We offer investment advisory services to various types of clients including individuals, trusts, institutions, mutual funds, and other entities. As part of this offering we often provide wealth management services encompassing certain supplemental non-advisory services such as financial planning, including the preparation of personal net worth statements, cash flow projections, and other reports intended to clarify a client’s long term goals, objectives and risk tolerance. We often customize our advice based on a client’s investment objectives, guidelines, and financial situation. Our investment strategies are managed by three internal investment teams: the core equity team, the emerging growth team, and the strategic income team. Each of these investment teams may contribute to the management of a single client’s investments. Our clients can select from a number of investment strategies, which involve equity securities, fixed income securities or combinations thereof. Historically we have concentrated our efforts on securities that trade on U.S. markets and exchanges, with foreign securities playing a secondary (though occasionally important) role. We do not offer any other financial services such as custody, brokerage, tax preparation, tax advice, estate planning, trust administration, insurance, retirement plan administration, transfer agency services, and so forth. Our advisory business is comprised of two companies, which are collectively doing business as Osterweis Capital Management. The elder of the two is Osterweis Capital Management, Inc. (“OCM Inc.”), which was founded by John Osterweis in 1983 to serve the portfolio management needs of high-net-worth individuals, foundations, and endowments. In 1997, Osterweis Capital Management, LLC (“OCM LLC”) was founded with the same mission, but as a limited liability company.

OCM LLC facilitated our expansion into new product lines. Both companies are investment advisers registered with the United States Securities and Exchange Commission (the “SEC”). SEC registration does not imply a certain level of skill or training. Each company has its own brochure. This brochure is for OCM Inc. Unless otherwise noted the information in this brochure describes OCM Inc. by itself. Where this brochure references our two firms in aggregate, it uses the term “Osterweis Capital Management.” The purpose of these references is to make it easier for you to understand our business as a whole. OCM Inc. and OCM LLC have the same owners, employees, and investment strategies. On a day-to-day basis the two firms operate as a single entity. As of December 31, 2023, the two firms collectively managed about $6.8 billion in assets on a discretionary basis. Of that total, OCM Inc. managed approximately $445 million. OCM Inc. is privately held by a number of employees of the firm and two non-employees. As an independently owned firm, OCM Inc. enjoys the autonomy necessary to keep its clients’ interests at the forefront. Since January 1, 2016, no individual person or trust has owned more than 25% of the firm. 5 OSTERWEIS.COM As of January 1, 2024, the following each control at least 5% of the voting units of OCM Inc.:
• Kaufman/Angove Revocable Trust
• OCM Stock/Unit Holdings, LLC
• Osterweis Revocable Trust
• Eubanks/Chang Family Trust
• Halberstadt, Catherine C.
• Hermanski Family Trust
• Kane Family Trust
• Manchuck, Craig As of December 31, 2023, the breakdown of discretionary and non-discretionary assets under management for OCM Inc. was as follows: Discretionary: $ 445,333,088 Non-Discretionary: $ 0 Total: $ 445,333,088