GREENFIELD SEITZ CAPITAL MANAGEMENT, LLC

Greenfield Seitz Capital Management, LLC Firm Brochure This brochure provides information about the qualifications and business practices of Greenfield Seitz Capital Management, LLC. If you have any questions about the contents of this brochure, please do not hesitate to contact us at (214) 367-6170 or by email at: eric@gscapital.net. 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 Greenfield Seitz Capital Management, LLC is also available on the SEC’s website at www.adviserinfo.sec.gov. Greenfield Seitz Capital Management, LLC’s CRD number is: 150434. 1722 Routh St., Suite 760 Dallas, TX 75201 Main: (214) 367-6170 Fax: (214) 367-6180 eric@gscapital.net www.gscapital.net Registration does not imply a certain level of skill or training. Version Date: 1/30/2026  Item 2: Material Changes The following material changes were made to the Greenfield Seitz Capital Management, LLC firm brochure since the last annual update filing on January 31, 2025. Material changes relate to Greenfield Seitz Capital Management, LLC’s policies, practices or conflicts of interests only. • Item 4 – GSCM added the section – Retirement Plan Rollover Recommendations – as a conflict of interest to disclose that when GSCM provides investment advice about your retirement plan account or individual retirement account (“IRA”), we acknowledge that GSCM is a “fiduciary” within the meaning of Title I of the Employee Retirement Income Security Act (“ERISA”) and/or the Internal Revenue Code (“IRC”) as applicable, which are laws governing retirement accounts. The way GSCM makes money creates conflicts with clients’ interests so GSCM operates under a special rule that requires GSCM to act in your best interest and not put our interest ahead of you. • • Item 12 – GSCM pays a monthly fee to Raymond James & Associates for certain soft dollar benefits. Item 15 – GSCM is deemed to have custody of client funds and securities whenever GSCM is given the authority to have fees deducted directly from client accounts. i  Item 3: Table of Contents Table of Contents Item 2: Material Changes .......................................................................................................................................................................................................... i Item 3: Table of Contents .........................................................................................................................................................................................................ii Item 4: Advisory Business ....................................................................................................................................................................................................... 1 A. Description of the Advisory Firm ................................................................................................................................................................................ 1 B. Types of Advisory Services ........................................................................................................................................................................................... 1 Investment Supervisory Services ................................................................................................................................................................................. 1 Services Limited to Specific Types of Investments .................................................................................................................................................... 1 C. Client Tailored Services and Client Imposed Restrictions ........................................................................................................................................ 1 D. Wrap Fee Programs ....................................................................................................................................................................................................... 2 E. Amounts Under Management ...................................................................................................................................................................................... 2 Item 5: Fees and Compensation .............................................................................................................................................................................................. 2 A. Fee Schedule ................................................................................................................................................................................................................... 2 Investment Supervisory Services Fees ........................................................................................................................................................................ 2 B. Payment of Fees .............................................................................................................................................................................................................. 2 Payment of Investment Supervisory Fees .................................................................................................................................................................. 2 C. Clients Are Responsible For Third Party Fees ............................................................................................................................................................ 3 D. Prepayment of Fees ....................................................................................................................................................................................................... 3 E. Outside Compensation For the Sale of Securities to Clients ..................................................................................................................................... 3 Item 6: Performance-Based Fees and Side-By-Side Management ...................................................................................................................................... 3 Item 7: Types of Clients ........................................................................................................................................................................................................... 4 Minimum Account Size ................................................................................................................................................................................................ 4 Item 8: Methods of Analysis, Investment Strategies and Risk, of Investment Loss ......................................................................................................... 4 A. Methods of Analysis and Investment Strategies ............................................................................................................................................... 4 Fundamental analysis ................................................................................................................................................................................................... 4 B. Material Risks Involved ....................................................................................................................................................................................... 4 C. Risks of Specific Securities Utilized .................................................................................................................................................................... 4 Item 9: Disciplinary Information ............................................................................................................................................................................................ 5 Item 10: Other Financial Industry Activities and Affiliations ............................................................................................................................................. 5 A. Registration as a Broker/Dealer or Broker/Dealer Representative ............................................................................................................... 5 B. Registration as a Futures Commission Merchant, Commodity Pool Operator, or a Commodity Trading Advisor ................................ 5 C. Registration Relationships Material to this Advisory Business and Possible Conflicts of Interests ........................................................... 5 D. Selection of Other Advisors or Managers and How This Adviser is Compensated for Those Selections ................................................. 5 Item 11: Code of Ethics, Participation in Transactions, Personal Trading ......................................................................................................................... 6 A. Code of Ethics ....................................................................................................................................................................................................... 6 B. Recommendations Involving Material Financial Interests .............................................................................................................................. 6 C. Investing Personal Money in the Same Securities as Clients........................................................................................................................... 6 ii  D. Trading Securities At/Around the Same Time as Clients’ Securities ............................................................................................................ 6 Item 12: Brokerage Practices ................................................................................................................................................................................................... 6 A. Factors Used to Select Custodians and/or Broker/Dealers ............................................................................................................................ 6 1. Research and Other Soft-Dollar Benefits ...................................................................................................................................................... 6 2. Brokerage for Client Referrals ........................................................................................................................................................................ 7 3. Clients Directing Which Broker/Dealer/Custodian to Use ....................................................................................................................... 7 B. Aggregating (Block) Trading for Multiple Client Accounts ............................................................................................................................ 7 Item 13: Reviews of Accounts ................................................................................................................................................................................................. 7 A. Frequency and Nature of Periodic Reviews and Who Makes Those Reviews .............................................................................................. 7 B. Factors That Will Trigger a Non-Periodic Review of Client Accounts .......................................................................................................... 7 C. Content and Frequency of Regular Reports Provided to Clients.................................................................................................................... 7 Item 14: Client Referrals and Other Compensation ............................................................................................................................................................. 8 A. Economic Benefits Provided by Third Parties for Advice Rendered to Clients (Includes Sales Awards or Other Prizes) ...................... 8 B. Compensation to Non –Advisory Personnel for Client Referrals ................................................................................................................... 8 Item 15: Custody ...................................................................................................................................................................................................................... 8 Item 16: Investment Discretion ............................................................................................................................................................................................... 8 Item 17: Voting Client Securities (Proxy Voting).................................................................................................................................................................. 8 Item 18: Financial Information ................................................................................................................................................................................................ 8 A. Balance Sheet ......................................................................................................................................................................................................... 8 B. Financial Conditions Reasonably Likely to Impair Ability to Meet Contractual Commitments to Clients .............................................. 9 C. Bankruptcy Petitions in Previous Ten Years ..................................................................................................................................................... 9 iii  Item 4: Advisory Business A. Description of the Advisory Firm This firm has been in business since 06/26/2009, and the principal owners are Stuart Edwards Greenfield and Yancey Tighe Seitz. B. Types of Advisory Services Greenfield Seitz Capital Management, LLC (hereinafter “GSCM”) offers the following services to advisory clients: Investment Supervisory Services GSCM offers ongoing portfolio management services based on the individual goals, objectives, time horizon, and risk tolerance of each client. GSCM creates an Investment Policy Statement for each client, which outlines the client’s current situation (income, tax levels, and risk tolerance levels) and then constructs a plan (the Investment Policy Statement) to aid in the selection of a portfolio that matches each client’s specific situation. Investment Supervisory Services include, but are not limited to, the following: • • • Investment strategy • • Asset allocation • Risk tolerance Personal investment policy Asset selection Regular portfolio monitoring GSCM evaluates the current investments of each client with respect to their risk tolerance levels and time horizon. Risk tolerance levels are documented in the Investment Policy Statement, which is given to each client. Services Limited to Specific Types of Investments GSCM limits its investment advice and/or money management to exchange-listed securities, securities traded over the counter, foreign issuers, Corporate debt securities, Certificates of deposit, Municipal Securities, United States Government Securities, and Options contracts on securities. GSCM can use other securities as well to help diversify a portfolio when applicable. Retirement Plan Rollover Recommendations When GSCM provides investment advice about your retirement plan account or individual retirement account (“IRA”) including whether to maintain investments and/or proceeds in the retirement plan account, roll over such investment/proceeds from the retirement plan account to a IRA or make a distribution from the retirement 1  plan account, we acknowledge that GSCM is a “fiduciary” within the meaning of Title I of the Employee Retirement Income Security Act (“ERISA”) and/or the Internal Revenue Code (“IRC”) as applicable, which are laws governing retirement accounts. The way GSCM makes money creates conflicts with your interests so GSCM operates under a special rule that requires GSCM to act in your best interest and not put our interest ahead of you. Under this special rule’s provisions, GSCM must act as a fiduciary to a retirement plan account or IRA under ERISA/IRC: • standard of care when making investment • • • • • Meet a professional recommendations (e.g., give prudent advice); Never put the financial interests of GSCM ahead of you when making recommendations (e.g., give loyal advice); Avoid misleading statements about conflicts of interest, fees, and investments; Follow policies and procedures designed to ensure that GSCM gives advice that is in your best interest; Charge no more than is reasonable for the services of GSCM; and Give Client basic information about conflicts of interest. To the extent we recommend you roll over your account from a current retirement plan account to an individual retirement account managed by GSCM, please know that GSCM and our investment adviser representatives have a conflict of interest. We can earn increased investment advisory fees by recommending that you roll over your account at the retirement plan to an IRA managed by GSCM. We will earn fewer investment advisory fees if you do not roll over the funds in the retirement plan to an IRA managed by GSCM. Thus, our investment adviser representatives have an economic incentive to recommend a rollover of funds from a retirement plan to an IRA which is a conflict of interest because our recommendation that you open an IRA account to be managed by our firm can be based on our economic incentive and not based exclusively on whether or not moving the IRA to our management program is in your overall best interest. We have taken steps to manage this conflict of interest. We have adopted an impartial conduct standard whereby our investment adviser representatives will (i) provide investment advice to a retirement plan participant regarding a rollover of funds from the retirement plan in accordance with the fiduciary status described below, (ii) not recommend investments which result in GSCM receiving unreasonable compensation related to the rollover of funds from the retirement plan to an IRA, and (iii) fully 2  disclose compensation received by GSCM and our supervised persons and any material conflicts of interest related to recommending the rollover of funds from the retirement plan to an IRA and refrain from making any materially misleading statements regarding such rollover. When providing advice to you regarding a retirement plan account or IRA, our investment advisor representatives will act with the care, skill, prudence, and diligence under the circumstances then prevailing that a prudent person acting in a like capacity and familiar with such matters would use in the conduct of an enterprise of a like character and with like aims, based on the investment objectives, risk, tolerance, financial circumstances, and a client’s needs, without regard to the financial or other interests of GSCM or our affiliated personnel. C. Client Tailored Services and Client Imposed Restrictions GSCM offers the same suite of services to all of its clients. However, specific client financial plans and their implementation are dependent upon the client Investment Policy Statement which outlines each client’s current situation (income, tax levels, and risk tolerance levels) and is used to construct a client specific plan to aid in the selection of a portfolio that matches restrictions, needs, and targets. Clients may impose restrictions in investing in certain securities or types of securities in accordance with their values or beliefs. However, if the restrictions prevent GSCM from properly servicing the client account, or if the restrictions would require GSCM to deviate from its standard suite of services, GSCM reserves the right to end the relationship. D. Wrap Fee Programs GSCM does not participate in any wrap fee programs. E. Amounts Under Management GSCM has the following assets under management: Discretionary Amounts: Non-discretionary Amounts: Date Calculated: $363,362,682 $0.00 1/2/2026 Item 5: Fees and Compensation 3  A. Fee Schedule Investment Supervisory Services Fees Total Assets Under Management Annual Fee $1 - $5,000,000 1.00% Above $5,000,000 Negotiable These fees are negotiable, and the final fee schedule is attached as Exhibit II of the Investment Advisory Contract. Fees are paid quarterly in advance, and clients may terminate their contracts with written notice. Refunds are given on a prorated basis, based on the number of days remaining in a quarter at the point of termination. Clients may terminate their contracts without penalty, for full refund, within 5 business days of signing the advisory contract. Advisory fees are withdrawn directly from the client’s accounts with client written authorization. It should be noted that lower fees for comparable service may be available from other sources. The exact fees and other terms will be outlined in the agreement between you and GSCM. B. Payment of Fees Payment of Investment Supervisory Fees Advisory fees are withdrawn directly from the client’s accounts with client written authorization. Fees are paid quarterly in advance. C. Clients Are Responsible For Third Party Fees Clients are responsible for the payment of all third-party fees (i.e. custodian fees, mutual fund fees, transaction fee etc.). Those fees are separate and distinct from the fees and expenses charged by GSCM. Please see Item 12 of this brochure regarding broker/custodian. Raymond James charges the following transaction fees to clients: Trade Types Transaction Fees Equity Transaction fees $0.00 ETFs $0.00 Bonds $14.95 M/fs, UITs, Closed-end Funds $19.95 Options $0.00 + $0.65 per contract 4  Trade Types Transaction Fees Prime Brokerage $25.00 D. Prepayment of Fees GSCM collects fees in advance. Fees that are collected in advance will be refunded based on the prorated amount of work completed at the point of termination and the total days during the billing period. Fees will be returned within fourteen days to the client Account. E. Outside Compensation For the Sale of Securities to Clients Neither GSCM nor its supervised persons accept any compensation for the sale of securities or other investment products, including asset-based sales charges or services fees from the sale of mutual funds. Item 6: Performance-Based Fees and Side-By-Side Management GSCM does not accept performance-based fees or other fees based on a share of capital gains on or capital appreciation of the assets of a client. Item 7: Types of Clients GSCM generally provides investment advice to the following Types of Clients:  Individuals  High-Net-Worth Individuals  Pension and Profit-Sharing Plans  Government Entities Minimum Account Size There is an account minimum, $1,000,000 which can be waived by the investment advisor, based on the needs of the client and the complexity of the situation. Item 8: Methods of Analysis, Investment Strategies and Risk, of Investment Loss A. Methods of Analysis and Investment Strategies GSCM uses fundamental analysis. 5  Fundamental analysis involves the analysis of financial statements, the general financial health of companies, and/or the analysis of management or competitive advantages. Investing in securities involves a risk of loss that you, as a client, should be prepared to bear. B. Material Risks Involved GSCM uses Long Term and Short-Term Trading, Short Sales, Margin Transactions, and Options Writing including covered options, uncovered options, or spreading strategies. GSCM utilizes investment strategies that are designed to capture market rates of both return and risk. Frequent trading, when done, can affect investment performance, particularly through increased brokerage and other transaction costs and taxes. Investing in securities involves a risk of loss that you, as a client, should be prepared to bear. C. Risks of Specific Securities Utilized GSCM generally seeks investment strategies that do not involve significant or unusual risk beyond that of the general domestic and/or international equity markets. Investing in securities involves a risk of loss that you, as a client, should be prepared to bear. Item 9: Disciplinary Information There are no legal or disciplinary events that are material to a client’s or prospective client’s evaluation of this advisory business or the integrity of our management. Item 10: Other Financial Industry Activities and Affiliations A. Registration as a Broker/Dealer or Broker/Dealer Representative Neither GSCM nor its representatives are registered as a broker/dealer or as representatives of a broker/dealer. B. Registration as a Futures Commission Merchant, Commodity Pool Operator, or a Commodity Trading Advisor Neither GSCM nor its representatives are registered as a FCM, CPO, or CTA. 6  C. Registration Relationships Material to this Advisory Business and Possible Conflicts of Interests GSCM is not and does not have a related person that is a broker/dealer, municipal securities dealer, government securities dealer or broker, an investment company or other pooled investment vehicle (including a mutual fund, closed-end investment company, unit investment trust, private investment company or "hedge fund," and offshore fund), another investment adviser or financial planner, a futures commission merchant, commodity pool operator, or commodity trading advisor, a banking or thrift institution, an accountant or accounting firm, a lawyer or law firm, a pension consultant, a real estate broker or dealer, and a sponsor or syndicator of limited partnerships. We are an independent registered investment adviser and only provide investment advisory services. We are not engaged in any other business activities and offer no other services except those described in this Disclosure Brochure. D. Selection of Other Advisors or Managers and How This Adviser is Compensated for Those Selections GSCM does not utilize nor select other advisors or third-party managers. All assets are managed by GSCM management. Item 11: Code of Ethics, Participation in Transactions, Personal Trading A. Code of Ethics We have a written Code of Ethics that covers the following areas: Prohibited Purchases and Sales, Insider Trading, Personal Securities Transactions, Exempted Transactions, Prohibited Activities, Conflicts of Interest, Gifts and Entertainment, Confidentiality, Service on a Board of Directors, Compliance Procedures, Compliance with Laws and Regulations, Procedures and Reporting, Certification of Compliance, Reporting Violations, Compliance Officer Duties, Training and Education, Recordkeeping, Annual Review, and Sanctions. Clients may request a copy of our Code of Ethics from management. B. Recommendations Involving Material Financial Interests GSCM does not recommend that clients buy or sell any security in which a related person to GSCM has a financial interest. 7  C. Investing Personal Money in the Same Securities as Clients From time to time, representatives of GSCM can buy or sell securities for themselves that they also recommend to clients. GSCM will always document any transactions that could be construed as conflicts of interest and will always transact client business before their own when similar securities are being bought or sold and a block trade is not affected. D. Trading Securities At/Around the Same Time as Clients’ Securities From time to time, representatives of GSCM can buy or sell securities for themselves at or around the same time as clients. Item 12: Brokerage Practices A. Factors Used to Select Custodians and/or Broker/Dealers The Custodian, Raymond James & Associates, Inc. (RJA), a FINRA member, was chosen based on their relatively low transaction fees and strong balance sheet. GSCM will never charge a premium or commission on transactions, beyond the actual cost imposed by Custodian. 1. Research and Other Soft-Dollar Benefits Potential Soft Dollar Arrangements: Services provided by RJA to advisory firms include research, brokerage, and custody. In addition, RJA makes available technologies that provide access to client (trade confirmations and account statements), facilitate trade execution, provide research, market data services, facilitate payment of fees, performance reporting, and back-office support. RJA also provides access to financial planning software, practice management support, best execution assistance, conferences, marketing/educational materials, technology support, and corporate discounts. GSCM pays a monthly fee to RJA for these benefits. 2. Brokerage for Client Referrals GSCM receives no referrals from a broker-dealer or third-party in exchange for using that broker-dealer or third-party. 3. Clients Directing Which Broker/Dealer/Custodian to Use GSCM allows clients to direct brokerage. GSCM may be unable to achieve most favorable execution of client transactions if clients choose to direct brokerage. This may cost clients money because without the ability to direct brokerage GSCM may not be able to aggregate orders to reduce transactions costs resulting in higher brokerage commissions and less favorable prices. 8  B. Aggregating (Block) Trading for Multiple Client Accounts We may elect to purchase or sell the same securities for several clients at approximately the same time. This process is referred to as aggregating orders, batch trading or block trading and is used by our firm when GSCM believes such action may prove advantageous to clients. If and when we aggregate client orders, allocating securities among client accounts is done on a fair and equitable basis. Typically, the process of aggregating client orders is done in order to achieve better execution, to negotiate more favorable commission rates or to allocate orders among clients on a more equitable basis in order to avoid differences in prices and transaction fees or other transaction costs that might be obtained when orders are placed independently. GSCM uses the average price allocation method for transaction allocation. Under this procedure GSCM will calculate the average price and transaction charges for each transaction included in a block order and assign the average price and transaction charge to each allocated transaction executed for the client’s account. If and when we determine to aggregate client orders for the purchase or sale of securities, including securities in which GSCM or our associated persons may invest, we will do so in accordance with the parameters set forth in the SEC No-Action Letter, SMC Capital, Inc. Neither we nor our associated persons receive any additional compensation as a result of block trades. Item 13: Reviews of Accounts A. Frequency and Nature of Periodic Reviews and Who Makes Those Reviews Client accounts are reviewed at least quarterly by GSCM staff. B. Factors That Will Trigger a Non-Periodic Review of Client Accounts Reviews may be triggered by material market, economic or political events, or by changes in client's financial situations (such as retirement, termination of employment, physical move, or inheritance). C. Content and Frequency of Regular Reports Provided to Clients 9  Each client will receive at least quarterly a written report detailing the clients account performance, which may come from the custodian. Item 14: Client Referrals and Other Compensation A. Economic Benefits Provided by Third Parties for Advice Rendered to Clients (Includes Sales Awards or Other Prizes) GSCM does not receive any economic benefit, directly or indirectly from any third-party for advice rendered to GSCM clients. B. Compensation to Non –Advisory Personnel for Client Referrals GSCM does not directly or indirectly compensate any person for client referrals. Item 15: Custody Custody, as it applies to investment advisors, has been defined by regulators as having access or control over client funds and/or securities. In other words, custody is not limited to physically holding client funds and securities. If an investment adviser has the ability to access or control client funds or securities, the investment adviser is deemed to have custody and must ensure proper procedures are implemented. GSCM is deemed to have custody of client funds and securities whenever GSCM is given the authority to have fees deducted directly from client accounts. For accounts in which GSCM is deemed to have custody, we have established procedures to ensure all client funds and securities are held at a qualified custodian in a separate account for each client under that client’s name. Clients or an independent representative of the client will direct, in writing, the establishment of all accounts and therefore are aware of the qualified custodian’s name, address and the manner in which the funds or securities are maintained. Finally, account statements are delivered directly from the qualified custodian to each client, or the client’s independent representative, at least quarterly. Clients should carefully review those statements and are urged to compare the statements against reports received from GSCM. When clients have questions about their account statements, they should contact GSCM or the qualified custodian preparing the statement. 10  Item 16: Investment Discretion When providing asset management services, GSCM maintains trading authorization over your account and will provide management services on a discretionary basis. When discretionary authority is granted, we will have the authority to determine the type of securities, the amount of securities that can be bought or sold, the broker or dealer to be used and the commission rates paid for your portfolio without obtaining your consent for each transaction. However, it is the policy of GSCM to consult with you prior to making significant changes in the account even when discretionary trading authority is granted. Item 17: Voting Client Securities (Proxy Voting) GSCM will not ask for, nor accept voting authority for client securities. Clients will receive proxies directly from the issuer of the security or the custodian. Clients should direct all proxy questions to the issuer of the security. Item 18: Financial Information A. Balance Sheet GSCM does not require nor solicit prepayment of more than $1,200 in fees per client, six months or more in advance and therefore does not need to include a balance sheet with this brochure. B. Financial Conditions Reasonably Likely to Impair Ability to Meet Contractual Commitments to Clients Neither GSCM nor its management have any financial conditions that are likely to reasonably impair our ability to meet contractual commitments to clients. C. Bankruptcy Petitions in Previous Ten Years Neither GSCM nor its management have been the subject of a bankruptcy petition in the last ten years. 11