Orvieto Partners, L.P. Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
IAC	IAC INC	155,000	$6,061	4.9%	$35.02	0.0%	COM NEW	44891N208
ARLP	ALLIANCE RESOURCE PARTNERS L	139,064	$3,230	2.6%	$23.23	—	UT LTD PART	01877R108
FLUT	FLUTTER ENTMT PLC	7,000	$1,505	1.2%	$224.90	0.0%	SHS	G3643J108
RJET	REPUBLIC AWYS HLDGS INC	79,500	$1,460	1.2%	$20.80	0.0%	COM SHS	590479408
CZR	CAESARS ENTERTAINMENT INC NE	50,000	$1,170	0.9%	$33.45	-32.8%	CALL	12769G100
PENN	PENN ENTERTAINMENT INC	75,000	$1,106	0.9%	$18.49	-15.6%	CALL	707569109
FUN	SIX FLAGS ENTERTAINMENT CORP	70,000	$1,074	0.9%	$42.49	-57.4%	CALL	83001C108
WH	WYNDHAM HOTELS & RESORTS INC	10,000	$756	0.6%	$75.40	0.0%	COM	98311A105
KMX	CARMAX INC	10,000	$386	0.3%	$39.99	0.0%	COM	143130102
LIND	LINDBLAD EXPEDITIONS HLDGS I	13,780	$199	0.2%	$12.61	0.0%	COM	535219109

Increased Positions (14)

UHAL U HAUL HOLDING COMPANY 5.2%

Value ($000) $6,402 (+1302.2%) Shares 127,000 (+1487.5%) Est. Cost $54.42 Unrealized -2.2%

MGM MGM RESORTS INTERNATIONAL 3.4%

Value ($000) $4,196 (+707.1%) Shares 115,000 (+666.7%) Est. Cost $34.34 Unrealized -1.2%

GLPI GAMING & LEISURE PPTYS INC 4.8%

Value ($000) $5,983 (+86.4%) Shares 133,874 (+94.4%) Est. Cost $46.26 Unrealized —

CHDN CHURCHILL DOWNS INC 6.9%

Value ($000) $8,534 (+35.3%) Shares 75,000 (+15.4%) Est. Cost $111.34 Unrealized -7.1%

PRKS UNITED PARKS & RESORTS INC 4.9%

Value ($000) $6,062 (+20.9%) Shares 167,000 (+72.2%) Est. Cost $47.75 Unrealized -13.0%

GDEN GOLDEN ENTMT INC 1.2%

Value ($000) $1,481 (+53.7%) Shares 54,485 (+33.3%) Est. Cost $26.00 Unrealized -1.2%

BRSL BRIGHTSTAR LOTTERY PLC 9.2%

Value ($000) $11,433 (+3.8%) Shares 738,596 (+15.7%) Est. Cost $15.14 Unrealized +6.8%

NCLH NORWEGIAN CRUISE LINE HLDG L 0.8%

Value ($000) $1,004 (+35.9%) Shares 45,000 (+50.0%) Est. Cost $23.23 Unrealized -9.1%

ACEL ACCEL ENTERTAINMENT INC 0.7%

Value ($000) $873 (+43.0%) Shares 76,546 (+38.7%) Est. Cost $11.18 Unrealized -5.8%

MTN VAIL RESORTS INC 3.2%

Value ($000) $3,984 (+6.5%) Shares 30,000 (+20.0%) Est. Cost $153.87 Unrealized -4.4%

KRP KIMBELL RTY PARTNERS LP 4.5%

Value ($000) $5,615 (-1.5%) Shares 477,493 (+13.0%) Est. Cost $15.30 Unrealized —

AESI ATLAS ENERGY SOLUTIONS INC 0.8%

Value ($000) $942 (+3.6%) Shares 100,000 (+25.0%) Est. Cost $12.39 Unrealized -18.4%

IBIT ISHARES BITCOIN TRUST ETF 0.8%

Value ($000) $993 (+1.8%) Shares 20,000 (+33.3%) Est. Cost $52.20 Unrealized —

CZR CAESARS ENTERTAINMENT INC NE 2.1%

Value ($000) $2,593 (+0.1%) Shares 110,847 (+15.6%) Est. Cost $33.45 Unrealized -32.8%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
UHAL	U HAUL HOLDING COMPANY	127,000 (+1487.5%)	$6,402 (+1302.2%)	5.2%	$54.42	-2.2%	COM	023586100
MGM	MGM RESORTS INTERNATIONAL	115,000 (+666.7%)	$4,196 (+707.1%)	3.4%	$34.34	-1.2%	COM	552953101
GLPI	GAMING & LEISURE PPTYS INC	133,874 (+94.4%)	$5,983 (+86.4%)	4.8%	$46.26	—	COM	36467J108
CHDN	CHURCHILL DOWNS INC	75,000 (+15.4%)	$8,534 (+35.3%)	6.9%	$111.34	-7.1%	COM	171484108
PRKS	UNITED PARKS & RESORTS INC	167,000 (+72.2%)	$6,062 (+20.9%)	4.9%	$47.75	-13.0%	COM	81282V100
GDEN	GOLDEN ENTMT INC	54,485 (+33.3%)	$1,481 (+53.7%)	1.2%	$26.00	-1.2%	COM	381013101
BRSL	BRIGHTSTAR LOTTERY PLC	738,596 (+15.7%)	$11,433 (+3.8%)	9.2%	$15.14	+6.8%	SHS USD	G4863A108
NCLH	NORWEGIAN CRUISE LINE HLDG L	45,000 (+50.0%)	$1,004 (+35.9%)	0.8%	$23.23	-9.1%	SHS	G66721104
ACEL	ACCEL ENTERTAINMENT INC	76,546 (+38.7%)	$873 (+43.0%)	0.7%	$11.18	-5.8%	COM CL A1	00436Q106
MTN	VAIL RESORTS INC	30,000 (+20.0%)	$3,984 (+6.5%)	3.2%	$153.87	-4.4%	COM	91879Q109
KRP	KIMBELL RTY PARTNERS LP	477,493 (+13.0%)	$5,615 (-1.5%)	4.5%	$15.30	—	UNIT	49435R102
AESI	ATLAS ENERGY SOLUTIONS INC	100,000 (+25.0%)	$942 (+3.6%)	0.8%	$12.39	-18.4%	COM NEW	642045108
IBIT	ISHARES BITCOIN TRUST ETF	20,000 (+33.3%)	$993 (+1.8%)	0.8%	$52.20	—	SHS BEN INT	46438F101
CZR	CAESARS ENTERTAINMENT INC NE	110,847 (+15.6%)	$2,593 (+0.1%)	2.1%	$33.45	-32.8%	COM	12769G100

Exited Positions (8)

UHAL/B U HAUL HOLDING COMPANY 4.5%

Value ($000) $5,541 Shares 108,866 Est. Cost $60.12 Unrealized -19.0%

— TILE SHOP HLDGS INC 3.5%

Value ($000) $4,271 Shares 705,891 Est. Cost $6.93 Unrealized —

FUN SIX FLAGS ENTERTAINMENT CORP 3.3%

Value ($000) $4,077 Shares 179,453 Est. Cost $42.49 Unrealized -57.4%

OXY OCCIDENTAL PETE CORP 2.5%

Value ($000) $3,071 Shares 65,000 Est. Cost $44.74 Unrealized -7.1%

BRSL BRIGHTSTAR LOTTERY PLC 1.4%

Value ($000) $1,725 Shares 100,000 Est. Cost $15.14 Unrealized +6.8%

GAMB GAMBLING COM GROUP LIMITED 1.2%

Value ($000) $1,532 Shares 187,252 Est. Cost $11.76 Unrealized -45.9%

— MESA AIR GROUP INC 0.6%

Value ($000) $716 Shares 550,726 Est. Cost $0.98 Unrealized —

PRKS UNITED PARKS & RESORTS INC 0.4%

Value ($000) $517 Shares 10,000 Est. Cost $47.75 Unrealized -13.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
UHAL/B	U HAUL HOLDING COMPANY	108,866	$5,541	4.5%	$60.12	-19.0%	—	023586506
—	TILE SHOP HLDGS INC	705,891	$4,271	3.5%	$6.93	—	—	88677Q109
FUN	SIX FLAGS ENTERTAINMENT CORP	179,453	$4,077	3.3%	$42.49	-57.4%	—	83001C108
OXY	OCCIDENTAL PETE CORP	65,000	$3,071	2.5%	$44.74	-7.1%	—	674599105
BRSL	BRIGHTSTAR LOTTERY PLC	100,000	$1,725	1.4%	$15.14	+6.8%	CALL	G4863A108
GAMB	GAMBLING COM GROUP LIMITED	187,252	$1,532	1.2%	$11.76	-45.9%	—	G3R239101
—	MESA AIR GROUP INC	550,726	$716	0.6%	$0.98	—	—	590479135
PRKS	UNITED PARKS & RESORTS INC	10,000	$517	0.4%	$47.75	-13.0%	CALL	81282V100

Decreased Positions (7)

H HYATT HOTELS CORP 1.9%

Value ($000) $2,405 (-51.6%) Shares 15,000 (-57.1%) Est. Cost $132.46 Unrealized +15.6%

CRC CALIFORNIA RES CORP 0.4%

Value ($000) $447 (-72.0%) Shares 10,000 (-66.7%) Est. Cost $50.18 Unrealized -6.0%

FLL FULL HSE RESORTS INC 1.1%

Value ($000) $1,325 (-42.3%) Shares 507,477 (-29.0%) Est. Cost $4.66 Unrealized -42.4%

SDRL SEADRILL LTD 2.8%

Value ($000) $3,443 (-21.1%) Shares 99,500 (-31.1%) Est. Cost $35.16 Unrealized -11.4%

TALO TALOS ENERGY INC 0.4%

Value ($000) $462 (-65.1%) Shares 41,900 (-69.6%) Est. Cost $10.19 Unrealized +2.7%

CNK CINEMARK HLDGS INC 0.9%

Value ($000) $1,162 (-36.2%) Shares 50,000 (-23.1%) Est. Cost $29.31 Unrealized -10.5%

KGS KODIAK GAS SVCS INC 5.6%

Value ($000) $6,862 (-7.5%) Shares 183,481 (-8.6%) Est. Cost $36.04 Unrealized -1.9%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
H	HYATT HOTELS CORP	15,000 (-57.1%)	$2,405 (-51.6%)	1.9%	$132.46	+15.6%	COM CL A	448579102
CRC	CALIFORNIA RES CORP	10,000 (-66.7%)	$447 (-72.0%)	0.4%	$50.18	-6.0%	COM STOCK	13057Q305
FLL	FULL HSE RESORTS INC	507,477 (-29.0%)	$1,325 (-42.3%)	1.1%	$4.66	-42.4%	COM	359678109
SDRL	SEADRILL LTD	99,500 (-31.1%)	$3,443 (-21.1%)	2.8%	$35.16	-11.4%	COM	G7997W102
TALO	TALOS ENERGY INC	41,900 (-69.6%)	$462 (-65.1%)	0.4%	$10.19	+2.7%	COM	87484T108
CNK	CINEMARK HLDGS INC	50,000 (-23.1%)	$1,162 (-36.2%)	0.9%	$29.31	-10.5%	COM	17243V102
KGS	KODIAK GAS SVCS INC	183,481 (-8.6%)	$6,862 (-7.5%)	5.6%	$36.04	-1.9%	COM	50012A108

Unchanged Positions (13)

PENN PENN ENTERTAINMENT INC 6.6%

Value ($000) $8,186 Shares 555,000 Est. Cost $18.49 Unrealized -15.6%

LVS LAS VEGAS SANDS CORP 2.6%

Value ($000) $3,255 Shares 50,000 Est. Cost $49.47 Unrealized +23.7%

CALY TOPGOLF CALLAWAY BRANDS CORP 1.7%

Value ($000) $2,159 Shares 185,000 Est. Cost $8.95 Unrealized +17.8%

WYNN WYNN RESORTS LTD 4.4%

Value ($000) $5,415 Shares 45,000 Est. Cost $92.55 Unrealized +33.5%

SATS ECHOSTAR CORP 0.9%

Value ($000) $1,087 Shares 10,000 Est. Cost $25.21 Unrealized +223.0%

LYFT LYFT INC 1.7%

Value ($000) $2,131 Shares 110,000 Est. Cost $14.14 Unrealized +47.0%

VIK VIKING HOLDINGS LTD 1.2%

Value ($000) $1,428 Shares 20,000 Est. Cost $46.11 Unrealized +38.4%

MSGS MADISON SQUARE GRDN SPRT COR 0.7%

Value ($000) $844 Shares 3,265 Est. Cost $204.99 Unrealized +11.0%

MTCH MATCH GROUP INC NEW 0.8%

Value ($000) $969 Shares 30,000 Est. Cost $33.48 Unrealized -1.9%

UBER UBER TECHNOLOGIES INC 0.3%

Value ($000) $409 Shares 5,000 Est. Cost $82.32 Unrealized +9.4%

BYD BOYD GAMING CORP 2.8%

Value ($000) $3,410 Shares 40,000 Est. Cost $69.39 Unrealized +18.6%

BHR BRAEMAR HOTELS & RESORTS INC 0.8%

Value ($000) $940 Shares 327,502 Est. Cost $2.98 Unrealized —

GAU GALIANO GOLD INC 0.2%

Value ($000) $253 Shares 100,000 Est. Cost $1.87 Unrealized +32.5%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
PENN	PENN ENTERTAINMENT INC	555,000	$8,186	6.6%	$18.49	-15.6%	COM	707569109
LVS	LAS VEGAS SANDS CORP	50,000	$3,255	2.6%	$49.47	+23.7%	COM	517834107
CALY	TOPGOLF CALLAWAY BRANDS CORP	185,000	$2,159	1.7%	$8.95	+17.8%	COM	131193104
WYNN	WYNN RESORTS LTD	45,000	$5,415	4.4%	$92.55	+33.5%	COM	983134107
SATS	ECHOSTAR CORP	10,000	$1,087	0.9%	$25.21	+223.0%	CL A	278768106
LYFT	LYFT INC	110,000	$2,131	1.7%	$14.14	+47.0%	CL A COM	55087P104
VIK	VIKING HOLDINGS LTD	20,000	$1,428	1.2%	$46.11	+38.4%	ORD SHS	G93A5A101
MSGS	MADISON SQUARE GRDN SPRT COR	3,265	$844	0.7%	$204.99	+11.0%	CL A	55825T103
MTCH	MATCH GROUP INC NEW	30,000	$969	0.8%	$33.48	-1.9%	COM	57667L107
UBER	UBER TECHNOLOGIES INC	5,000	$409	0.3%	$82.32	+9.4%	COM	90353T100
BYD	BOYD GAMING CORP	40,000	$3,410	2.8%	$69.39	+18.6%	COM	103304101
BHR	BRAEMAR HOTELS & RESORTS INC	327,502	$940	0.8%	$2.98	—	COM	10482B101
GAU	GALIANO GOLD INC	100,000	$253	0.2%	$1.87	+32.5%	COM	36352H100