GRAY TELEVISION INC

Ticker: GTN CUSIP: 389375106 Class: Common Stock

Penn Capital Management Company, LLC's Holding History (CIK: 0001158202)

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

Q4 2025

Shares 3,147,855 Value ($000) $15,276 Avg Close $4.89 Range $4.25 - $5.86

Q3 2025

Shares 3,236,997 Value ($000) $18,758 Avg Close $5.43 Range $3.50 - $6.31

Q2 2025

Shares 2,253,582 Value ($000) $10,234 Avg Close $3.88 Range $3.13 - $4.77

Q1 2025

Shares 2,017,748 Value ($000) $8,740 Avg Close $3.93 Range $3.15 - $5.29

Q4 2024

Shares 1,736,182 Value ($000) $5,469 Avg Close $4.67 Range $2.91 - $6.16

Q3 2024

Shares 1,921,227 Value ($000) $10,325 Avg Close $5.15 Range $4.15 - $6.61

Q2 2024

Shares 1,738,667 Value ($000) $9,070 Avg Close $5.85 Range $4.72 - $7.41

Q1 2024

Shares 1,757,043 Value ($000) $11,138 Avg Close $7.64 Range $5.44 - $10.07

Q4 2023

Shares 1,826,720 Value ($000) $16,419 Avg Close $7.45 Range $5.97 - $9.23

Q3 2023

Shares 1,439,665 Value ($000) $9,975 Avg Close $8.24 Range $6.68 - $10.69

Q2 2023

Shares 1,087,081 Value ($000) $8,566 Avg Close $7.69 Range $6.50 - $8.83

Q1 2023

Shares 1,098,930 Value ($000) $9,630 Avg Close $11.15 Range $8.09 - $14.40

Q4 2022

Shares 1,040,581 Value ($000) $11,659 Avg Close $12.40 Range $8.61 - $15.79

Q3 2022

Shares 871,654 Value ($000) $12,499 Avg Close $18.34 Range $14.18 - $20.83

Q2 2022

Shares 869,945 Value ($000) $14,693 Avg Close $19.43 Range $16.25 - $22.52

Q1 2022

Shares 605,367 Value ($000) $14,335 Avg Close $22.06 Range $19.22 - $24.81

Q4 2021

Shares 532,694 Value ($000) $11,982 Avg Close $22.14 Range $18.31 - $25.24

Q3 2021

Shares 528,717 Value ($000) $12,065 Avg Close $22.13 Range $20.24 - $24.43

Q2 2021

Shares 606,564 Value ($000) $14,194 Avg Close $21.70 Range $18.39 - $24.04

Q1 2021

Shares 699,496 Value ($000) $12,871 Avg Close $18.51 Range $16.30 - $21.22

Q4 2020

Shares 633,141 Value ($000) $11,327 Avg Close $15.85 Range $11.96 - $19.40

Q3 2020

Shares 586,659 Value ($000) $8,094 Avg Close $14.62 Range $13.00 - $16.16

Q2 2020

Shares 564,723 Value ($000) $7,893 Avg Close $12.81 Range $9.19 - $17.80

Q1 2020

Shares 578,604 Value ($000) $6,222 Avg Close $18.09 Range $8.53 - $23.07

Q4 2019

Shares 570,531 Value ($000) $12,232 Avg Close $18.57 Range $14.63 - $21.92

Q3 2019

Shares 754,640 Value ($000) $12,316 Avg Close $16.43 Range $13.60 - $18.73

Q2 2019

Shares 657,151 Value ($000) $10,771 Avg Close $19.81 Range $15.77 - $25.31

Q1 2019

Shares 587,359 Value ($000) $12,546 Avg Close $18.64 Range $14.44 - $23.45

Q4 2018

Shares 757,443 Value ($000) $12,363 Avg Close $17.36 Range $13.75 - $20.24

Q3 2018

Shares 1,142,012 Value ($000) $23,405 Avg Close $16.37 Range $14.60 - $17.90

Q2 2018

Shares 1,713,436 Value ($000) $27,213 Avg Close $12.00 Range $10.70 - $17.00

Q1 2018

Shares 1,531,904 Value ($000) $19,570 Avg Close $15.09 Range $11.80 - $17.80

Q4 2017

Shares 1,546,256 Value ($000) $26,053 Avg Close $15.62 Range $13.90 - $17.50

Q3 2017

Shares 1,425,508 Value ($000) $22,531 Avg Close $14.30 Range $13.30 - $15.75

Q2 2017

Shares 1,562,378 Value ($000) $21,554 Avg Close $13.50 Range $11.70 - $15.45

Q1 2017

Shares 1,353,302 Value ($000) $23,685 Avg Close $12.66 Range $9.95 - $15.10

Q4 2016

Shares 1,511,667 Value ($000) $18,890 Avg Close $9.81 Range $7.00 - $11.40

Q3 2016

Shares 1,602,193 Value ($000) $16,642 Avg Close $10.90 Range $9.15 - $11.90

Q2 2016

Shares 2,198,885 Value ($000) $23,822 Avg Close $11.80 Range $10.43 - $14.77

Q1 2016

Shares 1,808,905 Value ($000) $21,200 Avg Close $12.31 Range $9.95 - $16.26

Q4 2015

Shares 1,130,037 Value ($000) $18,420 Avg Close $15.66 Range $12.46 - $17.70

Q3 2015

Shares 1,257,171 Value ($000) $16,042 Avg Close $14.21 Range $10.38 - $18.07

Q2 2015

Shares 1,453,902 Value ($000) $22,797 Avg Close $14.67 Range $13.18 - $16.67

Q1 2015

Shares 1,708,531 Value ($000) $23,612 Avg Close $11.36 Range $9.17 - $14.80

Q4 2014

Shares 2,279,169 Value ($000) $25,527 Avg Close $9.58 Range $7.16 - $11.73

Q3 2014

Shares 2,169,323 Value ($000) $17,094 Avg Close $10.95 Range $7.88 - $13.94

Q2 2014

Shares 2,218,688 Value ($000) $29,131 Avg Close $11.23 Range $9.02 - $13.44

Q1 2014

Shares 2,115,720 Value ($000) $21,940 Avg Close $11.35 Range $9.04 - $14.98

Q4 2013

Shares 848,819 Value ($000) $12,630 Avg Close $10.57 Range $6.88 - $15.17

Q3 2013

Shares 1,274,814 Value ($000) $10,007 Avg Close $7.49 Range $6.01 - $9.46

Q2 2013

Shares 989,694 Value ($000) $7,126 Avg Close $5.99 Range $4.37 - $7.49

Period	Shares	Value ($000)	Average Close	Price Range
Q4 2025	3,147,855	$15,276	$4.89	$4.25 - $5.86
Q3 2025	3,236,997	$18,758	$5.43	$3.50 - $6.31
Q2 2025	2,253,582	$10,234	$3.88	$3.13 - $4.77
Q1 2025	2,017,748	$8,740	$3.93	$3.15 - $5.29
Q4 2024	1,736,182	$5,469	$4.67	$2.91 - $6.16
Q3 2024	1,921,227	$10,325	$5.15	$4.15 - $6.61
Q2 2024	1,738,667	$9,070	$5.85	$4.72 - $7.41
Q1 2024	1,757,043	$11,138	$7.64	$5.44 - $10.07
Q4 2023	1,826,720	$16,419	$7.45	$5.97 - $9.23
Q3 2023	1,439,665	$9,975	$8.24	$6.68 - $10.69
Q2 2023	1,087,081	$8,566	$7.69	$6.50 - $8.83
Q1 2023	1,098,930	$9,630	$11.15	$8.09 - $14.40
Q4 2022	1,040,581	$11,659	$12.40	$8.61 - $15.79
Q3 2022	871,654	$12,499	$18.34	$14.18 - $20.83
Q2 2022	869,945	$14,693	$19.43	$16.25 - $22.52
Q1 2022	605,367	$14,335	$22.06	$19.22 - $24.81
Q4 2021	532,694	$11,982	$22.14	$18.31 - $25.24
Q3 2021	528,717	$12,065	$22.13	$20.24 - $24.43
Q2 2021	606,564	$14,194	$21.70	$18.39 - $24.04
Q1 2021	699,496	$12,871	$18.51	$16.30 - $21.22
Q4 2020	633,141	$11,327	$15.85	$11.96 - $19.40
Q3 2020	586,659	$8,094	$14.62	$13.00 - $16.16
Q2 2020	564,723	$7,893	$12.81	$9.19 - $17.80
Q1 2020	578,604	$6,222	$18.09	$8.53 - $23.07
Q4 2019	570,531	$12,232	$18.57	$14.63 - $21.92
Q3 2019	754,640	$12,316	$16.43	$13.60 - $18.73
Q2 2019	657,151	$10,771	$19.81	$15.77 - $25.31
Q1 2019	587,359	$12,546	$18.64	$14.44 - $23.45
Q4 2018	757,443	$12,363	$17.36	$13.75 - $20.24
Q3 2018	1,142,012	$23,405	$16.37	$14.60 - $17.90
Q2 2018	1,713,436	$27,213	$12.00	$10.70 - $17.00
Q1 2018	1,531,904	$19,570	$15.09	$11.80 - $17.80
Q4 2017	1,546,256	$26,053	$15.62	$13.90 - $17.50
Q3 2017	1,425,508	$22,531	$14.30	$13.30 - $15.75
Q2 2017	1,562,378	$21,554	$13.50	$11.70 - $15.45
Q1 2017	1,353,302	$23,685	$12.66	$9.95 - $15.10
Q4 2016	1,511,667	$18,890	$9.81	$7.00 - $11.40
Q3 2016	1,602,193	$16,642	$10.90	$9.15 - $11.90
Q2 2016	2,198,885	$23,822	$11.80	$10.43 - $14.77
Q1 2016	1,808,905	$21,200	$12.31	$9.95 - $16.26
Q4 2015	1,130,037	$18,420	$15.66	$12.46 - $17.70
Q3 2015	1,257,171	$16,042	$14.21	$10.38 - $18.07
Q2 2015	1,453,902	$22,797	$14.67	$13.18 - $16.67
Q1 2015	1,708,531	$23,612	$11.36	$9.17 - $14.80
Q4 2014	2,279,169	$25,527	$9.58	$7.16 - $11.73
Q3 2014	2,169,323	$17,094	$10.95	$7.88 - $13.94
Q2 2014	2,218,688	$29,131	$11.23	$9.02 - $13.44
Q1 2014	2,115,720	$21,940	$11.35	$9.04 - $14.98
Q4 2013	848,819	$12,630	$10.57	$6.88 - $15.17
Q3 2013	1,274,814	$10,007	$7.49	$6.01 - $9.46
Q2 2013	989,694	$7,126	$5.99	$4.37 - $7.49