Zazove Associates Portfolio holdings

AUM $1.17B

AUM

$1.17B

AUM Growth

+$127M (+12%)

Cap. Flow

+$2.25M

Cap. Flow % of AUM

0.19%

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	Westrock Coffee WEST	$733K
5	GDL GDL Fund GDL	$659K

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
26	26 Opko Health OPK $1.09B	$345K	0.03%	207,600 +202,700	+4,137%	+$336K
27	27 The Beauty Health Co SKIN $202M	$315K	0.03%	234,730 -107,674	-31%	-$144K
28	28 BRC Inc BRCC $129M	$264K	0.02%	126,200 +26,200	+26%	+$54.8K
29	29 Helix Energy Solutions HLX $988M	$253K	0.02%	30,400	–	–
30	30 RLJ Lodging Trust $1.95 Series A Cumulative Convertible Preferred Shares RLJ.PRA $319M	$226K	0.02%	9,266	–	–
31	31 Archer Aviation Redeemable Warrants ACHR.WS $1.35B	$179K	0.02%	100,000	–	–
32	32 Landsea Homes Corporation Warrant LSEAW $6.39M	$144K	0.01%	2,392,316	–	–
33	33 PSQ Holdings, Inc. Warrants, each exercisable for one share of Class A common stock at an exercise price of $11.50 per share PSQH.WS $11.9M	$106K	0.01%	448,492	–	–
34	34 Energy Transfer Partners ET $60.6B	$93K	0.01%	5,000	–	–
35	35 Hertz HTZ $1.85B	$88.7K	0.01%	22,500 -27,500	-55%	-$108K
36	36 El Paso Energy Capital Trust I EP.PRC $217M	$64.6K	0.01%	1,321	–	–
37	GCTS.WS 37 GCT Semiconductor Holding, Inc. Warrants, each whole warrant exercisable for one share of Common Stock at an exercise price of $11.50 GCTS.WS $2.91M	$41.8K	0%	668,646	–	–
38	38 ARKO Corp Warrant ARKOW $2.32M	$36.4K	0%	727,117	New	+$36.4K
39	39 Lanvin Group Holdings Limited Redeemable Warrants, each whole warrant exercisable for one Ordinary Share at an exercise price of $11.50 LANV.WS $2.03M	$32.3K	0%	1,334,846	–	–
40	NNAVW 40 NextNav Inc. Warrant NNAVW	$24.6K	0%	5,500	New	+$24.6K
41	TE.WS 41 T1 Energy Inc. Warrants, each whole warrant exercisable to purchase one Common Stock at an exercise price of $11.50 per share TE.WS $16.1M	$22.9K	0%	186,863 -159,548	-46%	-$19.5K
42	PEO 42 Adams Natural Resources Fund PEO $536M	$20.2K	0%	886 -1,015	-53%	-$23.2K
43	43 Roadzen, Inc. Warrants RDZNW $4.32M	$8.21K	0%	150,602	–	–
44	44 Japer Therapeutics, Inc. Warrants JSPRW $1.65M	$7.74K	0%	65,456	–	–
45	AIRJW 45 AirJoule Technologies Corporation Warrant AIRJW $31M	$5.27K	0%	9,100	–	–
46	SPWRW 46 Complete Solaria, Inc. Warrants SPWRW $17.1M	$5.03K	0%	25,171	–	–
47	47 Algoma Steel Group Warrant ASTLW $46.2M	$3.66K	0%	10,000	New	+$3.66K
48	48 NWTN Inc. Warrant NWTNW $14.8M	$1.91K	0%	64,571	–	–
49	49 AllianceBernstein AB $4.38B	$0	0%	0	–	–
50	50 AST SpaceMobile ASTS $7.37B	$0	0%	0 -20,200	Closed	–