Dear Partners, Fairlight Alpha Fund’s returns in the first quarter 2026 were 4.6% net of fees. This compares to a return of -4.4% for the S&P 500 Total Return index. Overall, since inception the fund has returned 950.7% net of fees and 39.3% on an annualized basis. These results are presented for informational purposes only and do not represent a solicitation or offer. Performance vs. the S&P 500 We track the net asset value of Fairlight Alpha Fund ((the “Fund”)) over time as calculated by our fund administrator based on our portfolio positions and prices over time on a dollar basis. The fund financials are also audited each year by an independent auditor with the assistance of the Fairlight management company and the fund administrator. The tables below show the S&P 500 total return and partnership net returns, after fees, for each year 2019-2026 (YTD), followed by the compounded returns and annualized gains over the same period.…