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
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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
APOLLO COML REAL ESTATE FIN COM 03762U105 2,136,000 200,000 SH SOLE 200,000 0 0
BLACKSTONE MORTGAGE TRUST IN COM CL A 09257W100 1,695,000 100,000 SH SOLE 100,000 0 0
COUSINS PPTYS INC COM NEW 222795502 617,138 20,585 SH SOLE 20,585 0 0
FLAGSTAR BANK NATIONAL ASSOC COM NEW 649445400 2,330,640 156,000 SH SOLE 156,000 0 0
INVESCO EXCH TRADED FD TR II SR LN ETF 46138G508 15,704,801 770,977 SH SOLE 770,977 0 0
ISHARES TR IBOXX HI YD ETF 464288513 119,955,000 1,500,000 SH Put SOLE 1,500,000 0 0
ISHARES TR IBOXX HI YD ETF 464288513 71,973,000 900,000 SH Call SOLE 900,000 0 0
ISHARES TR RUSSELL 2000 ETF 464287655 8,262,375 27,500 SH Put SOLE 27,500 0 0
KKR REAL ESTATE FIN TR INC COM 48251K100 1,381,680 202,000 SH SOLE 202,000 0 0
NEW FORTRESS ENERGY INC COM CL A 644393100 15,455 42,564 SH SOLE 42,564 0 0
ROCKET COS INC COM CL A 77311W101 603,335 38,307 SH SOLE 38,307 0 0
SERVICE PPTYS TR COM SH BEN INT 81761L102 1,064,700 630,000 SH SOLE 630,000 0 0
STARWOOD PPTY TR INC COM 85571B105 1,867,320 114,000 SH SOLE 114,000 0 0
TPG RE FIN TR INC COM 87266M107 8,955,900 1,070,000 SH SOLE 1,070,000 0 0
VANGUARD SCOTTSDALE FDS INT-TERM CORP 92206C870 5,926,005 71,700 SH SOLE 71,700 0 0