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
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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 FIGI (to the nearest dollar) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
A-MARK PRECIOUS METALS INC COM 00181T107   13,102,250 350,000 SH   SOLE   350,000 0 0
ANEBULO PHARMACEUTICALS INC COM 034569103   423,012 180,005 SH   SOLE   180,005 0 0
ASTRONICS CORP COM 046433108   2,581,800 130,000 SH   SOLE   130,000 0 0
LEE ENTERPRISES INC COM 523768406   4,722,210 353,721 SH   SOLE   353,721 0 0
POLISHED COM INC COM 28252C109   2,262,217 4,917,864 SH   SOLE   4,917,864 0 0
ST JOE CO COM 790148100   40,078,404 829,094 SH   SOLE   829,094 0 0
SURGEPAYS INC COM NEW 86882L204   3,523,193 481,969 SH   SOLE   481,969 0 0
TIDEWATER INC NEW COM 88642R109   19,404,000 350,000 SH   SOLE   350,000 0 0
TOWNSQUARE MEDIA INC CL A 892231101   5,002,200 420,000 SH   SOLE   420,000 0 0
TRIUMPH GROUP INC NEW COM 896818101   1,051,450 85,000 SH   SOLE   85,000 0 0
UNIVERSAL STAINLESS & ALLOY COM 913837100   4,181,985 298,500 SH   SOLE   298,500 0 0
VALARIS LIMITED CL A G9460G101   27,297,146 433,770 SH   SOLE   433,770 0 0
GLOBAL X FDS GLOBAL X URANIUM 37954Y871   17,794,000 820,000 SH   SOLE   820,000 0 0
BANCO MACRO SA SPON ADR B 05961W105   435,435 16,500 SH   SOLE   16,500 0 0
CENTRAL PUERTO S A SPONSORED ADR 155038201   762,300 110,000 SH   SOLE   110,000 0 0
CRESUD S A C I F Y A SPONSORED ADR 226406106   1,546,000 200,000 SH   SOLE   200,000 0 0
GRUPO FINANCIERO GALICIA S.A SPONSORED ADR 399909100   430,000 25,000 SH   SOLE   25,000 0 0
HAWAIIAN HOLDINGS INC COM 419879101   592,350 55,000 SH   SOLE   55,000 0 0
IRSA INVERSIONES Y REP S A GLOBL DEP RCPT 450047204   102,385 12,609 SH   SOLE   12,609 0 0
LOMA NEGRA C I A S A MTN 14 SPONSORED ADS 54150E104   1,632,000 240,000 SH   SOLE   240,000 0 0
NEXGEN ENERGY LTD COM 65340P106   5,204,550 1,105,000 SH   SOLE   1,105,000 0 0
PAMPA ENERGIA S A SPONS ADR LVL I 697660207   1,083,000 25,000 SH   SOLE   25,000 0 0
TEGNA INC COM 87901J105   2,111,200 130,000 SH   SOLE   130,000 0 0
YPF SOCIEDAD ANONIMA SPON ADR CL D 984245100   7,445,000 500,000 SH   SOLE   500,000 0 0
ISHARES SILVER TR CALL 46428Q909   945 14 SH Call SOLE   0 0 0
UNITED STS OIL FD LP CALL 91232N907   13,175 50 SH Call SOLE   0 0 0
GLOBAL X FDS CALL 37954Y901   275,000 5,000 SH Call SOLE   0 0 0
SPROTT FDS TR CALL 85208P903   187,500 2,500 SH Call SOLE   0 0 0