PAR CAPITAL MANAGEMENT INC Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
AERO	GRUPO AEROMEXICO SAB DE CV	13,850,410	$30,416	0.8%	$2.20	—	SPONSORED ADS	40054J109
RJET	REPUBLIC AWYS HLDGS INC	177,301	$3,257	0.1%	$20.80	0.0%	COM SHS	590479408
DAL	DELTA AIR LINES INC DEL	18,000	$1,249	0.0%	$33.10	+88.7%	PUT	247361702
C	CITIGROUP INC	10,000	$1,167	0.0%	$67.94	+52.5%	PUT	172967424
TSLA	TESLA INC	1,700	$765	0.0%	$443.29	0.0%	COM	88160R101
META	META PLATFORMS INC	700	$462	0.0%	$667.32	0.0%	CL A	30303M102
TCOM	TRIP COM GROUP LTD	4,500	$324	0.0%	$71.91	—	ADS	89677Q107
SNCY	SUN CTRY AIRLS HLDGS INC	18,000	$259	0.0%	$23.90	-46.5%	PUT	866683105

Increased Positions (16)

ABNB AIRBNB INC 2.6%

Value ($000) $99,062 (+272.0%) Shares 729,900 (+232.8%) Est. Cost $125.98 Unrealized -1.1%

WEX WEX INC 8.9%

Value ($000) $335,503 (+15.0%) Shares 2,252,000 (+21.6%) Est. Cost $144.01 Unrealized +4.6%

ALK ALASKA AIR GROUP INC 2.1%

Value ($000) $79,549 (+42.8%) Shares 1,581,500 (+41.3%) Est. Cost $46.43 Unrealized -0.4%

UBER UBER TECHNOLOGIES INC 2.1%

Value ($000) $81,318 (+26.9%) Shares 995,200 (+52.2%) Est. Cost $92.33 Unrealized -2.5%

CARS CARS COM INC 0.9%

Value ($000) $32,911 (+30.8%) Shares 2,697,648 (+31.0%) Est. Cost $11.74 Unrealized -0.9%

CARG CARGURUS INC 0.4%

Value ($000) $13,350 (+39.9%) Shares 348,098 (+35.8%) Est. Cost $27.53 Unrealized +30.9%

GOOG ALPHABET INC 0.3%

Value ($000) $11,516 (+32.5%) Shares 36,700 (+2.8%) Est. Cost $157.86 Unrealized +81.4%

CPA COPA HOLDINGS SA 0.5%

Value ($000) $18,960 (+7.8%) Shares 157,197 (+6.2%) Est. Cost $106.84 Unrealized +13.5%

TRIP TRIPADVISOR INC 0.8%

Value ($000) $31,749 (-2.4%) Shares 2,180,564 (+9.0%) Est. Cost $15.45 Unrealized -1.5%

ZM ZOOM COMMUNICATIONS INC 0.0%

Value ($000) $1,027 (+266.1%) Shares 11,900 (+250.0%) Est. Cost $82.41 Unrealized +2.1%

TRVG TRIVAGO N V 0.3%

Value ($000) $11,515 (-3.5%) Shares 3,970,806 (+11.0%) Est. Cost $2.36 Unrealized —

KVYO KLAVIYO INC 0.0%

Value ($000) $747 (+68.6%) Shares 23,000 (+43.8%) Est. Cost $30.99 Unrealized -9.6%

DOCU DOCUSIGN INC 0.0%

Value ($000) $363 (+67.6%) Shares 5,300 (+76.7%) Est. Cost $73.63 Unrealized -6.1%

DASH DOORDASH INC 0.0%

Value ($000) $793 (+21.4%) Shares 3,500 (+45.8%) Est. Cost $140.22 Unrealized +67.3%

BAC BANK AMERICA CORP 0.0%

Value ($000) $1,018 (+8.4%) Shares 18,500 (+1.6%) Est. Cost $43.99 Unrealized +19.7%

V VISA INC 0.0%

Value ($000) $365 (+27.2%) Shares 1,040 (+23.8%) Est. Cost $332.31 Unrealized +2.4%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ABNB	AIRBNB INC	729,900 (+232.8%)	$99,062 (+272.0%)	2.6%	$125.98	-1.1%	COM CL A	009066101
WEX	WEX INC	2,252,000 (+21.6%)	$335,503 (+15.0%)	8.9%	$144.01	+4.6%	COM	96208T104
ALK	ALASKA AIR GROUP INC	1,581,500 (+41.3%)	$79,549 (+42.8%)	2.1%	$46.43	-0.4%	COM	011659109
UBER	UBER TECHNOLOGIES INC	995,200 (+52.2%)	$81,318 (+26.9%)	2.1%	$92.33	-2.5%	COM	90353T100
CARS	CARS COM INC	2,697,648 (+31.0%)	$32,911 (+30.8%)	0.9%	$11.74	-0.9%	COM	14575E105
CARG	CARGURUS INC	348,098 (+35.8%)	$13,350 (+39.9%)	0.4%	$27.53	+30.9%	COM CL A	141788109
GOOG	ALPHABET INC	36,700 (+2.8%)	$11,516 (+32.5%)	0.3%	$157.86	+81.4%	CAP STK CL C	02079K107
CPA	COPA HOLDINGS SA	157,197 (+6.2%)	$18,960 (+7.8%)	0.5%	$106.84	+13.5%	CL A	P31076105
TRIP	TRIPADVISOR INC	2,180,564 (+9.0%)	$31,749 (-2.4%)	0.8%	$15.45	-1.5%	COM	896945201
ZM	ZOOM COMMUNICATIONS INC	11,900 (+250.0%)	$1,027 (+266.1%)	0.0%	$82.41	+2.1%	CL A	98980L101
TRVG	TRIVAGO N V	3,970,806 (+11.0%)	$11,515 (-3.5%)	0.3%	$2.36	—	SPON ADS A SHS N	89686D303
KVYO	KLAVIYO INC	23,000 (+43.8%)	$747 (+68.6%)	0.0%	$30.99	-9.6%	COM SER A	49845K101
DOCU	DOCUSIGN INC	5,300 (+76.7%)	$363 (+67.6%)	0.0%	$73.63	-6.1%	COM	256163106
DASH	DOORDASH INC	3,500 (+45.8%)	$793 (+21.4%)	0.0%	$140.22	+67.3%	CL A	25809K105
BAC	BANK AMERICA CORP	18,500 (+1.6%)	$1,018 (+8.4%)	0.0%	$43.99	+19.7%	COM	060505104
V	VISA INC	1,040 (+23.8%)	$365 (+27.2%)	0.0%	$332.31	+2.4%	COM CL A	92826C839

Exited Positions (20)

— AVIDXCHANGE HOLDINGS INC 0.9%

Value ($000) $32,828 Shares 3,299,292 Est. Cost $8.40 Unrealized —

UAL UNITED AIRLS HLDGS INC 0.4%

Value ($000) $14,379 Shares 149,000 Est. Cost $47.79 Unrealized +111.5%

— MESA AIR GROUP INC 0.1%

Value ($000) $3,362 Shares 2,585,876 Est. Cost $0.98 Unrealized —

BK BANK NEW YORK MELLON CORP 0.1%

Value ($000) $2,873 Shares 26,364 Est. Cost $83.95 Unrealized +31.6%

CART MAPLEBEAR INC 0.1%

Value ($000) $2,757 Shares 75,000 Est. Cost $31.20 Unrealized +31.2%

WH WYNDHAM HOTELS & RESORTS INC 0.1%

Value ($000) $2,157 Shares 27,000 Est. Cost $68.28 Unrealized +10.4%

SOFI SOFI TECHNOLOGIES INC 0.0%

Value ($000) $1,453 Shares 55,000 Est. Cost $13.19 Unrealized +111.3%

SOFI SOFI TECHNOLOGIES INC 0.0%

Value ($000) $1,453 Shares 55,000 Est. Cost $13.19 Unrealized +111.3%

GRAB GRAB HOLDINGS LIMITED 0.0%

Value ($000) $1,090 Shares 181,000 Est. Cost $4.66 Unrealized +18.5%

GRAB GRAB HOLDINGS LIMITED 0.0%

Value ($000) $1,090 Shares 181,000 Est. Cost $4.66 Unrealized +18.5%

AMZN AMAZON COM INC 0.0%

Value ($000) $988 Shares 4,500 Est. Cost $208.60 Unrealized +9.7%

PNC PNC FINL SVCS GROUP INC 0.0%

Value ($000) $603 Shares 3,000 Est. Cost $195.75 Unrealized -1.5%

FLEX FLEX LTD 0.0%

Value ($000) $574 Shares 9,910 Est. Cost $39.18 Unrealized +57.7%

CVNA CARVANA CO 0.0%

Value ($000) $453 Shares 1,200 Est. Cost $107.20 Unrealized +246.8%

AFRM AFFIRM HLDGS INC 0.0%

Value ($000) $402 Shares 5,500 Est. Cost $76.10 Unrealized -5.4%

CCL CARNIVAL CORP 0.0%

Value ($000) $390 Shares 13,500 Est. Cost $30.20 Unrealized -7.7%

SCHW SCHWAB CHARLES CORP 0.0%

Value ($000) $382 Shares 4,000 Est. Cost $53.45 Unrealized +77.2%

SHOP SHOPIFY INC 0.0%

Value ($000) $372 Shares 2,500 Est. Cost $135.57 Unrealized +18.4%

Z ZILLOW GROUP INC 0.0%

Value ($000) $308 Shares 4,000 Est. Cost $70.25 Unrealized +3.1%

HUBS HUBSPOT INC 0.0%

Value ($000) $234 Shares 500 Est. Cost $503.08 Unrealized -17.7%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	AVIDXCHANGE HOLDINGS INC	3,299,292	$32,828	0.9%	$8.40	—	—	05368X102
UAL	UNITED AIRLS HLDGS INC	149,000	$14,379	0.4%	$47.79	+111.5%	PUT	910047109
—	MESA AIR GROUP INC	2,585,876	$3,362	0.1%	$0.98	—	—	590479135
BK	BANK NEW YORK MELLON CORP	26,364	$2,873	0.1%	$83.95	+31.6%	—	064058100
CART	MAPLEBEAR INC	75,000	$2,757	0.1%	$31.20	+31.2%	—	565394103
WH	WYNDHAM HOTELS & RESORTS INC	27,000	$2,157	0.1%	$68.28	+10.4%	—	98311A105
SOFI	SOFI TECHNOLOGIES INC	55,000	$1,453	0.0%	$13.19	+111.3%	—	83406F102
SOFI	SOFI TECHNOLOGIES INC	55,000	$1,453	0.0%	$13.19	+111.3%	PUT	83406F102
GRAB	GRAB HOLDINGS LIMITED	181,000	$1,090	0.0%	$4.66	+18.5%	—	G4124C109
GRAB	GRAB HOLDINGS LIMITED	181,000	$1,090	0.0%	$4.66	+18.5%	PUT	G4124C109
AMZN	AMAZON COM INC	4,500	$988	0.0%	$208.60	+9.7%	PUT	023135106
PNC	PNC FINL SVCS GROUP INC	3,000	$603	0.0%	$195.75	-1.5%	—	693475105
FLEX	FLEX LTD	9,910	$574	0.0%	$39.18	+57.7%	—	Y2573F102
CVNA	CARVANA CO	1,200	$453	0.0%	$107.20	+246.8%	PUT	146869102
AFRM	AFFIRM HLDGS INC	5,500	$402	0.0%	$76.10	-5.4%	—	00827B106
CCL	CARNIVAL CORP	13,500	$390	0.0%	$30.20	-7.7%	—	143658300
SCHW	SCHWAB CHARLES CORP	4,000	$382	0.0%	$53.45	+77.2%	PUT	808513105
SHOP	SHOPIFY INC	2,500	$372	0.0%	$135.57	+18.4%	—	82509L107
Z	ZILLOW GROUP INC	4,000	$308	0.0%	$70.25	+3.1%	—	98954M200
HUBS	HUBSPOT INC	500	$234	0.0%	$503.08	-17.7%	—	443573100

Decreased Positions (11)

BILL BILL HOLDINGS INC 0.5%

Value ($000) $17,726 (-82.6%) Shares 325,000 (-83.1%) Est. Cost $46.44 Unrealized +10.6%

EXPE EXPEDIA GROUP INC 14.6%

Value ($000) $552,014 (+17.4%) Shares 1,948,446 (-11.4%) Est. Cost $115.71 Unrealized +113.4%

UAL UNITED AIRLS HLDGS INC 14.5%

Value ($000) $547,342 (+14.1%) Shares 4,894,850 (-1.5%) Est. Cost $47.79 Unrealized +111.5%

BKNG BOOKING HOLDINGS INC 3.5%

Value ($000) $131,136 (-30.7%) Shares 24,487 (-30.1%) Est. Cost $2017.73 Unrealized +154.6%

CVNA CARVANA CO 3.9%

Value ($000) $147,991 (+10.0%) Shares 350,672 (-1.7%) Est. Cost $107.20 Unrealized +246.8%

LYFT LYFT INC 1.6%

Value ($000) $60,822 (-15.1%) Shares 3,140,000 (-3.5%) Est. Cost $14.74 Unrealized +41.0%

HTZ HERTZ GLOBAL HLDGS INC 0.2%

Value ($000) $7,196 (-53.8%) Shares 1,400,000 (-38.9%) Est. Cost $10.86 Unrealized -49.7%

SNCY SUN CTRY AIRLS HLDGS INC 0.8%

Value ($000) $28,780 (+17.9%) Shares 2,000,000 (-3.2%) Est. Cost $23.90 Unrealized -46.5%

GBTG GLOBAL BUSINESS TRAVEL GROUP 0.2%

Value ($000) $6,757 (-19.5%) Shares 883,244 (-15.0%) Est. Cost $6.29 Unrealized +23.2%

H HYATT HOTELS CORP 1.4%

Value ($000) $54,316 (+3.1%) Shares 338,800 (-8.8%) Est. Cost $119.12 Unrealized +28.5%

AMZN AMAZON COM INC 0.0%

Value ($000) $1,454 (-9.3%) Shares 6,300 (-13.7%) Est. Cost $208.60 Unrealized +9.7%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
BILL	BILL HOLDINGS INC	325,000 (-83.1%)	$17,726 (-82.6%)	0.5%	$46.44	+10.6%	COM	090043100
EXPE	EXPEDIA GROUP INC	1,948,446 (-11.4%)	$552,014 (+17.4%)	14.6%	$115.71	+113.4%	COM NEW	30212P303
UAL	UNITED AIRLS HLDGS INC	4,894,850 (-1.5%)	$547,342 (+14.1%)	14.5%	$47.79	+111.5%	COM	910047109
BKNG	BOOKING HOLDINGS INC	24,487 (-30.1%)	$131,136 (-30.7%)	3.5%	$2017.73	+154.6%	COM	09857L108
CVNA	CARVANA CO	350,672 (-1.7%)	$147,991 (+10.0%)	3.9%	$107.20	+246.8%	CL A	146869102
LYFT	LYFT INC	3,140,000 (-3.5%)	$60,822 (-15.1%)	1.6%	$14.74	+41.0%	CL A COM	55087P104
HTZ	HERTZ GLOBAL HLDGS INC	1,400,000 (-38.9%)	$7,196 (-53.8%)	0.2%	$10.86	-49.7%	COM NEW	42806J700
SNCY	SUN CTRY AIRLS HLDGS INC	2,000,000 (-3.2%)	$28,780 (+17.9%)	0.8%	$23.90	-46.5%	COM	866683105
GBTG	GLOBAL BUSINESS TRAVEL GROUP	883,244 (-15.0%)	$6,757 (-19.5%)	0.2%	$6.29	+23.2%	COM CL A	37890B100
H	HYATT HOTELS CORP	338,800 (-8.8%)	$54,316 (+3.1%)	1.4%	$119.12	+28.5%	COM CL A	448579102
AMZN	AMAZON COM INC	6,300 (-13.7%)	$1,454 (-9.3%)	0.0%	$208.60	+9.7%	COM	023135106

Unchanged Positions (18)

SYF SYNCHRONY FINANCIAL 16.5%

Value ($000) $625,725 Shares 7,500,000 Est. Cost $25.94 Unrealized +194.2%

LUV SOUTHWEST AIRLS CO 5.4%

Value ($000) $204,591 Shares 4,950,192 Est. Cost $31.60 Unrealized +10.1%

DAL DELTA AIR LINES INC DEL 6.6%

Value ($000) $248,050 Shares 3,574,210 Est. Cost $33.10 Unrealized +88.7%

ALGT ALLEGIANT TRAVEL CO 1.4%

Value ($000) $53,215 Shares 624,081 Est. Cost $84.42 Unrealized -15.3%

CAR AVIS BUDGET GROUP 0.7%

Value ($000) $25,664 Shares 200,000 Est. Cost $186.87 Unrealized -25.3%

MAR MARRIOTT INTL INC NEW 1.1%

Value ($000) $41,851 Shares 134,900 Est. Cost $237.92 Unrealized +19.9%

AAL AMERICAN AIRLS GROUP INC 0.5%

Value ($000) $19,163 Shares 1,250,000 Est. Cost $10.71 Unrealized +26.0%

SCHW SCHWAB CHARLES CORP 2.4%

Value ($000) $91,118 Shares 912,000 Est. Cost $53.45 Unrealized +77.2%

RYAAY RYANAIR HOLDINGS PLC 0.7%

Value ($000) $24,906 Shares 345,000 Est. Cost $43.55 Unrealized —

WBS WEBSTER FINL CORP 1.3%

Value ($000) $47,551 Shares 755,500 Est. Cost $49.83 Unrealized +19.2%

GOOG ALPHABET INC 0.3%

Value ($000) $10,544 Shares 33,600 Est. Cost $157.86 Unrealized +81.4%

JBLU JETBLUE AWYS CORP 0.5%

Value ($000) $20,281 Shares 4,457,425 Est. Cost $8.94 Unrealized -49.0%

LTM LATAM AIRLINES GROUP SA 0.2%

Value ($000) $8,912 Shares 165,000 Est. Cost $26.41 Unrealized —

ULCC FRONTIER GROUP HLDGS INC 0.3%

Value ($000) $10,155 Shares 2,156,100 Est. Cost $11.21 Unrealized -60.5%

C CITIGROUP INC 0.0%

Value ($000) $1,167 Shares 10,000 Est. Cost $67.94 Unrealized +52.5%

DASH DOORDASH INC 0.0%

Value ($000) $544 Shares 2,400 Est. Cost $140.22 Unrealized +67.3%

SKYW SKYWEST INC 1.0%

Value ($000) $36,136 Shares 359,881 Est. Cost $53.92 Unrealized +85.7%

MA MASTERCARD INCORPORATED 0.0%

Value ($000) $514 Shares 900 Est. Cost $534.07 Unrealized +4.7%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
SYF	SYNCHRONY FINANCIAL	7,500,000	$625,725	16.5%	$25.94	+194.2%	COM	87165B103
LUV	SOUTHWEST AIRLS CO	4,950,192	$204,591	5.4%	$31.60	+10.1%	COM	844741108
DAL	DELTA AIR LINES INC DEL	3,574,210	$248,050	6.6%	$33.10	+88.7%	COM NEW	247361702
ALGT	ALLEGIANT TRAVEL CO	624,081	$53,215	1.4%	$84.42	-15.3%	COM	01748X102
CAR	AVIS BUDGET GROUP	200,000	$25,664	0.7%	$186.87	-25.3%	COM	053774105
MAR	MARRIOTT INTL INC NEW	134,900	$41,851	1.1%	$237.92	+19.9%	CL A	571903202
AAL	AMERICAN AIRLS GROUP INC	1,250,000	$19,163	0.5%	$10.71	+26.0%	COM	02376R102
SCHW	SCHWAB CHARLES CORP	912,000	$91,118	2.4%	$53.45	+77.2%	COM	808513105
RYAAY	RYANAIR HOLDINGS PLC	345,000	$24,906	0.7%	$43.55	—	SPONSORED ADR	783513203
WBS	WEBSTER FINL CORP	755,500	$47,551	1.3%	$49.83	+19.2%	COM	947890109
GOOG	ALPHABET INC	33,600	$10,544	0.3%	$157.86	+81.4%	PUT	02079K107
JBLU	JETBLUE AWYS CORP	4,457,425	$20,281	0.5%	$8.94	-49.0%	COM	477143101
LTM	LATAM AIRLINES GROUP SA	165,000	$8,912	0.2%	$26.41	—	SPONSORED ADR	51817R205
ULCC	FRONTIER GROUP HLDGS INC	2,156,100	$10,155	0.3%	$11.21	-60.5%	COM	35909R108
C	CITIGROUP INC	10,000	$1,167	0.0%	$67.94	+52.5%	COM NEW	172967424
DASH	DOORDASH INC	2,400	$544	0.0%	$140.22	+67.3%	PUT	25809K105
SKYW	SKYWEST INC	359,881	$36,136	1.0%	$53.92	+85.7%	COM	830879102
MA	MASTERCARD INCORPORATED	900	$514	0.0%	$534.07	+4.7%	CL A	57636Q104