Invesco DB Agriculture Fund (DBA) is a commodity pool, not an operating business. It has no products, customers or sales. It holds short-term U.S. Treasury securities and money-market funds as collateral. It uses that collateral to hold futures contracts on a fixed basket of agricultural commodities: corn, wheat, soybeans, sugar, cocoa, coffee, cotton, live cattle, lean hogs and others. Its result each year is the change in those futures prices, plus interest on the collateral, less fund costs. It has no earnings stream that can be forecast and discounted, so we value each share at its net asset value (NAV), the fund's assets less liabilities divided by shares outstanding. At December 31, 2025, the latest audited figure, NAV was $25.54 per share (28,300,000 shares outstanding), down from $26.60 a year earlier. We use that figure in all three cases. Nothing named and evidenced in the fund's filings lets us say whether crop and livestock futures will rise or fall. A view on commodity prices is a forecast about the market, not something we can tie to this fund. So the bear, base and bull cases are all $25.54. Three facts do affect the fund's value over time. First, costs: total expenses were about $7.3 million in 2025, of which about $0.5 million was waived. These are management fees and brokerage commissions, and they lower NAV every year. Second, distributions: the fund paid $0.91 per share in 2025 and $1.08 in 2024, described as a return of capital. Cash paid out reduces NAV. Third, futures rolling: holding futures means rolling contracts forward, and depending on the shape of the futures curve this can add to or subtract from returns. For these reasons we do not assign a dollar value above NAV. There is also no basis to expect a 20% annual return from an unmanaged commodity basket, so we set no margin-of-safety price. A margin-of-safety price is meaningful only for a business with an earning power we can measure. What would make this value wrong: NAV moves with agricultural futures prices day to day, so the current NAV can differ materially from the year-end figure, which is the latest audited figure we had. The fund's trading price on NYSE Arca tracks its NAV closely ($25.54 market value versus $25.54 NAV at year-end), so NAV is the relevant yardstick.