FIRM DESCRIPTION Lieblong & Associates, Inc., an Arkansas corporation, (“Lieblong & Associates” or “we,” “us,” or “our”) has been in business since 1997. We provide investment management and supervisory services to Key Colony Fund, L.P., a Delaware limited partnership (the “Fund”) and to separately managed accounts of various clients. In addition, we are an independent full-service broker-dealer registered with the Financial Industry Regulatory Authority (“FINRA”) and an introducing broker clearing through Wells Fargo Clearing Services, LLC, formerly known as First Clearing Services, LLC, a division of Wells Fargo & Company. We are registered with the Securities and Exchange Commission as a broker/dealer and an investment advisor. Our investment advice is provided in accordance with and subject to the investment objectives, strategies, guidelines, restrictions and limitations contained in the applicable offering, governing and/or account documents, and the information in this brochure is qualified in its entirety by the information set forth in such documents. We are wholly owned by Alex R. Lieblong. TYPES OF ADVISORY SERVICES The Fund We provide investment advisory services with respect to the Fund. Our affiliate, Key Colony Management, LLC, an Arkansas limited liability company, serves as general partner of the Fund (the “General Partner”). We are responsible for investing and re- investing the assets of the Fund in accordance with the investment objectives, policies and guidelines set forth in its offering and governing documents. Information about the Fund is set forth in its confidential memorandum and governing documents. See “Methods of Analysis, Investment Strategies, and Risk of Loss”

below. We also provide investment advisory services to separately managed accounts (“Advisory Accounts”) of various clients, including individuals and businesses. Our advice is not limited to a particular type of investment. We work with our Advisory Account clients to identify their investment objectives; then we develop asset allocation and risk management models to achieve those objectives using a variety of investment products. This method allows advisory services to be tailored to the individual needs of our Advisory Account clients. Advisory Accounts are managed in accordance with the terms, conditions, guidelines and limitations set forth in the investment management agreement and/or other applicable contractual arrangement between us and each Advisory Account client. INVESTMENT RESTRICTIONS The Fund We tailor our advisory services to the individual needs of the Fund, and investors in the Fund generally are not permitted to impose restrictions on investments in certain securities, financial instruments and/or other assets. Advisory Accounts We provide and tailor our investment advice with respect to each Advisory Account based on the investment guidelines and objectives of the applicable Advisory Account client and the terms and conditions set forth in the applicable investment management agreement. Utilizing a method that is tailored to unique criteria set forth by each client, our Advisory Account clients are able to impose restrictions on investing in certain securities or types of securities if so desired. ASSETS UNDER MANAGEMENT As of September 30, 2023, we had approximately $170.5 million in regulatory assets under management, all of which were managed on a discretionary basis.