BONAVENTURE CAPITAL, LLC

Item 1 - Cover Page Firm Brochure (Part 2A of Form ADV) BONAVENTURE CAPITAL, LLC 820 SHADES CREEK PKWY., STE. 1200 BIRMINGHAM, AL 35209 PHONE: 205-775-7971 WEBSITE: WWW.BONAVENTURECAPITAL.NET This brochure provides information about the qualifications and business practices of Bonaventure Capital, LLC. If you have any questions about the contents of this brochure, please contact us at (205) 775-7971. The information in this brochure has not been approved or verified by the United States Securities and Exchange Commission, or by any state securities authority. Additional information about Bonaventure Capital, LLC, is available on the SEC’s website at www.adviserinfo.sec.gov. March 28, 2025 Bonaventure Capital  Item 2 - Material Changes Material Changes since the Last Annual Update There are no material changes in this brochure since the last one dated March 29, 2024. i Bonaventure Capital  Item 3 - Table of Contents Item 2 - Material Changes .............................................................................................. i Material Changes since the Last Annual Update ........................................................ i Item 4 - Advisory Business .......................................................................................... 1 Firm Description ......................................................................................................... 1 Separately Managed Accounts .................................................................................. 1 The Funds .................................................................................................................. 1 Item 5 - Fees and Compensation ................................................................................. 2 Separately Managed Accounts .................................................................................. 2 The Funds .................................................................................................................. 2 Item 6 - Performance-Based Fees ................................................................................ 4 Item 7 - Types of Clients ............................................................................................... 4 Item 8 - Methods of Analysis, Investment Strategies and Risk of Loss ................... 4 Separately Managed Accounts .................................................................................. 4 Southeastern Micro-Cap Financial Services Fund, LP ............................................... 5 Private Equity Investments ........................................................................................ 5 TOC 1 Bonaventure Capital  Item 9 - Disciplinary Information .................................................................................. 6 Item 10 - Other Financial Industry Activities and Affiliations .................................... 6 Item 11 - Code of Ethics, Participation or Interest in Client Transactions and Personal Trading ........................................................................................................... 6 Item 12 - Brokerage Practices ...................................................................................... 7 Item 13 - Review of Accounts ....................................................................................... 8 Item 14 - Client Referrals and Other Compensation ................................................... 8 Item 15 - Custody .......................................................................................................... 9 Item 16 - Investment Discretion ................................................................................... 9 Item 17 - Voting Client Securities................................................................................. 9 Item 18 - Financial Information .................................................................................. 10 Brochure Supplement (Part 2B of Form ADV) .......................................................... 11 STEVEN MCCALL DAUPHIN .................................................................................. 12 WILLIAM EDWARD REISER, JR. ............................................................................ 13 JAMES CARTER BURLESON................................................................................. 14 TOC 2 Bonaventure Capital  Item 4 - Advisory Business Firm Description Bonaventure Capital, LLC, (“Bonaventure”) an Alabama limited liability company, was founded in 1998. Bonaventure provides investment advisory services to Investment Limited Liability Companies, Investment Limited Partnerships, and a registered investment company (collectively “the Funds”). Bonaventure also provides investment advisory services to individuals, trusts, corporations, and other entities through separately managed accounts ("SMAs"). The owners of Bonaventure are Steven M. Dauphin, Billy L. Harbert, Jr., James O. Rein, and William E. Reiser, Jr. Separately Managed Accounts For SMAs, Bonaventure recommends and implements specific investment strategies that, after consultation and mutual agreement with the Client, best meet the individual Client's investment objectives. Much of the investment strategies recommended to and implemented on behalf of SMA Clients involve the use of index Exchange-Traded Funds ("ETFs") and their listed options. SMA Clients are welcome to impose restrictions on investing in certain securities or types of securities. Upon request, Bonaventure also will advise SMA Clients on private equity investments that they make at their discretion. As of December 31, 2024, Bonaventure manages $105,945,419 of SMA Client assets on a discretionary basis and $278,552,427 of SMA Client assets on a non-discretionary basis. The Funds Bonaventure advises and manages Investment Limited Liability Companies and Investment Limited Partnerships and subadvises a registered investment company (collectively “the Funds”). Bonaventure provides the Funds with certain investment management and related services, including, but not limited to (i) identifying, evaluating, and structuring investment opportunities consistent with each Fund’s governing documents (ii) monitoring investments made by each Fund; and (iii) disposing of and liquidating investments made by each Fund. As of December 31, 2024, Bonaventure manages $32,898,833 of Fund assets on a discretionary basis and $20,347,792 of Fund assets on a non- discretionary basis. - 1 - Bonaventure Capital  Item 5 - Fees and Compensation Separately Managed Accounts Bonaventure charges advisory fees for SMAs based on a percentage of assets under management. Such fees, as well as account minimums, are negotiated on a case-by-case basis depending on the level of services required and/or potential growth of an account through future contributions. For example, for assets allocated to a strategy involving listed options, our fee schedule is typically as follows: Assets under Management Quarterly Rate Annual Rate First $1 Million Next $4 Million Excess over $5 Million 0.2500% 0.1875% 0.1250% 1.00% 0.75% 0.50% For assets allocated to strategies that require less ongoing maintenance, such as a diversified portfolio of ETFs, Bonaventure typically charges an advisory fee at an annual rate of 0.25%, regardless of account size. SMA fees are typically payable in arrears on a quarterly basis and based upon the fair market value of the account as of the last business day of the previous quarter. Clients may choose either to have these fees deducted directly from their account or to pay them separately. SMA Clients receiving advice on private equity investments pay Bonaventure an asset-based fee and a performance-based fee. Investment Management Agreements between Bonaventure and its SMA Clients may be terminated by either party at any time without penalty upon written notice. Fees paid to Bonaventure are exclusive of any custodial and transaction costs an SMA Client may be charged by the account custodian, broker dealer or other. The Funds Southeastern Micro-Cap Financial Services Fund, LP - Bonaventure acts as the investment manager under contract to Southeastern Micro-Cap Financial Services Fund, LP (“SMFSF”), a Delaware limited partnership formed as a pooled investment vehicle to invest in the financial services industry. SMFSF is closed to new investors. For its services, Bonaventure receives an annual fee from the Fund equal to 1% of assets under management, payable in arrears on a quarterly basis. Fees are calculated based upon the Net Asset Value of the Fund as of the last business day of the previous quarter. An affiliated company, Bonaventure Partners, LLC ("BP"), is the General Partner of SMFSF. In exchange for its services as the General Partner of the Partnership, the General Partner receives a special profit allocation of 15% of the Net Profit allocated to the Limited Partners (subject to certain limitations). - 2 - Bonaventure Capital  SMFSF investors should refer to the SMFSF Offering Memorandum for greater details. Treble Range Partners, LLC - Bonaventure is the investment manager and managing member of Treble Range Partners, LLC (“TRP”), an Alabama limited liability company organized in 1998 to operate as a private investment company. TRP is owned entirely by the owners of Bonaventure. TRP pays Bonaventure an annual management fee equal to two percent (2.00%) of the value of TRP’s investments and cash reserves. Bonaventure may, in its sole and absolute discretion, waive all or any portion of the above fees. Such fees are payable in arrears on a quarterly basis, and are due as soon as practicable, but in no event later than 10 days, following the end of the previous calendar quarter. Such fees are determined based on the value of TRP's investments and cash reserves as of the end of each calendar quarter. As Managing Member, Bonaventure receives a profit allocation for managing TRP’s operations equal to 20% of all profits. Treble Range Partners III, LLC - Bonaventure is the Manager of Treble Range Partners III, LLC (“TRP3”), a Delaware limited liability company organized in 2021 to operate as a private investment company. TRP3 is owned entirely by the owners of Bonaventure. TRP3 pays Bonaventure a management fee in arrears, following the end of each calendar quarter, equal to 0.50% of the “Fee Base” as of the last day of the calendar quarter. The “Fee Base” is the sum of invested capital and reserves of TRP3. Dauphin and Reiser will receive 7.3% of any TRP3 net profits. Gulfstream Nordic Holdings, LLC - Bonaventure is the investment manager of Gulfstream Nordic Holdings, LLC (“GNH”), a Delaware limited liability company organized in 2019 to operate as a private investment company. GNH is owned by owners of Bonaventure and a former Bonaventure employee. GNH pays to Bonaventure an annual management fee equal to two percent (2.00%) of GNH’s invested capital and cash reserves. Bonaventure may, in its sole and absolute discretion, waive all or any portion of the above fees. Such fees are payable in arrears on a quarterly basis, and are due as soon as practicable, but in no event later than 14 days, following the end of the previous calendar quarter. Dauphin and Reiser are investors in GNH, and each will receive 0.3% of any GNH net profits. OneAscent Capital Impact Fund I, LP - Bonaventure owns a 10% fee-sharing percentage of the manager of this Fund. Also, Dauphin and Reiser each own 7.5% of the General Partner of this Fund, which had its final close in November 2023. OneAscent Capital Opportunities Fund - Bonaventure acts as Subadviser to this Fund, a registered investment company. Bonaventure receives 10% of the advisory fee the Adviser receives from the Fund. - 3 - Bonaventure Capital  Item 6 - Performance-Based Fees Bonaventure manages both accounts that are charged a performance-based fee and accounts that are charged an asset-based fee, creating a potential conflict of interest such as an incentive to favor accounts for which a performance-based fee is received. Bonaventure’s Code of Ethics addresses such conflicts and specifies that “the interests of the clients must come first.” Dauphin and Reiser supervise each other and all other employees with respect to compliance with the Code of Ethics. Failure to comply may result in disciplinary action, including termination of employment. Please see Item 11 for more information on our Code of Ethics. Item 7 - Types of Clients Bonaventure provides investment advisory services to Investment Limited Liability Companies, Investment Limited Partnerships, and a registered investment company (collectively “the Funds”). Bonaventure also provides investment advisory services to individuals, trusts, corporations, and other entities through separately managed accounts. Bonaventure typically does not accept accounts with less than $100,000, but exceptions can and have been made depending on the client’s circumstances. Item 8 - Methods of Analysis, Investment Strategies and Risk of Loss Separately Managed Accounts For SMA Clients, Bonaventure analyzes the historical risk and return characteristics of a broad range of asset class combinations. Asset classes representing the vast majority of the publicly traded investment market are included. ETFs chosen to represent those asset classes in portfolios are analyzed based on their expense ratios, tracking error, index replication methodology and liquidity. Based on historical measures of return, volatility, and correlation, together with assumptions concerning future risk and return consistent with Modern Portfolio Theory, portfolios are constructed to exhibit the risk and return characteristics desired by the Client. In many SMAs, with the Client's consent via its Investment Management Agreement with Bonaventure, Bonaventure employs an ETF option-writing strategy whereby out-of-the-money, cash-secured put options and covered call options are written. As disclosed in item 5, Bonaventure typically charges an annual advisory fee of up to 1.0% on assets allocated to an options strategy, - 4 - Bonaventure Capital  whereas assets allocated to a diversified ETF portfolio are typically charged an annual advisory fee of 0.25%. There is no guarantee that the investment strategies implemented will perform as intended. Investing in ETFs involves risk of loss that Clients should be prepared to bear. SMA Clients investing in ETFs will receive prospectuses and annual reports from the management companies of the ETFs in their portfolios. These documents should be reviewed for more details on the risks associated with investing in ETFs and the asset classes represented by the ETFs. There are special risks associated with option writing. The writer of a covered call forgoes the opportunity to benefit from an increase in the value of the underlying stock above the exercise price but continues to bear the risk of a decline in the value of the underlying stock. The writer of a put option bears a risk of loss if the value of the underlying stock declines below the exercise price, and such loss could be substantial if the decline is significant. Southeastern Micro-Cap Financial Services Fund, LP The following is a brief explanation of the methods of analysis, investment strategies and risk of loss in the Southeastern Micro-Cap Financial Services Fund, LP ("SMFSF"). Investors in SMFSF should refer to its Confidential Private Offering Memorandum which covers these topics in much greater detail. SMFSF's investment objective is long-term capital appreciation through investment in equity securities of companies in the financial services industry, with special emphasis on banks, bank holding companies and thrifts located in the southeastern United States with market capitalizations generally less than $500 million. Prospective investments are analyzed using fundamental financial analysis. An investment in the Fund involves significant risks and is suitable only for investors of substantial financial means who can accommodate limited or no liquidity in their investment and who can bear the risk of potential loss of all or a substantial portion of their investment. Investors should carefully consider the risk factors detailed in the Confidential Private Offering Memorandum including investment risks and partnership risks. Private Equity Investments In its advisory role with respect to private equity investments, Bonaventure analyzes deals using fundamental financial analysis with significant consideration given to management team and co-investor syndicate. Bonaventure's private equity fund clients do not have a specific industry focus but rather are opportunistic in their investment approach. Private equity investments involve significant risks and are suitable only for investors of substantial financial means who can accommodate limited or no - 5 - Bonaventure Capital  liquidity in their investment and who can bear the risk of potential loss of all or a substantial portion of their investment. Item 9 - Disciplinary Information The firm and its employees have not been involved in legal or disciplinary events related to past or present investment Clients. Item 10 - Other Financial Industry Activities and Affiliations Steven Dauphin and William Reiser, Members of Bonaventure, are also Members of Fidelis Capital, LLC ("Fidelis"), a SEC-registered investment adviser affiliated through common control and ownership. Mr. Dauphin is a Principal of OneAscent Capital Management I, LLC, and OneAscent Capital GP I, LLC (“OneAscent”) and an investment committee member of OneAscent Capital Impact Fund I, LP, and OneAscent Capital Opportunities Fund. Advisory services provided by Fidelis and OneAscent are separate and distinct from the advisory services of Bonaventure and are provided in exchange for industry-standard compensation. No Client of Fidelis or OneAscent is obligated to use Bonaventure for any advisory services, and conversely, no Bonaventure Client is obligated to use the advisory services provided by Fidelis or OneAscent. Bonaventure and Fidelis may share management fees when a Client is provided advisory services by both advisers. The owners of Bonaventure also own Bonaventure Partners, LLC, the entity that is eligible for performance-based fees from some of the investment entities managed by Bonaventure. Mr. Reiser and Mr. Dauphin are also Members of OneAscent Capital GP I, LLC, the General Partner of OneAscent Capital Impact Fund I, LP, the manager of which Bonaventure owns a 10% fee-sharing percentage. Mr. Dauphin is also an unpaid Member of the LP Advisory Committee of WRB Serra Partners Fund I. Item 11 - Code of Ethics, Participation or Interest in Client Transactions and Personal Trading Bonaventure has adopted a Code of Ethics expressing the firm's commitment to ethical conduct. Bonaventure's Code of Ethics describes the firm's fiduciary duties and responsibilities to Clients and sets forth Bonaventure's practice of supervising the personal securities transactions of supervised persons with access to Client information. Individuals associated with Bonaventure may buy or sell securities for their personal accounts identical to or different than - 6 - Bonaventure Capital  those recommended to Clients. It is the expressed policy of Bonaventure that no person employed by Bonaventure shall prefer his or her own interest to that of an advisory Client or make personal investment decisions based on the investment decisions of advisory Clients. To supervise compliance with its Code of Ethics, Bonaventure requires that anyone associated with its advisory practice with access to advisory recommendations provide annual securities holdings reports and quarterly transaction reports to the firm's Chief Compliance Officer. Bonaventure also requires such access persons to receive approval from the Chief Compliance Officer prior to investing in any IPOs or private placements (limited offerings). Bonaventure requires that all employees must act in accordance with all applicable Federal and State regulations governing registered investment advisory practices. Bonaventure's Code of Ethics further includes the firm's policy prohibiting the use of material non-public information. Any individual not in compliance with the above may be subject to discipline. Bonaventure will provide a complete copy of its Code of Ethics to any Client or prospective Client upon request to the Chief Compliance Officer at Bonaventure's principal address. Some Bonaventure owners have a material financial interest in some of Bonaventure's Clients. Such Clients receive no favorable treatment with respect to investment allocation as compared to other Bonaventure Clients in whom no Bonaventure owners have a material financial interest. Bonaventure presented a private market investment fund sub-advised by Fidelis to certain of its Clients for which it was suitable. Bonaventure's affiliation with Fidelis was fully disclosed, and Bonaventure Clients who chose to invest in the Fund did so solely at their own discretion based on an independent investigation and review. In the event the same private market investment is recommended to both Bonaventure and Fidelis Clients, allocations of the investment are made in a manner that maximizes the interests of each Client. Clients will not purchase investments from each other unless the fairness of the transaction price is validated by the involvement of an unrelated third party. Item 12 - Brokerage Practices SMA Clients may choose the brokerage firm which will custody their account, or Bonaventure will recommend one based on service and cost. If an SMA Client chooses to use a brokerage firm other than one recommended by Bonaventure, Bonaventure may be unable to achieve the most favorable execution of the client's transactions. For example, with a brokerage firm that is not recommended by Bonaventure, the client may pay higher commissions - 7 - Bonaventure Capital  and fees or receive less favorable transaction prices. Bonaventure receives no research or other products and services from brokers it recommends. Bonaventure will aggregate the purchase or sale of securities for various client accounts when the accounts are with the same brokerage firm, the same trade is appropriate for all the accounts, and the brokerage firm permits block trading. Block trading enables all the accounts included in the transaction to receive the same price. If the same transaction is appropriate for two clients with accounts at different brokerage firms, Bonaventure cannot aggregate the transactions, and it is possible that one client will receive a price that is less favorable than the other due to market fluctuation. Item 13 - Review of Accounts Mr. Reiser reviews SMFSF and all SMAs regularly for compliance with policy, suitability of investments and investment objectives. Reiser also assists with reviews of private equity investment entities under management on an as- needed basis. Mr. Dauphin reviews all private equity funds under advisement and their portfolio companies on a regular basis. Each investor in SMFSF receives quarterly correspondence providing the value of his interest in the Fund. Members and Limited Partners of the private equity funds under management receive performance updates on a quarterly basis. SMA Clients have full on-line access to all their account documents, including transaction confirmations and monthly statements, on their brokerage firm's web site. SMA Clients also receive a quarterly account performance review prepared by Bonaventure. Item 14 - Client Referrals and Other Compensation Bonaventure does not accept referral fees or any form of remuneration from other professionals when it refers a prospect or Client to them. Bonaventure receives no compensation other than that which is disclosed in this brochure. Bonaventure is entered into two Solicitation Agreements – one with Philip Hodges and another with Kidron Capital Securities, LLC – whereby they introduce Bonaventure to prospective SMA Clients. Only the Hodges agreement is active. If a prospect he introduces becomes a Client, he receives a percentage of any advisory fee paid to Bonaventure by that Client. His activities on Bonaventure's behalf are limited to Client solicitation and introduction; he is not authorized to render any investment advice. Prior to Bonaventure providing advisory services to a Client introduced by Hodges, the Client is provided a disclosure of this fee arrangement and acknowledges receipt of it in writing. - 8 - Bonaventure Capital  Item 15 - Custody Bonaventure does not have custody of SMA client assets other than the authority to deduct management fees from those Clients who permit such payment method. Bonaventure does have custody of funds and securities in TRP, TRP3, GNH, and SMFSF, but all assets are held at qualified custodians. SMA clients and investors in TRP, TRP3 and GNH receive or can access account statements directly from their custodians at least quarterly. Clients should carefully review those statements and compare them to the performance report statements provided by Bonaventure. SMFSF investors receive quarterly performance reports from Bonaventure and audited SMFSF financial statements within 120 days of the end of SMFSF's fiscal year. Item 16 - Investment Discretion Bonaventure accepts discretionary authority to manage SMAs, subject to the Client's Investment Management Agreement with Bonaventure. SMA Clients sign a limited power of attorney form providing Bonaventure with the ability to execute trades in Clients' accounts. The governing documents of SMFSF, TRP, TRP3 and GNH provide Bonaventure with full discretion in identifying, evaluating, and selecting the investments in which each Fund will invest. Item 17 - Voting Client Securities Bonaventure does not vote proxies on securities in SMA Client accounts. SMA Clients will receive their proxies or other solicitations from their custodian or a transfer agent and are expected to vote their own proxies. Clients are welcome to contact Bonaventure with questions about a particular solicitation. Bonaventure does have authority to vote securities owned by SMFSF, TRP, TRP3 and GNH. Bonaventure votes these clients' securities in a manner which it believes will maximize the long-term returns to the investors in these funds. Clients may obtain information about how Bonaventure voted fund securities upon request. Bonaventure does not have authority to vote securities owned by the OneAscent funds, but Steve Dauphin and Carter Burleson may advise OneAscent on such matters. Clients also may obtain a copy of Bonaventure's proxy voting policies and procedures upon request. - 9 - Bonaventure Capital  Item 18 - Financial Information Bonaventure does not have any financial impairment that will preclude the firm from meeting contractual commitments to Clients. - 10 - Bonaventure Capital  Brochure Supplement (Part 2B of Form ADV) Steven McCall Dauphin William Edward Reiser, Jr. James Carter Burleson Bonaventure Capital, LLC 820 Shades Creek Pkwy., Ste. 1200 Birmingham, AL 35209 (205) 775-7971 March 28, 2025 This brochure supplement provides information about Steven McCall Dauphin, William Edward Reiser, Jr., and James Carter Burleson that supplements the Bonaventure Capital, LLC brochure. Please contact Mr. Reiser if you did not receive Bonaventure Capital's brochure or if you have questions about the contents of this supplement. - 11 - Bonaventure Capital  STEVEN MCCALL DAUPHIN Educational Background and Business Experience (Last 5 Years) Born 1964 MBA, Business, University of North Carolina, 1991 BA, Economics and Religion, Harvard College, 1987 Member, Fidelis Capital, LLC, 05/2001 to present Member, Bonaventure Capital, LLC, 05/1998 to present Member, Bonaventure Partners, LLC, 05/1998 to present Principal, OneAscent Capital Management I, LLC, 11/2021 to present Principal and Member, OneAscent Capital GP I, LLC, 11/2021 to present Board Seats at present: Biome, Cloudform, Conjet, Conserv, Hampr, Iyris, Contrail Capital Disciplinary Information None Other Business Activities Mr. Dauphin is a Member of Fidelis Capital, LLC ("Fidelis"), a SEC-registered investment adviser affiliated through common control and ownership, a Principal of OneAscent Capital Management I, LLC, a Principal and Member of OneAscent Capital GP I, LLC (“OneAscent”), and an investment committee member of OneAscent Capital Impact Fund I, LP, and OneAscent Capital Opportunities Fund. Advisory services provided by Fidelis and OneAscent are separate and distinct from the advisory services of Bonaventure and are provided for separate and industry-standard compensation. No Fidelis or OneAscent Client is obligated to use Bonaventure for any advisory services, and conversely, no Bonaventure client is obligated to use the advisory services provided by Fidelis or OneAscent. Mr. Dauphin is also a Member of Bonaventure Partners, LLC, an entity that is eligible for performance-based fees from some of the investment entities managed by Bonaventure. He is also an unpaid Member of the LP Advisory Committee of WRB Serra Partners Fund I, LP. Additional Compensation None Supervision Mr. Dauphin provides advice to Clients regarding private equity investments. Clients that are private equity funds may not make investments without unanimous approval from their investment committees. William E. Reiser, Jr., Member of Bonaventure, is responsible for supervising Mr. Dauphin's advisory activities on behalf of Bonaventure Capital, LLC. Reiser receives copies of all advice-related client communications sent by Dauphin. - 12 - Bonaventure Capital  WILLIAM EDWARD REISER, JR. Educational Background and Business Experience (Last 5 Years) Born 1964 MBA, Finance/Investments, Duke University, 1992 BE, Electrical Engineering/Math, Vanderbilt University, 1986 Chartered Financial Analyst (CFA), 1996 Member, Fidelis Capital, LLC, 05/2001 to present Member, Bonaventure Capital, LLC, 05/1998 to present Member, Bonaventure Partners, LLC, 05/1998 to present Member, OneAscent Capital GP I, LLC, 11/2021 to present The CFA charter is a globally respected, graduate-level investment credential established in 1962 and awarded by CFA Institute — the largest global association of investment professionals. To earn the CFA charter, candidates must: 1) pass three sequential, six-hour examinations; 2) have at least four years of qualified professional investment experience; 3) join CFA Institute as members; and 4) commit to abide by, and annually reaffirm, their adherence to the CFA Institute Code of Ethics and Standards of Professional Conduct. Disciplinary Information None Other Business Activities Mr. Reiser is a Member of Fidelis Capital, LLC ("Fidelis"), a SEC-registered investment adviser affiliated through common control and ownership. Advisory services provided by Fidelis are separate and distinct from the advisory services of Bonaventure and are provided for separate and industry-standard compensation. No Fidelis client is obligated to use Bonaventure for any advisory services and conversely, no Bonaventure client is obligated to use the advisory services provided by Fidelis. Mr. Reiser is also a Member of Bonaventure Partners, LLC, and OneAscent Capital GP I, LLC, entities that are eligible for performance-based fees from some of the investment entities managed by Bonaventure. Additional Compensation None Supervision Steven M. Dauphin, Member of Bonaventure, is responsible for supervising Mr. Reiser's advisory activities on behalf of Bonaventure Capital, LLC. Dauphin receives copies of all advice-related client communications sent by Reiser. - 13 - Bonaventure Capital  JAMES CARTER BURLESON Educational Background and Business Experience Born 1997 MBA, Auburn University, 2021 B.S., Business Administration, Auburn University, 2019 Vice President, Fidelis Capital, LLC, 08/2021 to present Vice President, Bonaventure Capital, LLC, 08/2021 to present Principal, OneAscent Capital Management I, LLC, and OneAscent Capital GP I, LLC, 11/2021 to present Chief Operating Officer, Yellow Card Financial, LLC, 05/2019 to 04/2020 Head of Strategic Partnerships, Yellow Card Financial, LLC, 05/2018 to 05/2019 Board Member - XO Armor Technologies, VeroSkills Disciplinary Information None Other Business Activities Mr. Burleson is a Vice President of Fidelis Capital, LLC ("Fidelis"), a SEC- registered investment adviser affiliated through common control and ownership, and a Principal of OneAscent Capital Management I, LLC, and OneAscent Capital GP I, LLC (“OneAscent”), and a portfolio manager of the OneAscent Capital Opportunities Fund. Advisory services provided by Fidelis and OneAscent are separate and distinct from the advisory services of Bonaventure and are provided for separate and typical compensation. No Fidelis or OneAscent Client is obligated to use Bonaventure for any advisory services, and conversely, no Bonaventure Client is obligated to use the advisory services provided by Fidelis or OneAscent. Additional Compensation None Supervision Mr. Burleson works closely with Messrs. Dauphin and Reiser. Any advice provided to Clients by Burleson must be approved by Dauphin or Reiser. - 14 - Bonaventure Capital