The Securities and Exchange Commission has not necessarily
reviewed the information in this filing and has not determined
if it is accurate and complete.
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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549 FORM 13F FORM 13F INFORMATION TABLE |
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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 |
| ACRES COMMERCIAL REALTY CORP | COM NEW | 00489Q102 | 20,939,897 | 1,177,060 | SH | SOLE | 1,177,060 | 0 | 0 | ||
| TRINITY CAP INC | COM | 896442308 | 13,013,884 | 727,439 | SH | DFND | 2 | 727,439 | 0 | 0 | |
| RITHM PPTY TR INC | 9.875 FXD-FLT C | 38983D862 | 11,028,034 | 442,804 | SH | DFND | 1 | 442,804 | 0 | 0 | |
| XAI FLOATING RATE & ALTER IN | COM SHS BENF INT | 98400T304 | 7,719,403 | 439,852 | SH | DFND | 1 | 439,852 | 0 | 0 | |
| OXFORD LANE CAP CORP | COM | 691543847 | 7,309,861 | 834,459 | SH | DFND | 1 | 834,459 | 0 | 0 | |
| HORIZON TECHNOLOGY FIN CORP | COM | 44045A102 | 1,732,098 | 366,194 | SH | DFND | 1,2 | 366,194 | 0 | 0 | |
| CAPITAL SOUTHWEST CORP | NOTE 5.125%11/1 | 140501AE7 | 1,546,600 | 1,480,000 | PRN | SOLE | 1,480,000 | 0 | 0 | ||
| BLACKSTONE MORTGAGE TRUST IN | NOTE 5.500% 3/1 | 09257WAE0 | 1,395,000 | 1,395,000 | PRN | SOLE | 1,395,000 | 0 | 0 | ||
| BRAEMAR HOTELS & RESORTS INC | 5.5 CUM CV PFD B | 10482B200 | 725,702 | 52,740 | SH | SOLE | 52,740 | 0 | 0 | ||
| CARLYLE CREDIT INCOME FUND | SHS BEN INT | 92535C104 | 519,531 | 186,212 | SH | SOLE | 186,212 | 0 | 0 | ||
| GRANITE PT MTG TR INC | COM STK | 38741L107 | 120,999 | 80,666 | SH | SOLE | 80,666 | 0 | 0 | ||
| READY CAPITAL CORP | COM | 75574U101 | 118,860 | 67,920 | SH | SOLE | 67,920 | 0 | 0 | ||
| BCP INVESTMENT CORPORATION | COM NEW | 73688F201 | 26,456 | 3,634 | SH | SOLE | 3,634 | 0 | 0 | ||