Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
SPY	STATE STR SPDR S&P 500 ETF T	10,000	$7.468M	4.9%	—	—	PUT	78462F103
QQQ	INVESCO QQQ TR	10,000	$7.364M	4.8%	—	—	PUT	46090E103
USO	UNITED STS OIL FD LP	30,000	$3.193M	2.1%	—	—	PUT	91232N207
IWM	ISHARES TR	10,000	$3.005M	2.0%	—	—	PUT	464287655
PSUS	PERSHING SQUARE USA LTD	40,000	$1.495M	1.0%	$37.38	—	COM SHS	71531T105
VICI	VICI PPTYS INC	49,145	$1.305M	0.8%	$26.55	—	COM	925652109
PTON	PELOTON INTERACTIVE INC	205,000	$1.212M	0.8%	$5.91	—	CL A COM	70614W100
NINE	NINE ENERGY SERVICE INC	80,559	$1.048M	0.7%	$13.01	—	COMMON STOCK	65441V200
WHK	WHITEHAWK MINERALS CORP	30,000	$835K	0.5%	$27.82	—	CL A	96524T101
CRC	CALIFORNIA RES CORP	10,000	$529K	0.3%	$52.87	—	COM STOCK	13057Q305

Increased Positions (12)

WYNN WYNN RESORTS LTD 5.2%

Value $7.961M (+213.6%) Shares 82,000 (+228.0%) Est. Cost $95.71 Unrealized —

CHDN CHURCHILL DOWNS INC 8.5%

Value $13.01M (+51.3%) Shares 145,120 (+51.6%) Est. Cost $102.31 Unrealized —

MTN VAIL RESORTS INC 5.1%

Value $7.897M (+53.8%) Shares 58,000 (+45.0%) Est. Cost $145.61 Unrealized —

UHAL/B U HAUL HOLDING COMPANY 3.2%

Value $4.901M (+81.1%) Shares 84,944 (+40.2%) Est. Cost $51.82 Unrealized —

WH WYNDHAM HOTELS & RESORTS INC 2.7%

Value $4.21M (+48.1%) Shares 50,000 (+42.9%) Est. Cost $79.64 Unrealized —

AESI ATLAS ENERGY SOLUTIONS INC 1.8%

Value $2.824M (+65.6%) Shares 170,000 (+30.8%) Est. Cost $13.18 Unrealized —

RRR RED ROCK RESORTS INC 2.3%

Value $3.578M (+34.1%) Shares 55,000 (+10.0%) Est. Cost $63.03 Unrealized —

BRSL BRIGHTSTAR LOTTERY PLC 5.8%

Value $8.981M (-6.5%) Shares 837,820 (+11.2%) Est. Cost $14.68 Unrealized —

NCLH NORWEGIAN CRUISE LINE HLDGS 1.4%

Value $2.111M (+41.1%) Shares 100,000 (+25.0%) Est. Cost $22.68 Unrealized —

FUN SIX FLAGS ENTERTAINMENT CORP 1.1%

Value $1.704M (+47.7%) Shares 80,000 (+23.1%) Est. Cost $17.75 Unrealized —

ACEL ACCEL ENTERTAINMENT INC 1.3%

Value $2.003M (+37.2%) Shares 158,838 (+18.7%) Est. Cost $11.44 Unrealized —

KMX CARMAX INC 0.5%

Value $793K (+90.8%) Shares 15,000 (+50.0%) Est. Cost $44.29 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
WYNN	WYNN RESORTS LTD	82,000 (+228.0%)	$7.961M (+213.6%)	5.2%	$95.71	—	COM	983134107
CHDN	CHURCHILL DOWNS INC	145,120 (+51.6%)	$13.01M (+51.3%)	8.5%	$102.31	—	COM	171484108
MTN	VAIL RESORTS INC	58,000 (+45.0%)	$7.897M (+53.8%)	5.1%	$145.61	—	COM	91879Q109
UHAL/B	U HAUL HOLDING COMPANY	84,944 (+40.2%)	$4.901M (+81.1%)	3.2%	$51.82	—	COM SER N	023586506
WH	WYNDHAM HOTELS & RESORTS INC	50,000 (+42.9%)	$4.21M (+48.1%)	2.7%	$79.64	—	COM	98311A105
AESI	ATLAS ENERGY SOLUTIONS INC	170,000 (+30.8%)	$2.824M (+65.6%)	1.8%	$13.18	—	COM NEW	642045108
RRR	RED ROCK RESORTS INC	55,000 (+10.0%)	$3.578M (+34.1%)	2.3%	$63.03	—	CL A	75700L108
BRSL	BRIGHTSTAR LOTTERY PLC	837,820 (+11.2%)	$8.981M (-6.5%)	5.8%	$14.68	—	SHS USD	G4863A108
NCLH	NORWEGIAN CRUISE LINE HLDGS	100,000 (+25.0%)	$2.111M (+41.1%)	1.4%	$22.68	—	SHS	G66721104
FUN	SIX FLAGS ENTERTAINMENT CORP	80,000 (+23.1%)	$1.704M (+47.7%)	1.1%	$17.75	—	COM	83001C108
ACEL	ACCEL ENTERTAINMENT INC	158,838 (+18.7%)	$2.003M (+37.2%)	1.3%	$11.44	—	COM CL A1	00436Q106
KMX	CARMAX INC	15,000 (+50.0%)	$793K (+90.8%)	0.5%	$44.29	—	COM	143130102

Exited Positions (8)

LYFT LYFT INC 1.0%

Value $1.463M Shares 110,000 Est. Cost $14.14 Unrealized —

GDEN GOLDEN ENTMT INC 0.9%

Value $1.454M Shares 54,485 Est. Cost $26.00 Unrealized —

MTCH MATCH GROUP INC NEW 0.6%

Value $921K Shares 30,000 Est. Cost $33.48 Unrealized —

CALY CALLAWAY GOLF CO 0.5%

Value $833K Shares 60,000 Est. Cost $8.95 Unrealized —

FLUT FLUTTER ENTMT PLC 0.5%

Value $714K Shares 7,000 Est. Cost $224.90 Unrealized —

SATS ECHOSTAR CORP 0.4%

Value $585K Shares 5,000 Est. Cost $25.21 Unrealized —

LIND LINDBLAD EXPEDITIONS HLDGS I 0.2%

Value $238K Shares 13,780 Est. Cost $12.61 Unrealized —

HTZ HERTZ GLOBAL HLDGS INC 0.1%

Value $92,200 Shares 20,000 Est. Cost $5.19 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
LYFT	LYFT INC	110,000	$1.463M	1.0%	$14.14	—	—	55087P104
GDEN	GOLDEN ENTMT INC	54,485	$1.454M	0.9%	$26.00	—	—	381013101
MTCH	MATCH GROUP INC NEW	30,000	$921K	0.6%	$33.48	—	—	57667L107
CALY	CALLAWAY GOLF CO	60,000	$833K	0.5%	$8.95	—	—	131193104
FLUT	FLUTTER ENTMT PLC	7,000	$714K	0.5%	$224.90	—	—	G3643J108
SATS	ECHOSTAR CORP	5,000	$585K	0.4%	$25.21	—	—	278768106
LIND	LINDBLAD EXPEDITIONS HLDGS I	13,780	$238K	0.2%	$12.61	—	—	535219109
HTZ	HERTZ GLOBAL HLDGS INC	20,000	$92,200	0.1%	$5.19	—	—	42806J700

Decreased Positions (10)

IAC PEOPLE INC 2.9%

Value $4.385M (-35.6%) Shares 95,000 (-44.1%) Est. Cost $35.26 Unrealized —

SDRL SEADRILL LTD 0.6%

Value $946K (-62.2%) Shares 25,000 (-54.5%) Est. Cost $35.16 Unrealized —

PENN PENN ENTERTAINMENT INC 5.6%

Value $8.617M (-10.9%) Shares 403,400 (-37.3%) Est. Cost $17.80 Unrealized —

KGS KODIAK GAS SVCS INC 1.4%

Value $2.102M (-24.9%) Shares 27,981 (-41.7%) Est. Cost $36.04 Unrealized —

UHAL U HAUL HOLDING COMPANY 2.2%

Value $3.365M (-11.1%) Shares 51,418 (-35.1%) Est. Cost $54.42 Unrealized —

UBER UBER TECHNOLOGIES INC 0.5%

Value $722K (-33.1%) Shares 10,000 (-33.3%) Est. Cost $79.92 Unrealized —

RJET REPUBLIC AWYS HLDGS INC 1.1%

Value $1.735M (-17.0%) Shares 82,602 (-29.4%) Est. Cost $20.16 Unrealized —

BHR BRAEMAR HOTELS & RESORTS INC 0.1%

Value $215K (-39.1%) Shares 99,380 (-33.5%) Est. Cost $2.98 Unrealized —

CZR CAESARS ENTERTAINMENT INC NE 2.7%

Value $4.074M (-1.9%) Shares 135,000 (-14.1%) Est. Cost $30.08 Unrealized —

PRKS UNITED PARKS & RESORTS INC 3.7%

Value $5.729M (-0.9%) Shares 120,000 (-32.2%) Est. Cost $47.11 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
IAC	PEOPLE INC	95,000 (-44.1%)	$4.385M (-35.6%)	2.9%	$35.26	—	COM NEW	44891N208
SDRL	SEADRILL LTD	25,000 (-54.5%)	$946K (-62.2%)	0.6%	$35.16	—	COM	G7997W102
PENN	PENN ENTERTAINMENT INC	403,400 (-37.3%)	$8.617M (-10.9%)	5.6%	$17.80	—	COM	707569109
KGS	KODIAK GAS SVCS INC	27,981 (-41.7%)	$2.102M (-24.9%)	1.4%	$36.04	—	COM	50012A108
UHAL	U HAUL HOLDING COMPANY	51,418 (-35.1%)	$3.365M (-11.1%)	2.2%	$54.42	—	COM	023586100
UBER	UBER TECHNOLOGIES INC	10,000 (-33.3%)	$722K (-33.1%)	0.5%	$79.92	—	COM	90353T100
RJET	REPUBLIC AWYS HLDGS INC	82,602 (-29.4%)	$1.735M (-17.0%)	1.1%	$20.16	—	COM SHS	590479408
BHR	BRAEMAR HOTELS & RESORTS INC	99,380 (-33.5%)	$215K (-39.1%)	0.1%	$2.98	—	COM	10482B101
CZR	CAESARS ENTERTAINMENT INC NE	135,000 (-14.1%)	$4.074M (-1.9%)	2.7%	$30.08	—	COM	12769G100
PRKS	UNITED PARKS & RESORTS INC	120,000 (-32.2%)	$5.729M (-0.9%)	3.7%	$47.11	—	COM	81282V100

Unchanged Positions (14)

H HYATT HOTELS CORP 3.8%

Value $5.815M Shares 30,000 Est. Cost $148.49 Unrealized —

MGM MGM RESORTS INTERNATIONAL 3.1%

Value $4.781M Shares 100,000 Est. Cost $34.34 Unrealized —

VIK VIKING HOLDINGS LTD 1.4%

Value $2.093M Shares 20,000 Est. Cost $46.11 Unrealized —

ARLP ALLIANCE RESOURCE PARTNERS L 2.3%

Value $3.575M Shares 149,064 Est. Cost $23.53 Unrealized —

FLL FULL HSE RESORTS INC 1.3%

Value $1.995M Shares 714,897 Est. Cost $4.01 Unrealized —

MSGS MADISON SQUARE GRDN SPRT COR 0.9%

Value $1.312M Shares 3,265 Est. Cost $204.99 Unrealized —

IBIT ISHARES BITCOIN TRUST ETF 0.4%

Value $666K Shares 20,000 Est. Cost $52.20 Unrealized —

LVS LAS VEGAS SANDS CORP 0.3%

Value $462K Shares 10,000 Est. Cost $49.47 Unrealized —

GAU GALIANO GOLD INC 0.1%

Value $187K Shares 100,000 Est. Cost $1.87 Unrealized —

BYD BOYD GAMING CORP 0.6%

Value $883K Shares 10,000 Est. Cost $69.39 Unrealized —

TALO TALOS ENERGY INC 0.1%

Value $129K Shares 10,000 Est. Cost $10.19 Unrealized —

— BRAEMAR HOTELS & RESORTS INC 0.5%

Value $694K Shares 50,000 Est. Cost $14.43 Unrealized —

KRP KIMBELL RTY PARTNERS LP 3.8%

Value $5.776M Shares 397,554 Est. Cost $15.30 Unrealized —

GLPI GAMING & LEISURE P 3.9%

Value $5.961M Shares 133,874 Est. Cost $46.26 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
H	HYATT HOTELS CORP	30,000	$5.815M	3.8%	$148.49	—	COM CL A	448579102
MGM	MGM RESORTS INTERNATIONAL	100,000	$4.781M	3.1%	$34.34	—	COM	552953101
VIK	VIKING HOLDINGS LTD	20,000	$2.093M	1.4%	$46.11	—	ORD SHS	G93A5A101
ARLP	ALLIANCE RESOURCE PARTNERS L	149,064	$3.575M	2.3%	$23.53	—	UT LTD PART	01877R108
FLL	FULL HSE RESORTS INC	714,897	$1.995M	1.3%	$4.01	—	COM	359678109
MSGS	MADISON SQUARE GRDN SPRT COR	3,265	$1.312M	0.9%	$204.99	—	CL A	55825T103
IBIT	ISHARES BITCOIN TRUST ETF	20,000	$666K	0.4%	$52.20	—	SHS BEN INT	46438F101
LVS	LAS VEGAS SANDS CORP	10,000	$462K	0.3%	$49.47	—	COM	517834107
GAU	GALIANO GOLD INC	100,000	$187K	0.1%	$1.87	—	COM	36352H100
BYD	BOYD GAMING CORP	10,000	$883K	0.6%	$69.39	—	COM	103304101
TALO	TALOS ENERGY INC	10,000	$129K	0.1%	$10.19	—	COM	87484T108
—	BRAEMAR HOTELS & RESORTS INC	50,000	$694K	0.5%	$14.43	—	5.5 CUM CV PFD B	10482B200
KRP	KIMBELL RTY PARTNERS LP	397,554	$5.776M	3.8%	$15.30	—	UNIT	49435R102
GLPI	GAMING & LEISURE P	133,874	$5.961M	3.9%	$46.26	—	COM	36467J108