Firm Description and Principal Owners Forager is a Delaware limited liability company with its principal office at 2025 3rd Ave N Suite 350; Birmingham, AL 35203. Forager is registered as an investment adviser with the Securities and Exchange Commission (“SEC”) under the U.S. Investment Advisers Act of 1940, as amended (the “Advisers Act”). Forager was formed in July of 2011. The principal owners of Forager are Robert Symmes MacArthur, Edward Urban Kissel IV, and Jonathan N Wilhelm (the “Principals”). Mr. MacArthur’s ownership of Forager is indirect via Macarthur LLC, of which he is the sole owner. Mr. Kissel’s ownership of Forager is indirect via Bad Dog Enterprises, LLC, of which he is the sole owner. Mr. Wilhelm’s ownership of Forager is indirect via Beaumont Capital, LLC, of which he is the sole owner. Types of Advisory Services Forager provides security selection and portfolio management services focusing on small market capitalization common equities but with a broad mandate for investments in securities regardless of size or type. Forager offers its investment advisory services through pooled investment vehicles, Forager Fund, L.P. (individually, the “Private Fund”), and FCM Homebuilder, LLC (individually, the “Homebuilder Fund”) (collectively, the “Private Funds”). Forager may also offer its investment advisory services through separately managed accounts, although currently no separately managed account clients are maintained. Tailored Relationships Investors will be advised of Forager’s investment strategy for the Private Funds before they make their investment subscription.

Forager will make all investment decisions on behalf of the Private Funds. Investors in the Private Funds will not participate in the decision of whether or not the Private Funds make any particular investment. Generally, investors in the Private Funds will not have the ability to individually tailor their investment or impose unique investment restrictions, however, in certain circumstances, the Private Funds may create a special class of interests to accommodate a particular investor’s or group of investors’ unique investment restrictions. Investors in separately managed accounts will be advised of Forager’s investment strategy for separately managed accounts before they make their investment subscription. Forager will make investment decisions on behalf of the separately managed accounts, and in some cases investors in separately managed accounts will make decisions on behalf of the separately managed accounts. Generally, investors in the separately managed accounts will not have the ability to individually tailor their investment or impose unique Firm Brochure –Part 2A of Form ADV 6 March 28, 2023 investment restrictions, however, in certain circumstances, the separately managed accounts may create a special class of interests to accommodate a particular investor’s or group of investors’ unique investment restrictions. Wrap Fee Programs Forager does not participate in any wrap fee programs. Assets Under Discretionary and Non-Discretionary Management As of the date of this Brochure, Forager has $350,260,960 in assets under management on a discretionary basis and $0 on a non-discretionary basis.