Madison Avenue Partners, LP Quant / Systematic

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
INDV	INDIVIOR PLC	6,280,502	$225,344	9.7%	$30.53	0.0%	ORD	45579U109
SOLS	SOLSTICE ADVANCED MATLS INC	2,782,460	$135,172	5.8%	$47.08	0.0%	COM SHS	83443Q103
MOH	MOLINA HEALTHCARE INC	633,877	$110,003	4.7%	$164.37	0.0%	COM	60855R100
MICC	MAGNUM ICE CREAM CO NV	6,429,296	$101,904	4.4%	$15.68	0.0%	ORD SHS	N5505D105
UNF	UNIFIRST CORP MASS	303,844	$58,612	2.5%	$168.52	0.0%	COM	904708104
TPB	TURNING PT BRANDS INC	247,723	$26,853	1.2%	$97.78	0.0%	COM	90041L105
CBC	CENTRAL BANCOMPANY	993,879	$23,972	1.0%	$23.43	0.0%	COM CL A	152413100
SBGI	SINCLAIR INC	909,653	$13,918	0.6%	$14.85	0.0%	CL A	829242106
WK	WORKIVA INC	59,946	$5,170	0.2%	$88.54	0.0%	COM CL A	98139A105

Increased Positions (2)

GMED GLOBUS MED INC 9.8%

Value ($000) $229,167 (+57.0%) Shares 2,624,751 (+3.0%) Est. Cost $62.70 Unrealized +21.1%

MKL MARKEL GROUP INC 8.1%

Value ($000) $188,931 (+17.2%) Shares 87,889 (+4.2%) Est. Cost $1847.33 Unrealized +9.7%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
GMED	GLOBUS MED INC	2,624,751 (+3.0%)	$229,167 (+57.0%)	9.8%	$62.70	+21.1%	CL A	379577208
MKL	MARKEL GROUP INC	87,889 (+4.2%)	$188,931 (+17.2%)	8.1%	$1847.33	+9.7%	COM	570535104

Exited Positions (6)

— INDIVIOR PLC 6.7%

Value ($000) $155,837 Shares 6,463,585 Est. Cost $9.97 Unrealized —

NWSA NEWS CORP NEW 1.9%

Value ($000) $44,632 Shares 1,453,322 Est. Cost $29.56 Unrealized -11.3%

AIV APARTMENT INVT & MGMT CO 1.2%

Value ($000) $28,685 Shares 3,617,314 Est. Cost $8.22 Unrealized —

CTRI CENTURI HOLDINGS INC 0.6%

Value ($000) $14,674 Shares 693,136 Est. Cost $21.22 Unrealized +5.4%

NNI NELNET INC 0.2%

Value ($000) $3,954 Shares 31,535 Est. Cost $87.89 Unrealized +48.9%

ALMS ALUMIS INC 0.1%

Value ($000) $1,667 Shares 417,777 Est. Cost $4.72 Unrealized +47.8%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	INDIVIOR PLC	6,463,585	$155,837	6.7%	$9.97	—	—	G4766E116
NWSA	NEWS CORP NEW	1,453,322	$44,632	1.9%	$29.56	-11.3%	—	65249B109
AIV	APARTMENT INVT & MGMT CO	3,617,314	$28,685	1.2%	$8.22	—	—	03748R747
CTRI	CENTURI HOLDINGS INC	693,136	$14,674	0.6%	$21.22	+5.4%	—	155923105
NNI	NELNET INC	31,535	$3,954	0.2%	$87.89	+48.9%	—	64031N108
ALMS	ALUMIS INC	417,777	$1,667	0.1%	$4.72	+47.8%	—	022307102

Decreased Positions (5)

SNDK SANDISK CORP 14.6%

Value ($000) $340,444 (+47.1%) Shares 1,434,172 (-30.5%) Est. Cost $38.24 Unrealized +423.7%

KROS KEROS THERAPEUTICS INC 0.7%

Value ($000) $16,771 (-60.9%) Shares 823,707 (-69.6%) Est. Cost $13.50 Unrealized +29.9%

WLY WILEY JOHN & SONS INC 1.5%

Value ($000) $35,141 (-25.8%) Shares 1,147,258 (-2.0%) Est. Cost $35.96 Unrealized -3.2%

MAGN MAGNERA CORP 1.2%

Value ($000) $26,959 (-18.8%) Shares 1,780,649 (-37.1%) Est. Cost $20.46 Unrealized -43.4%

FSP FRANKLIN STR PPTYS CORP 0.1%

Value ($000) $2,131 (-48.4%) Shares 2,253,389 (-12.7%) Est. Cost $2.37 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
SNDK	SANDISK CORP	1,434,172 (-30.5%)	$340,444 (+47.1%)	14.6%	$38.24	+423.7%	COM	80004C200
KROS	KEROS THERAPEUTICS INC	823,707 (-69.6%)	$16,771 (-60.9%)	0.7%	$13.50	+29.9%	COM	492327101
WLY	WILEY JOHN & SONS INC	1,147,258 (-2.0%)	$35,141 (-25.8%)	1.5%	$35.96	-3.2%	CL A	968223206
MAGN	MAGNERA CORP	1,780,649 (-37.1%)	$26,959 (-18.8%)	1.2%	$20.46	-43.4%	COM SHS	55939A107
FSP	FRANKLIN STR PPTYS CORP	2,253,389 (-12.7%)	$2,131 (-48.4%)	0.1%	$2.37	—	COM	35471R106

Unchanged Positions (7)

TBPH THERAVANCE BIOPHARMA INC 7.6%

Value ($000) $177,954 Shares 9,511,150 Est. Cost $10.06 Unrealized +64.9%

GHC GRAHAM HLDGS CO 11.6%

Value ($000) $270,068 Shares 245,829 Est. Cost $533.90 Unrealized +99.8%

SOLV SOLVENTUM CORP 6.8%

Value ($000) $157,534 Shares 1,988,058 Est. Cost $60.63 Unrealized +26.3%

STGW STAGWELL INC 1.7%

Value ($000) $39,190 Shares 8,014,322 Est. Cost $6.73 Unrealized -22.7%

BTI BRITISH AMERN TOB PLC 3.0%

Value ($000) $69,290 Shares 1,223,767 Est. Cost $53.08 Unrealized —

GLPG GALAPAGOS NV 3.1%

Value ($000) $72,371 Shares 2,213,169 Est. Cost $28.96 Unrealized —

SN SHARKNINJA INC 0.0%

Value ($000) $688 Shares 6,152 Est. Cost $36.57 Unrealized +169.5%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
TBPH	THERAVANCE BIOPHARMA INC	9,511,150	$177,954	7.6%	$10.06	+64.9%	COM	G8807B106
GHC	GRAHAM HLDGS CO	245,829	$270,068	11.6%	$533.90	+99.8%	COM CL B	384637104
SOLV	SOLVENTUM CORP	1,988,058	$157,534	6.8%	$60.63	+26.3%	COM SHS	83444M101
STGW	STAGWELL INC	8,014,322	$39,190	1.7%	$6.73	-22.7%	COM CL A	85256A109
BTI	BRITISH AMERN TOB PLC	1,223,767	$69,290	3.0%	$53.08	—	SPONSORED ADR	110448107
GLPG	GALAPAGOS NV	2,213,169	$72,371	3.1%	$28.96	—	SPON ADR	36315X101
SN	SHARKNINJA INC	6,152	$688	0.0%	$36.57	+169.5%	COM SHS	G8068L108