Seraph Capital Associates, LLC (“Seraph” or the “Firm”) offers discretionary investment management services to its clients. Prior to Seraph rendering such services, clients are required to enter into one or more written agreements with Seraph setting forth the relevant terms and conditions of the advisory relationship (the “Advisory Agreement”). Seraph was founded on August 7, 2012. On February 1, 2018, Sutterfield Financial Group, Inc. (“SFG”) acquired a 90% ownership interest in the Firm and Harper Road Holdings, LLC held a 10% interest in the Firm. On June 14, 2019, SFG acquired the remaining 10% interest in Seraph Capital Associates. As of December 31, 2023, Seraph had $74,319,083 in assets under management, of which all was managed on a discretionary basis. Seraph serves as the manager to SVC Partners, LLC (“SVC Fund”) and SVC II Partners, LLC (“SVC II Fund”) (collectively the “SVC Funds”). The SVC Funds were formed as closed-end pooled investment vehicles to acquire a majority interest in specific real properties in North Dakota and Iowa. The SVC Funds are comprised of accredited investors. The SVC Funds are not open to additional investors. While there are disclosures in this Part 2A of Form ADV that relate to the SVC Funds, most disclosures relate solely to Seraph’s separate account products. For more information, including the risks, conflicts of interest, charges and expenses, please read SVC Fund’s and SVC II Fund’s prospectus and formation documents. Investment Management Services Seraph manages client investment portfolios on a discretionary basis utilizing three investment strategies (a fixed-income strategy, an equity strategy, and a long/short strategy), each of which is described below in more detail in Item 8. Clients have sole responsibility for determining which of these investment strategies will be appropriate for their circumstances. Seraph primarily allocates client assets among various mutual funds, exchange-traded funds (“ETFs”), individual debt and equity securities, and options in accordance with their stated

investment objectives. Seraph does not tailor its advisory services to meet the needs of its individual clients. Clients cannot impose any restrictions on the management of their portfolios. Pooled Investment Vehicles SVC Partners, LLC was formed as a pooled investment vehicle (the “SVC fund”) to purchase a majority interest in a hotel in Fargo, ND through the use of an acquisition entity. Sutterfield Properties, LLC, a related party to Trevor Sutterfield, purchased a 12.5% ownership interest in SVC Partners, LLC. The SVC fund is comprised of five accredited investors. Each member of the SVC fund was required to undergo underwriting approval to finance the purchase of the hotel. The SVC fund is closed-end and not open for additional investors. The day-to-day operations of the hotel are managed by a third-party hospitality company. The purchase of the hotel was completed in February 2024. The SVC fund was limited to accredited investors. Seraph serves as the manager to SVC Partners, LLC and one of two managers of the acquisition entity. SVC II Partners, LLC was formed as a pooled investment vehicle (the “SVC II fund”) for the purpose of acquiring a majority interest in apartments and townhomes located in Iowa. SVC II Partners, LLC will be the majority member of Citadel 2, LLC and one of two managers. The respective apartments and townhomes will be managed by a third-party management company. All proceeds will be distributed to the members of SVC II Partners, LLC on a pro-rata basis. The SVC II fund was limited to accredited investors. SVC II anticipates closing on the purchase of the apartments and townhomes in April 2024. Sponsor and Manager of Wrap Program In order to provide clients with a greater level of fee transparency, the Firm’s investment advisory services do not include securities brokerage services as the Firm does not serve as the sponsor or manager to a wrap fee program (i.e., an arrangement where brokerage commissions and transaction costs are absorbed by the Firm).