Summary

• Arcellx Inc. agreed to be acquired by Gilead Sciences for $115.00 per share in cash plus a $5 per share contingent value right, valuing the transaction at approximately $8 billion.
• Masimo Corp. agreed to be acquired by Danaher Corporation for $180.00 per share in cash, valuing the transaction at approximately $9 billion.
• Tri Pointe Homes Inc. agreed to be acquired by Sumitomo Forestry for $47.00 per share in cash, valuing the transaction at approximately $4 billion.
• Terns Pharmaceuticals Inc. agreed to be acquired by Merck for $53.00 per share in cash, valuing the transaction at approximately $6 billion.
• The Comstock Capital Value Fund Class I reported a quarterly return of 1.31%, compared to a loss of 4.33% for the S&P 500 Index.

Portfolio Observations

The following positions were our largest additions to the portfolio during the quarter:

Arcellx Inc. (ACLX) (3.9% of net assets as of March 31, 2026) is a clinical-stage biotechnology company focused on developing innovative immunotherapies for