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
AMERICAN OUTDOOR BRANDS CORP COM 02874P103 752 128,494 SH   SOLE   128,494 0 0
BABCOCK & WILCOX ENTERPRIS I COM 05614L209 127 26,607 SH   SOLE   26,607 0 0
CENTURY CMNTYS INC COM 156504300 4,287 139,974 SH   SOLE   139,974 0 0
CHEMOURS CO COM 163851108 161 10,800 SH   SOLE   10,800 0 0
CORNERSTONE BLDG BRANDS INC COM 21925D109 759 125,529 SH   SOLE   125,529 0 0
FGL HLDGS ORD SHS G3402M102 3,485 436,681 SH   SOLE   436,681 0 0
FS KKR CAPITAL CORP COM 302635107 2,470 423,600 SH   SOLE   423,600 0 0
GLOBAL SHIP LEASE INC NEW COM CL A Y27183600 2,735 357,500 SH   SOLE   357,500 0 0
HOUGHTON MIFFLIN HARCOURT CO COM 44157R109 1,903 356,998 SH   SOLE   356,998 0 0
HOWARD HUGHES CORP COM 44267D107 1,011 7,800 SH   SOLE   7,800 0 0
ISHARES TR 20 YR TR BD ETF 464287432 7,011 49,000 SH Put SOLE   0 0 49,000
KKR & CO INC CL A 48251W104 854 31,800 SH   SOLE   31,800 0 0
KURA SUSHI USA INC CL A COM 501270102 138 7,018 SH   SOLE   7,018 0 0
LEGACY HOUSING CORP COM 52472M101 407 25,149 SH   SOLE   25,149 0 0
LYON WILLIAM HOMES CL A NEW 552074700 2,186 107,381 SH   SOLE   107,381 0 0
MAYVILLE ENGINEERING CO INC COM 578605107 2,300 174,407 SH   SOLE   174,407 0 0
NEW HOME CO INC COM 645370107 2,625 602,055 SH   SOLE   602,055 0 0
NEWMARK GROUP INC CL A 65158N102 2,754 303,980 SH   SOLE   303,980 0 0
NEWMARK GROUP INC CL A 65158N102 453 50,000 SH Call SOLE   0 0 50,000
SPDR GOLD TRUST GOLD SHS 78463V107 2,777 20,000 SH Call SOLE   0 0 20,000
SPDR S&P 500 ETF TR TR UNIT 78462F103 13,206 44,500 SH Put SOLE   0 0 44,500
SPDR S&P 500 ETF TR TR UNIT 78462F103 5,639 19,000 SH Call SOLE   0 0 19,000
TOLL BROTHERS INC COM 889478103 1,026 25,000 SH Call SOLE   0 0 25,000
TRONOX HOLDINGS PLC SHS G9087Q102 85 10,200 SH   SOLE   10,200 0 0
VENATOR MATLS PLC SHS G9329Z100 66 26,865 SH   SOLE   26,865 0 0
ZILLOW GROUP INC CL C CAP STK 98954M200 692 23,200 SH   SOLE   23,200 0 0