Contract analysis

I. Introduction and Summary of Changes This updated brochure supplement (this "Supplement") reflects changes to key personnel of Ardent Capital Management LLC ("Ardent Capital," the "Adviser," or the "Firm") effective as of the restructuring of the Firm's ownership structure, which was completed on February 28, 2024. Ardent Capital Management LLC is an investment adviser registered with the United States Securities a

II. Supervised Person 1: Marcus Aldridge A. Educational Background and Business Experience Name: Marcus Aldridge Title: Co-Founder & Managing Partner Year of Birth: 1967 Educational Background: • Bachelor of Arts, Yale University, New Haven, Connecticut (1989) • Master of Business Administration, The Wharton School, University of Pennsylvania, Philadelphia, Pennsylvania (1994) Business Experience (preceding ten years

III. Supervised Person 2: Priya Narayanan A. Educational Background and Business Experience Name: Priya Narayanan Title: Co-Founder & Managing Partner Year of Birth: 1970 Educational Background: • Bachelor of Arts, Princeton University, Princeton, New Jersey (1992) • Juris Doctor, Columbia Law School, Columbia University, New York, New York (1995) Business Experience (preceding ten years and beyond, as relevant): Ms.

IV. Supervised Person 3: Robert Hsiao A. Educational Background and Business Experience Name: Robert Hsiao Title: Partner Year of Birth: 1979 Educational Background: • Master of Engineering, Massachusetts Institute of Technology (MIT), Cambridge, Massachusetts (2002) • Master of Business Administration, Harvard Business School, Harvard University, Boston, Massachusetts (2008) Business Experience (preceding ten years

V. Supervised Person 4: Elena Marchetti A. Educational Background and Business Experience Name: Elena Marchetti Title: Principal Year of Birth: 1985 Educational Background: • Bachelor of Science in Economics, Georgetown University, Washington, D.C. (2007) • Master of Business Administration, Columbia Business School, Columbia University, New York, New York (2013) Business Experience (preceding ten years and beyond, a

VI. Supervised Person 5: Samuel Okonkwo A. Educational Background and Business Experience Name: Samuel Okonkwo Title: Principal Year of Birth: 1987 Educational Background: • Bachelor of Arts in Economics, University of Virginia, Charlottesville, Virginia (2009) • Master of Business Administration, The Tuck School of Business at Dartmouth College, Hanover, New Hampshire (2015) Business Experience (preceding ten years

VII. Schedule of Removed Supervised Persons The following individuals previously served as supervised persons of Ardent Capital Management LLC and are being removed from this brochure supplement in connection with the restructuring of the Firm and their respective departures. A. David Kellner — Senior Partner (Removed) Mr. Kellner previously served as a Senior Partner of Ardent Capital Management LLC. He joined the A

VIII. Organizational Structure Summary The following summary sets forth the current organizational structure of the Ardent Capital platform as of March 10, 2024, for reference in connection with this filing: Ardent Capital Holdings LLC • Delaware limited liability company • EIN: 93-1847225 • Delaware File No.: 7948231 • Formed: March 1, 2024 • Registered Agent: Prestige Registered Agents LLC, 850 New Burton Road, Sui

IX. Additional Disclosures The following additional disclosures are provided for the information of clients and prospective clients of Ardent Capital Management LLC. Personnel. Ardent Capital Management LLC employs 62 professionals across its investment, operations, legal, compliance, finance, and investor relations functions. The Firm's principal office is located at 590 Madison Avenue, 28th Floor, New York, NY 1002

X. Filing Notes This document is a DRAFT prepared for review prior to filing with the United States Securities and Exchange Commission. This brochure supplement is being filed as part of the Form ADV amendment dated March 10, 2024, through the Investment Adviser Registration Depository (IARD). All information contained herein is current as of March 10, 2024, unless otherwise noted. The information contained in this b