Abrams Bison Investments, L.l.c.

Abrams Bison Investments, LLC is a registered investment adviser established in December 1999 and has been registered with the SEC since January 2006. The firm, led by Gavin Abrams, offers advisory services on a discretionary basis to private pooled investment vehicles for sophisticated and institutional investors. Client assets under management totaled $2,507,414,000 as of December 31, 2024. The firm charges a quarterly management fee of 0.2125% of net assets, along with an annual allocation of 20% of net profits. Abrams Bison specializes in long-term equity and risk arbitrage investments, focusing on concentrated investments in undervalued publicly traded companies. The firm's investment strategy carries risks such as market fluctuations, hedging, issuer-specific changes, leverage, short selling, and derivatives. Abrams Bison does not participate in wrap fee programs and does not manage portfolios for clients with specific investment restrictions. The firm has not been involved in any material litigation or investigations. Clients receive regular reports and statements, and the firm exercises investment discretion in managing client assets. Abrams Bison complies with proxy voting policies and procedures and does not have directed brokerage arrangements with clients.