MASTERCARD INCORPORATED

Ticker: MA CUSIP: 57636Q104 Class: Common Stock

CONFLUENCE INVESTMENT MANAGEMENT LLC's Holding History (CIK: 0001442056)

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

Q4 2025

Shares 155,399 Value ($000) $88,714 Avg Close $558.95 Range $524.70 - $585.31

Q3 2025

Shares 161,975 Value ($000) $92,133 Avg Close $573.47 Range $545.13 - $600.98

Q2 2025

Shares 166,645 Value ($000) $93,644 Avg Close $551.47 Range $463.61 - $593.12

Q1 2025

Shares 172,754 Value ($000) $94,690 Avg Close $542.01 Range $497.80 - $579.76

Q4 2024

Shares 179,049 Value ($000) $94,282 Avg Close $514.68 Range $486.24 - $534.63

Q3 2024

Shares 184,852 Value ($000) $91,280 Avg Close $461.72 Range $425.84 - $498.27

Q2 2024

Shares 187,839 Value ($000) $82,867 Avg Close $451.62 Range $433.19 - $478.53

Q1 2024

Shares 191,308 Value ($000) $92,128 Avg Close $452.59 Range $412.22 - $485.16

Q4 2023

Shares 195,932 Value ($000) $83,567 Avg Close $397.11 Range $355.66 - $423.46

Q3 2023

Shares 201,392 Value ($000) $79,733 Avg Close $396.22 Range $381.45 - $413.22

Q2 2023

Shares 208,006 Value ($000) $81,809 Avg Close $369.85 Range $350.88 - $389.52

Q1 2023

Shares 212,363 Value ($000) $77,175 Avg Close $357.45 Range $334.82 - $383.83

Q4 2022

Shares 217,719 Value ($000) $76 Avg Close $323.40 Range $272.05 - $362.83

Q3 2022

Shares 184,932 Value ($000) $52,584 Avg Close $325.17 Range $276.34 - $355.07

Q2 2022

Shares 185,150 Value ($000) $58,411 Avg Close $337.29 Range $297.42 - $374.14

Q1 2022

Shares 184,738 Value ($000) $66,022 Avg Close $351.61 Range $298.93 - $391.17

Q4 2021

Shares 182,892 Value ($000) $65,717 Avg Close $337.80 Range $298.92 - $362.54

Q3 2021

Shares 197,169 Value ($000) $68,552 Avg Close $354.74 Range $327.44 - $385.64

Q2 2021

Shares 213,206 Value ($000) $77,839 Avg Close $362.28 Range $345.76 - $391.25

Q1 2021

Shares 212,506 Value ($000) $75,663 Avg Close $339.57 Range $304.04 - $379.11

Q4 2020

Shares 210,433 Value ($000) $75,112 Avg Close $323.35 Range $273.35 - $349.38

Q3 2020

Shares 214,768 Value ($000) $72,628 Avg Close $315.67 Range $280.27 - $356.58

Q2 2020

Shares 217,560 Value ($000) $64,333 Avg Close $273.34 Range $219.87 - $306.47

Q1 2020

Shares 218,211 Value ($000) $52,711 Avg Close $287.82 Range $193.62 - $336.19

Q4 2019

Shares 259,468 Value ($000) $68,637 Avg Close $272.58 Range $249.95 - $291.54

Q3 2019

Shares 217,406 Value ($000) $59,041 Avg Close $266.10 Range $245.19 - $283.62

Q2 2019

Shares 259,468 Value ($000) $68,637 Avg Close $241.35 Range $224.85 - $260.28

Q1 2019

Shares 271,079 Value ($000) $63,826 Avg Close $207.20 Range $174.02 - $228.35

Q4 2018

Shares 274,706 Value ($000) $51,823 Avg Close $190.92 Range $165.28 - $216.43

Q3 2018

Shares 274,256 Value ($000) $61,052 Avg Close $200.34 Range $186.80 - $215.48

Q2 2018

Shares 305,406 Value ($000) $60,018 Avg Close $180.31 Range $160.86 - $195.68

Q1 2018

Shares 344,668 Value ($000) $60,372 Avg Close $163.70 Range $144.52 - $175.98

Q4 2017

Shares 376,357 Value ($000) $56,965 Avg Close $142.19 Range $134.47 - $147.90

Q3 2017

Shares 387,893 Value ($000) $54,770 Avg Close $126.35 Range $115.06 - $137.11

Q2 2017

Shares 388,622 Value ($000) $47,198 Avg Close $113.06 Range $105.80 - $120.27

Q1 2017

Shares 404,500 Value ($000) $45,494 Avg Close $104.26 Range $98.83 - $107.97

Q4 2016

Shares 404,457 Value ($000) $41,760 Avg Close $98.27 Range $94.46 - $103.40

Q3 2016

Shares 422,974 Value ($000) $43,046 Avg Close $90.84 Range $82.10 - $96.94

Q2 2016

Shares 388,566 Value ($000) $34,217 Avg Close $90.26 Range $82.81 - $94.54

Q1 2016

Shares 366,865 Value ($000) $34,669 Avg Close $83.42 Range $74.09 - $90.24

Q4 2015

Shares 342,407 Value ($000) $33,337 Avg Close $92.19 Range $83.59 - $95.82

Q3 2015

Shares 339,513 Value ($000) $30,597 Avg Close $88.30 Range $70.14 - $93.23

Q2 2015

Shares 226,739 Value ($000) $21,196 Avg Close $86.11 Range $79.97 - $90.38

Q1 2015

Shares 228,545 Value ($000) $19,744 Avg Close $81.25 Range $74.77 - $87.12

Q4 2014

Shares 224,716 Value ($000) $19,362 Avg Close $76.31 Range $65.11 - $84.02

Q3 2014

Shares 186,729 Value ($000) $13,803 Avg Close $71.09 Range $68.75 - $73.96

Q2 2014

Shares 188,855 Value ($000) $13,875 Avg Close $69.24 Range $64.02 - $72.61

Q1 2014

Shares 136,232 Value ($000) $10,177 Avg Close $72.72 Range $66.78 - $78.88

Q4 2013

Shares 13,214 Value ($000) $11,040 Avg Close $69.03 Range $60.18 - $78.03

Q3 2013

Shares 14,482 Value ($000) $9,743 Avg Close $58.30 Range $52.66 - $64.55

Q2 2013

Shares 13,517 Value ($000) $7,766 Avg Close $51.54 Range $48.11 - $54.91

Period	Shares	Value ($000)	Average Close	Price Range
Q4 2025	155,399	$88,714	$558.95	$524.70 - $585.31
Q3 2025	161,975	$92,133	$573.47	$545.13 - $600.98
Q2 2025	166,645	$93,644	$551.47	$463.61 - $593.12
Q1 2025	172,754	$94,690	$542.01	$497.80 - $579.76
Q4 2024	179,049	$94,282	$514.68	$486.24 - $534.63
Q3 2024	184,852	$91,280	$461.72	$425.84 - $498.27
Q2 2024	187,839	$82,867	$451.62	$433.19 - $478.53
Q1 2024	191,308	$92,128	$452.59	$412.22 - $485.16
Q4 2023	195,932	$83,567	$397.11	$355.66 - $423.46
Q3 2023	201,392	$79,733	$396.22	$381.45 - $413.22
Q2 2023	208,006	$81,809	$369.85	$350.88 - $389.52
Q1 2023	212,363	$77,175	$357.45	$334.82 - $383.83
Q4 2022	217,719	$76	$323.40	$272.05 - $362.83
Q3 2022	184,932	$52,584	$325.17	$276.34 - $355.07
Q2 2022	185,150	$58,411	$337.29	$297.42 - $374.14
Q1 2022	184,738	$66,022	$351.61	$298.93 - $391.17
Q4 2021	182,892	$65,717	$337.80	$298.92 - $362.54
Q3 2021	197,169	$68,552	$354.74	$327.44 - $385.64
Q2 2021	213,206	$77,839	$362.28	$345.76 - $391.25
Q1 2021	212,506	$75,663	$339.57	$304.04 - $379.11
Q4 2020	210,433	$75,112	$323.35	$273.35 - $349.38
Q3 2020	214,768	$72,628	$315.67	$280.27 - $356.58
Q2 2020	217,560	$64,333	$273.34	$219.87 - $306.47
Q1 2020	218,211	$52,711	$287.82	$193.62 - $336.19
Q4 2019	259,468	$68,637	$272.58	$249.95 - $291.54
Q3 2019	217,406	$59,041	$266.10	$245.19 - $283.62
Q2 2019	259,468	$68,637	$241.35	$224.85 - $260.28
Q1 2019	271,079	$63,826	$207.20	$174.02 - $228.35
Q4 2018	274,706	$51,823	$190.92	$165.28 - $216.43
Q3 2018	274,256	$61,052	$200.34	$186.80 - $215.48
Q2 2018	305,406	$60,018	$180.31	$160.86 - $195.68
Q1 2018	344,668	$60,372	$163.70	$144.52 - $175.98
Q4 2017	376,357	$56,965	$142.19	$134.47 - $147.90
Q3 2017	387,893	$54,770	$126.35	$115.06 - $137.11
Q2 2017	388,622	$47,198	$113.06	$105.80 - $120.27
Q1 2017	404,500	$45,494	$104.26	$98.83 - $107.97
Q4 2016	404,457	$41,760	$98.27	$94.46 - $103.40
Q3 2016	422,974	$43,046	$90.84	$82.10 - $96.94
Q2 2016	388,566	$34,217	$90.26	$82.81 - $94.54
Q1 2016	366,865	$34,669	$83.42	$74.09 - $90.24
Q4 2015	342,407	$33,337	$92.19	$83.59 - $95.82
Q3 2015	339,513	$30,597	$88.30	$70.14 - $93.23
Q2 2015	226,739	$21,196	$86.11	$79.97 - $90.38
Q1 2015	228,545	$19,744	$81.25	$74.77 - $87.12
Q4 2014	224,716	$19,362	$76.31	$65.11 - $84.02
Q3 2014	186,729	$13,803	$71.09	$68.75 - $73.96
Q2 2014	188,855	$13,875	$69.24	$64.02 - $72.61
Q1 2014	136,232	$10,177	$72.72	$66.78 - $78.88
Q4 2013	13,214	$11,040	$69.03	$60.18 - $78.03
Q3 2013	14,482	$9,743	$58.30	$52.66 - $64.55
Q2 2013	13,517	$7,766	$51.54	$48.11 - $54.91