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
GREAT AJAX CORP COM 38983D300 14,634 1,102,762 SH   SOLE   1,102,762 0 0
ALLY FINL INC COM 02005N100 11,596 609,672 SH   SOLE   609,672 0 0
BASIC ENERGY SVCS INC NEW COM NEW 06985P209 8,537 241,490 SH   SOLE   241,490 0 0
BMC STK HLDGS INC COM 05591B109 17,601 902,600 SH   SOLE   902,600 0 0
BRISTOW GROUP INC COM 110394103 870 42,500 SH   SOLE   42,500 0 0
CALATLANTIC GROUP INC COM 128195104 27,541 809,791 SH   SOLE   809,791 0 0
CALIFORNIA RES CORP COM NEW 13057Q206 4,897 230,007 SH   SOLE   230,007 0 0
CAESARSTONE LTD ORD SHS M20598104 5,500 191,977 SH   SOLE   191,977 0 0
CITIGROUP INC COM NEW 172967424 12,024 202,326 SH   SOLE   202,326 0 0
D R HORTON INC COM 23331A109 16,911 618,753 SH   SOLE   618,753 0 0
EVERI HLDGS INC COM 30034T103 1,839 847,393 SH   SOLE   847,393 0 0
GAMING & LEISURE PPTYS INC COM 36467J108 18,253 596,113 SH   SOLE   596,113 0 0
GENERAL MTRS CO COM 37045V100 4,304 123,544 SH   SOLE   123,544 0 0
HARMONY MERGER CORP UNIT 99/99/9999 413247206 900 90,000 SH   SOLE   90,000 0 0
HARMONY MERGER CORP *W EXP 01/01/202 413247123 252 720,000 SH   SOLE   720,000 0 0
HARMONY MERGER CORP COM 413247107 2 180,000 SH   SOLE   180,000 0 0
ISHARES TR 20 YR TR BD ETF 464287432 190 187,500 SH Put SOLE   187,500 0 0
ISHARES TR RUSSELL 2000 ETF 464287655 655 550,000 SH Put SOLE   550,000 0 0
LENNAR CORP CL A 526057104 15,777 367,507 SH   SOLE   367,507 0 0
LGI HOMES INC COM 50187T106 14,162 492,937 SH   SOLE   492,937 0 0
MONARCH CASINO & RESORT INC COM 609027107 4,896 189,919 SH   SOLE   189,919 0 0
MEDIA GEN INC NEW COM 58441K100 4,519 240,000 SH   SOLE   240,000 0 0
M/I HOMES INC NOTE 3.250% 9/1 55292PAA3 3,078 2,715,000 PRN   SOLE   2,715,000 0 0
M/I HOMES INC COM 55305B101 10,161 403,538 SH   SOLE   403,538 0 0
MERITAGE HOMES CORP NOTE 1.875% 9/1 59001AAR3 596 600,000 PRN   SOLE   600,000 0 0
NEW HOME CO INC COM 645370107 5,571 475,743 SH   SOLE   475,743 0 0
PENN NATL GAMING INC COM 707569109 8,770 635,962 SH   SOLE   635,962 0 0
PULTE GROUP INC COM 745867101 17,317 942,183 SH   SOLE   942,183 0 0
SUPERIOR ENERGY SVCS INC COM 868157108 3,043 180,246 PRN   SOLE   180,246 0 0
STANDARD PAC CORP NEW NOTE 1.250% 8/0 85375CBC4 985 957,000 PRN   SOLE   957,000 0 0
TOLL BROS FIN CORP NOTE 0.500% 9/1 88947EAM2 2,951 3,000,000 PRN   SOLE   3,000,000 0 0
TOLL BROTHERS INC COM 889478103 12,979 418,672 SH   SOLE   418,672 0 0
WEATHERFORD INTL PLC ORD SHS G48833100 1 34,400 SH Call SOLE   34,400 0 0
WEATHERFORD INTL PLC ORD SHS G48833100 4,620 925,829 SH   SOLE   925,829 0 0
LYON WILLIAM HOMES CL A NEW 552074700 12,796 672,403 SH   SOLE   672,403 0 0
WYNN RESORTS LTD COM 983134107 205 26,100 SH Call SOLE   26,100 0 0
SPDR SERIES TRUST S&P HOMEBUILD 78464A888 211 4,841,700 SH Put SOLE   4,841,700 0 0