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
ALPHA METALLURGICAL RESOUR I COM 020764106 1,346 52,500 SH   SOLE   52,500 0 0
ARCH RESOURCES INC CL A 03940R107 2,108 37,000 SH   SOLE   37,000 0 0
BAKER HUGHES COMPANY CL A 05722G100 4,160 181,900 SH   SOLE   181,900 0 0
DEVON ENERGY CORP NEW COM 25179M103 8,839 302,820 SH   SOLE   302,820 0 0
EURONAV NV SHS B38564108 4,166 447,000 SH   SOLE   447,000 0 0
GAMESTOP CORP NEW CL A 36467W109 2,141 10,000 SH   SOLE   10,000 0 0
GREAT ELM CAP CORP COM 390320109 3,167 902,292 SH   SOLE   902,292 0 0
GREAT ELM GROUP INC COM NEW 39037G109 2,884 1,281,903 SH   SOLE   1,281,903 0 0
INTERNATIONAL SEAWAYS INC COM Y41053102 1,979 103,200 SH   SOLE   103,200 0 0
NATIONAL ENERGY SERVICES REU SHS G6375R107 2,138 150,000 SH   SOLE   150,000 0 0
NAVIOS MARITIME ACQUIS CORP SHS Y62159143 447 131,000 SH   SOLE   131,000 0 0
PIONEER NAT RES CO COM 723787107 2,438 15,000 SH   SOLE   15,000 0 0
PLAYA HOTELS & RESORTS NV SHS N70544106 1,993 268,211 SH   SOLE   268,211 0 0
SCORPIO TANKERS INC SHS Y7542C130 4,201 190,500 SH   SOLE   190,500 0 0
TECNOGLASS INC SHS G87264100 4,098 191,500 SH   SOLE   191,500 0 0
TEEKAY TANKERS LTD CL A Y8565N300 3,709 257,200 SH   SOLE   257,200 0 0