CYRUS CAPITAL PARTNERS, L.P. Activity Q1 2005-Q3 2023

Q3 2023

			Value		Shares		↓ Weighting
GTX	Sell	GARRETT MOTION INC	$247,450,384	-6.3%	31,402,333	-10.0%	63.06%	+21.8%
OSG	Sell	OVERSEAS SHIPHOLDING GROUP Icl a new	$31,216,149	+3.4%	7,110,740	-1.8%	7.96%	+34.4%
ICMB	Sell	INVESTCORP CR MGMT BDC INC	$4,802,767	+10.1%	1,203,701	-0.1%	1.22%	+43.2%
FET	Sell	FORUM ENERGY TECHNOLOGIES IN	$955,011	-52.3%	39,759	-49.1%	0.24%	-38.0%
DEN	Exit	DENBURY INC	$0	–	-1,209,726	–	-20.46%	–

Q2 2023

			Value		Shares		↓ Weighting
GTX	New	GARRETT MOTION INC	$264,106,702	–	34,888,600	–	51.78%	–
DEN	New	DENBURY INC	$104,350,965	–	1,209,726	–	20.46%	–
SAVE	New	SPIRIT AIRLS INC	$53,639,929	–	3,125,870	–	10.52%	–
OSG	New	OVERSEAS SHIPHOLDING GROUP Icl a new	$30,193,998	–	7,240,767	–	5.92%	–
INSW	New	INTERNATIONAL SEAWAYS INC	$28,334,922	–	740,976	–	5.56%	–
	New	CORENERGY INFRASTRUCTURE TRnote 5.875% 8/1	$23,076,301	–	28,170,000	–	4.52%	–
ICMB	New	INVESTCORP CR MGMT BDC INC	$4,361,506	–	1,204,836	–	0.86%	–
FET	New	FORUM ENERGY TECHNOLOGIES IN	$2,000,549	–	78,177	–	0.39%	–

Q4 2022

			Value		Shares		↓ Weighting
ICMB	Exit	INVESTCORP CR MGMT BDC INC	$0	–	-1,207,869	–	-0.96%	–
	Exit	CORENERGY INFRASTRUCTURE TRnote 5.875% 8/1	$0	–	-28,170,000	–	-4.54%	–
OSG	Exit	OVERSEAS SHIPHOLDING GROUP Icl a new	$0	–	-7,322,922	–	-4.84%	–
INSW	Exit	INTERNATIONAL SEAWAYS INC	$0	–	-759,153	–	-5.93%	–
GTX	Exit	GARRETT MOTION INC	$0	–	-10,220,254	–	-12.84%	–
DEN	Exit	DENBURY INC	$0	–	-1,747,454	–	-33.52%	–
GTXAP	Exit	GARRETT MOTION INCpfd conv ser a	$0	–	-23,636,315	–	-37.37%	–

Q3 2022

			Value		Shares		↓ Weighting
INSW	Sell	INTERNATIONAL SEAWAYS INC	$26,669,000	-28.5%	759,153	-56.9%	5.93%	-27.2%
OSG	Sell	OVERSEAS SHIPHOLDING GROUP Icl a new	$21,749,000	+44.3%	7,322,922	-0.4%	4.84%	+47.0%
ICMB	Sell	INVESTCORP CR MGMT BDC INC	$4,329,000	-17.3%	1,207,869	-2.1%	0.96%	-15.7%

Q2 2022

			Value		Shares		↓ Weighting
GTXAP	New	GARRETT MOTION INCpfd conv ser a	$194,291,000	–	23,636,315	–	42.41%	–
DEN	New	DENBURY INC	$104,830,000	–	1,747,454	–	22.88%	–
GTX	New	GARRETT MOTION INC	$79,003,000	–	10,220,254	–	17.24%	–
INSW	New	INTERNATIONAL SEAWAYS INC	$37,316,000	–	1,760,167	–	8.14%	–
	New	CORENERGY INFRASTRUCTURE TRnote 5.875% 8/1	$22,390,000	–	28,170,000	–	4.89%	–
OSG	New	OVERSEAS SHIPHOLDING GROUP Icl a new	$15,068,000	–	7,350,144	–	3.29%	–
ICMB	New	INVESTCORP CR MGMT BDC INC	$5,234,000	–	1,234,381	–	1.14%	–

Q4 2021

			Value		Shares		↓ Weighting
PVG	Exit	PRETIUM RES INC	$0	–	-22,043	–	-0.06%	–
SPY	Exit	SPDR S&P 500 ETF TRput	$0	–	-100,000	–	-0.07%	–
MLCO	Exit	MELCO RESORTS AND ENTMNT LTDadr	$0	–	-50,000	–	-0.15%	–
BKEP	Exit	BLUEKNIGHT ENERGY PARTNERS L	$0	–	-595,930	–	-0.53%	–
USAC	Exit	USA COMPRESSION PARTNERS LP	$0	–	-320,757	–	-1.55%	–
ICMB	Exit	INVESTCORP CR MGMT BDC INC	$0	–	-3,418,976	–	-5.43%	–
OSG	Exit	OVERSEAS SHIPHOLDING GROUP Icl a new	$0	–	-9,096,775	–	-5.51%	–
	Exit	CORENERGY INFRASTRUCTURE TRnote 5.875% 8/1	$0	–	-28,772,000	–	-7.74%	–
INSW	Exit	INTERNATIONAL SEAWAYS INC	$0	–	-4,029,367	–	-21.39%	–
GTX	Exit	GARRETT MOTION INC	$0	–	-10,220,254	–	-21.94%	–
DEN	Exit	DENBURY INC	$0	–	-1,740,793	–	-35.63%	–

Q3 2021

			Value		Shares		↓ Weighting
DEN	Sell	DENBURY INC	$122,291,000	-17.1%	1,740,793	-9.3%	35.63%	-6.1%
INSW	Buy	INTERNATIONAL SEAWAYS INC	$73,415,000	-4.4%	4,029,367	+0.6%	21.39%	+8.2%
	Sell	CORENERGY INFRASTRUCTURE TRnote 5.875% 8/1	$26,558,000	-4.1%	28,772,000	-2.2%	7.74%	+8.6%
OSG	Buy	OVERSEAS SHIPHOLDING GROUP Icl a new	$18,921,000	+1.6%	9,096,775	+2.1%	5.51%	+15.0%
ICMB	Sell	INVESTCORP CR MGMT BDC INC	$18,633,000	-9.6%	3,418,976	-10.5%	5.43%	+2.3%
BKEP	Sell	BLUEKNIGHT ENERGY PARTNERS L	$1,818,000	-24.5%	595,930	-6.5%	0.53%	-14.5%
MLCO	New	MELCO RESORTS AND ENTMNT LTDadr	$512,000	–	50,000	–	0.15%	–
SPY	New	SPDR S&P 500 ETF TRput	$244,000	–	100,000	–	0.07%	–
CLF	Exit	CLEVELAND-CLIFFS INC NEWcall	$0	–	-26,700	–	-0.00%	–
GOEVW	Exit	CANOO INCcall	$0	–	-13,520	–	-0.01%	–
ANY	Exit	SPHERE 3D CORP NEW	$0	–	-145,301	–	-0.10%	–
AMC	Exit	AMC ENTMT HLDGS INCput	$0	–	-10,000	–	-0.54%	–
CNK	Exit	CINEMARK HLDGS INC	$0	–	-250,000	–	-1.41%	–

Q2 2021

			Value		Shares		↓ Weighting
DEN	New	DENBURY INC	$147,440,000	–	1,920,287	–	37.94%	–
GTX	New	GARRETT MOTION INC	$81,558,000	–	10,220,254	–	20.99%	–
INSW	New	INTERNATIONAL SEAWAYS INC	$76,789,000	–	4,003,576	–	19.76%	–
	New	CORENERGY INFRASTRUCTURE TRnote 5.875% 8/1	$27,693,000	–	29,407,000	–	7.13%	–
ICMB	New	INVESTCORP CR MGMT BDC INC	$20,618,000	–	3,818,186	–	5.30%	–
OSG	New	OVERSEAS SHIPHOLDING GROUP Icl a new	$18,620,000	–	8,908,857	–	4.79%	–
CNK	New	CINEMARK HLDGS INC	$5,488,000	–	250,000	–	1.41%	–
USAC	New	USA COMPRESSION PARTNERS LP	$5,286,000	–	320,757	–	1.36%	–
BKEP	New	BLUEKNIGHT ENERGY PARTNERS L	$2,408,000	–	637,037	–	0.62%	–
AMC	New	AMC ENTMT HLDGS INCput	$2,080,000	–	10,000	–	0.54%	–
ANY	New	SPHERE 3D CORP NEW	$379,000	–	145,301	–	0.10%	–
PVG	New	PRETIUM RES INC	$211,000	–	22,043	–	0.05%	–
GOEVW	New	CANOO INCcall	$40,000	–	13,520	–	0.01%	–
CLF	New	CLEVELAND-CLIFFS INC NEWcall	$16,000	–	26,700	–	0.00%	–

Q4 2020

			Value		Shares		↓ Weighting
CCLP	Exit	CSI COMPRESSCO LP	$0	–	-86,980	–	-0.02%	–
ANY	Exit	SPHERE 3D CORP NEW	$0	–	-145,301	–	-0.08%	–
SDS	Exit	PROSHARES TRultrashrt s&p500	$0	–	-25,000	–	-0.09%	–
BKEP	Exit	BLUEKNIGHT ENERGY PARTNERS L	$0	–	-741,121	–	-0.27%	–
USAC	Exit	USA COMPRESSION PARTNERS LP	$0	–	-200,235	–	-0.47%	–
UNIT	Exit	UNITI GROUP INC	$0	–	-652,874	–	-1.61%	–
	Exit	US ECOLOGY INC	$0	–	-238,126	–	-1.82%	–
ICMB	Exit	INVESTCORP CR MGMT BDC INC	$0	–	-3,818,186	–	-3.24%	–
OSG	Exit	OVERSEAS SHIPHOLDING GROUP Icl a new	$0	–	-8,908,857	–	-4.45%	–
	Exit	CORENERGY INFRASTRUCTURE TRnote 5.875% 8/1	$0	–	-31,916,000	–	-5.48%	–
	Exit	LIBERTY LATIN AMERICA LTDnote 2.000% 7/1	$0	–	-49,087,000	–	-9.37%	–
INSW	Exit	INTERNATIONAL SEAWAYS INC	$0	–	-4,003,576	–	-13.66%	–
DEN	Exit	DENBURY INC	$0	–	-3,851,362	–	-15.83%	–
PCG	Exit	PG&E CORP	$0	–	-19,900,290	–	-43.63%	–

Q3 2020

			Value		Shares		↓ Weighting
PCG	Buy	PG&E CORP	$186,864,000	+7.9%	19,900,290	+1.9%	43.63%	-26.7%
DEN	New	DENBURY INC	$67,784,000	–	3,851,362	–	15.83%	–
	New	LIBERTY LATIN AMERICA LTDnote 2.000% 7/1	$40,133,000	–	49,087,000	–	9.37%	–
	New	CORENERGY INFRASTRUCTURE TRnote 5.875% 8/1	$23,478,000	–	31,916,000	–	5.48%	–
USAC	New	USA COMPRESSION PARTNERS LP	$2,004,000	–	200,235	–	0.47%	–
CCLP	New	CSI COMPRESSCO LP	$77,000	–	86,980	–	0.02%	–
VIAC	Exit	VIACOMCBS INCcl b	$0	–	-20,000	–	-0.16%	–
AROC	Exit	ARCHROCK INC	$0	–	-218,906	–	-0.49%	–
BWA	Exit	BORGWARNER INC	$0	–	-131,144	–	-1.59%	–

Q2 2020

			Value		Shares		↓ Weighting
PCG	New	PG&E CORP	$173,211,000	–	19,527,784	–	59.49%	–
INSW	New	INTERNATIONAL SEAWAYS INC	$65,418,000	–	4,003,576	–	22.47%	–
OSG	New	OVERSEAS SHIPHOLDING GROUP Icl a new	$16,570,000	–	8,908,857	–	5.69%	–
ICMB	New	INVESTCORP CR MGMT BDC INC	$13,325,000	–	3,818,186	–	4.58%	–
	New	US ECOLOGY INC	$8,068,000	–	238,126	–	2.77%	–
UNIT	New	UNITI GROUP INC	$6,104,000	–	652,874	–	2.10%	–
BWA	New	BORGWARNER INC	$4,629,000	–	131,144	–	1.59%	–
AROC	New	ARCHROCK INC	$1,421,000	–	218,906	–	0.49%	–
BKEP	New	BLUEKNIGHT ENERGY PARTNERS L	$1,038,000	–	741,121	–	0.36%	–
SDS	New	PROSHARES TRultrashrt s&p500	$485,000	–	25,000	–	0.17%	–
VIAC	New	VIACOMCBS INCcl b	$466,000	–	20,000	–	0.16%	–
ANY	New	SPHERE 3D CORP NEW	$416,000	–	145,301	–	0.14%	–

Q4 2019

			Value		Shares		↓ Weighting
ANY	Exit	SPHERE 3D CORP NEW	$0	–	-145,301	–	-0.02%	–
WEN	Exit	WENDYS CO	$0	–	-10,000	–	-0.03%	–
MCD	Exit	MCDONALDS CORP	$0	–	-1,000	–	-0.03%	–
CP	Exit	CANADIAN PAC RY LTD	$0	–	-1,000	–	-0.03%	–
CNI	Exit	CANADIAN NATL RY CO	$0	–	-2,500	–	-0.03%	–
ANTM	Exit	ANTHEM INC	$0	–	-1,000	–	-0.03%	–
CWENA	Exit	CLEARWAY ENERGY INCcl a	$0	–	-24,176	–	-0.06%	–
SDS	Exit	PROSHARES TRultrashrt s&p500	$0	–	-25,000	–	-0.10%	–
CLX	Exit	CLOROX CO DEL	$0	–	-6,500	–	-0.14%	–
HOSSQ	Exit	HORNBECK OFFSHORE SVCS INC N	$0	–	-3,704,019	–	-0.40%	–
OSG	Exit	OVERSEAS SHIPHOLDING GROUP Icl a new	$0	–	-8,908,857	–	-2.22%	–
CRCQQ	Exit	CALIFORNIA RES CORP	$0	–	-2,039,633	–	-2.97%	–
ICMB	Exit	INVESTCORP CR MGMT BDC INC	$0	–	-3,818,186	–	-3.62%	–
LBTYK	Exit	LIBERTY GLOBAL PLC	$0	–	-1,719,552	–	-5.84%	–
CWEN	Exit	CLEARWAY ENERGY INCcl c	$0	–	-2,325,479	–	-6.05%	–
ADNT	Exit	ADIENT PLC	$0	–	-2,047,343	–	-6.71%	–
AAL	Exit	AMERICAN AIRLS GROUP INC	$0	–	-2,323,547	–	-8.94%	–
THC	Exit	TENET HEALTHCARE CORP	$0	–	-3,152,670	–	-9.95%	–
INSW	Exit	INTERNATIONAL SEAWAYS INC	$0	–	-4,003,576	–	-11.00%	–
DAL	Exit	DELTA AIR LINES INC DEL	$0	–	-1,914,012	–	-15.73%	–
UAL	Exit	UNITED AIRLINES HLDGS INC	$0	–	-2,068,556	–	-26.09%	–

Q3 2019

			Value		Shares		↓ Weighting
THC	Buy	TENET HEALTHCARE CORP	$69,737,000	+98.7%	3,152,670	+85.6%	9.95%	+138.0%
ADNT	Sell	ADIENT PLC	$47,007,000	-31.8%	2,047,343	-27.9%	6.71%	-18.3%
CWEN	Buy	CLEARWAY ENERGY INCcl c	$42,440,000	+33.7%	2,325,479	+23.6%	6.05%	+60.2%
LBTYK	Sell	LIBERTY GLOBAL PLC	$40,908,000	-48.5%	1,719,552	-42.6%	5.84%	-38.3%
ICMB	New	INVESTCORP CR MGMT BDC INC	$25,391,000	–	3,818,186	–	3.62%	–
CLX	New	CLOROX CO DEL	$987,000	–	6,500	–	0.14%	–
SDS	New	PROSHARES TRultrashrt s&p500	$738,000	–	25,000	–	0.10%	–
ANTM	New	ANTHEM INC	$240,000	–	1,000	–	0.03%	–
CP	New	CANADIAN PAC RY LTD	$222,000	–	1,000	–	0.03%	–
CNI	New	CANADIAN NATL RY CO	$225,000	–	2,500	–	0.03%	–
MCD	New	MCDONALDS CORP	$215,000	–	1,000	–	0.03%	–
WEN	New	WENDYS CO	$200,000	–	10,000	–	0.03%	–
NXST	Exit	NEXSTAR MEDIA GROUP INCcl a	$0	–	-10,000	–	-0.12%	–
SBGI	Exit	SINCLAIR BROADCAST GROUP INCcl a	$0	–	-25,000	–	-0.16%	–
CMFN	Exit	CM FIN INC	$0	–	-3,818,186	–	-3.46%	–
ALLY	Exit	ALLY FINL INC	$0	–	-2,892,770	–	-10.67%	–

Q2 2019

			Value		Shares		↓ Weighting
UAL	New	UNITED CONTL HLDGS INC	$181,102,000	–	2,068,556	–	21.56%	–
DAL	New	DELTA AIR LINES INC DEL	$108,620,000	–	1,914,012	–	12.93%	–
ALLY	New	ALLY FINL INC	$89,647,000	–	2,892,770	–	10.67%	–
LBTYK	New	LIBERTY GLOBAL PLC	$79,442,000	–	2,994,406	–	9.46%	–
INSW	New	INTERNATIONAL SEAWAYS INC	$76,068,000	–	4,003,576	–	9.06%	–
AAL	New	AMERICAN AIRLS GROUP INC	$75,771,000	–	2,323,547	–	9.02%	–
ADNT	New	ADIENT PLC	$68,913,000	–	2,839,442	–	8.20%	–
CRCQQ	New	CALIFORNIA RES CORP	$40,140,000	–	2,039,633	–	4.78%	–
THC	New	TENET HEALTHCARE CORP	$35,101,000	–	1,699,002	–	4.18%	–
CWEN	New	CLEARWAY ENERGY INCcl c	$31,733,000	–	1,882,139	–	3.78%	–
CMFN	New	CM FIN INC	$29,056,000	–	3,818,186	–	3.46%	–
OSG	New	OVERSEAS SHIPHOLDING GROUP Icl a new	$16,749,000	–	8,908,857	–	1.99%	–
HOSSQ	New	HORNBECK OFFSHORE SVCS INC N	$4,630,000	–	3,704,019	–	0.55%	–
SBGI	New	SINCLAIR BROADCAST GROUP INCcl a	$1,341,000	–	25,000	–	0.16%	–
NXST	New	NEXSTAR MEDIA GROUP INCcl a	$1,010,000	–	10,000	–	0.12%	–
CWENA	New	CLEARWAY ENERGY INCcl a	$391,000	–	24,176	–	0.05%	–
ANY	New	SPHERE 3D CORP NEW	$228,000	–	145,301	–	0.03%	–

Q4 2018

			Value		Shares		↓ Weighting
SUPV	Exit	GRUPO SUPERVIELLE S Asponsored adr	$0	–	-43,400	–	-0.04%	–
NTNX	Exit	NUTANIX INCcl a	$0	–	-10,000	–	-0.05%	–
MBI	Exit	MBIA INC	$0	–	-42,500	–	-0.05%	–
WGO	Exit	WINNEBAGO INDS INC	$0	–	-17,300	–	-0.06%	–
SHLDQ	Exit	SEARS HLDGS CORP	$0	–	-792,200	–	-0.08%	–
BMA	Exit	BANCO MACRO SAspon adr b	$0	–	-19,210	–	-0.09%	–
ANY	Exit	SPHERE 3D CORP NEW	$0	–	-2,164,940	–	-0.09%	–
THO	Exit	THOR INDS INC	$0	–	-10,453	–	-0.10%	–
RAD	Exit	RITE AID CORP	$0	–	-700,000	–	-0.10%	–
GDX	Exit	VANECK VECTORS ETF TRgold miners etf	$0	–	-50,000	–	-0.10%	–
ARCO	Exit	ARCOS DORADOS HOLDINGS INC	$0	–	-150,000	–	-0.10%	–
XHB	Exit	SPDR SERIES TRUSTs&p homebuild	$0	–	-25,000	–	-0.11%	–
OSG	Exit	OVERSEAS SHIPHOLDING GROUP Icl a new	$0	–	-323,705	–	-0.11%	–
	Exit	DISH NETWORK CORPnote 3.375% 8/1	$0	–	-15,900,000	–	-1.67%	–
HOSSQ	Exit	HORNBECK OFFSHORE SVCS INC N	$0	–	-3,704,019	–	-2.40%	–
CMFN	Exit	CM FIN INC	$0	–	-3,818,186	–	-3.61%	–
LBTYK	Exit	LIBERTY GLOBAL PLC	$0	–	-1,360,781	–	-4.22%	–
AAL	Exit	AMERICAN AIRLS GROUP INC	$0	–	-1,397,427	–	-6.36%	–
CRCQQ	Exit	CALIFORNIA RES CORP	$0	–	-1,452,731	–	-7.76%	–
INSW	Exit	INTERNATIONAL SEAWAYS INC	$0	–	-4,003,576	–	-8.82%	–
ALLY	Exit	ALLY FINL INC	$0	–	-5,732,877	–	-16.69%	–
DAL	Exit	DELTA AIR LINES INC DEL	$0	–	-2,704,489	–	-17.22%	–
UAL	Exit	UNITED CONTL HLDGS INC	$0	–	-3,077,819	–	-30.17%	–

Q3 2018

			Value		Shares		↓ Weighting
UAL	Sell	UNITED CONTL HLDGS INC	$274,111,000	+25.4%	3,077,819	-1.8%	30.17%	+48.8%
DAL	Sell	DELTA AIR LINES INC DEL	$156,401,000	+15.0%	2,704,489	-1.5%	17.22%	+36.4%
ALLY	Sell	ALLY FINL INC	$151,635,000	-0.3%	5,732,877	-1.0%	16.69%	+18.2%
CRCQQ	Sell	CALIFORNIA RES CORP	$70,501,000	+4.5%	1,452,731	-2.1%	7.76%	+24.0%
AAL	Sell	AMERICAN AIRLS GROUP INC	$57,756,000	+1.1%	1,397,427	-7.2%	6.36%	+19.9%
LBTYK	Sell	LIBERTY GLOBAL PLC	$38,320,000	+4.4%	1,360,781	-1.3%	4.22%	+23.8%
HOSSQ	Buy	HORNBECK OFFSHORE SVCS INC N	$21,780,000	+53.4%	3,704,019	+3.3%	2.40%	+82.0%
	New	DISH NETWORK CORPnote 3.375% 8/1	$15,165,000	–	15,900,000	–	1.67%	–
XHB	New	SPDR SERIES TRUSTs&p homebuild	$961,000	–	25,000	–	0.11%	–
ARCO	New	ARCOS DORADOS HOLDINGS INC	$938,000	–	150,000	–	0.10%	–
RAD	Sell	RITE AID CORP	$896,000	-31.0%	700,000	-6.7%	0.10%	-17.5%
THO	New	THOR INDS INC	$875,000	–	10,453	–	0.10%	–
BMA	New	BANCO MACRO SAspon adr b	$795,000	–	19,210	–	0.09%	–
WGO	New	WINNEBAGO INDS INC	$573,000	–	17,300	–	0.06%	–
MBI	Sell	MBIA INC	$454,000	+363.3%	42,500	-95.2%	0.05%	+455.6%
NTNX	New	NUTANIX INCcl a	$427,000	–	10,000	–	0.05%	–
SUPV	New	GRUPO SUPERVIELLE S Asponsored adr	$333,000	–	43,400	–	0.04%	–
LEN	Exit	LENNAR CORPcl a	$0	–	-6,780	–	-0.03%	–
AET	Exit	AETNA INC NEW	$0	–	-1,427,057	–	-24.30%	–

Q2 2018

			Value		Shares		↓ Weighting
AET	New	AETNA INC NEW	$261,865,000	–	1,427,057	–	24.30%	–
UAL	New	UNITED CONTL HLDGS INC	$218,507,000	–	3,133,622	–	20.28%	–
ALLY	New	ALLY FINL INC	$152,130,000	–	5,791,022	–	14.12%	–
DAL	New	DELTA AIR LINES INC DEL	$136,010,000	–	2,745,454	–	12.62%	–
INSW	New	INTERNATIONAL SEAWAYS INC	$92,643,000	–	4,003,576	–	8.60%	–
CRCQQ	New	CALIFORNIA RES CORP	$67,443,000	–	1,484,231	–	6.26%	–
AAL	New	AMERICAN AIRLS GROUP INC	$57,140,000	–	1,505,267	–	5.30%	–
LBTYK	New	LIBERTY GLOBAL PLC	$36,705,000	–	1,379,380	–	3.41%	–
CMFN	New	CM FIN INC	$33,982,000	–	3,818,186	–	3.15%	–
HOSSQ	New	HORNBECK OFFSHORE SVCS INC N	$14,194,000	–	3,584,219	–	1.32%	–
SHLDQ	New	SEARS HLDGS CORP	$1,878,000	–	792,200	–	0.17%	–
RAD	New	RITE AID CORP	$1,298,000	–	750,000	–	0.12%	–
OSG	New	OVERSEAS SHIPHOLDING GROUP Icl a new	$1,256,000	–	323,705	–	0.12%	–
GDX	New	VANECK VECTORS ETF TRgold miners etf	$1,116,000	–	50,000	–	0.10%	–
ANY	New	SPHERE 3D CORP NEW	$1,006,000	–	2,164,940	–	0.09%	–
LEN	New	LENNAR CORPcl a	$356,000	–	6,780	–	0.03%	–
MBI	New	MBIA INC	$98,000	–	881,753	–	0.01%	–

Q4 2017

			Value		Shares		↓ Weighting
EGLTQ	Exit	EGALET CORP	$0	–	-200,000	–	-0.03%	–
OSG	Exit	OVERSEAS SHIPHOLDING GROUP Icl a new	$0	–	-323,705	–	-0.11%	–
ANY	Exit	SPHERE 3D CORP NEW	$0	–	-609,215	–	-0.17%	–
LSXMA	Exit	LIBERTY MEDIA CORP DELAWARE	$0	–	-60,000	–	-0.33%	–
APLP	Exit	ARCHROCK PARTNERS L P	$0	–	-503,821	–	-0.93%	–
HOSSQ	Exit	HORNBECK OFFSHORE SVCS INC N	$0	–	-3,584,219	–	-1.88%	–
CRCQQ	Exit	CALIFORNIA RES CORP	$0	–	-1,478,231	–	-2.00%	–
CYH	Exit	COMMUNITY HEALTH SYS INC NEW	$0	–	-2,896,242	–	-2.88%	–
CMFN	Exit	CM FIN INC	$0	–	-3,818,186	–	-4.63%	–
AAL	Exit	AMERICAN AIRLS GROUP INC	$0	–	-1,500,000	–	-9.23%	–
INSW	Exit	INTERNATIONAL SEAWAYS INC	$0	–	-4,003,576	–	-10.22%	–
UAL	Exit	UNITED CONTL HLDGS INC	$0	–	-2,646,622	–	-20.88%	–
DAL	Exit	DELTA AIR LINES INC DEL	$0	–	-3,594,634	–	-22.46%	–
ALLY	Exit	ALLY FINL INC	$0	–	-7,712,927	–	-24.25%	–

Q3 2017

			Value		Shares		↓ Weighting
ALLY	Sell	ALLY FINL INC	$187,116,000	-1.6%	7,712,927	-15.3%	24.25%	+3.2%
DAL	New	DELTA AIR LINES INC DEL	$173,333,000	–	3,594,634	–	22.46%	–
UAL	Buy	UNITED CONTL HLDGS INC	$161,126,000	-11.6%	2,646,622	+9.3%	20.88%	-7.2%
CYH	Buy	COMMUNITY HEALTH SYS INC NEW	$22,243,000	-20.5%	2,896,242	+3.0%	2.88%	-16.7%
CRCQQ	Buy	CALIFORNIA RES CORP	$15,462,000	+26.4%	1,478,231	+3.4%	2.00%	+32.6%
APLP	Buy	ARCHROCK PARTNERS L P	$7,184,000	+636.1%	503,821	+669.6%	0.93%	+669.4%
LSXMA	New	LIBERTY MEDIA CORP DELAWARE	$2,514,000	–	60,000	–	0.33%	–
ANY	New	SPHERE 3D CORP NEW	$1,346,000	–	609,215	–	0.17%	–
EGLTQ	New	EGALET CORP	$256,000	–	200,000	–	0.03%	–
SUPV	Exit	GRUPO SUPERVIELLE S Asponsored adr	$0	–	-36,258	–	-0.08%	–
SHLDQ	Exit	SEARS HLDGS CORP	$0	–	-115,000	–	-0.13%	–
SDS	Exit	PROSHARES TR	$0	–	-100,000	–	-0.16%	–
HPE	Exit	HEWLETT PACKARD ENTERPRISE C	$0	–	-100,000	–	-0.20%	–
GSAT	Exit	GLOBALSTAR INC	$0	–	-839,402	–	-0.22%	–
INTEQ	Exit	INTELSAT S A	$0	–	-738,682	–	-0.28%	–
ANY	Exit	SPHERE 3D CORP NEW	$0	–	-15,230,440	–	-0.36%	–
DAL	Exit	DELTA AIR LINES INC DEL	$0	–	-3,215,205	–	-21.35%	–

Q2 2017

			Value		Shares		↓ Weighting
ALLY	New	ALLY FINL INC	$190,243,000	–	9,102,545	–	23.50%	–
UAL	New	UNITED CONTL HLDGS INC	$182,219,000	–	2,421,517	–	22.51%	–
DAL	New	DELTA AIR LINES INC DEL	$172,785,000	–	3,215,205	–	21.35%	–
INSW	New	INTERNATIONAL SEAWAYS INC	$86,757,000	–	4,003,576	–	10.72%	–
AAL	New	AMERICAN AIRLS GROUP INC	$75,480,000	–	1,500,000	–	9.32%	–
CMFN	New	CM FIN INC	$38,182,000	–	3,818,186	–	4.72%	–
CYH	New	COMMUNITY HEALTH SYS INC NEW	$27,995,000	–	2,810,742	–	3.46%	–
CRCQQ	New	CALIFORNIA RES CORP	$12,228,000	–	1,430,231	–	1.51%	–
HOSSQ	New	HORNBECK OFFSHORE SVCS INC N	$10,143,000	–	3,584,219	–	1.25%	–
ANY	New	SPHERE 3D CORP NEW	$2,939,000	–	15,230,440	–	0.36%	–
INTEQ	New	INTELSAT S A	$2,260,000	–	738,682	–	0.28%	–
GSAT	New	GLOBALSTAR INC	$1,788,000	–	839,402	–	0.22%	–
HPE	New	HEWLETT PACKARD ENTERPRISE C	$1,659,000	–	100,000	–	0.20%	–
SDS	New	PROSHARES TR	$1,268,000	–	100,000	–	0.16%	–
SHLDQ	New	SEARS HLDGS CORP	$1,019,000	–	115,000	–	0.13%	–
APLP	New	ARCHROCK PARTNERS L P	$976,000	–	65,468	–	0.12%	–
OSG	New	OVERSEAS SHIPHOLDING GROUP Icl a new	$861,000	–	323,705	–	0.11%	–
SUPV	New	GRUPO SUPERVIELLE S Asponsored adr	$656,000	–	36,258	–	0.08%	–

Q4 2016

			Value		Shares		↓ Weighting
SPY	Exit	SPDR S&P 500 ETF TRput	$0	–	-100,000	–	-0.00%	–
CMLS	Exit	CUMULUS MEDIA INCcl a	$0	–	-400,000	–	-0.01%	–
SVU	Exit	SUPERVALU INC	$0	–	-50,000	–	-0.02%	–
PAH	Exit	PLATFORM SPECIALTY PRODS COR	$0	–	-50,000	–	-0.04%	–
LMT	Exit	LOCKHEED MARTIN CORP	$0	–	-5,000	–	-0.10%	–
OSG	Exit	OVERSEAS SHIPHOLDING GROUP Icl a new	$0	–	-323,705	–	-0.29%	–
ANY	Exit	SPHERE 3D CORP NEW	$0	–	-7,717,389	–	-0.31%	–
PARR	Exit	PAR PACIFIC HOLDINGS INC	$0	–	-302,582	–	-0.34%	–
	Exit	COBALT INTL ENERGY INCnote 2.625%12/0	$0	–	-8,436,000	–	-0.36%	–
INTEQ	Exit	INTELSAT S A	$0	–	-1,621,812	–	-0.37%	–
	Exit	CHENIERE ENERGY INCnote 4.250% 3/1	$0	–	-7,500,000	–	-0.40%	–
HOSSQ	Exit	HORNBECK OFFSHORE SVCS INC N	$0	–	-938,819	–	-0.44%	–
	Exit	CHESAPEAKE ENERGY CORPnote 2.500% 5/1	$0	–	-6,598,000	–	-0.56%	–
	Exit	HORNBECK OFFSHORE SVCS INC Nnote 1.500% 9/0	$0	–	-13,026,000	–	-0.63%	–
CMFN	Exit	CM FIN INC	$0	–	-3,818,186	–	-2.96%	–
UAL	Exit	UNITED CONTL HLDGS INC	$0	–	-823,635	–	-3.68%	–
DAL	Exit	DELTA AIR LINES INC DEL	$0	–	-2,580,679	–	-8.65%	–
	Exit	COBALT INTL ENERGY INCnote 3.125% 5/1	$0	–	-282,950,000	–	-9.15%	–
ALLY	Exit	ALLY FINL INC	$0	–	-7,151,704	–	-11.85%	–
AAL	Exit	AMERICAN AIRLS GROUP INC	$0	–	-3,835,890	–	-11.96%	–
VA	Exit	VIRGIN AMER INC	$0	–	-10,509,208	–	-47.87%	–

Q3 2016

			Value		Shares		↓ Weighting
DAL	Buy	DELTA AIR LINES INC DEL	$101,576,000	+37.8%	2,580,679	+27.5%	8.65%	+24.1%
UAL	Buy	UNITED CONTL HLDGS INC	$43,216,000	+1216.4%	823,635	+929.5%	3.68%	+1086.8%
	New	HORNBECK OFFSHORE SVCS INC Nnote 1.500% 9/0	$7,425,000	–	13,026,000	–	0.63%	–
	Sell	CHESAPEAKE ENERGY CORPnote 2.500% 5/1	$6,540,000	-36.1%	6,598,000	-40.0%	0.56%	-42.4%
HOSSQ	New	HORNBECK OFFSHORE SVCS INC N	$5,164,000	–	938,819	–	0.44%	–
	New	CHENIERE ENERGY INCnote 4.250% 3/1	$4,758,000	–	7,500,000	–	0.40%	–
INTEQ	Buy	INTELSAT S A	$4,395,000	+9.2%	1,621,812	+3.9%	0.37%	-1.6%
PARR	New	PAR PACIFIC HOLDINGS INC	$3,958,000	–	302,582	–	0.34%	–
LMT	New	LOCKHEED MARTIN CORP	$1,199,000	–	5,000	–	0.10%	–
PAH	New	PLATFORM SPECIALTY PRODS COR	$406,000	–	50,000	–	0.04%	–
SVU	New	SUPERVALU INC	$250,000	–	50,000	–	0.02%	–
CMLS	Sell	CUMULUS MEDIA INCcl a	$132,000	-46.8%	400,000	-50.0%	0.01%	-52.2%
SPY	New	SPDR S&P 500 ETF TRput	$37,000	–	100,000	–	0.00%	–
UVXY	Exit	PROSHARES TR IIult vix shrt	$0	–	-40,000	–	-0.04%	–
XCO	Exit	EXCO RESOURCES INC	$0	–	-518,766	–	-0.06%	–
TBT	Exit	PROSHARES TR	$0	–	-25,000	–	-0.08%	–
SRG	Exit	SERITAGE GROWTH PPTYScl a	$0	–	-70,000	–	-0.33%	–

Q2 2016

			Value		Shares		↓ Weighting
VA	New	VIRGIN AMER INC	$590,723,000	–	10,509,208	–	55.81%	–
ALLY	New	ALLY FINL INC	$122,080,000	–	7,151,704	–	11.53%	–
AAL	New	AMERICAN AIRLS GROUP INC	$108,594,000	–	3,835,890	–	10.26%	–
	New	COBALT INTL ENERGY INCnote 3.125% 5/1	$93,374,000	–	282,950,000	–	8.82%	–
DAL	New	DELTA AIR LINES INC DEL	$73,723,000	–	2,023,679	–	6.96%	–
CMFN	New	CM FIN INC	$33,905,000	–	3,818,186	–	3.20%	–
	New	CHESAPEAKE ENERGY CORPnote 2.500% 5/1	$10,230,000	–	11,000,000	–	0.97%	–
ANY	New	SPHERE 3D CORP NEW	$6,174,000	–	7,717,389	–	0.58%	–
INTEQ	New	INTELSAT S A	$4,026,000	–	1,560,633	–	0.38%	–
OSG	New	OVERSEAS SHIPHOLDING GROUP Icl a new	$3,558,000	–	323,705	–	0.34%	–
SRG	New	SERITAGE GROWTH PPTYScl a	$3,489,000	–	70,000	–	0.33%	–
UAL	New	UNITED CONTL HLDGS INC	$3,283,000	–	80,000	–	0.31%	–
	New	COBALT INTL ENERGY INCnote 2.625%12/0	$3,164,000	–	8,436,000	–	0.30%	–
TBT	New	PROSHARES TR	$792,000	–	25,000	–	0.08%	–
XCO	New	EXCO RESOURCES INC	$674,000	–	518,766	–	0.06%	–
UVXY	New	PROSHARES TR IIult vix shrt	$377,000	–	40,000	–	0.04%	–
CMLS	New	CUMULUS MEDIA INCcl a	$248,000	–	800,000	–	0.02%	–

Q4 2015

			Value		Shares		↓ Weighting
HELI	Exit	CHC GROUP LTD	$0	–	-90,181	–	-0.01%	–
GDX	Exit	MARKET VECTORS ETF TRgold miner etf	$0	–	-50,000	–	-0.07%	–
IRS	Exit	IRSA INVERSIONES Y REP S Aglobl dep rcpt	$0	–	-160,000	–	-0.25%	–
XCO	Exit	EXCO RESOURCES INC	$0	–	-8,539,027	–	-0.68%	–
INTEQ	Exit	INTELSAT S A	$0	–	-1,560,633	–	-1.07%	–
ANY	Exit	SPHERE 3D CORP NEW	$0	–	-6,097,087	–	-1.37%	–
SALT	Exit	SCORPIO BULKERS INC	$0	–	-12,000,000	–	-1.87%	–
CRC	Exit	CALIFORNIA RES CORP	$0	–	-12,212,147	–	-3.39%	–
CMFN	Exit	CM FIN INC	$0	–	-3,818,186	–	-4.17%	–
SPB	Exit	SPECTRUM BRANDS HLDGS INC	$0	–	-572,013	–	-5.58%	–
AAL	Exit	AMERICAN AIRLS GROUP INC	$0	–	-1,665,506	–	-6.90%	–
	Exit	COBALT INTL ENERGY INCnote 3.125% 5/1	$0	–	-117,050,000	–	-7.87%	–
ALLY	Exit	ALLY FINL INC	$0	–	-5,059,919	–	-11.00%	–
DAL	Exit	DELTA AIR LINES INC DEL	$0	–	-3,636,731	–	-17.40%	–
VA	Exit	VIRGIN AMER INC	$0	–	-10,509,208	–	-38.37%	–

Q3 2015

			Value		Shares		↓ Weighting
DAL	Buy	DELTA AIR LINES INC DEL	$163,180,000	+165.1%	3,636,731	+142.8%	17.40%	+207.9%
ALLY	Sell	ALLY FINL INC	$103,121,000	-44.9%	5,059,919	-39.4%	11.00%	-36.0%
	New	COBALT INTL ENERGY INCnote 3.125% 5/1	$73,742,000	–	117,050,000	–	7.87%	–
AAL	Sell	AMERICAN AIRLS GROUP INC	$64,672,000	-51.7%	1,665,506	-50.3%	6.90%	-43.9%
SPB	Sell	SPECTRUM BRANDS HLDGS INC	$52,345,000	-36.9%	572,013	-29.7%	5.58%	-26.8%
GDX	New	MARKET VECTORS ETF TRgold miner etf	$687,000	–	50,000	–	0.07%	–
HELI	New	CHC GROUP LTD	$54,000	–	90,181	–	0.01%	–
OMG	Exit	OM GROUP INCcall	$0	–	-30,000	–	0.00%	–
CLF	Exit	CLIFFS NAT RES INCput	$0	–	-440,000	–	-0.00%	–
ZQKSQ	Exit	QUIKSILVER INC	$0	–	-279,900	–	-0.02%	–
SHLDQ	Exit	SEARS HLDGS CORP	$0	–	-125,000	–	-0.31%	–
LBTYA	Exit	LIBERTY GLOBAL PLC	$0	–	-481,650	–	-2.39%	–
	Exit	COBALT INTL ENERGY INCnote 3.125% 5/1	$0	–	-50,739,000	–	-3.38%	–
LBTYK	Exit	LIBERTY GLOBAL PLC	$0	–	-1,249,700	–	-5.81%	–

Q2 2015

			Value		Shares		↓ Weighting
VA	New	VIRGIN AMER INC	$288,793,000	–	10,509,208	–	26.52%	–
ALLY	New	ALLY FINL INC	$187,160,000	–	8,344,204	–	17.19%	–
AAL	New	AMERICAN AIRLS GROUP INC	$133,942,000	–	3,354,008	–	12.30%	–
SPB	New	SPECTRUM BRANDS HLDGS INC	$83,021,000	–	814,013	–	7.62%	–
CRC	New	CALIFORNIA RES CORP	$73,761,000	–	12,212,147	–	6.78%	–
LBTYK	New	LIBERTY GLOBAL PLC	$63,272,000	–	1,249,700	–	5.81%	–
DAL	New	DELTA AIR LINES INC DEL	$61,543,000	–	1,498,114	–	5.65%	–
CMFN	New	CM FIN INC	$51,966,000	–	3,818,186	–	4.77%	–
	New	COBALT INTL ENERGY INCnote 3.125% 5/1	$36,818,000	–	50,739,000	–	3.38%	–
ANY	New	SPHERE 3D CORP NEW	$30,912,000	–	6,097,087	–	2.84%	–
LBTYA	New	LIBERTY GLOBAL PLC	$26,043,000	–	481,650	–	2.39%	–
SALT	New	SCORPIO BULKERS INC	$19,560,000	–	12,000,000	–	1.80%	–
INTEQ	New	INTELSAT S A	$15,481,000	–	1,560,633	–	1.42%	–
XCO	New	EXCO RESOURCES INC	$10,076,000	–	8,539,027	–	0.92%	–
SHLDQ	New	SEARS HLDGS CORP	$3,338,000	–	125,000	–	0.31%	–
IRS	New	IRSA INVERSIONES Y REP S Aglobl dep rcpt	$2,872,000	–	160,000	–	0.26%	–
ZQKSQ	New	QUIKSILVER INC	$186,000	–	279,900	–	0.02%	–
CLF	New	CLIFFS NAT RES INCput	$7,000	–	440,000	–	0.00%	–
OMG	New	OM GROUP INCcall	$4,000	–	30,000	–	0.00%	–

Q4 2014

			Value		Shares		↓ Weighting
QUAD	Exit	QUAD / GRAPHICS INC	$0	–	-14,844	–	-0.04%	–
BTU	Exit	PEABODY ENERGY CORP	$0	–	-48,500	–	-0.08%	–
MD	Exit	MEDNAX INCput	$0	–	-19,000	–	-0.22%	–
EWZ	Exit	ISHARESmsci brz cap etf	$0	–	-49,800	–	-0.29%	–
SHLDQ	Exit	SEARS HLDGS CORP	$0	–	-529,773	–	-1.78%	–
CLF	Exit	CLIFFS NAT RES INCput	$0	–	-36,694	–	-2.29%	–
JBLU	Exit	JETBLUE AIRWAYS CORP	$0	–	-2,078,036	–	-2.94%	–
AAL	Exit	AMERICAN AIRLS GROUP INC	$0	–	-676,562	–	-3.20%	–
XCO	Exit	EXCO RESOURCES INC	$0	–	-8,539,027	–	-3.80%	–
OVRL	Exit	OVERLAND STORAGE INC	$0	–	-11,048,046	–	-4.79%	–
LBTYA	Exit	LIBERTY GLOBAL PLC	$0	–	-850,000	–	-4.82%	–
CHMT	Exit	CHEMTURA CORP	$0	–	-2,089,464	–	-6.50%	–
LBTYK	Exit	LIBERTY GLOBAL PLC	$0	–	-1,249,700	–	-6.84%	–
ALLY	Exit	ALLY FINL INC	$0	–	-2,579,600	–	-7.96%	–
CIT	Exit	CIT GROUP INC	$0	–	-1,584,088	–	-9.71%	–
AIG	Exit	AMERICAN INTL GROUP INC	$0	–	-1,880,000	–	-13.55%	–
DAL	Exit	DELTA AIR LINES INC DEL	$0	–	-3,169,069	–	-15.28%	–
SPB	Exit	SPECTRUM BRANDS HLDGS INC	$0	–	-1,316,840	–	-15.90%	–

Q3 2014

			Value		Shares		↓ Weighting
DAL	Buy	DELTA AIR LINES INC DEL	$114,562,000	+11.9%	3,169,069	+19.9%	15.28%	+56.2%
AIG	Sell	AMERICAN INTL GROUP INC	$101,558,000	-25.7%	1,880,000	-25.0%	13.55%	+3.7%
ALLY	Sell	ALLY FINL INC	$59,692,000	-4.2%	2,579,600	-1.0%	7.96%	+33.8%
LBTYA	Sell	LIBERTY GLOBAL PLC	$36,159,000	-9.1%	850,000	-5.6%	4.82%	+26.8%
OVRL	Buy	OVERLAND STORAGE INC	$35,906,000	-33.0%	11,048,046	+0.0%	4.79%	-6.5%
AAL	Sell	AMERICAN AIRLS GROUP INC	$24,004,000	-81.2%	676,562	-77.2%	3.20%	-73.7%
JBLU	Sell	JETBLUE AIRWAYS CORP	$22,069,000	-83.0%	2,078,036	-82.7%	2.94%	-76.3%
CLF	Sell	CLIFFS NAT RES INCput	$17,175,000	+142.6%	36,694	-96.2%	2.29%	+238.4%
EWZ	New	ISHARESmsci brz cap etf	$2,164,000	–	49,800	–	0.29%	–
MD	Sell	MEDNAX INCput	$1,663,000	+150.1%	19,000	-99.0%	0.22%	+246.9%
BTU	New	PEABODY ENERGY CORP	$600,000	–	48,500	–	0.08%	–
QUAD	New	QUAD / GRAPHICS INC	$286,000	–	14,844	–	0.04%	–
GCVRZ	Exit	SANOFIright 12/31/2020	$0	–	-200,000	–	-0.01%	–
PSQ	Exit	PROSHARES TR	$0	–	-25,000	–	-0.04%	–
T104PS	Exit	AMERICAN RLTY CAP PPTYS INC	$0	–	-60,700	–	-0.07%	–
RCAPQ	Exit	RCS CAP CORP	$0	–	-166,200	–	-0.34%	–
CCI	Exit	CROWN CASTLE INTL CORP	$0	–	-51,624	–	-0.37%	–
	Exit	YRC WORLDWIDE INCnote 10.000% 3/3	$0	–	-13,007,974	–	-1.26%	–

Q2 2014

			Value		Shares		↓ Weighting
AIG	New	AMERICAN INTL GROUP INC	$136,723,000	–	2,505,000	–	13.06%	–
JBLU	New	JETBLUE AIRWAYS CORP	$130,200,000	–	12,000,000	–	12.44%	–
AAL	New	AMERICAN AIRLS GROUP INC	$127,379,000	–	2,965,062	–	12.17%	–
SPB	New	SPECTRUM BRANDS HLDGS INC	$113,288,000	–	1,316,840	–	10.82%	–
DAL	New	DELTA AIR LINES INC DEL	$102,378,000	–	2,644,069	–	9.78%	–
CIT	New	CIT GROUP INC	$72,488,000	–	1,584,088	–	6.93%	–
ALLY	New	ALLY FINL INC	$62,286,000	–	2,605,000	–	5.95%	–
CHMT	New	CHEMTURA CORP	$54,598,000	–	2,089,464	–	5.22%	–
OVRL	New	OVERLAND STORAGE INC	$53,583,000	–	11,048,045	–	5.12%	–
LBTYK	New	LIBERTY GLOBAL PLC	$52,875,000	–	1,249,700	–	5.05%	–
XCO	New	EXCO RESOURCES INC	$50,295,000	–	8,539,027	–	4.81%	–
LBTYA	New	LIBERTY GLOBAL PLC	$39,798,000	–	900,000	–	3.80%	–
SHLDQ	New	SEARS HLDGS CORP	$21,170,000	–	529,773	–	2.02%	–
	New	YRC WORLDWIDE INCnote 10.000% 3/3	$13,138,000	–	13,007,974	–	1.26%	–
CLF	New	CLIFFS NAT RES INCput	$7,081,000	–	969,400	–	0.68%	–
CCI	New	CROWN CASTLE INTL CORP	$3,834,000	–	51,624	–	0.37%	–
RCAPQ	New	RCS CAP CORP	$3,528,000	–	166,200	–	0.34%	–
T104PS	New	AMERICAN RLTY CAP PPTYS INC	$761,000	–	60,700	–	0.07%	–
MD	New	MEDNAX INCput	$665,000	–	1,900,000	–	0.06%	–
PSQ	New	PROSHARES TR	$418,000	–	25,000	–	0.04%	–
GCVRZ	New	SANOFIright 12/31/2020	$100,000	–	200,000	–	0.01%	–

Q4 2013

			Value		Shares		↓ Weighting
OVRL	Exit	OVERLAND STORAGE INC	$0	–	-315,614	–	-0.05%	–
AMBC	Exit	AMBAC FINL GROUP INC	$0	–	-25,000	–	-0.08%	–
ENDRQ	Exit	ENDEAVOUR INTL CORP	$0	–	-158,734	–	-0.14%	–
AGO	Exit	ASSURED GUARANTY LTD	$0	–	-80,613	–	-0.25%	–
YRCW	Exit	YRC WORLDWIDE INC	$0	–	-527,068	–	-1.47%	–
CUBI	Exit	CUSTOMERS BANCORP INC	$0	–	-600,000	–	-1.60%	–
	Exit	YRC WORLDWIDE INCnote 10.000% 3/3	$0	–	-12,385,272	–	-1.84%	–
INTEQ	Exit	INTELSAT S A	$0	–	-878,700	–	-3.49%	–
XCO	Exit	EXCO RESOURCES INC	$0	–	-6,831,223	–	-7.62%	–
VC	Exit	VISTEON CORP	$0	–	-648,726	–	-8.12%	–
CIT	Exit	CIT GROUP INC	$0	–	-1,634,088	–	-13.18%	–
CHMT	Exit	CHEMTURA CORP	$0	–	-3,716,390	–	-14.13%	–
SPB	Exit	SPECTRUM BRANDS HLDGS INC	$0	–	-1,458,240	–	-15.88%	–
DAL	Exit	DELTA AIR LINES INC DEL	$0	–	-4,105,000	–	-16.02%	–
AIG	Exit	AMERICAN INTL GROUP INC	$0	–	-2,005,000	–	-16.13%	–

Q3 2013

			Value		Shares		↓ Weighting
SPB	Buy	SPECTRUM BRANDS HLDGS INC	$96,011,000	+28.2%	1,458,240	+10.7%	15.88%	+0.9%
VC	New	VISTEON CORP	$49,070,000	–	648,726	–	8.12%	–
INTEQ	New	INTELSAT S A	$21,089,000	–	878,700	–	3.49%	–
	Buy	YRC WORLDWIDE INCnote 10.000% 3/3	$11,146,000	+7.3%	12,385,272	+5.0%	1.84%	-15.5%
AGO	New	ASSURED GUARANTY LTD	$1,511,000	–	80,613	–	0.25%	–
ENDRQ	Sell	ENDEAVOUR INTL CORP	$851,000	-89.3%	158,734	-92.4%	0.14%	-91.6%
AMBC	New	AMBAC FINL GROUP INC	$454,000	–	25,000	–	0.08%	–
TIVO	Exit	TIVO INC	$0	–	-25,000	–	-0.05%	–
SEE	Exit	SEALED AIR CORP NEW	$0	–	-60,000	–	-0.30%	–
DECK	Exit	DECKERS OUTDOOR CORP	$0	–	-30,000	–	-0.32%	–
WNC	Exit	WABASH NATL CORP	$0	–	-167,841	–	-0.36%	–
WY	Exit	WEYERHAEUSER CO	$0	–	-75,000	–	-0.45%	–
RTK	Exit	RENTECH INC	$0	–	-1,116,684	–	-0.49%	–
BGCP	Exit	BGC PARTNERS INCcl a	$0	–	-476,268	–	-0.59%	–
OPAY	Exit	OFFICIAL PMTS HLDGS INC	$0	–	-438,523	–	-0.63%	–
PGEM	Exit	PLY GEM HLDGS INC	$0	–	-160,000	–	-0.68%	–
FL	Exit	FOOT LOCKER INC	$0	–	-95,000	–	-0.70%	–
4107PS	Exit	MEADWESTVACO CORP	$0	–	-131,500	–	-0.94%	–
HSH	Exit	HILLSHIRE BRANDS CO	$0	–	-150,000	–	-1.04%	–
MIC	Exit	MACQUARIE INFRASTR CO LLCmembership int	$0	–	-150,000	–	-1.68%	–
FCNCA	Exit	FIRST CTZNS BANCSHARES INC Ncl a	$0	–	-73,884	–	-2.98%	–

Q2 2013

			Value		Shares		↓ Weighting
DAL	New	DELTA AIR LINES INC DEL	$76,805,000	–	4,105,000	–	16.14%	–
CIT	New	CIT GROUP INC	$76,197,000	–	1,634,088	–	16.02%	–
CHMT	New	CHEMTURA CORP	$75,443,000	–	3,716,390	–	15.86%	–
SPB	New	SPECTRUM BRANDS HLDGS INC	$74,907,000	–	1,317,167	–	15.75%	–
XCO	New	EXCO RESOURCES INC	$52,191,000	–	6,831,223	–	10.97%	–
AIG	New	AMERICAN INTL GROUP INC	$23,172,000	–	2,005,000	–	4.87%	–
YRCW	New	YRC WORLDWIDE INC	$15,153,000	–	527,068	–	3.18%	–
FCNCA	New	FIRST CTZNS BANCSHARES INC Ncl a	$14,190,000	–	73,884	–	2.98%	–
	New	YRC WORLDWIDE INCnote 10.000% 3/3	$10,383,000	–	11,798,618	–	2.18%	–
CUBI	New	CUSTOMERS BANCORP INC	$9,751,000	–	600,000	–	2.05%	–
MIC	New	MACQUARIE INFRASTR CO LLCmembership int	$8,018,000	–	150,000	–	1.68%	–
ENDRQ	New	ENDEAVOUR INTL CORP	$7,968,000	–	2,075,614	–	1.68%	–
HSH	New	HILLSHIRE BRANDS CO	$4,962,000	–	150,000	–	1.04%	–
4107PS	New	MEADWESTVACO CORP	$4,485,000	–	131,500	–	0.94%	–
FL	New	FOOT LOCKER INC	$3,337,000	–	95,000	–	0.70%	–
PGEM	New	PLY GEM HLDGS INC	$3,210,000	–	160,000	–	0.68%	–
OPAY	New	OFFICIAL PMTS HLDGS INC	$3,004,000	–	438,523	–	0.63%	–
BGCP	New	BGC PARTNERS INCcl a	$2,805,000	–	476,268	–	0.59%	–
RTK	New	RENTECH INC	$2,345,000	–	1,116,684	–	0.49%	–
WY	New	WEYERHAEUSER CO	$2,137,000	–	75,000	–	0.45%	–
WNC	New	WABASH NATL CORP	$1,708,000	–	167,841	–	0.36%	–
DECK	New	DECKERS OUTDOOR CORP	$1,515,000	–	30,000	–	0.32%	–
SEE	New	SEALED AIR CORP NEW	$1,437,000	–	60,000	–	0.30%	–
OVRL	New	OVERLAND STORAGE INC	$360,000	–	315,614	–	0.08%	–
TIVO	New	TIVO INC	$252,000	–	25,000	–	0.05%	–

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