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
AGNC INVT CORP COM 00123Q104 2,878 184,500 SH   SOLE   184,500 0 0
AMERICAN AIRLS GROUP INC COM 02376R102 6,828 433,000 SH Put SOLE   433,000 0 0
AMERICAN AXLE & MFG HLDGS IN COM 024061103 3,486 417,928 SH   SOLE   417,928 0 0
ANNALY CAPITAL MANAGEMENT IN COM 035710409 17,356 2,053,959 SH   SOLE   2,053,959 0 0
ANTERO RESOURCES CORP COM 03674X106 638 117,000 SH   SOLE   117,000 0 0
APACHE CORP COM 037411105 591 41,650 SH   SOLE   41,650 0 0
BOEING CO COM 097023105 1,927 9,000 SH Put SOLE   9,000 0 0
COMMUNITY HEALTH SYS INC NEW COM 203668108 297 40,000 SH   SOLE   40,000 0 0
DEVON ENERGY CORP NEW COM 25179M103 2,652 167,724 SH   SOLE   167,724 0 0
DIAMONDBACK ENERGY INC COM 25278X109 629 13,000 SH   SOLE   13,000 0 0
DISH NETWORK CORPORATION NOTE 2.375% 3/1 25470MAD1 16,935 17,895,000 PRN   SOLE   17,895,000 0 0
ELLINGTON FINANCIAL INC COM 28852N109 12,627 850,887 SH   SOLE   850,887 0 0
ENERGIZER HLDGS INC NEW COM 29272W109 663 15,720 SH   SOLE   15,720 0 0
EXPEDIA GROUP INC COM NEW 30212P303 393 2,968 SH   SOLE   2,968 0 0
EXPEDIA GROUP INC COM NEW 30212P303 1,787 13,500 SH Put SOLE   13,500 0 0
GRANITE PT MTG TR INC COM STK 38741L107 1,844 184,612 SH   SOLE   184,612 0 0
GREAT AJAX CORP COM 38983D300 5,380 514,362 SH   SOLE   514,362 0 0
IMPAC MTG HLDGS INC COM NEW 45254P508 158 51,900 SH   SOLE   51,900 0 0
INVESCO QQQ TR UNIT SER 1 46090E103 0 210,000 SH Call SOLE   210,000 0 0
ISHARES TR IBOXX HI YD ETF 464288513 139,418 1,597,000 SH Put SOLE   1,597,000 0 0
KOHLS CORP COM 500255104 536 13,174 SH   SOLE   13,174 0 0
L BRANDS INC COM 501797104 4,277 115,000 SH Put SOLE   115,000 0 0
LOWES COS INC COM 548661107 447 2,783 SH   SOLE   2,783 0 0
LUMEN TECHNOLOGIES INC COM 156700106 7,995 820,000 SH Call SOLE   820,000 0 0
LUMENT FINANCE TRUST INC COM 55025L108 922 281,991 SH   SOLE   281,991 0 0
MFA FINL INC COM 55272X102 6,039 1,552,554 SH   SOLE   1,552,554 0 0
MICROSOFT CORP COM 594918104 440 1,979 SH   SOLE   1,979 0 0
MR COOPER GROUP INC COM 62482R107 2,429 78,265 SH   SOLE   78,265 0 0
NABORS INDS INC NEW NOTE 0.750% 1/1 62957HAB1 45,014 86,348,000 PRN   SOLE   86,348,000 0 0
NEW RESIDENTIAL INVT CORP COM NEW 64828T201 1,565 157,398 SH   SOLE   157,398 0 0
NEW YORK MTG TR INC COM PAR $.02 649604501 9,230 2,501,238 SH   SOLE   2,501,238 0 0
PENNYMAC CORP NOTE 5.500%11/0 70932AAD5 1,218 1,230,000 PRN   SOLE   1,230,000 0 0
PENNYMAC FINL SVCS INC NEW COM 70932M107 784 11,940 SH   SOLE   11,940 0 0
PENNYMAC FINL SVCS INC NEW COM 70932M107 13,616 207,500 SH Call SOLE   207,500 0 0
PENNYMAC MTG INVT TR COM 70931T103 704 40,000 SH   SOLE   40,000 0 0
PITNEY BOWES INC COM 724479100 1,627 264,146 SH   SOLE   264,146 0 0
READY CAPITAL CORP COM 75574U101 5,236 420,570 SH   SOLE   420,570 0 0
REALOGY HLDGS CORP COM 75605Y106 302 23,000 SH   SOLE   23,000 0 0
ROYAL CARIBBEAN GROUP COM V7780T103 1,382 18,500 SH Put SOLE   18,500 0 0
SELECT SECTOR SPDR TR ENERGY 81369Y506 0 150,000 SH Call SOLE   150,000 0 0
SELECT SECTOR SPDR TR SBI INT-FINL 81369Y605 8,254 280,000 SH Put SOLE   280,000 0 0
SOUTHWEST AIRLS CO COM 844741108 1,398 30,000 SH Put SOLE   30,000 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 9,347 25,000 SH Put SOLE   25,000 0 0
SPDR SER TR S&P REGL BKG 78464A698 0 100,000 SH Call SOLE   100,000 0 0
SPIRIT AEROSYSTEMS HLDGS INC COM CL A 848574109 1,291 33,000 SH Put SOLE   33,000 0 0
TESLA INC COM 88160R101 55,395 78,500 SH Put SOLE   78,500 0 0
TPG RE FIN TR INC COM 87266M107 1,506 141,826 SH   SOLE   141,826 0 0
TRANSOCEAN LTD REG SHS H8817H100 3,238 1,401,400 SH Put SOLE   1,401,400 0 0
UNITED RENTALS INC COM 911363109 3,130 13,500 SH Put SOLE   13,500 0 0
WESTERN ASSET MTG CAP CORP NOTE 6.750%10/0 95790DAA3 1,757 2,000,000 PRN   SOLE   2,000,000 0 0