EMG 13F-HR Quarterly holdings report by institutional manager

The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE

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COLUMN 1	COLUMN 2	COLUMN 3	COLUMN 4	COLUMN 5			COLUMN 6	COLUMN 7	COLUMN 8
			VALUE	SHRS OR	SH/	PUT/	INVESTMENT	OTHER	VOTING AUTHORITY
NAME OF ISSUER	TITLE OF CLASS	CUSIP	(x$1000)	PRN AMT	PRN	CALL	DISCRETION	MANAGER	SOLE	SHARED	NONE
AG MTG INVT TR INC	COM NEW	001228501	235,047	44,265	SH		SOLE	1	44,265	0	0
AMC ENTMT HLDGS INC	CL A COM	00165C104	24,641,001	6,054,300	SH	Put	SOLE	1	6,054,300	0	0
AMERICAN AIRLS GROUP INC	COM	02376R102	19,334,400	1,520,000	SH	Put	SOLE	1	1,520,000	0	0
ANYWHERE REAL ESTATE INC	COM	75605Y106	803,057	125,674	SH		SOLE	1	125,674	0	0
ARCTOS NORTHSTAR ACQUIS CORP	*W EXP 99/99/999	G0477L126	1,586	37,498	SH		SOLE	1	37,498	0	0
ARES ACQUISITION CORPORATION	*W EXP 02/02/202	G33032122	21,351	45,788	SH		SOLE	1	45,788	0	0
ARES MANAGEMENT CORPORATION	CL A COM STK	03990B101	793,904	11,600	SH		SOLE	1	11,600	0	0
ARES MANAGEMENT CORPORATION	CL A COM STK	03990B101	7,870,600	115,000	SH	Put	SOLE	1	115,000	0	0
ARROWROOT ACQUISITION CORP	*W EXP 03/02/202	04282M110	570	49,999	SH		SOLE	1	49,999	0	0
AXOS FINANCIAL INC	COM	05465C100	787,332	20,600	SH	Put	SOLE	1	20,600	0	0
BAUSCH HEALTH COS INC	COM	071734107	2,279,640	363,000	SH		SOLE	1	363,000	0	0
BIOTE CORP	*W EXP 05/26/202	090683111	7,468	24,999	SH		SOLE	1	24,999	0	0
BLUERIVER ACQUISITION CORP	*W EXP 01/04/202	G1261Q115	291	18,332	SH		SOLE	1	18,332	0	0
CARS COM INC	COM	14575E105	688,500	50,000	SH	Put	SOLE	1	50,000	0	0
COMPASS INC	CL A	20464U100	930,572	399,387	SH		SOLE	1	399,387	0	0
CONSTELLATION ACQUISITN CORP	*W EXP 01/29/202	G2R18K113	400	13,333	SH		SOLE	1	13,333	0	0
CORAZON CAPITAL V838 MONOCER	*W EXP 03/24/202	G24237128	850	33,333	SH		SOLE	1	33,333	0	0
D R HORTON INC	COM	23331A109	89	1	SH		SOLE	1	1	0	0
D R HORTON INC	COM	23331A109	4,457,000	50,000	SH	Put	SOLE	1	50,000	0	0
DHC ACQUISITION CORP	*W EXP 02/25/202	G2758T117	750	49,998	SH		SOLE	1	49,998	0	0
DISH NETWORK CORPORATION	NOTE 2.375% 3/1	25470MAD1	8,875,298	9,790,000	PRN		SOLE	1	9,790,000	0	0
ELLINGTON FINANCIAL INC	COM	28852N109	11,468,734	927,141	SH		SOLE		927,141	0	0
ELLINGTON RESIDENTIAL MTG RE	COM SHS BEN INT	288578107	1,022,730	149,086	SH		SOLE		149,086	0	0
ESM ACQUISITION CORPORATION	*W EXP 02/02/202	G3195H112	3,877	33,333	SH		SOLE	1	33,333	0	0
FIDELITY NATIONAL FINANCIAL	FNF GROUP COM	31620R303	4,138,200	110,000	SH	Call	SOLE	1	110,000	0	0
FIRST RESERVE SUSTAINABLE GW	*W EXP 03/05/202	336169115	159	12,499	SH		SOLE	1	12,499	0	0
FREEDOM ACQUISITION I CORP	*W EXP 03/02/202	G3663X128	4,998	24,999	SH		SOLE	1	24,999	0	0
FTAC HERA ACQUISITION CORP	*W EXP 02/28/202	G3728Y111	1,375	49,999	SH		SOLE	1	49,999	0	0
GLOBALSTAR INC	COM	378973408	5,985,000	4,500,000	SH		SOLE	1	4,500,000	0	0
GLOBALSTAR INC	COM	378973408	17,312,344	13,016,800	SH	Call	SOLE	1	13,016,800	0	0
GOLDEN ARROW MERGER CORP	*W EXP 07/31/202	380799114	415	49,999	SH		SOLE	1	49,999	0	0
GREAT AJAX CORP	COM	38983D300	1,986,377	273,983	SH		SOLE	1	273,983	0	0
IMPAC MTG HLDGS INC	COM NEW	45254P508	6,610	38,743	SH		SOLE	1	38,743	0	0
INDEPENDENCE HOLDINGS CORP	*W EXP 03/31/202	G4761A127	220	35,999	SH		SOLE	1	35,999	0	0
INVESCO EXCH TRADED FD TR II	SR LN ETF	46138G508	6,159,000	300,000	SH	Put	SOLE	1	300,000	0	0
INVESCO QQQ TR	UNIT SER 1	46090E103	275,866,080	1,036,000	SH	Put	SOLE	1	1,036,000	0	0
ISHARES TR	IBOXX HI YD ETF	464288513	10,521,064	142,891	SH		SOLE	1	142,891	0	0
ISHARES TR	IBOXX HI YD ETF	464288513	54,486,200	740,000	SH	Put	SOLE	1	740,000	0	0
ISHARES TR	US HOME CONS ETF	464288752	9,090,750	150,000	SH	Put	SOLE	1	150,000	0	0
ITIQUIRA ACQUISITION CORP	*W EXP 02/03/202	G49773115	80	10,000	SH		SOLE	1	10,000	0	0
JAWS MUSTANG ACQUISITION COR	*W EXP 01/30/202	G50737124	812	12,499	SH		SOLE	1	12,499	0	0
KERNEL GROUP HOLDINGS INC	*W EXP 02/02/202	G5259L129	428	75,000	SH		SOLE	1	75,000	0	0
KISMET ACQUISITION TWO CORP	*W EXP 06/30/202	G52807115	265	41,032	SH		SOLE	1	41,032	0	0
LAZARD GROWTH ACQUISITION CO	*W EXP 02/10/202	G54035111	66	10,998	SH		SOLE	1	10,998	0	0
LIVE OAK MOBILITY ACQUISI CO	*W EXP 03/04/202	538126111	2,800	19,998	SH		SOLE	1	19,998	0	0
LOANDEPOT INC	COM CL A	53946R106	275,492	166,965	SH		SOLE	1	166,965	0	0
LOCAL BOUNTI CORP	*W EXP 99/99/999	53960E114	3,032	18,398	SH		SOLE	1	18,398	0	0
MARATHON DIGITAL HOLDINGS IN	COM	565788106	5,130,000	1,500,000	SH	Put	SOLE	1	1,500,000	0	0
MASTERBRAND INC	COMMON STOCK	57638P104	8,105,227	1,073,540	SH		SOLE	1	1,073,540	0	0
MFA FINL INC	COM	55272X607	15,330,087	1,556,354	SH		SOLE	1	1,556,354	0	0
MR COOPER GROUP INC	COM	62482R107	18,931,328	471,750	SH		SOLE	1	471,750	0	0
MR COOPER GROUP INC	COM	62482R107	9,530,875	237,500	SH	Call	SOLE	1	237,500	0	0
NEW YORK MTG TR INC	COM PAR $.02	649604501	6,059,720	2,367,078	SH		SOLE	1	2,367,078	0	0
NORTH ATLANTIC ACQUISITN COR	*W EXP 10/20/202	G66139125	337	16,666	SH		SOLE	1	16,666	0	0
OPENDOOR TECHNOLOGIES INC	COM	683712103	580,000	500,000	SH		SOLE	1	500,000	0	0
OPENDOOR TECHNOLOGIES INC	COM	683712103	348,000	300,000	SH	Call	SOLE	1	300,000	0	0
OPORTUN FINL CORP	COM	68376D104	3,738,744	678,538	SH		SOLE	1	678,538	0	0
ORCHID IS CAP INC	COM NEW	68571X301	105,000	10,000	SH		SOLE	1	10,000	0	0
PATHFINDER ACQUISITION CORP	*W EXP 02/19/202	G04119122	3,413	14,837	SH		SOLE	1	14,837	0	0
PAYPAL HLDGS INC	COM	70450Y103	142	2	SH		SOLE	1	2	0	0
PAYPAL HLDGS INC	COM	70450Y103	2,044,014	28,700	SH	Call	SOLE	1	28,700	0	0
PENNYMAC CORP	NOTE 5.500% 3/1	70932AAF0	820,928	1,000,000	PRN		SOLE	1	1,000,000	0	0
PENNYMAC CORP	NOTE 5.500%11/0	70932AAD5	1,127,051	1,250,000	PRN		SOLE	1	1,250,000	0	0
PENNYMAC FINL SVCS INC NEW	COM	70932M107	668,418	11,797	SH		SOLE	1	11,797	0	0
PENNYMAC MTG INVT TR	COM	70931T103	854,960	69,004	SH		SOLE	1	69,004	0	0
PERIDOT ACQUISITION CORP II	*W EXP 04/30/202	G7008B121	3,269	69,999	SH		SOLE	1	69,999	0	0
POWERED BRANDS	*W EXP 01/07/202	G7209M116	10	33,332	SH		SOLE	1	33,332	0	0
PRIVETERRA ACQUISITION CORP	*W EXP 02/28/202	74275N110	1,140	24,999	SH		SOLE	1	24,999	0	0
REDFIN CORP	COM	75737F108	296,800	70,000	SH		SOLE	1	70,000	0	0
REDWOOD TR INC	COM	758075402	4,383,792	648,490	SH		SOLE	1	648,490	0	0
RITHM CAPITAL CORP	COM NEW	64828T201	5,001,094	612,129	SH		SOLE	1	612,129	0	0
RITHM CAPITAL CORP	COM NEW	64828T201	9,686,352	1,185,600	SH	Call	SOLE	1	1,185,600	0	0
RMG ACQUISITION CORP III	*W EXP 02/08/202	G76088122	300	10,000	SH		SOLE	1	10,000	0	0
ROCKET COS INC	COM CL A	77311W101	8,400,000	1,200,000	SH	Call	SOLE	1	1,200,000	0	0
SCION TECH GROWTH II	*W EXP 01/28/202	G31070116	180	50,000	SH		SOLE	1	50,000	0	0
SELECT SECTOR SPDR TR	FINANCIAL	81369Y605	28,215,000	825,000	SH	Put	SOLE	1	825,000	0	0
SIX FLAGS ENTMT CORP NEW	COM	83001A102	743,814	31,992	SH		SOLE	1	31,992	0	0
SLAM CORP	*W EXP 02/23/202	G8210L121	1,760	19,999	SH		SOLE	1	19,999	0	0
SMARTRENT INC	COM CL A	83193G107	1,428,186	587,731	SH		SOLE	1	587,731	0	0
SOCIAL LEVERAGE ACQUISN CORP	*W EXP 02/17/202	83363K110	747	12,499	SH		SOLE	1	12,499	0	0
SPDR GOLD TR	GOLD SHS	78463V107	7,192,736	42,400	SH	Put	SOLE	1	42,400	0	0
SPDR S&P 500 ETF TR	TR UNIT	78462F103	11,855	31	SH		SOLE	1	31	0	0
SPDR S&P 500 ETF TR	TR UNIT	78462F103	38,242,999	100,000	SH	Put	SOLE	1	100,000	0	0
SUSTAINABLE DEVELP ACQU I CO	*W EXP 02/04/202	86934L111	1,000	25,000	SH		SOLE	1	25,000	0	0
TH INTERNATIONAL LIMITED	*W EXP 09/28/202	G8656L114	3,003	25,000	SH		SOLE	1	25,000	0	0
TWELVE SEAS INVESTMENT CO II	*W EXP 03/02/202	90118T114	262	16,666	SH		SOLE	1	16,666	0	0
TZP STRATEGIES ACQUISTN CORP	*W EXP 01/06/202	G91595119	517	21,109	SH		SOLE	1	21,109	0	0
VPC IMPACT ACQUISITION HLDG	*W EXP 03/05/202	G9460L118	3,737	124,999	SH		SOLE	1	124,999	0	0
VROOM INC	NOTE 0.750% 7/0	92918VAB5	3,198,346	9,005,000	PRN		SOLE	1	9,005,000	0	0