FIRM DESCRIPTION Hourglass Capital, LLC, ("Hourglass") a Texas limited liability company and private investment advisory firm, was formed in 1989, and is in Houston, Texas. Hourglass provides investment management services to separately managed accounts. PRINCIPAL OWNERS Listed below are our principal owners (e.g., individuals and/or entities controlling 25% or more of Hourglass):
• Kenneth A. Moffet, Principal Portfolio Manager, Member Manager
• John H. Moffet, Principal, Portfolio Manager, Member Manager TYPES OF ADVISORY SERVICES Separately Managed Accounts Hourglass provides continuous advice for separately managed account clients based on the specific investment needs of the client. Through personal discussions in which goals and objectives based on a client's circumstances are established, Hourglass develops a client's investment policy and creates and manages a portfolio based on that policy. The terms of the client-advisor relationship and services to be provided are defined in Hourglass' Investment Management Agreement. Hourglass manages most individual advisory accounts on a discretionary basis, where Hourglass has the authority to decide which securities and the amounts to purchase and sell for the client. Account supervision is guided by the client's stated objectives (e.g., capital appreciation, growth, income). Clients may impose reasonable restrictions on investing in certain securities, types of securities, or industry sectors. Hourglass has a small number of client accounts managed on a non-discretionary basis. Non-discretionary accounts are accounts where Hourglass does not have full discretion in the management and investment process and trades solely on client directives. Hourglass currently has three portfolio managers. The portfolio manager responsible for establishing a client

relationship will be assigned as the client manager and reviewer. The number of accounts managed and reviewed by each Hourglass portfolio manager will vary. Portfolio managers review their clients' account activity for consistency and investment policy compliance at least quarterly. Consulting Services Hourglass provides consulting services based on the specific needs of the client. Services typically involve periodic review of existing investments held away from Hourglass, and recommendations based on that review. Hourglass has no investment, trading, brokerage, or custodial authority over consulting client’s investments. The terms of the client-consultant relationship and services to be provided are defined in Hourglass' Investment Consulting Agreement. INVESTMENT SECURITY TYPES Hourglass' research and recommendations are not limited to any specific product or service and will generally include advice regarding the following securities:
• Exchange-listed securities
• Securities traded over-the-counter
• Foreign issuers
• Corporate debt securities (other than commercial paper)
• Certificates of deposit
• Municipal securities
• Mutual fund shares
• Money Market Funds as a cash equivalent
• United States governmental securities
• Options contracts on securities
• Options contracts on commodities Because some types of investments involve certain additional degrees of risk, they will only be implemented/recommended when consistent with the client's stated investment objectives, risk tolerance, liquidity, and suitability. ASSETS UNDER MANAGEMENT As of December 31, 2023 , Hourglass had $535,598,000 in total regulatory assets under management: $434,528,000 actively managed on a discretionary basis, and $101,070,000 on a non- discretionary basis.