INTERNATIONAL BUSINESS MACHS

Ticker: IBM CUSIP: 459200101 Class: COM

Baldwin Investment Management, LLC's Holding History (CIK: 0001346378)

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

Q4 2025

Shares 6,709 Value ($000) $1,987 Avg Close $298.78 Range $262.11 - $324.90

Q3 2025

Shares 6,304 Value ($000) $1,779 Avg Close $259.55 Range $232.08 - $292.01

Q2 2025

Shares 5,029 Value ($000) $1,482 Avg Close $253.82 Range $210.49 - $292.56

Q1 2025

Shares 5,136 Value ($000) $1,277 Avg Close $239.40 Range $209.20 - $261.47

Q4 2024

Shares 4,836 Value ($000) $1,063 Avg Close $216.31 Range $196.83 - $233.32

Q3 2024

Shares 8,549 Value ($000) $1,890 Avg Close $188.97 Range $166.24 - $216.80

Q2 2024

Shares 8,549 Value ($000) $1,479 Avg Close $165.85 Range $154.39 - $183.50

Q1 2024

Shares 8,349 Value ($000) $1,594 Avg Close $172.56 Range $148.54 - $189.10

Q4 2023

Shares 8,405 Value ($000) $1,375 Avg Close $141.50 Range $126.39 - $156.49

Q3 2023

Shares 8,505 Value ($000) $1,193 Avg Close $131.75 Range $120.98 - $141.33

Q2 2023

Shares 8,505 Value ($000) $1,138 Avg Close $118.05 Range $110.47 - $128.27

Q1 2023

Shares 8,005 Value ($000) $1,049 Avg Close $120.73 Range $110.43 - $131.92

Q4 2022

Shares 8,842 Value ($000) $1,246 Avg Close $123.05 Range $102.35 - $137.32

Q3 2022

Shares 9,142 Value ($000) $1,086 Avg Close $115.64 Range $105.06 - $124.09

Q2 2022

Shares 9,153 Value ($000) $1,292 Avg Close $117.50 Range $107.95 - $126.60

Q1 2022

Shares 9,142 Value ($000) $1,189 Avg Close $112.10 Range $102.68 - $121.43

Q4 2021

Shares 9,542 Value ($000) $1,275 Avg Close $106.49 Range $97.83 - $117.62

Q3 2021

Shares 8,802 Value ($000) $1,223 Avg Close $112.12 Range $106.97 - $117.48

Q2 2021

Shares 9,402 Value ($000) $1,378 Avg Close $113.44 Range $102.70 - $121.73

Q1 2021

Shares 8,342 Value ($000) $1,112 Avg Close $98.07 Range $91.22 - $107.97

Q4 2020

Shares 8,829 Value ($000) $1,111 Avg Close $93.41 Range $81.15 - $103.82

Q3 2020

Shares 4,329 Value ($000) $527 Avg Close $93.86 Range $87.12 - $99.96

Q2 2020

Shares 2,829 Value ($000) $342 Avg Close $91.40 Range $78.00 - $102.76

Q3 2019

Shares 1,569 Value ($000) $228 Avg Close $102.47 Range $94.04 - $110.34

Q2 2019

Shares 1,569 Value ($000) $216 Avg Close $98.62 Range $91.51 - $103.66

Q1 2019

Shares 1,969 Value ($000) $278 Avg Close $94.64 Range $78.71 - $101.33

Q4 2018

Shares 1,969 Value ($000) $224 Avg Close $87.95 Range $74.66 - $107.42

Q3 2018

Shares 1,969 Value ($000) $298 Avg Close $101.25 Range $95.14 - $106.71

Q2 2018

Shares 2,469 Value ($000) $345 Avg Close $99.95 Range $94.63 - $110.30

Q1 2018

Shares 2,064 Value ($000) $317 Avg Close $107.30 Range $98.32 - $115.38

Q4 2017

Shares 2,064 Value ($000) $317 Avg Close $102.11 Range $96.94 - $108.49

Q3 2017

Shares 2,064 Value ($000) $299 Avg Close $96.87 Range $92.88 - $103.07

Q2 2017

Shares 2,064 Value ($000) $318 Avg Close $103.77 Range $98.95 - $115.36

Q1 2017

Shares 2,109 Value ($000) $367 Avg Close $114.39 Range $107.32 - $119.58

Q4 2016

Shares 2,109 Value ($000) $350 Avg Close $103.05 Range $95.06 - $110.31

Q3 2016

Shares 2,109 Value ($000) $335 Avg Close $101.76 Range $95.61 - $106.13

Q2 2016

Shares 2,334 Value ($000) $354 Avg Close $95.13 Range $90.08 - $99.15

Q1 2016

Shares 2,434 Value ($000) $369 Avg Close $84.07 Range $73.78 - $96.70

Q4 2015

Shares 5,360 Value ($000) $738 Avg Close $87.52 Range $82.31 - $94.87

Q3 2015

Shares 4,425 Value ($000) $641 Avg Close $95.35 Range $87.10 - $106.76

Q2 2015

Shares 4,575 Value ($000) $744 Avg Close $102.99 Range $96.57 - $107.49

Q1 2015

Shares 4,575 Value ($000) $734 Avg Close $96.47 Range $90.53 - $100.82

Q4 2014

Shares 4,597 Value ($000) $738 Avg Close $100.47 Range $91.12 - $114.79

Q3 2014

Shares 4,947 Value ($000) $939 Avg Close $114.33 Range $108.62 - $117.41

Q2 2014

Shares 5,069 Value ($000) $919 Avg Close $112.28 Range $107.17 - $118.40

Q1 2014

Shares 5,069 Value ($000) $976 Avg Close $109.22 Range $101.79 - $116.27

Q4 2013

Shares 5,069 Value ($000) $951 Avg Close $106.40 Range $101.46 - $111.01

Q3 2013

Shares 5,244 Value ($000) $971 Avg Close $111.55 Range $106.48 - $117.56

Q2 2013

Shares 5,019 Value ($000) $959 Avg Close $118.94 Range $109.29 - $125.13

Period	Shares	Value ($000)	Average Close	Price Range
Q4 2025	6,709	$1,987	$298.78	$262.11 - $324.90
Q3 2025	6,304	$1,779	$259.55	$232.08 - $292.01
Q2 2025	5,029	$1,482	$253.82	$210.49 - $292.56
Q1 2025	5,136	$1,277	$239.40	$209.20 - $261.47
Q4 2024	4,836	$1,063	$216.31	$196.83 - $233.32
Q3 2024	8,549	$1,890	$188.97	$166.24 - $216.80
Q2 2024	8,549	$1,479	$165.85	$154.39 - $183.50
Q1 2024	8,349	$1,594	$172.56	$148.54 - $189.10
Q4 2023	8,405	$1,375	$141.50	$126.39 - $156.49
Q3 2023	8,505	$1,193	$131.75	$120.98 - $141.33
Q2 2023	8,505	$1,138	$118.05	$110.47 - $128.27
Q1 2023	8,005	$1,049	$120.73	$110.43 - $131.92
Q4 2022	8,842	$1,246	$123.05	$102.35 - $137.32
Q3 2022	9,142	$1,086	$115.64	$105.06 - $124.09
Q2 2022	9,153	$1,292	$117.50	$107.95 - $126.60
Q1 2022	9,142	$1,189	$112.10	$102.68 - $121.43
Q4 2021	9,542	$1,275	$106.49	$97.83 - $117.62
Q3 2021	8,802	$1,223	$112.12	$106.97 - $117.48
Q2 2021	9,402	$1,378	$113.44	$102.70 - $121.73
Q1 2021	8,342	$1,112	$98.07	$91.22 - $107.97
Q4 2020	8,829	$1,111	$93.41	$81.15 - $103.82
Q3 2020	4,329	$527	$93.86	$87.12 - $99.96
Q2 2020	2,829	$342	$91.40	$78.00 - $102.76
Q3 2019	1,569	$228	$102.47	$94.04 - $110.34
Q2 2019	1,569	$216	$98.62	$91.51 - $103.66
Q1 2019	1,969	$278	$94.64	$78.71 - $101.33
Q4 2018	1,969	$224	$87.95	$74.66 - $107.42
Q3 2018	1,969	$298	$101.25	$95.14 - $106.71
Q2 2018	2,469	$345	$99.95	$94.63 - $110.30
Q1 2018	2,064	$317	$107.30	$98.32 - $115.38
Q4 2017	2,064	$317	$102.11	$96.94 - $108.49
Q3 2017	2,064	$299	$96.87	$92.88 - $103.07
Q2 2017	2,064	$318	$103.77	$98.95 - $115.36
Q1 2017	2,109	$367	$114.39	$107.32 - $119.58
Q4 2016	2,109	$350	$103.05	$95.06 - $110.31
Q3 2016	2,109	$335	$101.76	$95.61 - $106.13
Q2 2016	2,334	$354	$95.13	$90.08 - $99.15
Q1 2016	2,434	$369	$84.07	$73.78 - $96.70
Q4 2015	5,360	$738	$87.52	$82.31 - $94.87
Q3 2015	4,425	$641	$95.35	$87.10 - $106.76
Q2 2015	4,575	$744	$102.99	$96.57 - $107.49
Q1 2015	4,575	$734	$96.47	$90.53 - $100.82
Q4 2014	4,597	$738	$100.47	$91.12 - $114.79
Q3 2014	4,947	$939	$114.33	$108.62 - $117.41
Q2 2014	5,069	$919	$112.28	$107.17 - $118.40
Q1 2014	5,069	$976	$109.22	$101.79 - $116.27
Q4 2013	5,069	$951	$106.40	$101.46 - $111.01
Q3 2013	5,244	$971	$111.55	$106.48 - $117.56
Q2 2013	5,019	$959	$118.94	$109.29 - $125.13