NORWOOD FINANCIAL CORP

Ticker: NWFL CUSIP: 669549107 Class: Common Stock

EMERALD MUTUAL FUND ADVISERS TRUST's Holding History (CIK: 0001352895)

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

Q4 2025

Shares 25,000 Value ($000) $701 Avg Close $27.27 Range $23.82 - $30.59

Q3 2025

Shares 44,200 Value ($000) $1,124 Avg Close $25.52 Range $23.70 - $27.66

Q2 2025

Shares 47,500 Value ($000) $1,225 Avg Close $25.04 Range $21.25 - $27.42

Q1 2025

Shares 47,500 Value ($000) $1,148 Avg Close $25.63 Range $23.55 - $27.66

Q4 2024

Shares 47,500 Value ($000) $1,292 Avg Close $29.13 Range $24.74 - $34.50

Period	Shares	Value ($000)	Average Close	Price Range
Q4 2025	25,000	$701	$27.27	$23.82 - $30.59
Q3 2025	44,200	$1,124	$25.52	$23.70 - $27.66
Q2 2025	47,500	$1,225	$25.04	$21.25 - $27.42
Q1 2025	47,500	$1,148	$25.63	$23.55 - $27.66
Q4 2024	47,500	$1,292	$29.13	$24.74 - $34.50