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
Expires: July 31, 2015
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
ALGOMA STL GROUP INC COM 015658107 17,180,546 2,493,548 SH SOLE 2,493,548 0 0
ARDENT HEALTH INC COM 03980N107 15,715,964 1,153,113 SH SOLE 1,153,113 0 0
BAUSCH HEALTH COS INC COM 071734107 227,847,533 34,254,889 SH SOLE 34,254,889 0 0
BAUSCH PLUS LOMB CORP COMMON SHARES 071705107 33,523,801 2,583,185 SH SOLE 2,583,185 0 0
BOYD GAMING CORP COM 103304101 31,590,447 403,815 SH SOLE 403,815 0 0
ENERGY TRANSFER L P COM UT LTD PTN 29273V100 9,948,294 548,720 SH SOLE 548,720 0 0
JBS N.V. CL A SHS N4732M103 1,977,368 135,659 SH SOLE 135,659 0 0
LIBERTY LATIN AMERICA LTD COM CL C G9001E128 13,719,591 2,205,722 SH SOLE 2,205,722 0 0
LIBERTY MEDIA CORP DEL COM LBTY LIV S C 531229722 20,204,905 249,530 SH SOLE 249,530 0 0
LIBERTY MEDIA CORP DEL DEB 3.750% 2/1 530715AL5 9,269,974 92,401,000 PRN SOLE 92,401,000 0 0
LIBERTY MEDIA CORP DEL DEB 4.000%11/1 530715AG6 7,565,068 75,030,000 PRN SOLE 75,030,000 0 0
MERCURY GENL CORP NEW COM 589400100 10,935,415 162,718 SH SOLE 162,718 0 0
MGM RESORTS INTERNATIONAL COM 552953101 185,777,944 5,402,092 SH SOLE 5,402,092 0 0
MPLX LP COM UNIT REP LTD 55336V100 13,006,275 252,500 SH SOLE 252,500 0 0
NATURAL RESOURCE PARTNERS L COM UNIT LTD PAR 63900P608 6,097,549 63,842 SH SOLE 63,842 0 0
NORWEGIAN CRUISE LINE HLDG L SHS G66721104 80,908,080 3,997,792 SH SOLE 3,997,792 0 0
PENNYMAC FINL SVCS INC NEW COM 70932M107 29,248,704 294,199 SH SOLE 294,199 0 0
SELECT SECTOR SPDR TR SBI HEALTHCARE 81369Y209 47,080,512 350,000 SH SOLE 350,000 0 0
SMARTSTOP SELF STORAG REIT I COMMON STOCK 83192D402 34,319,172 949,301 SH SOLE 949,301 0 0
STONEX GROUP INC COM 861896108 32,481,853 357,152 SH SOLE 357,152 0 0
TENET HEALTHCARE CORP COM NEW 88033G407 31,471,370 179,183 SH SOLE 179,183 0 0
TIDEWATER INC NEW COM 88642R109 33,661,236 731,333 SH SOLE 731,333 0 0
TIM S A SPONSORED ADR 88706T108 2,011,000 100,000 SH SOLE 100,000 0 0
UNITED PARKS & RESORTS INC COM 81282V100 57,282,555 1,217,470 SH SOLE 1,217,470 0 0
VICTORIAS SECRET AND CO COMMON STOCK 926400102 55,241,588 2,989,087 SH SOLE 2,989,087 0 0
VODAFONE GROUP PLC NEW SPONSORED ADR 92857W308 643,096 60,328 SH SOLE 60,328 0 0
WARNER BROS DISCOVERY INC COM SER A 934423104 26,660,734 2,331,096 SH SOLE 2,331,096 0 0