P.A.W. CAPITAL CORP

Key Holdings and Their Significance

• ALLOT LTD — $7.93M (22.58%): The single largest position by a wide margin; movements in ALLOT will meaningfully impact overall performance given its >22% weight.
• INDIE SEMICONDUCTOR INC (INDI) — $4.07M (11.58%): Second-largest position; also a meaningful driver of portfolio return and volatility.
• COMMERCE.COM INC (CMRC) — $2.99M (8.52%): Position was doubled this quarter (+100%), an increment of $1.49M, making it the third-largest holding.
• GENIUS SPORTS LIMITED — $2.97M (8.46%) and BACKBLAZE CL A — $2.69M (7.66%): Each represents mid-sized concentrated bets; together these and the top 3 make up ~58.8% of the portfolio.
• Remaining top-15 holdings (SIMILARWEB, MAGNITE, DIGITAL TURBINE, ON24, ASURE, etc.) are each between ~2.06% and ~6.35% of the portfolio, reinforcing a strategy of multiple concentrated small/medium-sized stakes rather than broad diversification.

Because the top 10 holdings constitute ~87% of assets, portfolio-level returns will be heavily driven by a limited set of names and sectors.