MICROSOFT CORP

Ticker: MSFT CUSIP: 594918104 Class: Common Stock

Narwhal Capital Management's Holding History (CIK: 0001461287)

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

Q4 2025

Shares 161,397 Value ($000) $78,055 Avg Close $500.58 Range $464.89 - $552.69

Q3 2025

Shares 156,069 Value ($000) $80,836 Avg Close $508.71 Range $486.99 - $553.50

Q2 2025

Shares 157,248 Value ($000) $78,217 Avg Close $432.38 Range $342.95 - $499.00

Q1 2025

Shares 160,705 Value ($000) $60,327 Avg Close $405.08 Range $365.28 - $445.10

Q4 2024

Shares 158,025 Value ($000) $66,608 Avg Close $422.35 Range $401.80 - $452.82

Q3 2024

Shares 158,612 Value ($000) $68,251 Avg Close $423.10 Range $381.30 - $463.16

Q2 2024

Shares 157,138 Value ($000) $70,233 Avg Close $417.26 Range $383.04 - $451.11

Q1 2024

Shares 156,544 Value ($000) $65,861 Avg Close $399.26 Range $361.12 - $425.28

Q4 2023

Shares 154,174 Value ($000) $57,975 Avg Close $350.36 Range $306.02 - $378.65

Q3 2023

Shares 153,229 Value ($000) $48,382 Avg Close $324.59 Range $304.29 - $359.90

Q2 2023

Shares 153,127 Value ($000) $52,146 Avg Close $307.21 Range $269.61 - $344.87

Q1 2023

Shares 158,095 Value ($000) $45,579 Avg Close $249.46 Range $214.23 - $283.22

Q4 2022

Shares 158,157 Value ($000) $37,929 Avg Close $234.05 Range $207.86 - $257.76

Q3 2022

Shares 159,262 Value ($000) $37,092 Avg Close $256.88 Range $226.66 - $285.90

Q2 2022

Shares 163,035 Value ($000) $41,872 Avg Close $263.43 Range $234.71 - $305.53

Q1 2022

Shares 164,564 Value ($000) $50,737 Avg Close $291.40 Range $261.79 - $327.04

Q4 2021

Shares 160,826 Value ($000) $54,089 Avg Close $313.41 Range $270.67 - $338.33

Q3 2021

Shares 163,888 Value ($000) $46,203 Avg Close $280.73 Range $259.89 - $295.39

Q2 2021

Shares 161,739 Value ($000) $43,815 Avg Close $244.73 Range $228.94 - $261.86

Q1 2021

Shares 162,161 Value ($000) $38,233 Avg Close $222.90 Range $203.36 - $236.17

Q4 2020

Shares 159,400 Value ($000) $35,454 Avg Close $206.04 Range $191.04 - $218.32

Q3 2020

Shares 155,933 Value ($000) $32,797 Avg Close $200.75 Range $187.82 - $222.85

Q2 2020

Shares 151,250 Value ($000) $30,781 Avg Close $173.06 Range $143.15 - $195.15

Q1 2020

Shares 152,134 Value ($000) $23,993 Avg Close $156.34 Range $126.17 - $181.07

Q4 2019

Shares 133,891 Value ($000) $21,115 Avg Close $139.23 Range $126.06 - $151.49

Q3 2019

Shares 132,651 Value ($000) $18,443 Avg Close $129.91 Range $123.34 - $134.72

Q2 2019

Shares 135,523 Value ($000) $18,155 Avg Close $119.52 Range $110.97 - $130.53

Q1 2019

Shares 134,690 Value ($000) $15,885 Avg Close $102.29 Range $90.94 - $113.53

Q4 2018

Shares 131,687 Value ($000) $13,375 Avg Close $100.00 Range $87.91 - $108.24

Q3 2018

Shares 123,187 Value ($000) $14,089 Avg Close $100.81 Range $90.95 - $107.41

Q2 2018

Shares 121,380 Value ($000) $11,969 Avg Close $89.76 Range $80.86 - $95.30

Q1 2018

Shares 120,885 Value ($000) $11,033 Avg Close $84.31 Range $77.10 - $89.85

Q4 2017

Shares 131,995 Value ($000) $11,291 Avg Close $75.26 Range $67.45 - $80.48

Q3 2017

Shares 129,830 Value ($000) $9,671 Avg Close $66.68 Range $61.92 - $69.52

Q2 2017

Shares 139,530 Value ($000) $9,618 Avg Close $62.32 Range $58.70 - $66.35

Q1 2017

Shares 140,295 Value ($000) $9,240 Avg Close $57.84 Range $55.73 - $59.91

Q4 2016

Shares 135,750 Value ($000) $8,436 Avg Close $53.94 Range $50.33 - $57.67

Q3 2016

Shares 135,850 Value ($000) $7,825 Avg Close $50.29 Range $44.75 - $52.45

Q2 2016

Shares 136,075 Value ($000) $6,963 Avg Close $45.98 Range $42.66 - $50.07

Q1 2016

Shares 136,850 Value ($000) $7,558 Avg Close $46.08 Range $42.20 - $49.07

Q4 2015

Shares 136,850 Value ($000) $7,592 Avg Close $45.92 Range $38.05 - $49.78

Q3 2015

Shares 139,340 Value ($000) $6,167 Avg Close $38.92 Range $34.55 - $41.83

Q2 2015

Shares 139,790 Value ($000) $6,172 Avg Close $39.29 Range $34.44 - $42.53

Q1 2015

Shares 140,260 Value ($000) $5,702 Avg Close $37.24 Range $34.29 - $40.84

Q4 2014

Shares 139,145 Value ($000) $6,463 Avg Close $39.88 Range $35.66 - $42.40

Q3 2014

Shares 139,870 Value ($000) $6,484 Avg Close $37.66 Range $34.56 - $40.29

Q2 2014

Shares 140,020 Value ($000) $5,839 Avg Close $33.96 Range $32.19 - $35.60

Q1 2014

Shares 140,881 Value ($000) $5,775 Avg Close $31.26 Range $28.73 - $34.69

Q4 2013

Shares 126,881 Value ($000) $4,747 Avg Close $30.02 Range $27.01 - $32.34

Q3 2013

Shares 126,631 Value ($000) $4,214 Avg Close $27.00 Range $25.36 - $29.79

Q2 2013

Shares 127,381 Value ($000) $4,400 Avg Close $26.70 Range $22.82 - $29.26

Period	Shares	Value ($000)	Average Close	Price Range
Q4 2025	161,397	$78,055	$500.58	$464.89 - $552.69
Q3 2025	156,069	$80,836	$508.71	$486.99 - $553.50
Q2 2025	157,248	$78,217	$432.38	$342.95 - $499.00
Q1 2025	160,705	$60,327	$405.08	$365.28 - $445.10
Q4 2024	158,025	$66,608	$422.35	$401.80 - $452.82
Q3 2024	158,612	$68,251	$423.10	$381.30 - $463.16
Q2 2024	157,138	$70,233	$417.26	$383.04 - $451.11
Q1 2024	156,544	$65,861	$399.26	$361.12 - $425.28
Q4 2023	154,174	$57,975	$350.36	$306.02 - $378.65
Q3 2023	153,229	$48,382	$324.59	$304.29 - $359.90
Q2 2023	153,127	$52,146	$307.21	$269.61 - $344.87
Q1 2023	158,095	$45,579	$249.46	$214.23 - $283.22
Q4 2022	158,157	$37,929	$234.05	$207.86 - $257.76
Q3 2022	159,262	$37,092	$256.88	$226.66 - $285.90
Q2 2022	163,035	$41,872	$263.43	$234.71 - $305.53
Q1 2022	164,564	$50,737	$291.40	$261.79 - $327.04
Q4 2021	160,826	$54,089	$313.41	$270.67 - $338.33
Q3 2021	163,888	$46,203	$280.73	$259.89 - $295.39
Q2 2021	161,739	$43,815	$244.73	$228.94 - $261.86
Q1 2021	162,161	$38,233	$222.90	$203.36 - $236.17
Q4 2020	159,400	$35,454	$206.04	$191.04 - $218.32
Q3 2020	155,933	$32,797	$200.75	$187.82 - $222.85
Q2 2020	151,250	$30,781	$173.06	$143.15 - $195.15
Q1 2020	152,134	$23,993	$156.34	$126.17 - $181.07
Q4 2019	133,891	$21,115	$139.23	$126.06 - $151.49
Q3 2019	132,651	$18,443	$129.91	$123.34 - $134.72
Q2 2019	135,523	$18,155	$119.52	$110.97 - $130.53
Q1 2019	134,690	$15,885	$102.29	$90.94 - $113.53
Q4 2018	131,687	$13,375	$100.00	$87.91 - $108.24
Q3 2018	123,187	$14,089	$100.81	$90.95 - $107.41
Q2 2018	121,380	$11,969	$89.76	$80.86 - $95.30
Q1 2018	120,885	$11,033	$84.31	$77.10 - $89.85
Q4 2017	131,995	$11,291	$75.26	$67.45 - $80.48
Q3 2017	129,830	$9,671	$66.68	$61.92 - $69.52
Q2 2017	139,530	$9,618	$62.32	$58.70 - $66.35
Q1 2017	140,295	$9,240	$57.84	$55.73 - $59.91
Q4 2016	135,750	$8,436	$53.94	$50.33 - $57.67
Q3 2016	135,850	$7,825	$50.29	$44.75 - $52.45
Q2 2016	136,075	$6,963	$45.98	$42.66 - $50.07
Q1 2016	136,850	$7,558	$46.08	$42.20 - $49.07
Q4 2015	136,850	$7,592	$45.92	$38.05 - $49.78
Q3 2015	139,340	$6,167	$38.92	$34.55 - $41.83
Q2 2015	139,790	$6,172	$39.29	$34.44 - $42.53
Q1 2015	140,260	$5,702	$37.24	$34.29 - $40.84
Q4 2014	139,145	$6,463	$39.88	$35.66 - $42.40
Q3 2014	139,870	$6,484	$37.66	$34.56 - $40.29
Q2 2014	140,020	$5,839	$33.96	$32.19 - $35.60
Q1 2014	140,881	$5,775	$31.26	$28.73 - $34.69
Q4 2013	126,881	$4,747	$30.02	$27.01 - $32.34
Q3 2013	126,631	$4,214	$27.00	$25.36 - $29.79
Q2 2013	127,381	$4,400	$26.70	$22.82 - $29.26