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 61,042 21,947 SH   SOLE   21,947 0 0
AMERANT BANCORP INC CL A 023576101 10,468 331,377 SH   SOLE   331,377 0 0
CHATHAM LODGING TR COM 16208T102 897 65,011 SH   SOLE   65,011 0 0
CHEFS WHSE INC COM 163086101 9,047 277,505 SH   SOLE   277,505 0 0
CRESUD S A C I F Y A SPONSORED ADR 226406106 273 33,336 SH   SOLE   33,336 0 0
CRESUD S A C I F Y A *W EXP 03/08/202 P3311R259 16 50,710 SH   SOLE   50,710 0 0
CYBIN INC COM 23256X100 1,251 1,533,541 SH   SOLE   1,533,541 0 0
FIRST AMERN FINL CORP COM 31847R102 73,300 1,130,830 SH   SOLE   1,130,830 0 0
GRUPO AEROPORTUARIO DEL CENT SPON ADR 400501102 20,941 350,822 SH   SOLE   350,822 0 0
GRUPO AEROPORTUARIO DEL SURE SPON ADR SER B 40051E202 25,332 114,315 SH   SOLE   114,315 0 0
HOST HOTELS & RESORTS INC COM 44107P104 5,829 300,000 SH   SOLE   300,000 0 0
IRSA INVERSIONES Y REP S A GLOBL DEP RCPT 450047204 817 164,122 SH   SOLE   164,122 0 0
IRSA INVERSIONES Y REP S A *W EXP 05/12/202 P5880C134 62 199,336 SH   SOLE   199,336 0 0
IRSA PROPIEDADES COMERCIALES SPONSORED ADR 463588103 70 27,479 SH   SOLE   27,479 0 0
OUTFRONT MEDIA INC COM 69007J106 115,937 4,077,978 SH   SOLE   4,077,978 0 0
PARK HOTELS & RESORTS INC COM 700517105 49,812 2,550,540 SH   SOLE   2,550,540 0 0
PEBBLEBROOK HOTEL TR COM 70509V100 13,791 563,352 SH   SOLE   563,352 0 0
PERFORMANCE FOOD GROUP CO COM 71377A103 58,341 1,145,971 SH   SOLE   1,145,971 0 0
PROPERTY SOLUTIONS ACQUISITI UNIT 03/01/2026 74350A207 4,895 500,000 SH   SOLE   500,000 0 0
RYMAN HOSPITALITY PPTYS INC COM 78377T107 6,232 67,173 SH   SOLE   67,173 0 0
SABRE CORP COM 78573M104 87,720 7,674,507 SH   SOLE   7,674,507 0 0
SABRE CORP 6.50% CONV PFD A 78573M203 5,809 40,000 SH   SOLE   40,000 0 0
SABRE GLBL INC NOTE 4.000% 4/1 78573NAE2 1,643 1,000,000 PRN   SOLE   1,000,000 0 0
SYSCO CORP COM 871829107 64,473 789,631 SH   SOLE   789,631 0 0