Firm Description SB Capital Management, Inc., hereinafter (“the Adviser”) was founded in 2003 and is an SEC registered investment adviser. SB Capital Management, Inc. ("SBCM") is a California corporation engaged in the business of providing investment advisory services to its clients. SBCM is an affiliate of Singer Burke Zimmer Kogan, LLP, a California certified public accounting firm in Encino, California. SBCM offers three types of advisory programs to its investment advisory clients: (1) the SB Managed Accounts Program, in which SBCM provides financial planning and investment portfolio management service for a fee based upon a percentage of assets in the portfolio (2) the Financial Planning Program, in which SBCM will provide clients with a financial plan, asset allocation advice or advice concerning specific financial goals and objectives for an hourly fee; and (3) the Referral Program, in which SBCM may refer clients to one or more approved third party investment managers and provide limited performance review. Further information regarding each of these programs is provided below. SBCM earns fees through the three programs listed above as well as through acting as the general manager of four private equity funds of funds and one hedge fund of funds. Other professionals (e.g., lawyers, accountants, insurance agents, etc.) are engaged directly by the client on an as- needed basis. Any conflicts of interest arising out of the Adviser’s or its associated persons are disclosed in this brochure. Principal Owners Matthew Burke, 30.06%; Richard Singer, 39.16%; Stephanie Arkof, 17.37%; Amitha Harichandran, 10.53%; and Elaina Kogan, 2.8682. Types of Advisory Services The Adviser provides investment supervisory services, also known as asset management services; manages investment advisory accounts not involving investment supervisory services; and furnishes investment advice through consultations. On more than an occasional basis, the Adviser furnishes advice to clients on matters not involving securities, such as financial planning matters, taxation issues, and trust services that often include estate planning. As of December 31, 2023, the Adviser manages approximately $1,094,221,923 in assets for 300 clients. Approximately $5,710,960 is managed on a nondiscretionary basis and approximately $1,088,510,963 is managed on a discretionary basis. Tailored Relationships The goals and objectives for each client are documented in our portfolio models and client relationship management system. Investment policy statements are created that reflect the stated goals and objective. Clients may impose restrictions on investing in certain securities or types of securities. Types of Agreements The following agreements define the typical client relationships. SB Capital Management, Inc. Brochure | Page 6 Investment Management Agreement As part of the investment management service, all aspects of the client’s financial affairs are reviewed and realistic and measurable goals are set and objectives to reach those goals are defined. As goals and objectives change over time, suggestions are made and implemented on an ongoing basis. The Adviser periodically reviews a client’s financial situation and portfolio through regular contact with the client which can often include an annual meeting with the client. The Adviser makes use of portfolio rebalancing software to maintain client allocations according to the Investment Policy Statement in effect. The scope of work and fee for an Advisory Service Agreement is provided to the client in writing prior to the start of the relationship. The agreement sets forth the services to be provided, the fees for the service and the agreement may be terminated by either party in writing at any time. SBCM Managed Account Program. The Managed Account Program is designed for clients that want SBCM to provide on-going portfolio management in addition to asset allocation advice and financial planning, where appropriate. SBCM will work with the client to determine the client's investment objectives and investor risk profile and will design a written investment policy statement reflecting the client's objectives and risk tolerance level. SBCM uses investment and portfolio allocation software provided by third party service providers to evaluate and recommend alternative portfolio designs, which meet the criteria of the investment policy statement. SBCM evaluates the client's existing investments to determine a strategy for transition from the client's existing portfolio to the desired portfolio. SBCM then manages the implementation and maintenance of the strategy on behalf of the client in accordance with the client’s financial plan and risk tolerance. There are generally two types of portfolio management arrangements made available to SBCM clients under the Managed Account Program. Type 1: Portfolio strategy implemented using a combination of third-party separate account managers, mutual funds, exchange traded funds, and often hedge funds and private equity funds. Type 2: SBCM creates a structured portfolio of funds – both no-load mutual funds and exchange traded funds (sometime using model portfolios if the models match the client's investment policy) and also often hedge funds and private equity funds. In both programs – Type 1 and Type 2 – SBCM’s intention is to create the most efficient structure possible – in terms of management fees, transaction costs, and investment characteristics – to maximize risk-adjusted returns. Accordingly, to the degree that certain segments of the markets are efficient, SBCM will rely on the integrity of portfolio structure rather than active stock selection to maximize after-tax returns, net of fees and transaction costs. In the Type 1 Program, SBCM often recommends a passively managed core portfolio of separate equities to capture the returns of major market indices with minimal costs to the client and maximum tax management opportunities. This core is augmented by either active separate account managers (including hedge fund managers) in less efficient segments of the market and/or no-load mutual funds or exchange traded funds to gain the diversification needed in order to maintain the integrity of SBCM’s portfolio design. In both Type 1 and Type 2 Programs, SBCM often utilizes the no load mutual funds offered by Dimensional Fund Advisors (DFA). DFA sponsored mutual funds follow a passive asset class investment philosophy with low holdings turnover. Consequently, the DFA fund fees are generally lower than fees and expenses charged by other types of funds. SBCM manages mutual fund and equity portfolios on primarily a discretionary basis. SBCM may also recommend laddered bond portfolios to advisory clients. SBCM will typically request discretionary authority from advisory clients to manage fixed income assets, which may be necessary to enable SBCM to purchase such assets in a timely manner when they are available at quoted prices. SB Capital Management, Inc. Brochure | Page 7 Financial Planning Agreement SBCM provides one-time or annual advice to clients in its Financial Planning Program, which may consist of one or more of the following services: clarifying financial goals, analyzing current financial circumstances, existing portfolio review, asset allocation analysis, investment strategy and/or preparation of financial plans and investment policy statements, as requested by each client. SBCM may also perform investment strategy for corporate funds, review of employee benefit plan investments and investment policy review for corporate and other institutional types of clients. SBCM will work with each financial planning client to update their investment strategies, as requested by the client. In providing a financial plan or financial consultation services, SBCM will not do a detailed analysis of a particular security but may provide clients with publicly available research reports prepared by third parties. Rather, the analysis will utilize such financial planning techniques as the review of the client's financial circumstances – including income and expense projections,

investment goals, and tax considerations. It is possible that because of differing client needs and circumstances, recommendations made to any one client may be contrary to recommendations made to other clients. The financial plan may include, but is not limited to: a net worth statement; a cash flow statement; a review of investment accounts, including reviewing asset allocation and providing repositioning recommendations; strategic tax planning; a review of retirement accounts and plans including recommendations; a review of insurance policies and recommendations for changes, if necessary; one or more retirement scenarios; estate planning review and recommendations; and education planning with funding recommendations. The financial planning may be the only service provided to the client and does not require that the client use or purchase the investment advisory services offered by the Adviser. There is an inherent conflict of interest for the Adviser whenever a financial plan recommends use of professional investment management services or other financial products or services. The Adviser or its associated persons may receive compensation for financial planning and the provision of investment management services and/or other products and services. The Adviser does not make any representation that these products and services are offered at the lowest available cost and the client may be able to obtain the same products or services at a lower cost from other providers. However, the client is under no obligation to accept any of the recommendations of the Adviser or use the services of the Adviser in particular. Referral Program In the Referral Program, SBCM does not actively manage client investment accounts, but instead refers clients to outside investment advisers, which SBCM determines are suitable for its clients based on their individual needs and circumstances. SBCM will not refer any California client to another investment adviser unless that adviser is licensed as such in California or exempt from such licensing. SBCM will be compensated by a payment from the outside investment adviser for each client account referred to that adviser, in an amount specified in the referral agreement between SBCM and the adviser. Each outside adviser will charge fees for its services in the manner and amounts specified in its Form ADV Part 2. In all cases, the client will be advised of all fees to be paid to the outside adviser and to SBCM, and the client will not pay more for the outside adviser's services than it charges to clients who are not referred by SBCM. SBCM will provide full disclosure of the outside adviser's programs, services, and fee schedules to the client at the time of the solicitation by delivering a copy of the outside adviser's Form ADV Part 2 or equivalent disclosure document at the same time as SBCM delivers to the client its own Form ADV Part 2 or equivalent disclosure document. SBCM will also provide to each client all appropriate disclosure statements, including disclosure of solicitation fees to SBCM. SB Capital Management, Inc. Brochure | Page 8 Private Equity Funds SBCM may receive annual management fees and performance fees as the general manager of four private equity funds: SB Capital Management Private Equity Fund I, LLC; SB Capital Management Private Equity Fund II, LLC; SB Capital Management Private Equity Fund III, LLC; and SBCM Private Equity Fund IV, LLC. SBCM primarily utilizes a “fund of funds” strategy. For each private equity investment fund, SBCM identifies and retains money managers, allocates the capital of that particular fund/private equity investment among the money managers, and monitors the ongoing performance of the money managers of each fund/private equity investment. In selecting money managers, SBCM considers such factors as their risk management skills, their investment philosophy, the amount of their personal investment in the fund/private equity investment, the structure of their portfolios, the educational and business background of their principals, their fee structures, research resources, and assets under management. Hedge Funds SB Capital Management, Inc. is the Investment Adviser and Manager of a limited liability company called the Manzanita Fund, LLC (the fund changed its name as of January 1, 2010). The fund, previously called Select Investments, LLC (“Select”) was formed in 1997 by Morton Capital Management. On July 1, 2009, SB Capital took over as the Manager and Investment Adviser of the Fund. The investment objective of the Manzanita Fund, LLC fund as stated in the Offering Memorandum is to “to seek long-term capital appreciation by making investments in publicly registered mutual funds (“Mutual Funds”) and investment partnerships, private investment companies, other pooled or commingled investment vehicles and separate accounts (collectively “Hedge Funds,” and together with Mutual Funds, “Investment Vehicles”). Tax Preparation Agreement The Adviser does not provide tax preparation services. An affiliated firm, Singer Burke Zimmer Kogan, LLP, is a CPA firm and provides tax preparation, accounting, and business management services. Two of the Adviser’s shareholders are partners of the CPA firm. Hourly Engagements Clients are charged an hourly or a flat fee for financial planning services. The hourly fee is between $100 and $500 an hour depending on the experience of the person assigned to the review. Flat fees are negotiated with the client. Fees are based on the range and complexity of the services being provided. If a client implements all or a portion of a plan through SBCM, based on the overall relationship, planning fees may be waived. Implementation of the plan through SBCM is optional, and the client is advised that similar products or services are available elsewhere. Fees are subject to change without prior notification at the discretion of SBCM. Hourly fees are generally payable upon receipt of a monthly invoice and flat fees are generally payable 50% on execution of a financial plan and 50% on completion of the project. Asset Management Investments may also include: equities, exchange listed securities, securities traded over-the-counter, corporate debt securities, certificates of deposit, municipal securities, investment company securities (variable life insurance, variable annuities, and mutual funds shares), U. S. government securities, options contracts, interests in partnerships (real estate, oil and gas, hedge funds and private equity securities). The Adviser does not receive any compensation, in any form, from fund companies. SB Capital Management, Inc. Brochure | Page 9 Stocks and bonds may be purchased or sold through a brokerage account when appropriate. The brokerage firm charges a fee for stock and bond trades. Initial public offerings (IPOs) are not available through the Adviser. Termination of Agreement Each client has a period of five (5) business days from the date of signing an agreement to unconditionally rescind the Agreement and receive a full refund of all fees paid at signing. A Client may terminate any of the aforementioned agreements at any time by providing the Adviser with 30 days’ notice in writing. Clients shall be charged pro rata for services provided through to the date of termination. If the client made an advance payment, the Adviser will refund any unearned portion of the advance payment. The Adviser may terminate any of the aforementioned agreements at any time by providing the Client with 30 days’ notice in writing. If the client made an advance payment, the Adviser will refund any unearned portion of the advance payment. The Adviser reserves the right to terminate any financial planning engagement where a client has willfully concealed or has refused to provide pertinent information about financial situations when necessary and appropriate, in the Adviser’s judgment, to providing proper financial advice. Any unused portion of fees collected in advance will be refunded. Assignment of Investment Management Agreements Agreements may not be assigned without client consent.