GRANITE CAPITAL

Investment Advisor Information Form ADV Part 2: Uniform Application for Investment Adviser Registration Granite Capital Management, LLC 5707 Redwood Rd, #3 Oakland, Ca. 94619 (510) 336-9120 www.GraniteCapitalLLC.com Granite@GraniteCapitalLLC.com  Granite Capital Management, LLC Form ADV Part 2A - Brochure Dated March 31, 2026 This brochure provides information about the qualifications and business practices of Granite Capital Management, LLC. If you have any questions about the contents of this brochure, please contact us at (510) 336-9120 or granite@granitecapitalllc.com . 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 Granite Capital Management, LLC also is available on the SEC’s website at www.adviserinfo.sec.gov. Granite Capital Management, LLC 5707 Redwood Rd, #3 Oakland, Ca. 94619 (510) 336-9120 www.GraniteCapitalLLC.com Granite@GraniteCapitalLLC.com Form ADV Part 2A: Uniform Application for Investment Adviser Registration  Granite Capital Management, LLC Material Changes There are no material changes from the 2025 Form ADV Part 2A filing. Form ADV Part 2A: Uniform Application for Investment Adviser Registration  Granite Capital Management, LLC Table of Contents Form ADV Part 2A - Brochure Advisory Business 1 Fees and Compensation 1 Performance-Based Fees and Side-By-Side Management 2 Types of Clients 2 Methods of Analysis, Investment Strategies and Risk of Loss 2 Disciplinary Information 4 Other Financial Industry Activities and Affiliations 4 Code of Ethics 4 Brokerage Practices 5 Review of Accounts 9 Client Referrals and Other Compensation 10 Custody 10 Investment Discretion 10 Voting Client Securities 11 Financial Information 11 Requirements for State-Registered Advisers 12 Applicant is Granite Capital Management, LLC and any reference in this document to “GCM” shall mean the applicant. Form ADV Part 2A: Uniform Application for Investment Adviser Registration  Advisory Business Granite Capital is an independent, privately-owned investment advisory firm that provides investment advice and management to individuals, privately held businesses, and charitable organizations. Granite Capital Management LLC (“GCM”) was formed in 2000 and registered as an investment advisor with the State of California in 2007. As of August 2024, Granite is registered with the Securities and Exchange Commission. The principal owners of GCM are Joseph Fuqua and John Spees. Granite provides its services under a discretionary arrangement wherein a client grants GCM the discretion and authority to supervise, invest and trade client’s assets placed under its management in a manner consistent with client objectives and guidelines. In order to best decide how to allocate client assets and implement an overall investment strategy, GCM makes every effort to obtain a full, clear and complete understanding of client’s financial situation, financial holdings, risk tolerance, and investment objectives. Clients may impose restrictions on investing in certain types of securities by specifying such designations in the advisory agreement they enter into with Granite. Granite does not participate in any wrap fee programs. Consequently there is no wrap fee brochure contained in this brochure. As of December 31, 2025, Granite had $314,602,057 worth of assets under management. Of the total amount of assets under management, $312,285,017 is managed on a discretionary basis and $2,317,040 is managed on a non-discretionary basis. Fees and Compensation Granite is compensated for its advisory services according to a fee structure that is based on a percentage of assets under management. Granite receives no commissions or fees from any outside source with respect to client accounts. The advisory fee charged by Granite does not include any service or transactions fees (such as brokerage or trading fees) that may be charged by custodians, mutual funds, or administrators. Clients will incur brokerage and other transaction costs in the course of the management of their accounts. For further information on brokerage practices please refer to the Brokerage Practices section of this brochure. In general, the percentage of assets under management charged to clients ranges from 0.50% to 1.50% and varies depending on account size. Fees are paid quarterly in arrears (at the end of the quarter, for service provided during the quarter) based on the market value of the assets  Granite Capital Management, LLC under management at the end of each quarter. Clients do not pay fees in advance. All fees are negotiable at Granite’s discretion. In determining the market value of the assets under management, “market value” includes all cash, money market balances, and the value of all securities and investments. Some assets, as mutually agreed upon by Granite and the client, may be excluded from the fee calculation. Granite generally deducts its fee from the client’s account(s) held at the custodian on a quarterly basis. Based upon mutual agreement, a client may arrange for separate billing for advisory fees. Performance-Based Fees and Side-By-Side Management As of December 31, 2025, Granite does not manage any assets on a performance-based fee structure nor do we plan on offering such a fee structure in the future. As a result, we have no conflicts of interest with regard to “side-by-side management”, where some clients are charged a performance-based fee and others on a percentage of assets under management. Types of Clients Granite generally provides investment advisory service to: Individuals   Pension and profit sharing plans  Trusts, estates or charitable organizations  Corporations or other business entities Granite generally requires a minimum account size of $100,000. Methods of Analysis, Investment Strategies and Risk of Loss Granite’s security analysis methods include:  Fundamental  Technical  Credit Analysis  Flow of Funds The main sources of information that Granite uses include:  Research material prepared by others  Prospectuses, filings with the Securities and Exchange Commission, Offering Statements Form ADV Part 2B: Uniform Application for Investment Adviser Registration  Granite Capital Management, LLC  Financial newspapers, magazines, and websites  Credit rating services  Press releases  Other publicly available information The investment strategies Granite follows include:  Long-term purchases (securities held at least a year)  Short-term purchases (securities sold within a year)  Margin transactions  Option writing, including covered options, uncovered options or spreading strategies (Essentially all of the strategies Granite follows involve long-term purchases. Other strategies are listed here as they could be used to create customized solutions to specific investment objectives or situations.) Investment strategies are implemented in order to achieve a targeted asset allocation for clients according to their individual circumstances and overall profile. These strategies seek to gain exposure to various asset classes in a diversified way. Granite continually monitors client portfolios and rebalances asset allocations when appropriate with sensitivity to keeping costs low and achieving tax efficiency. The primary asset classes are equities and fixed income securities. Most often equity exposure is gained by way of extensively diversified mutual funds that target various market sectors including US, International and Emerging Markets. Within these sectors, an enhanced exposure to small capitalization and value stocks is generally targeted. These exposures are sought in an effort to enhance returns over time, as academic studies have shown that the increased risk associated with these asset classes has paid investors a higher return over the long term. Fixed income exposure is generally gained by way of the construction of bond portfolios comprised of individual securities. If a client’s account does not, in Granite’s judgment, have enough assets available to construct a reasonably diversified portfolio, fixed income funds will be used. Various sectors of the fixed income market are targeted including municipal, corporate, mortgage-related, and US Treasury securities. Fixed income investments are implemented with a hold-to-maturity strategy. Investing in fixed income securities involves credit risk (risk of default or non-payment) and interest rate risk. For all strategies involved a client should be aware that investing in securities involves risk of loss that clients should be prepared to bear. Form ADV Part 2B: Uniform Application for Investment Adviser Registration  Granite Capital Management, LLC Disciplinary Information Granite has no current or past legal and/or disciplinary issues. The Securities and Exchange Commission requires that investment advisors disclose any legal or disciplinary events that are material to a client’s or prospective client’s evaluation of the advisory business or integrity of management. Granite has had no current or past legal and/or disciplinary issues, material or not material. Other Financial Industry Activities and Affiliations Granite has no formal relationships or arrangements with any related financial industry participants. Granite receives no commissions or referral fees from any source. In the normal course of business Granite may give and receive referrals to/from other financial industry participants. No referral fees are received or paid in such circumstances. Solicitation in Partnerships in Which Granite is a General Partner Granite is not currently a general partner or managing member in any partnership in which clients are solicited to invest. Granite and/or its employees may, at some future date, establish limited liability companies, partnerships or corporations for the purpose of investing in and owning real estate or other private businesses for which it is the managing member or general partner and/or owns an ownership stake. In such cases Granite might solicit investment in such entities from advisory clients, subject to suitability and client investment objectives. Any such investments made will be solely at the discretion of the client and not under Granite’s discretion otherwise granted under the investment advisory agreement with client. Granite will fully disclose all of its interests and compensation arrangements to any advisory clients solicited to invest in such companies or partnerships. Granite will not charge advisory fees to clients on any investments in which it earns a management fee directly from such entities. In 2021, the managing members of Granite established a limited liability company in order to facilitate an investment in a private fund in which existing clients participated. This activity was undertaken according to the foregoing parameters. Code of Ethics At Granite Capital our client’s trust is our most honored and valued asset. In order to maintain that trust Granite Capital is thoroughly committed to the highest ethical standards in all aspects of its conduct. Granite and its employees will, at all times and in every way, place client interest before that of the firm or any of its officers, managers and employees. Granite will always Form ADV Part 2B: Uniform Application for Investment Adviser Registration  Granite Capital Management, LLC conduct its affairs with honesty, integrity and openness. We make every effort to provide complete transparency to our clients in all of our actions. Granite maintains a Code of Ethics within its Policies and Procedures Manual. All officers, managers and employees must acknowledge in writing that they are in receipt of, and will maintain compliance with, all stipulations found in the document. The Policies and Procedures Manual includes, but is not limited to, some of the following establishments and procedures:  Standards of business conduct required of all supervised persons  Requires compliance with Federal securities laws for all supervised persons  Compliance with procedures for personal trading and reporting of securities holdings and transactions  Policies and procedures to prevent misuse of material nonpublic information  Safeguarding of sensitive information A written copy of Granite’s Policies and Procedures Manual will be provided to any existing or prospective client upon request. Brokerage Practices GCM generally provides discretionary investment advisory services to its clients. Where full investment discretion has been granted, GCM will manage accounts and make investment decisions without consultation with the client involving determinations regarding which securities are bought and sold for the account, the amount of securities to be bought or sold, the brokers with whom orders for the purchase or sale of securities are placed for execution, and the price and commission rates at which securities transactions are effected. In some instances, GCM's discretionary authority in making these determinations may be limited by conditions imposed by clients in their investment guidelines or objectives. GCM's discretionary authority may also be limited by directions from a client to have transactions effected through specified brokers. As discussed below, GCM recommends that its clients custody their investment accounts at the Schwab Institutional division of Charles Schwab & Co., Inc. ("Schwab"), a registered broker- dealer and member of SIPC. Form ADV Part 2B: Uniform Application for Investment Adviser Registration  Granite Capital Management, LLC Best Execution GCM will generally seek "best execution" in light of the circumstances involved in transactions. In selecting broker-dealers to effect securities transactions for clients, GCM will select broker- dealers based on its consideration of the broker's financial soundness, reputation, research and brokerage services, net price, the size of the transaction and the market for the security, the broker's ability to effectively and efficiently execute, report, clear and settle the order, and the ability to produce the most favorable total cost or proceeds for each transaction under the circumstances. GCM's approach to seeking best execution focuses on consideration of explicit commission costs or spreads, as well as, critically important factors such as minimizing market impact, price movements, and achieving GCM's overall investment goals. GCM seeks to negotiate commission rates which, when combined with the factors used in selection of brokers, will produce the most favorable total cost or proceeds for each transaction under the circumstances. GCM is not obligated to choose the broker-dealer offering the lowest available commission rate if, in GCM's reasonable judgment, there is a risk that the total cost or proceeds from the transaction may be less favorable than may be obtained elsewhere, or, if the other considerations set forth above dictate utilizing a different broker-dealer. When circumstances relating to a proposed transaction indicate that a particular broker is in a position to obtain the best execution, the order is placed with that broker. This may be a broker or dealer which has provided research or brokerage services to GCM. Due to the illiquid nature of some securities, GCM may execute purchase and sale transactions between two clients (referred to as "agency cross transactions"), provided such transactions comply with Rule 206(3)-2 under the Investment Advisers Act of 1940, as amended. GCM receives no additional compensation for arranging transactions between two client accounts and will only do so to the extent such transaction is mutually beneficial to each client. Each agency cross transaction shall be effected at the independent current market price of the security. Granite does not use client brokerage to compensate or otherwise reward brokers for client referrals. Commission Rates GCM obtains information as to the general level of commission rates being charged by the brokerage community from time to time and periodically evaluates the overall reasonableness of brokerage commissions paid on client transactions by reference to such data. GCM periodically reviews the past performance of the exchange members, brokers, or dealers with whom it has been placing orders to execute transactions in light of the factors discussed above. GCM monitors the commission rates paid by clients whose transactions are executed with or Form ADV Part 2B: Uniform Application for Investment Adviser Registration  Granite Capital Management, LLC through brokers selected by GCM. As appropriate and warranted, GCM takes steps to renegotiate its commission rates where GCM has discretion to choose the broker with which the transaction is to be executed. Lower commission rates may be available from other brokers not used by GCM. Trade Allocation and Aggregation GCM performs investment management services for various clients and, when the brokerage firm has not been designated by the clients, GCM may, but is not obligated to, aggregate trades of securities to be purchased or sold into block trades in order to seek the most favorable execution and lower brokerage commissions in such a manner as GCM deems equitable and fair to the clients. As a general rule, all accounts for which trades are aggregated will receive the same average execution price. All allocations of block trades, including expenses incurred on the transaction, shall be made on a fair and equitable basis, to the extent practicable, without favoring any account, type of account, or client over another. In cases when a trade is not completed in a single day, GCM will allocate the trade on a pro-rata basis among all of the accounts in the trade block. The choice of the method of trade allocation will be based on various factors including how much of the total block was completed and the liquidity of the issue traded. Although GCM seeks to allocate investment opportunities as fairly and equitably as possible, GCM cannot assure the equal participation of every client in every investment opportunity or every transaction. GCM may determine that a limited supply or demand for a particular opportunity or investment, or other factors noted above, may preclude the participation of some clients in a particular investment opportunity or trade. GCM may make allocation decisions among accounts in any manner which it considers to be fair under the circumstances, including, but not limited to, allocations based on relative account sizes, the degree of risk involved in the investments acquired, and the extent to which such investments are consistent with the investment objectives and strategies of the various accounts involved. Brokerage Direction If client has directed GCM to use a specified broker-dealer for transactions in their account, GCM is not obligated to, and will generally not, solicit competitive bids for each transaction or seek the lowest commission rate for the client as the commission rates have typically been pre- negotiated between the client and the broker. As such, the client may pay higher commission costs, higher security prices and transaction costs than it otherwise would have had it not directed GCM to trade through a specific broker. The client also may be unable to obtain the most favorable price on transactions executed by GCM as a result of GCM's inability to aggregate the trades from this account with other client trades. Furthermore, the client may not be able to participate in the allocation of a security of limited availability for various reasons, including if the security is only offered through other broker-dealers, as in a new issue Form ADV Part 2B: Uniform Application for Investment Adviser Registration  Granite Capital Management, LLC offering. Due to these circumstances, there may be a disparity in commission rates, as well as, overall performance from similarly managed accounts. Recommending Custodians and Executing Brokers GCM recommends that its clients custody their accounts with Schwab. Schwab is independently owned and operated and not affiliated with GCM and does not supervise or otherwise monitor GCM's investment management services to its clients. Factors taken into consideration in recommending Schwab include quality of execution, record keeping, and reporting capabilities, overall capability, commission rates, and overall reputation and financial stability. Schwab provides GCM with access to its institutional trading and custody services, which typically are not available to Schwab retail investors. These services are made available to independent advisors at no charge so long as a certain minimum level of assets are maintained under the advisor's relationship with Schwab. Schwab's services include brokerage, custody, research, and access to mutual funds and other investments that are otherwise generally available only to institutional investors or would require a significantly higher minimum initial investment. For GCM's client accounts maintained in its custody, Schwab generally does not charge separately for custody but is compensated by account holders through commissions or other transaction-related fees for securities trades that are executed through Schwab or that settle into Schwab accounts. A significant number of trade executions for client accounts custodied at Schwab will be executed through Schwab. Among the factors in determining the selection of Schwab for execution of trades is the avoidance of "trade away" charges imposed by Schwab for trades executed at other broker-dealers. In cases where a desired security is not available for purchase or sale through Schwab, and in light of GCM's best execution evaluation, certain executions may be made at a non-custodian broker dealer. Schwab makes available to GCM other products and services that benefit GCM but may or may not benefit its clients. Some of these products and services are intended to help GCM manage and further develop its business. These services may include consulting, publications and conferences on practice management, information technology, business succession, regulatory compliance, and marketing. GCM's recommendation that clients maintain their accounts at Schwab may be based in part on the benefit to GCM of the availability of some of the above mentioned products and services. Form ADV Part 2B: Uniform Application for Investment Adviser Registration  Granite Capital Management, LLC Soft Dollar Arrangements GCM is not currently a party to any formal soft dollar arrangements whereby an executing broker-dealer provides, or purchases on its behalf, investment research materials or brokerage- related services known as "soft-dollar" products or services in exchange for GCM directing trade executions to that broker-dealer. If GCM elects to enter into soft dollar arrangements in the future, its policy would be to limit such arrangements to those falling within the safe harbor of Section 28(e) of the Securities and Exchange Act of 1934, as amended. Review of Accounts Client accounts are reviewed at least monthly in order to ensure that accounts: 1. Conform to client objectives and guidelines; 2. Are consistent with liquidity needs for the client; 3. Conform to the firm’s investment strategies; and 4. Are within acceptable balance with regards to the client’s asset allocation target Whenever Granite becomes aware of a material change in a client’s overall financial situation the client’s account will be reviewed in order to determine appropriate changes required. Reviews are conducted by either:  Joseph Fuqua, Managing Member; or  John Spees, Managing Member Often reviews are conducted by the consultation of some combination of the individuals listed above. All of the backgrounds of the named individuals are presented in the Form ADV Part 2B–Brochure Supplement. Granite provides each client with a report on a quarterly basis within 30 days following the end of the quarter. Such Granite-generated reports primarily contain account performance and asset allocation information. Additionally, on a monthly basis, the custodian(s) provides each client a detailed valuation of individual securities, their cost and market value, and a summary of the total account by security type. The custodian report also includes a transaction history showing all purchases and sales during the period. Form ADV Part 2B: Uniform Application for Investment Adviser Registration  Granite Capital Management, LLC Client Referrals and Other Compensation Granite does not receive or accept any benefits from a non-client for providing advisory service to clients. Granite does not pay referral fees to persons or entities that refer clients to the firm. Custody Granite does not maintain custody of client accounts. Custody for client investment securities is maintained away from Granite by an independent third-party. Charles Schwab and Fidelity Investments currently provide custody services for our clients. Although Granite does not maintain physical custody of client investment accounts, it is deemed to have limited custody under the SEC Custody Rule for some client accounts. Granite has limited custody when clients have standing authorizations with their custodian to move money from a client’s account to a third-party (“SLOA”) and under that SLOA the client has authorized Granite to designate the amount or timing of transfers with the custodian. As stated in the Review of Accounts section of this brochure, Granite provides each client with quarterly performance and comprehensive asset allocation reports while custodians provide each client monthly reconciliation statements that include balances, transactions, cash flow activity, and basic asset allocation information. Clients are encouraged to compare Granite’s reports with custodial statements to determine whether account transactions, including deductions to pay advisory fees, are proper. Investment Discretion GCM generally provides discretionary investment advisory services to its clients. Where full investment discretion has been granted, GCM will manage accounts and make investment decisions without consultation with the client involving determinations regarding which securities are bought and sold for the account, the amount of securities to be bought or sold, the brokers with whom orders for the purchase or sale of securities are placed for execution, and the price and commission rates at which securities transactions are effected. In some instances, GCM's discretionary authority in making these determinations may be limited by conditions imposed by clients in their investment guidelines, objectives or investment constraints. GCM's discretionary authority may also be limited by directions from a client to have transactions effected through specified brokers. Some clients may have restrictions that prohibit certain investments. GCM may therefore advise or take actions for some clients that differ from recommendations or action taken for other clients. GCM is not obligated to Form ADV Part 2B: Uniform Application for Investment Adviser Registration  Granite Capital Management, LLC recommend to any or all clients any investments that it may recommend to, or purchase or sell for, certain other clients. Generally, investment discretion, if applicable, is granted in the following documents: 1. Investment Advisory Agreement. - Agreement entered into between Granite and client. 2. Account Agreement with Custodian. - Agreement entered into between Custodian and client. Client designates Granite as having authority to execute trades in account(s) held with Custodian. Voting Client Securities It is the policy of the firm to vote proxy issues on behalf of and in the best interests of the firm's clients. GCM will vote on proxy issues in accordance with management's recommendations unless it is determined that management recommendations are not in the best interests of the client. GCM will document any such instances where voting is not in accordance with management recommendations. GCM's proxy voting policies and procedures are provided upon client request. Client may request information as to how GCM voted client's proxies at any time. Clients may direct Granite’s vote in a particular solicitation on any securities held in their account by providing written notice to Granite. For these purposes use of electronic mail will constitute written notification. With respect to any potential conflicts of interest on the voting of a client’s securities, Granite will always defer to the best interests of the client. Financial Information Granite Capital Management, LLC is in sound financial standing and does not have any condition reasonably likely to impair our ability to meet our contractual commitments to clients. As stated in the Fees and Compensation section of this brochure, our advisory fees are payable in arrears after services have been rendered. Form ADV Part 2B: Uniform Application for Investment Adviser Registration  Granite Capital Management, LLC Requirements for State-Registered Advisers Information required in this section, listed below, has been disclosed elsewhere in the Form ADV: - Principal executive officers and management persons - Business activity other than investment advice - Performance-based fees Neither Granite nor any management person has been involved in any arbitration claim or civil, self-regulatory organization or civil proceedings referred to in the SEC guidelines for this section. Neither Granite nor any management person has any relationship or arrangement with any issuer of securities. Form ADV Part 2B: Uniform Application for Investment Adviser Registration  Granite Capital Management, LLC This brochure supplement provides information about the individuals listed on this page that supplements the Granite Capital Management, LLC brochure. The brochure is part of this document and precedes this supplement. As a result, you should have received a copy of that brochure. Please contact Joe Fuqua or John Spees if you did not receive Granite’s brochure or if you have any questions about the contents of this supplement. Additional information about the individuals is available on the SEC’s website at www.adviserinfo.sec.gov. Investment Advisor Information Form ADV Part 2B: Brochure Supplement Dated March 31, 2026 Brochure Supplement Information for the Following Individuals: Joseph Fuqua, Managing Member 5707 Redwood Road, #3 Oakland, CA 94619 510-336-9120 John Spees, Managing Member 5707 Redwood Road, #3 Oakland, CA 94619 510-336-9120 Granite Capital Management, LLC 5707 Redwood Rd, #3 Oakland, Ca. 94619 (510) 336-9120 www.GraniteCapitalLLC.com Granite@GraniteCapitalLLC.com Form ADV Part 2B: Uniform Application for Investment Adviser Registration  Granite Capital Management, LLC Form ADV Part 2B: Brochure Supplement Granite Capital Management LLC’s supplement information covers all advisory personnel that provide investment advice or interact with clients. ------------------------------------------------------------------------------------------------------------------------------- Joseph Fuqua, Managing Member Mr. Fuqua co-founded Granite Capital Management, LLC in 2000. As a Managing Partner he is responsible for managing all aspects of Granite’s business and providing comprehensive wealth management and investment advice to clients. With more than 34 years experience in the capital markets, his expertise includes all aspects of the fixed income, equity, futures, options and other derivative markets. Educational Background and Business Experience Joe holds a Bachelors of Business Administration from the University of Notre Dame with an emphasis in Finance. Joe began his career in 1990 as a financial analyst at Security Pacific Bank’s interest rate & currency risk management unit and later moved to the derivatives trading desk. After Security Pacific merged with Bank of America, he held several market making and head trading positions on the derivatives desk. In managing both swap and option books, he was responsible for several multi-billion dollar portfolios. From 1997-2000 he was a member of a strategic trading unit that took proprietary risk in the fixed income markets on behalf of the bank’s securities subsidiary. In 2000 he co-founded Granite Capital as a private investment partnership. In 2007 the firm began offering limited investment advice. As of 2010, Granite has dedicated its sole focus to the investment advisory business. In early 2009, Joe co-founded Granite Investors, LLC, a leveraged fixed income investment partnership that participated in the Federal Reserve’s Term Asset-Backed Securities Loan Facility (TALF). In 2021, Joe co-founded GCM LIQ Investors LLC which made an investment in an early-stage venture capital fund. Joe was born in 1968. Form ADV Part 2B: Uniform Application for Investment Adviser Registration  Granite Capital Management, LLC Disciplinary Information Mr. Fuqua has no current or past legal and/or disciplinary issues. Other Business Activities Mr. Fuqua is not involved in any other business, investment-related or otherwise, that requires a substantial amount of his time or prevents him from fulfilling his responsibilities for Granite and its clients. He receives no compensation from the sale of securities or any other investment product. Granite is not currently a general partner or managing member in any partnership in which clients are solicited to invest. Granite and/or its employees may, at some future date, establish limited liability companies or partnerships for the purpose of investing in and owning real estate or other private businesses for which it is the managing member or general partner and/or owns an ownership stake. If such companies or partnerships were established it is likely that Mr. Fuqua would be materially involved in such entities. For further information please see Granite Capital Management LLC’s Form ADV Part 2A, Other Financial Industry Activities and Affiliations. In 2021, Mr. Fuqua co-founded GCM LIQ Investors LLC (GCM LIQ) which made an investment in an early-stage venture capital fund. Mr. Fuqua is the Manager of GCM LIQ. A small group of existing Granite clients are members of GCM LIQ. The investment made by GCM LIQ required that all members meet the SEC definition of “Qualified Purchaser”. All activity related to GCM LIQ met the parameters discussed under Granite Capital Management LLC’s Form ADV Part 2A, Other Financial Industry Activities and Affiliations Additional Compensation Mr. Fuqua receives no additional compensation from someone other than the client for providing investment advisory services. Supervision Compliance and supervision for Granite Capital are conducted by Mr. Fuqua and John Spees jointly. Therefore, under Granite’s supervision structure, John Spees, Managing Member, monitors the advice given by Mr. Fuqua. Mr. Spees can be reached at (510) 336-9120. Requirements for State-Registered Advisers Mr. Fuqua has not been involved in any arbitration claim, or civil, self-regulatory organization, or administrative proceeding referred to in the SEC guidelines for this section. In addition Mr. Fuqua has not been the subject of any bankruptcy petition. Form ADV Part 2B: Uniform Application for Investment Adviser Registration  Granite Capital Management, LLC John Spees, Managing Member Mr. Spees is a cofounder and Managing Partner of Granite Capital. He has extensive experience in all facets of the capital markets, including fixed income securities, equities, futures, options and other derivatives. He is involved in all aspects of managing the firm as well as providing wealth management and investment advice to clients. Educational Background and Business Experience Mr. Spees has an MBA and BS from the Haas School of Business Administration, University of California Berkeley, with an emphasis in Finance. Mr. Spees started his career as a consultant for Andersen Consulting (now Accenture) in 1980, working in the financial services industry. He began his capital markets career trading fixed income securities and related derivatives in 1985 at Bank of America. Over 16 years he held a number of market making and head trading responsibilities in the government securities and derivative units at both Bank of America and Security Pacific. His final 5 years he was a member of a trading unit that took proprietary risk on behalf of the bank’s securities subsidiary. In 2000 he co-founded Granite Capital Management LLC as a private investment partnership. In 2007 the firm began offering limited investment advice. As of 2010, Granite has dedicated its sole focus to the investment advisory business. In 2009 John co-founded Granite Investors LLC, a leveraged fixed income investment partnership that participated in the Federal Reserve’s Term Asset Backed Loan Facility (TALF). In 2021, John co-founded GCM LIQ Investors LLC which made an investment in an early-stage venture capital fund. John was born in 1957. Disciplinary Information Mr. Spees has no current or past legal and/or disciplinary issues. Other Business Activities Mr. Spees is not involved in any other business, investment-related or otherwise, that requires a substantial amount of his time or prevents him from fulfilling his responsibilities for Granite and its clients. He receives no compensation from the sale of securities or any other investment product. Form ADV Part 2B: Uniform Application for Investment Adviser Registration  Granite Capital Management, LLC Granite is not currently a general partner or managing member in any partnership in which clients are solicited to invest. Granite and/or its employees may, at some future date, establish limited liability companies or partnerships for the purpose of investing in and owning real estate or other private businesses for which it is the managing member or general partner and/or owns an ownership stake. If such companies or partnerships were established it is likely that Mr. Spees would be materially involved in such entities. For further information please see Granite Capital Management LLC’s Form ADV Part 2A, Other Financial Industry Activities and Affiliations. In 2021, Mr. Spees co-founded GCM LIQ Investors LLC (GCM LIQ) which made an investment in an early-stage venture capital fund. Mr. Spees is the Manager of GCM LIQ. A small group of existing Granite clients are members of GCM LIQ. The investment made by GCM LIQ required that all members meet the SEC definition of “Qualified Purchaser”. All activity related to GCM LIQ met the parameters discussed under Granite Capital Management LLC’s Form ADV Part 2A, Other Financial Industry Activities and Affiliations Additional Compensation Mr. Spees receives no additional compensation from someone other than the client for providing investment advisory services. Supervision Compliance and supervision for Granite Capital are conducted by Mr. Spees and Joseph Fuqua jointly. Therefore, under Granite’s supervision structure, Joseph Fuqua, Managing Member, monitors the advice given by Mr. Spees. Mr. Fuqua can be reached at (510) 336-9120. Requirements for State-Registered Advisers Mr. Spees has not been involved in any arbitration claim, or civil, self-regulatory organization, or administrative proceeding referred to in the SEC guidelines for this section. In addition Mr. Spees has not been the subject of any bankruptcy petition. Form ADV Part 2B: Uniform Application for Investment Adviser Registration