Grey Rock Asset Management, LLC (“the Firm” or “Grey Rock”) is an investment adviser based in Dallas, Texas that is owned by Doug Wall, Matt Miller and Griffin Perry. The firm was founded in 2021. Investment Advisory Services Grey Rock provides investment management services to separately managed account clients. Grey Rock gathers information regarding client goals. Each client’s unique situation is considered including suitability, investment objectives and risk tolerance. In performing its services, Grey Rock is not required to verify any information received from the client or from the client’s other professionals. Clients may impose restrictions on investing in certain securities. This must be done in writing and be signed by the client and Grey Rock. The Firm provides investment supervisory services that assist clients in coordinating their investment portfolios. Services may include assisting the client with the investment objectives, interviewing and evaluating third-party investment managers to be considered, compiling data and screening such third-party investment managers, manager selection and fee negotiation, asset allocation for entities, continuous and regular supervisory or management services to client investment portfolios, performance monitoring and reporting in accordance with client objectives, with changes made as necessary, and assistance with the implementation of investment recommendations including arranging or effecting the purchase or sale of investments. In addition, the Firm may review existing or proposed investments in closely held companies, investment funds, private placement offerings, publicly traded securities as well as other types of investments, as requested by the client. Grey Rock hires subadvisers to manage all the accounts in a client’s portfolio or a subset of accounts. Subadvisers maintain the models or investment strategies agreed upon between subadviser and Grey Rock. Subadvisers execute trades on behalf of Grey Rock in client accounts. Grey

Rock is responsible for the overall direct relationship with the client. Grey Rock retains the authority to terminate subadviser relationships at the Firm’s discretion but only after consultation and agreement from the individual client. Evaluations and Recommendations of Investment Managers Depending on the nature of its engagement with each client, Grey Rock may evaluate and/or recommend to clients the investment advisory services of unaffiliated investment managers. These investment managers are independent of the Firm and are evaluated by the Firm. The investment managers recommended by the Firm to each client are selected based on various factors and considerations deemed by the Firm to be relevant or appropriate in its sole discretion including, among other things, the investment objectives and risk tolerance of the client as well as the past performance of the manager. Third Party Managers For certain client accounts, Grey Rock evaluates and recommends that clients enter into agreement with the other investment manager(s) a portion of a client’s portfolio, or the entire portfolio. In these cases, the client completes an investment management agreement with the third-party manager directly. This agreement is in addition to the Grey Rock agreement and is applicable to certain accounts in the client’s portfolio or the entire portfolio. Grey Rock does not maintain discretionary authority over these accounts. The client may terminate the relationship with the third party manager per the provisions in the investment management agreement. Administrative Services – Non- Advisory Clients On a limited basis, Grey Rock provides administrative services that does not include continuous supervision and monitoring of client investments. Grey Rock does not participate in wrap fee programs. As of December 31, 2023, the Firm had approximately $418 million in regulatory assets under management; approximately $235 million of the total assets are managed on a discretionary basis and $182 million on a non-discretionary basis.