First IC Corporation

• CC Cedar Creek Partners Cedar Creek Partners 2025 Results ↗ Cedar Creek Partners redeployed cash after exits in PharmChem, Propel Media and First IC, while building major positions in Exco Resources and PHI Group. The fund argued that Exco's production growth and hedging support its upside, and that Solitron Devices and ENDI are positioned for improving earnings and asset growth. 2025 ENDI $129MEXCE $1.2BPHIG $754M +1
• CC Cedar Creek Partners Cedar Creek Partners 2025 First Quarter Results ↗ Cedar Creek Partners added to Western Capital Resources after its tender offer and to Evercel on the view that its shares retain rights to ZAGG liquidation proceeds. The fund built a Skyline Bankshares position, maintained a large expert-market allocation led by Propel Media and First IC, and argues that Solitron's backlog, ENDI's asset growth and PharmChem's strategic review support value. 2025 First Quarter CZBS $116MENDI $129MSLBK $159M +1
• CC Cedar Creek Partners Cedar Creek Partners 2025 Third Quarter Results ↗ Cedar Creek Partners sold PharmChem following its buyout and exited Citizens Bancshares, redirecting much of the proceeds into PHI Group and other undervalued community banks. The portfolio increased its expert-market exposure, with substantial positions in Propel Media, PHI Group and First IC, while Solitron’s order backlog and ENDI’s asset-management growth supported the investment cases. Q3 ‘25 CZBS $116MENDI $129MPHIG $754M +2

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