Greenhaven Road Investment Management, L.P. Diversified Active

Period: Q4 2025 (← Previous)

Filing Date: Feb 13, 2026

Total Value ($000): $593,984 (100.0% shares, 0.0% debt)

Holdings (16)

New Positions (1)

Value ($000) $2,848 Shares 110,000 Est. Cost $28.79 Unrealized 0.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
PINS	PINTEREST INC	110,000	$2,848	0.5%	$28.79	0.0%	CL A	72352L106

Increased Positions (5)

KFS KINGSWAY FINL SVCS INC 4.3%

Value ($000) $25,347 (+32.3%) Shares 1,884,529 (+43.8%) Est. Cost $10.62 Unrealized +29.0%

BUR BURFORD CAP LTD 2.8%

Value ($000) $16,639 (-13.2%) Shares 1,865,312 (+16.4%) Est. Cost $9.84 Unrealized -0.5%

ALLT ALLOT LTD 1.4%

Value ($000) $8,424 (+4.8%) Shares 856,991 (+12.8%) Est. Cost $7.28 Unrealized +31.7%

NN NEXTNAV INC 0.2%

Value ($000) $1,032 (+20.2%) Shares 62,000 (+3.3%) Est. Cost $12.14 Unrealized +17.0%

QRHC QUEST RESOURCE HLDG CORP 0.0%

Value ($000) $59 (+21.4%) Shares 31,463 (+2.2%) Est. Cost $3.84 Unrealized -55.9%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
KFS	KINGSWAY FINL SVCS INC	1,884,529 (+43.8%)	$25,347 (+32.3%)	4.3%	$10.62	+29.0%	COM NEW	496904202
BUR	BURFORD CAP LTD	1,865,312 (+16.4%)	$16,639 (-13.2%)	2.8%	$9.84	-0.5%	ORD SHS	G17977110
ALLT	ALLOT LTD	856,991 (+12.8%)	$8,424 (+4.8%)	1.4%	$7.28	+31.7%	SHS	M0854Q105
NN	NEXTNAV INC	62,000 (+3.3%)	$1,032 (+20.2%)	0.2%	$12.14	+17.0%	COMMON STOCK	65345N106
QRHC	QUEST RESOURCE HLDG CORP	31,463 (+2.2%)	$59 (+21.4%)	0.0%	$3.84	-55.9%	COM NEW	74836W203

Exited Positions (2)

IWM ISHARES TR 11.0%

Value ($000) $65,571 Shares 271,000 Est. Cost — Unrealized —

SOC SABLE OFFSHORE CORP 0.9%

Value ($000) $5,052 Shares 289,345 Est. Cost $19.08 Unrealized -50.5%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
IWM	ISHARES TR	271,000	$65,571	11.0%	—	—	PUT	464287655
SOC	SABLE OFFSHORE CORP	289,345	$5,052	0.9%	$19.08	-50.5%	—	78574H104

Decreased Positions (6)

LPX LOUISIANA PAC CORP 1.4%

Value ($000) $8,183 (-50.6%) Shares 101,323 (-45.6%) Est. Cost $85.08 Unrealized -0.7%

KKR KKR & CO INC 3.7%

Value ($000) $21,721 (-23.9%) Shares 190,100 (-13.5%) Est. Cost $30.22 Unrealized +311.3%

PAR PAR TECHNOLOGY CORP 5.4%

Value ($000) $32,176 (-16.5%) Shares 886,883 (-8.9%) Est. Cost $42.35 Unrealized -14.8%

ASTS AST SPACEMOBILE CL A 3.4%

Value ($000) $19,989 (+23.8%) Shares 275,219 (-16.4%) Est. Cost $32.52 Unrealized +119.4%

HGTY HAGERTY INC 5.9%

Value ($000) $35,168 (+9.6%) Shares 2,616,654 (-1.8%) Est. Cost $10.31 Unrealized +21.1%

CLBT CELLEBRITE DI LTD 4.9%

Value ($000) $28,847 (-5.8%) Shares 1,599,937 (-3.2%) Est. Cost $7.60 Unrealized +136.4%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
LPX	LOUISIANA PAC CORP	101,323 (-45.6%)	$8,183 (-50.6%)	1.4%	$85.08	-0.7%	COM	546347105
KKR	KKR & CO INC	190,100 (-13.5%)	$21,721 (-23.9%)	3.7%	$30.22	+311.3%	COM	48251W104
PAR	PAR TECHNOLOGY CORP	886,883 (-8.9%)	$32,176 (-16.5%)	5.4%	$42.35	-14.8%	COM	698884103
ASTS	AST SPACEMOBILE CL A	275,219 (-16.4%)	$19,989 (+23.8%)	3.4%	$32.52	+119.4%	COM CL A	00217D100
HGTY	HAGERTY INC	2,616,654 (-1.8%)	$35,168 (+9.6%)	5.9%	$10.31	+21.1%	CL A COM	405166109
CLBT	CELLEBRITE DI LTD	1,599,937 (-3.2%)	$28,847 (-5.8%)	4.9%	$7.60	+136.4%	ORDINARY SHARES	M2197Q107

Unchanged Positions (4)

TLT ISHARES TR 61.1%

Value ($000) $363,152 Shares 4,166,500 Est. Cost — Unrealized —

LFCR LIFECORE BIOMEDICAL INC 5.1%

Value ($000) $30,123 Shares 3,682,573 Est. Cost $6.34 Unrealized +16.7%

RSSS RESEARCH SOLUTIONS INC 0.0%

Value ($000) $113 Shares 38,477 Est. Cost $2.51 Unrealized +24.3%

MTRX MATRIX SVC CO 0.0%

Value ($000) $163 Shares 13,969 Est. Cost $6.35 Unrealized +98.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
TLT	ISHARES TR	4,166,500	$363,152	61.1%	—	—	PUT	464287432
LFCR	LIFECORE BIOMEDICAL INC	3,682,573	$30,123	5.1%	$6.34	+16.7%	COM	514766104
RSSS	RESEARCH SOLUTIONS INC	38,477	$113	0.0%	$2.51	+24.3%	COM	761025105
MTRX	MATRIX SVC CO	13,969	$163	0.0%	$6.35	+98.0%	COM	576853105