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
BROOKDALE SR LIVING INC NOTE 2.000%10/1 112463AC8 625,669 315,000 PRN SOLE 315,000 0 0
AFFIRM HLDGS INC COM CL A 00827B106 31,804,500 390,000 SH Put SOLE 0 0 390,000
ARDMORE SHIPPING CORP COM Y0207T100 13,293,599 948,865 SH SOLE 948,865 0 0
BANK MONTREAL MEDIUM COM 063671101 44,528,400 252,000 SH Put SOLE 0 0 252,000
BANK NOVA SCOTIA B C COM 064149107 20,190,300 232,500 SH Put SOLE 0 0 232,500
CANADIAN IMPERIAL BANK OF CO COM 136069101 66,987,500 582,500 SH Put SOLE 0 0 582,500
CARVANA CO CL A 146869102 40,676,760 618,000 SH Put SOLE 0 0 618,000
CORE NATURAL RESOURCES INC SHSCOM 218937100 7,601,900 95,000 SH Call SOLE 0 0 95,000
CORE NATURAL RESOURCES INC SHSCOM 218937100 93,284,275 1,165,762 SH SOLE 1,165,762 0 0
DIVERSIFIED HEALTHCARE TR COM SH BEN INT 25525P107 218,429,118 23,487,002 SH SOLE 23,487,002 0 0
EQT CORP COM 26884L109 7,709,650 145,000 SH SOLE 145,000 0 0
FISERV INC COM 337738108 11,772,000 240,000 SH SOLE 240,000 0 0
FMC CORP COM NEW 302491303 7,448,228 647,672 SH SOLE 647,672 0 0
GRIFOLS S A SP ADR REP B NVT 398438408 30,795,933 4,349,708 SH SOLE 4,349,708 0 0
HILTON WORLDWIDE HLDGS INC COM 43300A203 38,168,130 115,500 SH Put SOLE 0 0 115,500
HOWARD HUGHES HOLDINGS INC COM 44267T102 44,353,683 620,418 SH SOLE 620,418 0 0
I-80 GOLD CORP COM 44955L106 2,603,324 1,807,864 SH SOLE 1,807,864 0 0
INDUSTRIAL LOGISTICS PPTYS T COM SHS BEN INT 456237106 3,292,464 371,191 SH SOLE 371,191 0 0
ISHARES TR IBOXX HI YD ETF 464288513 176,733,700 2,210,000 SH Put SOLE 0 0 2,210,000
ISHARES TR U.S. REAL ES ETF 464287739 23,517,500 230,000 SH Put SOLE 0 0 230,000
MARRIOTT INTL INC NEW CL A 571903202 45,174,921 121,900 SH Put SOLE 0 0 121,900
MARRIOTT VACATIONS WORLDWIDE COM 57164Y107 7,131,600 70,000 SH Put SOLE 0 0 70,000
MGM RESORTS INTERNATIONAL COM 552953101 17,211,600 360,000 SH Put SOLE 0 0 360,000
ORCHESTRA BIOMED HLDGS INC COM 68572M106 1,084,670 251,372 SH SOLE 251,372 0 0
PANGAEA LOGISTICS SOLUTION L SHS G6891L105 973,739 149,806 SH SOLE 149,806 0 0
PEABODY ENGR CORP COM 704551100 1,722,486 74,502 SH SOLE 74,502 0 0
PERDOCEO ED CORP COM 71363P106 953,600 29,800 SH Put SOLE 0 0 29,800
PERFORMANCE FOOD GROUP CO COM 71377A103 6,148,450 55,000 SH Put SOLE 0 0 55,000
RMR GROUP INC CL A 74967R106 17,686,739 861,507 SH SOLE 861,507 0 0
ROYAL BK CDA COM 780087102 79,683,450 385,000 SH Put SOLE 0 0 385,000
ROYAL CARIBBEAN GROUP COM V7780T103 22,862,160 72,000 SH Put SOLE 0 0 72,000
RYMAN HOSPITALITY PPTYS INC COM 78377T107 4,177,875 32,500 SH Put SOLE 0 0 32,500
SEACOR MARINE HLDGS INC COM 78413P101 5,230,895 683,777 SH SOLE 683,777 0 0
SERVICE PPTYS TR COM SH BEN INT 81761L102 86,211,035 51,012,447 SH SOLE 51,012,447 0 0
SEVEN HILLS REALTY TRUST COM 81784E101 700,052 83,043 SH SOLE 83,043 0 0
SPDR SERIES TRUST ST STR SP INS 78464A789 24,597,267 403,300 SH Put SOLE 0 0 403,300
STRATEGIC ED INC COM 86272C103 421,410 5,500 SH Put SOLE 0 0 5,500
SUMMIT MIDSTREAM CORPORATION COM 86614G101 4,514,564 158,517 SH SOLE 158,517 0 0
TEEKAY CORPORATION LTD SHS G8726T105 17,689,150 1,768,915 SH SOLE 1,768,915 0 0
TORONTO DOMINION BK ONT COM NEW 891160509 56,161,375 462,500 SH Put SOLE 0 0 462,500
TRANSOCEAN LTD REGISTERED SHS H8817H100 7,842,474 1,603,778 SH SOLE 1,603,778 0 0
VENTAS INC COM 92276F100 5,905,200 66,500 SH Put SOLE 0 0 66,500
WELLTOWER INC COM 95040Q104 9,373,861 41,300 SH Put SOLE 0 0 41,300