Zazove Associates Portfolio holdings

AUM $1.17B

This Quarter Return

-0.45%

1 Year Return

+2.19%

3 Year Return

+8.65%

5 Year Return

–

10 Year Return

–

AUM

$1.17B

AUM Growth

+$127M (+12%)

Cap. Flow

+$609K

Cap. Flow % of AUM

0.05%

Top 10 Holdings %Top 10 Hldgs %

46.33%

Holding

166

New

Increased

Reduced

Closed

Top Buys

1	SPDR Portfolio Short Term Corporate Bond ETF SPSB	$9.03M
2	LUXE LuxExperience B.V. American Depositary Shares, each representing one Ordinary Share LUXE	$985K
3	BA.PRA The Boeing Company Depositary Shares, each representing a 1/20th interest in a share of 6.00% Series A Mandatory Convertible Preferred Stock, par value $1.00 BA.PRA	$890K
4	Intuitive Machines LUNR	$726K
5	Sandstorm Gold SAND	$566K

Top Sells

1	CVR Partners UAN	$5.36M
2	TH International THCH	$3.14M
3	Kayne Anderson Energy Infrastructure Fund KYN	$1.08M
4	LUNRW Intuitive Machines, Inc. Warrants LUNRW	$927K
5	Westrock Coffee WEST	$733K

Sector Composition

1	Consumer Staples	0.67%
2	Communication Services	0.55%
3	Energy	0.45%
4	Real Estate	0.45%
5	Materials	0.27%

#	Name	Market Value	Portfolio Weight	Shares or Principal	Shares Change %	Capital Flow
1	1 SPDR Portfolio Short Term Corporate Bond ETF SPSB $8.17B	$9.03M	0.77%	+300,000	New	+$9.03M
2	2 Kayne Anderson Energy Infrastructure Fund KYN $2.07B	$7.61M	0.65%	592,945 -83,998	-12%	-$1.08M
3	3 Westrock Coffee WEST $668M	$5.57M	0.48%	771,505 -101,574	-12%	-$733K
4	BHR 4 Braemar Hotels & Resorts BHR $167M	$5.2M	0.45%	2,088,686	–	–
5	5 Vanguard Ultra-Short Bond ETF VUSB $5.35B	$4.99M	0.43%	100,000	–	–
6	6 Granite Ridge Resources GRNT $694M	$4.96M	0.42%	815,420 -98,093	-11%	-$596K
7	7 Urban One Class D UONEK $30.1M	$3.39M	0.29%	4,702,775 +543,798	+13%	+$392K
8	RUMBW 8 Rumble Inc. Warrant RUMBW $1.1B	$2.49M	0.21%	1,078,092 +7,450	+0.7%	+$17.2K
9	9 Clear Channel Outdoor Holdings CCO $591M	$2.33M	0.2%	2,094,793 +252,018	+14%	+$280K
10	STKL 10 SunOpta STKL $791M	$1.65M	0.14%	340,447 +102,498	+43%	+$498K
11	GDL 11 GDL Fund GDL $94.2M	$992K	0.08%	120,522 -80,000	-40%	-$659K
12	LUXE 12 LuxExperience B.V. American Depositary Shares, each representing one Ordinary Share LUXE $1.14B	$985K	0.08%	+130,341	New	+$985K
13	13 Gold Royalty Corp GROY $435M	$907K	0.08%	629,758 +188,758	+43%	+$272K
14	BA.PRA 14 The Boeing Company Depositary Shares, each representing a 1/20th interest in a share of 6.00% Series A Mandatory Convertible Preferred Stock, par value $1.00 BA.PRA $8.53B	$890K	0.08%	+15,000	New	+$890K
15	ODV 15 Osisko Development Corp ODV $336M	$880K	0.08%	590,294 -2,568	-0.4%	-$3.83K
16	16 TH International THCH $94.1M	$745K	0.06%	254,426 -1,072,725	-81%	-$3.14M
17	17 Intuitive Machines LUNR $1.57B	$726K	0.06%	+97,500	New	+$726K
18	CMLS 18 DELISTED Cumulus Media Inc. Class A Common Stock CMLS	$676K	0.06%	1,528,428	–	–
19	19 Urban One Class A UONE $84.5M	$665K	0.06%	461,516	–	–
20	PCTTW 20 PureCycle Technologies, Inc. Warrant PCTTW $1.03B	$604K	0.05%	396,107 +6,250	+2%	+$9.53K
21	21 Sandstorm Gold SAND $2.83B	$566K	0.05%	+75,000	New	+$566K
22	22 Capri Holdings CPRI $2.34B	$493K	0.04%	25,000	–	–
23	23 CVR Partners UAN $936M	$481K	0.04%	6,400 -71,300	-92%	-$5.36M
24	24 NET Power Inc. Redeemable warrants, each whole warrant exercisable for one share of Class A Common Stock at an exercise price of $11.50 NPWR.WS $61.6M	$434K	0.04%	1,420,990 +4,400	+0.3%	+$1.35K
25	25 Hudson Technologies HDSN $359M	$347K	0.03%	56,250	–	–