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
ADT INC COM 00090Q103 153 25,000 SH   SOLE 0 25,000 0 0
AERCAP HOLDINGS NV SHS N00985106 728 14,003 SH   SOLE 0 14,003 0 0
ALLY FINL INC COM 02005N100 2,839 91,619 SH   SOLE 0 91,619 0 0
ALPHABET INC CAP STK CL C 02079K107 3,654 3,375 SH   SOLE 0 3,375 0 0
ALTABA INC COM 021346101 3,369 48,564 SH   SOLE 0 48,564 0 0
AON PLC SHS CL A G0408V102 21,268 110,206 SH   SOLE 0 110,206 0 0
APPLE INC COM 037833100 1,217 6,151 SH   SOLE 0 6,151 0 0
ATHENE HLDG LTD CL A G0684D107 1,876 43,570 SH   SOLE 0 43,570 0 0
ATKORE INTL GROUP INC COM 047649108 5,612 216,939 SH   SOLE 0 216,939 0 0
AXA EQUITABLE HLDGS INC COM 054561105 260 12,426 SH   SOLE 0 12,426 0 0
AXALTA COATING SYS LTD COM G0750C108 1,269 42,617 SH   SOLE 0 42,617 0 0
BALL CORP COM 058498106 11,924 170,361 SH   SOLE 0 170,361 0 0
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702 3,995 18,741 SH   SOLE 0 18,741 0 0
BRIGHTSPHERE INVESTMNT GRP P SHS G1644T109 502 43,985 SH   SOLE 0 43,985 0 0
CAESARS ENTMT CORP NOTE 5.000%10/0 127686AA1 2,743 232,098 SH   SOLE 0 232,098 0 0
CHURCHILL DOWNS INC COM 171484108 11,245 97,727 SH   SOLE 0 97,727 0 0
CITIGROUP INC COM NEW 172967424 2,439 34,823 SH   SOLE 0 34,823 0 0
CLEVELAND CLIFFS INC COM 185899101 320 30,000 SH   SOLE 0 30,000 0 0
CUSTOMERS BANCORP INC COM 23204G100 627 29,840 SH   SOLE 0 29,840 0 0
DELL TECHNOLOGIES INC CL C 24703L202 624 12,292 SH   SOLE 0 12,292 0 0
DISCOVER FINL SVCS COM 254709108 940 12,114 SH   SOLE 0 12,114 0 0
ECHOSTAR CORP CL A 278768106 348 7,852 SH   SOLE 0 7,852 0 0
ENCORE CAP GROUP INC COM 292554102 1,700 50,200 SH   SOLE 0 50,200 0 0
EXTENDED STAY AMER INC UNIT 99/99/9999B 30224P200 8,359 494,912 SH   SOLE 0 494,912 0 0
FACEBOOK INC CL A 30303M102 1,178 6,106 SH   SOLE 0 6,106 0 0
FIAT CHRYSLER AUTOMOBILES N SHS N31738102 1,885 136,420 SH   SOLE 0 136,420 0 0
FLEX LTD ORD Y2573F102 4,413 461,109 SH   SOLE 0 461,109 0 0
F M C CORP COM NEW 302491303 16,908 203,833 SH   SOLE 0 203,833 0 0
FS KKR CAPITAL CORP COM 302635107 417 70,000 SH   SOLE 0 70,000 0 0
GLOBAL SHIP LEASE INC NEW COM CL A Y27183600 387 52,461 SH   SOLE 0 52,461 0 0
HD SUPPLY HLDGS INC COM 40416M105 11,465 284,644 SH   SOLE 0 284,644 0 0
HILTON GRAND VACATIONS INC COM 43283X105 12,611 396,329 SH   SOLE 0 396,329 0 0
HOWARD HUGHES CORP COM 44267D107 787 6,356 SH   SOLE 0 6,356 0 0
IAC INTERACTIVECORP COM 44919P508 24,434 112,327 SH   SOLE 0 112,327 0 0
IHS MARKIT LTD SHS G47567105 11,543 181,153 SH   SOLE 0 181,153 0 0
INTREPID POTASH INC COM 46121Y102 118 35,162 SH   SOLE 0 35,162 0 0
IQVIA HLDGS INC COM 46266C105 22,261 138,354 SH   SOLE 0 138,354 0 0
KRATON CORPORATION COM 50077C106 15,247 490,737 SH   SOLE 0 490,737 0 0
LAUREATE EDUCATION INC CL A 518613203 14,093 897,042 SH   SOLE 0 897,042 0 0
LIBERTY MEDIA CORP DELAWARE COM A SIRIUSXM 531229409 333 8,814 SH   SOLE 0 8,814 0 0
LIVENT CORP COM 53814L108 1,347 194,597 SH   SOLE 0 194,597 0 0
MADISON SQUARE GARDEN CO NEW CL A 55825T103 1,694 6,053 SH   SOLE 0 6,053 0 0
MARATHON OIL CORP COM 565849106 331 5,932 SH   SOLE 0 5,932 0 0
MEDALLION FINL CORP COM 583928106 433 64,307 SH   SOLE 0 64,307 0 0
META FINL GROUP INC COM 59100U108 435 15,524 SH   SOLE 0 15,524 0 0
MICROSOFT CORP COM 594918104 4,770 35,608 SH   SOLE 0 35,608 0 0
NAVIGATOR HOLDINGS LTD SHS Y62132108 594 63,453 SH   SOLE 0 63,453 0 0
BIGLARI HLDGS INC COM STK CL B 08986R309 1,373 13,219 SH   SOLE 0 13,219 0 0
NEWMARK GROUP INC CL A 65158N102 3,012 335,461 SH   SOLE 0 335,461 0 0
PERSPECTA INC COM 715347100 8,555 365,448 SH   SOLE 0 365,448 0 0
PLAYA HOTELS & RESORTS NV SHS N70544106 5,135 666,029 SH   SOLE 0 666,029 0 0
RECRO PHARMA INC COM 75629F109 7,555 742,900 SH   SOLE 0 742,900 0 0
ROAN RES INC CL A COM 769755109 116 66,805 SH   SOLE 0 66,805 0 0
RYMAN HOSPITALITY PPTYS INC COM 78377T107 9,941 122,591 SH   SOLE 0 122,591 0 0
SOTHEBYS COM 835898107 995 17,121 SH   SOLE 0 17,121 0 0
SPDR GOLD TRUST GOLD SHS 78463V107 664 4,987 SH   SOLE 0 4,987 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 9,085 31,006 SH   SOLE 0 31,006 0 0
SPIRIT RLTY CAP INC NEW COM NEW 84860W300 446 10,457 SH   SOLE 0 10,457 0 0
SPX CORP COM 784635104 17,402 527,007 SH   SOLE 0 527,007 0 0
STAMPS COM INC COM NEW 852857200 453 10,000 SH   SOLE 0 10,000 0 0
STATE STR CORP COM 857477103 417 7,436 SH   SOLE 0 7,436 0 0
TIVO CORP COM 88870P106 555 75,257 SH   SOLE 0 75,257 0 0
TRONOX HOLDINGS PLC SHS G9087Q102 5,098 398,913 SH   SOLE 0 398,913 0 0
VOYA FINL INC COM 929089100 17,595 318,180 SH   SOLE 0 318,180 0 0
WILLSCOT CORP COM 971375126 17,762 1,180,995 SH   SOLE 0 1,180,995 0 0