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

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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 (x$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
ARCH RESOURCES INC CL A 03940R107 6,653 152,000 SH   SOLE   152,000 0 0
BAKER HUGHES COMPANY CL A 05722G100 6,716 322,100 SH   SOLE   322,100 0 0
CALERES INC COM 129500104 1,565 100,000 SH   SOLE   100,000 0 0
CHICOS FAS INC COM 168615102 1,813 1,140,000 SH   SOLE   1,140,000 0 0
CITIGROUP INC COM NEW 172967424 3,743 60,700 SH   SOLE   60,700 0 0
CONTURA ENERGY INC COM 21241B100 1,165 102,500 SH   SOLE   102,500 0 0
ENTERPRISE PRODS PARTNERS L COM 293792107 6,563 335,000 SH   SOLE   335,000 0 0
EXPRESS INC COM 30219E103 910 1,000,000 SH   SOLE   1,000,000 0 0
GANNETT CO INC COM 36472T109 8,422 2,506,600 SH   SOLE   2,506,600 0 0
GREAT ELM CAP CORP COM 390320109 3,197 887,935 SH   SOLE   887,935 0 0
GREAT ELM GROUP INC COM NEW 39037G109 3,692 1,281,903 SH   SOLE   1,281,903 0 0
HELIX ENERGY SOLUTIONS GRP I COM 42330P107 2,964 705,750 SH   SOLE   705,750 0 0
INTERNATIONAL GAME TECHNOLOG SHS USD G4863A108 9,715 573,500 SH   SOLE   573,500 0 0
LEE ENTERPRISES INC COM 523768109 5,166 4,099,700 SH   SOLE   4,099,700 0 0
MPLX LP COM UNIT REP LTD 55336V100 10,392 480,000 SH   SOLE   480,000 0 0
NEXSTAR MEDIA GROUP INC CL A 65336K103 19,600 179,500 SH   SOLE   179,500 0 0
NEXTIER OILFIELD SOLUTIONS COM 65290C105 5,251 1,526,540 SH   SOLE   1,526,540 0 0
PEABODY ENGR CORP COM 704551100 5,302 2,200,000 SH   SOLE   2,200,000 0 0
PLAINS ALL AMERN PIPELINE L UNIT LTD PARTN 726503105 3,214 390,000 SH   SOLE   390,000 0 0
RATTLER MIDSTREAM LP COM UNITS 75419T103 2,370 250,000 SH   SOLE   250,000 0 0
SCHLUMBERGER LTD COM 806857108 4,998 228,972 SH   SOLE   228,972 0 0
SCORPIO TANKERS INC SHS Y7542C130 2,132 190,500 SH   SOLE   190,500 0 0
SINCLAIR BROADCAST GROUP INC CL A 829226109 20,833 654,105 SH   SOLE   654,105 0 0
STORE CAP CORP COM 862121100 2,141 63,000 SH   SOLE   63,000 0 0
TECHNIPFMC PLC COM G87110105 2,510 267,000 SH   SOLE   267,000 0 0
TRIBUNE PUBG CO NEW COM 89609W107 158,294 11,554,306 SH   SOLE   11,554,306 0 0
VEREIT INC COM 92339V308 5,721 151,380 SH   SOLE   151,380 0 0
WARRIOR MET COAL INC COM 93627C101 917 43,000 SH   SOLE   43,000 0 0
WP CAREY INC COM 92936U109 22,324 316,300 SH   SOLE   316,300 0 0