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
ABERDEEN STD GOLD ETF TR PHYSCL GOLD SHS 00326A104 823 45,000 SH   SOLE   45,000 0 0
ADIENT PLC ORD SHS G0084W101 4,274 122,931 SH   DFND 1 122,931 0 0
ADIENT PLC ORD SHS G0084W101 5,389 155,000 SH   SOLE   155,000 0 0
AMPLIFY ENERGY CORP NEW COM 03212B103 360 272,501 SH   SOLE   272,501 0 0
APOLLO COML REAL EST FIN INC NOTE 5.375%10/1 03762UAC9 15,865 16,878,000 PRN   SOLE   16,878,000 0 0
APOLLO COML REAL EST FIN INC NOTE 4.750% 8/2 03762UAB1 11,246 11,900,000 PRN   SOLE   11,900,000 0 0
APOLLO COML REAL EST FIN INC NOTE 5.375%10/1 03762UAC9 5,969 6,350,000 PRN   DFND 1 6,350,000 0 0
BOYD GAMING CORP COM 103304101 3,444 80,250 SH   SOLE   80,250 0 0
CALIFORNIA RES CORP COMMON STOCK 13057Q305 275 11,672 SH   SOLE   11,672 0 0
CHENIERE ENERGY INC COM NEW 16411R208 5,350 89,100 SH   SOLE   89,100 0 0
CLEAR CHANNEL OUTDOOR HLDGS COM 18453H106 10,296 6,240,269 SH   SOLE   6,240,269 0 0
CLEAR CHANNEL OUTDOOR HLDGS COM 18453H106 575 348,687 SH   DFND 2 348,687 0 0
CLEAR CHANNEL OUTDOOR HLDGS COM 18453H106 16,699 10,120,532 SH   DFND 1 10,120,532 0 0
CLIPPER RLTY INC COM 18885T306 4,255 603,513 SH   DFND 1 603,513 0 0
CLIPPER RLTY INC COM 18885T306 1,912 271,211 SH   SOLE   271,211 0 0
CNX RES CORP COM 12653C108 1,354 125,400 SH   SOLE   125,400 0 0
COLONY CR REAL ESTATE INC COM CL A 19625T101 1,129 150,500 SH   SOLE   150,500 0 0
COMMSCOPE HLDG CO INC COM 20337X109 4,234 316,000 SH   SOLE   316,000 0 0
COMMSCOPE HLDG CO INC COM 20337X109 6,325 472,000 SH   DFND 1 472,000 0 0
CONSTELLIUM SE CL A SHS F21107101 8,716 623,000 SH   DFND 1 623,000 0 0
CONSTELLIUM SE CL A SHS F21107101 5,512 394,000 SH   SOLE   394,000 0 0
CORNERSTONE BLDG BRANDS INC COM 21925D109 1,206 130,000 SH   SOLE   130,000 0 0
CUMULUS MEDIA INC COM CL A 231082801 11,340 1,300,508 SH   SOLE   1,300,508 0 0
CUMULUS MEDIA INC COM CL A 231082801 1,999 229,262 SH   DFND 2 229,262 0 0
CUMULUS MEDIA INC COM CL A 231082801 2,061 236,341 SH   DFND 1 236,341 0 0
DHT HOLDINGS INC SHS NEW Y2065G121 1,046 200,000 SH   SOLE   200,000 0 0
DIEBOLD NXDF INC COM 253651103 3,630 340,550 SH   DFND 1 340,550 0 0
DIEBOLD NXDF INC COM 253651103 2,370 222,338 SH   SOLE   222,338 0 0
DISH NETWORK CORPORATION CL A 25470M109 585 18,100 SH   SOLE   18,100 0 0
EDISON INTL COM 281020107 3,453 55,000 SH   SOLE   55,000 0 0
FERRO CORP COM 315405100 7,585 518,127 SH   DFND 1 518,127 0 0
FERRO CORP COM 315405100 8,081 552,000 SH   SOLE   552,000 0 0
FIRSTENERGY CORP COM 337932107 8,892 290,500 SH   SOLE   290,500 0 0
FORTERRA INC COM 34960W106 946 55,000 SH   SOLE   55,000 0 0
GRANITE PT MTG TR INC NOTE 6.375%10/0 38741LAC1 448 490,000 PRN   SOLE   490,000 0 0
GRANITE PT MTG TR INC NOTE 6.375%10/0 38741LAC1 1,793 1,960,000 PRN   DFND 1 1,960,000 0 0
HOUGHTON MIFFLIN HARCOURT CO COM 44157R109 2,851 856,007 SH   SOLE   856,007 0 0
HOUGHTON MIFFLIN HARCOURT CO COM 44157R109 3,440 1,033,095 SH   DFND 1 1,033,095 0 0
HOWMET AEROSPACE INC COM 443201108 2,424 85,000 SH   SOLE   85,000 0 0
IHEARTMEDIA INC COM CL A 45174J509 6,822 525,576 SH   DFND 1 525,576 0 0
IHEARTMEDIA INC COM CL A 45174J509 21,509 1,657,068 SH   SOLE   1,657,068 0 0
IHEARTMEDIA INC COM CL A 45174J509 2,898 223,267 SH   DFND 2 223,267 0 0
IRSA INVERSIONES Y REP S A GLOBL DEP RCPT 450047204 465 103,175 SH   SOLE   103,175 0 0
IRSA PROPIEDADES COMERCIALES SPONSORED ADR 463588103 666 72,612 SH   SOLE   72,612 0 0
ISHARES SILVER TR ISHARES 46428Q109 51,597 2,100,000 SH Call SOLE   2,100,000 0 0
ISHARES TR IBOXX INV CP ETF 464287242 58,015 420,000 SH Put DFND 1 420,000 0 0
ISHARES TR IBOXX HI YD ETF 464288513 236,932 2,714,000 SH Call DFND 1 2,714,000 0 0
ISHARES TR IBOXX INV CP ETF 464287242 218,245 1,580,000 SH Put SOLE   1,580,000 0 0
ISHARES TR IBOXX HI YD ETF 464288513 374,168 4,286,000 SH Call SOLE   4,286,000 0 0
LIBERTY LATIN AMERICA LTD NOTE 2.000% 7/1 53069QAB5 3,503 3,690,000 PRN   DFND 2 3,690,000 0 0
LIBERTY LATIN AMERICA LTD NOTE 2.000% 7/1 53069QAB5 24,301 25,595,000 PRN   SOLE   25,595,000 0 0
LIBERTY MEDIA CORP DEL DEB 4.000%11/1 530715AG6 3,656 4,795,000 PRN   DFND 2 4,795,000 0 0
LIBERTY MEDIA CORP DEL DEB 3.750% 2/1 530715AL5 6,544 8,625,000 PRN   DFND 2 8,625,000 0 0
LIBERTY MEDIA CORP DEL DEB 3.750% 2/1 530715AL5 83,482 110,026,000 PRN   SOLE   110,026,000 0 0
LIBERTY MEDIA CORP DEL DEB 4.000%11/1 530715AG6 28,066 36,808,000 PRN   SOLE   36,808,000 0 0
MAGNACHIP SEMICONDUCTOR CORP COM 55933J203 6,000 443,765 SH   SOLE   443,765 0 0
MAGNACHIP SEMICONDUCTOR CORP COM 55933J203 5,728 423,632 SH   DFND 1 423,632 0 0
MAGNACHIP SEMICONDUCTOR SA NOTE 5.000% 3/0 55932XAB0 1,805 1,100,000 PRN   DFND 2 1,100,000 0 0
MAGNACHIP SEMICONDUCTOR SA NOTE 5.000% 3/0 55932XAB0 14,115 8,600,000 PRN   DFND 1 8,600,000 0 0
MAGNACHIP SEMICONDUCTOR SA NOTE 5.000% 3/0 55932XAB0 14,737 8,979,000 PRN   SOLE   8,979,000 0 0
NESCO HLDGS INC COM 64083J104 1,140 155,100 SH   SOLE   155,100 0 0
NMI HLDGS INC CL A 629209305 691 30,500 SH   SOLE   30,500 0 0
NORWEGIAN CRUISE LINE HLDG L SHS G66721104 1,195 47,000 SH   SOLE   47,000 0 0
NRG ENERGY INC COM NEW 629377508 2,860 76,163 SH   SOLE   76,163 0 0
PEBBLEBROOK HOTEL TR NOTE 1.750%12/1 70509VAA8 2,117 2,005,000 PRN   DFND 2 2,005,000 0 0
PEBBLEBROOK HOTEL TR NOTE 1.750%12/1 70509VAA8 10,743 10,175,000 PRN   SOLE   10,175,000 0 0
PG&E CORP COM 69331C108 19,514 1,566,118 SH   SOLE   1,566,118 0 0
PG&E CORP COM 69331C108 17,611 1,413,400 SH Call DFND 1 1,413,400 0 0
PG&E CORP COM 69331C108 6,701 537,800 SH Call SOLE   537,800 0 0
PG&E CORP COM 69331C108 4,801 385,338 SH   DFND 1 385,338 0 0
PLAYAGS INC COM 72814N104 1,080 150,000 SH   SOLE   150,000 0 0
RED ROCK RESORTS INC CL A 75700L108 3,481 139,000 SH   SOLE   139,000 0 0
RESOURCE CAP CORP NOTE 4.500% 8/1 76120WAC8 18,016 19,842,000 PRN   SOLE   19,842,000 0 0
RESOURCE CAP CORP NOTE 4.500% 8/1 76120WAC8 11,340 12,490,000 PRN   DFND 1 12,490,000 0 0
SANDRIDGE ENERGY INC COM NEW 80007P869 78 25,161 SH   DFND 2 25,161 0 0
SANDRIDGE ENERGY INC COM NEW 80007P869 280 90,388 SH   SOLE   90,388 0 0
SINCLAIR BROADCAST GROUP INC CL A 829226109 4,300 135,000 SH   SOLE   135,000 0 0
SPDR GOLD TR GOLD SHS 78463V107 64,210 360,000 SH Call SOLE   360,000 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 183,201 490,000 SH Put SOLE   490,000 0 0
STARWOOD PPTY TR INC NOTE 4.375% 4/0 85571BAH8 1,799 1,800,000 PRN   SOLE   1,800,000 0 0
TRECORA RES COM 894648104 737 105,428 SH   SOLE   105,428 0 0
TURNING PT BRANDS INC COM 90041L105 13,047 292,798 SH   SOLE   292,798 0 0
VANECK VECTORS ETF TR GOLD MINERS ETF 92189F106 3,245 90,100 SH   SOLE   90,100 0 0
VISTRA CORP COM 92840M102 1,994 101,447 SH   DFND 2 101,447 0 0
VISTRA CORP *W EXP 02/02/202 92840M128 11 29,389 SH   SOLE   29,389 0 0
VISTRA CORP COM 92840M102 15,104 768,277 SH   SOLE   768,277 0 0