Fort Baker Capital Management LP

Key Holdings and Their Significance

CyberArk Software Ltd is the largest single holding at $50.13M (8.60% of the portfolio). Other large, newly established positions include TEGNA ($45.32M, 7.78%) and Frontier Communications preferred or similar class (FYBR, $37.11M, 6.37%). Several of the largest positions are non‑traditional, event or transaction‑oriented securities (many labeled as “Acquisition” or “Capital” corporations), and several are smaller cap or restructuring/turnaround names (Core Scientific $17.39M, Redfin $16.84M, MeridianLink $13.38M). The top 10 mix suggests the manager is placing concentrated bets across a combination of:

• Software/security (CyberArk),
• Media/communication/rescue value plays (TEGNA, Frontier, Redfin),
• SPACs/special purpose vehicles and capital markets vehicles (multiple “Acquisition/Capital” entities),
• Distressed/volatile sectors (Core Scientific in crypto mining).