(Amounts in thousands, except ZEN amounts)

Quantity

Fair Value

Balance at December 31, 2024

889,400.61619664

$

25,713

ZEN contributed

83,720.15209896

1,030

ZEN distributed for Sponsor’s Fee, related party

(11,670.61417119

)

(142

)

Net change in unrealized appreciation/depreciation on investment in ZEN

-

(19,423

)

Net realized loss on investment in ZEN

-

(82

)

Balance at June 30, 2025

961,450.15412441

$

7,096

(Amounts in thousands, except ZEN amounts)

Quantity

Fair Value

Balance at December 31, 2025

949,408.87165001

$

8,673

ZEN contributed

-

-

ZEN distributed for Sponsor’s Fee, related party

(11,697.80928309

)

(74

)

Net change in unrealized appreciation/depreciation on investment in ZEN

-

(4,673

)

Net realized loss on investment in ZEN

-

(148

)

Balance at June 30, 2026

937,711.06236692

$

3,778