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
ADTRAN HOLDINGS INC COM 00486H105 1,302,013 190,492 SH SOLE 190,492 0 0
AEHR TEST SYS COM 00760J108 57,331,310 575,500 SH Call SOLE 0 0 575,500
AKAMAI TECHNOLOGIES INC COM 00971T101 1,063,500 10,000 SH Call SOLE 0 0 10,000
ARCHER AVIATION INC COM CL A 03945R102 908,481 182,793 SH SOLE 182,793 0 0
BETTER HOME & FINANCE HOLDIN COM NEW CL A 08774B508 1,057,749 96,159 SH SOLE 96,159 0 0
CADIZ INC COM NEW 127537207 254,800 65,000 SH SOLE 65,000 0 0
CADIZ INC COM NEW 127537207 784,000 200,000 SH Call SOLE 0 0 200,000
CLAROS MTG TR INC COMMON STOCK 18270D106 1,464,015 1,171,212 SH SOLE 1,171,212 0 0
COMSTOCK INC COM SHS 205750409 4,334,509 1,868,323 SH SOLE 1,868,323 0 0
CPI CARD GROUP INC COM NEW 12634H200 980,400 40,000 SH SOLE 40,000 0 0
DAVE INC CLASS A COM NEW 23834J201 1,929,060 6,000 SH SOLE 6,000 0 0
FRANKLIN BSP RLTY TR INC COMMON STOCK 35243J101 14,504,469 2,269,870 SH SOLE 2,269,870 0 0
GRANITE PT MTG TR INC COM STK 38741L107 1,452,721 1,689,211 SH SOLE 1,689,211 0 0
HELPORT AI LTD *W EXP 03/31/202 G4R52R111 9,941 994,071 SH SOLE 994,071 0 0
HUDSON PACIFIC PROPERTIES IN COM 444097406 5,770,000 500,000 SH Call SOLE 0 0 500,000
INNOVIZ TECHNOLOGIES LTD SHS M5R635108 317,598 874,444 SH SOLE 874,444 0 0
KOSMOS ENERGY LTD COM 500688106 1,914,342 753,678 SH SOLE 753,678 0 0
KOSMOS ENERGY LTD COM 500688106 2,888,742 1,137,300 SH Call SOLE 0 0 1,137,300
MASTERCRAFT BOAT HLDGS INC COM 57637H103 2,490,543 125,785 SH SOLE 125,785 0 0
MISTRAS GROUP INC COM 60649T107 5,789,394 274,900 SH SOLE 274,900 0 0
NAVIOS MARITIME PARTNERS LP COM UNIT LPI Y62267409 1,705,323 18,967 SH SOLE 18,967 0 0
SHIMMICK CORPORATION COM 82455M109 910,115 306,436 SH SOLE 306,436 0 0
SUNRISE RLTY TR INC COM 867981102 574,553 89,355 SH SOLE 89,355 0 0
TICKETPLUS LTD ORDINARY SHARES G88613107 723,175 90,284 SH SOLE 90,284 0 0
TPG RE FIN TR INC COM 87266M107 10,142,684 1,620,237 SH SOLE 1,620,237 0 0
TSAKOS ENERGY NAVIGATION LTD SHS G9108L173 1,995,462 42,232 SH SOLE 42,232 0 0
WALKER & DUNLOP INC COM 93148P102 4,083,293 116,300 SH Call SOLE 0 0 116,300