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 FIGI (to the nearest dollar) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
VALARIS LIMITED CL A G9460G101   176,340 2,607,814 SH   DFND 1 2,607,814 0 0
TRANSOCEAN LTD REG SHS H8817H100   141,456 31,021,009 SH   DFND 1 31,021,009 0 0
LYFT INC CL A COM 55087P104   114,985 10,434,206 SH   DFND 1 10,434,206 0 0
PARAMOUNT GLOBAL CLASS B COM 92556H206   105,689 6,261,216 SH   DFND 1 6,261,216 0 0
NOBLE CORP NEW ORD SHS A G65431127   103,017 2,731,833 SH   DFND 1 2,731,833 0 0
DIAMOND OFFSHORE DRILLING IN COM 25271C201   93,433 8,983,909 SH   DFND 1 8,983,909 0 0
WARNER BROS DISCOVERY INC COM SER A 934423104   89,551 9,446,338 SH   DFND 1 9,446,338 0 0
OVINTIV INC COM 69047Q102   88,650 1,748,169 SH   DFND 1 1,748,169 0 0
RANGE RES CORP COM 75281A109   76,081 3,040,822 SH   DFND 1 3,040,822 0 0
CAESARS ENTERTAINMENT INC NE COM 12769G100   71,520 1,719,222 SH   DFND 1 1,719,222 0 0
EQT CORP COM 26884L109   68,880 2,036,049 SH   DFND 1 2,036,049 0 0
SINCLAIR BROADCAST GROUP INC CL A 829226109   67,313 4,339,964 SH   DFND 1 4,339,964 0 0
DRAFTKINGS INC NEW COM CL A 26142V105   63,536 5,578,196 SH   DFND 1 5,578,196 0 0
DOORDASH INC CL A 25809K105   59,835 1,225,628 SH   DFND 1 1,225,628 0 0
UBER TECHNOLOGIES INC COM 90353T100   55,070 2,226,843 SH   DFND 1 2,226,843 0 0
TECK RESOURCES LTD CL B 878742204   52,559 1,389,721 SH   DFND 1 1,389,721 0 0
BALLYS CORPORATION COM 05875B106   34,033 1,756,105 SH   DFND 1 1,756,105 0 0
MGM RESORTS INTERNATIONAL COM 552953101   21,610 644,484 SH   DFND 1 644,484 0 0
PENN ENTERTAINMENT INC COM 707569109   20,289 683,132 SH   DFND 1 683,132 0 0
SEADRILL 2021 LTD COM G7997W102   11,850 363,044 SH   DFND 1 363,044 0 0
CLEVELAND-CLIFFS INC NEW COM 185899101   11,518 714,970 SH   DFND 1 714,970 0 0
META PLATFORMS INC CL A 30303M102   11,271 93,661 SH   DFND 1 93,661 0 0
ALPHA METALLURGICAL RESOUR I COM 020764106   10,912 74,538 SH   DFND 1 74,538 0 0
VALE S A SPONSORED ADS 91912E105   10,269 605,141 SH   DFND 1 605,141 0 0
MARATHON OIL CORP COM 565849106   9,973 368,433 SH   DFND 1 368,433 0 0
TIDEWATER INC NEW COM 88642R109   9,377 254,460 SH   DFND 1 254,460 0 0
SPOTIFY TECHNOLOGY S A SHS L8681T102   8,001 101,341 SH   DFND 1 101,341 0 0
PEABODY ENERGY CORP COM 704551100   6,912 261,622 SH   DFND 1 261,622 0 0
NOV INC COM 62955J103   5,986 286,529 SH   DFND 1 286,529 0 0
MOSAIC CO NEW COM 61945C103   5,660 129,021 SH   DFND 1 129,021 0 0
NUTRIEN LTD COM 67077M108   5,517 75,551 SH   DFND 1 75,551 0 0
PHILIP MORRIS INTL INC COM 718172109   5,488 54,223 SH   DFND 1 54,223 0 0
GRAY TELEVISION INC COM 389375106   4,044 361,371 SH   DFND 1 361,371 0 0
ALTRIA GROUP INC COM 02209S103   3,835 83,899 SH   DFND 1 83,899 0 0
OVERSTOCK COM INC DEL COM 690370101   3,544 183,055 SH   DFND 1 183,055 0 0
BARRICK GOLD CORP COM 067901108   3,479 202,498 SH   DFND 1 202,498 0 0
IAC INC COM NEW 44891N208   3,260 73,424 SH   DFND 1 73,424 0 0
SCRIPPS E W CO OHIO CL A NEW 811054402   2,761 209,296 SH   DFND 1 209,296 0 0
LIONS GATE ENTMNT CORP CL B NON VTG 535919500   2,648 487,650 SH   DFND 1 487,650 0 0
ALIBABA GROUP HLDG LTD SPONSORED ADS 01609W102   2,274 25,819 SH   DFND 1 25,819 0 0
PROGRESSIVE CORP COM 743315103   1,352 10,426 SH   DFND 1 10,426 0 0
AMC NETWORKS INC CL A 00164V103   872 55,666 SH   DFND 1 55,666 0 0