Emeth Value Capital, LLC

Emeth Value Capital, LLC (hereinafter referred to as “Emeth Value Capital,” “we,” “us,” or “our firm”) is a Louisiana limited liability company with its principal office located in New Orleans, Louisiana. The sole Managing Member and Chief Compliance Officer of our firm is Andrew Joseph Carreon. As a registered investment adviser, we are a fiduciary to you, our client, meaning we have a fundamental obligation to act and provide investment advice that is in your best interest. Should any material conflicts of interest exist that might affect the impartiality of our investment advice, they will be disclosed to you in this Brochure. We urge you to review this Brochure carefully and consider our qualifications, business practices and the nature of our advisory services before becoming our client. ADVISORY SERVICES Emeth Value Capital provides investment management services and regular portfolio monitoring and rebalancing to our clients. Investment Management Services – Separate Account Management We work with you to identify your investment goals and objectives, your risk tolerance, and cash/income needs in order to determine if our strategy is appropriate for you. Your portfolio may include equities (common stocks and equivalents) and fixed-income instruments. We may also utilize, where appropriate, options contracts. Our investment management services are offered on a discretionary basis, which you grant to us through a written agreement (“Agreement”). This allows us to execute transactions in your account(s) without requiring your permission to do so. Once we have implemented your portfolio, we will review and rebalance your account(s) as necessary. As noted above and further described in Item 8 below, we employ a specific investment style in the management of our separate accounts which entails above-average risk with a potentially high tracking error and high beta. This strategy is not suitable or appropriate for every investor. Before entering into an Agreement, we will confirm our strategy is suitable and appropriate for you. Sub-Advisory Services – Pooled Investment Vehicles We also provide sub-advisory investment management services on a discretionary basis to unaffiliated privately offered pooled investment vehicles exempt from registration under the Investment Company Act of 1940, as amended. The advisor(s) to these funds will engage Emeth Value Capital to manage a portion of their specific fund, based on their view that our strategy is

consistent with their fund’s objectives. Client Tailored Relationships As a fiduciary to all our clients, Emeth Value Capital always acts solely in your best interest. We offer the same suite of services to all clients. Although we seek to accommodate any reasonable investment restrictions or guidelines you may set, we may decline to accommodate certain investment restrictions that are incompatible with our investment philosophy or that may have an adverse effect on our ability to manage your account. Wrap Fee Programs. We do not offer or participate in any wrap-fee programs. Important Note: It is your responsibility to ensure that we are promptly notified if there are ever any significant changes to your financial situation, goals, objectives or needs so we can review our previous recommendations and make any necessary adjustments. Assets Under Management As of December 31, 2025, we managed $193,731,787, all on a discretionary basis.

The following information describes how we are compensated for the investment advisory services we provide to you. The specific manner in which fees are charged and the compensation we receive may differ between clients and will be reflected in the Agreement between us. Our fees are negotiable and we may charge higher or lower fees than are available from other firms for comparable services. Emeth Value Capital has the general discretion to waive all or a portion of our fees. Fees for Qualified Clients Fees for Qualified Clients (as defined in Item 7 below) include both a management fee and a performance fee. Please refer to Item 6 below for a description of our performance fee arrangements. (i) Investment Management Fees. In consideration for providing investment management services to qualified clients and pursuant to the Agreement between us, we charge an annualized asset-based fee ranging from .25% to 1% based on the Firm’s aggregate AUM as valued by the qualified custodian, Interactive Brokers, LLC (“Interactive Brokers”). Please refer to the following chart and formula for an annualized fee schedule and monthly management fee charged by Emeth Value Capital. Our fees are billed monthly in arrears and are based on the total AUM we

manage. The applicable blended annualized fee percentage is redetermined based on the closing value of our total AUM each day of the month. Fee Schedule AUM Annualized Fee % First $25,000,000.00 1.00% Next $25,000,000.00 .75% Next $25,000,000.00 .50% Next $25,000,000.00 .25% Thereafter 0% Monthly Fee Formula. Please see below an example of the formula for calculating the Investment Management Fee(s) over a four-day period below, using 1.0% as the annualized percentage. Additions and withdrawals in your account(s) will be considered in the calculation of the previous day’s assets under management.

Step 1. ([Annualized Percentage] x $[ Previous Day’s Assets Under Management]) [ Number of Trading Days Per Year]

= $[ Previous Day’s Fee]

Step 2. [Add the Daily Fees for Each Trading Day of the Month] = $ [ Monthly Payment] Example. Please see an example of the formula for calculating the Investment Management Fee(s) over a four-day period below:

Day 1

STEP 1 (0.01x$100,000)/252=

$3.96

Day 2

(0.01x$100,600)/252=

$3.99

Day 3

(0.01x$100,800)/252=

$4.00

Day 4

(0.01x$100,400)/252= STEP 2 $3.96 + $3.99 + $4.00 + $3.98=

$3.98

Total Fee

KEY Annualized Percentage 1.0% Assets Under $100,000 Management # of Trading Days Per Year

$15.93

(ii) Performance Fee(s). For qualified clients, if agreed upon in writing and pursuant to the Agreement between us, we charges an annualized asset-based fee between .25% and 1% based on the Firm’s aggregate AUM as explained above in addition to a performance-based fee as described in Item 6 below.

Fees for Non-Qualified Clients. Investment Management Fees. For non-qualified clients, pursuant to the terms of the Agreement between us, we charge an annualized asset-based fee between .25% and 1% based on our aggregate assets under management (“AUM”) as depicted above. Fees for Non-Qualified Clients are billed monthly in arrears The applicable blended annualized fee percentage is redetermined based on the closing value of our AUM each day of the month. Additional Fees and Expenses. Clients will incur transaction charges and/or brokerage fees when purchasing or selling securities. These charges and fees are typically imposed by the brokerdealer or qualified custodian through which account transactions are executed. For more information on our brokerage practices, please refer to Item 12 (Brokerage Practices) of this Brochure. The fees that clients pay to our firm for investment advisory services are separate and distinct from the fees and expenses charged by mutual funds and/or exchange traded funds (described in each fund’s prospectus) to their shareholders. The fees charged directly by mutual funds and exchange traded funds will typically include a management fee and other fund expenses. To fully understand the total costs associated with their investment portfolio, clients should review all the fees charged by mutual funds, exchange traded funds, our firm and others. Termination. The Investment Management Agreement with our clients may be terminated by either party at any time upon ninety (90) days written notice. Upon termination of our status as the client’s investment adviser, Emeth Value Capital will not take any further action with respect to your account(s) unless specifically notified by you in writing. You will be responsible for instructing your custodian and monitoring your account for the final disposition of assets. Upon receipt of a proper notice of termination from you, as described in the Agreement between us, any earned but unpaid fees will be billed on a pro-rata basis based on the amount of work performed by us up to the point of termination. When a copy of the Brochure Document(s) is not provided to the client at least 48 hours prior to signing the contract(s), client has five business days in which to cancel the contract, without penalty. Brokerage Commissions. Emeth Value Capital does not receive brokerage commissions from the sale of securities or other investment products. Our compensation for recommending securities and investment products is limited to the advisory fees described above. Any material conflicts of interest between clients and Emeth Value Capital or our employees are disclosed in this Brochure. If at any time, additional material conflicts of interest develop, Emeth Value Capital will provide our clients with written notification of those material conflicts of interest or an updated Brochure.

The securities analysis methods employed by Emeth Value Capital may include fundamental analysis, quantitative, and qualitative analysis. Our main sources of information include financial newspapers and magazines, research materials prepared by others, corporate rating services, timing services, annual reports, prospectuses, filings with the SEC, and company press releases.

Fundamental Analysis For public securities, we attempt to assess the value of a security by evaluating economic and financial factors specific to the particular security as well as conditions in the relevant sector and the overall economy. Fundamental analysis attempts to incorporate all of the relevant securityspecific attributes and the many macro-driven factors that may affect the security in order to arrive at a solid assessment of the current value of a security. Fundamental analysis does not necessarily attempt to anticipate market movements. Since the prices of securities may change in conjunction with overall market movements, securities identified by fundamental analysis as having good prospects may decline in value. Even if this occurs, however, our fundamental analysis may enable us to select securities that will perform better on a relative basis, regardless of the overall market’s direction. Quantitative Analysis For certain public securities, we use mathematical models to obtain an objective measure of the quality of a company’s business model and compare the results of that assessment to the market’s perception of that company using valuation and price-related factors. A risk in using quantitative analysis is that the models may be more backward looking in nature and may be based on assumptions that prove to be incorrect or that the quantitative model may not capture all relevant or current information necessary to determine a company’s value. Qualitative Analysis For certain public securities, we use information that is not numerical to understand the business and its potential to grow in the future. A company's business model and competitive advantage are vital components of qualitative analysis, along with news articles, interviews with management, third-party research reports, etc. Qualitative analysis provides an opportunity to be forward-looking, and when combined with quantitative analysis the research provides an understanding of where a company has been and where it might go in the future.

INVESTMENT STRATEGIES Our investment approach emphasizes business quality, and seeks to identify a small number of highly mispriced securities.

The research process focuses intensely on understanding the real free cash flow of a business, and the elements that might threaten, protect, or augment those cash flows. It is our belief that institutional constraints and human emotion often drive prices away from intrinsic value, allowing us the ability to leverage a highly favorable aspect of public market investing – the ability to invest at any time at a quoted price. In theory, we seek to own unregulated capital-light monopolies that sell an essential good with high and structurally growing demand. In practice, however, we aim to find some of these elements present in businesses that we are able to purchase for substantially below intrinsic value. We strive to minimize long-term permanent loss of capital but are not concerned with short-term performance variances. Client portfolios will tend to be concentrated with a small number of holdings and no specific diversification requirements. Securities may be purchased in the following permitted markets: United States, Canada, United Kingdom, European Union member countries, Switzerland, Norway, Brazil, Mexico, Argentina, Singapore, Australia, Turkey and Hong Kong. We may add markets in the future, when seeking to discover undervalued equities in additional geographies. Our methods of analysis include : • Maintaining a database of prospective investments in publicly traded securities. • Performing thorough company and industry specific research with includes speaking with company management, former employees, and industry experts. • Reading publicly available financial reports and transcripts on current and prospective investments. • Building financial models with the goal of organizing all relevant investment research in a quantitative fashion. RISK OF LOSS Investment returns are not guaranteed, and you may lose money on their investments, including loss of principle. We ask that our clients work with the portfolio manager to help understand the clients' tolerance for risk. Our securities analysis and investment strategy methods rely, where possible and as appropriate, on credit ratings prepared by independent rating agencies and on financial statements audited by independent public auditors. We assume that rating agencies and auditors are in fact independent and that they perform their services in accordance with applicable legal and professional standards. In addition, we rely on company management, investment banks, and attorneys to make accurate and unbiased representations about these securities in public filings and other publicly available information. We believe this data has been obtained from sources believed to be reliable and is accurate to the best of our knowledge. However, we recognize that some data may be incorrect and there is always a risk that our analysis will be compromised by inaccurate or misleading information, or that unanticipated circumstances will lead to unanticipated adverse results. Risks of loss may also arise from unanticipated circumstances. The investment risks described below may not be all-inclusive but should be considered carefully:

Equities risk: Equity securities can decline in value over short or extended periods as a result of changes in a company’s financial condition and in overall market, economic and political conditions. Market Risk: Security prices may decrease due in response to direct and indirect events and market conditions, usually caused by factors independent of the specific attributes of the investment security. Inflation Risk: Rising inflation reduces the purchasing power of the underlying currency, which is the dollar for U.S. based investments. This also applies to foreign investments, which may be denominated in other currencies. Liquidity Risk: Liquidity is the ability to convert an investment into cash. Investment assets are usually more liquid when established markets exist to trade those securities. For instance, U.S. Treasury bills and most equity securities have highly developed markets, while tangible property, such as real estate and precious stones, are less liquid. In case of extreme market activity, we may be unable to liquidate investments in thinly traded and relatively illiquid securities promptly if necessary. Also, sales of thinly traded securities could depress the market value of those securities and reduce the investments’ profitability or increase its losses. Reinvestment Risk: This is the risk that future gains may be reinvested at less favorable (lower) rates of return than currently available. Interest-Rate Risk: Changes in interest rates may result in fluctuations in the prices of other investment vehicles. For example, when interest rates rise, fixed income security prices fall. Financial Risk: Excessive use of credit (borrowing) to finance a business’ operations increases the risk of profitability, because the company must cover its debt obligations in good and bad years. Risks Specific to Options Trading: Trading options is highly speculative in nature and involves a high degree of risk. Options may involve certain costs and risks such as liquidity, interest rate, market, and the risk that a position could not be closed when most favorable. Option contracts are traded for a specified period of time and have no value after expiration. When trading options, there is a risk that the account may lose the total amount of the premium paid (when long options) or more than the total amount of premium received (when short options). Trading halts in the underlying security or other trading conditions (for example, volatility, liquidity, systems failures) may cause the trading market for an option (or all options) to be unavailable, in which case the holder or writer of an option would not be able to engage in a closing transaction and an option writer would remain obligated until expiration or assignment. Even if the market is available, there may be situations when options prices will not maintain their customary or anticipated relationships to the prices of the underlying interests and related interests. Disruptions in the markets for the underlying interests could also result in losses for options investors. This is not intended to be an exhaustive presentation of all risks associated with trading options and clients should review the current Options Clearing Corporation (“OCC”) disclosure

document “Characteristics and Risks of Standardized Options” and any options risk disclosures provided by the broker-dealer used for client trades. In some cases, managed commodity accounts are subject to substantial charges for management and advisory fees. It may be necessary for those accounts that are subject to these charges to make substantial trading profits to avoid depletion or exhaustion of their assets. This brief statement cannot disclose all the risks and other significant aspects of the commodity interest markets. This commodity trading advisor is prohibited by law from accepting funds in the trading advisor’s name from a client for trading commodity interests. The client must place all funds for trading in this trading program directly with a futures commission merchant or retail foreign exchange dealer, as applicable. Corporate Securities: Equity and debt securities (stocks and bonds) represent partial ownership interests in companies and partial claims on their assets, respectively. The value of these interests and claims is theoretically dependent upon the performance of the underlying business and the cash flows generated by its operations. However, securities prices may fluctuate independently of these factors due to market factors or for no reason at all. Prices may not change as expected even when the prospects of the business have been correctly assessed. Omission of Risks: This Brochure does not provide a comprehensive list of every possible source of risk. Every potential outcome of an investment cannot be predicted, and it cannot disclose every potential risk factor for every investment to clients. The value of securities that the Firm invests in may go up or down in response to factors not within our firm’s control, including but not limited to the status of an individual company underlying a security, or the general economic climate. Clients may suffer losses for any reason or no discernible reason. Business Risks: The companies identified for investment face a wide variety of operational risks, including competitive threats, regulatory changes, execution challenges, and responses to external changes. For businesses listed on US exchanges, the Securities and Exchange Commission requires companies to disclose the most significant risk factors that could impact the business. However, these disclosures could be incomplete or inaccurate. An assessment of the relevant risk factors for any business could be incomplete or inaccurate. Both unforeseen and known risk factors may transpire, resulting in a deterioration of corporate performance. Fundamental Analysis: Forecasting financial performance is an inexact process of estimation that relies on the accuracy of financial and industry data provided by companies and third parties. This data may contain material errors or omissions. Investing on the basis of fundamental research may also result in errors of judgment or analysis. Investment performance may suffer if the assessment of a business or its prospects is incorrect, and even a correct analysis could result in a loss of capital. Interim Underperformance: The long-term and concentrated nature of a strategy means that even if the strategy is “working properly” and the analysis is correct and leads to profitable realized outcomes, clients may experience multi-year periods of significant underperformance relative to market indexes and other investment strategies. This interim underperformance

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We offer investment advisory services to a diversified group of clients including individuals, high net-worth individuals, and institutions including endowments, foundations, pooled investment vehicles, and family offices.

ACCOUNT REQUIREMENTS We require a minimum account balance of $10,000. However, at our sole discretion, we may waive or lower our base fee based on various criteria (i.e., anticipated future additional assets to be managed, related accounts, account composition, negotiations with the client, etc.).

For performance-based fee arrangements, clients must meet the definition of a “qualified client” as defined under Rule 203-5 of the Investment Advisers Act of 1940, as amended: 1. A natural person who, or a company that, immediately after entering into the contract, has at least $1,100,000 under the management of Advisor; 2. A natural person who, or a company that, Advisor reasonably believes has a net worth (together, in the case of a natural person, with assets held jointly with a spouse) of more than $2,200,000 at the time the contract is entered into (excluding the value of such person’s primary residence); 3. A qualified purchaser as defined in Rule 203-5 of the Investment Advisers Act of 1940; 4. A natural person who is an executive officer, director, trustee, general partner, or person serving in a similar capacity, of Advisor; or 5. A natural person who is an employee of Advisor (other than an employee performing solely clerical, secretarial or administrative functions with regard to Advisor) who, in connection with his regular functions or duties, participates in the investment activities of Advisor, provided that such employee has been performing such functions and duties for or on behalf of Advisor, or substantially similar functions or duties for or on behalf of another company, for at least 12 months.

As indicated above, in addition to our management fees, for qualified clients we charge an annual performance-based fee billed annually in arrears. This fee is equal to 15% of the net account value each year in excess of the applicable hurdle as described below. Net account value is computed after deducting all fees and expenses including brokerage commissions, transaction fees, data fees, and our advisory fee. The applicable hurdle is the amount equal to the greater of (a) the cumulative value that would have been achieved by investing your portfolio in the iShares MSCI ACWI ETF or, (b) the prior high value (as defined below). For the avoidance of doubt, the daily closing value of the iShares MSCI ACWI ETF is used to determine the cost basis for each applicable deposit, and all dividends are assumed to be reinvested. Prior high value is defined as the highest historical balance of your account as of any prior date on which a performance allocation was determined or, if no performance allocation has yet been determined it is defined as, the aggregate value of deposits minus withdrawals for your account. The prior high value of your account will be increased by an equivalent dollar value of additional deposits, or reduced following any withdrawal (effective as of the date of such withdrawal) in the proportion which the amount of the withdrawal bears to the balance of the applicable account immediately prior to giving effect to such withdrawal. In the case of a withdrawal from an account on a day other than the last day of the year, the performance allocation will be charged as of the effective date of such withdrawal and billed in arrears. SIDE-BY-SIDE MANAGEMENT “Side-by-side management” refers to the simultaneous management of multiple types of client accounts, such as our management of performance-based fee accounts and the management of accounts with asset-based fee arrangements. This creates a potential conflict of interest since we may have an incentive to favor accounts for which we receive performance-based fees over other accounts in the allocation of investment opportunities. To mitigate this conflict, we have adopted procedures to ensure that clients are treated fairly and equally and to prevent this conflict from influencing the allocation of investment opportunities. We do not take into consideration the fee structure of the accounts when allocating trades. If aggregated trading is not available or if it is not in the best interest of clients, we will utilize a trade rotation to ensure certain clients are not disadvantaged.

Neither Emeth Value Capital nor any of its employees are registered, or have an application pending to register, as a broker-dealer or registered representative of a broker dealer, futures commission merchant, or an associated person of the foregoing entities. AFFILIATED ENTITIES Emeth Value Capital does not have any relationships or arrangements with affiliated entities that could create a potential conflict of interest. OTHER INVESTMENT ADVISERS Emeth Value Capital does not have any business relationships with other investment advisers that create a material conflict of interest for our clients.

and Personal Trading CODE OF ETHICS To fulfill our responsibilities as a fiduciary, we have adopted a Code of Ethics (the “Code”) that sets forth a standard of business conduct for our firm and all our associated persons. The Code incorporates the following general principles that all employees are expected to uphold: (1) putting the clients’ interest first at all times; (2) conducting all personal securities transactions in such a manner to be consistent with the Code and to avoid any actual or potential conflict of interest or any abuse of an employee’s position of trust and responsibility; (3) not taking inappropriate advantage of their position; (4) treating all client information as confidential, and (5) maintaining independence in the investment decision-making process. In addition to guidelines with regard to personal trading, the Code also addresses and governs the

giving and receiving of gifts and entertainment, service on outside boards of directors, and other outside business activities. Our personnel are required to certify their compliance with the Code on a periodic basis. Clients and prospective clients may request a full copy of our firm’s Code of Ethics by contacting our firm in writing at acarreon@emethvaluecapital.com or calling our firm at (210) 381-7262. PARTICIPATION OR INTEREST IN CLIENT TRANSACTIONS Emeth Value Capital and/or our advisors invest in the same securities that are recommended to and/or purchased for our clients. The Firm does not intend to do any personal trading and any investments the Firm makes will be managed alongside client investments. Emeth Value Capital and/or our advisors do not recommend securities to our clients in which Emeth Value Capital and/or our advisors has a material financial interest. Emeth Value Capital has adopted procedures designed to assure that the personal securities transactions, activities and interests of Emeth Value Capital and/or our advisors will not interfere with our ability to make investment decisions in the best interest of our clients. PERSONAL TRADING Emeth Value Capital has adopted an Investment Adviser Code of Ethics (the “Code”) covering our personnel who are involved in the operation and offering of investment advisory services. Each Code is based on the principle that clients’ interests come first, and it is intended to assist employees in meeting the high standards that Emeth Value Capital follows in conducting our business with integrity and professionalism. Each Code covers such topics as the requirement that all employees comply with all applicable securities and related laws and regulations; reporting and/or clearance of employee personal trading; prevention of misuse of material nonpublic information; and the obligation to report possible violations of the Code of Ethics to management. All covered personnel must certify to receipt of the Code. We will provide a copy of each of the Code to clients upon request. Personal trading activities are continually monitored to reasonably prevent conflicts of interest between our firm and our clients.

Securities transactions are generally executed through Interactive Brokers, LLC. (“Interactive Brokers”), member FINRA/SIPC/NYSE. Interactive Brokers maintains custody of our clients’ assets and effects securities transactions for our investment management clients’ accounts. Emeth Value Capital is independently owned and operated and is not affiliated with or a related person of Interactive Brokers. While we recommend Interactive Brokers, clients are ultimately

responsible for deciding where to open a custodial account and signing the applicable account opening paperwork. We consider a number of factors prior to recommending a particular broker- dealer to our clients, including but not limited to, their familiarity with the securities to be sold or purchased, their execution skills, order-flow capabilities, their commission rates or other fee schedules, their custodial services, their level of net capital (financial strength) and excess SIPC and other insurance coverage. The commissions charged by Interactive Brokers are competitive with similarly situated retail broker-dealers offering the same variety of securities to clients. Clients are advised, however, that they may be able to effect transactions in securities through other broker-dealers at lower commission rates, particularly with respect to securities listed on a national securities exchange or in the over-the-counter market. You will sign a separate agreement with the selected broker-dealer/custodian that details the custodian’s compensation. Typically, the custodian, (but not Emeth Value Capital) earns additional remuneration. All custodians will generally assess other fees and charges, in addition to any transaction-based charges that may apply, for services such as wire fees, retirement plan maintenance fees, transfer and termination fees, etc. They also earn money through cash management functions. We will continue to monitor the overall charges assessed to identify how the industry reduction in transaction charges affects other charges that may be less transparent to clients. Research and Other Soft Dollar Benefits. Interactive Brokers offers products or services other than execution that assist our firm in managing and administering client accounts. These may include software and other technology that provide access to client account data (such as trade confirmations and account statements), facilitate trade execution (and allocation of aggregated trade orders for multiple client accounts), facilitate payment of our fees from clients’ accounts, and assist with back office functions, record keeping and client reporting. These services may be used to service all or a substantial number of client accounts, including accounts not maintained at Interactive Brokers. Emeth Value Capital may also receive services from Interactive Brokers or its affiliates that are intended to help our firm manage and further develop our business. These services may include registration support through Greenwich Compliance, website design and technology support. Interactive Brokers also has arrangements with various product vendors, which enable our firm to purchase their products at a discount. These products may include such items as: client reporting and consolidated statement software; client communication software; client relationship management software; compliance assistance; and investment research. Emeth Value Capital does not participate in any commission-sharing arrangements or receive soft dollar credits. While the benefits we receive from Interactive Brokers do not depend on the amount of brokerage transactions directed to Interactive Brokers, as a fiduciary we are required to disclose that there is an inherent conflict of interest when our firm recommends that clients maintain their assets at Interactive Brokers. These recommendations may be based in part on

the benefits we receive from Interactive Brokers, such as the availability of the abovementioned products and services, and not solely on our clients’ interest in receiving most favorable execution. Nonetheless, we seek to ensure that the securities transactions effected for our clients represent the best qualitative execution, not just the lowest possible cost. Our firm routinely compares order execution disclosure information at Interactive Brokers to other broker-dealers to ensure that Interactive Brokers remains competitive in providing best execution for our clients’ securities transactions. Although the brokerage commissions and/or transaction fees charged by Interactive Brokers may be higher or lower than those charged by other broker-dealers, in seeking best execution for our clients our firm strives to ensure that our clients pay brokerage commissions and/or transactions fees which we have determined, in good faith, to be reasonable in relation to the value of the brokerage and other services provided by Interactive Brokers. Brokerage for Client Referrals. Emeth Value Capital does not consider broker-dealer or thirdparty referrals in selecting or recommending broker-dealers to our clients as this would create a conflict of interest. Directed Brokerage. While we generally recommend that clients direct transactions through certain broker-dealers, we do not have discretionary authority to determine the broker-dealer to be used for the purchase or sale of securities for client accounts or the commission rates paid to a broker-dealer for client securities transactions. On a case-by-case basis, we may permit clients to direct us to use brokers other than the custodian of record to execute client transactions. . If you direct us to use a particular broker- dealer, it may limit our ability to achieve best execution or limit your participation in any block trades. As a result, you may pay higher commissions, have higher transaction costs, or receive less favorable prices. In situations where the you directs us to effect your transactions through a particular brokerdealer, we require such directions to be in writing.

TRADE AGGREGATION Investment decisions deemed appropriate for one client may also be deemed appropriate for other clients so that the same security may be purchased or sold at or about the same time for more than one client. When this is the case we may, but are not obligated to, aggregate similar trades for multiple clients and execute the trade as a single block. When transactions are so aggregated, the securities purchased or sold will be allocated in a fair and equitable manner. Our trade allocation procedures seek to allocate investment opportunities among our clients in the fairest possible way by taking into account your best interests. These procedures ensure that allocations do not involve a practice of favoring or discriminating against any client or group of clients. Transactions are usually aggregated to seek a more advantageous net price and/or to obtain better execution for all clients. Nevertheless, there is no assurance

that the aggregation of transactions will benefit all clients equally, and in some instances combined orders could adversely affect the price or volume of a security. Also, it is possible that we may not aggregate trades in circumstances where it would be beneficial to do so. TRADE ERRORS From time to time, our firm may make a trade error when servicing a client’s account. When this occurs, we will correct the trade as soon as we discover the error. Trading errors will be corrected at no cost to clients. If there is a cost associated with this correction, such cost is borne by Emeth Value Capital and not the client. Note that we do not credit accounts for market losses unrelated to our error.

We do not have any arrangements in place to compensate third parties for client referrals.

OTHER COMPENSATION Emeth Value Capital does not receive an economic benefit from anyone who is not a client in exchange for our provision of investment advice or other advisory services with the exception of research or execution-related products or services that may be provided by the broker-dealer(s) that we use to execute client transactions. Please refer above to Item 12 of this Brochure for additional information on these products or services.

We are required to disclose all material facts regarding any legal or disciplinary event that would be material to your evaluation of our firm, or the integrity of our management. We have nothing to disclose in response to this item.

Mr. Andrew Joseph Carreon, Managing Member and Chief Compliance Officer of Emeth Value Capital, conducts account reviews on at least a weekly basis. The frequency of the review depends upon a variety of factors such as your risk profile, economic and market conditions, and the your specific preferences, if any. Additional reviews may be triggered by changes in the investment objectives or guidelines for a particular client or specific arrangements with the client. Formal client review meetings are generally conducted on a regular basis at intervals mutually agreed upon between us, but no less than annually. During these reviews, any changes in your investment objectives are discussed so we can review our previous recommendations and make any necessary adjustments. ACCOUNT REPORTS All clients to whom we provide investment management services receive at least annual reports from our firm summarizing your account(s) and investment results. Reports may be furnished in writing or electronically as requested. We urge you to compare the account statements you receive from your custodian to any written reports received from our firm. You also have direct and continuous access to your account information and related documents via the password-protected website of the qualified custodian with which your accounts are held.

All client funds and securities are maintained with a qualified custodian; we don’t take physical possession of client assets. You will receive account statements and transaction confirmation notices directly from the Custodian at least quarterly, which you should carefully review. We urge you to carefully compare the Custodian’s account statements with the periodic data you receive from us and to notify us promptly of any discrepancies. We have the ability to deduct our advisory fees directly from your account(s) based on your written authorization to do so, and this ability is technically considered “custody” but doesn’t require separate reporting or a surprise audit of the firm. In addition, in some cases clients execute standing letters of authorization (“SLOAs”), which are written directives from the client authorizing us to initiate payments from their custodial accounts to client-specified third parties. Although SLOAs are client-initiated and client-authorized, our ability to facilitate the payments covered by the SLOAs is considered “custody” under SEC guidance and requires us to report that we have custody over these account assets on our ADV 1A. To the extent the SLOAs comply with certain conditions, however, including that clients have the right to terminate the SLOA, and that the qualified custodian will confirm the status of the SLOA annually directly with the client, the firm is not subject to a surprise custody audit.

Pursuant to the written Investment Management Agreement between us, we manage client securities portfolios on a discretionary basis. This limited discretionary authorization gives us the authority to manage your investment assets at our sole discretion and without consulting with you in advance, subject to the investment objectives, guidelines and restrictions as determined between us. This authority will remain in full force and effect until we receive a written termination notice of the Investment Management Agreement from you.

Emeth Value Capital does not accept authority from clients with respect to voting of proxies solicited by, or with respect to, the issuers of any securities held in client portfolios. The qualified custodian holding clients’ assets will send all such proxy documents it receives to you so that you may take whatever action you deem appropriate. Emeth Value Capital does not offer clients any consulting assistance regarding proxy issues. The qualified custodian, and not Emeth Value Capital, is responsible for timely transmission of any proxy materials to you.

As a registered investment advisor, we are required to provide you with certain financial information or disclosures about our financial condition. Emeth Value Capital has no financial commitment that impairs its ability to meet contractual and fiduciary commitments to clients and we have not been the subject of a bankruptcy proceeding. We do not collect any fees, six or more months in advance.

Form ADV Part 2B: Brochure Supplement Item 1 Cover Page

Andrew Joseph Carreon CRD No. 7293017 for

631 St Charles Ave New Orleans, LA 70130

February 5, 2026

This brochure supplement provides information about our supervised persons that supplements the Emeth Value Capital, LLC brochure. You should have received a copy of that brochure. Please contact our firm if you did not receive Emeth Value Capital, LLC’s brochure or if you have any questions about the contents of this supplement. Additional information about the supervised persons mentioned in this brochure supplement is available on the SEC’s website at www.adviserinfo.sec.gov.

Form ADV Part 2B

EDUCATIONAL BACKGROUND AND BUSINESS EXPERIENCE Name:

Andrew Joseph Carreon

Year of Birth:

1992

Education:

Experience:

University of Notre Dame Bachelor of Business Administration, Accounting 2010-2014

Managing Member Emeth Value Capital, LLC San Antonio, TX August 2020 – Present Investment Manager University of Notre Dame Investment Office South Bend, IN June 2020 – September 2020 Investment Associate University of Notre Dame Investment Office South Bend, IN May 2017 – August 2020 Investment Analyst University of Notre Dame Investment Office South Bend, IN June 2014 – May 2017 Investment Intern University of Notre Dame Investment Office South Bend, IN June 2013 – June 2014

Professional Designations:

Chartered Financial Analyst (CFA®)

Chartered Financial Analyst (CFA). The CFA charter is a globally respected, graduate-level investment credential established in 1962 and awarded by the 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. The CFA Institute Code of Ethics and Standards of Professional Conduct, enforced through an active Form ADV Part 2B

professional conduct program, require CFA charterholders to place their clients’ interests ahead of their own; maintain independence and objectivity; act with integrity, maintain and improve their professional competence; and disclose conflicts of interest and legal matters. Passing the three CFA exams is a difficult feat that requires extensive study (successful candidates report spending an average of 300 hours of study per level). Earning the CFA charter demonstrates mastery of many of the advanced skills needed for investment analysis and decision making in today’s quickly evolving global financial industry. The CFA Program curriculum provides a comprehensive framework of knowledge for investment decision making and is firmly grounded in the knowledge and skills used every day in the investment profession. The three levels of the CFA Program test a proficiency with a wide range of fundamental and advanced investment topics, including ethical and professional standards, fixed-income and equity analysis, alternative and derivative investments, economics, financial reporting standards, portfolio management, and wealth planning. The CFA Program curriculum is updated every year by experts from around the world to ensure that candidates learn the most relevant and practical new tools, ideas, and investment and wealth management skills to reflect the dynamic and complex nature of the profession. DISCIPLINARY INFORMATION Mr. Carreon has not been involved in criminal or civil action in a domestic, foreign or military court of competent jurisdiction, an administrative proceeding before the SEC, any other federal regulatory agency, any state regulatory agency, or any foreign financial regulatory authority and/or a self-regulatory organization (SRO) proceeding that would be material to a client’s or prospective client’s evaluation of the integrity of our management. OTHER BUSINESS ACTIVITIES Neither Emeth Value Capital nor any of its employees are registered, or have an application pending to register, as a broker-dealer or registered representative of a broker dealer, futures commission merchant, commodity pool operator, or an associated person of the foregoing entities. ADDITIONAL COMPENSATION Mr. Carreon does not receive any additional compensation, apart from his regular salary and bonuses, that is based, all or in part, on the number or amount of sales, client referrals, or new accounts. Mr. Carreon does not receive any economic benefit from anyone who is not a client for providing advisory services. SUPERVISION Mr. Carreon is the Managing Member and Chief Compliance Officer (“CCO”) of our firm and as Form ADV Part 2B

such has no internal supervision placed over him. He is, however, bound by our firm’s Code of Ethics. The CCO may be contacted at (210) 381-7262 or by email at acarreon@emethvaluecapital.com.

Form ADV Part 2B