PANGAEA LOGISTICS SOLUTION L

Ticker: PANL CUSIP: G6891L105 Class: Foreign Stock

Graham Capital Management, L.P.'s Holding History (CIK: 0001315421)

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

Q4 2025

Shares 12,419 Value ($000) $85 Avg Close $6.02 Range $4.51 - $7.42

Q3 2025

Shares 13,429 Value ($000) $68 Avg Close $5.10 Range $4.39 - $5.71

Q1 2024

Shares 10,468 Value ($000) $73 Avg Close $7.41 Range $5.71 - $8.58

Period	Shares	Value ($000)	Average Close	Price Range
Q4 2025	12,419	$85	$6.02	$4.51 - $7.42
Q3 2025	13,429	$68	$5.10	$4.39 - $5.71
Q1 2024	10,468	$73	$7.41	$5.71 - $8.58