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
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
BLACKSTONE MTG TR INC COM CL A 09257W100 978 30,681 SH   SOLE   30,681 0 0
CHIMERA INVT CORP COM NEW 16934Q208 1,837 103,112 SH   SOLE   103,112 0 0
CLIPPER RLTY INC COM 18885T306 2,679 205,000 SH   SOLE   205,000 0 0
ISHARES TR IBOXX HI YD ETF 464288513 24,330 300,000 SH   SOLE   300,000 0 0
NAVIENT CORPORATION COM 63938C108 4,597 521,800 SH   SOLE   521,800 0 0