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
ALCOA CORP COM 013872106 297 26,441 SH   SOLE   26,441 0 0
AMC NETWORKS INC CL A 00164V103 1,409 60,256 SH   SOLE   60,256 0 0
AMERICAN AIRLS GROUP INC COM 02376R102 1,736 132,800 SH Put SOLE   132,800 0 0
AMERICAN AXLE & MFG HLDGS IN COM 024061103 988 130,000 SH Call SOLE   130,000 0 0
ANNALY CAPITAL MANAGEMENT IN COM 035710409 2,110 321,683 SH   SOLE   321,683 0 0
ANWORTH MTG ASSET CORP COM 037347101 680 400,000 SH   SOLE   400,000 0 0
ARLINGTON ASSET INVST CORP CL A NEW 041356205 734 247,278 SH   SOLE   247,278 0 0
AT&T INC COM 00206R102 1,708 56,514 SH   SOLE   56,514 0 0
BOEING CO COM 097023105 5,591 30,500 SH Put SOLE   30,500 0 0
CHIMERA INVT CORP COM NEW 16934Q208 1,442 150,000 SH   SOLE   150,000 0 0
CVS HEALTH CORP COM 126650100 642 9,877 SH   SOLE   9,877 0 0
DISH NETWORK CORPORATION NOTE 2.375% 3/1 25470MAD1 18,539 20,395,000 PRN   SOLE   20,395,000 0 0
DXC TECHNOLOGY CO COM 23355L106 1,376 83,400 SH   SOLE   83,400 0 0
ELLINGTON FINANCIAL INC COM 28852N109 10,023 850,887 SH   SOLE   850,887 0 0
FORD MTR CO DEL COM 345370860 25,909 4,261,400 SH Call SOLE   4,261,400 0 0
GENERAL MTRS CO COM 37045V100 2,074 82,000 SH Call SOLE   82,000 0 0
GREAT AJAX CORP COM 38983D300 734 79,769 SH   SOLE   79,769 0 0
HUNT COS FIN TR INC COM 44558T100 753 284,005 SH   SOLE   284,005 0 0
IMPAC MTG HLDGS INC COM NEW 45254P508 88 51,900 SH   SOLE   51,900 0 0
KOHLS CORP COM 500255104 3,101 149,300 SH   SOLE   149,300 0 0
MFA FINL INC COM 55272X102 747 300,000 SH   SOLE   300,000 0 0
MGIC INVT CORP WIS COM 552848103 1,910 233,238 SH   SOLE   233,238 0 0
NABORS INDS INC NEW NOTE 0.750% 1/1 62957HAB1 49,028 139,523,000 PRN   SOLE   139,523,000 0 0
NABORS INDUSTRIES LTD SHS G6359F137 790 21,346 SH   SOLE   21,346 0 0
OCCIDENTAL PETE CORP COM 674599105 3,111 170,000 SH Call SOLE   170,000 0 0
PENNYMAC FINL SVCS INC NEW COM 70932M107 2,364 56,564 SH   SOLE   56,564 0 0
PENNYMAC MTG INVT TR COM 70931T103 701 40,000 SH   SOLE   40,000 0 0
PITNEY BOWES INC COM 724479100 1,399 537,962 SH   SOLE   537,962 0 0
READY CAPITAL CORP COM 75574U101 3,226 371,184 SH   SOLE   371,184 0 0
REALOGY HLDGS CORP COM 75605Y106 635 85,635 SH   SOLE   85,635 0 0
SIRIUS XM HOLDINGS INC COM 82968B103 1,585 270,000 SH Put SOLE   270,000 0 0
SOUTHWEST AIRLS CO COM 844741108 1,880 55,000 SH Put SOLE   55,000 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 46,253 150,000 SH Call SOLE   150,000 0 0
STARWOOD PPTY TR INC COM 85571B105 1,122 74,976 SH   SOLE   74,976 0 0
TESLA INC COM 88160R101 16,953 15,700 SH Put SOLE   15,700 0 0
VERIZON COMMUNICATIONS INC COM 92343V104 23,155 420,000 SH Put SOLE   420,000 0 0
WESTERN ASSET MTG CAP CORP NOTE 6.750%10/0 95790DAA3 1,428 2,000,000 PRN   SOLE   2,000,000 0 0