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
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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
ALPHABET INC CAP STK CL A 02079K305 2,511,784 7,300 SH SOLE 7,300 0 0
APOLLO COML REAL ESTATE FIN COM 03762U105 1,240,000 200,000 SH SOLE 200,000 0 0
BLACKSTONE MORTGAGE TRUST IN COM CL A 09257W100 1,145,000 100,000 SH SOLE 100,000 0 0
FLAGSTAR BANK NATIONAL ASSOC COM NEW 649445400 4,387,920 376,000 SH SOLE 376,000 0 0
INVESCO EXCH TRADED FD TR II SR LN ETF 46138G508 15,643,251 765,700 SH SOLE 765,700 0 0
INVESCO QQQ TR UNIT SER 1 46090E103 32,106,018 43,400 SH Put SOLE 43,400 0 0
ISHARES TR IBOXX HI YD ETF 464288513 23,163,000 300,000 SH Call SOLE 300,000 0 0
ISHARES TR IBOXX HI YD ETF 464288513 281,831,942 3,650,200 SH Put SOLE 3,650,200 0 0
ISHARES TR RUSSELL 2000 ETF 464287655 8,336,700 30,000 SH Put SOLE 30,000 0 0
KKR REAL ESTATE FIN TR INC COM 48251K100 1,254,420 202,000 SH SOLE 202,000 0 0
ROCKET COS INC COM CL A 77311W101 440,914 38,307 SH SOLE 38,307 0 0
SERVICE PPTYS TR COM NEW 81761L201 811,440 126,000 SH SOLE 126,000 0 0
STARWOOD PPTY TR INC COM 85571B105 1,539,000 114,000 SH SOLE 114,000 0 0
TPG RE FIN TR INC COM 87266M107 6,698,200 1,070,000 SH SOLE 1,070,000 0 0
VANGUARD SCOTTSDALE FDS INT-TERM CORP 92206C870 5,614,827 71,700 SH SOLE 71,700 0 0