January 2025

Long Point appreciated 34.2% in 2024, registering its 5th best year in our 33-year history. Copies of your statements and our manager’s letters received to date have been posted to your Mad River portal.

Over the past 2 and 5-year periods we have had annual returns of 27.2% and 14.6%, respectively. Over the last 33 years we have averaged an annual return of 9.8%, a rate that doubled invested capital roughly every 7.3 years. A $1 million investment with us at inception would now be worth $21.5 million thanks to the exponential power of compounding.

Long Point’s performance in 2024 was fueled by outsized gains posted by our positions in Bitcoin and FRMO and a knock-out year by Sosin Partners. Solid gains were also posted by Senvest Partners, Tyro Capital Fund, MAK Capital, and ADW Capital (who we parted ways with at year-end). Our lowest performing manager in 2024 was Pershing Square with a 2% gain, but we note that over the past 5 years this fund has averaged an annual return of 20%. Early indications suggest that most of this year’s gains were comprised of unrealized gains, avoiding the long reach of the tax man for another day.

At year-end we added more capital to Tyro, and our newest manager - Stone House Partners (we will forward a profile shortly under separate cover). In the 1st quarter of 2025, we will be adding more capital to Ravenswood Investment and Tyro as we build positions in these newer managers. We always welcome your questions and dialog on any of our managers.

Where do we go from here?

We will go where we have always gone for the past 3 decades. We allocate our capital among the best managers we can find who we believe have:

• understandable and sustainable strategies;

• demonstrate good long-term performance records; 

• reputations for high integrity; and  

• invest their capital alongside ours with conviction.

Since 1992 our goal has been to generate returns that equal or exceed the average long‐term return on equity of publicly traded companies. Over 33 years we have averaged an annual return of 9.8% and grown a $1 million investment to over $21 million. We expect to continue on this path for the foreseeable future.

Our managers invest alongside us for the long-term using their brains and experience to ferret out opportunities to compound our capital. We don’t expect to be your best or worst investment, but one that diversifies your capital among motivated and talented mangers and can double your capital every 7 or 8 years. Our business and capital depend on our results.

Housekeeping

Estimated 2024 tax information was sent to you and your tax advisor in late December. We will update this estimate in early April if material changes are reported. We expect to have K-1s in early August. Our 2024 audit is underway and expected to be delivered by mid-June.

We are honored to work with you and always welcome your calls and questions. Thanks for allowing us the time and opportunity to succeed. If you have an associate that could benefit from our program, we would welcome an introduction.

Sincerely,

MAD RIVER INVESTORS, General Partner

Rick Silver Josh Stewart

Disclosure on Historical Performance: Performance measures the investment allocations made by LPI’s General Partner (“GP”) since inception in 1992. For 1992-2008, returns are based on the time-weighted return of Partner invested in LPI’s main class. Following LPI’s 2009 restructuring into a Series fund, returns are based on a time-weighted composite of Partners maintaining the GP’s recommended allocations. Returns from 2012 - 2019 are based on the time-weighted return of a Partner invested in the Managed Series. Returns starting in 2020 represent a typical full fee-paying client in the Managed Series. The GP believes that the combined performance for these 4 periods accurately portrays a continuous performance measurement of the investment allocations it has made from 1992 to the present. Returns are derived from values received from underlying funds, market prices of individual securities, and estimates/adjustments deemed reasonable by the GP. Returns are subject to revision and may vary significantly from estimates. While we attempt to value investments monthly, due to the timing of receipt or the availability of monthly manager returns, values used may be the last manager reported value from a prior month. Returns are an adjusted net return after underlying managers' fees and expenses and the estimated fees and expenses of the Managed Series, and include the impact of uninvested cash, the reinvestment of income and, if any, "new issue" gains or losses. Returns experienced by individual partners should be similar to the above returns, but vary due to individual partner terms, “new issue” eligibility, the date of initial investment, timing of additional investments or withdrawals and other factors.

LPI’s returns through 2023 are based on audited returns provided by the underlying funds and LPI’s audited returns. LPI’s returns for 2024 are estimated based on unaudited preliminary return information provided by the underlying funds. 2024 returns are subject to revision pending completion of the underlying funds’ and LPI’s audits and may vary from the returns presented above due to final audit adjustments.

Disclosure on Benchmark Comparison: The S&P Composite is widely regarded as a gauge of the U.S. equity market. Nonetheless, the use of the S&P Composite as a comparison may not be appropriate for a variety of reasons including, but not limited to, LPI investments being more concentrated; volatile; holds cash, fixed income, illiquid and distressed securities, options, futures, or commodities; shorts securities; lack of correlation with the capitalization of the companies comprising the S&P 500; and other factors.

General Investing Disclosure: This material is for informational purposes only and should not be relied upon by the recipient as an investment recommendation. LPI is an unregistered limited partnership not subject to the same regulatory requirements as registered investment funds. An investment in LPI is only suitable for investors who meet certain eligibility requirements, have no need for immediate liquidity, and can bear the risk of an investment in LPI for an extended period. An investment in LPI is speculative; involves a high degree of risk; may be volatile; and has limited liquidity and in some circumstances may have special liquidity restrictions. LPI and its underlying funds may use leverage and other investment practices that increase the risk of investment loss. This material does not address many other risks of an investment in LPI and does not constitute an offer of interests in LPI, which may only be made pursuant to its Confidential Offering Memorandum and related Partnership agreements. Any investment in LPI should only be made after careful review of the above Partnership documents which contain detailed information on LPI's investment strategy, numerous risks, and its fees and expenses. Investments in LPI also involve complex accounting and tax structures and delays in distributing tax information and these issues should be discussed with your tax and legal professional.

Inherent in any investment is the potential for loss of capital and past performance is not indicative of future results. It is not our intention to state, indicate or imply that future investment results will be profitable or equal past results. The information presented is meant to form the basis of further discussions with us and is subject to further clarification and explanation during those discussions. This material is intended only for the person to whom it is delivered. This information may not be duplicated, redistributed, or communicated to others without our written consent.

This communication may include opinions and forward-looking statements. All statements other than statements of historical fact are opinions and/or forward-looking statements (including words such as “believe,” “estimate,” “anticipate,” “may,” “will,” “should,” and “expect”). Although we believe that the beliefs and expectations discussed are reasonable, we can give no assurance that such beliefs and expectations will prove to be correct. All expressions of opinion are subject to change. You are cautioned not to place undue reliance on these forward-looking statements. Any dated information is published as of its date only. Dated and forward-looking statements speak only as of the date on which they are made. We undertake no obligation to update publicly or revise any dated or forward-looking statements. Investment process, strategies, philosophies, portfolio composition and allocations, security selection criteria and other parameters are current as of the date indicated and are subject to change without prior notice. June 2024