SHOPIFY INC

Ticker: SHOP CUSIP: 82509L107 Class: CL A

Davidson Kahn Capital Management, LLC's Holding History (CIK: 0002055535)

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

Q4 2025

Shares 2,072 Value ($000) $334 Avg Close $160.56 Range $136.18 - $182.19

Q3 2025

Shares 2,060 Value ($000) $306 Avg Close $135.57 Range $111.33 - $159.01

Q2 2025

Shares 2,100 Value ($000) $242 Avg Close $100.02 Range $69.84 - $117.36

Q1 2025

Shares 2,100 Value ($000) $201 Avg Close $108.97 Range $89.10 - $129.38

Q4 2024

Shares 2,100 Value ($000) $223 Avg Close $97.26 Range $77.12 - $120.72

Period	Shares	Value ($000)	Average Close	Price Range
Q4 2025	2,072	$334	$160.56	$136.18 - $182.19
Q3 2025	2,060	$306	$135.57	$111.33 - $159.01
Q2 2025	2,100	$242	$100.02	$69.84 - $117.36
Q1 2025	2,100	$201	$108.97	$89.10 - $129.38
Q4 2024	2,100	$223	$97.26	$77.12 - $120.72