**Owls Nest Partners IA, LLC Summary:** **Background and Expertise:** Owls Nest Partners IA, LLC is an SEC-registered investment adviser established in July 2017. The firm specializes in providing investment advisory services to separately managed accounts and funds, including the Owls Nest Partners Master Fund, Ltd., and the Owls Nest Partners Long Only Master Ltd. The firm's investment objective is to achieve long-term outperformance by investing in a highly concentrated portfolio of publicly traded equity securities, primarily focusing on small and mid-capitalization companies. **Consumer-Facing Terms:** - **Minimum Initial Investment:** Clients must provide at least $10,000,000 in assets for separate account management. - **Fee Structure:** Management fees for SMA Clients are 1% of the account balance, with performance fees of 25% of returns exceeding the Russell 2000 Total Return Index over five years. Fund management fees vary by class, ranging from 1% to 1.25% of the capital account balance, with performance fees also based on returns exceeding the index. - **Fiduciary Status:** The Adviser accepts discretionary authority to manage client accounts and has proxy voting authority. - **Investment Discretion:** The Adviser has discretionary authority to manage securities accounts on behalf of clients. **Advisory Business Description:** The firm's investment strategy involves investing in quality small and mid-cap stocks when their businesses are misunderstood and undervalued. The Adviser conducts deep qualitative research supported by quantitative analysis to identify investment opportunities. This summary is based on the information provided in the Owls Nest Partners IA, LLC Investment Adviser Brochure as of January 30, 2025. For further details, please refer to the original brochure.

Dark Horse Capital Management LLC is a financial advisory firm based in Chadds Ford, Pennsylvania. It currently has approximately $57,650,952 of assets under management and employs about 2 people. Dark Horse Capital Management LLC uses a fee structure of a percentage of assets under your management and performance-based fees.