Patient Capital Management, LLC (“PCM” or the “Firm”) is a Delaware limited liability company that was founded in 2020. PCM is owned by Samantha McLemore and a living trust established for the benefit of William H. Miller, III. Ms. McLemore and Mr. Miller are the founding members. Ms. McLemore is responsible for managing the day-to-day business of the Firm. As of December 31, 2023, PCM managed approximately $1.75 billion in assets on a discretionary basis. PCM provides investment management services to a mutual fund, institutions, and high net worth individuals, in addition to private funds that are offered exclusively to sophisticated investors. Investors in the private funds will be accredited investors (as defined in Rule 501 of Regulation D promulgated under the Securities Act of 1933, as amended) and qualified clients (as defined in Rule 205-3 promulgated under the Investment Advisers Act of 1940, as amended). The Firm also provides discretionary and non-discretionary investment advice to other financial service firms and/or overlay managers through the delivery of model investment portfolios. The Firm offers investment advisory services to sophisticated investors on a discretionary basis through separately managed accounts, which may utilize strategies similar to the other portfolios managed by the Firm. The Firm may also provide customized advisory services based on individual objectives. The Firm does not hold itself out as specializing in a particular type of advisory service. The Firm’s strategies adhere firmly to a value-driven, research-intensive investment process. By adhering to a consistent, value-driven process, the Firm strives to outperform its benchmarks over the long term. PCM actively selects securities that it believes are trading at a discount to intrinsic value. PCM currently offers the following investment strategy: Opportunity Strategy The Opportunity strategy seeks to provide clients with long-term capital appreciation. The portfolio managers exercise flexible strategies in the selection of investments, not limited by investment style or asset class, and accounts may be invested in securities, derivatives, and other financial instruments. The registered fund that utilizes this strategy has a broad mandate (for example, the ability to utilize direct leverage, derivatives, privately placed securities, IPOs, and exposure to crypto currencies) that may increase risk and volatility of investment performance. Model Programs The Firm also provides non-discretionary investment advice to other financial service firms (“Program Sponsors”) and/or overlay managers through the delivery of model investment portfolios (“Non-Discretionary Model Program” or the “Model Program”). In the Non-Discretionary Model Program, the Firm does not consider itself to have an advisory relationship with clients of the Program Sponsor or overlay manager. If this brochure

is delivered to Program Sponsor’s model-based clients with whom the Firm does not have an advisory relationship, or where it is not legally required to be delivered, it is provided for informational purposes only. Program Sponsors are responsible for reviewing their clients’ financial circumstances and investment objectives and determining the suitability of the Firm’s strategy and the Model Program for their clients (“participants”). Generally, Program Sponsors are primarily responsible for client contact. Subject to applicable law and fiduciary obligations, the Firm will make reasonably available to Program Sponsors and their clients certain staff knowledgeable about the services being provided by the Firm for discussions at the strategy level. In the Model Program, the Firm provides model portfolio advice through an agreement with Program Sponsors and/or an overlay manager. The Firm monitors and updates the model portfolios on an ongoing basis and delivers updates to the Program Sponsor or overlay manager. Program Sponsors or an overlay manager will provide participants the services described in the Program Sponsor’s or overlay manager’s agreement with such participants, including selection of the investment strategies based on information provided by the participant. The Firm does not provide customized investment advice or recommendations to Model Program participants. No model portfolio is personalized or in any way tailored by the Firm to reflect the personal financial circumstances or investment objectives of any participant. In the Non- Discretionary Model Program, the Program Sponsor retains investment and brokerage discretion and is responsible for all investment decisions. The Firm does not have brokerage discretion in any Model Program and thus has no authority to place orders for the execution of transactions. In addition to the investment strategies described above, the Firm may, from time to time, agree to manage accounts according to different investment guidelines specifically negotiated with a client. Additional Information PCM’s strategies tend to be relatively concentrated and this concentration, together with potential exposure to smaller companies, is likely to create more volatility over shorter time periods versus other investments or more diversified strategies. The Firm’s investment management services are typically provided on a fully discretionary basis; however, clients may request that the Firm adhere to restrictions in managing their accounts (for example, limits on the percentage invested in a particular security or type of security; limits on industry concentration; or prohibitions against investments in particular securities or types of securities). In most circumstances, the Firm will accommodate requested client restrictions provided they do not interfere materially with the portfolio construction process.