A. Firm Information Permanent Capital Management, LP (“Permanent Capital” or the “Advisor”) is a registered investment advisor with the U.S. Securities and Exchange Commission. The Advisor is organized as a limited partnership under the laws of the State of Delaware, with its principal place of business located in the State of Illinois. Permanent Capital was founded in June 2023 and is substantially owned by Permanent Capital Partners, LP. The general partner of Permanent Capital is Permanent Capital Partners GP, LLC, which together with Permanent Capital Partners, LP, are owned by Joseph Shenton and Michael Gamson. This Disclosure Brochure provides information regarding the qualifications, business practices, and the advisory services provided by Permanent Capital. B. Advisory Services Offered Permanent Capital offers investment advisory services to individuals, high net worth individuals, trusts, estates, and family offices (each referred to as a “Client”). The Advisor serves as a fiduciary to Clients, in accordance with applicable laws and regulations. As a fiduciary, the Advisor upholds a duty of loyalty, fairness and good faith towards each Client and seeks to disclose and mitigate potential material conflicts of interest. Permanent Capital's fiduciary commitment is further described in the Advisor’s Code of Ethics. For more information regarding the Code of Ethics, please see Item 11 – Code of Ethics, Participation or Interest in Client Transactions and Personal Trading. Wealth Management Services Permanent Capital provides wealth management services for its Clients. These services generally include a broad range of comprehensive investment advisory and consulting services, including discretionary and non-discretionary investment management of Client portfolios. These services are described below. Investment Advisory Services - Permanent Capital provides customized investment advisory solutions for its Clients. This is achieved through continuous personal Client contact and interaction while providing discretionary or non-discretionary investment management, consulting and related advisory services. Permanent Capital works closely with each Client to identify their investment goals and objectives as well as risk tolerance and financial situation in order to create a portfolio strategy. Permanent Capital utilizes unaffiliated money managers or investment advisors (herein a “Sub-Advisor”) at the Advisor’s recommendation or the Client’s request. To the extent that a Sub-Advisor is utilized, Permanent Capital will remain your primary Advisor and oversee the Client’s investment allocation[s] and overall investment performance. While the Sub-Advisor will assume day-to-day investment management of the assets, Permanent Capital will be responsible for establishing the Client’s investment objectives and recommending a Sub-Advisor’s investment strategy to meet those objectives. The Advisor will instruct the Sub-Advisor with respect to the strategy, allocations or investments to be executed, based on the Client’s needs, objectives and/or instructions. The Client will be provided with the Sub-Advisor’s Form ADV 2A (or a brochure that makes the appropriate disclosures regarding the Sub- Advisor). For assets managed directly by the Advisor, Permanent Capital will construct an investment portfolio comprised of diversified mutual funds and/or exchange-traded funds (“ETFs”), stocks, and/or alternative investments to achieve the Client’s investment goals. The Advisor may recommend that Clients retain certain types of investments based on a Client’s legacy investments based on portfolio fit and/or tax considerations. Permanent Capital’s investment strategies are primarily long-term focused, but the Advisor may buy, sell or re- allocate positions that have been held for less than one year to meet the objectives of the Client or due to market conditions. Permanent Capital will construct, implement and monitor the portfolio to ensure it meets the goals, objectives, circumstances, and risk tolerance agreed to by the Client. Each Client will have the opportunity to place reasonable restrictions on the types of investments to be held in their respective portfolio, subject to acceptance by the Advisor. Page 5 Permanent Capital evaluates and selects investments for inclusion in Client portfolios only after applying its internal due diligence process. Permanent Capital may recommend, on occasion, redistributing investment allocations to diversify the portfolio. Permanent Capital may recommend specific positions to increase sector or asset class weightings. The Advisor may recommend employing cash positions as a possible hedge against market movement. Permanent Capital may recommend selling positions for reasons that include, but are not limited to, harvesting capital gains or losses, business or sector risk exposure to a specific security or class of securities, overvaluation or overweighting of the position[s] in the portfolio, change in risk tolerance of the Client, generating cash to meet Client needs, or any risk deemed unacceptable for the Client’s risk tolerance. Under certain circumstances, Permanent Capital may accept or maintain custody of Client’s funds or securities. Please see Item 15 – Custody for more information. Retirement

Accounts – When the Advisor provides investment advice to Clients regarding ERISA retirement accounts or individual retirement accounts (“IRAs”), the Advisor is a fiduciary within the meaning of Title I of the Employee Retirement Income Security Act (“ERISA”) and/or the Internal Revenue Code (“IRC”), as applicable, which are laws governing retirement accounts. When deemed to be in the Client’s best interest, the Advisor will provide investment advice to a Client regarding a distribution from an ERISA retirement account or to roll over the assets to an IRA, or recommend a similar transaction including rollovers from one ERISA sponsored Plan to another, one IRA to another IRA, or from one type of account to another account (e.g. commission-based account to fee-based account). Such a recommendation creates a conflict of interest if the Advisor will earn a new (or increase its current) advisory fee as a result of the transaction. No client is under any obligation to roll over a retirement account to an account managed by the Advisor. Independent Managers - Permanent Capital, based on the needs and objectives of the Client, will recommend that Clients utilize one or more unaffiliated investment managers or investment platforms (collectively “Independent Managers”) for a portion of a Client’s investment portfolio. In such instances, the Client will be required to authorize and enter into an investment management agreement with an Independent Manager that defines the terms in which the Independent Manager will provide its services or give the Advisor authority to allocate assets to the Independent Manager. The Advisor will perform initial and ongoing oversight and due diligence over each Independent Manager to ensure the strategy remains aligned with Clients investment objectives and overall best interests. The Advisor will also assist the Client in the development of the initial policy recommendations and managing the ongoing Client relationship. The Client, prior to entering into an agreement with an Independent Manager, will be provided with the Independent Manager's Form ADV Part 2A - Disclosure Brochure (or a brochure that makes the appropriate disclosures). Consulting – Consulting services are offered in several areas of a Client’s financial situation, depending on their goals, objectives and/or specific needs. Such services may involve providing a specific financial consultation or providing ongoing and continuous consulting based on the Client’s financial goals and objectives. This consulting may encompass one or more areas of need, including but not limited to the following:
• Estate planning
• Philanthropic planning
• Investments
• Generational involvement and planning
• Risk management
• Business management and consulting services Permanent Capital may coordinate services with a Client’s accountant, attorney, or other specialists, as appropriate for a particular Client’s unique situation. For certain engagements, Permanent Capital will provide a written summary of the Client’s financial situation, observations, and recommendations. For consulting or ad-hoc engagements, Permanent Capital may not provide a written summary. Page 6 Consulting recommendations pose a conflict between the interests of the Advisor and the interests of the Client. For example, the Advisor has an incentive to recommend that Clients engage the Advisor for investment management services or to increase the level of investment assets with the Advisor, which would increase the amount of advisory fees paid to the Advisor. Clients are not obligated to implement any recommendations made by the Advisor or maintain an ongoing relationship with the Advisor. If the Client elects to act on any of the recommendations made by the Advisor, the Client is under no obligation to implement the transaction through the Advisor. C. Client Account Management Prior to engaging Permanent Capital to provide investment advisory services, each Client is required to enter into an agreement with the Advisor that defines the terms, conditions, authority and responsibilities of the Advisor and the Client. These services may include:
• Establishing an Investment Strategy – Permanent Capital, in connection with the Client, will develop a strategy that seeks to achieve the Client’s goals and objectives.
• Asset Allocation – Permanent Capital will develop a strategic asset allocation that is targeted to meet the investment objectives, time horizon, financial situation and tolerance for risk for each Client.
• Portfolio Construction – Permanent Capital will develop a portfolio for the Client that is intended to meet the stated goals and objectives of the Client.
• Investment Management and Supervision – Permanent Capital will provide investment management and ongoing oversight of the Client’s investment portfolio. D. Wrap Fee Programs Permanent Capital does not manage or place Client assets into a wrap fee program. Investment management services are provided directly by Permanent Capital. E. Assets Under Management Permanent Capital is a newly established advisor. Assets under management shall be reported with the Advisor’s next filing of this Disclosure Brochure. Clients may request more current information at any time by contacting the Advisor.