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
AMC NETWORKS INC CL A 00164V103 1,310 53,009 SH   SOLE   53,009 0 0
AMERICAN AIRLS GROUP INC COM 02376R102 19,038 1,549,000 SH Put SOLE   1,549,000 0 0
AMERICAN AXLE & MFG HLDGS IN COM 024061103 5,749 996,277 SH   SOLE   996,277 0 0
AMERICAN AXLE & MFG HLDGS IN COM 024061103 909 157,500 SH Put SOLE   157,500 0 0
ANNALY CAPITAL MANAGEMENT IN COM 035710409 11,193 1,571,983 SH   SOLE   1,571,983 0 0
AT&T INC COM 00206R102 1,996 70,014 SH   SOLE   70,014 0 0
BOEING CO COM 097023105 7,932 48,000 SH Put SOLE   48,000 0 0
CHIMERA INVT CORP COM NEW 16934Q208 638 77,758 SH   SOLE   77,758 0 0
CVS HEALTH CORP COM 126650100 857 14,677 SH   SOLE   14,677 0 0
DISH NETWORK CORPORATION NOTE 2.375% 3/1 25470MAD1 16,256 17,895,000 PRN   SOLE   17,895,000 0 0
DISH NETWORK CORPORATION NOTE 3.375% 8/1 25470MAB5 3,683 4,000,000 PRN   SOLE   4,000,000 0 0
ELLINGTON FINANCIAL INC COM 28852N109 10,432 850,887 SH   SOLE   850,887 0 0
ESSENT GROUP LTD COM G3198U102 1,326 35,835 SH   SOLE   35,835 0 0
FORD MTR CO DEL COM 345370860 1,332 200,000 SH Put SOLE   200,000 0 0
GRANITE PT MTG TR INC COM STK 38741L107 787 110,969 SH   SOLE   110,969 0 0
GREAT AJAX CORP COM 38983D300 3,977 479,769 SH   SOLE   479,769 0 0
HUNT COS FIN TR INC COM 44558T100 775 284,005 SH   SOLE   284,005 0 0
IMPAC MTG HLDGS INC COM NEW 45254P508 66 51,900 SH   SOLE   51,900 0 0
ISHARES TR IBOXX HI YD ETF 464288513 57,046 679,928 SH   SOLE   679,928 0 0
KOHLS CORP COM 500255104 3,516 189,740 SH   SOLE   189,740 0 0
L BRANDS INC COM 501797104 3,658 115,000 SH Put SOLE   115,000 0 0
MFA FINL INC COM 55272X102 804 300,000 SH   SOLE   300,000 0 0
MR COOPER GROUP INC COM 62482R107 6,696 300,000 SH Put SOLE   300,000 0 0
MR COOPER GROUP INC COM 62482R107 1,782 79,840 SH   SOLE   79,840 0 0
NABORS INDS INC NEW NOTE 0.750% 1/1 62957HAB1 27,059 99,298,000 PRN   SOLE   99,298,000 0 0
NABORS INDUSTRIES LTD SHS G6359F137 348 14,242 SH   SOLE   14,242 0 0
NEW RESIDENTIAL INVT CORP COM NEW 64828T201 3,110 391,194 SH   SOLE   391,194 0 0
NEW YORK MTG TR INC COM PAR $.02 649604501 2,295 900,000 SH   SOLE   900,000 0 0
OLIN CORP COM PAR $1 680665205 891 72,002 SH   SOLE   72,002 0 0
PENNYMAC FINL SVCS INC NEW COM 70932M107 11,624 200,000 SH Call SOLE   200,000 0 0
PENNYMAC MTG INVT TR COM 70931T103 643 40,000 SH   SOLE   40,000 0 0
PITNEY BOWES INC COM 724479100 2,007 377,918 SH   SOLE   377,918 0 0
RADIAN GROUP INC COM 750236101 1,454 99,530 SH   SOLE   99,530 0 0
READY CAPITAL CORP COM 75574U101 3,844 343,184 SH   SOLE   343,184 0 0
REALOGY HLDGS CORP COM 75605Y106 649 68,705 SH   SOLE   68,705 0 0
ROYAL CARIBBEAN GROUP COM V7780T103 2,913 45,000 SH Call SOLE   45,000 0 0
SELECT SECTOR SPDR TR SBI MATERIALS 81369Y100 16,849 700,000 SH Put SOLE   700,000 0 0
SOUTHWEST AIRLS CO COM 844741108 2,063 55,000 SH Put SOLE   55,000 0 0
SPDR SER TR S&P REGL BKG 78464A698 9,633 270,000 SH Call SOLE   270,000 0 0
SPIRIT AEROSYSTEMS HLDGS INC COM CL A 848574109 624 33,000 SH Put SOLE   33,000 0 0
STARWOOD PPTY TR INC COM 85571B105 393 26,075 SH   SOLE   26,075 0 0
TESLA INC COM 88160R101 33,677 78,500 SH Put SOLE   78,500 0 0
TPG RE FIN TR INC COM 87266M107 1,222 144,500 SH   SOLE   144,500 0 0
TRANSOCEAN LTD REG SHS H8817H100 462 570,500 SH Put SOLE   570,500 0 0
UNITED STATES STL CORP NEW COM 912909108 1,064 145,000 SH Call SOLE   145,000 0 0
WESTERN ASSET MTG CAP CORP NOTE 6.750%10/0 95790DAA3 1,712 2,000,000 PRN   SOLE   2,000,000 0 0