The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete. | |||||||||||||||||
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UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 13F FORM 13F INFORMATION TABLE |
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| 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 |
| ALGOMA STL GROUP INC | COM | 015658107 | 57,413 | 6,075,238 | SH | SOLE | 6,075,238 | 0 | 0 | ||
| ARCH RESOURCES INC | CL A | 03940R107 | 65,211 | 714,094 | SH | SOLE | 714,094 | 0 | 0 | ||
| CARNIVAL CORP | COMMON STOCK | 143658300 | 3,018 | 150,000 | SH | SOLE | 150,000 | 0 | 0 | ||
| CENTURY CASINOS INC | COM | 156492100 | 8,515 | 699,080 | SH | SOLE | 699,080 | 0 | 0 | ||
| CHESAPEAKE ENERGY CORP | COM | 165167735 | 2,538 | 39,333 | SH | SOLE | 39,333 | 0 | 0 | ||
| CHICAGO ATLANTIC REAL ESTATE | COM | 167239102 | 2,772 | 166,491 | SH | SOLE | 166,491 | 0 | 0 | ||
| CLEAR CHANNEL OUTDOOR HLDGS | COM | 18453H106 | 13,497 | 4,077,673 | SH | SOLE | 4,077,673 | 0 | 0 | ||
| DELTA AIR LINES INC DEL | COM NEW | 247361702 | 2,786 | 71,298 | SH | SOLE | 71,298 | 0 | 0 | ||
| GERDAU SA | SPON ADR REP PFD | 373737105 | 113,843 | 23,138,851 | SH | SOLE | 23,138,851 | 0 | 0 | ||
| GOL LINHAS AEREAS INTELIGENT | SPON ADR PFD NEW | 38045R206 | 4,792 | 792,109 | SH | SOLE | 792,109 | 0 | 0 | ||
| IHEARTMEDIA INC | COM CL A | 45174J509 | 26,973 | 1,281,963 | SH | SOLE | 1,281,963 | 0 | 0 | ||
| INTERNATIONAL SEAWAYS INC | COM | Y41053102 | 1,667 | 113,525 | SH | SOLE | 113,525 | 0 | 0 | ||
| MACYS INC | COM | 55616P104 | 3,880 | 148,194 | SH | SOLE | 148,194 | 0 | 0 | ||
| NOBLE CORP NEW | SHS | G6610J209 | 5,086 | 205,000 | SH | SOLE | 205,000 | 0 | 0 | ||
| PETROLEO BRASILEIRO SA PETRO | SP ADR NON VTG | 71654V101 | 506 | 50,000 | SH | SOLE | 50,000 | 0 | 0 | ||
| PETROLEO BRASILEIRO SA PETRO | SPONSORED ADR | 71654V408 | 85,065 | 7,747,309 | SH | SOLE | 7,747,309 | 0 | 0 | ||
| SAFEGUARD SCIENTIFICS INC | COM NEW | 786449207 | 5,487 | 746,542 | SH | SOLE | 746,542 | 0 | 0 | ||
| TERNIUM SA | SPONSORED ADS | 880890108 | 41,333 | 949,758 | SH | SOLE | 949,758 | 0 | 0 | ||
| VALARIS LIMITED | CL A | G9460G101 | 12,818 | 356,048 | SH | SOLE | 356,048 | 0 | 0 | ||
| VALE S A | SPONSORED ADS | 91912E105 | 117,540 | 8,383,703 | SH | SOLE | 8,383,703 | 0 | 0 | ||
| VIPER ENERGY PARTNERS LP | COM UNT RP INT | 92763M105 | 2,465 | 115,650 | SH | SOLE | 115,650 | 0 | 0 | ||