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 12,533 38,000 SH   SOLE NONE 38,000 0 0
AES CORP COM 00130H105 18 900 SH   SOLE NONE 900 0 0
ALPHABET INC CAP STK CL A 02079K305 145,994 109,000 SH   SOLE NONE 109,000 0 0
ALTISOURCE PORTFOLIO SOLNS S REG SHS L0175J104 6,923 358,152 SH   SOLE NONE 358,152 0 0
AMAZON.COM INC COM 023135106 21,250 11,500 SH   SOLE NONE 11,500 0 0
AMC NETWORKS INC CL A 00164V103 13,391 339,000 SH   SOLE NONE 339,000 0 0
ARBOR REALTY TRUST INC COM 038923108 34,431 2,399,402 SH   SOLE NONE 2,399,402 0 0
ASHLAND GLOBAL HOLDINGS INC COM 044186104 59,239 774,063 SH   SOLE NONE 774,063 0 0
ASPEN GROUP INC COM 04530L203 4,000 500,000 SH   SOLE NONE 500,000 0 0
ASSOCIATED CAPITAL GROUP CL A 045528106 337 8,600 SH   SOLE NONE 8,600 0 0
CARNIVAL CORP UNIT 99/99/9999 143658300 38,250 752,500 SH   SOLE NONE 752,500 0 0
CENTENE CORP COM 15135B101 22,005 350,000 SH   SOLE NONE 350,000 0 0
CHIMERA INVESTMENT CORP COM 16934Q208 73,862 3,592,500 SH   SOLE NONE 3,592,500 0 0
CIGNA CORP COM 125523100 111,447 545,000 SH   SOLE NONE 545,000 0 0
CITIGROUP INC COM 172967424 61,164 765,600 SH   SOLE NONE 765,600 0 0
CROWDSTRIKE HOLDINGS INC CL A 22788C105 3,491 70,000 SH   SOLE NONE 70,000 0 0
DIAMONDBACK ENERGY INC COM 25278X109 37,144 400,000 SH   SOLE NONE 400,000 0 0
DOW INC COM 260557103 24,793 452,999 SH   SOLE NONE 452,999 0 0
DUPONT DE NEMOURS INC COM 26614N102 50,894 792,735 SH   SOLE NONE 792,735 0 0
DYNATRACE INC COM 268150109 1,012 40,000 SH   SOLE NONE 40,000 0 0
ELLINGTON FINANCIAL INC COM 28852N109 17,597 960,000 SH   SOLE NONE 960,000 0 0
ENERGY TRANSFER LP COM UT LTD PTN 29273V100 64,214 5,005,000 SH   SOLE NONE 5,005,000 0 0
FALCON MINERALS CORP CL A COM 30607B109 4,236 600,000 SH   SOLE NONE 600,000 0 0
FALCON MINERALS CORP *W EXP 07/21/202 30607B208 134 447,474 SH   SOLE NONE 447,474 0 0
FERRO CORP COM 315405100 13,718 925,000 SH   SOLE NONE 925,000 0 0
FISERV INC COM 337738108 238,945 2,066,463 SH   SOLE NONE 2,066,463 0 0
GAMCO INVESTORS INC CL A COM 361438104 168 8,600 SH   SOLE NONE 8,600 0 0
GANNETT CO INC COM 36472T109 48,136 7,544,750 SH   SOLE NONE 7,544,750 0 0
GRANITE POINT MORTGAGE TRUST COM 38741L107 131 7,107 SH   SOLE NONE 7,107 0 0
GRAY TELEVISION INC COM 389375106 12,864 600,000 SH   SOLE NONE 600,000 0 0
HESS CORP COM 42809H107 26,978 403,800 SH   SOLE NONE 403,800 0 0
IQVIA HOLDINGS INC COM 46266C105 2,418 15,647 SH   SOLE NONE 15,647 0 0
ISHARES SILVER TRUST ISHARES 46428Q109 2,502 150,000 SH   SOLE NONE 150,000 0 0
MAGNOLIA OIL & GAS CORP CL A 559663109 29,689 2,360,000 SH   SOLE NONE 2,360,000 0 0
MEDALLIA INC COM 584021109 622 20,000 SH   SOLE NONE 20,000 0 0
MICROSOFT CORP COM 594918104 38,748 245,705 SH   SOLE NONE 245,705 0 0
MR COOPER GROUP INC COM 62482R107 24,170 1,932,027 SH   SOLE NONE 1,932,027 0 0
MVC CAPITAL INC COM 553829102 15,924 1,736,501 SH   SOLE NONE 1,736,501 0 0
NABORS INDUSTRIES LTD SHS G6359F103 42,432 14,733,500 SH   SOLE NONE 14,733,500 0 0
NAVIENT CORP COM 63938C108 30,061 2,197,451 SH   SOLE NONE 2,197,451 0 0
NEW SENIOR INVESTMENT GROUP COM 648691103 34,697 4,535,548 SH   SOLE NONE 4,535,548 0 0
NRG ENERGY INC COM 629377508 46,706 1,175,000 SH   SOLE NONE 1,175,000 0 0
OCWEN FINANCIAL CORP COM 675746309 16,705 12,193,460 SH   SOLE NONE 12,193,460 0 0
PAR PACIFIC HOLDINGS INC COM 69888T207 2,324 100,000 SH   SOLE NONE 100,000 0 0
PARSLEY ENERGY INC CL A 701877102 39,497 2,088,694 SH   SOLE NONE 2,088,694 0 0
RTI SURGICAL HDS INC COM 74975N105 1,965 717,159 SH   SOLE NONE 717,159 0 0
SIERRA METALS INC COM 82639W106 373 226,200 SH   SOLE NONE 226,200 0 0
SPDR GOLD TRUST GOLD SHS 78463V107 24,782 173,425 SH   SOLE NONE 173,425 0 0
SUNOPTA INC COM 8676EP108 2,855 1,142,153 SH   SOLE NONE 1,142,153 0 0
SUTTER ROCK CAPITAL CORP COM 86944Q100 609 92,960 SH   SOLE NONE 92,960 0 0
THL CREDIT INC COM 872438106 18,041 2,859,100 SH   SOLE NONE 2,859,100 0 0
TRINITY INDUSTRIES INC COM 896522109 62,906 2,840,000 SH   SOLE NONE 2,840,000 0 0
TWIN RIVER WORLDWIDE HOLDING COM 90171V204 5,101 198,856 SH   SOLE NONE 198,856 0 0
TWO HARBORS INVESTMENT CORP COM 90187B408 548 37,500 SH   SOLE NONE 37,500 0 0
UNITED AIRLINES HOLDINGS INC COM 910047109 102,255 1,160,802 SH   SOLE NONE 1,160,802 0 0
UNITEDHEALTH GROUP INC COM 91324P102 41,598 141,500 SH   SOLE NONE 141,500 0 0
VICI PROPERTIES INC COM 925652109 21,383 836,895 SH   SOLE NONE 836,895 0 0
WELLS FARGO & CO COM 949746101 21,176 393,600 SH   SOLE NONE 393,600 0 0
WORKDAY INC CL A 98138H101 10,031 61,000 SH   SOLE NONE 61,000 0 0
WPX ENERGY INC COM 98212B103 88,431 6,436,000 SH   SOLE NONE 6,436,000 0 0