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    <issuerName>Caesars Entertainment</issuerName>
    <cusip>12769G100</cusip>
    <meetingDate>06/09/2026</meetingDate>
    <voteDescription>Advisory vote to approve named executive officer compensation</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
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    <sharesVoted>200000</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
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        <howVoted>For</howVoted>
        <sharesVoted>200000</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
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  <proxyTable>
    <issuerName>Century Casinos, Inc.</issuerName>
    <cusip>156492100</cusip>
    <meetingDate>06/22/2026</meetingDate>
    <voteDescription>Advisory (non-binding) resolution approving compensation of named executive officers</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
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    <sharesVoted>889144</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
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        <howVoted>For</howVoted>
        <sharesVoted>889144</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
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    <issuerName>Clear Channel Outdoor Holdings, Inc.</issuerName>
    <cusip>18453H106</cusip>
    <meetingDate>05/12/2026</meetingDate>
    <voteDescription>Advisory, non-binding vote on merger-related (&quot;&quot;golden parachute&quot;&quot;) compensation to named executive officers</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
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    <sharesVoted>2351871</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
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        <howVoted>For</howVoted>
        <sharesVoted>2351871</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
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    <issuerName>Cleveland-Cliffs Inc.</issuerName>
    <cusip>185899101</cusip>
    <meetingDate>05/14/2026</meetingDate>
    <voteDescription>Advisory approval of named executive officers' compensation</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
      </voteCategory>
    </voteCategories>
    <sharesVoted>115000</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
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        <howVoted>For</howVoted>
        <sharesVoted>115000</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
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  <proxyTable>
    <issuerName>Core Natural Resources, Inc.</issuerName>
    <cusip>218937100</cusip>
    <meetingDate>04/30/2026</meetingDate>
    <voteDescription>Advisory approval of compensation paid to named executive officers in 2025</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
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    <sharesVoted>29849</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
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        <howVoted>For</howVoted>
        <sharesVoted>29849</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
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  <proxyTable>
    <issuerName>Green Thumb Industries Inc.</issuerName>
    <cusip>39342L108</cusip>
    <meetingDate>06/16/2026</meetingDate>
    <voteDescription>Advisory approval of compensation paid to named executive officers</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
      </voteCategory>
    </voteCategories>
    <sharesVoted>315000</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
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      <voteRecord>
        <howVoted>For</howVoted>
        <sharesVoted>315000</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
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    <issuerName>Macy's, Inc.</issuerName>
    <cusip>55616P104</cusip>
    <meetingDate>05/15/2026</meetingDate>
    <voteDescription>Advisory vote to approve named executive officer compensation</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
      </voteCategory>
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    <sharesVoted>200000</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
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        <howVoted>For</howVoted>
        <sharesVoted>200000</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
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  <proxyTable>
    <issuerName>National CineMedia, Inc.</issuerName>
    <cusip>635309206</cusip>
    <meetingDate>05/07/2026</meetingDate>
    <voteDescription>Advisory approval of executive compensation</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
      </voteCategory>
    </voteCategories>
    <sharesVoted>596231</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
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        <howVoted>For</howVoted>
        <sharesVoted>596231</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
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    <issuerName>PG&amp;E Corporation</issuerName>
    <cusip>69331C108</cusip>
    <meetingDate>05/21/2026</meetingDate>
    <voteDescription>Advisory vote to approve executive compensation</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
      </voteCategory>
    </voteCategories>
    <sharesVoted>200000</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
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        <howVoted>For</howVoted>
        <sharesVoted>200000</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
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  <proxyTable>
    <issuerName>Noble Corporation plc</issuerName>
    <cusip>G65431127</cusip>
    <meetingDate>04/29/2026</meetingDate>
    <voteDescription>Approval by advisory vote of the Company's executive compensation</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
      </voteCategory>
    </voteCategories>
    <sharesVoted>36061</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
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        <howVoted>For</howVoted>
        <sharesVoted>36061</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
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  <proxyTable>
    <issuerName>Noble Corporation plc</issuerName>
    <cusip>G65431127</cusip>
    <meetingDate>04/29/2026</meetingDate>
    <voteDescription>Approval by advisory vote of the Directors' Remuneration Report (incl. executive directors)</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
      </voteCategory>
    </voteCategories>
    <sharesVoted>36061</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
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        <howVoted>For</howVoted>
        <sharesVoted>36061</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
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  <proxyTable>
    <issuerName>Noble Corporation plc</issuerName>
    <cusip>G65431127</cusip>
    <meetingDate>04/29/2026</meetingDate>
    <voteDescription>Approval of the Directors' Remuneration Policy (incl. executive directors)</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
      </voteCategory>
    </voteCategories>
    <sharesVoted>36061</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
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        <howVoted>For</howVoted>
        <sharesVoted>36061</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
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  <proxyTable>
    <issuerName>HSBC Holdings plc</issuerName>
    <cusip>404280406</cusip>
    <meetingDate>05/08/2026</meetingDate>
    <voteDescription>Approval of the Directors' Remuneration Report (UK-style report covering executive directors' pay)</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
      </voteCategory>
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    <sharesVoted>186669</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
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        <howVoted>For</howVoted>
        <sharesVoted>186669</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
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  <proxyTable>
    <issuerName>Republic Airways Holdings Inc.</issuerName>
    <cusip>590479408</cusip>
    <meetingDate>05/21/2026</meetingDate>
    <voteDescription>To approve, on an advisory basis, the compensation of the Company's named executive officers</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
      </voteCategory>
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    <sharesVoted>4446210</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
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        <howVoted>For</howVoted>
        <sharesVoted>4446210</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
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  <proxyTable>
    <issuerName>United Natural Foods, Inc.</issuerName>
    <cusip>911163103</cusip>
    <meetingDate>12/16/2025</meetingDate>
    <voteDescription>The approval, on an advisory basis, of our executive compensation</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
      </voteCategory>
    </voteCategories>
    <sharesVoted>14500</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>For</howVoted>
        <sharesVoted>14500</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
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    <issuerName>Viper Energy, Inc.</issuerName>
    <cusip>64361Q101</cusip>
    <meetingDate>05/19/2026</meetingDate>
    <voteDescription>The approval, on an advisory basis, of the compensation of the Company's named executive officers</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
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    <sharesVoted>85000</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
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        <howVoted>For</howVoted>
        <sharesVoted>85000</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
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    <issuerName>Weyerhaeuser Company</issuerName>
    <cusip>962166104</cusip>
    <meetingDate>05/15/2026</meetingDate>
    <voteDescription>Approve, on an Advisory Basis, Compensation of the Named Executive Officers</voteDescription>
    <voteCategories>
      <voteCategory>
        <categoryType>SECTION 14A SAY-ON-PAY VOTES</categoryType>
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    <sharesVoted>120000</sharesVoted>
    <sharesOnLoan>0</sharesOnLoan>
    <vote>
      <voteRecord>
        <howVoted>For</howVoted>
        <sharesVoted>120000</sharesVoted>
        <managementRecommendation>FOR</managementRecommendation>
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