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 AXLE & MFG HLDGS IN COM 024061103 838 232,000 SH   SOLE   232,000 0 0
CLEAR CHANNEL OUTDOOR HLDGS COM 18453H106 432 675,000 SH   SOLE   675,000 0 0
CLIPPER RLTY INC COM 18885T306 623 120,179 SH   SOLE   120,179 0 0
CONSTELLIUM SE CL A SHS F21107101 21,101 4,050,000 SH   SOLE   4,050,000 0 0
EDISON INTL COM 281020107 10,958 200,000 SH   SOLE   200,000 0 0
EPR PPTYS COM SH BEN INT 26884U109 46,018 1,900,000 SH   SOLE   1,900,000 0 0
EPR PPTYS CONV PFD 9% SR E 26884U307 7,213 335,347 SH   SOLE   335,347 0 0
EPR PPTYS PFD C CNV 5.75% 26884U208 8,268 523,600 SH   SOLE   523,600 0 0
GENWORTH FINL INC COM CL A 37247D106 6,640 2,000,000 SH   SOLE   2,000,000 0 0
HCA HEALTHCARE INC COM 40412C101 17,970 200,000 SH   SOLE   200,000 0 0
HERC HLDGS INC COM 42704L104 15,345 750,000 SH   SOLE   750,000 0 0
INTELSAT S A COM L5140P101 383 250,000 SH   SOLE   250,000 0 0
LAUREATE EDUCATION INC CL A 518613203 17,814 1,695,000 SH   SOLE   1,695,000 0 0
NATIONAL GEN HLDGS CORP COM 636220303 30,615 1,849,859 SH   SOLE   1,849,859 0 0
NAVIOS MARITIME HLDGS INC COM Y62197119 877 379,616 SH   SOLE   379,616 0 0
PENNEY J C CORP INC COM 708160106 540 1,500,000 SH   SOLE   1,500,000 0 0
PG&E CORP COM 69331C108 13,485 1,500,000 SH   SOLE   1,500,000 0 0
TENET HEALTHCARE CORP COM NEW 88033G407 23,760 1,650,000 SH   SOLE   1,650,000 0 0