Spicewood Mineral Management, LLC

Spicewood Mineral Management, LLC (SMM) is a registered investment adviser specializing in private fund management, particularly in oil and gas mineral and royalty interests in the United States. Established in January 2020, SMM is wholly owned by W. Kyle Bebee and manages various private pooled investment vehicles, including Flyway Holdings, Spicewood Mineral Partners, and others. SMM provides investment advisory services exclusively to the Spicewood Funds, catering to high net worth individuals and institutional investors. The firm's investment strategy focuses on acquiring mineral interests with high potential for value creation and multiple opportunities for upside. SMM charges management fees ranging from 1.5% to 2% per annum and may receive performance-based fees based on fund distributions. The firm's investment philosophy involves careful technical analysis and due diligence to identify lucrative opportunities in top-tier U.S. basins. Risks associated with investments include market volatility, operational risks, and environmental factors. SMM operates under a Code of Ethics to manage personal securities transactions and prevent conflicts of interest. The firm does not engage in public securities trading, and clients' assets are held by qualified custodians to ensure compliance with regulatory requirements. SMM provides periodic reports and financial statements to investors, maintaining transparency and accountability in its operations.