Spur Capital Partners

Spur Capital Partners investment thesis

* This number is prepared by Bow River Capital and has not been audited or reviewed by a third party. Bow River Managed Capital is calculated to include (i) regulatory assets under management as of 9/30/25, including assets attributable to Bow River Asset Management, LLC and its controlled and non-controlled joint venture affiliates Bow River Advisers, LLC, ONE Bow River Advisers, LLC and Thornburg Bow River Advisers, LLC (collectively, "Bow River Capital & Affiliates"), and (ii) debt capital managed by Bow River Capital & Affiliates on behalf of portfolio investments owned by pooled investment vehicles for which Bow River Capital & Affiliates serves as investment adviser, calculated with respect to Bow River Capital & Affiliates' percentage ownership of such portfolio investment ("Owners

Spur Capital Partners team (4)

Partners and principals at Spur Capital Partners:

• Paul Gompers — sweet spot $1.5M
• Joan Heidorn — sweet spot $1.5M
• Matthew Horten — sweet spot $1.5M
• C. Bradford Kelly — sweet spot $1.5M

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