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
CLIPPER RLTY INC COM 18885T306 847 120,179 SH   SOLE   120,179 0 0
COLONY CR REAL ESTATE INC COM CL A 19625T101 45,450 6,060,000 SH   SOLE   6,060,000 0 0
CONSTELLIUM SE CL A SHS F21107101 50,364 3,600,000 SH   SOLE   3,600,000 0 0
EPR PPTYS COM SH BEN INT 26884U109 73,125 2,250,000 SH   SOLE   2,250,000 0 0
HERC HLDGS INC COM 42704L104 43,914 661,252 SH   SOLE   661,252 0 0
ISTAR INC COM 45031U101 29,700 2,000,000 SH   SOLE   2,000,000 0 0
LAUREATE EDUCATION INC CL A 518613203 43,680 3,000,000 SH   SOLE   3,000,000 0 0
NATIONAL GEN HLDGS CORP COM 636220303 5,127 150,000 SH   SOLE   150,000 0 0
PAR PAC HOLDINGS INC COM NEW 69888T207 37,219 2,662,300 SH   SOLE   2,662,300 0 0
PG&E CORP COM 69331C108 62,300 5,000,000 SH   SOLE   5,000,000 0 0
TENET HEALTHCARE CORP COM NEW 88033G407 55,902 1,400,000 SH   SOLE   1,400,000 0 0