The TCD Opportunity Fund produced a net return of 0.7% in the first quarter of 2025. This compares to the S&P 500, Bloomberg Barclays Aggregate, and HFRI Hedge Fund Composite first-quarter returns of -4.3%, 2.8%, and -0.4%, respectively. Since inception (12/31/13), our cumulative return is 483.7% versus 272.8%, 24.5%, and 71.2% for the S&P 500, Bloomberg Barclays Aggregate, and HFRI Hedge Fund Composite Indices, respectively.