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
AES CORP COM 00130H105 12 900 SH   SOLE NONE 900 0 0
ALPHABET INC CAP STK CL A 02079K305 69,717 60,000 SH   SOLE NONE 60,000 0 0
AMAZON.COM INC COM 023135106 22,422 11,500 SH   SOLE NONE 11,500 0 0
AMC NETWORKS INC CL A 00164V103 13,978 575,000 SH   SOLE NONE 575,000 0 0
ARBOR REALTY TRUST INC COM 038923108 13,182 2,690,257 SH   SOLE NONE 2,690,257 0 0
ASHLAND GLOBAL HOLDINGS INC COM 044186104 38,652 771,965 SH   SOLE NONE 771,965 0 0
ASPEN GROUP INC COM 04530L203 3,995 500,000 SH   SOLE NONE 500,000 0 0
ASSOCIATED CAPITAL GROUP CL A 045528106 263 8,600 SH   SOLE NONE 8,600 0 0
CENTENE CORP COM 15135B101 23,764 400,000 SH   SOLE NONE 400,000 0 0
CHIMERA INVESTMENT CORP COM 16934Q208 30,917 3,397,500 SH   SOLE NONE 3,397,500 0 0
CIGNA CORP COM 125523100 96,563 545,000 SH   SOLE NONE 545,000 0 0
CITIGROUP INC COM 172967424 15,584 370,000 SH   SOLE NONE 370,000 0 0
ELLINGTON FINANCIAL INC COM 28852N109 5,482 960,000 SH   SOLE NONE 960,000 0 0
ENERGY TRANSFER LP COM UT LTD PTN 29273V100 23,148 5,032,200 SH   SOLE NONE 5,032,200 0 0
FACEBOOK INC CL A 30303M102 4,504 27,000 SH   SOLE NONE 27,000 0 0
FALCON MINERALS CORP CL A COM 30607B109 1,505 700,000 SH   SOLE NONE 700,000 0 0
FALCON MINERALS CORP *W EXP 07/21/202 30607B208 67 447,474 SH   SOLE NONE 447,474 0 0
FERRO CORP COM 315405100 29,913 3,195,869 SH   SOLE NONE 3,195,869 0 0
FISERV INC COM 337738108 97,897 1,030,600 SH   SOLE NONE 1,030,600 0 0
GAMCO INVESTORS INC CL A COM 361438104 95 8,600 SH   SOLE NONE 8,600 0 0
GANNETT CO INC COM 36472T109 11,664 7,880,979 SH   SOLE NONE 7,880,979 0 0
GRANITE POINT MORTGAGE TRUST COM 38741L107 36 7,107 SH   SOLE NONE 7,107 0 0
GRAY TELEVISION INC COM 389375106 5,907 550,000 SH   SOLE NONE 550,000 0 0
JPMORGAN CHASE & CO COM 46625H100 16,205 180,000 SH   SOLE NONE 180,000 0 0
LEE ENTERPRISES COM 523768109 841 855,210 SH   SOLE NONE 855,210 0 0
MAGNOLIA OIL & GAS CORP CL A 559663109 9,820 2,454,950 SH   SOLE NONE 2,454,950 0 0
MICROSOFT CORP COM 594918104 38,750 245,705 SH   SOLE NONE 245,705 0 0
MR COOPER GROUP INC COM 62482R107 29,164 3,978,700 SH   SOLE NONE 3,978,700 0 0
MVC CAPITAL INC COM 553829102 7,589 1,736,501 SH   SOLE NONE 1,736,501 0 0
NABORS INDUSTRIES LTD SHS G6359F103 5,748 14,733,500 SH   SOLE NONE 14,733,500 0 0
NAVIENT CORP COM 63938C108 22,513 2,970,000 SH   SOLE NONE 2,970,000 0 0
NEW SENIOR INVESTMENT GROUP COM 648691103 12,424 4,853,200 SH   SOLE NONE 4,853,200 0 0
OCWEN FINANCIAL CORP COM 675746309 6,593 13,185,525 SH   SOLE NONE 13,185,525 0 0
PARSLEY ENERGY INC COM 701877102 17,763 3,100,000 SH   SOLE NONE 3,100,000 0 0
RTI SURGICAL HDS INC COM 74975N105 2,722 1,591,903 SH   SOLE NONE 1,591,903 0 0
SIERRA METALS INC COM 82639W106 181 226,200 SH   SOLE NONE 226,200 0 0
SUNOPTA INC COM 8676EP108 2,374 1,380,000 SH   SOLE NONE 1,380,000 0 0
SUTTER ROCK CAPITAL CORP COM 86944Q100 545 92,960 SH   SOLE NONE 92,960 0 0
THL CREDIT INC COM 872438106 7,577 2,859,100 SH   SOLE NONE 2,859,100 0 0
TRINITY INDUSTRIES INC COM 896522109 45,485 2,830,438 SH   SOLE NONE 2,830,438 0 0
TWO HARBORS INVESTMENT CORP COM 90187B408 143 37,500 SH   SOLE NONE 37,500 0 0
VICI PROPERTIES INC COM 925652109 20,051 1,205,000 SH   SOLE NONE 1,205,000 0 0
WPX ENERGY INC COM 98212B103 19,630 6,436,000 SH   SOLE NONE 6,436,000 0 0