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
ACCO BRANDS CORP COMMON 00081T108 4,556 739,656 SH   SOLE NONE 739,656 0 0
ACCURIDE CORP COMMON 00439T206 10,227 2,308,469 SH   SOLE NONE 2,308,469 0 0
AMERICAN AIRLINES GROUP INC COMMON 02376R102 10,539 287,947 SH   SOLE NONE 287,947 0 0
AMERICAN AIRLINES GROUP INC. CONV PFD 6.2500 SERIES A PFD A MAND CV 02376R409 468 16,969 SH   SOLE NONE 16,969 0 0
SECTOR SELECT SPDR TR COMMON 81369Y506 16,105 180,831 SH   SOLE NONE 180,831 0 0
ARCH COAL INC COMMON 039380100 6,073 1,260,000 SH   SOLE NONE 1,260,000 0 0
BALTIC TRADING LTD COMMON Y0553W103 7,807 1,237,171 SH   SOLE NONE 1,237,171 0 0
BANK OF AMERICA CORP 13.3000 EXP01/16/2019 COMMON 060505146 3,821 464,800 SH Call SOLE NONE 464,800 0 0
BANK OF AMERICA CORP 30.7900 EXP10/28/2018 COMMON 060505153 5,099 5,657,482 SH Call SOLE NONE 5,657,482 0 0
BLUELINX HOLDINGS INC COMMON 09624H109 3,331 2,561,941 SH   SOLE NONE 2,561,941 0 0
BUILDERS FIRSTSOURCE, INC COMMON 12008R107 16,414 1,803,752 SH   SOLE NONE 1,803,752 0 0
CITIGROUP INC. 10.6100 EXP01/04/2019 COMMON 172967226 5,778 9,000,000 SH Call SOLE NONE 9,000,000 0 0
COMERICA INCORPORATED 29.4000 EXP11/14/2018 COMMON 200340115 10,673 476,471 SH Call SOLE NONE 476,471 0 0
COOPER-STANDARD HOLDINGS INC COMMON 21676P103 16,575 234,606 SH   SOLE NONE 234,606 0 0
DELTA AIR LINES, INC COMMON 247361702 4,017 115,925 SH   SOLE NONE 115,925 0 0
DHT HOLDINGS INC COMMON Y2065G121 9,921 1,275,159 SH   SOLE NONE 1,275,159 0 0
DORAL FINL CORP COMMON 25811P852 2,188 252,020 SH   SOLE NONE 252,020 0 0
DRYSHIPS INC COMMON Y2109Q101 6,047 1,872,240 SH   SOLE NONE 1,872,240 0 0
EUROSEAS LTD COMMON Y23592200 2,604 2,082,311 SH   SOLE NONE 2,082,311 0 0
FAIRPOINT COMMUNICATIONS, INC COMMON 305560302 20,962 1,541,317 SH   SOLE NONE 1,541,317 0 0
FELCOR LODGING TRUST INC COMMON 31430F101 14,867 1,644,539 SH   SOLE NONE 1,644,539 0 0
GENCO SHIPPING & TRADING LTD 5% 08/15/2015 CONV FA NOTE 36869MAA3 5,736 7,170,000 PRN   SOLE NONE 7,170,000 0 0
GENERAL MOTORS CO COMMON 37045V100 399 11,582 SH   SOLE NONE 11,582 0 0
GENERAL MOTORS CO 10.0000 EXP07/10/2016 COMMON 37045V118 8,627 347,287 SH Call SOLE NONE 347,287 0 0
GENERAL MOTORS CO 18.3300 EXP07/10/2019 COMMON 37045V126 9,953 571,655 SH Call SOLE NONE 571,655 0 0
ISTAR FINANCIAL INC. 3.00000000 11/15/2016 CONV MN NOTE 45031UBR1 11,577 8,200,000 PRN   SOLE NONE 8,200,000 0 0
JPMORGAN CHASE & CO. 42.4200 EXP10/28/2018 COMMON 46634E114 9,709 480,661 SH Call SOLE NONE 480,661 0 0
LEAR CORP COMMON 521865204 4,543 54,266 SH   SOLE NONE 54,266 0 0
LENNAR CORP CL A 526057104 6,129 154,700 SH   SOLE NONE 154,700 0 0
M T R GAMING GROUP INC COMMON 553769100 1,269 247,370 SH   SOLE NONE 247,370 0 0
M/I HOMES INC COMMON 55305B101 6,173 275,355 SH   SOLE NONE 275,355 0 0
MASONITE INTL CORP COMMON 575385109 5,999 106,142 SH   SOLE NONE 106,142 0 0
MGIC INVESTMENT CORP COMMON 552848103 11,014 1,292,736 SH   SOLE NONE 1,292,736 0 0
NAVIGATOR HOLDINGS LTD COMMON Y62132108 8,776 337,551 SH   SOLE NONE 337,551 0 0
OWENS CORNING COMMON 690742101 3,022 70,000 SH   SOLE NONE 70,000 0 0
PENNYMAC MTG INVT TR COMMON 70931T103 1,551 64,892 SH   SOLE NONE 64,892 0 0
PLY GEM HOLDINGS, INC COMMON 72941W100 5,376 425,614 SH   SOLE NONE 425,614 0 0
RADIAN GROUP INC COMMON 750236101 14,315 952,438 SH   SOLE NONE 952,438 0 0
SAFE BULKERS INC COMMON Y7388L103 10,003 1,050,779 SH   SOLE NONE 1,050,779 0 0
TEEKAY TANKERS LTD CL A Y8565N102 2,495 704,924 SH   SOLE NONE 704,924 0 0
THE PNC FINANCIAL SERVICES GROUP, INC. 67.3300 EXP12/31/2018 COMMON 693475121 12,711 538,618 SH Call SOLE NONE 538,618 0 0
TSAKOS ENERGY NAVIGATION LTD COMMON G9108L108 6,116 788,200 SH   SOLE NONE 788,200 0 0
U.S. CONCRETE INC COMMON 90333L201 16,071 683,869 SH   SOLE NONE 683,869 0 0
WELLS FARGO & CO 34.0100 EXP10/28/2018 COMMON 949746119 8,823 473,341 SH Call SOLE NONE 473,341 0 0