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
ADIENT PLC ORD SHS G0084W101 35,087 2,024,645 SH   SOLE   2,024,645 0 0
ALLIANCE DATA SYSTEMS CORP COM 018581108 78,350 1,866,368 SH   SOLE   1,866,368 0 0
ALLY FINL INC COM 02005N100 2,507 100,000 SH   SOLE   100,000 0 0
AMERICAN AXLE & MFG HLDGS IN COM 024061103 5,678 984,132 SH   SOLE   984,132 0 0
BAUSCH HEALTH COS INC COM 071734107 50,476 3,248,163 SH   SOLE   3,248,163 0 0
BRISTOL-MYERS SQUIBB CO RIGHT 99/99/9999 110122157 1,125 500,000 SH   SOLE   500,000 0 0
CITIGROUP INC COM NEW 172967424 17,244 400,000 SH   SOLE   400,000 0 0
CLEAR CHANNEL OUTDOOR HLDGS COM 18453H106 321 321,006 SH   SOLE   321,006 0 0
CONTURA ENERGY INC COM 21241B100 227 31,042 SH   SOLE   31,042 0 0
CURO GROUP HOLDINGS CORP COM 23131L107 1,410 200,000 SH   SOLE   200,000 0 0
EDISON INTL COM 281020107 3,813 75,000 SH   SOLE   75,000 0 0
EPR PPTYS COM SH BEN INT 26884U109 171,062 6,220,453 SH   SOLE   6,220,453 0 0
EQUITRANS MIDSTREAM CORP COM 294600101 26,486 3,130,760 SH   SOLE   3,130,760 0 0
GAMING & LEISURE PPTYS INC COM 36467J108 6,362 172,283 SH   SOLE   172,283 0 0
GUESS INC NOTE 2.000% 4/1 401617AD7 10,538 13,170,000 PRN   SOLE   13,170,000 0 0
HALLIBURTON CO COM 406216101 147 12,200 SH   SOLE   12,200 0 0
HERC HLDGS INC COM 42704L104 18,353 463,352 SH   SOLE   463,352 0 0
HILTON GRAND VACATIONS INC COM 43283X105 7,998 381,214 SH   SOLE   381,214 0 0
IHEARTMEDIA INC COM CL A 45174J509 125 15,451 SH   SOLE   15,451 0 0
KAR AUCTION SVCS INC COM 48238T109 8,264 573,858 SH   SOLE   573,858 0 0
LAUREATE EDUCATION INC CL A 518613203 16,334 1,229,985 SH   SOLE   1,229,985 0 0
LOMA NEGRA CORP SPONSORED ADS 54150E104 28,021 6,501,380 SH   SOLE   6,501,380 0 0
MDC PARTNERS INC CL A SUB VTG 552697104 3,836 2,382,814 SH   SOLE   2,382,814 0 0
MERCER INTL INC COM 588056101 13,667 2,070,724 SH   SOLE   2,070,724 0 0
METLIFE INC COM 59156R108 10,222 275,000 SH   SOLE   275,000 0 0
MGIC INVT CORP WIS COM 552848103 28,659 3,234,596 SH   SOLE   3,234,596 0 0
MICRON TECHNOLOGY INC COM 595112103 4,696 100,000 SH   SOLE   100,000 0 0
MYLAN NV SHS EURO N59465109 1,483 100,000 SH   SOLE   100,000 0 0
PG&E CORP COM 69331C108 200,486 21,351,038 SH   SOLE   21,351,038 0 0
PLAYA HOTELS & RESORTS NV SHS N70544106 18,200 4,343,629 SH   SOLE   4,343,629 0 0
RADIAN GROUP INC COM 750236101 36,707 2,512,427 SH   SOLE   2,512,427 0 0
SANDRIDGE ENERGY INC COM NEW 80007P869 197 119,347 SH   SOLE   119,347 0 0
SELECT SECTOR SPDR TR SBI INT-UTILS 81369Y886 4,454 75,000 SH   SOLE   75,000 0 0
SERVICE PPTYS TR COM SH BEN INT 81761L102 55,135 6,935,166 SH   SOLE   6,935,166 0 0
STEALTHGAS INC SHS Y81669106 7,173 2,415,287 SH   SOLE   2,415,287 0 0
STUDIO CITY INTL HLDGS LTD SPON ADS 86389T106 26,057 1,737,108 SH   SOLE   1,737,108 0 0
TAKEDA PHARMACEUTICAL CO LTD SPONSORED ADS 874060205 5,620 315,006 SH   SOLE   315,006 0 0
TAUBMAN CTRS INC COM 876664103 35,595 1,069,221 SH   SOLE   1,069,221 0 0
TELECOM ARGENTINA S A SPON ADR REP B 879273209 9,693 1,482,084 SH   SOLE   1,482,084 0 0
TENET HEALTHCARE CORP COM NEW 88033G407 26,124 1,065,831 SH   SOLE   1,065,831 0 0
VEREIT INC COM 92339V100 184,416 28,371,673 SH   SOLE   28,371,673 0 0
VERSO CORP CL A 92531L207 4,690 594,433 SH   SOLE   594,433 0 0
VIACOMCBS INC CL B 92556H206 10,761 384,200 SH   SOLE   384,200 0 0
VICI PPTYS INC COM 925652109 13,240 566,531 SH   SOLE   566,531 0 0
VORNADO RLTY TR SH BEN INT 929042109 47,330 1,404,042 SH   SOLE   1,404,042 0 0
WELLS FARGO CO NEW COM 949746101 73,468 3,124,957 SH   SOLE   3,124,957 0 0
YPF SOCIEDAD ANONIMA SPON ADR CL D 984245100 2,926 819,676 SH   SOLE   819,676 0 0