Applied Fundamental Research, LLC

Personal Trading .............................................................................................................. 21 ITEM 12 - Brokerage Practices .............................................................................................. 22 ITEM 13 - Review of Accounts............................................................................................... 24 ITEM 14 - Client Referrals and Other Compensation .......................................................... 25 ITEM 15 - Custody .................................................................................................................. 26 ITEM 16 - Investment Discretion ........................................................................................... 27 ITEM 17 - Voting Client Securities ........................................................................................ 28 ITEM 18 - Financial Information............................................................................................. 29

Advisory Business Form ADV Part 2A, Item 4

A. Firm Overview Applied Fundamental Research, LLC (“AFR” or the “Firm”) is a Delaware limited liability company which commenced its present investment advisory business in May 2013. The Firm was organized in Delaware on January 7, 2013 and qualified to do business in Massachusetts on April 11, 2013. It was founded by Theodore H. Wagenknecht and Kevin F. Curran, who oversee the portfolio management and investment research functions. The Firm is registered as an investment adviser with the Securities and Exchange Commission (“SEC”). Theodore H. Wagenknecht is the Firm’s principal owner, and it’s Portfolio Manager. B. Advisory Services AFR primarily acts as investment adviser to two private investment partnerships, AFR Value Partners, L.P. (“AFR VP”) and AFR Concentrated Value, L.P. (“AFR CV”), together “the Funds”, pursuant to the terms of investment management agreements between AFR and both of the Funds. AFR VP invests mainly in North American small- and mid-cap companies using a mix of long and short equity and credit positions. The investment objective of AFR VP is to generate attractive risk-adjusted returns, after fees and expenses, over the long term with a particular emphasis on capital preservation. AFR VP employs an opportunistic value investment strategy combined with rigorous fundamental due-diligence to identify and analyze businesses whose securities or obligations are priced at a substantial discount to the Investment Manager’s estimates of their intrinsic value. AFR VP will invest when AFR believes that securities hold a compelling combination of margin of safety and potential return when compared to the risk associated with an investment and will hold cash when opportunities are not compelling on an absolute, risk-adjusted basis. AFR CV invests mainly in North American small- and mid-cap companies using a mix of long and potentially short equity positions. AFR CV’s primary objective is to compound investor capital over the long-term by investing according to a defined, research-intensive investment process that seeks to identify and profit from fundamentally undervalued equity securities that offer the potential for attractive returns. AFR CV will seek to generate returns by taking advantage of inconsistent and inefficient pricing in the securities markets. AFR CV intends to invest long-only primarily in liquid equity securities. The Funds have no investment restrictions other than any requirements imposed by law applicable to their investments. Any future investment restrictions will be reflected in each Fund’s limited partnership agreement, private placement memorandum and/or investment management agreement, and material restrictions reported in this Brochure. AFR provides investment advice directly to each of the Funds and not individually to their limited partners or investors. AFR may also provide advisory services in connection with separately managed accounts, which may include accounts for which AFR acts as sub-advisor under another investment advisor. Such services are provided pursuant to investment management agreements with each separately managed account holder and, in the case of a sub-advisory relationship, with the primary investment advisor. AFR’s advisory services to these separately managed accounts are generally in connection with the same types of investments and strategies that apply to the Funds. AFR may also provide investment advice to other independent investment advisors or third-party platforms who may employ this advice in the management of their clients' investments. Assets managed through this type of structure are non-discretionary to AFR and AFR has no trading or management authority with respect to such assets.

C. Tailored Advisory Services AFR does not provide advisory services tailored to the individual needs of clients, beyond generally investing according to the strategies set forth above. D. Wrap Fee Programs AFR does not participate in any wrap fee program. E. Assets Under Management As of December 31,2025, the following assets are managed by AFR: Discretionary Basis Non-Discretionary Basis Total Assets under Management

$142,785,742 $75,732 $142,861,474

Fees and Compensation A. Advisory Fees.

Form ADV Part 2A, Item 5

For AFR VP, AFR will receive a quarterly management fee (the “Management Fee”) at a fixed rate of 0.3125% (1.25% per annum). AFR VP GP, LLC, the General Partner of AFR VP, is entitled to receive a performance allocation from AFR VP at the end of each calendar year (the “Performance Allocation”). At the end of each fiscal year, subject to the recovery of net losses allocated to the loss recovery account (as described below), the General Partner will receive an allocation from the capital account of each limited partner in AFR VP (after reduction for expenses and fees incurred by AFR VP) equal to 20% of the Net Increase for such fiscal year. The “Net Increase” of a capital account shall mean the excess realized and unrealized net profits over realized and unrealized net losses allocated to such capital account for such fiscal year (or other fiscal period, if applicable) prior to giving effect to any Performance Allocation. In the event that there is any net depreciation allocated to such Limited Partner’s Capital Account and carried forward from any prior year, the Performance Allocation shall be reduced to 10% of the portion of each Limited Partner’s pro-rata share of the net realized and unrealized appreciation in the value of the assets of AFR VP for such calendar year and each calendar year thereafter until such time as there no longer exists any net depreciation allocated to such Limited Partner’s Capital Account carried forward from any prior year. AFR VP will maintain a loss recovery account (sometimes referred to as a “high water mark”) that corresponds to the capital account of each limited partner to calculate whether the General Partner will be entitled to receive such a Performance Allocation. If an investor withdraws capital from AFR VP, the amount of such investor’s high-water mark, if any, will be reduced in proportion to the amount of capital withdrawn. For AFR CV, AFR will receive a quarterly management fee (the “Management Fee”) at a fixed rate of 0.3125% (1.25% per annum). AFR CV GP, LLC, the General Partner of AFR CV, is entitled to receive a performance allocation from AFR CV at the end of each calendar year (the “Performance Allocation”) equal to 20% of the portion of each Limited Partner’s pro-rata share of the net realized and unrealized appreciation in the value of the assets of AFR CV for such calendar year that exceeds 105% of such Limited Partner’s Capital Account balance as of December 31 of the prior year, or, if later in time, the Limited Partner’s Capital Account balance on the date of their initial investment in the Fund (in such instance, the 105% hurdle rate shall be multiplied by a fraction, the numerator if which is the days in the Performance Period in which an investment in the partnership existed, and the denominator if which is 365); Provided, however, in the event that there is any net depreciation allocated to such Limited Partner’s Capital Account and carried forward from any prior year, then the Performance Allocation shall be reduced to 10% of the portion of each Limited Partner’s pro-rata share of the net realized and unrealized appreciation in the value of the assets of the Fund for such calendar year and each calendar year thereafter until such time as there no longer exists any net depreciation allocated to such Limited Partner’s Capital Account carried forward from any prior year. The Performance Allocation will also be calculated and payable as of the date of withdrawal with respect to any capital that is withdrawn as of the end of any calendar quarter other than the end of a calendar year (and in such instance, the 105% hurdle rate shall be multiplied by a fraction, the numerator if which is the days in the Performance Period in which the withdrawn capital was an investment in the partnership, and the denominator if which is 365). Any loss-carryforward will be adjusted fairly and equitably in proportion to withdrawals by a Limited Partner. In connection with its separately managed accounts, AFR may receive a management fee up to 2% of the assets in each managed account plus a performance fee equal to a percentage of the net profits on the assets under its management, as set forth in each managed account advisory agreement. This performance fee is generally 20% of net profits. Although AFR has entered into agreements providing for the fees or allocations described herein, AFR may negotiate alternative fees or allocations on a client-by-client basis with other funds or separate account clients that it manages in the future. The General Partners of the Funds also retain the ability to, in their sole discretion, waive, reduce or rebate the Management Fee and/or Performance Allocation with respect to certain limited partners of the Funds, including affiliates of the General Partners and/or AFR; provided, however, that no such waiver, reduction or rebate will adversely impact any other limited partner in the Funds or cause them to bear a

higher portion of the Management Fee and/or Performance Allocation than they would otherwise bear absent such waiver, reduction or rebate. In cases where AFR acts as a sub-adviser, either directly or through an investment advisory client or a third-party platform, the fees are generally negotiated between the parties and are based on a percentage of the relative assets under management. B. Payment of Fees AFR deducts its Management Fee from the assets of the Funds quarterly in arrears. AFR deducts its Performance Allocation from the assets of the Funds annually in arrears. AFR does not deduct fees from its separately managed account clients’ assets. AFR’s management fee is payable quarterly in arrears, and any performance fee is payable annually in arrears. C. Additional Fees and Expenses In addition to the Management Fee and the Performance Allocation, the Funds will bear the costs and expenses related to its investments and its operations, including, without limitation: brokerage and other transaction costs; clearing and settlement charges; trade break fees; consulting expenses; research and due diligence expenses (whether or not the related investment is consummated); expenses incurred in connection with AFR or any investment team member forming or serving on any creditors’ committees; legal fees and other expenses in connection with conducting due diligence and negotiating the terms of certain investments, regardless of whether such investments are consummated; custodial fees; initial and variation margin, interest and commitment fees on debit balances or borrowings; stock borrowing fees; proxy solicitation expenses; legal audit and tax preparation expenses, accounting fees; administrator fees and expenses (including fees and expenses of the Funds’ administrator and third party valuation services); directors fees; fees and expenses for risk management services; insurance expenses, including costs of any liability insurance obtained on behalf of the Funds (including, without limitation, directors and officers insurance); indemnification expenses; regulatory costs and expenses (including filing and license fees); any issue or transfer taxes chargeable in connection with any securities transactions; any entity level taxes and fees; costs of reporting and providing information to the partners of the Funds; costs of litigation or investigation involving the Funds’ activities; any extraordinary expenses; and to the extent applicable, a pro rata share of the fees and expenses of any other investment vehicles in which the Funds invests (including, without limitation, any management fees or performance-based compensation). For more information regarding AFR’s brokerage practices and brokerage expenses discussed herein, please see Item 12. D. Payment of Fees in Advance Fees are not payable in advance, as set forth in Section (B) above. E. Compensation for Sale of Securities or Other Investment Products Neither AFR nor any of its supervised persons accept any compensation (e.g., brokerage commissions) for the sale of securities or other investment products, including interests in the Funds.

Performance-Based Fees and Side-By-Side Management Form ADV Part 2A, Item 6

As discussed in Item 5, AFR (on behalf of the General Partners of the Funds) is entitled to receive a Performance Allocation equal to a percentage of the excess realized and unrealized net profits over realized and unrealized net losses of the Funds. In connection with its separately managed accounts, AFR may receive performance fees equal to a percentage of the net profits on the assets under its management, as set forth in each managed account advisory agreement, as discussed in Item 5.

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