Annual & Interim Notes

Annual Note

Open

3rd Quarter Note

Open

Historical Book Value per Share

Period End BVPS Change1
2026
1st Quarter
2025 $22.08 27.5
3rd Quarter 21.50 6.1
2nd Quarter 20.27 9.0
1st Quarter 18.60 7.4
2024 $17.32 31.7
3rd Quarter 17.51 3.5
2nd Quarter 16.92 0.5
1st Quarter 16.83 28.0
2023 $13.15 49.4
3rd Quarter 12.10 2.3
2nd Quarter 12.39 39.2
1st Quarter 8.90 1.1
2022 $8.80

Archived Memos & Scribbles

A Ladder Without a Top Rung

Archived

The "Art" of Investing

Archived
Quarterly Oak Tree Status
Wind Speed:
Updating...
Wind Detail The current +2.7% change is relative to the 4th Quarter 2025 BVPS.