325 CAPITAL LLC

Key Holdings

The portfolio is dominated by a few large, specific positions, indicating a high-risk, high-conviction approach.

• APEI (American Public Education Inc): This is the cornerstone position, accounting for 47.34% of the total portfolio value ($60.33 million). A stake of this magnitude implies that the firm has strong confidence in the consumer defensive sector or specifically in the turnaround or growth prospects of APEI.
• ASTRANA HEALTH INC: The second-largest holding represents 26.56% of the portfolio ($33.85 million). This position was aggressively increased during the quarter, signaling that the firm views this as a primary growth opportunity, likely in the healthcare or managed care space.
• AIOT (Powerfleet Inc): Representing 14.99% ($19.11 million), this technology holding provides exposure to the Internet of Things (IoT) and fleet management sectors.
• MGNI (Magnite Inc): The smallest of the four holdings at 11.11% ($14.16 million), Magnite is a new addition that gives the firm exposure to the connected TV (CTV) and advertising technology sectors.