Our Owners and Principals PYA Waltman Capital, LLC (“PYA Waltman”) was established in 2005 and the firm’s principal owners are J. William Waltman, Jr. and Douglas Yoakley. For purposes of this section, the persons owning twenty-five percent (25%) or more of our firm’s membership interests are our principal owners. Our Advisory Services We offer a variety of services to both existing and prospective clients, including financial planning, investment supervisory and management services, and retirement plan services. We tailor our advice and services to the stated objectives of each of our clients. Financial Planning Services Our financial planning services typically involve reviewing the client’s overall financial situation, personal and financial goals, risk tolerance and objectives. When we provide financial planning services, we will rely on the information provided to us by the client. We will not verify this information when preparing our recommendations. Our financial planning services may include one or more of the following: Portfolio Review and Evaluation Retirement Planning Retirement Account Analysis Education Funding Planning Insurance Review and Analysis Cash Flow and Net Worth Analysis Consulting with Retirement Plan Sponsors Estate Analysis and Planning Consulting on the Purchase of Substantial Assets Tax Planning Developing a Comprehensive Written Financial Plan Financial Planning Education As part of a client’s financial plan, we may recommend other services we offer or the services of other professionals to implement our recommendations. While recommending our own services may present a conflict of interest, clients are under no obligation to act upon any of our recommendations and are not required to engage the services of any recommended professional, including us as an investment manager. The client retains absolute discretion over all financial planning implementation decisions and may accept or reject any of our recommendations. It is the client’s responsibility to notify us promptly if there is any change in their financial situation or investment objectives so that we may review, evaluate, or revise our previous recommendations and services. We provide financial planning services pursuant to a written agreement with the client. This agreement may be terminated by the client or us at any time by giving five business days prior written notice. Part 2A of Form ADV 2 PYA Waltman Capital, LLC Investment Supervisory Services and Investment Management Services We offer investment management services in which we actively manage client assets based upon the client’s individual financial and personal needs, investment objectives, time horizon and risk tolerance. We employ a tactical style of investment management, which means that we may overweight or underweight various asset classes (i.e. equities, bonds, cash, etc.) depending upon market conditions. Each client’s account will be individually managed and, as such, may contain different securities from clients with similar objectives. Additional differences in holdings may stem from securities transferred into the account, cash available for the purchase of securities and gradients of risk tolerance requested by clients within the same investment objective. The unique nature of each client’s account may result in the client’s investment returns being different from other clients with the same investment objective. Our investment management services may include, without limitation, the use of no-load mutual funds, load-waived mutual funds, individual securities (i.e. stocks and bonds), exchange traded funds and separate accounts. We actively manage the client’s assets on a discretionary or non-discretionary basis, as determined by the client and set forth in the written investment management agreement signed by us and the client. When managing assets on a discretionary basis, clients may provide us with written guidelines and restrictions with respect to

our authority to invest in certain securities or types of securities. If we manage the client’s assets on a non- discretionary basis, then the client ultimately has the authority to make the investment decisions. Our investment management agreement may be terminated by us or the client at any time by providing the other party with five business days written notice. If either party terminates the agreement, we will prorate and, if greater than $5.00, refund our unearned advisory fees. Also, if we give notice of any proposed “assignment” of the agreement, the client may immediately give notice to terminate the investment management agreement. Termination of an investment management agreement will not affect any liabilities or obligations we have incurred or that have arisen from transactions initiated under the agreement prior to the termination date, such as the purchase of investments by us for the client’s account. The client is responsible for any cost incurred in transferring assets from his or her account to a different account. Recommendations to Rollover or Transfer Retirement Assets We act as an “investment advice fiduciary” under Employment Retirement Income Security Act, as amended (“ERISA”) and the Internal Revenue Code of 1986, as amended (the “Code”) when we provide fiduciary investment advice to retirement investors. Retirement investors include ERISA plans, participants and IRA owners. When we provide non- discretionary investment advice regarding a retirement investor’s retirement plan account or individual retirement account including, Health Savings Accounts (“HSAs”), Medical Savings Accounts (“MSAs”) and Coverdell Education Savings Accounts (“Educational IRAs”), we must provide prudent investment advice designed to meet the investor’s investment goals. In addition to other requirements, we must put the retirement investor’s financial interests ahead of ours when making recommendations and avoid misleading statements about conflicts of interest, fees, and investments. Part 2A of Form ADV 3 PYA Waltman Capital, LLC A retirement investor leaving an employer has four options regarding an existing retirement plan (and under certain circumstances may engage in a combination of the following options): (i) leave the money in the former employer’s plan, if permitted, (ii) roll over the assets to the new employer’s plan, if one is available and rollovers are permitted, (iii) roll over to an Individual Retirement Account (“IRA”), or (iv) cash out the account value (which could, depending upon the client’s age, result in adverse tax consequences). If we recommend a roll over from a retirement plan account or a transfer of an IRA account into an account to be managed by us, such a recommendation creates a conflict of interest if the retirement investor accepts the recommendation because we earn a fee on the market value of the rollover or transferred IRA which would not be earned if the money was not placed under our management. No investor is under any obligation to roll over retirement plan assets or move an IRA account into an account managed by us. Retirement Plan Services We offer retirement plan consulting services to plan sponsors. When we provide consulting services to a plan sponsor, we may assess the existing plan, manage the request-for- proposal process, provide advice on plan design, conduct due diligence on investment offerings and provide participant education. Plan sponsors may also engage us to provide investment advice to the participants of the qualified plan, which may include providing plan participants with a presentation or informational flyer containing our investment recommendations within the plan’s available funds based on the current market conditions. Assets Under Management We manage client assets on either a discretionary or nondiscretionary basis. As of December 31, 2023, we had $502,391,124 in client assets managed on a discretionary basis and $528,191,568 in client assets managed on a nondiscretionary basis.