Dark Forest Capital Management’s First Merchants FRME Stock Holding History

Bought

Maintained

Sold

Quarter	Market Value	Status	Shares	Change in Stake	Trade Value	Portfolio Weight	Portfolio Position
2026 Q1	$3.4M	Sell	87,816 -7,060	-7%	-$276K	0.3%	70
2025 Q4	$3.56M	Buy	94,876 +20,705	+28%	+$767K	0.16%	180
2025 Q3	$2.8M	Sell	74,171 -38,869	-34%	-$1.55M	0.11%	329
2025 Q2	$4.33M	Sell	113,040 -27,398	-20%	-$1.01M	0.17%	144
2025 Q1	$5.68M	Buy	140,438 +104,002	+285%	+$4.33M	0.26%	46
2024 Q4	$1.45M	Buy	+36,436	New	+$1.47M	0.21%	84
2024 Q3	–	Sell	-17,414	Closed	-$580K	–	1029
2024 Q2	$580K	Buy	17,414 +260	+2%	+$8.69K	0.11%	227
2024 Q1	$599K	Buy	17,154 +6,112	+55%	+$210K	0.1%	222
2023 Q4	$409K	Buy	+11,042	New	+$342K	0.06%	275
2023 Q3	–	Sell	-10,106	Closed	-$285K	–	1156
2023 Q2	$285K	Buy	10,106 +9,033	+842%	+$256K	0.03%	823
2023 Q1	$35.4K	Buy	1,073 +158	+17%	+$6.26K	0.01%	898
2022 Q4	$37.6K	Sell	915 -435	-32%	-$18.4K	0.01%	442
2022 Q3	$52K	Sell	1,350 -534	-28%	-$21.2K	0.01%	515
2022 Q2	$67K	Sell	1,884 -722	-28%	-$28.4K	0.02%	396
2022 Q1	$108K	Buy	+2,606	New	+$113K	0.03%	484