Knighthead Capital Management, LLC Activity Q4 2010-Q3 2023

Q3 2023

			Value		Shares		↓ Weighting
SPY	Sell	SPDR S&P 500 ETF TRput	$427,480,000	-51.8%	1,000,000	-50.0%	13.66%	-25.3%
IWM	Buy	ISHARES TRput	$265,110,000	+41.6%	1,500,000	+50.0%	8.47%	+119.4%
	New	WHEELS UP EXPERIENCE INC	$125,365,413	–	60,563,002	–	4.01%	–
	Sell	COINBASE GLOBAL INCnote 0.500% 6/0	$17,507,745	-66.4%	23,325,000	-66.3%	0.56%	-47.8%
	New	DISH NETWORK CORPORATIONnote 3.375% 8/1	$6,010,000	–	10,000,000	–	0.19%	–
	Buy	BRAEMAR HOTELS & RESORTS INCnote 4.500% 6/0	$5,499,000	+19.9%	6,500,000	+30.0%	0.18%	+85.3%
	New	ATI PHYSICAL THERAPY INC	$2,291,196	–	258,600	–	0.07%	–
	Exit	WEWORK INcl a	$0	–	-1,822,500	–	-0.01%	–
ATIP	Exit	ATI PHYSICAL THERAPY INC	$0	–	-258,600	–	-0.05%	–
BHR	Exit	BRAEMAR HOTELS & RESORTS INC	$0	–	-1,498,937	–	-0.12%	–
SABR	Exit	SABRE CORPcall	$0	–	-4,000,000	–	-0.26%	–
IWM	Exit	ISHARES TRcall	$0	–	-500,000	–	-1.93%	–
SPY	Exit	SPDR S&P 500 ETF TRcall	$0	–	-500,000	–	-4.57%	–

Q2 2023

			Value		Shares		↓ Weighting
HTZZ	New	HERTZ GLOBAL HLDGS INC	$3,336,966,075	–	181,455,469	–	68.81%	–
SPY	New	SPDR S&P 500 ETF TRput	$886,560,000	–	2,000,000	–	18.28%	–
SPY	New	SPDR S&P 500 ETF TRcall	$221,640,000	–	500,000	–	4.57%	–
IWM	New	ISHARES TRput	$187,270,000	–	1,000,000	–	3.86%	–
IWM	New	ISHARES TRcall	$93,635,000	–	500,000	–	1.93%	–
	New	COINBASE GLOBAL INCnote 0.500% 6/0	$52,055,017	–	69,275,000	–	1.07%	–
GB	New	GLOBAL BLUE GROUP HOLDING AG	$45,320,409	–	9,286,969	–	0.94%	–
SABR	New	SABRE CORPcall	$12,760,000	–	4,000,000	–	0.26%	–
BHR	New	BRAEMAR HOTELS & RESORTS INC	$6,025,727	–	1,498,937	–	0.12%	–
	New	BRAEMAR HOTELS & RESORTS INCnote 4.500% 6/0	$4,584,560	–	5,000,000	–	0.10%	–
ATIP	New	ATI PHYSICAL THERAPY INC	$2,366,190	–	258,600	–	0.05%	–
	New	WEWORK INcl a	$465,466	–	1,822,500	–	0.01%	–

Q4 2022

			Value		Shares		↓ Weighting
	Exit	BRAEMAR HOTELS & RESORTS INCnote 4.500% 6/0	$0	–	-5,000,000	–	-0.12%	–
BHR	Exit	BRAEMAR HOTELS & RESORTS INC	$0	–	-1,498,937	–	-0.16%	–
ATIP	Exit	ATI PHYSICAL THERAPY INC	$0	–	-10,765,559	–	-0.27%	–
	Exit	COINBASE GLOBAL INCnote 0.500% 6/0	$0	–	-21,500,000	–	-0.35%	–
SABR	Exit	SABRE CORPcall	$0	–	-4,500,000	–	-0.58%	–
ALIT	Exit	ALIGHT INC	$0	–	-3,301,707	–	-0.61%	–
GB	Exit	GLOBAL BLUE GROUP HOLDING AG	$0	–	-5,470,175	–	-0.64%	–
SABR	Exit	SABRE CORP	$0	–	-7,489,151	–	-0.97%	–
XLU	Exit	SELECT SECTOR SPDR TRput	$0	–	-1,000,000	–	-1.65%	–
EFA	Exit	ISHARES TRput	$0	–	-2,000,000	–	-2.82%	–
IWM	Exit	ISHARES TRput	$0	–	-1,000,000	–	-4.14%	–
HYG	Exit	ISHARES TRput	$0	–	-2,500,000	–	-4.48%	–
SPY	Exit	SPDR S&P 500 ETF TRput	$0	–	-1,000,000	–	-8.98%	–
HTZZ	Exit	HERTZ GLOBAL HLDGS INC	$0	–	-181,455,469	–	-74.23%	–

Q3 2022

			Value		Shares		↓ Weighting
SPY	Sell	SPDR S&P 500 ETF TRput	$357,180,000	-82.8%	1,000,000	-81.8%	8.98%	-76.6%
IWM	New	ISHARES TRput	$164,920,000	–	1,000,000	–	4.14%	–
EFA	New	ISHARES TRput	$112,020,000	–	2,000,000	–	2.82%	–
XLU	New	SELECT SECTOR SPDR TRput	$65,510,000	–	1,000,000	–	1.65%	–
GB	Buy	GLOBAL BLUE GROUP HOLDING AG	$25,327,000	+7.9%	5,470,175	+14.7%	0.64%	+46.5%
SABR	Sell	SABRE CORPcall	$23,175,000	-50.3%	4,500,000	-43.8%	0.58%	-32.6%
ATIP	Buy	ATI PHYSICAL THERAPY INC	$10,766,000	-7.3%	10,765,559	+30.7%	0.27%	+26.0%
PCG	Exit	PG&E CORP	$0	–	-300	–	0.00%	–
UBER	Exit	UBER TECHNOLOGIES INCcall	$0	–	-100,000	–	-0.04%	–
TCOM	Exit	TRIP COM GROUP LTDcall	$0	–	-3,500,000	–	-1.78%	–

Q2 2022

			Value		Shares		↓ Weighting
HTZZ	New	HERTZ GLOBAL HLDGS INC	$2,874,255,000	–	181,455,469	–	53.20%	–
SPY	New	SPDR S&P 500 ETF TRput	$2,074,875,000	–	5,500,000	–	38.41%	–
HYG	New	ISHARES TRput	$184,025,000	–	2,500,000	–	3.41%	–
TCOM	New	TRIP COM GROUP LTDcall	$96,075,000	–	3,500,000	–	1.78%	–
SABR	New	SABRE CORPcall	$46,640,000	–	8,000,000	–	0.86%	–
SABR	New	SABRE CORP	$43,662,000	–	7,489,151	–	0.81%	–
GB	New	GLOBAL BLUE GROUP HOLDING AG	$23,473,000	–	4,770,992	–	0.43%	–
ALIT	New	ALIGHT INC	$22,287,000	–	3,301,707	–	0.41%	–
	New	COINBASE GLOBAL INCnote 0.500% 6/01/2026	$12,029,000	–	21,500,000	–	0.22%	–
ATIP	New	ATI PHYSICAL THERAPY INC	$11,618,000	–	8,239,642	–	0.22%	–
BHR	New	BRAEMAR HOTELS & RESORTS INC	$6,430,000	–	1,498,937	–	0.12%	–
	New	BRAEMAR HOTELS & RESORTS INCnote 4.500% 6/01/2026	$5,055,000	–	5,000,000	–	0.09%	–
UBER	New	UBER TECHNOLOGIES INCcall	$2,046,000	–	100,000	–	0.04%	–
PCG	New	PG&E CORP	$3,000	–	300	–	0.00%	–

Q4 2021

			Value		Shares		↓ Weighting
BHR	Exit	BRAEMAR HOTELS & RESORTS INC	$0	–	-774,649	–	-0.23%	–
BABA	Exit	ALIBABA GROUP HLDG LTDsponsored ads	$0	–	-28,500	–	-0.25%	–
GEL	Exit	GENESIS ENERGY L.P.unit ltd partn	$0	–	-528,222	–	-0.32%	–
SABR	Exit	SABRE CORPcall	$0	–	-1,250,000	–	-0.89%	–
ATIP	Exit	ATI PHYSICAL THERAPY INC	$0	–	-7,775,585	–	-1.78%	–
TCOM	Exit	TRIP COM GROUP LTDcall	$0	–	-1,000,000	–	-1.85%	–
PCG	Exit	PG&E CORPput	$0	–	-3,500,000	–	-2.02%	–
ALIT	Exit	ALIGHT INC	$0	–	-3,301,707	–	-2.28%	–
CAR	Exit	AVIS BUDGET GROUPput	$0	–	-505,100	–	-3.55%	–
SABR	Exit	SABRE CORP	$0	–	-6,720,024	–	-4.80%	–
PCG	Exit	PG&E CORP	$0	–	-9,723,905	–	-5.63%	–
HYG	Exit	ISHARES TRput	$0	–	-4,675,000	–	-24.66%	–
SPY	Exit	SPDR S&P 500 ETF TRput	$0	–	-2,000,000	–	-51.74%	–

Q3 2021

			Value		Shares		↓ Weighting
HYG	Buy	ISHARES TRput	$409,016,000	+54.9%	4,675,000	+55.8%	24.66%	+35.0%
PCG	Sell	PG&E CORP	$93,349,000	-5.7%	9,723,905	-0.1%	5.63%	-17.8%
CAR	Sell	AVIS BUDGET GROUPput	$58,849,000	+48.1%	505,100	-1.0%	3.55%	+29.0%
ALIT	New	ALIGHT INC	$37,904,000	–	3,301,707	–	2.28%	–
PCG	Buy	PG&E CORPput	$33,600,000	+32.2%	3,500,000	+40.0%	2.02%	+15.1%
TCOM	New	TRIP COM GROUP LTDcall	$30,750,000	–	1,000,000	–	1.85%	–
ATIP	New	ATI PHYSICAL THERAPY INC	$29,547,000	–	7,775,585	–	1.78%	–
SABR	Sell	SABRE CORPcall	$14,800,000	-40.7%	1,250,000	-37.5%	0.89%	-48.3%
BABA	New	ALIBABA GROUP HLDG LTDsponsored ads	$4,219,000	–	28,500	–	0.25%	–
BHR	Buy	BRAEMAR HOTELS & RESORTS INC	$3,757,000	+72.6%	774,649	+121.0%	0.23%	+49.7%
AMZN	Exit	AMAZON.COM INC	$0	–	-720	–	-0.17%	–
FB	Exit	FACEBOOK INC-CLASS Acl a	$0	–	-26,875	–	-0.65%	–
WPF	Exit	FOLEY TRASIMENE ACQUISTN COR	$0	–	-3,301,707	–	-2.23%	–

Q2 2021

			Value		Shares		↓ Weighting
SPY	New	SPDR S&P 500 ETF TRput	$856,120,000	–	2,000,000	–	59.23%	–
HYG	New	ISHARES TRput	$264,030,000	–	3,000,000	–	18.27%	–
PCG	New	PG&E CORP	$98,942,000	–	9,728,846	–	6.84%	–
SABR	New	SABRE CORP	$83,866,000	–	6,720,024	–	5.80%	–
CAR	New	AVIS BUDGET GROUPput	$39,732,000	–	510,100	–	2.75%	–
WPF	New	FOLEY TRASIMENE ACQUISTN COR	$32,258,000	–	3,301,707	–	2.23%	–
PCG	New	PG&E CORPput	$25,425,000	–	2,500,000	–	1.76%	–
SABR	New	SABRE CORPcall	$24,960,000	–	2,000,000	–	1.73%	–
FB	New	FACEBOOK INC-CLASS Acl a	$9,345,000	–	26,875	–	0.65%	–
GEL	New	GENESIS ENERGY L.P.unit ltd partn	$6,133,000	–	528,222	–	0.42%	–
AMZN	New	AMAZON.COM INC	$2,477,000	–	720	–	0.17%	–
BHR	New	BRAEMAR HOTELS & RESORTS INC	$2,177,000	–	350,568	–	0.15%	–

Q4 2020

			Value		Shares		↓ Weighting
CTRA	Exit	CONTURA ENERGY INC	$0	–	-10,000	–	-0.01%	–
EPD	Exit	ENTERPRISE PRODUCTS PARTNERS	$0	–	-27,437	–	-0.06%	–
ET	Exit	ENERGY TRANSFER LP	$0	–	-217,334	–	-0.18%	–
GEL	Exit	GENESIS ENERGY L.P.unit ltd partn	$0	–	-528,222	–	-0.35%	–
ET	Exit	ENERGY TRANSFER LPcall	$0	–	-849,400	–	-0.68%	–
MERC	Exit	MERCER INTERNATIONAL INC	$0	–	-1,073,622	–	-1.05%	–
ETRN	Exit	EQUITRANS MIDSTREAM CORP	$0	–	-1,000,000	–	-1.26%	–
SABR	Exit	SABRE CORPcall	$0	–	-2,500,000	–	-2.41%	–
SABR	Exit	SABRE CORP	$0	–	-3,700,000	–	-3.57%	–
MPC	Exit	MARATHON PETROLEUM CORP	$0	–	-1,450,555	–	-6.31%	–
PCG	Exit	PG&E CORPcall	$0	–	-10,800,000	–	-15.04%	–
PCG	Exit	PG&E CORP	$0	–	-14,410,935	–	-20.07%	–
SPY	Exit	SPDR S&P 500 ETF TRput	$0	–	-450,000	–	-22.35%	–
IWM	Exit	ISHARES TRput	$0	–	-1,200,000	–	-26.66%	–

Q3 2020

			Value		Shares		↓ Weighting
IWM	New	ISHARES TRput	$179,772,000	–	1,200,000	–	26.66%	–
SPY	Sell	SPDR S&P 500 ETF TRput	$150,701,000	-11.5%	450,000	-18.5%	22.35%	-28.7%
PCG	Sell	PG&E CORP	$135,319,000	-31.6%	14,410,935	-35.4%	20.07%	-44.9%
PCG	Buy	PG&E CORPcall	$101,412,000	+662.2%	10,800,000	+620.0%	15.04%	+513.6%
SABR	Buy	SABRE CORP	$24,087,000	+497.7%	3,700,000	+640.0%	3.57%	+381.4%
SABR	Buy	SABRE CORPcall	$16,275,000	+1.0%	2,500,000	+25.0%	2.41%	-18.7%
ETRN	Buy	EQUITRANS MIDSTREAM CORP	$8,460,000	+35.7%	1,000,000	+33.3%	1.26%	+9.3%
ET	Sell	ENERGY TRANSFER LPcall	$4,604,000	-35.3%	849,400	-15.1%	0.68%	-47.9%
GEL	Buy	GENESIS ENERGY L.P.unit ltd partn	$2,377,000	+23.6%	528,222	+98.3%	0.35%	-0.6%
EPD	New	ENTERPRISE PRODUCTS PARTNERS	$433,000	–	27,437	–	0.06%	–
	Exit	SOUTHWEST AIRLS COnote 1.250% 5/0	$0	–	-1,500,000	–	-0.33%	–
HCA	Exit	HCA HEALTHCARE INC	$0	–	-50,000	–	-0.89%	–
JPM	Exit	JPMORGAN CHASE & COcall	$0	–	-150,000	–	-2.60%	–
LQD	Exit	ISHARES TRput	$0	–	-500,000	–	-7.52%	–

Q2 2020

			Value		Shares		↓ Weighting
PCG	New	PG&E CORP	$197,773,000	–	22,296,856	–	36.43%	–
SPY	New	SPDR S&P 500 ETF TRput	$170,215,000	–	552,000	–	31.36%	–
MPC	New	MARATHON PETE CORP	$54,222,000	–	1,450,555	–	9.99%	–
LQD	New	ISHARES TRput	$40,810,000	–	500,000	–	7.52%	–
SABR	New	SABRE CORPcall	$16,120,000	–	2,000,000	–	2.97%	–
JPM	New	JPMORGAN CHASE & COcall	$14,109,000	–	150,000	–	2.60%	–
PCG	New	PG&E CORPcall	$13,305,000	–	1,500,000	–	2.45%	–
MERC	New	MERCER INTL INC	$8,761,000	–	1,073,622	–	1.61%	–
ET	New	ENERGY TRANSFER LPcall	$7,120,000	–	1,000,000	–	1.31%	–
ETRN	New	EQUITRANS MIDSTREAM CORP	$6,233,000	–	750,000	–	1.15%	–
HCA	New	HCA HEALTHCARE INC	$4,853,000	–	50,000	–	0.89%	–
SABR	New	SABRE CORP	$4,030,000	–	500,000	–	0.74%	–
GEL	New	GENESIS ENERGY L Punit ltd partn	$1,923,000	–	266,378	–	0.35%	–
	New	SOUTHWEST AIRLS COnote 1.250% 5/0	$1,802,000	–	1,500,000	–	0.33%	–
ET	New	ENERGY TRANSFER LP	$1,547,000	–	217,334	–	0.28%	–
CTRA	New	CONTURA ENERGY INC	$30,000	–	10,000	–	0.01%	–

Q4 2019

			Value		Shares		↓ Weighting
CTRA	Exit	CONTURA ENERGY INC	$0	–	-127,812	–	-0.50%	–
DISH	Exit	DISH NETWORK CORPcl a	$0	–	-200,000	–	-0.96%	–
PCG	Exit	PG&E CORPcall	$0	–	-1,698,200	–	-2.38%	–
	Exit	TESLA INCnote 2.000% 5/1	$0	–	-20,000,000	–	-2.85%	–
OIBRC	Exit	OI S Asponsored adr ne	$0	–	-19,900,953	–	-3.07%	–
MERC	Exit	MERCER INTL INC	$0	–	-1,948,179	–	-3.43%	–
PCG	Exit	PG&E CORP	$0	–	-14,383,521	–	-20.18%	–
SPY	Exit	SPDR S&P 500 ETF TRput	$0	–	-1,600,000	–	-66.63%	–

Q3 2019

			Value		Shares		↓ Weighting
SPY	Buy	SPDR S&P 500 ETF TRput	$474,832,000	+170.1%	1,600,000	+166.7%	66.63%	+172.5%
PCG	Buy	PG&E CORP	$143,835,000	-54.0%	14,383,521	+5.3%	20.18%	-53.6%
	Sell	TESLA INCnote 2.000% 5/1	$20,314,000	-53.0%	20,000,000	-54.5%	2.85%	-52.6%
PCG	Sell	PG&E CORPcall	$16,982,000	-78.5%	1,698,200	-50.7%	2.38%	-78.3%
CTRA	Buy	CONTURA ENERGY INC	$3,574,000	+268.8%	127,812	+584.4%	0.50%	+271.1%
HUM	Exit	HUMANA INC	$0	–	-10,000	–	-0.37%	–
SMTA	Exit	SPIRIT MTA REIT	$0	–	-1,286,908	–	-1.49%	–
AVYA	Exit	AVAYA HLDGS CORP	$0	–	-1,332,069	–	-2.21%	–

Q2 2019

			Value		Shares		↓ Weighting
PCG	New	PG&E CORP	$312,962,000	–	13,654,521	–	43.52%	–
SPY	New	SPDR S&P 500 ETF TRput	$175,800,000	–	600,000	–	24.45%	–
PCG	New	PG&E CORPcall	$79,028,000	–	3,448,000	–	10.99%	–
	New	TESLA INCnote 2.000% 5/1	$43,214,000	–	44,000,000	–	6.01%	–
OIBRC	New	OI S Asponsored adr ne	$40,001,000	–	19,900,953	–	5.56%	–
MERC	New	MERCER INTL INC	$30,138,000	–	1,948,179	–	4.19%	–
AVYA	New	AVAYA HLDGS CORP	$15,865,000	–	1,332,069	–	2.21%	–
SMTA	New	SPIRIT MTA REIT	$10,733,000	–	1,286,908	–	1.49%	–
DISH	New	DISH NETWORK CORPcl a	$7,682,000	–	200,000	–	1.07%	–
HUM	New	HUMANA INC	$2,653,000	–	10,000	–	0.37%	–
CTRA	New	CONTURA ENERGY INC	$969,000	–	18,674	–	0.14%	–

Q4 2018

			Value		Shares		↓ Weighting
	Exit	TESLA INCnote 2.375% 3/1	$0	–	-3,000,000	–	-0.11%	–
DISH	Exit	DISH NETWORK CORPcl a	$0	–	-200,000	–	-0.26%	–
SMTA	Exit	SPIRIT MTA REIT	$0	–	-1,186,908	–	-0.49%	–
OIBRC	Exit	OI S Asponsored adr ne	$0	–	-5,965,590	–	-0.58%	–
AKRXQ	Exit	AKORN INC	$0	–	-1,275,000	–	-0.59%	–
GM	Exit	GENERAL MTRS COcall	$0	–	-700,000	–	-0.84%	–
YPF	Exit	YPF SOCIEDAD ANONIMAspon adr cl d	$0	–	-1,617,409	–	-0.89%	–
CHAPQ	Exit	CHAPARRAL ENERGY INC	$0	–	-1,429,328	–	-0.90%	–
MERC	Exit	MERCER INTL INC	$0	–	-1,918,800	–	-1.15%	–
AVYA	Exit	AVAYA HOLDINGS CORP	$0	–	-1,930,059	–	-1.53%	–
SRC	Exit	SPIRIT RLTY CAP INC NEW	$0	–	-9,038,211	–	-2.61%	–
PCG	Exit	PG&E CORPput	$0	–	-1,625,000	–	-2.68%	–
PCG	Exit	PG&E CORP	$0	–	-1,625,000	–	-2.68%	–
SPY	Exit	SPDR S&P 500 ETF TRput	$0	–	-1,000,000	–	-10.40%	–
SPY	Exit	SPDR S&P 500 ETF TRcall	$0	–	-7,142,500	–	-74.29%	–

Q3 2018

			Value		Shares		↓ Weighting
SPY	New	SPDR S&P 500 ETF TRcall	$2,076,468,000	–	7,142,500	–	74.29%	–
PCG	New	PG&E CORPput	$74,766,000	–	1,625,000	–	2.68%	–
SRC	Sell	SPIRIT RLTY CAP INC NEW	$72,848,000	-3.1%	9,038,211	-3.5%	2.61%	-79.1%
MERC	Sell	MERCER INTL INC	$32,236,000	-26.5%	1,918,800	-23.4%	1.15%	-84.2%
CHAPQ	New	CHAPARRAL ENERGY INC	$25,185,000	–	1,429,328	–	0.90%	–
AKRXQ	Buy	AKORN INC	$16,550,000	+99.5%	1,275,000	+155.0%	0.59%	-57.0%
OIBRC	New	OI S Asponsored adr ne	$16,286,000	–	5,965,590	–	0.58%	–
SMTA	Buy	SPIRIT MTA REIT	$13,673,000	+41.2%	1,186,908	+26.3%	0.49%	-69.6%
	New	TESLA INCnote 2.375% 3/1	$3,060,000	–	3,000,000	–	0.11%	–
AKRXQ	Exit	AKORN INCcall	$0	–	-503,600	–	-1.39%	–
	Exit	COMSTOCK RES INCnote 7.750% 4/0	$0	–	-21,821,669	–	-3.55%	–

Q2 2018

			Value		Shares		↓ Weighting
SPY	New	SPDR S&P 500 ETF TRput	$271,280,000	–	1,000,000	–	45.04%	–
SRC	New	SPIRIT RLTY CAP INC NEW	$75,193,000	–	9,364,000	–	12.48%	–
PCG	New	PG&E CORP	$69,160,000	–	1,625,000	–	11.48%	–
MERC	New	MERCER INTL INC	$43,862,000	–	2,506,421	–	7.28%	–
AVYA	New	AVAYA HLDGS CORP	$38,756,000	–	1,930,059	–	6.44%	–
GM	New	GENERAL MTRS COcall	$27,580,000	–	700,000	–	4.58%	–
YPF	New	YPF SOCIEDAD ANONIMAspon adr cl d	$21,964,000	–	1,617,409	–	3.65%	–
	New	COMSTOCK RES INCnote 7.750% 4/0	$21,396,000	–	21,821,669	–	3.55%	–
SMTA	New	SPIRIT MTA REIT	$9,680,000	–	939,803	–	1.61%	–
AKRXQ	New	AKORN INCcall	$8,355,000	–	503,600	–	1.39%	–
AKRXQ	New	AKORN INC	$8,295,000	–	500,000	–	1.38%	–
DISH	New	DISH NETWORK CORPcl a	$6,722,000	–	200,000	–	1.12%	–

Q4 2017

			Value		Shares		↓ Weighting
ENVA	Exit	ENOVA INTL INC	$0	–	-275,000	–	-0.53%	–
	Exit	COMSTOCK RES INCnote 9.500% 6/1	$0	–	-11,313,749	–	-1.28%	–
DISH	Exit	DISH NETWORK CORPcl a	$0	–	-200,000	–	-1.55%	–
GNRT	Exit	GENER8 MARITIME INC	$0	–	-2,667,600	–	-1.72%	–
TECK	Exit	TECK RESOURCES LTDput	$0	–	-1,000,000	–	-3.01%	–
MERC	Exit	MERCER INTL INC	$0	–	-2,322,791	–	-3.93%	–
	Exit	COMSTOCK RES INCnote 7.750% 4/0	$0	–	-37,886,690	–	-4.33%	–
EQT	Exit	EQT CORP	$0	–	-597,300	–	-5.57%	–
GLBL	Exit	TERRAFORM GLOBAL INCcl a	$0	–	-9,200,000	–	-6.24%	–
YPF	Exit	YPF SOCIEDAD ANONIMAspon adr cl d	$0	–	-2,153,795	–	-6.86%	–
SRC	Exit	SPIRIT RLTY CAP INC NEW	$0	–	-9,113,000	–	-11.16%	–
SPY	Exit	SPDR S&P 500 ETF TRput	$0	–	-1,500,000	–	-53.83%	–

Q3 2017

			Value		Shares		↓ Weighting
SRC	New	SPIRIT RLTY CAP INC NEW	$78,098,000	–	9,113,000	–	11.16%	–
YPF	Sell	YPF SOCIEDAD ANONIMAspon adr cl d	$47,987,000	+0.2%	2,153,795	-1.5%	6.86%	-14.0%
	Sell	COMSTOCK RES INCnote 7.750% 4/0	$30,309,000	-5.1%	37,886,690	-8.7%	4.33%	-18.5%
TECK	New	TECK RESOURCES LTDput	$21,090,000	–	1,000,000	–	3.01%	–
	Buy	COMSTOCK RES INCnote 9.500% 6/1	$8,938,000	+52.5%	11,313,749	+46.7%	1.28%	+31.0%
DAL	Exit	DELTA AIR LINES INC DEL	$0	–	-234,374	–	-2.10%	–

Q2 2017

			Value		Shares		↓ Weighting
SPY	New	SPDR S&P 500 ETF TRput	$362,700,000	–	1,500,000	–	60.35%	–
YPF	New	YPF SOCIEDAD ANONIMAspon adr cl d	$47,885,000	–	2,186,520	–	7.97%	–
GLBL	New	TERRAFORM GLOBAL INCcl a	$46,460,000	–	9,200,000	–	7.73%	–
EQT	New	EQT CORP	$34,996,000	–	597,300	–	5.82%	–
	New	COMSTOCK RES INCnote 7.750% 4/0	$31,945,000	–	41,486,690	–	5.32%	–
MERC	New	MERCER INTL INC	$26,712,000	–	2,322,791	–	4.44%	–
GNRT	New	GENER8 MARITIME INC	$15,179,000	–	2,667,600	–	2.53%	–
DAL	New	DELTA AIR LINES INC DEL	$12,595,000	–	234,374	–	2.10%	–
DISH	New	DISH NETWORK CORPcl a	$12,552,000	–	200,000	–	2.09%	–
	New	COMSTOCK RES INCnote 9.500% 6/1	$5,862,000	–	7,713,749	–	0.98%	–
ENVA	New	ENOVA INTL INC	$4,084,000	–	275,000	–	0.68%	–

Q4 2016

			Value		Shares		↓ Weighting
DYN	Exit	DYNEGY INC	$0	–	-200,000	–	-0.36%	–
DISH	Exit	DISH NETWORK CORP-Acl a	$0	–	-100,000	–	-0.79%	–
GLBL	Exit	TERRAFORM GLOBAL INC - CL Acl a	$0	–	-2,220,000	–	-1.31%	–
GNRT	Exit	GENER8 MARITIME INC	$0	–	-2,667,610	–	-1.96%	–
GM	Exit	GENERAL MOTORS CO	$0	–	-459,005	–	-2.09%	–
DAL	Exit	DELTA AIR LINES INC	$0	–	-548,000	–	-3.10%	–
MERC	Exit	MERCER INTERNATIONAL INC	$0	–	-2,692,885	–	-3.27%	–
CPN	Exit	CALPINE CORP	$0	–	-2,100,000	–	-3.81%	–
YPF	Exit	YPF SOCIEDAD ANONIMAspon adr cl d	$0	–	-2,617,909	–	-6.85%	–
SPY	Exit	SPDR S&P 500 ETF TRput	$0	–	-2,463,400	–	-76.47%	–

Q3 2016

			Value		Shares		↓ Weighting
SPY	New	SPDR S&P 500 ETF TRput	$532,833,000	–	2,463,400	–	76.47%	–
YPF	Sell	YPF SOCIEDAD ANONIMAspon adr cl d	$47,698,000	-23.2%	2,617,909	-19.1%	6.85%	-80.4%
MERC	Buy	MERCER INTERNATIONAL INC	$22,809,000	+8.5%	2,692,885	+2.2%	3.27%	-72.4%
GM	Sell	GENERAL MOTORS CO	$14,583,000	-36.3%	459,005	-43.3%	2.09%	-83.8%
GLBL	New	TERRAFORM GLOBAL INC - CL Acl a	$9,124,000	–	2,220,000	–	1.31%	–
DISH	New	DISH NETWORK CORP-Acl a	$5,478,000	–	100,000	–	0.79%	–

Q2 2016

			Value		Shares		↓ Weighting
YPF	New	YPF SOCIEDAD ANONIMAspon adr cl d	$62,107,000	–	3,234,725	–	34.99%	–
CPN	New	CALPINE CORP	$30,975,000	–	2,100,000	–	17.45%	–
GM	New	GENERAL MOTORS CO	$22,895,000	–	809,005	–	12.90%	–
MERC	New	MERCER INTERNATIONAL INC	$21,023,000	–	2,634,441	–	11.84%	–
DAL	New	DELTA AIR LINES INC	$19,964,000	–	548,000	–	11.25%	–
GNRT	New	GENER8 MARITIME INC	$17,073,000	–	2,667,610	–	9.62%	–
DYN	New	DYNEGY INC	$3,448,000	–	200,000	–	1.94%	–

Q4 2015

			Value		Shares		↓ Weighting
GMWSB	Exit	GENERAL MOTORS-CW19call	$0	–	-96,730	–	-0.33%	–
GMWSA	Exit	GENERAL MOTORS-CW16call	$0	–	-96,730	–	-0.51%	–
HTZ	Exit	HERTZ GLOBAL HOLDINGS INC	$0	–	-870,934	–	-3.79%	–
CPN	Exit	CALPINE CORP	$0	–	-1,684,869	–	-6.41%	–
ACAS	Exit	AMERICAN CAP LTD	$0	–	-2,126,878	–	-6.74%	–
GNRT	Exit	GENER8 MARITIME INC	$0	–	-2,439,559	–	-6.96%	–
UAL	Exit	UNITED CONTINENTAL HOLDINGS	$0	–	-525,700	–	-7.26%	–
GM	Exit	GENERAL MOTORS CO	$0	–	-1,059,005	–	-8.28%	–
MERC	Exit	MERCER INTERNATIONAL INC	$0	–	-3,273,002	–	-8.55%	–
YPF	Exit	YPF SOCIEDAD ANONIMAspon adr cl d	$0	–	-3,234,725	–	-12.83%	–
AAL	Exit	AMERICAN AIRLINES GROUP INC	$0	–	-1,540,073	–	-15.57%	–
HYG	Exit	ISHARES TRcall	$0	–	-1,050,000	–	-22.77%	–

Q3 2015

			Value		Shares		↓ Weighting
HYG	New	ISHARES TRcall	$87,455,000	–	1,050,000	–	22.77%	–
AAL	Sell	AMERICAN AIRLINES GROUP INC	$59,801,000	-38.0%	1,540,073	-36.3%	15.57%	+74.3%
YPF	Sell	YPF SOCIEDAD ANONIMAspon adr cl d	$49,265,000	-48.1%	3,234,725	-6.5%	12.83%	+46.1%
MERC	Sell	MERCER INTERNATIONAL INC	$32,828,000	-31.3%	3,273,002	-6.3%	8.55%	+93.2%
GM	Sell	GENERAL MOTORS CO	$31,791,000	-15.9%	1,059,005	-6.6%	8.28%	+136.6%
UAL	Sell	UNITED CONTINENTAL HOLDINGS	$27,888,000	-15.3%	525,700	-15.4%	7.26%	+138.3%
ACAS	Sell	AMERICAN CAP LTD	$25,863,000	-17.9%	2,126,878	-8.5%	6.74%	+131.0%
CPN	Buy	CALPINE CORP	$24,599,000	-17.8%	1,684,869	+1.3%	6.41%	+131.3%
HTZ	Sell	HERTZ GLOBAL HOLDINGS INC	$14,571,000	-13.2%	870,934	-6.0%	3.79%	+144.3%
GMWSA	Sell	GENERAL MOTORS-CW16call	$1,971,000	-16.8%	96,730	-3.0%	0.51%	+134.2%
GMWSB	Sell	GENERAL MOTORS-CW19call	$1,279,000	-20.1%	96,730	-3.0%	0.33%	+125.0%
VTGDF	Exit	VANTAGE DRILLING COMPANY	$0	–	-1,744,368	–	-0.03%	–
HYG	Exit	ISHARESput	$0	–	-1,000,000	–	-8.22%	–
SPY	Exit	SPDR S&P 500 ETF TRput	$0	–	-2,750,000	–	-52.39%	–

Q2 2015

			Value		Shares		↓ Weighting
SPY	New	SPDR S&P 500 ETF TRput	$566,088,000	–	2,750,000	–	52.39%	–
AAL	New	AMERICAN AIRLINES GROUP INC	$96,527,000	–	2,417,112	–	8.93%	–
YPF	New	YPF SOCIEDAD ANONIMAspon adr cl d	$94,850,000	–	3,457,894	–	8.78%	–
HYG	New	ISHARESput	$88,800,000	–	1,000,000	–	8.22%	–
MERC	New	MERCER INTERNATIONAL INC	$47,806,000	–	3,494,626	–	4.42%	–
GM	New	GENERAL MOTORS CO	$37,798,000	–	1,134,052	–	3.50%	–
GNRT	New	GENER8 MARITIME INC	$33,251,000	–	2,439,559	–	3.08%	–
UAL	New	UNITED CONTINENTAL HOLDINGS	$32,930,000	–	621,210	–	3.05%	–
ACAS	New	AMERICAN CAP LTD	$31,508,000	–	2,325,349	–	2.92%	–
CPN	New	CALPINE CORP	$29,923,000	–	1,663,338	–	2.77%	–
HTZ	New	HERTZ GLOBAL HOLDINGS INC	$16,782,000	–	926,136	–	1.55%	–
GMWSA	New	GENERAL MOTORS-CW16call	$2,369,000	–	99,679	–	0.22%	–
GMWSB	New	GENERAL MOTORS-CW19call	$1,600,000	–	99,679	–	0.15%	–
VTGDF	New	VANTAGE DRILLING COMPANY	$330,000	–	1,744,368	–	0.03%	–

Q4 2014

			Value		Shares		↓ Weighting
GMWSB	Exit	GENERAL MOTORS-CW19call	$0	–	-96,985	–	-0.21%	–
GMWSA	Exit	GENERAL MOTORS-CW16call	$0	–	-96,985	–	-0.32%	–
VTGDF	Exit	VANTAGE DRILLING COMPANY	$0	–	-3,779,438	–	-0.72%	–
CPN	Exit	CALPINE CORP	$0	–	-230,000	–	-0.74%	–
EXXIQ	Exit	ENERGY XXI BERMUDA	$0	–	-680,603	–	-1.15%	–
EXC	Exit	EXELON CORP	$0	–	-410,900	–	-2.09%	–
HMHC	Exit	HOUGHTON MIFFLIN HARCOURT CO	$0	–	-1,024,680	–	-2.97%	–
HTZ	Exit	HERTZ GLOBAL HOLDINGS INC	$0	–	-785,984	–	-2.97%	–
NEBLQ	Exit	NOBLE CORP PLC	$0	–	-942,916	–	-3.12%	–
DISH	Exit	DISH NETWORK CORP-Acl a	$0	–	-335,776	–	-3.23%	–
DYN	Exit	DYNEGY INC/NEW	$0	–	-900,313	–	-3.87%	–
TSO	Exit	TESORO CORP	$0	–	-458,859	–	-4.17%	–
ACAS	Exit	AMERICAN CAP LTD	$0	–	-2,227,870	–	-4.70%	–
MERC	Exit	MERCER INTERNATIONAL INC	$0	–	-3,343,374	–	-4.86%	–
GM	Exit	GENERAL MOTORS CO	$0	–	-1,076,397	–	-5.12%	–
UAL	Exit	UNITED CONTINENTAL HOLDINGS	$0	–	-1,749,120	–	-12.19%	–
YPF	Exit	YPF SOCIEDAD ANONIMAspon adr cl d	$0	–	-3,788,253	–	-20.88%	–
AAL	Exit	AMERICAN AIRLINES GROUP INC	$0	–	-5,047,256	–	-26.68%	–

Q3 2014

			Value		Shares		↓ Weighting
AAL	Sell	AMERICAN AIRLINES GROUP INC	$179,077,000	-17.4%	5,047,256	-0.0%	26.68%	-6.0%
TSO	Sell	TESORO CORP	$27,981,000	-43.4%	458,859	-45.6%	4.17%	-35.6%
HMHC	Sell	HOUGHTON MIFFLIN HARCOURT CO	$19,920,000	-29.9%	1,024,680	-30.9%	2.97%	-20.2%
CPN	New	CALPINE CORP	$4,991,000	–	230,000	–	0.74%	–
DK	Exit	DELEK US HOLDINGS INC	$0	–	-560,447	–	-2.07%	–

Q2 2014

			Value		Shares		↓ Weighting
AAL	New	AMERICAN AIRLINES GROUP INC	$216,833,000	–	5,047,327	–	28.38%	–
YPF	New	YPF SOCIEDAD ANONIMAspon adr cl d	$123,800,000	–	3,788,253	–	16.20%	–
UAL	New	UNITED CONTINENTAL HOLDINGS	$71,836,000	–	1,749,120	–	9.40%	–
TSO	New	TESORO CORP	$49,443,000	–	842,734	–	6.47%	–
GM	New	GENERAL MOTORS CO	$39,073,000	–	1,076,397	–	5.11%	–
MERC	New	MERCER INTERNATIONAL INC	$35,105,000	–	3,343,374	–	4.60%	–
ACAS	New	AMERICAN CAP LTD	$34,064,000	–	2,227,870	–	4.46%	–
NEBLQ	New	NOBLE CORP PLC	$31,644,000	–	942,916	–	4.14%	–
DYN	New	DYNEGY INC/NEW	$31,331,000	–	900,313	–	4.10%	–
HMHC	New	HOUGHTON MIFFLIN HARCOURT CO	$28,431,000	–	1,483,880	–	3.72%	–
HTZ	New	HERTZ GLOBAL HOLDINGS INC	$22,031,000	–	785,984	–	2.88%	–
DISH	New	DISH NETWORK CORP-Acl a	$21,852,000	–	335,776	–	2.86%	–
EXXIQ	New	ENERGY XXI BERMUDA	$16,083,000	–	680,603	–	2.10%	–
DK	New	DELEK US HOLDINGS INC	$15,821,000	–	560,447	–	2.07%	–
EXC	New	EXELON CORP	$14,990,000	–	410,900	–	1.96%	–
VTGDF	New	VANTAGE DRILLING COMPANY	$7,257,000	–	3,779,438	–	0.95%	–
GMWSA	New	GENERAL MOTORS-CW16call	$2,581,000	–	96,985	–	0.34%	–
GMWSB	New	GENERAL MOTORS-CW19call	$1,800,000	–	96,985	–	0.24%	–

Q4 2013

			Value		Shares		↓ Weighting
TMUS	Exit	T-MOBILE US INC	$0	–	-27,512	–	-0.14%	–
	Exit	SAVIENT PHARMACEUTICALS INCnote 4.750% 2/0	$0	–	-6,400,000	–	-0.23%	–
VTGDF	Exit	VANTAGE DRILLING COMPANY	$0	–	-1,440,615	–	-0.48%	–
TRN	Exit	TRINITY INDS INC	$0	–	-69,188	–	-0.60%	–
CYH	Exit	COMMUNITY HEALTH SYS INC NEW	$0	–	-100,000	–	-0.79%	–
AZC	Exit	AUGUSTA RES CORP	$0	–	-2,308,100	–	-0.90%	–
DISH	Exit	DISH NETWORK CORPcl a	$0	–	-313,426	–	-2.70%	–
EXC	Exit	EXELON CORP	$0	–	-487,400	–	-2.76%	–
GT	Exit	GOODYEAR TIRE & RUBR CO	$0	–	-700,000	–	-3.00%	–
HCA	Exit	HCA HOLDINGS INC	$0	–	-388,202	–	-3.17%	–
GPK	Exit	GRAPHIC PACKAGING HLDG CO	$0	–	-2,095,651	–	-3.43%	–
EXXIQ	Exit	ENERGY XXI (BERMUDA) LTD	$0	–	-634,603	–	-3.66%	–
MERC	Exit	MERCER INTL INC	$0	–	-2,791,741	–	-3.78%	–
CLW	Exit	CLEARWATER PAPER CORP	$0	–	-480,437	–	-4.39%	–
CLDPQ	Exit	CLOUD PEAK ENERGY INC	$0	–	-1,723,644	–	-4.83%	–
NE	Exit	NOBLE CORPORATION BAARnamen -akt	$0	–	-730,000	–	-5.27%	–
TSO	Exit	TESORO CORP	$0	–	-686,531	–	-5.77%	–
AAPL	Exit	APPLE INC	$0	–	-70,000	–	-6.38%	–
DYN	Exit	DYNEGY INC NEW DEL	$0	–	-1,752,830	–	-6.47%	–
GM	Exit	GENERAL MTRS CO	$0	–	-1,054,866	–	-7.25%	–
UAL	Exit	UNITED CONTL HLDGS INC	$0	–	-1,754,990	–	-10.30%	–
ACAS	Exit	AMERICAN CAP LTD	$0	–	-4,454,738	–	-11.71%	–
YPF	Exit	YPF SOCIEDAD ANONIMAspon adr cl d	$0	–	-3,111,746	–	-11.97%	–

Q3 2013

			Value		Shares		↓ Weighting
YPF	Buy	YPF SOCIEDAD ANONIMAspon adr cl d	$62,639,000	+42.1%	3,111,746	+4.2%	11.97%	+40.1%
ACAS	Buy	AMERICAN CAP LTD	$61,253,000	+20.0%	4,454,738	+10.5%	11.71%	+18.3%
UAL	Buy	UNITED CONTL HLDGS INC	$53,896,000	-0.8%	1,754,990	+1.0%	10.30%	-2.2%
TSO	Buy	TESORO CORP	$30,194,000	+9.9%	686,531	+30.8%	5.77%	+8.4%
CLDPQ	Buy	CLOUD PEAK ENERGY INC	$25,286,000	+28.7%	1,723,644	+44.6%	4.83%	+26.9%
CLW	Sell	CLEARWATER PAPER CORP	$22,950,000	-3.9%	480,437	-5.3%	4.39%	-5.2%
GPK	Sell	GRAPHIC PACKAGING HLDG CO	$17,939,000	-63.6%	2,095,651	-67.1%	3.43%	-64.1%
GT	Sell	GOODYEAR TIRE & RUBR CO	$15,715,000	-10.6%	700,000	-39.1%	3.00%	-11.9%
EXC	Buy	EXELON CORP	$14,447,000	+211.9%	487,400	+224.9%	2.76%	+207.5%
TRN	New	TRINITY INDS INC	$3,138,000	–	69,188	–	0.60%	–
TMUS	Sell	T-MOBILE US INC	$714,000	-93.2%	27,512	-93.5%	0.14%	-93.3%
PLCE	Exit	CHILDRENS PL RETAIL STORES I	$0	–	-68,023	–	-0.72%	–
3106PS	Exit	DELPHI AUTOMOTIVE PLC	$0	–	-125,205	–	-1.23%	–

Q2 2013

			Value		Shares		↓ Weighting
UAL	New	UNITED CONTL HLDGS INC	$54,344,000	–	1,736,798	–	10.54%	–
ACAS	New	AMERICAN CAP LTD	$51,057,000	–	4,029,738	–	9.90%	–
GPK	New	GRAPHIC PACKAGING HLDG CO	$49,287,000	–	6,367,795	–	9.56%	–
YPF	New	YPF SOCIEDAD ANONIMAspon adr cl d	$44,084,000	–	2,986,746	–	8.55%	–
DYN	New	DYNEGY INC NEW DEL	$39,526,000	–	1,752,830	–	7.66%	–
GM	New	GENERAL MTRS CO	$35,138,000	–	1,054,866	–	6.81%	–
AAPL	New	APPLE INC	$27,726,000	–	70,000	–	5.38%	–
TSO	New	TESORO CORP	$27,468,000	–	525,000	–	5.33%	–
NE	New	NOBLE CORPORATION BAARnamen -akt	$27,433,000	–	730,000	–	5.32%	–
CLW	New	CLEARWATER PAPER CORP	$23,870,000	–	507,217	–	4.63%	–
CLDPQ	New	CLOUD PEAK ENERGY INC	$19,646,000	–	1,192,106	–	3.81%	–
MERC	New	MERCER INTL INC	$18,202,000	–	2,791,741	–	3.53%	–
GT	New	GOODYEAR TIRE & RUBR CO	$17,584,000	–	1,150,000	–	3.41%	–
EXXIQ	New	ENERGY XXI (BERMUDA) LTD	$14,075,000	–	634,603	–	2.73%	–
HCA	New	HCA HOLDINGS INC	$13,999,000	–	388,202	–	2.72%	–
DISH	New	DISH NETWORK CORPcl a	$13,327,000	–	313,426	–	2.58%	–
TMUS	New	T-MOBILE US INC	$10,450,000	–	421,200	–	2.03%	–
3106PS	New	DELPHI AUTOMOTIVE PLC	$6,347,000	–	125,205	–	1.23%	–
AZC	New	AUGUSTA RES CORP	$4,856,000	–	2,308,100	–	0.94%	–
CYH	New	COMMUNITY HEALTH SYS INC NEW	$4,688,000	–	100,000	–	0.91%	–
EXC	New	EXELON CORP	$4,632,000	–	150,000	–	0.90%	–
PLCE	New	CHILDRENS PL RETAIL STORES I	$3,728,000	–	68,023	–	0.72%	–
VTGDF	New	VANTAGE DRILLING COMPANY	$2,939,000	–	1,440,615	–	0.57%	–
	New	SAVIENT PHARMACEUTICALS INCnote 4.750% 2/0	$1,280,000	–	6,400,000	–	0.25%	–

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