BRIDGEWAY CAPITAL MANAGEMENT, LLC

Holdings History for MERCER INTERNATIONAL INC. - Common Stock, par value $1.00 (MERC)

Symbol: MERC on Nasdaq
Investment type: Equity / Common Stock, par value $1.00

Shares, Excluding Options vs Price

Value, Excluding Options

Holdings date	Weight	Change	Value $	Shares	Change	Activity %	Price	All Holders
31 Dec 2025	0.02%	+0%	$751,869	379,732	+28,607	+8.1%	$1.98	Q4 2025
30 Sep 2025	0.02%	+0.01%	$1,011,240	351,125	+101,990	+41%	$2.88	Q3 2025
30 Jun 2025	0.02%	+0.01%	$871,973	249,135	+145,208	+140%	$3.50	Q2 2025
31 Mar 2025	0.02%	-0.03%	$639,151	103,927	-177,430		$6.15	Q1 2025
31 Dec 2024	0.04%	-0.02%	$1,828,821	281,357	-141,314	-33%	$6.50	Q4 2024
30 Sep 2024	0.06%	-0.02%	$2,861,483	422,671	-120,562	-22%	$6.77	Q3 2024
30 Jun 2024	0.11%	+0%	$4,639,210	543,233	+19,260	+3.7%	$8.54	Q2 2024
31 Mar 2024	0.11%	+0%	$5,213,531	523,973	+18,725	+3.7%	$9.95	Q1 2024
31 Dec 2023	0.1%	+0%	$4,789,751	505,248	+20,648	+4.3%	$9.48	Q4 2023
30 Sep 2023	0.1%	+0%	$4,157,868	484,600	+17,064	+3.6%	$8.58	Q3 2023
30 Jun 2023	0.09%	-0.01%	$3,773,016	467,536	-43,304	-8.5%	$8.07	Q2 2023
31 Mar 2023	0.13%	-0.04%	$4,993,461	510,840	-135,260	-21%	$9.78	Q1 2023
31 Dec 2022	0.19%	+0.02%	$7,520,604	646,100	+50,000	+8.4%	$11.64	Q4 2022
30 Sep 2022	0.2%	+0.02%	$7,332,000	596,100	+75,000	+14%	$12.30	Q3 2022
30 Jun 2022	0.16%	+0.02%	$6,852,000	521,100	+50,000	+11%	$13.15	Q2 2022
31 Mar 2022	0.13%	0%	$6,572,000	471,100	0		$13.95	Q1 2022
31 Dec 2021	0.1%	+0.04%	$5,648,000	471,100	+185,000	+65%	$11.99	Q4 2021
30 Sep 2021	0.06%	0%	$3,316,000	286,100	0		$11.59	Q3 2021
30 Jun 2021	0.07%	0%	$3,648,000	286,100	0		$12.75	Q2 2021
31 Mar 2021	0.08%	-0.01%	$4,117,000	286,100	-45,000	-14%	$14.39	Q1 2021
31 Dec 2020	0.07%	0%	$3,394,000	331,100	0		$10.25	Q4 2020
30 Sep 2020	0.05%	0%	$2,185,000	331,100	0		$6.60	Q3 2020
30 Jun 2020	0.05%	0%	$2,702,000	331,100	0		$8.16	Q2 2020
31 Mar 2020	0.05%	-0%	$2,397,000	331,100	-25,000	-7%	$7.24	Q1 2020
31 Dec 2019	0.06%	0%	$4,380,000	356,100	0		$12.30	Q4 2019
30 Sep 2019	0.06%	-0.01%	$4,465,000	356,100	-85,000	-19%	$12.54	Q3 2019
30 Jun 2019	0.09%	+0%	$6,824,000	441,100	+17,500	+4.1%	$15.47	Q2 2019
31 Mar 2019	0.07%	+0%	$5,723,000	423,600	+17,400	+4.3%	$13.51	Q1 2019
31 Dec 2018	0.06%	0%	$4,241,000	406,200	0		$10.44	Q4 2018
30 Sep 2018	0.07%	0%	$6,824,000	406,200	0		$16.80	Q3 2018
30 Jun 2018	0.07%	0%	$7,109,000	406,200	0		$17.50	Q2 2018
31 Mar 2018	0.05%	+0%	$5,057,000	406,200	+20,000	+5.2%	$12.45	Q1 2018
31 Dec 2017	0.06%	0%	$5,523,000	386,200	0		$14.30	Q4 2017
30 Sep 2017	0.05%	0%	$4,576,000	386,200	0		$11.85	Q3 2017
30 Jun 2017	0.05%	0%	$4,441,000	386,200	0		$11.50	Q2 2017
31 Mar 2017	0.05%	+0%	$4,519,000	386,200	+20,000	+5.5%	$11.70	Q1 2017
31 Dec 2016	0.05%	0%	$3,900,000	366,200	0		$10.65	Q4 2016
30 Sep 2016	0.05%	0%	$3,102,000	366,200	0		$8.47	Q3 2016
30 Jun 2016	0.05%	0%	$2,922,000	366,200	0		$7.98	Q2 2016
31 Mar 2016	0.06%	0%	$3,461,000	366,200	0		$9.45	Q1 2016
31 Dec 2015	0.06%	+0.02%	$3,314,000	366,200	+100,200	+38%	$9.05	Q4 2015
30 Sep 2015	0.06%	+0.02%	$2,668,000	266,000	+108,900	+69%	$10.03	Q3 2015
30 Jun 2015	0.04%	+0%	$2,149,000	157,100	+700	+0.45%	$13.68	Q2 2015
31 Mar 2015	0.05%	+0%	$2,402,000	156,400	+12,300	+8.5%	$15.36	Q1 2015
31 Dec 2014	0.04%	0%	$1,771,000	144,100	0		$12.29	Q4 2014
30 Sep 2014	0.04%	0%	$1,405,000	144,100	0		$9.75	Q3 2014
30 Jun 2014	0.04%	-0%	$1,513,000	144,100	-900	-0.62%	$10.50	Q2 2014
31 Mar 2014	0.03%	+0%	$1,088,000	145,000	+900	+0.62%	$7.50	Q1 2014
31 Dec 2013	0.04%	0%	$1,437,000	144,100	0		$9.97	Q4 2013

* Reported Price is the price of the security as of the portfolio date. This value is significant in that it is the last known price at which the security was still held.
An asterisk sign (*) next to the price indicates that the price is likely invalid.