HG Vora Capital Management, LLC
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), HG Vora Capital Management, LLC reported 7 stock positions worth $264.9 million. Its top holding was Penn Entertainment (PENN) at 34.8% of the portfolio, followed by Driven Brands (DRVN, 29.4%) and First American Financial (FAF, 15.7%). Compared with Q3 2025, it opened 1 new position, sold out of 8 and reduced 6. The biggest buy was a new position in Fossil (FOSL) and the biggest sale an exit from Caesars Entertainment (CZR).
- Most Recent 13F
- Q2 2026
- Location
- NEW YORK, NY
- CIK
- 0001525362
- Portfolio Value
- $264.9M (Q4 2025)
- SEC Filing
- 0001214659-26-002005 ↗ filed Feb 17, 2026
Holdings Value
Holdings 7 stocks · $264.9M
| PENN Penn Entertainment Inc. | 34.81% | 6,250,000 | $92.2M | Reduce -13.8% |
| DRVN Driven Brands Holdings Inc. | 29.38% | 5,250,000 | $77.8M | Reduce -6.3% |
| FAF First American Financial | 15.66% | 675,000 | $41.5M | Reduce -34.1% |
| NVRI Enviri Corp. | 8.46% | 1,250,000 | $22.4M | Reduce -54.1% |
| EQH Equitable Holdings Inc. | 7.20% | 400,000 | $19.1M | Reduce -50.0% |
| FOSL Fossil Group Inc. | 3.07% | 2,163,349 | $8.1M | New |
| OPTU Optimum Communications Inc. Class A | 1.43% | 2,300,000 | $3.8M | Reduce -25.8% |
Portfolio Sells Q3 2025 → Q4 2025
| CZR Caesars Entertainment Inc. | Sold out | 0.00% | −12.82 |
| R Ryder System Inc. | Sold out | 0.00% | −8.56 |
| FUN Six Flags Entertainment Corp. | Sold out | 0.00% | −6.70 |
| CLVT Clarivate PLC | Sold out | 0.00% | −5.77 |
| UGI Ugi Corp. | Sold out | 0.00% | −5.41 |
| WSC Willscot Holdings Corp. | Sold out | 0.00% | −4.43 |
| PRKS United Parks & Resorts Inc. | Sold out | 0.00% | −2.98 |
| IQV Iqvia Holdings Inc. | Sold out | 0.00% | −2.06 |
| OPTU Optimum Communications Inc. Class A | Reduce -25.8% | 1.43% | +0.42 |
| EQH Equitable Holdings Inc. | Reduce -50.0% | 7.20% | +1.69 |
| NVRI Enviri Corp. | Reduce -54.1% | 8.46% | +3.77 |
| FAF First American Financial | Reduce -34.1% | 15.66% | +6.74 |
| PENN Penn Entertainment Inc. | Reduce -13.8% | 34.81% | +15.89 |
| DRVN Driven Brands Holdings Inc. | Reduce -6.3% | 29.38% | +17.15 |
Portfolio Buys Q3 2025 → Q4 2025
| FOSL Fossil Group Inc. | New | 3.07% | +3.07 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 4 | $172.0M | PENN, FAF, FOSL, OPTU |
| Q1 2026 | 6 | $169.9M | PENN, FAF, PRKS, DRVN, FOSL |
| Q4 2025 | 7 | $264.9M | PENN, DRVN, FAF, NVRI, EQH |
| Q3 2025 | 14 | $738.0M | PENN, CZR, DRVN, FAF, R |
| Q2 2025 | 16 | $907.9M | PENN, R, DRVN, CZR, FAF |
| Q1 2025 | 13 | $978.5M | FAF, PENN, R, DRVN, CZR |
| Q4 2024 | 10 | $1.3B | PENN, FAF, R, PLYA, BYD |
| Q3 2024 | 10 | $1.4B | PENN, FAF, R, BYD, DRVN |
| Q2 2024 | 10 | $1.5B | PENN, FAF, R, BYD, CZR |
| Q1 2024 | 12 | $1.7B | FAF, PENN, R, CZR, BYD |