SCHEDULE: Black Diamond Capital Management Amends Canterbury Park Stake

Black Diamond Capital Management I, LLLP and Stephen H. Deckoff updated their beneficial ownership of Canterbury Park Holding Corp, now holding 16.8% of common stock.

Summary

• Black Diamond Capital Management I, LLLP and Stephen H. Deckoff are the Reporting Persons for this Schedule 13G Amendment No. 6.
• The filing pertains to Common Stock, $.01 par value, of Canterbury Park Holding Corp (CUSIP: 13811E101).
• As of September 30, 2025, the Reporting Persons beneficially own 859,169 shares, representing approximately 16.8% of the outstanding shares.
• The Reporting Persons hold shared voting power and shared dispositive power over all 859,169 shares.
• The amendment was filed because, effective August 22, 2025, Black Diamond Capital Management I, LLLP replaced BDCM CT, L.L.C. as the primary registered investment adviser exercising investment discretion.
• The shares are held for the account of Black Diamond Credit Strategies Master Fund, Ltd.

Sentiment

Score: 5

Explanation: The filing is a routine disclosure of beneficial ownership, reflecting a change in the reporting entity rather than a new investment or divestment, thus having a neutral sentiment regarding the issuer's prospects.

Positives

• The continued significant stake (16.8%) by Black Diamond Capital Management and Stephen H. Deckoff indicates ongoing confidence from a major institutional investor in Canterbury Park Holding Corp.

Future Outlook

This filing does not contain any forward-looking statements or guidance regarding Canterbury Park Holding Corp's future performance or operations.

Industry Context

This filing is a routine disclosure of beneficial ownership by an institutional investor and does not provide specific insights into broader industry trends or competitive landscape for Canterbury Park Holding Corp.

Stakeholder Impact

• Shareholders: Provides transparency regarding the beneficial ownership structure of a significant institutional investor in Canterbury Park Holding Corp.

Key Dates

Recommendation

This Schedule 13G Amendment No. 6 primarily reflects an internal restructuring of the reporting entity, Black Diamond Capital Management I, LLLP, replacing a previous affiliate as the investment adviser. The beneficial ownership percentage in Canterbury Park Holding Corp remains unchanged at 16.8%. As such, the filing does not introduce new information that would warrant a change in investment thesis for Canterbury Park, suggesting a 'hold' for existing investors.

Keywords

Canterbury Park Holding Corp, Black Diamond Capital Management, Stephen H. Deckoff, Schedule 13G, beneficial ownership, common stock, investment adviser, institutional ownership