*The Beck Mack + Oliver "Endowment Fund" Composite measures the performance of the Firm's tax-exempt endowment fund accounts whose values exceed $5 million in equity assets under discretionary management. As of December 31, 2025, the Composite was comprised of ten accounts meeting the requisite criteria and had a combined total equity market value of $221.6 million, representing 3.6% of the Firm's assets under management. Performance results are net of management fees and represent the returns of the equity securities held in the respective accounts only. Returns from 1994 forward are asset-weighted; returns prior to 1994 are equal-weighted. Prior to 2006 accounts included in the composite represented select endowment accounts managed by the Firm. No leverage has been utilized in any Beck Mack + Oliver account. For reasons including variances in portfolio account holdings, variances in the investment management fee incurred, market fluctuations, the date on which a client engaged Beck Mack + Oliver’s investment management services, and any account contributions or withdrawals, the performance of a specific client's account may have varied substantially from the Composite’s performance results.