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
ALTICE USA INC CL A 02156K103 26,391 1,015,043 SH   SOLE 1,015,043 0 0
ALTRIA GROUP INC COM 02209S103 14,364 371,750 SH   SOLE 371,750 0 0
AMBAC FINL GROUP INC *W EXP 04/30/202 023139116 218 39,906 SH   SOLE 39,906 0 0
BAUSCH HEALTH COS INC COM 071734107 110,788 7,129,240 SH   SOLE 7,129,240 0 0
BAUSCH HEALTH COS INC CALL 071734907 54,820 2,710,000 SH Call SOLE 2,710,000 0 0
BERRY GLOBAL GROUP INC COM 08579W103 23,467 485,664 SH   SOLE 485,664 0 0
BUILDERS FIRSTSOURCE INC COM 12008R107 35,091 1,075,756 SH   SOLE 1,075,756 0 0
DENBURY INC COM 24790A101 134,337 7,611,339 SH   SOLE 7,611,339 0 0
DISCOVERY INC COM SER A 25470F104 17,451 801,602 SH   SOLE 801,602 0 0
EAGLE BULK SHIPPING INC COM Y2187A150 32,217 1,971,514 SH   SOLE 1,971,514 0 0
EDISON INTL COM 281020107 41,715 820,524 SH   SOLE 820,524 0 0
ISHARES TR IBOXX HI YD ETF 464288513 144,728 1,725,000 SH   SOLE 1,725,000 0 0
LENNAR CORP CL A 526057104 12,778 156,444 SH   SOLE 156,444 0 0
MARATHON PETE CORP COM 56585A102 19,159 653,005 SH   SOLE 653,005 0 0
MICHAELS COS INC COM 59408Q106 40,596 4,204,675 SH   SOLE 4,204,675 0 0
NATURAL RESOURCE PARTNERS L COM UNIT LTD PAR 63900P608 6,681 560,450 SH   SOLE 560,450 0 0
OCCIDENTAL PETE CORP *W EXP 08/03/202 674599162 31 10,245 SH   SOLE 10,245 0 0
OI SA SPONSORED ADR NE 670851500 18,056 12,452,323 SH   SOLE 12,452,323 0 0
PG&E CORP COM 69331C108 69,093 7,358,185 SH   SOLE 7,358,185 0 0
QURATE RETAIL INC COM SER A 74915M100 12,810 1,784,107 SH   SOLE 1,784,107 0 0
SL GREEN RLTY CORP COM 78440X101 2,981 64,278 SH   SOLE 64,278 0 0
SLM CORP COM 78442P106 57,287 7,081,251 SH   SOLE 7,081,251 0 0
TIM PARTICIPACOES S A SPONSORED ADR 88706P205 15,389 1,334,658 SH   SOLE 1,334,658 0 0
VALVOLINE INC COM 92047W101 12,613 662,435 SH   SOLE 662,435 0 0
VISTRA CORP COM 92840M102 107,125 5,679,991 SH   SOLE 5,679,991 0 0
VODAFONE GROUP PLC NEW SPONSORED ADR 92857W308 34,740 2,588,645 SH   SOLE 2,588,645 0 0
VODAFONE GROUP PLC NEW CALL 92857W908 118,569 7,410,600 SH Call SOLE 7,410,600 0 0
VORNADO RLTY TR SH BEN INT 929042109 1,953 57,948 SH   SOLE 57,948 0 0