Covalent Partners LLC Activity Q4 2011-Q3 2023

Q3 2023

			Value		Shares		↓ Weighting
IWM	New	ISHARES TR RUSSELL 2000 ETFput	$12,106,690	–	68,500	–	38.74%	–
IEF	Buy	ISHARES TR 7-10 YR TRSY BDunit	$4,229,168	+0.3%	46,175	+5.8%	13.53%	-11.3%
	New	NINE ENERGY SERVICE INCdebt 13.000%10/2 added	$1,854,121	–	2,000,000	–	5.93%	–
CNK	New	CINEMARK HLDGS INC	$1,835,000	–	100,000	–	5.87%	–
DAL	Sell	DELTA AIR LINES INC DEL	$1,110,000	-63.8%	30,000	-53.5%	3.55%	-68.0%
TAST	Sell	CARROLS RESTAURANT GROUP INC	$494,250	-1.9%	75,000	-25.0%	1.58%	-13.4%
	New	SURF AIR MOBILITY INC	$244,500	–	150,000	–	0.78%	–
	Exit	ROIVANT SCIENCES LTD*w exp 09/30/202	$0	–	-100,000	–	-0.90%	–
BALY	Exit	BALLYS CORPORATION	$0	–	-45,000	–	-2.54%	–
LUV	Exit	SOUTHWEST AIRLS CO	$0	–	-70,000	–	-9.18%	–
	Exit	COPA HOLDINGS SAnote 4.500% 4/1	$0	–	-3,000,000	–	-23.98%	–

Q2 2023

			Value		Shares		↓ Weighting
	New	COPA HOLDINGS SAnote 4.500% 4/1	$6,624,000	–	3,000,000	–	23.98%	–
	New	NCL CORP LTDnote 5.375% 8/0	$5,480,000	–	4,000,000	–	19.84%	–
IEF	New	ISHARES TR 7-10 YR TRSY BDunit	$4,215,527	–	43,639	–	15.26%	–
DAL	New	DELTA AIR LINES INC DEL	$3,066,330	–	64,500	–	11.10%	–
LUV	New	SOUTHWEST AIRLS CO	$2,534,700	–	70,000	–	9.18%	–
	New	PERMIAN RESOURCES CORP	$1,096,000	–	100,000	–	3.97%	–
CRC	New	CALIFORNIA RES CORP	$859,332	–	18,974	–	3.11%	–
BALY	New	BALLYS CORPORATION	$700,200	–	45,000	–	2.54%	–
	New	NOBLE CORP PLC	$660,960	–	16,000	–	2.39%	–
TAST	New	CARROLS RESTAURANT GROUP INC	$504,000	–	100,000	–	1.82%	–
GTIM	New	GOOD TIMES RESTAURANTS INC	$499,542	–	146,924	–	1.81%	–
PDEX	New	PRO-DEX INC COLO	$390,041	–	20,421	–	1.41%	–
	New	ROIVANT SCIENCES LTD*w exp 09/30/202	$248,000	–	100,000	–	0.90%	–
	New	BAUSCH PLUS LOMB CORP	$244,854	–	12,200	–	0.89%	–
	New	NOBLE CORP PLC*w exp 02/04/202 added	$169,588	–	6,228	–	0.61%	–
	New	NOBLE CORP PLC*w exp 02/04/202 added	$155,482	–	6,228	–	0.56%	–
	New	TH INTERNATIONAL LIMITEDordinary shares	$75,217	–	26,208	–	0.27%	–
	New	CIPHER MINING INC*w exp 10/22/202	$50,000	–	100,000	–	0.18%	–
	New	VERTICAL AEROSPACE LTD*w exp 09/15/202	$29,538	–	164,100	–	0.11%	–
CCVIWS	New	CHURCHILL CAPITAL CORP VI*w exp 02/17/202	$7,200	–	40,000	–	0.03%	–
	New	ECARX HOLDINGS INC*w exp 12/20/202	$5,565	–	75,000	–	0.02%	–
	New	FAZE HOLDINGS INC*w exp 03/01/202	$1,502	–	65,000	–	0.01%	–
	New	LUMIRADX LTD*w exp 09/28/202	$822	–	27,500	–	0.00%	–
	New	ALTENERGY ACQUISITION CORP*w exp 10/29/202	$788	–	22,500	–	0.00%	–
EACPW	New	EDIFY ACQUISITION CORP*w exp 11/25/202	$488	–	15,000	–	0.00%	–

Q4 2022

			Value		Shares		↓ Weighting
EACPW	Exit	EDIFY ACQUISITION CORP*w exp 11/25/202	$0	–	-15,000	–	-0.00%	–
SPKBW	Exit	SILVER SPIKE ACQUISITN CORP*w exp 02/26/202	$0	–	-27,500	–	-0.00%	–
MONCW	Exit	MONUMENT CIRCLE ACQUISITN CO*w exp 01/14/202	$0	–	-37,500	–	-0.00%	–
COVAW	Exit	COVA ACQUISITION CORP*w exp 02/05/202	$0	–	-75,000	–	-0.00%	–
EVOJW	Exit	EVO ACQUISITION CORP*w exp 01/04/202	$0	–	-50,000	–	-0.00%	–
ACIIWS	Exit	ATLAS CREST INVESTMENT CORP*w exp 02/03/202	$0	–	-68,294	–	-0.00%	–
	Exit	LUMIRADX LTD*w exp 09/28/202	$0	–	-27,500	–	-0.00%	–
TZPSW	Exit	TZP STRATEGIES ACQUISTN CORP*w exp 01/06/202	$0	–	-35,000	–	-0.00%	–
	Exit	ALTENERGY ACQUISITION CORP*w exp 10/29/202	$0	–	-22,500	–	-0.01%	–
	Exit	CRYPTO 1 ACQUISITION CORP*w exp 04/30/202	$0	–	-37,500	–	-0.01%	–
TMACWS	Exit	THE MUSIC ACQUISITION CORP*w exp 02/05/202	$0	–	-87,500	–	-0.01%	–
	Exit	SKYDECK ACQUISITION CORP*w exp 05/13/202	$0	–	-45,900	–	-0.01%	–
CCVIWS	Exit	CHURCHILL CAPITAL CORP VI*w exp 02/17/202	$0	–	-40,000	–	-0.01%	–
AGACWS	Exit	AFRICAN GOLD ACQUISITION COR*w exp 03/31/202	$0	–	-187,500	–	-0.01%	–
	Exit	MONDEE HOLDINGS INC*w exp 07/18/202 added	$0	–	-25,000	–	-0.02%	–
	Exit	CIPHER MINING INC*w exp 10/22/202	$0	–	-100,000	–	-0.02%	–
COIN	Exit	COINBASE GLOBAL INC	$0	–	-400	–	-0.04%	–
	Exit	FAZE HOLDINGS INC*w exp 03/01/202 added	$0	–	-65,000	–	-0.05%	–
	Exit	TH INTERNATIONAL LIMITED*w exp 12/15/202 added	$0	–	-110,000	–	-0.05%	–
	Exit	ROIVANT SCIENCES LTD*w exp 09/30/202	$0	–	-100,000	–	-0.06%	–
	Exit	VERTICAL AEROSPACE LTD*w exp 09/15/202	$0	–	-164,100	–	-0.17%	–
	Exit	NOBLE CORP NEW	$0	–	-4,475	–	-0.19%	–
LUV	Exit	SOUTHWEST AIRLS CO	$0	–	-5,000	–	-0.22%	–
PRTY	Exit	PARTY CITY HOLDCO INC	$0	–	-150,000	–	-0.34%	–
GTIM	Exit	GOOD TIMES RESTAURANTS INC	$0	–	-169,160	–	-0.52%	–
PDEX	Exit	PRO-DEX INC COLO	$0	–	-25,000	–	-0.63%	–
	Exit	ALTENERGY ACQUISITION CORP	$0	–	-45,000	–	-0.64%	–
BYD	Exit	BOYD GAMING CORP	$0	–	-10,000	–	-0.68%	–
EVOJ	Exit	EVO ACQUISITION CORP	$0	–	-50,000	–	-0.70%	–
	Exit	CRYPTO 1 ACQUISITION CORPclass a ord	$0	–	-50,000	–	-0.72%	–
BHC	Exit	BAUSCH HEALTH COS INC	$0	–	-90,000	–	-0.88%	–
	Exit	PERMIAN RESOURCES CORP	$0	–	-100,000	–	-0.97%	–
CRC	Exit	CALIFORNIA RES CORP	$0	–	-18,974	–	-1.04%	–
NINE	Exit	NINE ENERGY SERVICE INC	$0	–	-290,000	–	-1.09%	–
TMAC	Exit	THE MUSIC ACQUISITION CORP	$0	–	-100,000	–	-1.40%	–
TZPS	Exit	TZP STRATEGIES ACQUISTN CORP	$0	–	-105,000	–	-1.49%	–
REV	Exit	REVLON INCput	$0	–	-216,600	–	-1.60%	–
IWM	Exit	ISHARES TRrussell 2000 etf	$0	–	-7,000	–	-1.64%	–
	Exit	SKYDECK ACQUISITION CORP	$0	–	-137,700	–	-1.93%	–
CCVI	Exit	CHURCHILL CAPITAL CORP VI	$0	–	-200,000	–	-2.80%	–
ACII	Exit	ATLAS CREST INVESTMENT CORP	$0	–	-200,000	–	-2.80%	–
	Exit	SOUTHWEST AIRLS COnote 1.250% 5/0	$0	–	-2,000,000	–	-3.25%	–
DAL	Exit	DELTA AIR LINES INC DEL	$0	–	-85,000	–	-3.40%	–
IWM	Exit	ISHARES TRcall	$0	–	-20,000	–	-4.70%	–
	Exit	NORWEGIAN CRUISE LINE HLDG Lnote 5.375% 8/0	$0	–	-4,000,000	–	-5.59%	–
	Exit	COPA HOLDINGS SAnote 4.500% 4/1	$0	–	-3,000,000	–	-6.15%	–
GLD	Exit	SPDR GOLD TRcall	$0	–	-33,500	–	-7.38%	–
SPY	Exit	SPDR S&P 500 ETF TRcall	$0	–	-92,000	–	-46.78%	–

Q3 2022

			Value		Shares		↓ Weighting
IWM	Sell	ISHARES TRcall	$3,298,000	-42.7%	20,000	-41.2%	4.70%	-34.5%
DAL	Sell	DELTA AIR LINES INC DEL	$2,385,000	-13.3%	85,000	-10.5%	3.40%	-0.9%
IWM	Buy	ISHARES TRrussell 2000 etf	$1,154,000	+127.2%	7,000	+133.3%	1.64%	+159.6%
REV	Sell	REVLON INCput	$1,122,000	-34.6%	216,600	-31.6%	1.60%	-25.3%
NINE	Buy	NINE ENERGY SERVICE INC	$766,000	+44.5%	290,000	+45.0%	1.09%	+65.3%
	New	PERMIAN RESOURCES CORP	$680,000	–	100,000	–	0.97%	–
BHC	New	BAUSCH HEALTH COS INC	$620,000	–	90,000	–	0.88%	–
BYD	Sell	BOYD GAMING CORP	$477,000	-55.9%	10,000	-54.0%	0.68%	-49.6%
PDEX	Buy	PRO-DEX INC COLO	$443,000	+38.9%	25,000	+25.0%	0.63%	+58.9%
GTIM	Buy	GOOD TIMES RESTAURANTS INC	$367,000	-18.3%	169,160	+13.4%	0.52%	-6.4%
PRTY	New	PARTY CITY HOLDCO INC	$237,000	–	150,000	–	0.34%	–
LUV	New	SOUTHWEST AIRLS CO	$154,000	–	5,000	–	0.22%	–
	New	NOBLE CORP NEW	$132,000	–	4,475	–	0.19%	–
	New	TH INTERNATIONAL LIMITED*w exp 12/15/202 added	$38,000	–	110,000	–	0.05%	–
	New	FAZE HOLDINGS INC*w exp 03/01/202 added	$36,000	–	65,000	–	0.05%	–
	New	MONDEE HOLDINGS INC*w exp 07/18/202 added	$16,000	–	25,000	–	0.02%	–
FTAAW	Exit	FTAC ATHENA ACQUISITION CORP*w exp 03/01/202	$0	–	-6,700	–	-0.00%	–
ITHXW	Exit	ITHAX ACQUISITION CORP*w exp 02/01/202	$0	–	-25,000	–	-0.01%	–
BRPMW	Exit	B RILEY PRINCIPAL 150 MERGER*w exp 03/01/202	$0	–	-65,000	–	-0.03%	–
SLCRW	Exit	SILVER CREST ACQUISITION COR*w exp 12/15/202	$0	–	-110,000	–	-0.03%	–
NE	Exit	NOBLE CORP NEW	$0	–	-4,475	–	-0.14%	–
UFPI	Exit	UFP INDUSTRIES INC	$0	–	-7,500	–	-0.64%	–
CDEV	Exit	CENTENNIAL RESOURCE DEV INCcl a	$0	–	-100,000	–	-0.74%	–
DHI	Exit	D R HORTON INC	$0	–	-35,000	–	-2.88%	–
QQQ	Exit	INVESCO QQQ TRcall	$0	–	-11,000	–	-3.84%	–

Q2 2022

			Value		Shares		↓ Weighting
SPY	New	SPDR S&P 500 ETF TRcall	$34,707,000	–	92,000	–	43.22%	–
IWM	New	ISHARES TRcall	$5,758,000	–	34,000	–	7.17%	–
GLD	New	SPDR GOLD TRcall	$5,643,000	–	33,500	–	7.03%	–
	New	COPA HOLDINGS SAnote 4.500% 4/1	$4,256,000	–	3,000,000	–	5.30%	–
	New	NCL CORP LTDnote 5.375% 8/0	$3,845,000	–	4,000,000	–	4.79%	–
QQQ	New	INVESCO QQQ TRcall	$3,083,000	–	11,000	–	3.84%	–
DAL	New	DELTA AIR LINES INC DEL	$2,752,000	–	95,000	–	3.43%	–
	New	SOUTHWEST AIRLS COnote 1.250% 5/0	$2,355,000	–	2,000,000	–	2.93%	–
DHI	New	D R HORTON INC	$2,317,000	–	35,000	–	2.88%	–
ACII	New	ATLAS CREST INVESTMENT CORP	$1,962,000	–	200,000	–	2.44%	–
CCVI	New	CHURCHILL CAPITAL CORP VI	$1,958,000	–	200,000	–	2.44%	–
REV	New	REVLON INCput	$1,716,000	–	316,600	–	2.14%	–
	New	SKYDECK ACQUISITION CORP	$1,341,000	–	137,700	–	1.67%	–
BYD	New	BOYD GAMING CORP	$1,081,000	–	21,719	–	1.35%	–
TZPS	New	TZP STRATEGIES ACQUISTN CORP	$1,033,000	–	105,000	–	1.29%	–
TMAC	New	THE MUSIC ACQUISITION CORP	$980,000	–	100,000	–	1.22%	–
CRC	New	CALIFORNIA RES CORP	$730,000	–	18,974	–	0.91%	–
CDEV	New	CENTENNIAL RESOURCE DEV INCcl a	$598,000	–	100,000	–	0.74%	–
NINE	New	NINE ENERGY SERVICE INC	$530,000	–	200,000	–	0.66%	–
UFPI	New	UFP INDUSTRIES INC	$511,000	–	7,500	–	0.64%	–
IWM	New	ISHARES TRrussell 2000 etf	$508,000	–	3,000	–	0.63%	–
	New	CRYPTO 1 ACQUISITION CORPclass a ord	$496,000	–	50,000	–	0.62%	–
EVOJ	New	EVO ACQUISITION CORP	$489,000	–	50,000	–	0.61%	–
GTIM	New	GOOD TIMES RESTAURANTS INC	$449,000	–	149,140	–	0.56%	–
	New	ALTENERGY ACQUISITION CORP	$447,000	–	45,000	–	0.56%	–
PDEX	New	PRO-DEX INC COLO	$319,000	–	19,999	–	0.40%	–
NE	New	NOBLE CORP NEW	$113,000	–	4,475	–	0.14%	–
	New	VERTICAL AEROSPACE LTD*w exp 09/15/202	$64,000	–	164,100	–	0.08%	–
	New	ROIVANT SCIENCES LTD*w exp 09/30/202	$60,000	–	100,000	–	0.08%	–
	New	LUMIRADX LTD*w exp 09/28/202	$26,000	–	27,500	–	0.03%	–
SLCRW	New	SILVER CREST ACQUISITION COR*w exp 12/15/202	$24,000	–	110,000	–	0.03%	–
BRPMW	New	B RILEY PRINCIPAL 150 MERGER*w exp 03/01/202	$24,000	–	65,000	–	0.03%	–
COIN	New	COINBASE GLOBAL INC	$19,000	–	400	–	0.02%	–
	New	CIPHER MINING INC*w exp 10/22/202	$19,000	–	100,000	–	0.02%	–
AGACWS	New	AFRICAN GOLD ACQUISITION COR*w exp 03/31/202	$15,000	–	187,500	–	0.02%	–
CCVIWS	New	CHURCHILL CAPITAL CORP VI*w exp 02/17/202	$14,000	–	40,000	–	0.02%	–
ACIIWS	New	ATLAS CREST INVESTMENT CORP*w exp 02/03/202	$10,000	–	68,294	–	0.01%	–
TMACWS	New	THE MUSIC ACQUISITION CORP*w exp 02/05/202	$8,000	–	87,500	–	0.01%	–
COVAW	New	COVA ACQUISITION CORP*w exp 02/05/202	$8,000	–	75,000	–	0.01%	–
	New	SKYDECK ACQUISITION CORP*w exp 05/13/202	$8,000	–	45,900	–	0.01%	–
ITHXW	New	ITHAX ACQUISITION CORP*w exp 02/01/202	$7,000	–	25,000	–	0.01%	–
	New	CRYPTO 1 ACQUISITION CORP*w exp 04/30/202	$5,000	–	37,500	–	0.01%	–
MONCW	New	MONUMENT CIRCLE ACQUISITN CO*w exp 01/14/202	$4,000	–	37,500	–	0.01%	–
EVOJW	New	EVO ACQUISITION CORP*w exp 01/04/202	$4,000	–	50,000	–	0.01%	–
	New	ALTENERGY ACQUISITION CORP*w exp 10/29/202	$4,000	–	22,500	–	0.01%	–
TZPSW	New	TZP STRATEGIES ACQUISTN CORP*w exp 01/06/202	$3,000	–	35,000	–	0.00%	–
EACPW	New	EDIFY ACQUISITION CORP*w exp 11/25/202	$2,000	–	15,000	–	0.00%	–
SPKBW	New	SILVER SPIKE ACQUISITN CORP*w exp 02/26/202	$2,000	–	27,500	–	0.00%	–
FTAAW	New	FTAC ATHENA ACQUISITION CORP*w exp 03/01/202	$2,000	–	6,700	–	0.00%	–

Q4 2021

			Value		Shares		↓ Weighting
CFVIW	Exit	CF ACQUISITION CORP VI*w exp 02/18/202	$0	–	-2,500	–	-0.00%	–
FSNBWS	Exit	FUSION ACQUISITION CORP II*w exp 02/29/202	$0	–	-4,000	–	-0.01%	–
FTAAW	Exit	FTAC ATHENA ACQUISITION CORP CL A*w exp 03/01/202	$0	–	-6,700	–	-0.02%	–
EACPW	Exit	EDIFY ACQUISITION CORP*w exp 11/25/202	$0	–	-15,000	–	-0.02%	–
NXUWS	Exit	NOVUS CAPITAL CORPORATION II*w exp 02/02/202	$0	–	-10,000	–	-0.02%	–
ITHXW	Exit	ITHAX ACQUISITION CORP*w exp 02/01/202	$0	–	-25,000	–	-0.03%	–
MONCW	Exit	MONUMENT CIRCLE ACQUISITN CO*w exp 01/14/202	$0	–	-37,500	–	-0.04%	–
TZPSW	Exit	TZP STRATEGIES ACQUISTN CORP*w exp 01/06/202	$0	–	-35,000	–	-0.04%	–
EVOJW	Exit	EVO ACQUISITION CORP*w exp 01/04/202	$0	–	-50,000	–	-0.05%	–
SPKBW	Exit	SILVER SPIKE ACQUISITN CORP*w exp 02/26/202	$0	–	-27,500	–	-0.05%	–
	Exit	LUMIRADX LIMITED*w exp 09/28/202	$0	–	-27,500	–	-0.05%	–
	Exit	SKYDECK ACQUISITION CORP*w exp 05/13/202	$0	–	-45,900	–	-0.06%	–
COVAW	Exit	COVA ACQUISITION CORP*w exp 02/05/202	$0	–	-75,000	–	-0.07%	–
CCVIWS	Exit	CHURCHILL CAPITAL CORP VI*w exp 02/17/202	$0	–	-40,000	–	-0.08%	–
BRPMW	Exit	B RILEY PRINCIPAL 150 MERGER*w exp 03/01/202	$0	–	-67,000	–	-0.09%	–
ACIIWS	Exit	ATLAS CREST INVESTMENT CORP*w exp 02/03/202	$0	–	-68,294	–	-0.10%	–
TMACWS	Exit	THE MUSIC ACQUISITION CORP*w exp 02/05/202	$0	–	-87,500	–	-0.11%	–
SLCRW	Exit	SILVER CREST ACQUISITION COR*w exp 12/15/202	$0	–	-110,000	–	-0.12%	–
AGACWS	Exit	AFRICAN GOLD ACQUISITION COR*w exp 03/31/202	$0	–	-187,500	–	-0.15%	–
COIN	Exit	COINBASE GLOBAL INC	$0	–	-400	–	-0.15%	–
NE	Exit	NOBLE CORP NEW	$0	–	-4,475	–	-0.20%	–
MAACW	Exit	MONTES ARCHIMEDES ACQUISITIO*w exp 99/99/999	$0	–	-100,000	–	-0.25%	–
BSNWS	Exit	BROADSTONE ACQUISITION CORP*w exp 09/15/202	$0	–	-164,100	–	-0.29%	–
	Exit	CIPHER MINING INC*w exp 10/22/202	$0	–	-100,000	–	-0.38%	–
ITHX	Exit	ITHAX ACQUISITION CORP CL A	$0	–	-50,000	–	-0.81%	–
PDEX	Exit	PRO-DEX INC COLO	$0	–	-20,000	–	-0.85%	–
CDEV	Exit	CENTENNIAL RESOURCE DEV INCcl a	$0	–	-100,000	–	-1.11%	–
SLCR	Exit	SILVER CREST ACQUISITION COR CL A	$0	–	-70,000	–	-1.14%	–
MON	Exit	MONUMENT CIRCLE ACQUISITN CO	$0	–	-75,000	–	-1.22%	–
CRC	Exit	CALIFORNIA RES CORP	$0	–	-18,974	–	-1.29%	–
EVOJ	Exit	EVO ACQUISITION CORP	$0	–	-100,000	–	-1.61%	–
TZPS	Exit	TZP STRATEGIES ACQUISTN CORP CL A	$0	–	-105,000	–	-1.70%	–
SPKB	Exit	SILVER SPIKE ACQUISITN CORP CLASS A ORD	$0	–	-110,000	–	-1.79%	–
	Exit	SKYDECK ACQUISITION CORP CLASS A ORD	$0	–	-137,700	–	-2.21%	–
HHC	Exit	HOWARD HUGHES CORP	$0	–	-16,000	–	-2.33%	–
BRPM	Exit	B RILEY PRINCIPAL 150 MERGER	$0	–	-150,000	–	-2.43%	–
COVA	Exit	COVA ACQUISITION CORP CL A	$0	–	-150,000	–	-2.43%	–
NEX	Exit	NEXTIER OILFIELD SOLUTIONS	$0	–	-348,100	–	-2.66%	–
TMAC	Exit	THE MUSIC ACQUISITION CORP	$0	–	-175,000	–	-2.83%	–
	Exit	WORKDAY INCnote 0.250%10/0	$0	–	-1,000,000	–	-2.84%	–
HP	Exit	HELMERICH & PAYNE INC	$0	–	-62,500	–	-2.84%	–
BBCP	Exit	CONCRETE PUMPING HLDGS INC	$0	–	-225,000	–	-3.19%	–
AGAC	Exit	AFRICAN GOLD ACQUISITION COR	$0	–	-200,000	–	-3.23%	–
ACII	Exit	ATLAS CREST INVESTMENT CORP	$0	–	-200,000	–	-3.24%	–
CCVI	Exit	CHURCHILL CAPITAL CORP VI	$0	–	-200,000	–	-3.24%	–
MVBF	Exit	MVB FINL CORP	$0	–	-55,000	–	-3.91%	–
CNR	Exit	CORNERSTONE BLDG BRANDS INC	$0	–	-185,000	–	-4.49%	–
BYD	Exit	BOYD GAMING CORP	$0	–	-43,000	–	-4.52%	–
CCL	Exit	CARNIVAL CORPunit 99/99/9999	$0	–	-117,500	–	-4.88%	–
HAL	Exit	HALLIBURTON COcall	$0	–	-145,500	–	-5.22%	–
DAL	Exit	DELTA AIR LINES INC DEL	$0	–	-80,000	–	-5.66%	–
DHI	Exit	D R HORTON INC	$0	–	-41,000	–	-5.72%	–
GLD	Exit	SPDR GOLD TR GOLDcall	$0	–	-33,500	–	-9.13%	–
UFPI	Exit	UFP INDUSTRIES INC	$0	–	-81,000	–	-9.14%	–

Q3 2021

			Value		Shares		↓ Weighting
UFPI	Buy	UFP INDUSTRIES INC	$5,506,000	+10.5%	81,000	+20.9%	9.14%	+109.4%
DHI	Sell	D R HORTON INC	$3,443,000	-11.4%	41,000	-4.7%	5.72%	+67.8%
DAL	Buy	DELTA AIR LINES INC DEL	$3,409,000	+44.6%	80,000	+46.8%	5.66%	+173.9%
CCL	Sell	CARNIVAL CORPunit 99/99/9999	$2,939,000	-20.4%	117,500	-16.1%	4.88%	+50.9%
BYD	Buy	BOYD GAMING CORP	$2,720,000	+60.9%	43,000	+56.4%	4.52%	+204.7%
CNR	Buy	CORNERSTONE BLDG BRANDS INC	$2,703,000	-9.9%	185,000	+12.1%	4.49%	+70.7%
ACII	Sell	ATLAS CREST INVESTMENT CORP	$1,952,000	-21.5%	200,000	-21.6%	3.24%	+48.7%
AGAC	Sell	AFRICAN GOLD ACQUISITION COR	$1,944,000	-19.4%	200,000	-20.0%	3.23%	+52.6%
HP	New	HELMERICH & PAYNE INC	$1,713,000	–	62,500	–	2.84%	–
NEX	Sell	NEXTIER OILFIELD SOLUTIONS	$1,601,000	-32.7%	348,100	-30.4%	2.66%	+27.5%
BRPM	Sell	B RILEY PRINCIPAL 150 MERGER	$1,463,000	-25.4%	150,000	-25.4%	2.43%	+41.4%
	New	SKYDECK ACQUISITION CORP CLASS A ORD	$1,334,000	–	137,700	–	2.21%	–
SLCR	Sell	SILVER CREST ACQUISITION COR CL A	$688,000	-64.4%	70,000	-65.0%	1.14%	-32.5%
PDEX	New	PRO-DEX INC COLO	$513,000	–	20,000	–	0.85%	–
	New	CIPHER MINING INC*w exp 10/22/202	$228,000	–	100,000	–	0.38%	–
SLCRW	Buy	SILVER CREST ACQUISITION COR*w exp 12/15/202	$73,000	-14.1%	110,000	+9.9%	0.12%	+63.5%
ACIIWS	Buy	ATLAS CREST INVESTMENT CORP*w exp 02/03/202	$58,000	-20.5%	68,294	+7.1%	0.10%	+50.0%
	New	SKYDECK ACQUISITION CORP*w exp 05/13/202	$34,000	–	45,900	–	0.06%	–
	New	LUMIRADX LIMITED*w exp 09/28/202	$32,000	–	27,500	–	0.05%	–
FTAAW	Sell	FTAC ATHENA ACQUISITION CORP CL A*w exp 03/01/202	$9,000	-52.6%	6,700	-46.4%	0.02%	-11.8%
CAHCW	Exit	CA HEALTHCARE ACQUISITION CO*w exp 12/25/202	$0	–	-27,500	–	-0.02%	–
CFVI	Exit	CF ACQUISITION CORP VI	$0	–	-10,000	–	-0.09%	–
FSNB	Exit	FUSION ACQUISITION CORP II	$0	–	-12,000	–	-0.10%	–
GWACW	Exit	GOOD WORKS ACQUISITION CORP*w exp 10/22/202	$0	–	-100,000	–	-0.15%	–
PTEN	Exit	PATTERSON-UTI ENERGY INCput	$0	–	-17,600	–	-0.15%	–
EAC	Exit	EDIFY ACQUISITION CORPcl a	$0	–	-30,000	–	-0.25%	–
NXU	Exit	NOVUS CAPITAL CORPORATION II	$0	–	-30,000	–	-0.26%	–
FTAA	Exit	FTAC ATHENA ACQUISITION CORP CL A	$0	–	-50,000	–	-0.43%	–
BSN	Exit	BROADSTONE ACQUISITION CORP	$0	–	-120,160	–	-1.04%	–
SKYAU	Exit	SKYDECK ACQUISITION CORPunit 05/13/2026 added	$0	–	-137,700	–	-1.21%	–
IWM	Exit	ISHARES TR RUSSELL 2000put	$0	–	-221,500	–	-44.52%	–

Q2 2021

			Value		Shares		↓ Weighting
IWM	New	ISHARES TR RUSSELL 2000put	$50,805,000	–	221,500	–	44.52%	–
GLD	New	SPDR GOLD TR GOLDcall	$5,549,000	–	33,500	–	4.86%	–
UFPI	New	UFP INDUSTRIES INC	$4,981,000	–	67,000	–	4.36%	–
DHI	New	D R HORTON INC	$3,886,000	–	43,000	–	3.40%	–
CCL	New	CARNIVAL CORPunit 99/99/9999	$3,690,000	–	140,000	–	3.23%	–
HAL	New	HALLIBURTON COcall	$3,364,000	–	145,500	–	2.95%	–
CNR	New	CORNERSTONE BLDG BRANDS INC	$3,000,000	–	165,000	–	2.63%	–
ACII	New	ATLAS CREST INVESTMENT CORP	$2,487,000	–	255,000	–	2.18%	–
AGAC	New	AFRICAN GOLD ACQUISITION COR	$2,413,000	–	250,000	–	2.11%	–
NEX	New	NEXTIER OILFIELD SOLUTIONS	$2,380,000	–	500,000	–	2.08%	–
DAL	New	DELTA AIR LINES INC DEL	$2,358,000	–	54,500	–	2.07%	–
MVBF	New	MVB FINL CORP	$2,346,000	–	55,000	–	2.06%	–
CCVI	New	CHURCHILL CAPITAL CORP VI	$1,972,000	–	200,000	–	1.73%	–
BRPM	New	B RILEY PRINCIPAL 150 MERGER	$1,960,000	–	201,000	–	1.72%	–
SLCR	New	SILVER CREST ACQUISITION COR CL A	$1,932,000	–	200,134	–	1.69%	–
BBCP	New	CONCRETE PUMPING HLDGS INC	$1,906,000	–	225,000	–	1.67%	–
TMAC	New	THE MUSIC ACQUISITION CORP	$1,693,000	–	175,000	–	1.48%	–
BYD	New	BOYD GAMING CORP	$1,691,000	–	27,500	–	1.48%	–
	New	WORKDAY INCnote 0.250%10/0	$1,653,000	–	1,000,000	–	1.45%	–
HHC	New	HOWARD HUGHES CORP	$1,559,000	–	16,000	–	1.37%	–
COVA	New	COVA ACQUISITION CORP CL A	$1,453,000	–	150,000	–	1.27%	–
SKYAU	New	SKYDECK ACQUISITION CORPunit 05/13/2026 added	$1,377,000	–	137,700	–	1.21%	–
BSN	New	BROADSTONE ACQUISITION CORP	$1,187,000	–	120,160	–	1.04%	–
SPKB	New	SILVER SPIKE ACQUISITN CORP CLASS A ORD	$1,073,000	–	110,000	–	0.94%	–
TZPS	New	TZP STRATEGIES ACQUISTN CORP CL A	$1,019,000	–	105,000	–	0.89%	–
EVOJ	New	EVO ACQUISITION CORP	$970,000	–	100,000	–	0.85%	–
MON	New	MONUMENT CIRCLE ACQUISITN CO	$727,000	–	75,000	–	0.64%	–
CDEV	New	CENTENNIAL RESOURCE DEV INCcl a	$678,000	–	100,000	–	0.59%	–
CRC	New	CALIFORNIA RES CORP	$572,000	–	18,974	–	0.50%	–
FTAA	New	FTAC ATHENA ACQUISITION CORP CL A	$493,000	–	50,000	–	0.43%	–
ITHX	New	ITHAX ACQUISITION CORP CL A	$486,000	–	50,000	–	0.43%	–
NXU	New	NOVUS CAPITAL CORPORATION II	$292,000	–	30,000	–	0.26%	–
EAC	New	EDIFY ACQUISITION CORPcl a	$290,000	–	30,000	–	0.25%	–
BSNWS	New	BROADSTONE ACQUISITION CORP*w exp 09/15/202	$197,000	–	164,100	–	0.17%	–
PTEN	New	PATTERSON-UTI ENERGY INCput	$175,000	–	17,600	–	0.15%	–
GWACW	New	GOOD WORKS ACQUISITION CORP*w exp 10/22/202	$168,000	–	100,000	–	0.15%	–
MAACW	New	MONTES ARCHIMEDES ACQUISITIO*w exp 99/99/999	$154,000	–	100,000	–	0.14%	–
AGACWS	New	AFRICAN GOLD ACQUISITION COR*w exp 03/31/202	$118,000	–	187,500	–	0.10%	–
FSNB	New	FUSION ACQUISITION CORP II	$116,000	–	12,000	–	0.10%	–
NE	New	NOBLE CORP NEW	$111,000	–	4,475	–	0.10%	–
COIN	New	COINBASE GLOBAL INC	$101,000	–	400	–	0.09%	–
CFVI	New	CF ACQUISITION CORP VI	$98,000	–	10,000	–	0.09%	–
SLCRW	New	SILVER CREST ACQUISITION COR CL A*w exp 12/15/202	$85,000	–	100,067	–	0.07%	–
BRPMW	New	B RILEY PRINCIPAL 150 MERGER*w exp 03/01/202 added	$80,000	–	67,000	–	0.07%	–
TMACWS	New	THE MUSIC ACQUISITION CORP*w exp 02/05/202	$74,000	–	87,500	–	0.06%	–
ACIIWS	New	ATLAS CREST INVESTMENT CORP*w exp 02/03/202	$73,000	–	63,750	–	0.06%	–
COVAW	New	COVA ACQUISITION CORP*w exp 02/05/202	$67,000	–	75,000	–	0.06%	–
CCVIWS	New	CHURCHILL CAPITAL CORP VI*w exp 02/17/202 added	$56,000	–	40,000	–	0.05%	–
SPKBW	New	SILVER SPIKE ACQUISITN CORP CLASS A ORD*w exp 02/26/202 added	$37,000	–	27,500	–	0.03%	–
EVOJW	New	EVO ACQUISITION CORP*w exp 01/04/202 added	$31,000	–	50,000	–	0.03%	–
TZPSW	New	TZP STRATEGIES ACQUISTN CORP*w exp 01/06/202	$28,000	–	35,000	–	0.02%	–
MONCW	New	MONUMENT CIRCLE ACQUISITN CO*w exp 01/14/202	$27,000	–	37,500	–	0.02%	–
CAHCW	New	CA HEALTHCARE ACQUISITION CO*w exp 12/25/202	$27,000	–	27,500	–	0.02%	–
FTAAW	New	FTAC ATHENA ACQUISITION CORP*w exp 03/01/202 added	$19,000	–	12,500	–	0.02%	–
ITHXW	New	ITHAX ACQUISITION CORP*w exp 02/01/202	$17,000	–	25,000	–	0.02%	–
NXUWS	New	NOVUS CAPITAL CORPORATION II*w exp 02/02/202	$12,000	–	10,000	–	0.01%	–
EACPW	New	EDIFY ACQUISITION CORP*w exp 11/25/202	$11,000	–	15,000	–	0.01%	–
FSNBWS	New	FUSION ACQUISITION CORP II*w exp 02/29/202 added	$4,000	–	4,000	–	0.00%	–
CFVIW	New	CF ACQUISITION CORP VI*w exp 02/18/202 added	$2,000	–	2,500	–	0.00%	–

Q4 2020

			Value		Shares		↓ Weighting
EEM	Exit	ISHARES TRput	$0	–	-180,000	–	-0.10%	–
IWM	Exit	ISHARES TRput	$0	–	-25,000	–	-0.24%	–
CDEV	Exit	CENTENNIAL RESOURCE DEV INCcl a	$0	–	-100,000	–	-0.26%	–
QQQ	Exit	INVESCO QQQ TRput	$0	–	-17,500	–	-0.45%	–
AAL	Exit	AMERICAN AIRLS GROUP INCput	$0	–	-980,000	–	-1.38%	–
PXD	Exit	PIONEER NAT RES CO	$0	–	-4,500	–	-1.71%	–
CNR	Exit	CORNERSTONE BLDG BRANDS INC	$0	–	-105,000	–	-3.70%	–
CRSA	Exit	CRESCENT ACQUISITION CORP	$0	–	-100,000	–	-4.43%	–
	Exit	WORKDAY INCnote 0.250% 10/0	$0	–	-1,000,000	–	-6.78%	–
	Exit	LENDINGTREE INC NEWnote 0.625% 6/0	$0	–	-1,000,000	–	-6.90%	–
NEX	Exit	NEXTIER OILFIELD SOLUTIONS	$0	–	-874,765	–	-7.14%	–
DAL	Exit	DELTA AIR LINES INC DEL	$0	–	-60,000	–	-8.09%	–
CCIV	Exit	CHURCHILL CAPITAL CORP IVcl a	$0	–	-200,000	–	-8.63%	–
SVACU	Exit	STARBOARD VALUE ACQUISITN COunit 09/10/2025	$0	–	-300,600	–	-13.39%	–
BSNU	Exit	BROADSTONE ACQUISITION CORPunit 99/99/9999	$0	–	-328,149	–	-14.43%	–
	Exit	Q2 HLDGS INCnote 0.750% 2/1	$0	–	-3,000,000	–	-22.37%	–

Q3 2020

			Value		Shares		↓ Weighting
BSNU	New	BROADSTONE ACQUISITION CORPunit 99/99/9999	$3,272,000	–	328,149	–	14.43%	–
SVACU	New	STARBOARD VALUE ACQUISITN COunit 09/10/2025	$3,036,000	–	300,600	–	13.39%	–
CCIV	New	CHURCHILL CAPITAL CORP IVcl a	$1,956,000	–	200,000	–	8.63%	–
CRSA	New	CRESCENT ACQUISITION CORP	$1,004,000	–	100,000	–	4.43%	–
CNR	Buy	CORNERSTONE BLDG BRANDS INC	$838,000	+151.7%	105,000	+90.9%	3.70%	+62.7%
AAL	Sell	AMERICAN AIRLS GROUP INCput	$314,000	-64.8%	980,000	-14.9%	1.38%	-77.2%
QQQ	New	INVESCO QQQ TRput	$102,000	–	17,500	–	0.45%	–
IWM	Sell	ISHARES TRput	$55,000	-79.7%	25,000	-80.0%	0.24%	-86.9%
EEM	New	ISHARES TRput	$22,000	–	180,000	–	0.10%	–
NINE	Exit	NINE ENERGY SERVICE INC	$0	–	-16,870	–	-0.22%	–
NEBLQ	Exit	NOBLE CORP PLC	$0	–	-309,889	–	-0.68%	–
OIH	Exit	VANECK VECTORS ETF TRput	$0	–	-55,600	–	-0.73%	–
SPNX	Exit	SUPERIOR ENERGY SVCS INC	$0	–	-103,688	–	-0.80%	–
HAL	Exit	HALLIBURTON COput	$0	–	-445,000	–	-0.94%	–
GLPI	Exit	GAMING & LEISURE PPTYS INC	$0	–	-21,614	–	-5.10%	–

Q2 2020

			Value		Shares		↓ Weighting
	New	Q2 HLDGS INCnote 0.750% 2/1	$4,701,000	–	3,000,000	–	32.07%	–
NEX	New	NEXTIER OILFIELD SOLUTIONS	$2,143,000	–	874,765	–	14.62%	–
DAL	New	DELTA AIR LINES INC DEL	$1,683,000	–	60,000	–	11.48%	–
	New	LENDINGTREE INC NEWnote 0.625% 6/0	$1,489,000	–	1,000,000	–	10.16%	–
	New	WORKDAY INCnote 0.250% 10/0	$1,374,000	–	1,000,000	–	9.37%	–
AAL	New	AMERICAN AIRLS GROUP INCput	$892,000	–	1,151,000	–	6.08%	–
GLPI	New	GAMING & LEISURE PPTYS INC	$748,000	–	21,614	–	5.10%	–
PXD	New	PIONEER NAT RES CO	$440,000	–	4,500	–	3.00%	–
CNR	New	CORNERSTONE BLDG BRANDS INC	$333,000	–	55,000	–	2.27%	–
IWM	New	ISHARES TRput	$271,000	–	125,000	–	1.85%	–
HAL	New	HALLIBURTON COput	$138,000	–	445,000	–	0.94%	–
SPNX	New	SUPERIOR ENERGY SVCS INC	$118,000	–	103,688	–	0.80%	–
OIH	New	VANECK VECTORS ETF TRput	$107,000	–	55,600	–	0.73%	–
NEBLQ	New	NOBLE CORP PLC	$100,000	–	309,889	–	0.68%	–
CDEV	New	CENTENNIAL RESOURCE DEV INCcl a	$89,000	–	100,000	–	0.61%	–
NINE	New	NINE ENERGY SERVICE INC	$33,000	–	16,870	–	0.22%	–

Q4 2019

			Value		Shares		↓ Weighting
NBR	Exit	NABORS INDUSTRIES LTDcall	$0	–	-10,000	–	0.00%	–
OIH	Exit	VANECK VECTORS ETF TRput	$0	–	-855,000	–	-0.45%	–
USO	Exit	UNITED STATES OIL FUND LPput	$0	–	-820,000	–	-0.89%	–
NBR	Exit	NABORS INDUSTRIES LTD	$0	–	-187,712	–	-0.96%	–
NEXT	Exit	NEXTDECADE CORP	$0	–	-65,000	–	-1.03%	–
NEBLQ	Exit	NOBLE CORP PLC	$0	–	-309,889	–	-1.08%	–
CDEV	Exit	CENTENNIAL RESOURCE DEV INCcl a	$0	–	-232,100	–	-2.88%	–
	Exit	WORKDAY INCnote 0.250% 10/0	$0	–	-1,000,000	–	-3.61%	–
	Exit	LENDINGTREE INC NEWnote 0.625% 6/0	$0	–	-1,000,000	–	-4.41%	–
CNR	Exit	CORNERSTONE BLDG BRANDS INC	$0	–	-500,000	–	-8.32%	–
IGT	Exit	INTERNATIONAL GAME TECHNOLOG	$0	–	-216,652	–	-8.47%	–
	Exit	RINGCENTRAL INCnote 3/1	$0	–	-2,000,000	–	-8.87%	–
	Exit	Q2 HLDGS INCnote 0.750% 2/1	$0	–	-3,000,000	–	-12.08%	–
GLPI	Exit	GAMING & LEISURE PPTYS INC	$0	–	-119,569	–	-12.57%	–
PXD	Exit	PIONEER NAT RES CO	$0	–	-40,000	–	-13.84%	–
FRAC	Exit	KEANE GROUP INC	$0	–	-1,232,340	–	-20.54%	–

Q3 2019

			Value		Shares		↓ Weighting
FRAC	Buy	KEANE GROUP INC	$7,468,000	+43.1%	1,232,340	+58.7%	20.54%	+103.9%
PXD	Sell	PIONEER NAT RES CO	$5,031,000	-19.5%	40,000	-1.5%	13.84%	+14.8%
GLPI	Sell	GAMING & LEISURE PPTYS INC	$4,572,000	-5.5%	119,569	-3.6%	12.57%	+34.7%
IGT	Sell	INTERNATIONAL GAME TECHNOLOG	$3,079,000	-18.6%	216,652	-25.7%	8.47%	+16.0%
CNR	Sell	CORNERSTONE BLDG BRANDS INC	$3,025,000	-44.6%	500,000	-46.6%	8.32%	-21.0%
	New	WORKDAY INCnote 0.250% 10/0	$1,311,000	–	1,000,000	–	3.61%	–
CDEV	Buy	CENTENNIAL RESOURCE DEV INCcl a	$1,048,000	-24.2%	232,100	+27.5%	2.88%	+8.1%
NEBLQ	Buy	NOBLE CORP PLC	$394,000	-22.0%	309,889	+14.8%	1.08%	+11.2%
NEXT	Sell	NEXTDECADE CORP	$374,000	-37.7%	65,000	-31.6%	1.03%	-11.1%
NBR	Sell	NABORS INDUSTRIES LTD	$351,000	-78.3%	187,712	-66.3%	0.96%	-69.0%
USO	Sell	UNITED STATES OIL FUND LPput	$325,000	-31.1%	820,000	-52.3%	0.89%	-1.9%
OIH	Sell	VANECK VECTORS ETF TRput	$162,000	-76.9%	855,000	-60.5%	0.45%	-67.0%
HYG	Exit	ISHARES TRput	$0	–	-140,000	–	-0.01%	–
CRCQQ	Exit	CALIFORNIA RES CORPput	$0	–	-70,000	–	-0.15%	–
SPNV	Exit	SUPERIOR ENERGY SVCS INC	$0	–	-204,683	–	-0.51%	–
SPY	Exit	SPDR S&P 500 ETF TRput	$0	–	-189,000	–	-0.67%	–
HP	Exit	HELMERICH & PAYNE INC	$0	–	-10,000	–	-0.98%	–
NINE	Exit	NINE ENERGY SVC INC	$0	–	-138,339	–	-4.63%	–
PTEN	Exit	PATTERSON UTI ENERGY INC	$0	–	-214,057	–	-4.76%	–
PUMP	Exit	PROPETRO HLDG CORP	$0	–	-122,272	–	-4.88%	–
HAL	Exit	HALLIBURTON CO	$0	–	-134,000	–	-5.88%	–

Q2 2019

			Value		Shares		↓ Weighting
PXD	New	PIONEER NAT RES CO	$6,247,000	–	40,600	–	12.06%	–
CNR	New	CORNERSTONE BLDG BRANDS INC	$5,456,000	–	935,880	–	10.53%	–
FRAC	New	KEANE GROUP INC	$5,220,000	–	776,759	–	10.07%	–
GLPI	New	GAMING & LEISURE PPTYS INC	$4,837,000	–	124,097	–	9.33%	–
	New	Q2 HLDGS INCnote 0.750% 2/1	$4,278,000	–	3,000,000	–	8.26%	–
IGT	New	INTERNATIONAL GAME TECHNOLOG	$3,783,000	–	291,652	–	7.30%	–
HAL	New	HALLIBURTON CO	$3,047,000	–	134,000	–	5.88%	–
	New	RINGCENTRAL INCnote 3/1	$2,998,000	–	2,000,000	–	5.78%	–
PUMP	New	PROPETRO HLDG CORP	$2,531,000	–	122,272	–	4.88%	–
PTEN	New	PATTERSON UTI ENERGY INC	$2,464,000	–	214,057	–	4.76%	–
NINE	New	NINE ENERGY SVC INC	$2,397,000	–	138,339	–	4.63%	–
	New	LENDINGTREE INC NEWnote 0.625% 6/0	$2,086,000	–	1,000,000	–	4.02%	–
NBR	New	NABORS INDUSTRIES LTD	$1,614,000	–	556,480	–	3.12%	–
CDEV	New	CENTENNIAL RESOURCE DEV INCcl a	$1,382,000	–	182,100	–	2.67%	–
OIH	New	VANECK VECTORS ETF TRput	$700,000	–	2,165,000	–	1.35%	–
NEXT	New	NEXTDECADE CORP	$600,000	–	95,000	–	1.16%	–
HP	New	HELMERICH & PAYNE INC	$506,000	–	10,000	–	0.98%	–
NEBLQ	New	NOBLE CORP PLC	$505,000	–	269,889	–	0.98%	–
USO	New	UNITED STATES OIL FUND LPput	$472,000	–	1,720,000	–	0.91%	–
SPY	New	SPDR S&P 500 ETF TRput	$346,000	–	189,000	–	0.67%	–
SPNV	New	SUPERIOR ENERGY SVCS INC	$266,000	–	204,683	–	0.51%	–
CRCQQ	New	CALIFORNIA RES CORPput	$80,000	–	70,000	–	0.15%	–
HYG	New	ISHARES TRput	$6,000	–	140,000	–	0.01%	–
NBR	New	NABORS INDUSTRIES LTDcall	$0	–	10,000	–	0.00%	–

Q4 2018

			Value		Shares		↓ Weighting
QQQ	Exit	INVESCO QQQ TRput	$0	–	-86,600	–	-0.01%	–
NBR	Exit	NABORS INDUSTRIES LTDcall	$0	–	-210,800	–	-0.01%	–
USO	Exit	UNITED STATES OIL FUND LPput	$0	–	-1,479,000	–	-0.02%	–
IWM	Exit	ISHARES TRput	$0	–	-184,500	–	-0.04%	–
EVRI	Exit	EVERI HLDGS INC	$0	–	-63,868	–	-0.74%	–
WFTIQ	Exit	WEATHERFORD INTL PLC	$0	–	-344,389	–	-1.18%	–
NEXT	Exit	NEXTDECADE CORP	$0	–	-172,231	–	-1.23%	–
LGIH	Exit	LGI HOMES INC	$0	–	-34,691	–	-2.08%	–
CDEV	Exit	CENTENNIAL RESOURCE DEV INCcl a	$0	–	-94,808	–	-2.62%	–
SPNV	Exit	SUPERIOR ENERGY SVCS INC	$0	–	-213,449	–	-2.63%	–
TWI	Exit	TITAN INTL INC ILL	$0	–	-295,843	–	-2.78%	–
CJ	Exit	C&J ENERGY SVCS INC NEW	$0	–	-155,319	–	-4.09%	–
SOI	Exit	SOLARIS OILFIELD INFRSTR INC	$0	–	-174,309	–	-4.17%	–
NBR	Exit	NABORS INDUSTRIES LTD	$0	–	-556,480	–	-4.34%	–
HAL	Exit	HALLIBURTON CO	$0	–	-84,800	–	-4.35%	–
TOL	Exit	TOLL BROTHERS INC	$0	–	-116,430	–	-4.87%	–
PUMP	Exit	PROPETRO HLDG CORP	$0	–	-263,136	–	-5.49%	–
PTEN	Exit	PATTERSON UTI ENERGY INC	$0	–	-286,835	–	-6.21%	–
LEN	Exit	LENNAR CORPcl a	$0	–	-106,560	–	-6.30%	–
UFPI	Exit	UNIVERSAL FST PRODS INC	$0	–	-141,515	–	-6.33%	–
FRAC	Exit	KEANE GROUP INC	$0	–	-413,001	–	-6.47%	–
PXD	Exit	PIONEER NAT RES CO	$0	–	-29,655	–	-6.54%	–
DHI	Exit	D R HORTON INC	$0	–	-138,588	–	-7.40%	–
AGCO	Exit	AGCO CORP	$0	–	-110,216	–	-8.48%	–
GLPI	Exit	GAMING & LEISURE PPTYS INC	$0	–	-260,024	–	-11.60%	–

Q3 2018

			Value		Shares		↓ Weighting
AGCO	Sell	AGCO CORP	$6,700,000	-7.6%	110,216	-7.7%	8.48%	+9.2%
DHI	Sell	D R HORTON INC	$5,846,000	-22.4%	138,588	-24.6%	7.40%	-8.3%
PXD	Sell	PIONEER NAT RES CO	$5,166,000	-19.5%	29,655	-12.6%	6.54%	-4.9%
FRAC	Buy	KEANE GROUP INC	$5,109,000	+23.7%	413,001	+36.7%	6.47%	+46.2%
UFPI	Sell	UNIVERSAL FST PRODS INC	$5,000,000	-16.8%	141,515	-13.7%	6.33%	-1.6%
LEN	Sell	LENNAR CORPcl a	$4,975,000	-24.2%	106,560	-14.7%	6.30%	-10.4%
PTEN	Sell	PATTERSON UTI ENERGY INC	$4,908,000	-10.6%	286,835	-5.9%	6.21%	+5.7%
PUMP	Buy	PROPETRO HLDG CORP	$4,339,000	+16.6%	263,136	+10.9%	5.49%	+37.8%
TOL	Buy	TOLL BROTHERS INC	$3,846,000	-7.3%	116,430	+3.7%	4.87%	+9.5%
HAL	New	HALLIBURTON CO	$3,437,000	–	84,800	–	4.35%	–
SOI	Buy	SOLARIS OILFIELD INFRSTR INC	$3,293,000	+83.2%	174,309	+38.6%	4.17%	+116.6%
CJ	Buy	C&J ENERGY SVCS INC NEW	$3,231,000	-10.5%	155,319	+1.5%	4.09%	+5.7%
TWI	Sell	TITAN INTL INC ILL	$2,195,000	-48.4%	295,843	-25.3%	2.78%	-39.0%
SPNV	Sell	SUPERIOR ENERGY SVCS INC	$2,079,000	-54.5%	213,449	-54.5%	2.63%	-46.3%
CDEV	New	CENTENNIAL RESOURCE DEV INCcl a	$2,072,000	–	94,808	–	2.62%	–
LGIH	New	LGI HOMES INC	$1,646,000	–	34,691	–	2.08%	–
NEXT	Sell	NEXTDECADE CORP	$973,000	-21.2%	172,231	-5.5%	1.23%	-6.8%
WFTIQ	Buy	WEATHERFORD INTL PLC	$933,000	-6.6%	344,389	+13.4%	1.18%	+10.4%
EVRI	Sell	EVERI HLDGS INC	$586,000	-73.2%	63,868	-79.0%	0.74%	-68.3%
IWM	Sell	ISHARES TRput	$33,000	-94.7%	184,500	-47.0%	0.04%	-93.8%
QQQ	Buy	INVESCO QQQ TRput	$6,000	-93.0%	86,600	+5.0%	0.01%	-91.3%
SPY	Exit	SPDR S&P 500 ETF TRput	$0	–	-72,000	–	-0.14%	–
EGC	Exit	ENERGY XXI GULF COAST INC	$0	–	-109,657	–	-1.04%	–
AJX	Exit	GREAT AJAX CORP	$0	–	-143,230	–	-2.01%	–
MPW	Exit	MEDICAL PPTYS TRUST INC	$0	–	-147,584	–	-2.22%	–
ALLY	Exit	ALLY FINL INC	$0	–	-173,237	–	-4.88%	–

Q2 2018

			Value		Shares		↓ Weighting
GLPI	New	GAMING & LEISURE PPTYS INC	$9,309,000	–	260,024	–	9.97%	–
DHI	New	D R HORTON INC	$7,533,000	–	183,730	–	8.07%	–
AGCO	New	AGCO CORP	$7,251,000	–	119,418	–	7.77%	–
LEN	New	LENNAR CORPcl a	$6,561,000	–	124,967	–	7.03%	–
PXD	New	PIONEER NAT RES CO	$6,420,000	–	33,926	–	6.88%	–
UFPI	New	UNIVERSAL FST PRODS INC	$6,008,000	–	164,052	–	6.44%	–
PTEN	New	PATTERSON UTI ENERGY INC	$5,488,000	–	304,878	–	5.88%	–
SPNV	New	SUPERIOR ENERGY SVCS INC	$4,572,000	–	469,396	–	4.90%	–
ALLY	New	ALLY FINL INC	$4,551,000	–	173,237	–	4.88%	–
TWI	New	TITAN INTL INC ILL	$4,250,000	–	396,114	–	4.55%	–
TOL	New	TOLL BROTHERS INC	$4,151,000	–	112,232	–	4.45%	–
FRAC	New	KEANE GROUP INC	$4,129,000	–	302,029	–	4.42%	–
PUMP	New	PROPETRO HLDG CORP	$3,720,000	–	237,238	–	3.98%	–
CJ	New	C&J ENERGY SVCS INC NEW	$3,611,000	–	153,005	–	3.87%	–
NBR	New	NABORS INDUSTRIES LTD	$3,567,000	–	556,480	–	3.82%	–
EVRI	New	EVERI HLDGS INC	$2,186,000	–	303,544	–	2.34%	–
MPW	New	MEDICAL PPTYS TRUST INC	$2,072,000	–	147,584	–	2.22%	–
AJX	New	GREAT AJAX CORP	$1,873,000	–	143,230	–	2.01%	–
SOI	New	SOLARIS OILFIELD INFRSTR INC	$1,797,000	–	125,763	–	1.92%	–
NEXT	New	NEXTDECADE CORP	$1,234,000	–	182,231	–	1.32%	–
WFTIQ	New	WEATHERFORD INTL PLC	$999,000	–	303,676	–	1.07%	–
EGC	New	ENERGY XXI GULF COAST INC	$969,000	–	109,657	–	1.04%	–
IWM	New	ISHARES TRput	$628,000	–	348,000	–	0.67%	–
USO	New	UNITED STATES OIL FUND LPput	$210,000	–	1,479,000	–	0.22%	–
SPY	New	SPDR S&P 500 ETF TRput	$129,000	–	72,000	–	0.14%	–
QQQ	New	INVESCO QQQ TRput	$86,000	–	82,500	–	0.09%	–
NBR	New	NABORS INDUSTRIES LTDcall	$44,000	–	210,800	–	0.05%	–

Q4 2017

			Value		Shares		↓ Weighting
QQQ	Exit	POWERSHARES QQQ TRUSTput	$0	–	-140,000	–	-0.06%	–
IWM	Exit	ISHARES TRput	$0	–	-230,000	–	-0.15%	–
NEXTW	Exit	NEXTDECADE CORP*w exp 07/23/202	$0	–	-812,417	–	-0.51%	–
USO	Exit	UNITED STATES OIL FUND LPput	$0	–	-3,495,000	–	-0.55%	–
CYH	Exit	COMMUNITY HEALTH SYS INC NEW	$0	–	-164,795	–	-0.86%	–
CRCQQ	Exit	CALIFORNIA RES CORP	$0	–	-182,564	–	-1.30%	–
PXD	Exit	PIONEER NAT RES CO	$0	–	-14,350	–	-1.44%	–
C	Exit	CITIGROUP INC	$0	–	-30,311	–	-1.50%	–
PHM	Exit	PULTE GROUP INC	$0	–	-94,269	–	-1.75%	–
NEXT	Exit	NEXTDECADE CORP	$0	–	-274,649	–	-1.76%	–
PUMP	Exit	PROPETRO HLDG CORP	$0	–	-192,072	–	-1.87%	–
NBR	Exit	NABORS INDUSTRIES LTD	$0	–	-444,556	–	-2.44%	–
PGEM	Exit	PLY GEM HLDGS INC	$0	–	-224,694	–	-2.60%	–
WFTIQ	Exit	WEATHERFORD INTL PLC	$0	–	-946,304	–	-2.94%	–
CJ	Exit	C&J ENERGY SVCS INC NEW	$0	–	-200,000	–	-4.07%	–
	Exit	TESLA INCnote 2.375% 3/1	$0	–	-5,000,000	–	-4.17%	–
LEN	Exit	LENNAR CORPcl a	$0	–	-125,271	–	-4.49%	–
AJX	Exit	GREAT AJAX CORP	$0	–	-500,245	–	-4.78%	–
ALLY	Exit	ALLY FINL INC	$0	–	-311,955	–	-5.14%	–
EGC	Exit	ENERGY XXI GULF COAST INC	$0	–	-795,567	–	-5.58%	–
GLPI	Exit	GAMING & LEISURE PPTYS INC	$0	–	-232,187	–	-5.81%	–
MPW	Exit	MEDICAL PPTYS TRUST INC	$0	–	-652,702	–	-5.82%	–
MHO	Exit	M/I HOMES INC	$0	–	-344,316	–	-6.25%	–
DHI	Exit	D R HORTON INC	$0	–	-235,973	–	-6.40%	–
SPNV	Exit	SUPERIOR ENERGY SVCS INC	$0	–	-1,014,681	–	-7.36%	–
BMCH	Exit	BMC STK HLDGS INC	$0	–	-588,004	–	-8.52%	–
UFPI	Exit	UNIVERSAL FST PRODS INC	$0	–	-178,721	–	-11.91%	–

Q3 2017

			Value		Shares		↓ Weighting
UFPI	Sell	UNIVERSAL FST PRODS INC	$17,543,000	-25.4%	178,721	-33.7%	11.91%	+6.9%
BMCH	Sell	BMC STK HLDGS INC	$12,554,000	-22.6%	588,004	-20.7%	8.52%	+11.0%
SPNV	Sell	SUPERIOR ENERGY SVCS INC	$10,837,000	-18.3%	1,014,681	-20.2%	7.36%	+17.1%
DHI	Sell	D R HORTON INC	$9,422,000	-43.8%	235,973	-51.4%	6.40%	-19.5%
MHO	Sell	M/I HOMES INC	$9,204,000	-20.1%	344,316	-14.7%	6.25%	+14.5%
MPW	Buy	MEDICAL PPTYS TRUST INC	$8,570,000	+34.0%	652,702	+31.3%	5.82%	+92.1%
GLPI	Sell	GAMING & LEISURE PPTYS INC	$8,565,000	-15.1%	232,187	-13.3%	5.81%	+21.7%
EGC	Sell	ENERGY XXI GULF COAST INC	$8,226,000	-60.0%	795,567	-28.2%	5.58%	-42.7%
ALLY	Sell	ALLY FINL INC	$7,568,000	-35.3%	311,955	-44.3%	5.14%	-7.2%
AJX	Sell	GREAT AJAX CORP	$7,048,000	-47.6%	500,245	-48.0%	4.78%	-24.9%
LEN	Sell	LENNAR CORPcl a	$6,614,000	-23.4%	125,271	-22.6%	4.49%	+9.8%
CJ	New	C&J ENERGY SVCS INC NEW	$5,994,000	–	200,000	–	4.07%	–
WFTIQ	Sell	WEATHERFORD INTL PLC	$4,334,000	-44.5%	946,304	-53.1%	2.94%	-20.5%
PGEM	New	PLY GEM HLDGS INC	$3,831,000	–	224,694	–	2.60%	–
NBR	New	NABORS INDUSTRIES LTD	$3,588,000	–	444,556	–	2.44%	–
PUMP	New	PROPETRO HLDG CORP	$2,756,000	–	192,072	–	1.87%	–
NEXT	New	NEXTDECADE CORP	$2,587,000	–	274,649	–	1.76%	–
PHM	Sell	PULTE GROUP INC	$2,576,000	-33.2%	94,269	-40.0%	1.75%	-4.3%
C	Sell	CITIGROUP INC	$2,205,000	-41.1%	30,311	-45.9%	1.50%	-15.6%
PXD	New	PIONEER NAT RES CO	$2,117,000	–	14,350	–	1.44%	–
CRCQQ	Sell	CALIFORNIA RES CORP	$1,910,000	-34.0%	182,564	-46.0%	1.30%	-5.3%
CYH	Sell	COMMUNITY HEALTH SYS INC NEW	$1,266,000	-83.7%	164,795	-78.8%	0.86%	-76.6%
USO	New	UNITED STATES OIL FUND LPput	$813,000	–	3,495,000	–	0.55%	–
NEXTW	New	NEXTDECADE CORP*w exp 07/23/202	$756,000	–	812,417	–	0.51%	–
IWM	New	ISHARES TRput	$221,000	–	230,000	–	0.15%	–
QQQ	New	POWERSHARES QQQ TRUSTput	$87,000	–	140,000	–	0.06%	–
HRMN	Exit	HARMONY MERGER CORP	$0	–	-182,232	–	0.00%	–
JCPNQ	Exit	PENNEY J C INCcall	$0	–	-757,600	–	-0.04%	–
HRMNU	Exit	HARMONY MERGER CORPunit 99/99/9999	$0	–	-90,000	–	-0.15%	–
HRMNW	Exit	HARMONY MERGER CORP*w exp 01/01/202	$0	–	-720,000	–	-0.27%	–
	Exit	MERITAGE HOMES CORPnote 1.875% 9/1	$0	–	-600,000	–	-0.29%	–
	Exit	TOLL BROS FIN CORPnote 0.500% 9/1	$0	–	-3,000,000	–	-1.42%	–
BASX	Exit	BASIC ENERGY SVCS INC NEW	$0	–	-198,216	–	-2.34%	–
TOL	Exit	TOLL BROTHERS INC	$0	–	-136,361	–	-2.55%	–
LGIH	Exit	LGI HOMES INC	$0	–	-295,109	–	-5.61%	–

Q2 2017

			Value		Shares		↓ Weighting
UFPI	New	UNIVERSAL FST PRODS INC	$23,518,000	–	269,366	–	11.13%	–
EGC	New	ENERGY XXI GULF COAST INC	$20,571,000	–	1,107,740	–	9.74%	–
DHI	New	D R HORTON INC	$16,774,000	–	485,213	–	7.94%	–
BMCH	New	BMC STK HLDGS INC	$16,212,000	–	741,951	–	7.68%	–
AJX	New	GREAT AJAX CORP	$13,446,000	–	961,767	–	6.37%	–
SPNV	New	SUPERIOR ENERGY SVCS INC	$13,264,000	–	1,271,703	–	6.28%	–
LGIH	New	LGI HOMES INC	$11,857,000	–	295,109	–	5.61%	–
ALLY	New	ALLY FINL INC	$11,697,000	–	559,672	–	5.54%	–
MHO	New	M/I HOMES INC	$11,521,000	–	403,538	–	5.46%	–
GLPI	New	GAMING & LEISURE PPTYS INC	$10,085,000	–	267,712	–	4.78%	–
LEN	New	LENNAR CORPcl a	$8,632,000	–	161,889	–	4.09%	–
WFTIQ	New	WEATHERFORD INTL PLC	$7,816,000	–	2,019,528	–	3.70%	–
CYH	New	COMMUNITY HEALTH SYS INC NEW	$7,759,000	–	779,000	–	3.67%	–
MPW	New	MEDICAL PPTYS TRUST INC	$6,396,000	–	497,000	–	3.03%	–
	New	TESLA INCnote 2.375% 3/1	$6,281,000	–	5,000,000	–	2.97%	–
TOL	New	TOLL BROTHERS INC	$5,388,000	–	136,361	–	2.55%	–
BASX	New	BASIC ENERGY SVCS INC NEW	$4,936,000	–	198,216	–	2.34%	–
PHM	New	PULTE GROUP INC	$3,856,000	–	157,188	–	1.83%	–
C	New	CITIGROUP INC	$3,746,000	–	56,011	–	1.77%	–
	New	TOLL BROS FIN CORPnote 0.500% 9/1	$2,993,000	–	3,000,000	–	1.42%	–
CRCQQ	New	CALIFORNIA RES CORP	$2,892,000	–	338,246	–	1.37%	–
	New	MERITAGE HOMES CORPnote 1.875% 9/1	$605,000	–	600,000	–	0.29%	–
HRMNW	New	HARMONY MERGER CORP*w exp 01/01/202	$576,000	–	720,000	–	0.27%	–
HRMNU	New	HARMONY MERGER CORPunit 99/99/9999	$315,000	–	90,000	–	0.15%	–
JCPNQ	New	PENNEY J C INCcall	$83,000	–	757,600	–	0.04%	–
HRMN	New	HARMONY MERGER CORP	$1,000	–	182,232	–	0.00%	–

Q4 2016

			Value		Shares		↓ Weighting
WFTIQ	Exit	WEATHERFORD INTL PLCcall	$0	–	-34,400	–	0.00%	–
HRMN	Exit	HARMONY MERGER CORP	$0	–	-180,000	–	-0.00%	–
IWM	Exit	ISHARES TRput	$0	–	-400,000	–	-0.02%	–
HRMNW	Exit	HARMONY MERGER CORP*w exp 01/01/202	$0	–	-720,000	–	-0.04%	–
WYNN	Exit	WYNN RESORTS LTDcall	$0	–	-26,100	–	-0.16%	–
HRMNU	Exit	HARMONY MERGER CORPunit 99/99/9999	$0	–	-90,000	–	-0.35%	–
SPNV	Exit	SUPERIOR ENERGY SVCS INC	$0	–	-54,129	–	-0.38%	–
	Exit	STANDARD PAC CORP NEWnote 1.250% 8/0	$0	–	-957,000	–	-0.39%	–
	Exit	MERITAGE HOMES CORPnote 1.875% 9/1	$0	–	-1,200,000	–	-0.47%	–
BRSWQ	Exit	BRISTOW GROUP INC	$0	–	-90,000	–	-0.49%	–
CRCQQ	Exit	CALIFORNIA RES CORP	$0	–	-104,000	–	-0.51%	–
TLT	Exit	ISHARES TRput	$0	–	-1,240,000	–	-0.56%	–
EVRI	Exit	EVERI HLDGS INC	$0	–	-1,100,000	–	-1.06%	–
	Exit	M/I HOMES INCnote 3.250% 9/1	$0	–	-2,715,000	–	-1.14%	–
	Exit	TOLL BROS FIN CORPnote 0.500% 9/1	$0	–	-3,000,000	–	-1.15%	–
MEG	Exit	MEDIA GEN INC NEW	$0	–	-240,000	–	-1.72%	–
	Exit	WEATHERFORD INTL LTDnote 5.875% 7/0	$0	–	-4,000,000	–	-1.75%	–
GM	Exit	GENERAL MTRS CO	$0	–	-154,542	–	-1.92%	–
MHO	Exit	M/I HOMES INC	$0	–	-259,311	–	-2.38%	–
PHM	Exit	PULTE GROUP INC	$0	–	-346,958	–	-2.71%	–
NWHM	Exit	NEW HOME CO INC	$0	–	-698,956	–	-2.91%	–
PENN	Exit	PENN NATL GAMING INC	$0	–	-604,054	–	-3.20%	–
OSB	Exit	NORBORD INC	$0	–	-349,977	–	-3.50%	–
MCRI	Exit	MONARCH CASINO & RESORT INC	$0	–	-361,215	–	-3.54%	–
DHI	Exit	D R HORTON INC	$0	–	-313,722	–	-3.69%	–
CSTE	Exit	CAESARSTONE LTD	$0	–	-276,749	–	-4.07%	–
ALLY	Exit	ALLY FINL INC	$0	–	-590,057	–	-4.48%	–
WCIC	Exit	WCI CMNTYS INC	$0	–	-502,984	–	-4.65%	–
LEN	Exit	LENNAR CORPcl a	$0	–	-291,621	–	-4.82%	–
LGIH	Exit	LGI HOMES INC	$0	–	-372,045	–	-5.34%	–
C	Exit	CITIGROUP INC	$0	–	-296,939	–	-5.47%	–
AJX	Exit	GREAT AJAX CORP	$0	–	-1,110,281	–	-5.91%	–
WLH	Exit	LYON WILLIAM HOMEScl a new	$0	–	-865,637	–	-6.26%	–
TOL	Exit	TOLL BROTHERS INC	$0	–	-564,817	–	-6.58%	–
GLPI	Exit	GAMING & LEISURE PPTYS INC	$0	–	-532,626	–	-6.95%	–
CAA	Exit	CALATLANTIC GROUP INC	$0	–	-876,834	–	-11.43%	–

Q3 2016

			Value		Shares		↓ Weighting
CAA	Buy	CALATLANTIC GROUP INC	$29,321,000	-8.8%	876,834	+0.1%	11.43%	+3.3%
GLPI	Sell	GAMING & LEISURE PPTYS INC	$17,816,000	-7.5%	532,626	-4.7%	6.95%	+4.7%
TOL	Buy	TOLL BROTHERS INC	$16,865,000	+23.1%	564,817	+11.0%	6.58%	+39.5%
WLH	Sell	LYON WILLIAM HOMEScl a new	$16,058,000	-33.7%	865,637	-42.4%	6.26%	-24.9%
C	Sell	CITIGROUP INC	$14,024,000	+8.9%	296,939	-2.2%	5.47%	+23.4%
LGIH	Sell	LGI HOMES INC	$13,706,000	-18.1%	372,045	-29.0%	5.34%	-7.2%
LEN	Sell	LENNAR CORPcl a	$12,347,000	-8.9%	291,621	-0.8%	4.82%	+3.2%
WCIC	Sell	WCI CMNTYS INC	$11,931,000	-35.6%	502,984	-54.1%	4.65%	-27.0%
ALLY	Buy	ALLY FINL INC	$11,488,000	+14.9%	590,057	+0.8%	4.48%	+30.2%
CSTE	Sell	CAESARSTONE LTD	$10,436,000	-12.7%	276,749	-19.5%	4.07%	-1.1%
DHI	Sell	D R HORTON INC	$9,474,000	-32.9%	313,722	-30.1%	3.69%	-24.1%
MCRI	Sell	MONARCH CASINO & RESORT INC	$9,092,000	-0.4%	361,215	-13.1%	3.54%	+12.8%
OSB	Sell	NORBORD INC	$8,988,000	-22.6%	349,977	-41.1%	3.50%	-12.4%
PENN	Sell	PENN NATL GAMING INC	$8,197,000	-18.6%	604,054	-16.4%	3.20%	-7.9%
NWHM	Sell	NEW HOME CO INC	$7,458,000	-43.9%	698,956	-49.8%	2.91%	-36.4%
PHM	Sell	PULTE GROUP INC	$6,953,000	-53.5%	346,958	-54.7%	2.71%	-47.3%
MHO	Buy	M/I HOMES INC	$6,112,000	+52.6%	259,311	+21.9%	2.38%	+72.8%
	New	WEATHERFORD INTL LTDnote 5.875% 7/0	$4,488,000	–	4,000,000	–	1.75%	–
	Sell	M/I HOMES INCnote 3.250% 9/1	$2,917,000	-46.5%	2,715,000	-50.0%	1.14%	-39.5%
TLT	Sell	ISHARES TRput	$1,427,000	+10092.9%	1,240,000	-9.8%	0.56%	+11020.0%
CRCQQ	New	CALIFORNIA RES CORP	$1,300,000	–	104,000	–	0.51%	–
BRSWQ	New	BRISTOW GROUP INC	$1,262,000	–	90,000	–	0.49%	–
	Sell	STANDARD PAC CORP NEWnote 1.250% 8/0	$997,000	-62.9%	957,000	-61.7%	0.39%	-57.9%
SPNV	New	SUPERIOR ENERGY SVCS INC	$969,000	–	54,129	–	0.38%	–
IWM	Buy	ISHARES TRput	$54,000	-94.3%	400,000	+33.3%	0.02%	-93.6%
ITB	Exit	ISHARES TRput	$0	–	-1,000,000	–	-0.17%	–

Q2 2016

			Value		Shares		↓ Weighting
CAA	New	CALATLANTIC GROUP INC	$32,150,000	–	875,775	–	11.07%	–
WLH	New	LYON WILLIAM HOMEScl a new	$24,234,000	–	1,503,362	–	8.34%	–
GLPI	New	GAMING & LEISURE PPTYS INC	$19,265,000	–	558,743	–	6.63%	–
WCIC	New	WCI CMNTYS INC	$18,517,000	–	1,095,665	–	6.37%	–
LGIH	New	LGI HOMES INC	$16,730,000	–	523,803	–	5.76%	–
AJX	New	GREAT AJAX CORP	$15,400,000	–	1,110,281	–	5.30%	–
PHM	New	PULTE GROUP INC	$14,941,000	–	766,594	–	5.14%	–
DHI	New	D R HORTON INC	$14,128,000	–	448,803	–	4.86%	–
TOL	New	TOLL BROTHERS INC	$13,697,000	–	509,000	–	4.72%	–
LEN	New	LENNAR CORPcl a	$13,548,000	–	293,891	–	4.66%	–
NWHM	New	NEW HOME CO INC	$13,290,000	–	1,393,122	–	4.58%	–
C	New	CITIGROUP INC	$12,875,000	–	303,731	–	4.43%	–
CSTE	New	CAESARSTONE LTD	$11,952,000	–	343,844	–	4.11%	–
OSB	New	NORBORD INC	$11,617,000	–	594,264	–	4.00%	–
PENN	New	PENN NATL GAMING INC	$10,076,000	–	722,287	–	3.47%	–
ALLY	New	ALLY FINL INC	$9,994,000	–	585,446	–	3.44%	–
MCRI	New	MONARCH CASINO & RESORT INC	$9,129,000	–	415,539	–	3.14%	–
	New	M/I HOMES INCnote 3.250% 9/1	$5,454,000	–	5,430,000	–	1.88%	–
GM	New	GENERAL MTRS CO	$4,374,000	–	154,542	–	1.51%	–
MEG	New	MEDIA GEN INC NEW	$4,126,000	–	240,000	–	1.42%	–
MHO	New	M/I HOMES INC	$4,005,000	–	212,690	–	1.38%	–
	New	TOLL BROS FIN CORPnote 0.500% 9/1	$2,936,000	–	3,000,000	–	1.01%	–
	New	STANDARD PAC CORP NEWnote 1.250% 8/0	$2,688,000	–	2,500,000	–	0.92%	–
EVRI	New	EVERI HLDGS INC	$1,265,000	–	1,100,000	–	0.44%	–
	New	MERITAGE HOMES CORPnote 1.875% 9/1	$1,193,000	–	1,200,000	–	0.41%	–
IWM	New	ISHARES TRput	$955,000	–	300,000	–	0.33%	–
HRMNU	New	HARMONY MERGER CORPunit 99/99/9999	$900,000	–	90,000	–	0.31%	–
ITB	New	ISHARES TRput	$500,000	–	1,000,000	–	0.17%	–
WYNN	New	WYNN RESORTS LTDcall	$383,000	–	26,100	–	0.13%	–
HRMNW	New	HARMONY MERGER CORP*w exp 01/01/202	$144,000	–	720,000	–	0.05%	–
TLT	New	ISHARES TRput	$14,000	–	1,375,000	–	0.01%	–
HRMN	New	HARMONY MERGER CORP	$2,000	–	180,000	–	0.00%	–
WFTIQ	New	WEATHERFORD INTL PLCcall	$4,000	–	34,400	–	0.00%	–

Q4 2015

			Value		Shares		↓ Weighting
HRMN	Exit	HARMONY MERGER CORP	$0	–	-180,000	–	0.00%	–
TLT	Exit	ISHARES TRput	$0	–	-2,640,300	–	-0.01%	–
MBI	Exit	MBIA INCput	$0	–	-207,400	–	-0.01%	–
	Exit	MERITAGE HOMES CORPnote 1.875% 9/1	$0	–	-1,200,000	–	-0.25%	–
USO	Exit	UNITED STATES OIL FUND LPunits	$0	–	-90,000	–	-0.28%	–
SAVE	Exit	SPIRIT AIRLS INC	$0	–	-65,000	–	-0.65%	–
ISCA	Exit	INTERNATIONAL SPEEDWAY CORPcl a	$0	–	-108,292	–	-0.72%	–
SBGI	Exit	SINCLAIR BROADCAST GROUP INCcl a	$0	–	-156,252	–	-0.83%	–
MHO	Exit	M/I HOMES INC	$0	–	-185,736	–	-0.92%	–
MTH	Exit	MERITAGE HOMES CORP	$0	–	-135,562	–	-1.04%	–
TMHC	Exit	TAYLOR MORRISON HOME CORPcl a	$0	–	-286,817	–	-1.13%	–
	Exit	M/I HOMES INCnote 3.250% 9/1	$0	–	-5,430,000	–	-1.27%	–
	Exit	TOLL BROS FIN CORPnote 0.500% 9/1	$0	–	-6,000,000	–	-1.30%	–
IWM	Exit	ISHARES TRput	$0	–	-3,050,000	–	-1.30%	–
NCS	Exit	NCI BUILDING SYS INC	$0	–	-587,145	–	-1.31%	–
HRMNU	Exit	HARMONY MERGER CORPunit 99/99/9999	$0	–	-810,000	–	-1.74%	–
MGM	Exit	MGM RESORTS INTERNATIONAL	$0	–	-612,902	–	-2.38%	–
APA	Exit	APACHE CORP	$0	–	-297,900	–	-2.46%	–
UFPI	Exit	UNIVERSAL FST PRODS INC	$0	–	-202,331	–	-2.46%	–
AAL	Exit	AMERICAN AIRLS GROUP INC.	$0	–	-304,273	–	-2.49%	–
AJX	Exit	GREAT AJAX CORP	$0	–	-963,310	–	-2.51%	–
MCRI	Exit	MONARCH CASINO & RESORT INC	$0	–	-685,245	–	-2.60%	–
LGIH	Exit	LGI HOMES INC	$0	–	-554,593	–	-3.18%	–
BLD	Exit	TOPBUILD CORP	$0	–	-504,941	–	-3.30%	–
NWHM	Exit	NEW HOME CO INC	$0	–	-1,330,807	–	-3.63%	–
SPNV	Exit	SUPERIOR ENERGY SVCS INC	$0	–	-1,498,300	–	-3.99%	–
PENN	Exit	PENN NATL GAMING INC	$0	–	-1,183,549	–	-4.19%	–
GM	Exit	GENERAL MTRS CO	$0	–	-661,542	–	-4.19%	–
WCIC	Exit	WCI CMNTYS INC	$0	–	-952,248	–	-4.54%	–
LEN	Exit	LENNAR CORPcl a	$0	–	-459,202	–	-4.66%	–
WLH	Exit	LYON WILLIAM HOMEScl a new	$0	–	-1,131,188	–	-4.91%	–
C	Exit	CITIGROUP INC	$0	–	-482,997	–	-5.05%	–
DAN	Exit	DANA HLDG CORP	$0	–	-1,520,887	–	-5.09%	–
DHI	Exit	D R HORTON INC	$0	–	-826,742	–	-5.12%	–
GLPI	Exit	GAMING & LEISURE PPTYS INC	$0	–	-873,758	–	-5.47%	–
PHM	Exit	PULTE GROUP INC	$0	–	-1,733,425	–	-6.90%	–
RYL	Exit	RYLAND GROUP INC	$0	–	-941,566	–	-8.10%	–

Q3 2015

			Value		Shares		↓ Weighting
RYL	Sell	RYLAND GROUP INC	$38,444,000	-19.2%	941,566	-8.3%	8.10%	-5.6%
PHM	Sell	PULTE GROUP INC	$32,710,000	-12.1%	1,733,425	-6.1%	6.90%	+2.7%
GLPI	Buy	GAMING & LEISURE PPTYS INC	$25,951,000	-5.4%	873,758	+16.8%	5.47%	+10.6%
DHI	Sell	D R HORTON INC	$24,273,000	-6.2%	826,742	-12.6%	5.12%	+9.6%
DAN	Buy	DANA HLDG CORP	$24,152,000	+12.6%	1,520,887	+45.9%	5.09%	+31.6%
C	Sell	CITIGROUP INC	$23,961,000	-29.6%	482,997	-21.7%	5.05%	-17.8%
WLH	Buy	LYON WILLIAM HOMEScl a new	$23,302,000	+4.5%	1,131,188	+30.2%	4.91%	+22.2%
LEN	Buy	LENNAR CORPcl a	$22,101,000	+3.5%	459,202	+9.8%	4.66%	+21.0%
WCIC	Buy	WCI CMNTYS INC	$21,549,000	+50.2%	952,248	+61.9%	4.54%	+75.6%
PENN	Buy	PENN NATL GAMING INC	$19,860,000	-0.4%	1,183,549	+9.0%	4.19%	+16.5%
GM	Sell	GENERAL MTRS CO	$19,859,000	-19.9%	661,542	-11.0%	4.19%	-6.3%
SPNV	Buy	SUPERIOR ENERGY SVCS INC	$18,924,000	+41.3%	1,498,300	+135.3%	3.99%	+65.1%
NWHM	Buy	NEW HOME CO INC	$17,234,000	-8.2%	1,330,807	+22.2%	3.63%	+7.3%
BLD	Sell	TOPBUILD CORP	$15,638,000	-20.7%	504,941	-25.7%	3.30%	-7.3%
LGIH	Buy	LGI HOMES INC	$15,079,000	+68.2%	554,593	+22.4%	3.18%	+96.6%
MCRI	Buy	MONARCH CASINO & RESORT INC	$12,314,000	+4.9%	685,245	+20.0%	2.60%	+22.6%
AJX	Buy	GREAT AJAX CORP	$11,916,000	+24.4%	963,310	+42.6%	2.51%	+45.5%
AAL	Sell	AMERICAN AIRLS GROUP INC.	$11,815,000	-26.2%	304,273	-24.1%	2.49%	-13.7%
UFPI	New	UNIVERSAL FST PRODS INC	$11,670,000	–	202,331	–	2.46%	–
APA	Buy	APACHE CORP	$11,666,000	-25.8%	297,900	+9.2%	2.46%	-13.3%
MGM	Sell	MGM RESORTS INTERNATIONAL	$11,308,000	-49.2%	612,902	-49.8%	2.38%	-40.6%
HRMNU	Sell	HARMONY MERGER CORPunit 99/99/9999	$8,244,000	+0.3%	810,000	-18.2%	1.74%	+17.3%
NCS	Sell	NCI BUILDING SYS INC	$6,206,000	-46.6%	587,145	-23.9%	1.31%	-37.7%
IWM	New	ISHARES TRput	$6,187,000	–	3,050,000	–	1.30%	–
TMHC	New	TAYLOR MORRISON HOME CORPcl a	$5,352,000	–	286,817	–	1.13%	–
MTH	Sell	MERITAGE HOMES CORP	$4,951,000	-76.2%	135,562	-69.3%	1.04%	-72.1%
MHO	Sell	M/I HOMES INC	$4,380,000	-56.4%	185,736	-54.4%	0.92%	-49.1%
SBGI	Sell	SINCLAIR BROADCAST GROUP INCcl a	$3,956,000	-11.4%	156,252	-2.3%	0.83%	+3.6%
ISCA	Sell	INTERNATIONAL SPEEDWAY CORPcl a	$3,435,000	-68.5%	108,292	-63.6%	0.72%	-63.2%
SAVE	New	SPIRIT AIRLS INC	$3,075,000	–	65,000	–	0.65%	–
USO	New	UNITED STATES OIL FUND LPunits	$1,321,000	–	90,000	–	0.28%	–
MBI	Sell	MBIA INCput	$54,000	-89.1%	207,400	-27.6%	0.01%	-87.6%
TLT	Buy	ISHARES TRput	$47,000	-97.6%	2,640,300	+152.0%	0.01%	-97.1%
HRMN	New	HARMONY MERGER CORP	$2,000	–	180,000	–	0.00%	–
ITB	Exit	ISHARESput	$0	–	-904,800	–	-0.01%	–
	Exit	SPDR S&P 500 ETF TRcall	$0	–	-735,000	–	-0.34%	–
SGMS	Exit	SCIENTIFIC GAMES CORPcl a	$0	–	-248,800	–	-0.70%	–
TEX	Exit	TEREX CORP NEW	$0	–	-259,200	–	-1.09%	–
TLT	Exit	ISHARES TR20+ yr tr bd etf	$0	–	-67,500	–	-1.43%	–
	Exit	UTI WORLDWIDE INCnote 4.500% 3/0	$0	–	-19,290,000	–	-3.55%	–

Q2 2015

			Value		Shares		↓ Weighting
RYL	New	RYLAND GROUP INC	$47,604,000	–	1,026,610	–	8.58%	–
PHM	New	PULTE GROUP INC	$37,215,000	–	1,846,880	–	6.71%	–
C	New	CITIGROUP INC	$34,055,000	–	616,497	–	6.14%	–
GLPI	New	GAMING & LEISURE PPTYS INC	$27,431,000	–	748,258	–	4.95%	–
DHI	New	D R HORTON INC	$25,888,000	–	946,200	–	4.67%	–
GM	New	GENERAL MTRS CO	$24,782,000	–	743,542	–	4.47%	–
WLH	New	LYON WILLIAM HOMEScl a new	$22,297,000	–	868,613	–	4.02%	–
MGM	New	MGM RESORTS INTERNATIONAL	$22,263,000	–	1,219,902	–	4.02%	–
DAN	New	DANA HLDG CORP	$21,446,000	–	1,042,087	–	3.87%	–
LEN	New	LENNAR CORPcl a	$21,345,000	–	418,202	–	3.85%	–
MTH	New	MERITAGE HOMES CORP	$20,776,000	–	441,200	–	3.75%	–
PENN	New	PENN NATL GAMING INC	$19,930,000	–	1,086,117	–	3.59%	–
BLD	New	TOPBUILD CORP	$19,721,000	–	680,033	–	3.56%	–
	New	UTI WORLDWIDE INCnote 4.500% 3/0	$19,700,000	–	19,290,000	–	3.55%	–
NWHM	New	NEW HOME CO INC	$18,769,000	–	1,089,330	–	3.38%	–
AAL	New	AMERICAN AIRLS GROUP INC.	$16,000,000	–	400,660	–	2.89%	–
APA	New	APACHE CORP	$15,727,000	–	272,900	–	2.84%	–
WCIC	New	WCI CMNTYS INC	$14,344,000	–	588,116	–	2.59%	–
SPNV	New	SUPERIOR ENERGY SVCS INC	$13,396,000	–	636,700	–	2.42%	–
MCRI	New	MONARCH CASINO & RESORT INC	$11,744,000	–	571,199	–	2.12%	–
NCS	New	NCI BUILDING SYS INC	$11,632,000	–	771,845	–	2.10%	–
ISCA	New	INTERNATIONAL SPEEDWAY CORPcl a	$10,896,000	–	297,138	–	1.96%	–
MHO	New	M/I HOMES INC	$10,057,000	–	407,662	–	1.81%	–
AJX	New	GREAT AJAX CORP	$9,578,000	–	675,463	–	1.73%	–
LGIH	New	LGI HOMES INC	$8,965,000	–	453,221	–	1.62%	–
HRMNU	New	HARMONY MERGER CORPunit 99/99/9999	$8,217,000	–	990,000	–	1.48%	–
TLT	New	ISHARES TR20+ yr tr bd etf	$7,929,000	–	67,500	–	1.43%	–
	New	M/I HOMES INCnote 3.250% 9/1	$6,577,000	–	5,430,000	–	1.19%	–
	New	TOLL BROS FIN CORPnote 0.500% 9/1	$6,225,000	–	6,000,000	–	1.12%	–
TEX	New	TEREX CORP NEW	$6,026,000	–	259,200	–	1.09%	–
SBGI	New	SINCLAIR BROADCAST GROUP INCcl a	$4,463,000	–	159,893	–	0.80%	–
SGMS	New	SCIENTIFIC GAMES CORPcl a	$3,866,000	–	248,800	–	0.70%	–
TLT	New	ISHARES TRput	$1,938,000	–	1,047,900	–	0.35%	–
	New	SPDR S&P 500 ETF TRcall	$1,868,000	–	735,000	–	0.34%	–
	New	MERITAGE HOMES CORPnote 1.875% 9/1	$1,271,000	–	1,200,000	–	0.23%	–
MBI	New	MBIA INCput	$496,000	–	286,400	–	0.09%	–
ITB	New	ISHARESput	$49,000	–	904,800	–	0.01%	–

Q4 2014

			Value		Shares		↓ Weighting
IWM	Exit	ISHAREScall	$0	–	-660,000	–	-0.03%	–
MGAM	Exit	MULTIMEDIA GAMES HLDG CO INC	$0	–	-30,235	–	-0.26%	–
WLTGQ	Exit	WALTER ENERGY INC	$0	–	-557,330	–	-0.31%	–
PNK	Exit	PINNACLE ENTMT INC	$0	–	-70,250	–	-0.42%	–
SGMS	Exit	SCIENTIFIC GAMES CORPcl a	$0	–	-318,800	–	-0.82%	–
SPY	Exit	SPDR S&P 500 ETF TRput	$0	–	-2,900,000	–	-1.02%	–
MCRI	Exit	MONARCH CASINO & RESORT INC	$0	–	-401,756	–	-1.15%	–
NXST	Exit	NEXSTAR BROADCASTING GROUP Icl a	$0	–	-133,902	–	-1.30%	–
BYD	Exit	BOYD GAMING CORP	$0	–	-583,625	–	-1.42%	–
MHO	Exit	M/I HOMES INC	$0	–	-322,404	–	-1.53%	–
TRK	Exit	SPEEDWAY MOTORSPORTS INC	$0	–	-402,652	–	-1.65%	–
GTN	Exit	GRAY TELEVISION INC	$0	–	-904,535	–	-1.71%	–
	Exit	ICONIX BRAND GROUP INCnote 1.500% 3/1	$0	–	-6,000,000	–	-1.84%	–
AXLL	Exit	AXIALL CORP	$0	–	-215,988	–	-1.86%	–
CYS	Exit	CYS INVTS INC	$0	–	-939,899	–	-1.86%	–
LPX	Exit	LOUISIANA PAC CORP	$0	–	-585,161	–	-1.91%	–
F	Exit	FORD MTR CO DEL	$0	–	-573,654	–	-2.04%	–
GS	Exit	GOLDMAN SACHS GROUP INC	$0	–	-54,930	–	-2.42%	–
NWHM	Exit	NEW HOME CO INC	$0	–	-826,195	–	-2.68%	–
AAL	Exit	AMERICAN AIRLS GROUP INC.	$0	–	-369,701	–	-3.15%	–
NCS	Exit	NCI BUILDING SYS INC	$0	–	-750,202	–	-3.49%	–
SBGI	Exit	SINCLAIR BROADCAST GROUP INCcl a	$0	–	-562,083	–	-3.52%	–
BEE	Exit	STRATEGIC HOTELS & RESORTS	$0	–	-1,348,271	–	-3.77%	–
ISCA	Exit	INTERNATIONAL SPEEDWAY CORPcl a	$0	–	-514,648	–	-3.90%	–
RYL	Exit	RYLAND GROUP INC	$0	–	-529,992	–	-4.22%	–
NCFT	Exit	NORCRAFT COS INC	$0	–	-1,239,788	–	-4.74%	–
GLPI	Exit	GAMING & LEISURE PPTYS INC	$0	–	-901,273	–	-6.68%	–
PHM	Exit	PULTE GROUP INC	$0	–	-1,665,257	–	-7.05%	–
DAN	Exit	DANA HLDG CORP	$0	–	-1,621,616	–	-7.46%	–
MGM	Exit	MGM RESORTS INTERNATIONAL	$0	–	-1,426,500	–	-7.79%	–
GM	Exit	GENERAL MTRS CO	$0	–	-1,144,411	–	-8.77%	–
C	Exit	CITIGROUP INC	$0	–	-743,842	–	-9.24%	–

Q3 2014

			Value		Shares		↓ Weighting
C	Sell	CITIGROUP INC	$38,546,000	+8.3%	743,842	-1.6%	9.24%	+1.9%
GM	Buy	GENERAL MTRS CO	$36,552,000	+27.2%	1,144,411	+44.6%	8.77%	+19.7%
MGM	Buy	MGM RESORTS INTERNATIONAL	$32,496,000	+0.3%	1,426,500	+16.3%	7.79%	-5.6%
DAN	Buy	DANA HLDG CORP	$31,086,000	+47.9%	1,621,616	+88.4%	7.46%	+39.2%
PHM	Buy	PULTE GROUP INC	$29,408,000	+28.4%	1,665,257	+46.6%	7.05%	+20.8%
GLPI	Buy	GAMING & LEISURE PPTYS INC	$27,849,000	+4.5%	901,273	+14.9%	6.68%	-1.7%
NCFT	Buy	NORCRAFT COS INC	$19,775,000	+27.8%	1,239,788	+14.6%	4.74%	+20.2%
RYL	Buy	RYLAND GROUP INC	$17,617,000	+70.7%	529,992	+102.5%	4.22%	+60.6%
ISCA	Sell	INTERNATIONAL SPEEDWAY CORPcl a	$16,283,000	-6.4%	514,648	-1.6%	3.90%	-12.0%
BEE	Sell	STRATEGIC HOTELS & RESORTS	$15,707,000	-13.6%	1,348,271	-13.2%	3.77%	-18.8%
SBGI	Buy	SINCLAIR BROADCAST GROUP INCcl a	$14,665,000	-23.2%	562,083	+2.3%	3.52%	-27.8%
NCS	Sell	NCI BUILDING SYS INC	$14,554,000	-38.1%	750,202	-38.0%	3.49%	-41.7%
AAL	Buy	AMERICAN AIRLS GROUP INC.	$13,117,000	+105.7%	369,701	+149.1%	3.15%	+93.5%
NWHM	Buy	NEW HOME CO INC	$11,154,000	-3.0%	826,195	+1.5%	2.68%	-8.8%
GS	Sell	GOLDMAN SACHS GROUP INC	$10,084,000	+8.1%	54,930	-1.4%	2.42%	+1.7%
F	Sell	FORD MTR CO DEL	$8,484,000	-15.3%	573,654	-1.3%	2.04%	-20.3%
LPX	Sell	LOUISIANA PAC CORP	$7,952,000	-43.4%	585,161	-37.4%	1.91%	-46.7%
CYS	Sell	CYS INVTS INC	$7,745,000	-9.9%	939,899	-1.4%	1.86%	-15.2%
AXLL	New	AXIALL CORP	$7,735,000	–	215,988	–	1.86%	–
	New	ICONIX BRAND GROUP INCnote 1.500% 3/1	$7,650,000	–	6,000,000	–	1.84%	–
GTN	Buy	GRAY TELEVISION INC	$7,128,000	+10.6%	904,535	+84.3%	1.71%	+4.1%
TRK	Sell	SPEEDWAY MOTORSPORTS INC	$6,869,000	-7.3%	402,652	-0.8%	1.65%	-12.8%
MHO	Buy	M/I HOMES INC	$6,390,000	+23.2%	322,404	+50.8%	1.53%	+16.0%
BYD	Sell	BOYD GAMING CORP	$5,930,000	-34.9%	583,625	-22.3%	1.42%	-38.8%
NXST	Buy	NEXSTAR BROADCASTING GROUP Icl a	$5,412,000	-1.1%	133,902	+26.3%	1.30%	-7.0%
MCRI	Buy	MONARCH CASINO & RESORT INC	$4,785,000	+7.5%	401,756	+36.6%	1.15%	+1.1%
SPY	Sell	SPDR S&P 500 ETF TRput	$4,253,000	+52.1%	2,900,000	-13.7%	1.02%	+43.1%
SGMS	New	SCIENTIFIC GAMES CORPcl a	$3,433,000	–	318,800	–	0.82%	–
PNK	New	PINNACLE ENTMT INC	$1,763,000	–	70,250	–	0.42%	–
WLTGQ	Buy	WALTER ENERGY INC	$1,304,000	-52.8%	557,330	+9.9%	0.31%	-55.6%
MGAM	New	MULTIMEDIA GAMES HLDG CO INC	$1,089,000	–	30,235	–	0.26%	–
IWM	Sell	ISHAREScall	$132,000	-83.9%	660,000	-34.0%	0.03%	-84.7%
	Exit	SINCLAIR BROADCAST GROUP INCput	$0	–	-109,100	–	-0.00%	–
WAC	Exit	WALTER INVT MGMT CORP	$0	–	-11,000	–	-0.08%	–
IWM	Exit	ISHARESrussell 2000 etf	$0	–	-23,000	–	-0.70%	–
JGW	Exit	JGWPT HLDGS INCcl a	$0	–	-263,610	–	-0.76%	–
AAPL	Exit	APPLE INC	$0	–	-114,002	–	-2.70%	–

Q2 2014

			Value		Shares		↓ Weighting
C	New	CITIGROUP INC	$35,600,000	–	755,842	–	9.08%	–
MGM	New	MGM RESORTS INTERNATIONAL	$32,393,000	–	1,227,000	–	8.26%	–
GM	New	GENERAL MTRS CO	$28,735,000	–	791,600	–	7.33%	–
GLPI	New	GAMING & LEISURE PPTYS INC	$26,642,000	–	784,273	–	6.79%	–
NCS	New	NCI BUILDING SYS INC	$23,494,000	–	1,209,184	–	5.99%	–
PHM	New	PULTE GROUP INC	$22,897,000	–	1,135,757	–	5.84%	–
DAN	New	DANA HLDG CORP	$21,014,000	–	860,504	–	5.36%	–
SBGI	New	SINCLAIR BROADCAST GROUP INCcl a	$19,095,000	–	549,494	–	4.87%	–
BEE	New	STRATEGIC HOTELS & RESORTS	$18,189,000	–	1,553,271	–	4.64%	–
ISCA	New	INTERNATIONAL SPEEDWAY CORPcl a	$17,405,000	–	522,977	–	4.44%	–
NCFT	New	NORCRAFT COS INC	$15,478,000	–	1,081,601	–	3.95%	–
LPX	New	LOUISIANA PAC CORP	$14,044,000	–	935,000	–	3.58%	–
NWHM	New	NEW HOME CO INC	$11,501,000	–	813,953	–	2.93%	–
AAPL	New	APPLE INC	$10,594,000	–	114,002	–	2.70%	–
RYL	New	RYLAND GROUP INC	$10,321,000	–	261,692	–	2.63%	–
F	New	FORD MTR CO DEL	$10,016,000	–	581,000	–	2.55%	–
GS	New	GOLDMAN SACHS GROUP INC	$9,326,000	–	55,700	–	2.38%	–
BYD	New	BOYD GAMING CORP	$9,114,000	–	751,343	–	2.32%	–
CYS	New	CYS INVTS INC	$8,597,000	–	953,152	–	2.19%	–
TRK	New	SPEEDWAY MOTORSPORTS INC	$7,410,000	–	406,032	–	1.89%	–
GTN	New	GRAY TELEVISION INC	$6,445,000	–	490,870	–	1.64%	–
AAL	New	AMERICAN AIRLS GROUP INC.	$6,377,000	–	148,430	–	1.63%	–
NXST	New	NEXSTAR BROADCASTING GROUP Icl a	$5,472,000	–	106,035	–	1.40%	–
MHO	New	M/I HOMES INC	$5,187,000	–	213,729	–	1.32%	–
MCRI	New	MONARCH CASINO & RESORT INC	$4,453,000	–	294,093	–	1.14%	–
JGW	New	JGWPT HLDGS INCcl a	$2,968,000	–	263,610	–	0.76%	–
SPY	New	SPDR S&P 500 ETF TRput	$2,797,000	–	3,360,000	–	0.71%	–
WLTGQ	New	WALTER ENERGY INC	$2,765,000	–	507,330	–	0.70%	–
IWM	New	ISHARESrussell 2000 etf	$2,733,000	–	23,000	–	0.70%	–
IWM	New	ISHAREScall	$819,000	–	1,000,000	–	0.21%	–
WAC	New	WALTER INVT MGMT CORP	$328,000	–	11,000	–	0.08%	–
	New	SINCLAIR BROADCAST GROUP INCput	$11,000	–	109,100	–	0.00%	–

Q4 2013

			Value		Shares		↓ Weighting
XLI	Exit	SELECT SECTOR SPDR TRput	$0	–	-4,000	–	-0.08%	–
SPY	Exit	SPDR S&P 500 ETF TRcall	$0	–	-3,000	–	-0.10%	–
VBF	Exit	INVESCO BD FD	$0	–	-15,844	–	-0.10%	–
IWM	Exit	ISHARES TRput	$0	–	-5,000	–	-0.13%	–
SPY	Exit	SPDR S&P 500 ETF TRtr unit	$0	–	-12,700	–	-0.74%	–
IGT	Exit	INTERNATIONAL GAME TECHNOLOG	$0	–	-150,500	–	-0.99%	–
ISCA	Exit	INTERNATIONAL SPEEDWAY CORPcl a	$0	–	-154,278	–	-1.73%	–
TRK	Exit	SPEEDWAY MOTORSPORTS INC	$0	–	-344,902	–	-2.14%	–
CYS	Exit	CYS INVTS	$0	–	-768,152	–	-2.17%	–
EEM	Exit	ISHARES TRmsci emg mkt etf	$0	–	-162,262	–	-2.30%	–
GS	Exit	GOLDMAN SACHS GROUP INC	$0	–	-41,800	–	-2.30%	–
AAPL	Exit	APPLE INC	$0	–	-15,100	–	-2.50%	–
BAC	Exit	BANK OF AMERICA	$0	–	-529,777	–	-2.54%	–
PENN	Exit	PENN NATL GAMING INC	$0	–	-140,000	–	-2.69%	–
F	Exit	FORD MOTORS CO	$0	–	-522,000	–	-3.06%	–
MGM	Exit	MGM RESORTS INTERNATIONAL	$0	–	-535,500	–	-3.80%	–
CIT	Exit	CIT GROUP INC	$0	–	-240,300	–	-4.07%	–
LCC	Exit	U S AIRWAYS GROUP INC	$0	–	-622,492	–	-4.10%	–
BSBR	Exit	BANCO SANTANDER BRASIL SAads rep 1 unit	$0	–	-1,746,910	–	-4.22%	–
WMS	Exit	WMS INDS INC	$0	–	-475,267	–	-4.29%	–
BEE	Exit	STRATEGIC HOTELS & RESORTS	$0	–	-1,583,837	–	-4.78%	–
DAN	Exit	DANA HLDG CORP	$0	–	-744,488	–	-5.91%	–
GM	Exit	GENERAL MTRS CO	$0	–	-482,600	–	-6.03%	–
PNK	Exit	PINNACLE ENTMT INC	$0	–	-711,245	–	-6.19%	–
C	Exit	CITIGROUP INC	$0	–	-414,642	–	-6.99%	–
SBGI	Exit	SINCLAIR BROADCAST GROUP INCcl a	$0	–	-664,750	–	-7.74%	–
NCS	Exit	NCI BUILDING SYSTEMS INC	$0	–	-1,749,699	–	-7.75%	–
	Exit	D.R. HORTON INCnote 2.000% 5/1	$0	–	-20,000,000	–	-10.56%	–

Q3 2013

			Value		Shares		↓ Weighting
NCS	Buy	NCI BUILDING SYSTEMS INC	$22,291,000	+38.6%	1,749,699	+66.3%	7.75%	+37.6%
SBGI	Buy	SINCLAIR BROADCAST GROUP INCcl a	$22,282,000	+26.1%	664,750	+10.5%	7.74%	+25.2%
PNK	Sell	PINNACLE ENTMT INC	$17,817,000	-12.1%	711,245	-31.0%	6.19%	-12.7%
DAN	Sell	DANA HLDG CORP	$17,004,000	-2.2%	744,488	-17.5%	5.91%	-2.9%
BEE	Buy	STRATEGIC HOTELS & RESORTS	$13,748,000	+45.6%	1,583,837	+48.6%	4.78%	+44.5%
BSBR	Buy	BANCO SANTANDER BRASIL SAads rep 1 unit	$12,141,000	+36.2%	1,746,910	+21.9%	4.22%	+35.2%
LCC	Buy	U S AIRWAYS GROUP INC	$11,802,000	+67.2%	622,492	+44.8%	4.10%	+66.0%
CIT	Buy	CIT GROUP INC	$11,719,000	+30.7%	240,300	+25.0%	4.07%	+29.8%
PENN	New	PENN NATL GAMING INC	$7,750,000	–	140,000	–	2.69%	–
BAC	New	BANK OF AMERICA	$7,311,000	–	529,777	–	2.54%	–
CYS	New	CYS INVTS	$6,245,000	–	768,152	–	2.17%	–
ISCA	Sell	INTERNATIONAL SPEEDWAY CORPcl a	$4,975,000	-58.4%	154,278	-59.4%	1.73%	-58.7%
IWM	New	ISHARES TRput	$365,000	–	5,000	–	0.13%	–
VBF	New	INVESCO BD FD	$278,000	–	15,844	–	0.10%	–
SPY	New	SPDR S&P 500 ETF TRcall	$273,000	–	3,000	–	0.10%	–
XLI	Sell	SELECT SECTOR SPDR TRput	$228,000	+0.9%	4,000	-27.3%	0.08%	0.0%
SRI	Exit	STONERIDGE INC	$0	–	-96,687	–	-0.39%	–
XRM	Exit	XERIUM TECHNOLOGIES INC	$0	–	-257,461	–	-0.92%	–
LGND	Exit	LIGAND PHARMACEUTICALS	$0	–	-87,587	–	-1.15%	–
CMLS	Exit	CUMULUS MEDIA INCcl a	$0	–	-1,183,044	–	-1.40%	–
	Exit	MGM RESORTS INTERNATIONALnote 4.250% 4/1	$0	–	-4,000,000	–	-1.57%	–
	Exit	NAVISTAR INTL CORP NEWnote 3.000%10/1	$0	–	-11,000,000	–	-3.74%	–
ASCA	Exit	AMERISTAR CASINOS INC	$0	–	-578,161	–	-5.32%	–

Q2 2013

			Value		Shares		↓ Weighting
	New	D.R. HORTON INCnote 2.000% 5/1	$33,188,000	–	20,000,000	–	11.61%	–
PNK	New	PINNACLE ENTMT INC	$20,262,000	–	1,030,082	–	7.09%	–
C	New	CITIGROUP INC	$19,890,000	–	414,642	–	6.96%	–
SBGI	New	SINCLAIR BROADCAST GROUP INCcl a	$17,670,000	–	601,645	–	6.18%	–
DAN	New	DANA HLDG CORP	$17,382,000	–	902,488	–	6.08%	–
NCS	New	NCI BUILDING SYSTEMS INC	$16,086,000	–	1,052,069	–	5.63%	–
GM	New	GENERAL MTRS CO	$16,075,000	–	482,600	–	5.62%	–
ASCA	New	AMERISTAR CASINOS INC	$15,200,000	–	578,161	–	5.32%	–
WMS	New	WMS INDS INC	$12,124,000	–	475,267	–	4.24%	–
ISCA	New	INTERNATIONAL SPEEDWAY CORPcl a	$11,972,000	–	380,441	–	4.19%	–
	New	NAVISTAR INTL CORP NEWnote 3.000%10/1	$10,684,000	–	11,000,000	–	3.74%	–
BEE	New	STRATEGIC HOTELS & RESORTS	$9,443,000	–	1,065,837	–	3.30%	–
CIT	New	CIT GROUP INC	$8,967,000	–	192,300	–	3.14%	–
BSBR	New	BANCO SANTANDER BRASIL SAads rep 1 unit	$8,916,000	–	1,433,410	–	3.12%	–
F	New	FORD MOTORS CO	$8,075,000	–	522,000	–	2.83%	–
MGM	New	MGM RESORTS INTERNATIONAL	$7,915,000	–	535,500	–	2.77%	–
LCC	New	U S AIRWAYS GROUP INC	$7,057,000	–	429,800	–	2.47%	–
GS	New	GOLDMAN SACHS GROUP INC	$6,322,000	–	41,800	–	2.21%	–
EEM	New	ISHARES TRmsci emerg mkt	$6,247,000	–	162,262	–	2.19%	–
TRK	New	SPEEDWAY MOTORSPORTS INC	$6,001,000	–	344,902	–	2.10%	–
AAPL	New	APPLE INC	$5,988,000	–	15,100	–	2.10%	–
	New	MGM RESORTS INTERNATIONALnote 4.250% 4/1	$4,478,000	–	4,000,000	–	1.57%	–
CMLS	New	CUMULUS MEDIA INCcl a	$4,011,000	–	1,183,044	–	1.40%	–
LGND	New	LIGAND PHARMACEUTICALS	$3,276,000	–	87,587	–	1.15%	–
XRM	New	XERIUM TECHNOLOGIES INC	$2,621,000	–	257,461	–	0.92%	–
IGT	New	INTERNATIONAL GAME TECHNOLOG	$2,515,000	–	150,500	–	0.88%	–
SPY	New	SPDR S&P 500 ETF TRtr unit	$2,037,000	–	12,700	–	0.71%	–
SRI	New	STONERIDGE INC	$1,125,000	–	96,687	–	0.39%	–
XLI	New	SELECT SECTOR SPDR TRput	$226,000	–	5,500	–	0.08%	–

Compare quarters

Export Covalent Partners LLC's holdings