HG VORA CAPITAL MANAGEMENT, LLC

HG Vora is an investment management firm established in April 2009, specializing in event-driven and value-oriented strategies. They primarily invest in actively traded debt and equity instruments on both long and short positions, also venturing into less liquid opportunities for certain clients. Their primary focus is providing discretionary investment advisory services to twelve pooled investment vehicles, collectively known as the Funds. In addition to the Funds, HG Vora also provides investment advisory services to separately managed accounts, tailoring these services to individual client needs through written investment management agreements. These agreements may include restrictions on investments in specific securities or types of securities. HG Vora does not participate in any wrap fee programs. As of February 29, 2024, they had approximately $9,243,212,802 in regulatory assets under management on a discretionary basis and $10,951,504 on a non-discretionary basis as of January 31, 2024.

The investment strategies are based on fundamental and comprehensive research and analysis. They utilize a variety of resources and services, including fundamental credit analysis, detailed analysis of financial statements, development of financial projections, meetings with company management, company and analyst conference calls, industry research, analysis of documents, and outside legal counsel. They closely monitor potential events such as restructurings, changes in capital structure, regulatory changes, industry trends and transitions, and merger and consolidation transactions. The investment strategies focus on identifying and purchasing undervalued investments and holding them to maximize value on a long-term basis. They may forego short-term value or temporary investments to avail clients of additional or longer-term opportunities in the future. They may also concentrate investments in a limited number of opportunities, seeking attractive, risk-adjusted returns by primarily investing in less liquid opportunities in a concentrated portfolio. They exploit valuation inefficiencies in companies that are complex, misunderstood, or underfollowed, often investing in businesses with over-leveraged balance sheets, operational challenges, or undergoing restructuring or strategic change. They expect to invest primarily in negotiated financings and distressed securities and opportunistically capitalize on market dislocations. The strategy mix varies depending on the opportunity set and market cycle, driven by bottom-up research and an idiosyncratic approach.

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