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
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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
AEROVIRONMENT INC COM 008073108 2,212,159 12,085 SH SOLE 2 12,085 0 0
ALPHABET INC CAP STK CL A 02079K305 4,313,400 15,000 SH SOLE 2 15,000 0 0
AMAZON.COM INC COM 023135106 4,998,480 24,000 SH SOLE 2 24,000 0 0
ARES CAPITAL CORP COM 04010L103 1,387,540 77,000 SH SOLE 1 77,000 0 0
ARES COML REAL ESTATE CORP COM 04013V108 1,607,698 334,937 SH SOLE 1 334,937 0 0
BLACKSTONE MORTGAGE TR NOTE 5.500% 3/1 09257WAE0 1,981,642 2,000,000 PRN SOLE 2 2,000,000 0 0
CAESARS ENTERTAINMENT INC COM 12769G100 3,089,403 116,890 SH SOLE 2 116,890 0 0
CCC INTELLIGENT SOLUTIONS HL COM 12510Q100 459,174 76,529 SH SOLE 1 76,529 0 0
CHENIERE ENERGY INC COM NEW 16411R208 7,156,427 25,220 SH SOLE 2 25,220 0 0
CIPHER DIGITAL INC COM 17253J106 1,812,675 140,845 SH SOLE 2 140,845 0 0
ELLINGTON CREDIT CO COM SHS BEN INT 288578107 2,696,541 608,700 SH SOLE 2 608,700 0 0
ELLINGTON FINANCIAL INC COM 28852N109 16,689,493 1,408,396 SH SOLE 2 1,408,396 0 0
ENERGY TRANSFER LP COM UT LTD PTN 29273V100 27,443,539 1,421,945 SH SOLE 2 1,421,945 0 0
EXPAND ENERGY CORP COM 165167735 4,031,122 36,720 SH SOLE 2 36,720 0 0
GOLDMAN SACHS BDC INC SHS 38147U107 418,932 47,177 SH SOLE 1 47,177 0 0
HUT 8 CORP COM 44812J104 2,012,439 42,900 SH SOLE 2 42,900 0 0
ISHARES CHINA LARGE-CAP ETF CHINA LG-CAP ETF 464287184 17,102,401 476,390 SH SOLE 2 476,390 0 0
ISHARES TR 7-10 YR TRSY BD 464287440 1,135,736 11,900 SH SOLE 1 11,900 0 0
JANUS HENDERSON AAA CLO ETF HENDRSON AAA CL 47103U845 32,574,027 646,695 SH SOLE 2 646,695 0 0
KARMAN HOLDINGS INC COMMON STOCK 485924104 4,374,332 54,645 SH SOLE 2 54,645 0 0
KRATOS DEFENSE & SECURITY SOL COM NEW 50077B207 3,104,555 44,030 SH SOLE 2 44,030 0 0
LADDER CAP CORP CL A 505743104 439,650 45,000 SH SOLE 1 45,000 0 0
MICROSOFT CORP COM 594918104 3,997,836 10,800 SH SOLE 2 10,800 0 0
OXFORD LANE CAP CORP COM 691543847 1,418,393 145,030 SH SOLE 1 145,030 0 0
RITHM CAPITAL CORP COM NEW 64828T201 10,247,880 1,081,000 SH SOLE 1 1,081,000 0 0
SIXTH STREET SPECIALTY LENDI COM 83012A109 2,134,672 116,141 SH SOLE 1 116,141 0 0
TERAWULF INC COM 88080T104 1,886,290 130,720 SH SOLE 2 130,720 0 0
TSMC SPONSORED ADS 874039100 16,164,149 47,830 SH SOLE 2 47,830 0 0
UNITED PARCEL SERVICE INC CL B 911312106 3,594,313 36,535 SH SOLE 2 36,535 0 0
VANGUARD TOTAL STOCK MARKET E TOTAL STK MKT 922908769 13,281,534 41,400 SH SOLE 2 41,400 0 0
WALMART INC COM 931142103 8,607,633 69,260 SH SOLE 2 69,260 0 0
XTRACKERS HARVEST CSI 300 CHI XTRACK HRVST CSI 233051879 19,266,739 590,280 SH SOLE 2 590,280 0 0