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
ALASKA AIR GROUP INC COM 011659109 9,685 186,243 SH   DFND 1 186,243 0 0
ALLSTATE CORP COM 020002101 57,457 522,670 SH   DFND 1 522,670 0 0
ALLSTATE CORP COM 020002101 7,585 69,000 SH Call DFND 1 69,000 0 0
AMC ENTMT HLDGS INC CL A COM 00165C104 3,181 1,500,600 SH Put DFND 1 1,500,600 0 0
AXALTA COATING SYS LTD COM G0750C108 31,869 1,116,269 SH   DFND 1 1,116,269 0 0
BOYD GAMING CORP COM 103304101 22,256 518,546 SH   DFND 1 518,546 0 0
FIRSTENERGY CORP COM 337932107 18,133 592,400 SH   DFND 1 592,400 0 0
MGIC INVT CORP WIS COM 552848103 50,609 4,032,606 SH   DFND 1 4,032,606 0 0
RADIAN GROUP INC COM 750236101 41,261 2,037,569 SH   DFND 1 2,037,569 0 0
SERVICE PPTYS TR COM SH BEN INT 81761L102 25,102 2,184,673 SH   DFND 1 2,184,673 0 0
SINCLAIR BROADCAST GROUP INC CL A 829226109 14,921 468,485 SH   DFND 1 468,485 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 61,690 165,000 SH Put DFND 1 165,000 0 0
T-MOBILE US INC COM 872590104 53,255 394,919 SH   DFND 1 394,919 0 0
UNIVERSAL HLTH SVCS INC CL B 913903100 51,645 375,600 SH   DFND 1 375,600 0 0
VICI PPTYS INC COM 925652109 47,309 1,855,243 SH   DFND 1 1,855,243 0 0
WESCO INTL INC COM 95082P105 28,968 369,019 SH   DFND 1 369,019 0 0