HG Vora Capital Management, LLC Activity Q4 2013-Q3 2023

Q3 2023

			Value		Shares		↓ Weighting
FAF	Sell	FIRST AMERN FINL CORP	$423,675,000	-25.7%	7,500,000	-25.0%	13.40%	-17.3%
	New	INVESCO QQQ TRput	$358,270,000	–	1,000,000	–	11.33%	–
R	Sell	RYDER SYS INC	$331,545,000	-22.6%	3,100,000	-38.6%	10.49%	-13.8%
CZR	Sell	CAESARS ENTERTAINMENT INC NE	$231,750,000	-24.2%	5,000,000	-16.7%	7.33%	-15.6%
BYD	Buy	BOYD GAMING CORP	$136,867,500	-1.3%	2,250,000	+12.5%	4.33%	+9.8%
PLYA	Buy	PLAYA HOTELS & RESORTS NV	$90,500,000	+1.1%	12,500,000	+13.6%	2.86%	+12.5%
SEAS	New	SEAWORLD ENTMT INC	$69,375,000	–	1,500,000	–	2.19%	–
COOP	Sell	MR COOPER GROUP INC	$53,560,000	-53.0%	1,000,000	-55.6%	1.69%	-47.7%
	Sell	GLOBAL BUSINESS TRAVEL GROUP	$42,625,000	-28.1%	7,750,000	-5.5%	1.35%	-20.0%
BALY	Buy	BALLYS CORPORATION	$32,775,000	-6.4%	2,500,000	+11.1%	1.04%	+4.2%
RLJ	New	RLJ LODGING TR	$31,817,500	–	3,250,000	–	1.01%	–
BLDE	Exit	BLADE AIR MOBILITY INC	$0	–	-2,750,000	–	-0.31%	–

Q2 2023

			Value		Shares		↓ Weighting
	New	SPDR S&P 500 ETF TRput	$886,560,000	–	2,000,000	–	25.18%	–
FAF	New	FIRST AMERN FINL CORP	$570,200,000	–	10,000,000	–	16.20%	–
R	New	RYDER SYS INC	$428,189,500	–	5,050,000	–	12.16%	–
	New	ISHARES TRput	$374,540,000	–	2,000,000	–	10.64%	–
PENN	New	PENN ENTERTAINMENT INC	$348,435,000	–	14,500,000	–	9.90%	–
CZR	New	CAESARS ENTERTAINMENT INC NE	$305,820,000	–	6,000,000	–	8.69%	–
ODP	New	THE ODP CORP	$140,460,000	–	3,000,000	–	3.99%	–
BYD	New	BOYD GAMING CORP	$138,740,000	–	2,000,000	–	3.94%	–
COOP	New	MR COOPER GROUP INC	$113,940,000	–	2,250,000	–	3.24%	–
PLYA	New	PLAYA HOTELS & RESORTS NV	$89,540,000	–	11,000,000	–	2.54%	–
	New	GLOBAL BUSINESS TRAVEL GROUP	$59,286,000	–	8,200,000	–	1.68%	–
BALY	New	BALLYS CORPORATION	$35,010,000	–	2,250,000	–	1.00%	–
RSI	New	RUSH STREET INTERACTIVE INC	$18,720,000	–	6,000,000	–	0.53%	–
BLDE	New	BLADE AIR MOBILITY INC	$10,835,000	–	2,750,000	–	0.31%	–

Q4 2022

			Value		Shares		↓ Weighting
ENSC	Exit	ENSYSCE BIOSCIENCES INC	$0	–	-2,462,500	–	-0.02%	–
AGS	Exit	PLAYAGS INC	$0	–	-3,500,000	–	-0.84%	–
RSI	Exit	RUSH STREET INTERACTIVE INC	$0	–	-6,000,000	–	-1.00%	–
BLDE	Exit	BLADE AIR MOBILITY INC	$0	–	-7,876,453	–	-1.43%	–
	Exit	CARNIVAL CORPput	$0	–	-5,000,000	–	-1.59%	–
PLYA	Exit	PLAYA HOTELS & RESORTS NV	$0	–	-6,500,000	–	-1.71%	–
	Exit	GLOBAL BUSINESS TRAVEL GROUP	$0	–	-8,200,000	–	-2.09%	–
SIX	Exit	SIX FLAGS ENTMT CORP NEW	$0	–	-3,500,000	–	-2.80%	–
BALY	Exit	BALLYS CORPORATION	$0	–	-4,000,000	–	-3.57%	–
ATUS	Exit	ALTICE USA INCcl a	$0	–	-15,000,000	–	-3.94%	–
COOP	Exit	MR COOPER GROUP INC	$0	–	-3,450,000	–	-6.30%	–
ODP	Exit	THE ODP CORP	$0	–	-5,000,000	–	-7.93%	–
CZR	Exit	CAESARS ENTERTAINMENT INC NE	$0	–	-6,000,000	–	-8.73%	–
PENN	Exit	PENN NATL GAMING INC	$0	–	-7,500,000	–	-9.31%	–
BYD	Exit	BOYD GAMING CORP	$0	–	-5,000,000	–	-10.75%	–
R	Exit	RYDER SYS INC	$0	–	-5,050,000	–	-17.20%	–
FAF	Exit	FIRST AMERN FINL CORP	$0	–	-10,000,000	–	-20.80%	–

Q3 2022

			Value		Shares		↓ Weighting
FAF	Sell	FIRST AMERN FINL CORP	$461,000,000	-19.7%	10,000,000	-7.8%	20.80%	-8.4%
BYD	Buy	BOYD GAMING CORP	$238,250,000	+0.8%	5,000,000	+5.3%	10.75%	+15.1%
PENN	Buy	PENN NATL GAMING INC	$206,325,000	+93.8%	7,500,000	+114.3%	9.31%	+121.1%
CZR	Buy	CAESARS ENTERTAINMENT INC NE	$193,560,000	+1.1%	6,000,000	+20.0%	8.73%	+15.3%
BALY	Sell	BALLYS CORPORATION	$79,040,000	-11.2%	4,000,000	-11.1%	3.57%	+1.3%
SIX	New	SIX FLAGS ENTMT CORP NEW	$61,950,000	–	3,500,000	–	2.80%	–
	New	CARNIVAL CORPput	$35,150,000	–	5,000,000	–	1.59%	–
	Exit	LENDINGTREE INCnote 0.500% 7/1	$0	–	-2,000,000	–	-0.05%	–
DKNG	Exit	DRAFTKINGS INC	$0	–	-2,500,000	–	-1.15%	–
	Exit	EXPEDIA GROUP INCcall	$0	–	-650,000	–	-2.44%	–
BLDR	Exit	BUILDERS FIRSTSOURCE INC	$0	–	-1,500,000	–	-3.18%	–
SBGI	Exit	SINCLAIR BROADCAST GROUP INCcl a	$0	–	-4,750,000	–	-3.83%	–
KSS	Exit	KOHLS CORP	$0	–	-3,000,000	–	-4.23%	–

Q2 2022

			Value		Shares		↓ Weighting
FAF	New	FIRST AMERN FINL CORP	$574,182,000	–	10,850,000	–	22.70%	–
R	New	RYDER SYS INC	$358,853,000	–	5,050,000	–	14.19%	–
BYD	New	BOYD GAMING CORP	$236,313,000	–	4,750,000	–	9.34%	–
CZR	New	CAESARS ENTERTAINMENT INC NE	$191,500,000	–	5,000,000	–	7.57%	–
ODP	New	THE ODP CORP	$151,200,000	–	5,000,000	–	5.98%	–
ATUS	New	ALTICE USA INCcl a	$138,750,000	–	15,000,000	–	5.48%	–
COOP	New	MR COOPER GROUP INC	$126,753,000	–	3,450,000	–	5.01%	–
KSS	New	KOHLS CORP	$107,070,000	–	3,000,000	–	4.23%	–
PENN	New	PENN NATL GAMING INC	$106,470,000	–	3,500,000	–	4.21%	–
SBGI	New	SINCLAIR BROADCAST GROUP INCcl a	$96,900,000	–	4,750,000	–	3.83%	–
BALY	New	BALLYS CORPORATION	$89,010,000	–	4,500,000	–	3.52%	–
BLDR	New	BUILDERS FIRSTSOURCE INC	$80,550,000	–	1,500,000	–	3.18%	–
	New	EXPEDIA GROUP INCcall	$61,640,000	–	650,000	–	2.44%	–
	New	GLOBAL BUSINESS TRAVEL GROUP	$51,742,000	–	8,200,000	–	2.05%	–
PLYA	New	PLAYA HOTELS & RESORTS NV	$44,655,000	–	6,500,000	–	1.76%	–
BLDE	New	BLADE AIR MOBILITY INC	$35,129,000	–	7,876,453	–	1.39%	–
DKNG	New	DRAFTKINGS INC	$29,175,000	–	2,500,000	–	1.15%	–
RSI	New	RUSH STREET INTERACTIVE INC	$28,020,000	–	6,000,000	–	1.11%	–
AGS	New	PLAYAGS INC	$18,060,000	–	3,500,000	–	0.71%	–
ENSC	New	ENSYSCE BIOSCIENCES INC	$2,138,000	–	2,462,500	–	0.08%	–
	New	LENDINGTREE INCnote 0.500% 7/1	$1,365,000	–	2,000,000	–	0.05%	–

Q4 2021

			Value		Shares		↓ Weighting
FRXBWS	Exit	FOREST ROAD ACQUISITION COR*w exp 01/15/202	$0	–	-400,000	–	-0.01%	–
ENSC	Exit	ENSYSCE BIOSCIENCES INC	$0	–	-2,462,500	–	-0.28%	–
MODV	Exit	MODIVCARE INC	$0	–	-100,000	–	-0.69%	–
VRRM	Exit	VERRA MOBILITY CORP	$0	–	-1,250,000	–	-0.71%	–
FRXB	Exit	FOREST ROAD ACQUISITION CORcl a	$0	–	-2,000,000	–	-0.74%	–
RRD	Exit	DONNELLEY R R & SONS CO	$0	–	-5,000,000	–	-0.97%	–
LVS	Exit	LAS VEGAS SANDS CORP	$0	–	-750,000	–	-1.04%	–
AGS	Exit	PLAYAGS INC	$0	–	-3,500,000	–	-1.04%	–
INSE	Exit	INSPIRED ENTMT INC	$0	–	-2,700,000	–	-1.20%	–
RSI	Exit	RUSH STREET INTERACTIVE INC	$0	–	-2,500,000	–	-1.82%	–
BALY	Exit	BALLYS CORPORATION	$0	–	-1,000,000	–	-1.90%	–
UP	Exit	WHEELS UP EXPERIENCE INC	$0	–	-9,000,000	–	-2.25%	–
SCR	Exit	SCORE MEDIA & GAMING INC	$0	–	-2,250,000	–	-2.92%	–
BLDE	Exit	BLADE AIR MOBILITY INC	$0	–	-7,876,453	–	-3.10%	–
PLYA	Exit	PLAYA HOTELS & RESORTS NV	$0	–	-10,250,000	–	-3.22%	–
R	Exit	RYDER SYS INC	$0	–	-1,300,000	–	-4.08%	–
TVTY	Exit	TIVITY HEALTH INC	$0	–	-4,800,000	–	-4.20%	–
LPLA	Exit	LPL FINL HLDGS INC	$0	–	-800,000	–	-4.75%	–
ATUS	Exit	ALTICE USA INCcl a	$0	–	-7,000,000	–	-5.50%	–
SBGI	Exit	SINCLAIR BROADCAST GROUP INCcl a	$0	–	-4,750,000	–	-5.70%	–
BLDR	Exit	BUILDERS FIRSTSOURCE INC	$0	–	-3,000,000	–	-5.88%	–
COOP	Exit	MR COOPER GROUP INC	$0	–	-4,100,000	–	-6.40%	–
ODP	Exit	THE ODP CORP	$0	–	-5,000,000	–	-7.61%	–
BYD	Exit	BOYD GAMING CORP	$0	–	-4,100,000	–	-9.83%	–
FAF	Exit	FIRST AMERN FINL CORP	$0	–	-9,500,000	–	-24.14%	–

Q3 2021

			Value		Shares		↓ Weighting
FAF	Buy	FIRST AMERN FINL CORP	$636,975,000	+63.5%	9,500,000	+52.0%	24.14%	+37.3%
BYD	Buy	BOYD GAMING CORP	$259,366,000	+181.2%	4,100,000	+173.3%	9.83%	+136.3%
BLDR	New	BUILDERS FIRSTSOURCE INC	$155,220,000	–	3,000,000	–	5.88%	–
ATUS	New	ALTICE USA INCcl a	$145,040,000	–	7,000,000	–	5.50%	–
LPLA	Sell	LPL FINL HLDGS INC	$125,408,000	-7.1%	800,000	-20.0%	4.75%	-21.9%
R	New	RYDER SYS INC	$107,523,000	–	1,300,000	–	4.08%	–
PLYA	Buy	PLAYA HOTELS & RESORTS NV	$84,973,000	+57.7%	10,250,000	+41.4%	3.22%	+32.6%
SCR	New	SCORE MEDIA & GAMING INC	$77,018,000	–	2,250,000	–	2.92%	–
UP	New	WHEELS UP EXPERIENCE INC	$59,310,000	–	9,000,000	–	2.25%	–
RSI	Sell	RUSH STREET INTERACTIVE INC	$48,025,000	+20.5%	2,500,000	-23.1%	1.82%	+1.3%
AGS	Buy	PLAYAGS INC	$27,580,000	-0.5%	3,500,000	+25.0%	1.04%	-16.4%
LVS	New	LAS VEGAS SANDS CORP	$27,450,000	–	750,000	–	1.04%	–
RRD	Buy	DONNELLEY R R & SONS CO	$25,700,000	+104.6%	5,000,000	+150.0%	0.97%	+71.8%
VRRM	New	VERRA MOBILITY CORP	$18,838,000	–	1,250,000	–	0.71%	–
MODV	Buy	MODIVCARE INC	$18,162,000	+42.4%	100,000	+33.3%	0.69%	+19.7%
ENSC	New	ENSYSCE BIOSCIENCES INC	$7,461,000	–	2,462,500	–	0.28%	–
LACQW	Exit	LEISURE ACQUISITION CORP*w exp 12/05/201	$0	–	-4,667,500	–	-0.22%	–
LTRPA	Exit	LIBERTY TRIPADVISOR HLDGS IN	$0	–	-3,000,000	–	-0.55%	–
	Exit	SPDR S&P 500 ETF TR	$0	–	-12,500	–	-0.63%	–
SCPL	Exit	SCIPLAY CORPORATIONcl a	$0	–	-2,000,000	–	-1.53%	–
LACQ	Exit	LEISURE ACQUISITION CORP	$0	–	-3,462,500	–	-2.26%	–
AXTA	Exit	AXALTA COATING SYS LTD	$0	–	-1,750,000	–	-2.41%	–
BKNG	Exit	BOOKING HOLDINGS INC	$0	–	-30,000	–	-2.96%	–
FYBR	Exit	FRONTIER COMMUNICATIONS PARE	$0	–	-3,025,000	–	-3.60%	–
CVA	Exit	COVANTA HLDG CORP	$0	–	-5,500,000	–	-4.37%	–
PENN	Exit	PENN NATL GAMING INC	$0	–	-2,500,000	–	-8.63%	–

Q2 2021

			Value		Shares		↓ Weighting
FAF	New	FIRST AMERN FINL CORP	$389,688,000	–	6,250,000	–	17.58%	–
ODP	New	THE ODP CORP	$240,050,000	–	5,000,000	–	10.83%	–
PENN	New	PENN NATL GAMING INC	$191,225,000	–	2,500,000	–	8.63%	–
SBGI	New	SINCLAIR BROADCAST GROUP INCcl a	$157,795,000	–	4,750,000	–	7.12%	–
COOP	New	MR COOPER GROUP INC	$135,546,000	–	4,100,000	–	6.12%	–
LPLA	New	LPL FINL HLDGS INC	$134,980,000	–	1,000,000	–	6.09%	–
TVTY	New	TIVITY HEALTH INC	$126,288,000	–	4,800,000	–	5.70%	–
CVA	New	COVANTA HLDG CORP	$96,855,000	–	5,500,000	–	4.37%	–
BYD	New	BOYD GAMING CORP	$92,235,000	–	1,500,000	–	4.16%	–
BLDE	New	BLADE AIR MOBILITY INC	$82,703,000	–	7,876,453	–	3.73%	–
FYBR	New	FRONTIER COMMUNICATIONS PARE	$79,860,000	–	3,025,000	–	3.60%	–
BKNG	New	BOOKING HOLDINGS INC	$65,643,000	–	30,000	–	2.96%	–
BALY	New	BALLYS CORPORATION	$54,110,000	–	1,000,000	–	2.44%	–
PLYA	New	PLAYA HOTELS & RESORTS NV	$53,868,000	–	7,250,000	–	2.43%	–
AXTA	New	AXALTA COATING SYS LTD	$53,358,000	–	1,750,000	–	2.41%	–
LACQ	New	LEISURE ACQUISITION CORP	$50,172,000	–	3,462,500	–	2.26%	–
RSI	New	RUSH STREET INTERACTIVE INC	$39,845,000	–	3,250,000	–	1.80%	–
INSE	New	INSPIRED ENTMT INC	$34,425,000	–	2,700,000	–	1.55%	–
SCPL	New	SCIPLAY CORPORATIONcl a	$33,900,000	–	2,000,000	–	1.53%	–
AGS	New	PLAYAGS INC	$27,720,000	–	2,800,000	–	1.25%	–
FRXB	New	FOREST ROAD ACQUISITION CORcl a	$19,600,000	–	2,000,000	–	0.88%	–
	New	SPDR S&P 500 ETF TR	$13,875,000	–	12,500	–	0.63%	–
MODV	New	MODIVCARE INC	$12,755,000	–	75,000	–	0.58%	–
RRD	New	DONNELLEY R R & SONS CO	$12,560,000	–	2,000,000	–	0.57%	–
LTRPA	New	LIBERTY TRIPADVISOR HLDGS IN	$12,210,000	–	3,000,000	–	0.55%	–
LACQW	New	LEISURE ACQUISITION CORP*w exp 12/05/201	$4,901,000	–	4,667,500	–	0.22%	–
FRXBWS	New	FOREST ROAD ACQUISITION COR*w exp 01/15/202	$558,000	–	400,000	–	0.02%	–

Q4 2020

			Value		Shares		↓ Weighting
KODK	Exit	EASTMAN KODAK CO	$0	–	-90,715	–	-0.06%	–
LACQW	Exit	LEISURE ACQUISITION CORP*w exp 12/05/201	$0	–	-4,412,500	–	-0.16%	–
LGFB	Exit	LIONS GATE ENTMNT CORPcl b non vtg	$0	–	-1,000,000	–	-0.66%	–
LGFA	Exit	LIONS GATE ENTMNT CORPcl a vtg	$0	–	-1,000,000	–	-0.72%	–
UAL	Exit	UNITED AIRLS HLDGS INC	$0	–	-275,000	–	-0.72%	–
CCL	Exit	CARNIVAL CORPunit 99/99/9999	$0	–	-700,000	–	-0.80%	–
INSE	Exit	INSPIRED ENTMT INC	$0	–	-3,750,000	–	-0.84%	–
AGS	Exit	PLAYAGS INC	$0	–	-3,500,000	–	-0.93%	–
VRRM	Exit	VERRA MOBILITY CORP	$0	–	-1,750,000	–	-1.28%	–
HHC	Exit	HOWARD HUGHES CORP	$0	–	-300,000	–	-1.30%	–
OUT	Exit	OUTFRONT MEDIA INC	$0	–	-1,750,000	–	-1.92%	–
TRWH	Exit	TWIN RIV WORLDWIDE HLDGS INC	$0	–	-1,000,000	–	-1.98%	–
HST	Exit	HOST HOTELS & RESORTS INC	$0	–	-2,750,000	–	-2.24%	–
LACQ	Exit	LEISURE ACQUISITION CORP	$0	–	-3,462,500	–	-2.75%	–
TRTX	Exit	TPG RE FIN TR INC	$0	–	-4,750,000	–	-3.03%	–
KRC	Exit	KILROY RLTY CORP	$0	–	-800,000	–	-3.13%	–
PEB	Exit	PEBBLEBROOK HOTEL TR	$0	–	-3,800,000	–	-3.59%	–
WEX	Exit	WEX INC	$0	–	-350,000	–	-3.67%	–
SLM	Exit	SLM CORP	$0	–	-6,500,000	–	-3.96%	–
ALLY	Exit	ALLY FINL INC	$0	–	-2,100,000	–	-3.97%	–
PLYA	Exit	PLAYA HOTELS & RESORTS NV	$0	–	-12,900,000	–	-4.08%	–
RHP	Exit	RYMAN HOSPITALITY PPTRS INC	$0	–	-1,500,000	–	-4.16%	–
LPLA	Exit	LPL FINL HLDGS INC	$0	–	-750,000	–	-4.34%	–
AAN	Exit	AARONS INC	$0	–	-1,100,000	–	-4.70%	–
TVTY	Exit	TIVITY HEALTH INC	$0	–	-4,800,000	–	-5.07%	–
TGNA	Exit	TEGNA INC	$0	–	-5,800,000	–	-5.14%	–
MGP	Exit	MGM GROWTH PPTYS LLC	$0	–	-2,500,000	–	-5.27%	–
SYF	Exit	SYNCHRONY FINL	$0	–	-3,250,000	–	-6.41%	–
SBGI	Exit	SINCLAIR BROADCAST GROUP INCcl a	$0	–	-4,950,000	–	-7.18%	–
ODP	Exit	OFFICE DEPOT INC	$0	–	-5,000,000	–	-7.33%	–
VVV	Exit	VALVOLINE INC	$0	–	-6,000,000	–	-8.61%	–

Q3 2020

			Value		Shares		↓ Weighting
VVV	Buy	VALVOLINE INC	$114,240,000	+7.5%	6,000,000	+9.1%	8.61%	-9.9%
ODP	New	OFFICE DEPOT INC	$97,250,000	–	5,000,000	–	7.33%	–
SBGI	Sell	SINCLAIR BROADCAST GROUP INCcl a	$95,189,000	-6.2%	4,950,000	-10.0%	7.18%	-21.4%
SYF	Sell	SYNCHRONY FINL	$85,052,000	-9.7%	3,250,000	-23.5%	6.41%	-24.3%
MGP	New	MGM GROWTH PPTYS LLC	$69,950,000	–	2,500,000	–	5.27%	–
TGNA	Sell	TEGNA INC	$68,150,000	-28.0%	5,800,000	-31.8%	5.14%	-39.7%
AAN	Sell	AARONS INC	$62,315,000	-45.1%	1,100,000	-56.0%	4.70%	-54.0%
LPLA	New	LPL FINL HLDGS INC	$57,503,000	–	750,000	–	4.34%	–
RHP	New	RYMAN HOSPITALITY PPTRS INC	$55,200,000	–	1,500,000	–	4.16%	–
PLYA	Buy	PLAYA HOTELS & RESORTS NV	$54,051,000	+19.4%	12,900,000	+3.2%	4.08%	+0.1%
ALLY	Sell	ALLY FINL INC	$52,647,000	+6.2%	2,100,000	-16.0%	3.97%	-11.0%
SLM	New	SLM CORP	$52,585,000	–	6,500,000	–	3.96%	–
WEX	New	WEX INC	$48,640,000	–	350,000	–	3.67%	–
PEB	Sell	PEBBLEBROOK HOTEL TR	$47,614,000	-22.5%	3,800,000	-15.6%	3.59%	-35.1%
KRC	New	KILROY RLTY CORP	$41,568,000	–	800,000	–	3.13%	–
HST	New	HOST HOTELS & RESORTS INC	$29,673,000	–	2,750,000	–	2.24%	–
TRWH	Sell	TWIN RIV WORLDWIDE HLDGS INC	$26,270,000	-50.9%	1,000,000	-58.3%	1.98%	-58.8%
OUT	Sell	OUTFRONT MEDIA INC	$25,463,000	-28.1%	1,750,000	-30.0%	1.92%	-39.7%
HHC	New	HOWARD HUGHES CORP	$17,280,000	–	300,000	–	1.30%	–
VRRM	New	VERRA MOBILITY CORP	$16,905,000	–	1,750,000	–	1.28%	–
CCL	New	CARNIVAL CORPunit 99/99/9999	$10,626,000	–	700,000	–	0.80%	–
UAL	New	UNITED AIRLS HLDGS INC	$9,556,000	–	275,000	–	0.72%	–
LGFA	Sell	LIONS GATE ENTMNT CORPcl a vtg	$9,480,000	-69.9%	1,000,000	-76.5%	0.72%	-74.8%
LGFB	Sell	LIONS GATE ENTMNT CORPcl b non vtg	$8,720,000	-48.9%	1,000,000	-60.0%	0.66%	-57.2%
KODK	New	EASTMAN KODAK CO	$800,000	–	90,715	–	0.06%	–
ERI	Exit	ELDORADO RESORTS INC	$0	–	-1,500,000	–	-5.40%	–
SEAS	Exit	SEAWORLD ENTMT INC	$0	–	-5,750,000	–	-7.66%	–

Q2 2020

			Value		Shares		↓ Weighting
AAN	New	AARONS INC	$113,500,000	–	2,500,000	–	10.21%	–
VVV	New	VALVOLINE INC	$106,315,000	–	5,500,000	–	9.56%	–
SBGI	New	SINCLAIR BROADCAST GROUP INCcl a	$101,530,000	–	5,500,000	–	9.13%	–
TGNA	New	TEGNA INC	$94,690,000	–	8,500,000	–	8.52%	–
SYF	New	SYNCHRONY FINL	$94,180,000	–	4,250,000	–	8.47%	–
SEAS	New	SEAWORLD ENTMT INC	$85,158,000	–	5,750,000	–	7.66%	–
PEB	New	PEBBLEBROOK HOTEL TR	$61,470,000	–	4,500,000	–	5.53%	–
ERI	New	ELDORADO RESORTS INC	$60,090,000	–	1,500,000	–	5.40%	–
TVTY	New	TIVITY HEALTH INC	$54,384,000	–	4,800,000	–	4.89%	–
TRWH	New	TWIN RIV WORLDWIDE HLDGS INC	$53,496,000	–	2,400,000	–	4.81%	–
ALLY	New	ALLY FINL INC	$49,575,000	–	2,500,000	–	4.46%	–
PLYA	New	PLAYA HOTELS & RESORTS NV	$45,250,000	–	12,500,000	–	4.07%	–
TRTX	New	TPG RE FIN TR INC	$40,850,000	–	4,750,000	–	3.67%	–
LACQ	New	LEISURE ACQUISITION CORP	$40,546,000	–	3,462,500	–	3.65%	–
OUT	New	OUTFRONT MEDIA INC	$35,425,000	–	2,500,000	–	3.19%	–
LGFA	New	LIONS GATE ENTMNT CORPcl a vtg	$31,493,000	–	4,250,000	–	2.83%	–
LGFB	New	LIONS GATE ENTMNT CORPcl b non vtg	$17,075,000	–	2,500,000	–	1.54%	–
AGS	New	PLAYAGS INC	$11,830,000	–	3,500,000	–	1.06%	–
INSE	New	INSPIRED ENTMT INC	$10,875,000	–	3,750,000	–	0.98%	–
LACQW	New	LEISURE ACQUISITION CORP*w exp 12/05/201	$4,104,000	–	4,412,500	–	0.37%	–

Q4 2019

			Value		Shares		↓ Weighting
LACQW	Exit	LEISURE ACQUISITION CORP*w exp 12/05/201	$0	–	-3,412,500	–	-0.25%	–
LACQU	Exit	LEISURE ACQUISITION CORPunit 99/99/9999	$0	–	-1,000,000	–	-1.02%	–
MINI	Exit	MOBILE MINI INC	$0	–	-300,000	–	-1.06%	–
CLUBQ	Exit	TOWN SPORTS INTL HLDGS INC	$0	–	-8,500,000	–	-1.34%	–
OACU	Exit	OAKTREE ACQUISITION CORPunit 99/99/9999	$0	–	-1,700,000	–	-1.65%	–
NEWM	Exit	NEW MEDIA INVT GROUP INC	$0	–	-2,850,000	–	-2.40%	–
LACQ	Exit	LEISURE ACQUISITION CORP	$0	–	-2,462,500	–	-2.42%	–
INSE	Exit	INSPIRED ENTMT INC	$0	–	-3,750,000	–	-2.58%	–
TRWH	Exit	TWIN RIV WORLDWIDE HLDGS INC	$0	–	-1,300,000	–	-2.84%	–
PEB	Exit	PEBBLEBROOK HOTEL TR	$0	–	-1,850,000	–	-4.93%	–
TSG	Exit	STARS GROUP INC	$0	–	-3,500,000	–	-5.02%	–
PLYA	Exit	PLAYA HOTELS & RESORTS NV	$0	–	-6,850,000	–	-5.14%	–
DRH	Exit	DIAMONDROCK HOSPITALITY CO	$0	–	-5,250,000	–	-5.16%	–
TVTY	Exit	TIVITY HEALTH INC	$0	–	-4,750,000	–	-7.57%	–
NCLH	Exit	NORWEGIAN CRUISE LINE HLDGS	$0	–	-1,850,000	–	-9.17%	–
OC	Exit	OWENS CORNING NEW	$0	–	-2,000,000	–	-12.11%	–
PENN	Exit	PENN NATL GAMING INC	$0	–	-7,500,000	–	-13.38%	–
ERI	Exit	ELDORADO RESORTS INC	$0	–	-5,750,000	–	-21.96%	–

Q3 2019

			Value		Shares		↓ Weighting
ERI	Buy	ELDORADO RESORTS INC	$229,253,000	+10.6%	5,750,000	+27.8%	21.96%	+45.8%
PENN	Buy	PENN NATL GAMING INC	$139,688,000	+25.0%	7,500,000	+29.3%	13.38%	+64.9%
OC	Sell	OWENS CORNING NEW	$126,400,000	-42.8%	2,000,000	-47.4%	12.11%	-24.6%
NCLH	Sell	NORWEGIAN CRUISE LINE HLDGS	$95,775,000	-44.2%	1,850,000	-42.2%	9.17%	-26.4%
DRH	Sell	DIAMONDROCK HOSPITALITY CO	$53,813,000	-22.9%	5,250,000	-22.2%	5.16%	+1.7%
PLYA	Buy	PLAYA HOTELS & RESORTS NV	$53,636,000	+52.9%	6,850,000	+50.5%	5.14%	+101.6%
TSG	Buy	STARS GROUP INC	$52,430,000	+2.4%	3,500,000	+16.7%	5.02%	+35.0%
PEB	New	PEBBLEBROOK HOTEL TR	$51,467,000	–	1,850,000	–	4.93%	–
TRWH	Sell	TWIN RIV WORLDWIDE HLDGS INC	$29,679,000	-33.5%	1,300,000	-13.3%	2.84%	-12.3%
NEWM	New	NEW MEDIA INVT GROUP INC	$25,109,000	–	2,850,000	–	2.40%	–
OACU	New	OAKTREE ACQUISITION CORPunit 99/99/9999	$17,272,000	–	1,700,000	–	1.65%	–
MINI	New	MOBILE MINI INC	$11,058,000	–	300,000	–	1.06%	–
KN	Exit	KNOWLES CORP	$0	–	-1,000,000	–	-1.33%	–
VVV	Exit	VALVOLINE INC	$0	–	-1,500,000	–	-2.13%	–
IGT	Exit	INTERNATIONAL GAME TECHNOLOG	$0	–	-3,700,000	–	-3.48%	–
CCL	Exit	CARNIVAL CORPunit 99/99/9999	$0	–	-1,250,000	–	-4.23%	–
GCI	Exit	GANNETT CO INC	$0	–	-7,850,000	–	-4.65%	–
PLAY	Exit	DAVE & BUSTERS ENTMT INC	$0	–	-2,000,000	–	-5.88%	–

Q2 2019

			Value		Shares		↓ Weighting
OC	New	OWENS CORNING NEW	$221,160,000	–	3,800,000	–	16.06%	–
ERI	New	ELDORADO RESORTS INC	$207,315,000	–	4,500,000	–	15.06%	–
NCLH	New	NORWEGIAN CRUISE LINE HLDGS	$171,616,000	–	3,200,000	–	12.46%	–
PENN	New	PENN NATL GAMING INC	$111,708,000	–	5,800,000	–	8.11%	–
PLAY	New	DAVE & BUSTERS ENTMT INC	$80,940,000	–	2,000,000	–	5.88%	–
TVTY	New	TIVITY HEALTH INC	$78,090,000	–	4,750,000	–	5.67%	–
DRH	New	DIAMONDROCK HOSPITALITY CO	$69,795,000	–	6,750,000	–	5.07%	–
GCI	New	GANNETT CO INC	$64,056,000	–	7,850,000	–	4.65%	–
CCL	New	CARNIVAL CORPunit 99/99/9999	$58,188,000	–	1,250,000	–	4.23%	–
TSG	New	STARS GROUP INC	$51,210,000	–	3,000,000	–	3.72%	–
IGT	New	INTERNATIONAL GAME TECHNOLOG	$47,989,000	–	3,700,000	–	3.48%	–
TRWH	New	TWIN RIV WORLDWIDE HLDGS INC	$44,625,000	–	1,500,000	–	3.24%	–
PLYA	New	PLAYA HOTELS & RESORTS NV	$35,081,000	–	4,550,000	–	2.55%	–
INSE	New	INSPIRED ENTMT INC	$31,650,000	–	3,750,000	–	2.30%	–
VVV	New	VALVOLINE INC	$29,295,000	–	1,500,000	–	2.13%	–
LACQ	New	LEISURE ACQUISITION CORP	$25,044,000	–	2,462,500	–	1.82%	–
CLUBQ	New	TOWN SPORTS INTL HLDGS INC	$18,445,000	–	8,500,000	–	1.34%	–
KN	New	KNOWLES CORP	$18,310,000	–	1,000,000	–	1.33%	–
LACQU	New	LEISURE ACQUISITION CORPunit 99/99/9999	$10,420,000	–	1,000,000	–	0.76%	–
LACQW	New	LEISURE ACQUISITION CORP*w exp 12/05/201	$1,911,000	–	3,412,500	–	0.14%	–

Q4 2018

			Value		Shares		↓ Weighting
LACQW	Exit	LEISURE ACQUISITION CORP*w exp 12/05/201	$0	–	-3,412,500	–	-0.24%	–
IIPR	Exit	INNOVATIVE INDL PPTYS INC	$0	–	-200,000	–	-0.59%	–
LACQU	Exit	LEISURE ACQUISITION CORPunit 99/99/9999	$0	–	-1,000,000	–	-0.62%	–
INSE	Exit	INSPIRED ENTMT INC	$0	–	-3,750,000	–	-1.39%	–
LACQ	Exit	LEISURE ACQUISITION CORP	$0	–	-2,462,500	–	-1.46%	–
IGT	Exit	INTERNATIONAL GAME TECHNOLOG	$0	–	-1,700,000	–	-2.04%	–
TGNA	Exit	TEGNA INC	$0	–	-3,000,000	–	-2.18%	–
MDP	Exit	MEREDITH CORP	$0	–	-750,000	–	-2.33%	–
TSG	Exit	STARS GROUP INC	$0	–	-2,000,000	–	-3.03%	–
NCLH	Exit	NORWEGIAN CRUISE LINE HLDGS	$0	–	-1,000,000	–	-3.49%	–
VICI	Exit	VICI PPTYS INC	$0	–	-2,750,000	–	-3.62%	–
CLUBQ	Exit	TOWN SPORTS INTL HLDGS INC	$0	–	-8,500,000	–	-4.47%	–
GLPI	Exit	GAMING & LEISURE PPTYS INC	$0	–	-2,750,000	–	-5.89%	–
LHO	Exit	LASALLE HOTEL PPTYS	$0	–	-5,000,000	–	-10.51%	–
SBGI	Exit	SINCLAIR BROADCAST GROUP INCcl a	$0	–	-6,250,000	–	-10.77%	–
MGM	Exit	MGM RESORTS INTERNATIONAL	$0	–	-6,500,000	–	-11.03%	–
TRCO	Exit	TRIBUNE MEDIA COcl a	$0	–	-6,350,000	–	-14.84%	–
CZR	Exit	CAESARS ENTMT CORP	$0	–	-34,500,000	–	-21.50%	–

Q3 2018

			Value		Shares		↓ Weighting
CZR	Buy	CAESARS ENTMT CORP	$353,625,000	+1001.6%	34,500,000	+1050.0%	21.50%	+1053.3%
TRCO	New	TRIBUNE MEDIA COcl a	$244,031,000	–	6,350,000	–	14.84%	–
MGM	Buy	MGM RESORTS INTERNATIONAL	$181,415,000	+20.2%	6,500,000	+25.0%	11.03%	+25.8%
SBGI	Sell	SINCLAIR BROADCAST GROUP INCcl a	$177,187,000	-27.0%	6,250,000	-17.2%	10.77%	-23.6%
LHO	Sell	LASALLE HOTEL PPTYS	$172,950,000	-49.5%	5,000,000	-50.0%	10.51%	-47.1%
GLPI	Buy	GAMING & LEISURE PPTYS INC	$96,938,000	+673.6%	2,750,000	+685.7%	5.89%	+709.5%
VICI	Sell	VICI PPTYS INC	$59,455,000	-57.0%	2,750,000	-59.0%	3.62%	-55.0%
NCLH	Sell	NORWEGIAN CRUISE LINE HLDGS	$57,430,000	-6.5%	1,000,000	-23.1%	3.49%	-2.2%
TSG	New	STARS GROUP INC	$49,800,000	–	2,000,000	–	3.03%	–
MDP	Sell	MEREDITH CORP	$38,288,000	-42.3%	750,000	-42.3%	2.33%	-39.5%
TGNA	New	TEGNA INC	$35,880,000	–	3,000,000	–	2.18%	–
IGT	New	INTERNATIONAL GAME TECHNOLOG	$33,575,000	–	1,700,000	–	2.04%	–
IIPR	Sell	INNOVATIVE INDL PPTYS INC	$9,648,000	-73.7%	200,000	-80.0%	0.59%	-72.4%
	Exit	GOGO INCnote 3.750% 3/0	$0	–	-41,658,000	–	-2.11%	–
CRTO	Exit	CRITEO S Aspons ads	$0	–	-1,450,000	–	-2.77%	–
CCL	Exit	CARNIVAL CORPcall	$0	–	-1,500,000	–	-4.99%	–
CMCSA	Exit	COMCAST CORP NEWcall	$0	–	-2,750,000	–	-5.24%	–
ZAYO	Exit	ZAYO GROUP HLDGS INCcall	$0	–	-2,500,000	–	-5.30%	–
DHI	Exit	D R HORTON INCcall	$0	–	-2,500,000	–	-5.95%	–

Q2 2018

			Value		Shares		↓ Weighting
LHO	New	LASALLE HOTEL PPTYS	$342,300,000	–	10,000,000	–	19.88%	–
SBGI	New	SINCLAIR BROADCAST GROUP INCcl a	$242,733,000	–	7,550,000	–	14.10%	–
MGM	New	MGM RESORTS INTERNATIONAL	$150,956,000	–	5,200,000	–	8.77%	–
VICI	New	VICI PPTYS INC	$138,288,000	–	6,700,000	–	8.03%	–
CLUBQ	New	TOWN SPORTS INTL HLDGS INC	$123,675,000	–	8,500,000	–	7.18%	–
DHI	New	D R HORTON INCcall	$102,500,000	–	2,500,000	–	5.95%	–
ZAYO	New	ZAYO GROUP HLDGS INCcall	$91,200,000	–	2,500,000	–	5.30%	–
CMCSA	New	COMCAST CORP NEWcall	$90,228,000	–	2,750,000	–	5.24%	–
CCL	New	CARNIVAL CORPcall	$85,965,000	–	1,500,000	–	4.99%	–
MDP	New	MEREDITH CORP	$66,300,000	–	1,300,000	–	3.85%	–
NCLH	New	NORWEGIAN CRUISE LINE HLDGS	$61,425,000	–	1,300,000	–	3.57%	–
CRTO	New	CRITEO S Aspons ads	$47,633,000	–	1,450,000	–	2.77%	–
IIPR	New	INNOVATIVE INDL PPTYS INC	$36,620,000	–	1,000,000	–	2.13%	–
	New	GOGO INCnote 3.750% 3/0	$36,295,000	–	41,658,000	–	2.11%	–
CZR	New	CAESARS ENTMT CORP	$32,100,000	–	3,000,000	–	1.86%	–
LACQ	New	LEISURE ACQUISITION CORP	$23,788,000	–	2,462,500	–	1.38%	–
INSE	New	INSPIRED ENTMT INC	$23,438,000	–	3,750,000	–	1.36%	–
GLPI	New	GAMING & LEISURE PPTYS INC	$12,530,000	–	350,000	–	0.73%	–
LACQU	New	LEISURE ACQUISITION CORPunit 99/99/9999	$10,035,000	–	1,000,000	–	0.58%	–
LACQW	New	LEISURE ACQUISITION CORP*w exp 12/05/201	$3,754,000	–	3,412,500	–	0.22%	–

Q4 2017

			Value		Shares		↓ Weighting
FTRCQ	Exit	FRONTIER COMMUNICATIONS CORP	$0	–	-850,000	–	-1.35%	–
KR	Exit	KROGER COcall	$0	–	-1,000,000	–	-2.71%	–
TSG	Exit	STARS GROUP INC	$0	–	-1,250,000	–	-3.46%	–
INSE	Exit	INSPIRED ENTMT INC	$0	–	-2,506,500	–	-4.48%	–
ZAYO	Exit	ZAYO GROUP HLDGS INC	$0	–	-1,250,000	–	-5.81%	–
CLUBQ	Exit	TOWN SPORTS INTL HLDGS INC	$0	–	-8,500,000	–	-8.04%	–
SRC	Exit	SPIRIT RLTY CAP INC NEW	$0	–	-7,700,000	–	-8.91%	–
PNK	Exit	PINNACLE ENTMT INC NEW	$0	–	-5,500,000	–	-15.83%	–
PENN	Exit	PENN NATL GAMING INC	$0	–	-6,050,000	–	-19.11%	–
SBGI	Exit	SINCLAIR BROADCAST GROUP INCcl a	$0	–	-7,000,000	–	-30.30%	–

Q3 2017

			Value		Shares		↓ Weighting
SBGI	Buy	SINCLAIR BROADCAST GROUP INCcl a	$224,350,000	+43.6%	7,000,000	+47.4%	30.30%	+131.4%
PENN	Sell	PENN NATL GAMING INC	$141,510,000	-20.6%	6,050,000	-27.3%	19.11%	+28.0%
SRC	Sell	SPIRIT RLTY CAP INC NEW	$65,989,000	-64.4%	7,700,000	-69.2%	8.91%	-42.6%
ZAYO	New	ZAYO GROUP HLDGS INC	$43,025,000	–	1,250,000	–	5.81%	–
TSG	New	STARS GROUP INC	$25,625,000	–	1,250,000	–	3.46%	–
FTRCQ	New	FRONTIER COMMUNICATIONS CORP	$10,022,000	–	850,000	–	1.35%	–
FTR	Exit	FRONTIER COMMUNICATIONS CORP	$0	–	-8,250,000	–	-0.80%	–
NYT	Exit	NEW YORK TIMES COcl a	$0	–	-1,250,000	–	-1.85%	–
KR	Exit	KROGER CO	$0	–	-1,250,000	–	-2.44%	–
ALLY	Exit	ALLY FINL INCcall	$0	–	-1,500,000	–	-2.63%	–
TVPT	Exit	TRAVELPORT WORLDWIDE LTD	$0	–	-3,700,000	–	-4.26%	–
SPY	Exit	SPDR S&P 500 ETF TRput	$0	–	-1,350,000	–	-27.34%	–

Q2 2017

			Value		Shares		↓ Weighting
SPY	New	SPDR S&P 500 ETF TRput	$326,430,000	–	1,350,000	–	27.34%	–
SRC	New	SPIRIT RLTY CAP INC NEW	$185,250,000	–	25,000,000	–	15.52%	–
PENN	New	PENN NATL GAMING INC	$178,155,000	–	8,325,000	–	14.92%	–
SBGI	New	SINCLAIR BROADCAST GROUP INCcl a	$156,275,000	–	4,750,000	–	13.09%	–
PNK	New	PINNACLE ENTMT INC NEW	$108,680,000	–	5,500,000	–	9.10%	–
TVPT	New	TRAVELPORT WORLDWIDE LTD	$50,912,000	–	3,700,000	–	4.26%	–
CLUBQ	New	TOWN SPORTS INTL HLDGS INC	$39,950,000	–	8,500,000	–	3.35%	–
INSE	New	INSPIRED ENTMT INC	$32,585,000	–	2,506,500	–	2.73%	–
ALLY	New	ALLY FINL INCcall	$31,350,000	–	1,500,000	–	2.63%	–
KR	New	KROGER CO	$29,150,000	–	1,250,000	–	2.44%	–
KR	New	KROGER COcall	$23,320,000	–	1,000,000	–	1.95%	–
NYT	New	NEW YORK TIMES COcl a	$22,125,000	–	1,250,000	–	1.85%	–
FTR	New	FRONTIER COMMUNICATIONS CORP	$9,570,000	–	8,250,000	–	0.80%	–

Q4 2016

			Value		Shares		↓ Weighting
CLUBQ	Exit	TOWN SPORTS INTL HLDGS INC	$0	–	-4,650,000	–	-1.86%	–
FRGI	Exit	FIESTA RESTAURANT GROUP INC	$0	–	-600,000	–	-1.86%	–
NYT	Exit	NEW YORK TIMES COcl a	$0	–	-1,300,000	–	-2.01%	–
MGM	Exit	MGM RESORTS INTERNATIONAL	$0	–	-679,000	–	-2.29%	–
NXST	Exit	NEXSTAR BROADCASTING GROUP Icl a	$0	–	-500,000	–	-3.73%	–
BJRI	Exit	BJS RESTAURANTS INC	$0	–	-850,000	–	-3.91%	–
MGM	Exit	MGM RESORTS INTERNATIONALcall	$0	–	-1,500,000	–	-5.05%	–
HIFR	Exit	INFRAREIT INC	$0	–	-2,400,000	–	-5.63%	–
TVPT	Exit	TRAVELPORT WORLDWIDE LTD	$0	–	-3,000,000	–	-5.83%	–
PENN	Exit	PENN NATL GAMING INC	$0	–	-3,350,000	–	-5.88%	–
A104PS	Exit	HILTON WORLDWIDE HLDGS INC	$0	–	-2,000,000	–	-5.93%	–
RCL	Exit	ROYAL CARIBBEAN CRUISES LTD	$0	–	-800,000	–	-7.76%	–
TRNC	Exit	TRONC INC	$0	–	-3,625,000	–	-7.91%	–
PNK	Exit	PINNACLE ENTMT INC NEW	$0	–	-5,350,000	–	-8.54%	–
CAB	Exit	CABELAS INC	$0	–	-1,300,000	–	-9.24%	–
HYG	Exit	ISHARES TRput	$0	–	-2,000,000	–	-22.57%	–

Q3 2016

			Value		Shares		↓ Weighting
HYG	New	ISHARES TRput	$174,520,000	–	2,000,000	–	22.57%	–
CAB	New	CABELAS INC	$71,409,000	–	1,300,000	–	9.24%	–
PNK	Buy	PINNACLE ENTMT INC NEW	$66,019,000	+18.0%	5,350,000	+5.9%	8.54%	-32.5%
RCL	New	ROYAL CARIBBEAN CRUISES LTD	$59,960,000	–	800,000	–	7.76%	–
A104PS	Sell	HILTON WORLDWIDE HLDGS INC	$45,860,000	-26.0%	2,000,000	-27.3%	5.93%	-57.6%
PENN	Buy	PENN NATL GAMING INC	$45,460,000	+225.9%	3,350,000	+235.0%	5.88%	+86.5%
TVPT	Sell	TRAVELPORT WORLDWIDE LTD	$45,090,000	-0.1%	3,000,000	-14.3%	5.83%	-42.8%
HIFR	Buy	INFRAREIT INC	$43,536,000	+21.1%	2,400,000	+17.1%	5.63%	-30.7%
MGM	Buy	MGM RESORTS INTERNATIONALcall	$39,045,000	+1625.4%	1,500,000	+1400.0%	5.05%	+888.3%
BJRI	New	BJS RESTAURANTS INC	$30,218,000	–	850,000	–	3.91%	–
NXST	New	NEXSTAR BROADCASTING GROUP Icl a	$28,855,000	–	500,000	–	3.73%	–
MGM	Sell	MGM RESORTS INTERNATIONAL	$17,674,000	-71.1%	679,000	-74.9%	2.29%	-83.4%
NYT	Sell	NEW YORK TIMES COcl a	$15,535,000	-34.2%	1,300,000	-33.3%	2.01%	-62.3%
FRGI	New	FIESTA RESTAURANT GROUP INC	$14,400,000	–	600,000	–	1.86%	–
SYF	Exit	SYNCHRONY FINL	$0	–	-1,000,000	–	-5.71%	–
CAB	Exit	CABELAS INCcall	$0	–	-505,000	–	-5.71%	–
LHO	Exit	LASALLE HOTEL PPTYS	$0	–	-1,250,000	–	-6.66%	–

Q2 2016

			Value		Shares		↓ Weighting
A104PS	New	HILTON WORLDWIDE HLDGS INC	$61,958,000	–	2,750,000	–	14.00%	–
MGM	New	MGM RESORTS INTERNATIONAL	$61,101,000	–	2,700,000	–	13.80%	–
PNK	New	PINNACLE ENTMT INC NEW	$55,954,000	–	5,050,000	–	12.64%	–
TRNC	New	TRONC INC	$50,025,000	–	3,625,000	–	11.30%	–
TVPT	New	TRAVELPORT WORLDWIDE LTD	$45,115,000	–	3,500,000	–	10.19%	–
HIFR	New	INFRAREIT INC	$35,957,000	–	2,050,000	–	8.12%	–
LHO	New	LASALLE HOTEL PPTYS	$29,475,000	–	1,250,000	–	6.66%	–
CAB	New	CABELAS INCcall	$25,280,000	–	505,000	–	5.71%	–
SYF	New	SYNCHRONY FINL	$25,280,000	–	1,000,000	–	5.71%	–
NYT	New	NEW YORK TIMES COcl a	$23,595,000	–	1,950,000	–	5.33%	–
PENN	New	PENN NATL GAMING INC	$13,950,000	–	1,000,000	–	3.15%	–
CLUBQ	New	TOWN SPORTS INTL HLDGS INC	$12,648,000	–	4,650,000	–	2.86%	–
MGM	New	MGM RESORTS INTERNATIONALcall	$2,263,000	–	100,000	–	0.51%	–

Q4 2015

			Value		Shares		↓ Weighting
AINC	Exit	ASHFORD INC	$0	–	-14,217	–	-0.11%	–
CLUBQ	Exit	TOWN SPORTS INTL HLDGS INC	$0	–	-3,875,000	–	-1.22%	–
NYT	Exit	NEW YORK TIMES COcl a	$0	–	-1,550,000	–	-2.18%	–
NSAM	Exit	NORTHSTAR ASSET MGMT GROUP I	$0	–	-1,300,000	–	-2.23%	–
MGM	Exit	MGM RESORTS INTERNATIONALcall	$0	–	-1,500,000	–	-3.30%	–
LONG	Exit	ELONG INCsponsored adr	$0	–	-1,700,000	–	-3.45%	–
AYA	Exit	AMAYA INC	$0	–	-1,250,000	–	-3.63%	–
CHDN	Exit	CHURCHILL DOWNS INC	$0	–	-250,000	–	-3.99%	–
QUNR	Exit	QUNAR CAYMAN IS LTDspns adr cl b	$0	–	-1,175,000	–	-4.22%	–
TVPT	Exit	TRAVELPORT WORLDWIDE LTD	$0	–	-2,900,000	–	-4.58%	–
LQ	Exit	LA QUINTA HLDGS INC	$0	–	-2,500,000	–	-4.71%	–
FCEA	Exit	FOREST CITY ENTERPRISES INCcl a	$0	–	-2,000,000	–	-4.80%	–
M	Exit	MACYS INCcall	$0	–	-991,600	–	-6.07%	–
HMIN	Exit	HOMEINNS HOTEL GROUPsponsored adr	$0	–	-2,125,000	–	-7.29%	–
MGM	Exit	MGM RESORTS INTERNATIONAL	$0	–	-4,700,000	–	-10.35%	–
M	Exit	MACYS INC	$0	–	-2,425,000	–	-14.85%	–
PNK	Exit	PINNACLE ENTMT INC	$0	–	-5,700,000	–	-23.02%	–

Q3 2015

			Value		Shares		↓ Weighting
PNK	Buy	PINNACLE ENTMT INC	$192,888,000	-1.4%	5,700,000	+8.6%	23.02%	-2.9%
M	Buy	MACYS INC	$124,451,000	-7.8%	2,425,000	+21.2%	14.85%	-9.2%
MGM	Buy	MGM RESORTS INTERNATIONAL	$86,715,000	+427.9%	4,700,000	+422.2%	10.35%	+420.1%
HMIN	Buy	HOMEINNS HOTEL GROUPsponsored adr	$61,073,000	+23.4%	2,125,000	+32.8%	7.29%	+21.6%
M	Sell	MACYS INCcall	$50,889,000	-24.6%	991,600	-0.8%	6.07%	-25.7%
FCEA	Buy	FOREST CITY ENTERPRISES INCcl a	$40,260,000	+40.1%	2,000,000	+53.8%	4.80%	+38.0%
LQ	New	LA QUINTA HLDGS INC	$39,450,000	–	2,500,000	–	4.71%	–
TVPT	Sell	TRAVELPORT WORLDWIDE LTD	$38,338,000	-10.3%	2,900,000	-6.5%	4.58%	-11.6%
QUNR	Sell	QUNAR CAYMAN IS LTDspns adr cl b	$35,332,000	-46.8%	1,175,000	-24.2%	4.22%	-47.6%
CHDN	New	CHURCHILL DOWNS INC	$33,453,000	–	250,000	–	3.99%	–
AYA	New	AMAYA INC	$30,413,000	–	1,250,000	–	3.63%	–
LONG	Buy	ELONG INCsponsored adr	$28,934,000	+6.9%	1,700,000	+6.2%	3.45%	+5.2%
MGM	New	MGM RESORTS INTERNATIONALcall	$27,675,000	–	1,500,000	–	3.30%	–
NSAM	New	NORTHSTAR ASSET MGMT GROUP I	$18,668,000	–	1,300,000	–	2.23%	–
NYT	New	NEW YORK TIMES COcl a	$18,306,000	–	1,550,000	–	2.18%	–
AINC	Sell	ASHFORD INC	$902,000	-94.8%	14,217	-92.8%	0.11%	-94.8%
AHP	Exit	ASHFORD HOSPITALITY PRIME IN	$0	–	-500,000	–	-0.91%	–
FOR	Exit	FORESTAR GROUP INC	$0	–	-800,000	–	-1.28%	–
HOT	Exit	STARWOOD HOTELS&RESORTS WRLD	$0	–	-200,000	–	-1.96%	–
GMWSC	Exit	GENERAL MTRS CO*w exp 12/31/201	$0	–	-500,000	–	-2.02%	–
GLPI	Exit	GAMING & LEISURE PPTYS INC	$0	–	-800,000	–	-3.55%	–
GM	Exit	GENERAL MTRS COcall	$0	–	-1,000,000	–	-4.04%	–
AHT	Exit	ASHFORD HOSPITALITY TR INC	$0	–	-6,400,000	–	-6.56%	–

Q2 2015

			Value		Shares		↓ Weighting
PNK	New	PINNACLE ENTMT INC	$195,720,000	–	5,250,000	–	23.72%	–
M	New	MACYS INC	$134,940,000	–	2,000,000	–	16.35%	–
M	New	MACYS INCcall	$67,470,000	–	1,000,000	–	8.18%	–
QUNR	New	QUNAR CAYMAN IS LTDspns adr cl b	$66,418,000	–	1,550,000	–	8.05%	–
AHT	New	ASHFORD HOSPITALITY TR INC	$54,144,000	–	6,400,000	–	6.56%	–
HMIN	New	HOMEINNS HOTEL GROUPsponsored adr	$49,472,000	–	1,600,000	–	6.00%	–
TVPT	New	TRAVELPORT WORLDWIDE LTD	$42,718,000	–	3,100,000	–	5.18%	–
GM	New	GENERAL MTRS COcall	$33,330,000	–	1,000,000	–	4.04%	–
GLPI	New	GAMING & LEISURE PPTYS INC	$29,328,000	–	800,000	–	3.55%	–
FCEA	New	FOREST CITY ENTERPRISES INCcl a	$28,730,000	–	1,300,000	–	3.48%	–
LONG	New	ELONG INCsponsored adr	$27,072,000	–	1,600,000	–	3.28%	–
AINC	New	ASHFORD INC	$17,279,000	–	198,000	–	2.09%	–
GMWSC	New	GENERAL MTRS CO*w exp 12/31/201	$16,665,000	–	500,000	–	2.02%	–
MGM	New	MGM RESORTS INTERNATIONAL	$16,425,000	–	900,000	–	1.99%	–
HOT	New	STARWOOD HOTELS&RESORTS WRLD	$16,218,000	–	200,000	–	1.96%	–
CLUBQ	New	TOWN SPORTS INTL HLDGS INC	$11,238,000	–	3,875,000	–	1.36%	–
FOR	New	FORESTAR GROUP INC	$10,528,000	–	800,000	–	1.28%	–
AHP	New	ASHFORD HOSPITALITY PRIME IN	$7,510,000	–	500,000	–	0.91%	–

Q4 2014

			Value		Shares		↓ Weighting
MLCO	Exit	MELCO CROWN ENTMT LTDcall	$0	–	-760,000	–	-2.13%	–
CLUBQ	Exit	TOWN SPORTS INTL HLDGS INC	$0	–	-3,875,000	–	-2.77%	–
AHT	Exit	ASHFORD HOSPITALITY TR INC	$0	–	-3,250,000	–	-3.54%	–
CZR	Exit	CAESARS ENTMT CORP	$0	–	-3,000,000	–	-4.03%	–
OWW	Exit	ORBITZ WORLDWIDE INC	$0	–	-6,300,000	–	-5.29%	–
TVPT	Exit	TRAVELPORT WORLDWIDE LTD	$0	–	-3,600,000	–	-6.32%	–
LTM	Exit	LIFE TIME FITNESS INC	$0	–	-2,150,000	–	-11.57%	–
MLCO	Exit	MELCO CROWN ENTMT LTDadr	$0	–	-4,750,000	–	-13.32%	–
PNK	Exit	PINNACLE ENTMT INC	$0	–	-5,500,000	–	-14.72%	–
T104PS	Exit	AMERICAN RLTY CAP PPTYS INC	$0	–	-12,350,000	–	-15.89%	–
IWM	Exit	ISHARES TRput	$0	–	-1,750,000	–	-20.42%	–

Q3 2014

			Value		Shares		↓ Weighting
IWM	Buy	ISHARES TRput	$191,363,000	+7.4%	1,750,000	+16.7%	20.42%	-29.9%
T104PS	Buy	AMERICAN RLTY CAP PPTYS INC	$148,941,000	+48.6%	12,350,000	+54.4%	15.89%	-3.0%
PNK	Buy	PINNACLE ENTMT INC	$137,995,000	+6.4%	5,500,000	+6.8%	14.72%	-30.5%
MLCO	Buy	MELCO CROWN ENTMT LTDadr	$124,878,000	+149.8%	4,750,000	+239.3%	13.32%	+63.1%
LTM	New	LIFE TIME FITNESS INC	$108,446,000	–	2,150,000	–	11.57%	–
TVPT	New	TRAVELPORT WORLDWIDE LTD	$59,256,000	–	3,600,000	–	6.32%	–
OWW	New	ORBITZ WORLDWIDE INC	$49,581,000	–	6,300,000	–	5.29%	–
CZR	Buy	CAESARS ENTMT CORP	$37,740,000	+16.0%	3,000,000	+66.7%	4.03%	-24.3%
AHT	Sell	ASHFORD HOSPITALITY TR INC	$33,215,000	-40.3%	3,250,000	-32.6%	3.54%	-61.1%
CLUBQ	Buy	TOWN SPORTS INTL HLDGS INC	$25,963,000	+18.3%	3,875,000	+17.4%	2.77%	-22.8%
MLCO	New	MELCO CROWN ENTMT LTDcall	$19,980,000	–	760,000	–	2.13%	–
IILG	Exit	INTERVAL LEISURE GROUP INC	$0	–	-500,000	–	-1.79%	–
LO	Exit	LORILLARD INCput	$0	–	-200,000	–	-1.99%	–
NEE	Exit	NEXTERA ENERGY INCcall	$0	–	-200,000	–	-3.35%	–

Q2 2014

			Value		Shares		↓ Weighting
IWM	New	ISHARESput	$178,215,000	–	1,500,000	–	29.12%	–
PNK	New	PINNACLE ENTMT INC	$129,677,000	–	5,150,000	–	21.19%	–
T104PS	New	AMERICAN RLTY CAP PPTYS INC	$100,240,000	–	8,000,000	–	16.38%	–
AHT	New	ASHFORD HOSPITALITY TR INC	$55,681,000	–	4,825,000	–	9.10%	–
MLCO	New	MELCO CROWN ENTMT LTDadr	$49,994,000	–	1,400,000	–	8.17%	–
CZR	New	CAESARS ENTMT CORP	$32,544,000	–	1,800,000	–	5.32%	–
CLUBQ	New	TOWN SPORTS INTL HLDGS INC	$21,945,000	–	3,300,000	–	3.59%	–
NEE	New	NEXTERA ENERGY INCcall	$20,496,000	–	200,000	–	3.35%	–
LO	New	LORILLARD INCput	$12,194,000	–	200,000	–	1.99%	–
IILG	New	INTERVAL LEISURE GROUP INC	$10,970,000	–	500,000	–	1.79%	–

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