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
OMB APPROVAL
OMB Number: 3235-0006
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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
ALPHABET INC CAP STK CL A 02079K305 63,581 21,947 SH   SOLE   21,947 0 0
AMERANT BANCORP INC CL A 023576101 31,059 898,947 SH   SOLE   898,947 0 0
CHATHAM LODGING TR COM 16208T102 892 65,011 SH   SOLE   65,011 0 0
CHEFS WHSE INC COM 163086101 9,241 277,505 SH   SOLE   277,505 0 0
CRESUD S A C I F Y A SPONSORED ADR 226406106 157 33,336 SH   SOLE   33,336 0 0
CRESUD S A C I F Y A *W EXP 03/08/202 P3311R259 10 50,710 SH   SOLE   50,710 0 0
CYBIN INC COM 23256X100 3,335 2,809,658 SH   SOLE   2,809,658 0 0
FIRST AMERN FINL CORP COM 31847R102 107,219 1,370,557 SH   SOLE   1,370,557 0 0
GRUPO AEROPORTUARIO DEL CENT SPON ADR 400501102 18,836 350,822 SH   SOLE   350,822 0 0
GRUPO AEROPORTUARIO DEL SURE SPON ADR SER B 40051E202 23,567 114,315 SH   SOLE   114,315 0 0
HOST HOTELS & RESORTS INC COM 44107P104 6,956 400,000 SH   SOLE   400,000 0 0
IRSA INVERSIONES Y REP S A GLOBL DEP RCPT 450047204 699 164,122 SH   SOLE   164,122 0 0
IRSA INVERSIONES Y REP S A *W EXP 05/25/202 P5880C134 36 199,336 SH   SOLE   199,336 0 0
IRSA PROPIEDADES COMERCIALES SPONSORED ADR 463588103 62 27,479 SH   SOLE   27,479 0 0
OUTFRONT MEDIA INC COM 69007J106 109,371 4,077,978 SH   SOLE   4,077,978 0 0
PARK HOTELS & RESORTS INC COM 700517105 48,154 2,550,540 SH   SOLE   2,550,540 0 0
PEBBLEBROOK HOTEL TR COM 70509V100 12,602 563,352 SH   SOLE   563,352 0 0
PERFORMANCE FOOD GROUP CO COM 71377A103 52,589 1,145,971 SH   SOLE   1,145,971 0 0
PROPERTY SOLUTIONS ACQUISITI UNIT 03/01/2026 74350A207 4,945 500,000 SH   SOLE   500,000 0 0
RYMAN HOSPITALITY PPTYS INC COM 78377T107 6,177 67,173 SH   SOLE   67,173 0 0
SABRE CORP COM 78573M104 65,924 7,674,507 SH   SOLE   7,674,507 0 0
SABRE GLBL INC NOTE 4.000% 4/1 78573NAE2 1,372 1,000,000 PRN   SOLE   1,000,000 0 0
SYSCO CORP COM 871829107 62,026 789,631 SH   SOLE   789,631 0 0
SABRE CORP 6.50% CONV PFD A 78573M203 4,591 40,000 SH   SOLE   40,000 0 0