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
ADIENT PLC ORD SHS G0084W101 52,511 1,510,237 SH   SOLE   1,510,237 0 0
ALLIANCE DATA SYSTEMS CORP COM 018581108 133,852 1,806,368 SH   SOLE   1,806,368 0 0
ALLY FINL INC COM 02005N100 3,566 100,000 SH   SOLE   100,000 0 0
BAUSCH HEALTH COS INC COM 071734107 67,562 3,248,163 SH   SOLE   3,248,163 0 0
CARNIVAL CORP UNIT 99/99/9999 143658300 10,830 500,000 SH   SOLE   500,000 0 0
CITIGROUP INC COM NEW 172967424 75,225 1,220,000 SH   SOLE   1,220,000 0 0
CLEAR CHANNEL OUTDOOR HLDGS COM 18453H106 530 321,006 SH   SOLE   321,006 0 0
CURO GROUP HOLDINGS CORP COM 23131L107 1,765 123,172 SH   SOLE   123,172 0 0
EDISON INTL COM 281020107 4,712 75,000 SH   SOLE   75,000 0 0
EPR PPTYS COM SH BEN INT 26884U109 234,053 7,201,623 SH   SOLE   7,201,623 0 0
EQUITRANS MIDSTREAM CORP COM 294600101 25,171 3,130,760 SH   SOLE   3,130,760 0 0
GAMING & LEISURE PPTYS INC COM 36467J108 4,748 111,978 SH   SOLE   111,978 0 0
GUESS INC NOTE 2.000% 4/1 401617AD7 15,431 13,878,000 PRN   SOLE   13,878,000 0 0
HALLIBURTON CO COM 406216101 231 12,200 SH   SOLE   12,200 0 0
HERC HLDGS INC COM 42704L104 30,771 463,352 SH   SOLE   463,352 0 0
HILTON GRAND VACATIONS INC COM 43283X105 11,951 381,214 SH   SOLE   381,214 0 0
IHEARTMEDIA INC COM CL A 45174J509 201 15,451 SH   SOLE   15,451 0 0
KAR AUCTION SVCS INC COM 48238T109 10,679 573,858 SH   SOLE   573,858 0 0
LAUREATE EDUCATION INC CL A 518613203 17,909 1,229,985 SH   SOLE   1,229,985 0 0
LOMA NEGRA CORP SPONSORED ADS 54150E104 39,983 6,501,380 SH   SOLE   6,501,380 0 0
MDC PARTNERS INC. CL A SUB VTG 552697104 6,277 2,500,678 SH   SOLE   2,500,678 0 0
MERCER INTL INC COM 588056101 21,225 2,070,724 SH   SOLE   2,070,724 0 0
METLIFE INC COM 59156R108 12,911 275,000 SH   SOLE   275,000 0 0
MGIC INVT CORP WIS COM 552848103 40,594 3,234,596 SH   SOLE   3,234,596 0 0
PG&E CORP COM 69331C108 153,532 12,322,020 SH   SOLE   12,322,020 0 0
PLAYA HOTELS & RESORTS NV SHS N70544106 36,555 6,143,629 SH   SOLE   6,143,629 0 0
RADIAN GROUP INC COM 750236101 50,877 2,512,427 SH   SOLE   2,512,427 0 0
SANDRIDGE ENERGY INC COM NEW 80007P869 370 119,347 SH   SOLE   119,347 0 0
SELECT SECTOR SPDR TR SBI INT-UTILS 81369Y886 4,703 75,000 SH   SOLE   75,000 0 0
SERVICE PPTYS TR COM SH BEN INT 81761L102 87,320 7,599,649 SH   SOLE   7,599,649 0 0
SL GREEN RLTY CORP COM 78440X101 20,257 340,000 SH   SOLE   340,000 0 0
STEALTHGAS INC SHS Y81669106 5,651 2,404,887 SH   SOLE   2,404,887 0 0
STUDIO CITY INTL HLDGS LTD SPON ADS 86389T106 20,619 1,737,108 SH   SOLE   1,737,108 0 0
TAKEDA PHARMACEUTICAL CO LTD SPONSORED ADS 874060205 5,733 315,006 SH   SOLE   315,006 0 0
TELECOM ARGENTINA S A SPON ADR REP B 879273209 9,722 1,482,084 SH   SOLE   1,482,084 0 0
TENET HEALTHCARE CORP COM NEW 88033G407 19,931 499,138 SH   SOLE   499,138 0 0
VEREIT INC COM 92339V308 160,162 4,238,213 SH   SOLE   4,238,213 0 0
VERSO CORP CL A 92531L207 7,145 594,433 SH   SOLE   594,433 0 0
VIACOMCBS INC CL B 92556H206 14,315 384,200 SH   SOLE   384,200 0 0
VIATRIS INC COM 92556V106 1,874 100,000 SH   SOLE   100,000 0 0
VICI PPTYS INC COM 925652109 9,233 362,074 SH   SOLE   362,074 0 0
VORNADO RLTY TR SH BEN INT 929042109 41,017 1,098,467 SH   SOLE   1,098,467 0 0
WELLS FARGO CO NEW COM 949746101 167,080 5,536,130 SH   SOLE   5,536,130 0 0