CRAWFORD UNITED Corp

• Alluvial Capital Management Letter to Limited Partners Fourth Quarter 2025 ↗ Zegona Communications monetized fiber assets, cut debt and repurchased shares following its Vodafone Spain acquisition, while Alluvial retained the position despite its rerating. The fund added Sylvamo, Itafos and McDermott International, citing temporary paper-market pressure, structurally tight phosphate supply and McDermott’s operational recovery. Crawford United agreed to sell to SPX Technologies, a deal Alluvial views as undervaluing parts of the business. Fourth Quarter 2025 ZEG $5BCRAWA delistedGTX $5B +5

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