Firm Overview SMM is a private fund manager that invests in oil and gas mineral and royalty interests in the United States. SMM was formed in January 2020 by W. Kyle Bebee, Managing Partner, and John Golden, Partner, (together, the “Partners”). The Partners managed Miller Bebee Partners, LLC (“MBP/MBP Energy”), which is an investment firm and family office that launched at the end of 2016. SMM is wholly owned by W. Kyle Bebee. As of the day of this Brochure, SMM provides investment advisory services with respect to the following affiliated private pooled investment vehicles: Flyway Holdings, LP (“Flyway I”), Flyway Holdings II, LP (“Flyway II”), Spicewood Mineral Partners, LP (“SMP”), Spicewood MHI Sidecar, LP (“SMHI”), Spicewood Titan Sidecar, LP (“Titan”), Spicewood Mineral Partners II, LP (“SMP II”), and MSH Family Real Estate Partnership II, LLC (“MSH II”). The entities listed above are collectively referred to as the “Spicewood Funds” or the “Funds”. Spicewood Mineral Partners GP, LP, Spicewood Mineral Partners II GP, LP, and Spicewood Titan Sidecar GP, LP, (each, a “General Partner” and together, the “General Partners”) serve as general partners to these private funds, respectively, other than to Flyway I, Flyway II and MSH II, which are each separately managed by SMM through a management services agreement. Interests in the Spicewood Funds are offered to eligible investors on a private placement basis. SMM has discretionary authority with respect to the investment decisions of the Funds. SMM’s investment advisory services are provided in accordance with the investment objectives and guidelines set forth in each Fund’s offering and governing documents. The information set forth in this Brochure is qualified in its entirety by the Funds’ offering and governing documents. As of December 31, 2023, SMM had approximately $576 million in regulatory assets under management, all of which were managed on a discretionary basis. Nature of Clients and Investors SMM provides investment management

services exclusively to the Spicewood Funds. SMM does not have a separate client relationship with investors in the Spicewood Funds, which are referred to throughout this Brochure as “Investors” or “Limited Partners”. The Spicewood Funds are U.S. limited partnerships or U.S. limited liability companies that are not registered or required to be registered under the U.S. Investment Company Act of 1940, as amended (the “Investment Company Act”) or the U.S. Securities Act of 1933, as amended (the “Securities Act”) and the interests in the Spicewood Funds are privately placed to qualified investors. See also Item 7 below. Investors in the Spicewood Funds generally include high net worth individuals, family offices, endowments, and foundations that are both “accredited investors”, as defined in Regulation D under the Securities Act, and “qualified purchasers” as defined in Section 2(a)(51) of the Investment Company Act. Investment Mandates The Funds are managed in accordance with the investment objectives, strategies and guidelines as set forth in the relevant Fund’s confidential offering memorandum, organizational documents and other related documents (collectively “Governing Documents”). In all cases investments are selected on the basis of the Fund’s investment strategy and objectives. The Spicewood Funds are not tailored to the individualized needs of any particular Investor, though the Spicewood Funds may take into consideration the general characteristics (e.g., tax status) of its target Investors when structuring its operations. An investment in a Spicewood Fund does not, in and of itself, create an advisory relationship between the Investor and SMM, and SMM typically does not enter into separate advisory arrangements with any Investor. Therefore, each Investor must consider for itself whether any Fund meets the Investor’s investment objectives and risk tolerance before investing in the Fund. Information about each Spicewood Fund is set forth in its Governing Documents, which are available to current and eligible prospective investors only through SMM.