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    <nameOfIssuer>ALPHABET INC</nameOfIssuer>
    <titleOfClass>CAP STK CL C</titleOfClass>
    <cusip>02079K107</cusip>
    <value>13116</value>
    <shrsOrPrnAmt>
      <sshPrnamt>11179</sshPrnamt>
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    <votingAuthority>
      <Sole>11179</Sole>
      <Shared>0</Shared>
      <None>0</None>
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    <nameOfIssuer>BANDWIDTH INC</nameOfIssuer>
    <titleOfClass>COM CL A</titleOfClass>
    <cusip>05988J103</cusip>
    <value>16862</value>
    <shrsOrPrnAmt>
      <sshPrnamt>251821</sshPrnamt>
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    <votingAuthority>
      <Sole>251821</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>CHURCHILL DOWNS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>171484108</cusip>
    <value>25416</value>
    <shrsOrPrnAmt>
      <sshPrnamt>281592</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>281592</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>COTT CORP QUE</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>22163N106</cusip>
    <value>2852</value>
    <shrsOrPrnAmt>
      <sshPrnamt>195200</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>195200</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>EQUITY COMWLTH</nameOfIssuer>
    <titleOfClass>COM SH BEN INT</titleOfClass>
    <cusip>294628102</cusip>
    <value>31223</value>
    <shrsOrPrnAmt>
      <sshPrnamt>955123</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>955123</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>GCI LIBERTY INC</nameOfIssuer>
    <titleOfClass>COM CLASS A</titleOfClass>
    <cusip>36164V305</cusip>
    <value>24529</value>
    <shrsOrPrnAmt>
      <sshPrnamt>441096</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>441096</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>IHS MARKIT LTD</nameOfIssuer>
    <titleOfClass>SHS</titleOfClass>
    <cusip>G47567105</cusip>
    <value>8014</value>
    <shrsOrPrnAmt>
      <sshPrnamt>147375</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>147375</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>KKR &amp; CO INC</nameOfIssuer>
    <titleOfClass>CL A</titleOfClass>
    <cusip>48251W104</cusip>
    <value>26916</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1145844</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>1145844</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>LIBERTY BROADBAND CORP</nameOfIssuer>
    <titleOfClass>COM SER C</titleOfClass>
    <cusip>530307305</cusip>
    <value>2339</value>
    <shrsOrPrnAmt>
      <sshPrnamt>25500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>25500</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>LKQ CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>501889208</cusip>
    <value>11691</value>
    <shrsOrPrnAmt>
      <sshPrnamt>411934</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>411934</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ONESPAWORLD HOLDINGS LIMITED</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>P73684113</cusip>
    <value>7354</value>
    <shrsOrPrnAmt>
      <sshPrnamt>538348</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>538348</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SBA COMMUNICATIONS CORP NEW</nameOfIssuer>
    <titleOfClass>CL A</titleOfClass>
    <cusip>78410G104</cusip>
    <value>7861</value>
    <shrsOrPrnAmt>
      <sshPrnamt>39374</sshPrnamt>
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    <votingAuthority>
      <Sole>39374</Sole>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>THE CHARLES SCHWAB CORPORATI</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>808513105</cusip>
    <value>1967</value>
    <shrsOrPrnAmt>
      <sshPrnamt>45994</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>45994</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>TYLER TECHNOLOGIES INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>902252105</cusip>
    <value>3230</value>
    <shrsOrPrnAmt>
      <sshPrnamt>15800</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>15800</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>VISA INC</nameOfIssuer>
    <titleOfClass>COM CL A</titleOfClass>
    <cusip>92826C839</cusip>
    <value>9512</value>
    <shrsOrPrnAmt>
      <sshPrnamt>60900</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>60900</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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