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 FIGI (to the nearest dollar) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
ARBOR REALTY TRUST INC NOTE 7.500% 8/0 038923BA5   1,667,449 1,702,000 PRN   SOLE   1,702,000 0 0
BLACKSTONE MORTGAGE TRUST IN NOTE 5.500% 3/1 09257WAE0   6,063,510 6,756,000 PRN   SOLE   6,756,000 0 0
CLIPPER RLTY INC COM 18885T306   1,120,314 231,949 SH   SOLE   231,949 0 0
GE HEALTHCARE TECHNOLOGIES I COMMON STOCK 36266G107   284,094 3,125 SH   SOLE   3,125 0 0
ISHARES BITCOIN TR SHS 46438F101   1,416,450 35,000 SH   SOLE   35,000 0 0
ISHARES TR CORE US AGGBD ET 464287226   9,652,966 98,560 SH   SOLE   98,560 0 0
ISHARES TR ISHS 1-5YR INVS 464288646   18,860,784 367,800 SH   SOLE   367,800 0 0
ISHARES TR RUSSELL 2000 ETF 464287655   4,668,660 22,200 SH   SOLE   22,200 0 0
ISHARES TR CORE S&P500 ETF 464287200   69,291,214 131,800 SH   SOLE   131,800 0 0
LEMONADE INC COM 52567D107   929,528 56,644 SH   SOLE   56,644 0 0
NANOVIBRONIX INC COM NEW 63008J603   11,167 12,408 SH   SOLE   12,408 0 0
SPDR SER TR PORTFOLIO INTRMD 78464A375   8,839,376 270,400 SH   SOLE   270,400 0 0
SPDR SER TR PORTFOLIO AGRGTE 78464A649   6,335,168 250,600 SH   SOLE   250,600 0 0
VANGUARD INDEX FDS LARGE CAP ETF 922908637   10,981,008 45,800 SH   SOLE   45,800 0 0
VANGUARD INDEX FDS S&P 500 ETF SHS 922908363   59,606,800 124,000 SH   SOLE   124,000 0 0