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
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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
ALPHABET INC CAP STK CL C 02079K107 14,191,200 80,000 SH Call SOLE 80,000 0 0
AMERICAN AIRLS GROUP INC COM 02376R102 561,000 50,000 SH SOLE 50,000 0 0
ATI INC COM 01741R102 8,623,380 99,877 SH SOLE 99,877 0 0
ATI INC COM 01741R102 9,497,400 110,000 SH Call SOLE 110,000 0 0
ATI INC COM 01741R102 9,497,400 110,000 SH Put SOLE 110,000 0 0
AVALONBAY CMNTYS INC COM 053484101 2,238,500 11,000 SH SOLE 11,000 0 0
BOEING CO COM 097023105 1,068,603 5,100 SH SOLE 5,100 0 0
BOEING CO DEP CONV PFD A 097023204 2,903,600 42,700 SH SOLE 42,700 0 0
BRAEMAR HOTELS & RESORTS INC COM 10482B101 2,194,612 895,760 SH SOLE 895,760 0 0
COMMSCOPE HLDG CO INC COM 20337X109 5,069,016 612,200 SH SOLE 612,200 0 0
COMMUNITY HEALTH SYS INC NEW COM 203668108 392,360 115,400 SH SOLE 115,400 0 0
DUKE ENERGY CORP NEW NOTE 4.125% 4/1 26441CBY0 11,858,304 11,195,000 PRN SOLE 11,195,000 0 0
FIRSTENERGY CORP NOTE 4.000% 5/0 337932AR8 12,081,000 12,000,000 PRN SOLE 12,000,000 0 0
ISHARES TR IBOXX HI YD ETF 464288513 16,130,000 200,000 SH Put SOLE 200,000 0 0
LOCKHEED MARTIN CORP COM 539830109 4,631,400 10,000 SH Call SOLE 10,000 0 0
META PLATFORMS INC CL A 30303M102 16,311,789 22,100 SH SOLE 22,100 0 0
MICROSOFT CORP COM 594918104 1,541,971 3,100 SH SOLE 3,100 0 0
MICROSOFT CORP COM 594918104 29,844,600 60,000 SH Call SOLE 60,000 0 0
NEW FORTRESS ENERGY INC COM CL A 644393100 244,684 73,700 SH SOLE 73,700 0 0
NEXTERA ENERGY CAP HLDGS INC NOTE 3.000% 3/0 65339KCY4 19,827,300 17,400,000 PRN SOLE 17,400,000 0 0
ORACLE CORP COM 68389X105 12,833,581 58,700 SH SOLE 58,700 0 0
ORACLE CORP COM 68389X105 17,490,400 80,000 SH Call SOLE 80,000 0 0
ORACLE CORP COM 68389X105 15,304,100 70,000 SH Put SOLE 70,000 0 0
PG&E CORP NOTE 4.250%12/0 69331CAL2 4,974,000 5,000,000 PRN SOLE 5,000,000 0 0
TJX COS INC NEW COM 872540109 3,087,250 25,000 SH Put SOLE 25,000 0 0
VANECK ETF TRUST SEMICONDUCTR ETF 92189F676 13,944,000 50,000 SH Call SOLE 50,000 0 0