A. Owls Nest Partners IA, LLC The Adviser is an SEC-registered investment adviser, formed in July 2017 as a Delaware limited liability company. The Adviser is wholly owned by Owls Nest Partners, LLC, a Delaware limited liability company, which is wholly owned by Philip C. Timon, Chief Investment Officer and Portfolio Manager of the Adviser and David C. Ferreira, President, Chief Operating Officer and Chief Compliance Officer of the Adviser. The executive officers of the Adviser include Mr. Timon and Mr. Ferreira. The Adviser maintains its principal place of business in Chadds Ford, Pennsylvania. B. Advisory Services The Adviser provides investment advisory services to separately managed accounts and funds. The Adviser serves as the investment adviser to Owls Nest Partners Master Fund, Ltd., a Bermuda Exempt Company, the master fund of a master/feeder fund structure (the “Master Fund”), and to Owls Nest Partners Long Only Master Ltd., a Bermuda Exempt Company, the master fund of a master/feeder fund structure (the “Long Only Fund” and together with the Master Fund, the “Funds”). The two feeder funds to the Master Fund are (1) Owls Nest Partners Fund, LP, a Delaware limited partnership, an onshore feeder fund (the “Master Fund Onshore Feeder”), and (2) Owls Nest Partners Offshore Fund, Ltd., a Bermuda Exempt Company, an offshore feeder fund (the “Master Fund Offshore Feeder”). The two feeder funds to the Long Only Fund will be (1) Owls Nest Partners Long Only Offshore Ltd., a Bermuda Exempt Company, an offshore feeder fund (the “Long Only Offshore Feeder”), and (2) Owls Nest Partners Long Only LP, a Delaware limited partnership, an onshore feeder fund (the “Long Only Onshore Feeder”), (collectively with the Master Fund Onshore Feeder and the Master Fund Offshore Feeder, the “Feeder Funds”). The general partner of the Master Fund Onshore Feeder and Long Only Onshore Feeder is Owls Nest Partners GP, LLC, a Delaware limited liability company (the “General Partner”). The chart below illustrates the relationship of the Adviser to these entities. As the investment adviser of the Funds, the Adviser will invest substantially all of the assets into the respective Funds. Based upon the General Partner’s investment discretion, which it has delegated to the Adviser per the investment management agreement, the Adviser and the General Partner are filing a single form ADV in reliance upon the SEC’s expressed position in the 2005 and 2012 American Bar Association No-Action Letters. The Funds’ investment objective is to achieve long-term outperformance by investing in a highly concentrated portfolio of publicly traded equity securities, primarily those securities

of out- of-favor and misunderstood small and mid-capitalization companies. The Master Fund may seek to achieve this investment objective buy purchasing long, or selling short, publicly traded equity securities. The Master Fund may also use leverage and is managed with an awareness of the impact of taxes. The Long Only Fund will seek to achieve this investment objective solely through purchasing long securities. The Long Only Fund cannot use leverage and will not be tax aware. It is expected that the Long Only Fund will only have tax-exempt investors. In providing advisory services to the Funds, the Adviser engages in the development of investments, makes investment and divestment decisions, manages the Funds’ assets, and provides reports to the General Partner of the Onshore Feeder and the directors of the Offshore Feeder. The Adviser performs these services according to the obligations and restrictions set forth in the investment management agreements between the Funds and the Adviser. In addition, the Adviser will provide investment advisory services to the following types of clients (the “SMA Clients”) (please see Item 7 of this Brochure for more information on client requirements): Institutions  Endowments  Foundations  Outsourced Chief Investment Officers  Registered Investment Advisers  Corporations  Insurance Companies  Sovereign Entities Quasi-Institutions  Family offices  Trusts High Net-Worth Individuals  401k and Individual Retirement Accounts The Adviser will manage these accounts on a discretionary basis pursuant to the obligations and restrictions set forth in the SMA Clients’ investment management agreements. Similar to the services provided to the Funds, the Adviser’s investment advice to SMA Clients will primarily focus on publicly traded equity securities, specifically those securities of out-of-favor and misunderstood small and mid-capitalization companies. C. Tailoring Services The Adviser employs a specific strategy with respect to the management of assets, as discussed in the preceding Section B. The Adviser believes that this strategy is uniquely tailored to meet the needs of the SMA Clients and Funds that it will service. Additionally, SMA Clients may impose restrictions on the Adviser’s investment in certain securities or types of securities, and these restrictions will be set forth in the SMA Clients’ investment management agreements. D. Wrap Fee Programs The Adviser does not participate in wrap fee programs. E. Advisory Services As of December 31, 2023, the Advisor had regulatory assets under management in excess of $389 million. All the Adviser’s assets under management are managed on a discretionary basis.