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
AERCAP HOLDINGS NV SHS N00985106 875 18,808 SH   SOLE 0 18,808 0 0
ALLY FINL INC COM 02005N100 2,774 100,901 SH   SOLE 0 100,901 0 0
ALPHABET INC CAP STK CL A 02079K305 5,001 4,249 SH   SOLE 0 4,249 0 0
ALTABA INC COM 021346101 3,858 52,047 SH   SOLE 0 52,047 0 0
AON PLC SHS CL A G0408V102 20,049 117,454 SH   SOLE 0 117,454 0 0
APPLE INC COM 037833100 1,240 6,527 SH   SOLE 0 6,527 0 0
ARAMARK COM 03852U106 2,773 93,835 SH   SOLE 0 93,835 0 0
ATHENE HLDG LTD CL A G0684D107 2,036 49,909 SH   SOLE 0 49,909 0 0
ATKORE INTL GROUP INC COM 047649108 5,256 244,133 SH   SOLE 0 244,133 0 0
AXA EQUITABLE HLDGS INC COM 054561105 381 18,922 SH   SOLE 0 18,922 0 0
AXALTA COATING SYS LTD COM G0750C108 3,124 123,910 SH   SOLE 0 123,910 0 0
BALL CORP COM 058498106 12,365 213,707 SH   SOLE 0 213,707 0 0
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702 4,088 20,350 SH   SOLE 0 20,350 0 0
BIGLARI HLDGS INC COM STK CL B 08986R309 207 1,467 SH   SOLE 0 1,467 0 0
BRIGHTSPHERE INVESTMNT GRP P SHS G1644T109 609 44,875 SH   SOLE 0 44,875 0 0
CAESARS ENTMT CORP NOTE 5.000%10/0 127686AA1 7,776 894,868 SH   SOLE 0 894,868 0 0
CHEMOURS CO COM 163851108 984 26,491 SH   SOLE 0 26,491 0 0
CHINA MOBILE LIMITED SPONSORED ADR 16941M109 953 18,693 SH   SOLE 0 18,693 0 0
CHURCHILL DOWNS INC COM 171484108 13,324 147,622 SH   SOLE 0 147,622 0 0
CITIGROUP INC COM NEW 172967424 2,433 39,105 SH   SOLE 0 39,105 0 0
CNX RESOURCES CORPORATION COM 12653C108 201 18,694 SH   SOLE 0 18,694 0 0
CUSTOMERS BANCORP INC COM 23204G100 506 27,628 SH   SOLE 0 27,628 0 0
DELL TECHNOLOGIES INC CL C 24703L202 800 13,625 SH   SOLE 0 13,625 0 0
DISCOVER FINL SVCS COM 254709108 956 13,428 SH   SOLE 0 13,428 0 0
ECHOSTAR CORP CL A 278768106 311 8,526 SH   SOLE 0 8,526 0 0
ENCORE CAP GROUP INC COM 292554102 1,535 56,374 SH   SOLE 0 56,374 0 0
EXTENDED STAY AMER INC UNIT 99/99/9999B 30224P200 8,160 454,614 SH   SOLE 0 454,614 0 0
FACEBOOK INC CL A 30303M102 1,068 6,410 SH   SOLE 0 6,410 0 0
FIAT CHRYSLER AUTOMOBILES N SHS N31738102 2,279 153,495 SH   SOLE 0 153,495 0 0
FLEX LTD ORD Y2573F102 4,026 402,597 SH   SOLE 0 402,597 0 0
FREDS INC CL A 356108100 34 13,845 SH   SOLE 0 13,845 0 0
GLOBAL SHIP LEASE INC NEW COM CL A Y27183600 248 42,748 SH   SOLE 0 42,748 0 0
GREEN PLAINS INC COM 393222104 237 14,194 SH   SOLE 0 14,194 0 0
HD SUPPLY HLDGS INC COM 40416M105 13,207 304,650 SH   SOLE 0 304,650 0 0
HILTON GRAND VACATIONS INC COM 43283X105 13,018 421,987 SH   SOLE 0 421,987 0 0
HOWARD HUGHES CORP COM 44267D107 775 7,045 SH   SOLE 0 7,045 0 0
HUNTSMAN CORP COM 447011107 1,243 55,260 SH   SOLE 0 55,260 0 0
IAC INTERACTIVECORP COM 44919P508 24,641 117,278 SH   SOLE 0 117,278 0 0
IHS MARKIT LTD SHS G47567105 10,559 194,167 SH   SOLE 0 194,167 0 0
INTREPID POTASH INC COM 46121Y102 561 148,114 SH   SOLE 0 148,114 0 0
IQVIA HLDGS INC COM 46266C105 21,375 148,591 SH   SOLE 0 148,591 0 0
JEFFERIES FINL GROUP INC COM 47233W109 213 11,355 SH   SOLE 0 11,355 0 0
KAR AUCTION SVCS INC COM 48238T109 566 10,955 SH   SOLE 0 10,955 0 0
KRATON CORPORATION COM 50077C106 10,144 315,242 SH   SOLE 0 315,242 0 0
LAUREATE EDUCATION INC CL A 518613203 11,595 774,548 SH   SOLE 0 774,548 0 0
LIBERTY MEDIA CORP DELAWARE COM A SIRIUSXM 531229409 365 9,571 SH   SOLE 0 9,571 0 0
LIVENT CORP COM 53814L108 2,504 203,899 SH   SOLE 0 203,899 0 0
MADISON SQUARE GARDEN CO NEW CL A 55825T103 1,993 6,798 SH   SOLE 0 6,798 0 0
MARATHON OIL CORP COM 565849106 385 6,441 SH   SOLE 0 6,441 0 0
MEDALLION FINL CORP COM 583928106 482 69,828 SH   SOLE 0 69,828 0 0
MICRON TECHNOLOGY INC COM 595112103 446 10,803 SH   SOLE 0 10,803 0 0
MICROSOFT CORP COM 594918104 5,108 43,308 SH   SOLE 0 43,308 0 0
NEWMARK GROUP INC CL A 65158N102 3,003 360,029 SH   SOLE 0 360,029 0 0
NOMAD FOODS LTD USD ORD SHS G6564A105 765 37,403 SH   SOLE 0 37,403 0 0
PERSPECTA INC COM 715347100 7,316 360,901 SH   SOLE 0 360,901 0 0
PLAYA HOTELS & RESORTS NV SHS N70544106 5,505 721,554 SH   SOLE 0 721,554 0 0
ROAN RES INC CL A COM 769755109 254 41,568 SH   SOLE 0 41,568 0 0
RYMAN HOSPITALITY PPTYS INC COM 78377T107 10,930 131,432 SH   SOLE 0 131,432 0 0
SERITAGE GROWTH PPTYS CL A 81752R100 267 5,970 SH   SOLE 0 5,970 0 0
SPDR GOLD TRUST GOLD SHS 78463V107 674 5,527 SH   SOLE 0 5,527 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 9,888 34,820 SH   SOLE 0 34,820 0 0
SPIRIT RLTY CAP INC NEW COM NEW 84860W300 458 11,355 SH   SOLE 0 11,355 0 0
SPX CORP COM 784635104 20,019 575,410 SH   SOLE 0 575,410 0 0
STATE STR CORP COM 857477103 535 8,074 SH   SOLE 0 8,074 0 0
STONERIDGE INC COM 86183P102 328 11,355 SH   SOLE 0 11,355 0 0
TIVO CORP COM 88870P106 826 88,619 SH   SOLE 0 88,619 0 0
TOLL BROTHERS INC COM 889478103 548 15,132 SH   SOLE 0 15,132 0 0
TRONOX LTD SHS CL A Q9235V101 3,519 267,606 SH   SOLE 0 267,606 0 0
VOYA FINL INC COM 929089100 17,275 345,774 SH   SOLE 0 345,774 0 0
WILLSCOT CORP COM 971375126 14,063 1,268,071 SH   SOLE 0 1,268,071 0 0