Summary

• Fourth quarter 2025 earnings reports from Alluvial Fund's portfolio holdings were very solid, with the exception of FitLife Brands.
• FitLife Brands' cash contribution from legacy products was down 18% year-over-year after changes to the Amazon product search algorithm directed fewer potential buyers to the company's legacy products.
• The FitLife Brands August 2025 acquisition of Irwin Naturals is performing quite well.
• Even assuming a further 15% decrease in legacy brands cash contribution, FitLife Brands is at about 8.5x 2026 cash earnings.
• If CEO Dayton Judd can right the ship, shares can rebound as the company adjusts its marketing approach and introduces new products for in-store placement.

The following segment was excerpted from the Alluvial Fund Q1 2026 Letter To Partners.

Fourth quarter 2025 earnings reports from our portfolio holdings were very solid, with one notable exception. FitLife Brands (FTLF) reported

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