQUISITION CORP Common G2295P107 1,198,690 118,214 SH SOLE 118,214 0 0
Columbus Acquisition Corp Rights G2295P115 46,050 250,000 SH SOLE 250,000 0 0
COPLEY ACQUISITION CORP Common G24243118 1,005,792 99,880 SH SOLE 99,880 0 0
Drugs Made In America Acquisition Corp Rights G2847J112 106,165 850,000 SH SOLE 850,000 0 0
DT CLOUD STAR ACQUISITION CO Common G2853N106 1,557,000 150,000 SH SOLE 150,000 0 0
Dune Acquisition Corp II Common G2867S109 753,750 75,000 SH SOLE 75,000 0 0
DYNAMIX CORP Common G2949D104 6,820,600 670,000 SH SOLE 670,000 0 0
Embrace Change Acquisition Corp Common G3034H109 550,187 45,470 SH SOLE 45,470 0 0
FLEX LNG LTD Common G35947202 1,379,400 60,000 SH SOLE 60,000 0 0
Future Vision II Acquisition Corp Common G37068106 473,343 45,470 SH SOLE 45,470 0 0
Future Vision II Acquisition Corp Rights G37068114 9,500 50,000 SH SOLE 50,000 0 0
Integrated Wellness Acquisition Corp Common G4828B100 647,713 53,530 SH SOLE 53,530 0 0
JVSPAC ACQUISITION CORP-A Common G5212E105 1,973,782 193,508 SH SOLE 193,508 0 0
Kochav Defense Acquisition Corp Unit G5304D122 3,542,569 348,164 SH SOLE 348,164 0 0
Lakeshore Acquisition III Corp Unit G5353S129 2,006,319 196,937 SH SOLE 196,937 0 0
Lightwave Acquisition Corp Unit G5490M118 753,750 75,000 SH SOLE 75,000 0 0
MAYWOOD ACQUISITION COR-CL A Common G6001J107 3,531,500 350,000 SH SOLE 350,000 0 0
Patria Latin American Opportunity Acquisition Corp Common G69454109 2,625,552 218,796 SH SOLE 218,796 0 0
Pioneer Acquisition I Corp Unit G7117W123 488,248 48,776 SH SOLE 48,776 0 0
ALPHA PARTNERS TECHNOLOGY MERGER FOUNDER SHARES Common G7134A104 19,000 100,000 SH SOLE 100,000 0 0
QUARTZSEA ACQUISITION CORP Common G7314B104 1,306,500 130,000 SH SOLE 130,000 0 0
Range Capital Acquisition Corp Common G7375C108 4,509,425 438,660 SH SOLE 438,660 0 0
RF Acquisition Corp II Rights G75389117 3,788 50,000 SH SOLE 50,000 0 0
Slam Corp Common G8210L105 1,129,798 94,941 SH SOLE 94,941 0 0
SMX Security Matters PLC Warrant G8267K117 6 425 SH SOLE 425 0 0
TAVIA ACQUISITION CORP Common G86880104 3,587,490 349,999 SH SOLE 349,999 0 0
TRANSLATIONAL DEVELOPMENT AC Common G9008W105 4,108,000 400,000 SH SOLE 400,000 0 0
GOLAR LNG LTD Common G9456A100 22,370 1,000 SH SOLE 1,000 0 0
Wintergreen Acquisition Corp Unit G9717M125 491,662 48,776 SH SOLE 48,776 0 0
CHARLTON ARIA ACQUISITI-CL A Common G9877L107 1,182,200 115,000 SH SOLE 115,000 0 0
Charlton Aria Acquisition Corp Rights G9877L115 58,275 315,000 SH SOLE 315,000 0 0
Valuence Merger Corp I Common G9R16L100 693,862 57,558 SH SOLE 57,558 0 0