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
ADOBE INC COM 00724F101 11,197 38,000 SH   SOLE NONE 38,000 0 0
AES CORP COM 00130H105 15 900 SH   SOLE NONE 900 0 0
ALPHABET INC CAP STK CL A 02079K305 118,025 109,000 SH   SOLE NONE 109,000 0 0
ALTISOURCE PORTFOLIO SOL REG SHS L0175J104 18,628 947,503 SH   SOLE NONE 947,503 0 0
AMAZON.COM INC COM 023135106 14,202 7,500 SH   SOLE NONE 7,500 0 0
AMC NETWORKS INC CL A 00164V103 43,938 806,356 SH   SOLE NONE 806,356 0 0
ARBOR REALTY TRUST INC COM 038923108 29,765 2,455,828 SH   SOLE NONE 2,455,828 0 0
ASHLAND GLOBAL HOLDINGS INC COM 044186104 61,302 766,563 SH   SOLE NONE 766,563 0 0
ASPEN GROUP INC COM 04530L203 3,800 1,000,000 SH   SOLE NONE 1,000,000 0 0
ASSOCIATED CAPITAL GROUP CL A 045528106 322 8,600 SH   SOLE NONE 8,600 0 0
CARNIVAL CORP UNIT 99/99/9999 143658300 18,155 390,000 SH   SOLE NONE 390,000 0 0
CENTENE CORP COM 15135B101 18,354 350,000 SH   SOLE NONE 350,000 0 0
CHIMERA INVESTMENT CORP COM 16934Q208 90,057 4,772,500 SH   SOLE NONE 4,772,500 0 0
CIGNA CORP COM 125523100 85,865 545,000 SH   SOLE NONE 545,000 0 0
CITIGROUP INC COM 172967424 53,615 765,600 SH   SOLE NONE 765,600 0 0
CORTEVA INC COM 22052L104 10,834 366,400 SH   SOLE NONE 366,400 0 0
CROWDSTRIKE HOLDINGS INC CL A 22788C105 4,780 70,000 SH   SOLE NONE 70,000 0 0
DIAMONDBACK ENERGY INC COM 25278X109 21,794 200,000 SH   SOLE NONE 200,000 0 0
DOW INC COM 260557103 18,067 366,389 SH   SOLE NONE 366,389 0 0
DUPONT DE NEMOURS INC COM 26078J100 27,506 366,400 SH   SOLE NONE 366,400 0 0
ELLINGTON FINANCIAL INC COM 28852N109 15,454 860,000 SH   SOLE NONE 860,000 0 0
ENERGY TRANSFER LP COM UT LTD PTN 29273V100 44,853 3,185,550 SH   SOLE NONE 3,185,550 0 0
FALCON MINERALS CORP CL A COM 30607B109 3,385 403,000 SH   SOLE NONE 403,000 0 0
FIRST DATA CORP COM CL A 32008D106 187,316 6,919,681 SH   SOLE NONE 6,919,681 0 0
GAMCO INVESTORS INC CL A COM 361438104 165 8,600 SH   SOLE NONE 8,600 0 0
GRANITE POINT MORTGAGE TRUST COM 38741L107 136 7,107 SH   SOLE NONE 7,107 0 0
HESS CORP COM 42809H107 25,670 403,800 SH   SOLE NONE 403,800 0 0
ISHARES SILVER TRUST ISHARES 46428Q109 2,150 150,000 SH   SOLE NONE 150,000 0 0
LORAL SPACE & COMMUNICATIONS COM 543881106 9,913 287,243 SH   SOLE NONE 287,243 0 0
MAGNOLIA OIL & GAS CORP CL A 559663109 22,146 1,912,476 SH   SOLE NONE 1,912,476 0 0
MARATHON PETROLEUM CORP COM 56585A102 18,440 330,000 SH   SOLE NONE 330,000 0 0
MCCLATCHY CO CL A 579489303 1,151 441,050 SH   SOLE NONE 441,050 0 0
MICROSOFT CORP COM 594918104 32,915 245,705 SH   SOLE NONE 245,705 0 0
MR COOPER GROUP INC COM 62482R107 7,129 890,000 SH   SOLE NONE 890,000 0 0
MVC CAPITAL INC COM 553829102 15,326 1,664,077 SH   SOLE NONE 1,664,077 0 0
NABORS INDUSTRIES LTD SHS G6359F103 37,555 12,950,000 SH   SOLE NONE 12,950,000 0 0
NAVIENT CORP COM 63938C108 22,024 1,613,488 SH   SOLE NONE 1,613,488 0 0
NEW MEDIA INVESTMENT GROUP COM 64704V106 33,384 3,536,400 SH   SOLE NONE 3,536,400 0 0
NEW RESIDENTIAL INVESTMENT COM 64828T201 7,695 500,000 SH   SOLE NONE 500,000 0 0
NEW SENIOR INVESTMENT GROUP COM 648691103 28,581 4,253,161 SH   SOLE NONE 4,253,161 0 0
NIELSEN HOLDINGS PLC SHS EUR G6518L108 57,115 2,527,200 SH   SOLE NONE 2,527,200 0 0
NRG ENERGY INC COM 629377508 36,244 1,032,000 SH   SOLE NONE 1,032,000 0 0
OCWEN FINANCIAL CORP COM 675746309 20,131 9,725,057 SH   SOLE NONE 9,725,057 0 0
PAR PACIFIC HOLDINGS INC COM 69888T207 6,978 340,076 SH   SOLE NONE 340,076 0 0
PARSLEY ENERGY INC CL A 701877102 35,904 1,888,694 SH   SOLE NONE 1,888,694 0 0
PENNYMAC FINANCIAL SERVICES COM 70932M107 6,197 279,389 SH   SOLE NONE 279,389 0 0
RTI SURGICAL HDS INC COM 74975N105 1,044 245,532 SH   SOLE NONE 245,532 0 0
THERMO FISHER SCIENTIFIC INC COM 883556102 32,951 112,200 SH   SOLE NONE 112,200 0 0
THL CREDIT INC COM 872438106 18,686 2,814,219 SH   SOLE NONE 2,814,219 0 0
TRIBUNE PUBLISHING CO COM 89609W107 415 52,011 SH   SOLE NONE 52,011 0 0
TRINITY INDUSTRIES INC COM 896522109 48,993 2,361,092 SH   SOLE NONE 2,361,092 0 0
TWIN RIVER WORLDWIDE HOLDING COM 90171V204 35,700 1,200,000 SH   SOLE NONE 1,200,000 0 0
TWO HARBORS INVESTMENT CORP COM 90187B408 475 37,500 SH   SOLE NONE 37,500 0 0
UNITED AIRLINES HOLDINGS INC COM 910047109 101,628 1,160,802 SH   SOLE NONE 1,160,802 0 0
UNITEDHEALTH GROUP INC COM 91324P102 34,527 141,500 SH   SOLE NONE 141,500 0 0
VICI PROPERTIES INC COM 925652109 8,816 400,000 SH   SOLE NONE 400,000 0 0
WELLS FARGO & CO COM 949746101 18,691 395,000 SH   SOLE NONE 395,000 0 0
WPX ENERGY INC COM 98212B103 54,011 4,692,500 SH   SOLE NONE 4,692,500 0 0