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
AERCAP HOLDINGS NV SHS N00985106 23,230 453,272 SH   SOLE   453,272 0 0
AMBAC FINL GROUP INC *W EXP 04/30/202 023139116 150 39,906 SH   SOLE   39,906 0 0
AMC ENTMT HLDGS INC PUT 00165C954 2,500 500,000 SH Put SOLE   500,000 0 0
ARCONIC CORPORATION COM 03966V107 13,037 365,990 SH   SOLE   365,990 0 0
ARK ETF TR PUT 00214Q954 102,500 1,000,000 SH Put SOLE   1,000,000 0 0
BAUSCH HEALTH COS INC COM 071734107 239,449 8,166,761 SH   SOLE   8,166,761 0 0
BERRY GLOBAL GROUP INC COM 08579W103 13,993 214,558 SH   SOLE   214,558 0 0
BUILDERS FIRSTSOURCE INC COM 12008R107 51,128 1,198,497 SH   SOLE   1,198,497 0 0
CALIFORNIA RES CORP COM STOCK 13057Q305 409,971 13,825,162 SH   SOLE   13,825,162 0 0
CHESAPEAKE ENERGY CORP COM 165167735 28,684 552,457 SH   SOLE   552,457 0 0
COMCAST CORP NEW CL A 20030N101 30,506 535,000 SH   SOLE   535,000 0 0
COMMSCOPE HLDG CO INC COM 20337X109 92,135 4,323,557 SH   SOLE   4,323,557 0 0
COUPANG INC CL A 22266T109 7,976 190,714 SH   SOLE   190,714 0 0
DENBURY INC COM 24790A101 32,449 422,623 SH   SOLE   422,623 0 0
EAGLE BULK SHIPPING INC COM Y2187A150 51,637 1,094,692 SH   SOLE   1,094,692 0 0
EQUITRANS MIDSTREAM CORP COM 294600101 28,770 3,380,686 SH   SOLE   3,380,686 0 0
FOOT LOCKER INC COM 344849104 38,394 622,979 SH   SOLE   622,979 0 0
FOX CORP CL A COM 35137L105 31,435 846,620 SH   SOLE   846,620 0 0
FREEPORT-MCMORAN INC CL B 35671D857 45,261 1,219,645 SH   SOLE   1,219,645 0 0
FRONTIER COMMUNICATIONS PARE COM 35909D109 149,654 5,665,025 SH   SOLE   5,665,025 0 0
ISHARES INC CALL 464286900 815,860 19,008,800 SH Call SOLE   19,008,800 0 0
ISHARES INC MSCI BRAZIL ETF 464286400 47,419 1,169,692 SH   SOLE   1,169,692 0 0
ISHARES INC MSCI MEXICO ETF 464286822 10,893 226,980 SH   SOLE   226,980 0 0
ISHARES TR IBOXX HI YD ETF 464288513 101,246 1,150,000 SH   SOLE   1,150,000 0 0
LIBERTY LATIN AMERICA LTD COM CL C G9001E128 8,223 583,160 SH   SOLE   583,160 0 0
MACYS INC CALL 55616P904 177,500 8,500,000 SH Call SOLE   8,500,000 0 0
MACYS INC COM 55616P104 21,804 1,150,000 SH   SOLE   1,150,000 0 0
NATURAL RESOURCE PARTNERS L COM UNIT LTD PAR 63900P608 11,882 560,450 SH   SOLE   560,450 0 0
NOBLE CORP NEW SHS G6610J209 84,280 3,408,022 SH   SOLE   3,408,022 0 0
NRG ENERGY INC COM NEW 629377508 37,856 939,358 SH   SOLE   939,358 0 0
OCCIDENTAL PETE CORP *W EXP 08/03/202 674599162 143 10,245 SH   SOLE   10,245 0 0
ONEMAIN HLDGS INC COM 68268W103 51,213 854,837 SH   SOLE   854,837 0 0
PULTE GROUP INC COM 745867101 39,834 729,955 SH   SOLE   729,955 0 0
QURATE RETAIL INC COM SER A 74915M100 9,899 756,204 SH   SOLE   756,204 0 0
RADIAN GROUP INC COM 750236101 17,403 782,147 SH   SOLE   782,147 0 0
REVOLUTION ACCELERTN ACQU CO *W EXP 12/01/202 76156P114 223 111,666 SH   SOLE   111,666 0 0
REVOLUTION ACCELERTN ACQU CO COM CL A 76156P106 3,340 335,000 SH   SOLE   335,000 0 0
SELECT SECTOR SPDR TR CALL 81369Y906 212,500 4,000,000 SH Call SOLE   4,000,000 0 0
SIMON PPTY GROUP INC NEW COM 828806109 17,876 137,000 SH   SOLE   137,000 0 0
SLM CORP COM 78442P106 20,331 970,904 SH   SOLE   970,904 0 0
TECK RESOURCES LTD CL B 878742204 51,175 2,221,145 SH   SOLE   2,221,145 0 0
THRYV HLDGS INC COM NEW 886029206 123,661 3,457,124 SH   SOLE   3,457,124 0 0
TIM S A SPONSORED ADR 88706T108 15,375 1,334,658 SH   SOLE   1,334,658 0 0
VALARIS LIMITED CL A G9460G101 209,256 7,245,499 SH   SOLE   7,245,499 0 0
VODAFONE GROUP PLC NEW CALL 92857W908 209,041 11,002,200 SH Call SOLE   11,002,200 0 0
VODAFONE GROUP PLC NEW SPONSORED ADR 92857W308 76,746 4,480,198 SH   SOLE   4,480,198 0 0