FORWARD AIR CORP

Ticker: FWRD CUSIP: 34986A104 Class: Common Stock

Hudson Bay Capital Management LP's Holding History (CIK: 0001393825)

Note: Option positions (PUT/CALL) are excluded.

Q4 2025

Shares 119,385 Value ($000) $2,985 Avg Close $22.51 Range $15.75 - $26.70

Q3 2025

Shares 198,121 Value ($000) $5,080 Avg Close $28.77 Range $24.20 - $32.47

Q2 2025

Shares 261,428 Value ($000) $6,415 Avg Close $17.76 Range $9.79 - $25.76

Period	Shares	Value ($000)	Average Close	Price Range
Q4 2025	119,385	$2,985	$22.51	$15.75 - $26.70
Q3 2025	198,121	$5,080	$28.77	$24.20 - $32.47
Q2 2025	261,428	$6,415	$17.76	$9.79 - $25.76