Gate City/Michael Melby discloses 443,599 CPHC shares (8.8%)

Rhea-AI Filing Summary

Gate City Capital Management, LLC and its managing member Michael Melby reported beneficial ownership of 443,599 common shares of Canterbury Park Holding Corporation (CUSIP 13811E101), representing 8.8% of the class. The holdings are reported as held by funds advised by the management company, and the filer states sole voting and sole dispositive power over the reported shares.

The filing includes a certification that the securities were acquired and are held in the ordinary course of business and were not acquired to change or influence control of the issuer. The disclosure identifies the adviser, its Illinois organization, the issuer's principal office, and confirms the position classification of the reporting persons.

Positive

• Reporting of a clearly stated ownership position of 443,599 shares, equal to 8.8% of the class
• Filer discloses sole voting and sole dispositive power over the reported shares, clarifying control of voting and sale decisions
• Schedule identifies holdings as held by funds advised by Gate City Capital Management and names the managing member Michael Melby
• Filer certified the securities were acquired and are held in the ordinary course of business and not to influence control

Negative

• None.

Insights

Financial Analyst

TL;DR: Gate City and Michael Melby report a material passive stake of 8.8%, with sole voting and dispositive power over 443,599 shares.

The filing documents a meaningful ownership position equal to 8.8% of Canterbury Park's outstanding common stock, concentrated in funds managed by Gate City Capital Management. Sole voting and dispositive power indicates the adviser controls voting and sale decisions for these shares. The certification that the position is held in the ordinary course and not to influence control is important: it frames the stake as passive rather than an active control effort. For investors, the disclosure clarifies ownership concentration without signaling an activist intent.

Corporate Governance Expert

TL;DR: A substantial blockholder disclosure; classified as a passive holding by filer, with potential governance attention due to size.

An 8.8% holding by an adviser-managed vehicle is large enough to draw notice from governance stakeholders but the filing's certification asserts no intent to change control. The reporting of sole voting and sole dispositive power is material because it confirms who legally directs votes and dispositions. Governance teams should track such positions for potential future engagement, even when initially reported as passive.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 5)

CANTERBURY PARK HOLDING CORPORATION

(Name of Issuer)

Common Stock

(Title of Class of Securities)

13811E101

(CUSIP Number)

06/30/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 13811E101

1

Names of Reporting Persons

Gate City Capital Management, LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

ILLINOIS

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 443,599.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 443,599.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

443,599.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

8.8 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

CUSIP No. 13811E101

1

Names of Reporting Persons

Michael Melby

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 443,599.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 443,599.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

443,599.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

8.8 %

12

Type of Reporting Person (See Instructions)

IN

Comment for Type of Reporting Person: This Schedule 13G (this "Schedule 13G") is being filed on behalf of Gate City Capital Management, LLC, an Illinois limited liability company (the "Management Company") and Michael Melby. Mr. Melby serves as the managing member of the Management Company. The Management Company serves as an adviser to certain private investment funds and managed accounts (the "Funds"). This Schedule 13G relates to Common Shares (the "Common Shares") of the Issuer held by the Funds.

SCHEDULE 13G

Item 1.
(a)	Name of issuer: CANTERBURY PARK HOLDING CORPORATION
(b)	Address of issuer's principal executive offices: 1100 Canterbury Road, Shakopee, MN 55379
Item 2.
(a)	Name of person filing: Gate City Capital Management, LLC
(b)	Address or principal business office or, if none, residence: 8725 W. Higgins Road, Suite 530, Chicago, IL 60631
(c)	Citizenship: United States
(d)	Title of class of securities: Common Stock
(e)	CUSIP No.: 13811E101
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 443599
(b)	Percent of class: 8.8%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 443599
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 443599
	(iv) Shared power to dispose or to direct the disposition of: 0
Item 5.	Ownership of 5 Percent or Less of a Class.
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Gate City Capital Management, LLC

Signature:	/s/ Michael Melby
Name/Title:	Michael Melby
Date:	08/14/2025

Michael Melby

Signature:	/s/ Michael Melby
Name/Title:	Managing Member
Date:	08/14/2025