2025 Impact & Sustainability Reflection

As we look back on the past year, 2025 was one that called for patience, perspective, and care. Amid ongoing uncertainty and change, we remained grounded in supporting our clients in making the impact that matters most to them, both domestically and internationally, while continuing to give back to the communities we work in and aim to steward capital thoughtfully and responsibly.

This reflection offers a look at how Fire Capital Management (Fire Capital) continues to evolve its approach to sustainability and impact. Across our work, we integrate sustainability into our investment philosophy, seek to deepen our philanthropic commitments, and partner closely with clients to align their wealth with long-term purpose.

SUSTAINABILITY

Sustainability remains a core part of how we approach investing at Fire Capital. We do not view sustainability as a standalone strategy, but rather as an integrated lens across our investment process. As part of this approach, we consider a broad range of information that may provide deeper insight into long-term risks and opportunities.

As of the end of 2025, using MSCI ESG data, approximately one third of the equities and funds utilized in our investment models continue to rank as ESG leaders. This past year, we’ve increased ESG overall rating coverage

across both funds and equities. Our portfolios also maintained strong alignment with several UN Sustainable Development Goals (SDGs), reflecting continued exposure to purpose-driven themes. Our top five UN SDG exposures include alignment with: Gender Equality; Clean Water & Sanitation; Zero Hunger; Industry, Innovation & Infrastructure; and Decent Work & Economic Growth.

While sustainability focuses on managing risk and enhancing long-term value, we distinguish it from impact. Impact, to us, is personal and reflects an intentional decision that would likely not be pursued without a clear social or values-driven purpose. This distinction has become increasingly important as we support clients in navigating both sustainable investment strategies and more targeted impact-oriented opportunities.

THE FIRE CAPITAL IMPACT FUND

As part of our ongoing commitment through the Pledge 1% movement and as a Certified B Corporation, the Fire Capital Impact Fund continues to support organizations aligned with our team’s values and priority areas of focus. These include:

· Increasing access to and diversity in finance

· Financial literacy and education

· Women and girls’ empowerment

· Environmental initiatives

· Economic opportunity for all

In 2025, we were proud to support the following organizations:

· Children’s Book Project - provides access to free books for children from under-resourced communities through their “Book Bank” and promotes literacy for children across the Bay Area.

· Save the Bay - aims to protect and restore the San Francisco Bay for both people and wildlife while advancing environmental education for Bay Area youth.

· Olympic Club Foundation - supports youth development through access to sports, with a particular focus on expanding opportunities for girls’ sports programs

· San Francisco Education Fund - advances equitable education through high-impact tutoring, community support, and transformative financial resources to teachers, students, and schools.

· Florida State University Foundation – Finance Student Support Fund - provides experiential learning opportunities for first-generation and under-resourced students pursuing careers in finance. Given Tallahassee’s distance from major financial centers, this fund helps ensure students can access career-shaping experiences such as certifications, internships, and corporate exposure

· Stand Together Bay Area - A fund through the San Francisco Foundation that provides direct emergency grants to trusted local nonprofit organizations that support immigrant families with rent, food, and essential living expenses

Together, these organizations reflect our belief that long-term impact is rooted in access, education, equity, and community resilience.

GIVING BACK THROUGH VOLUNTEERING & COMMUNITY ENGAGEMENT

Beyond financial support, our team remains actively engaged in our communities through volunteering, leadership, and industry involvement. This year, our team volunteered with the Children’s Book Project, supporting their book bank operations and helping ensure more children have access to books of their own. Experiences like this reinforce the importance of pairing financial capital with time, presence, and partnership.

We also hosted and co-sponsored multiple community and professional events throughout the year. Highlights include collaborations with the San Francisco Foundation’s Emerging Advisors Network, where team members, William Reynolds (Senior Investment Associate) and Ryan Fujioka (Manager Research Associate) are actively engaged; William’s continued leadership on the CFA Society San Francisco’s Young Leaders Council; ongoing participation in the San Francisco Foundation’s Professional Advisors Council (PAC), where Michael Firestone (Managing Partner) services as Co-chair; and the International Association of Advisors in Philanthropy (AiP), where Alyssa Health (COO & Director of Social Impact) became Vice President of the national Board of Directors. We also supported and partnered on events with organizations including First Tee, and USPAACC for their scholarship initiative.

Through these efforts, we’ve valued the opportunity to volunteer and partner with community organizations, to stay connected with evolving best practices, and deepen our ability to serve clients thoughtfully.

PHILANTHROPIC SUPPORT FOR OUR CLIENTS

We remain deeply grateful to our clients for the trust they place in us as partners on their philanthropic journeys. In 2025, our clients collectively granted nearly $2.9M to organizations and causes they care deeply about.

According to the 2025 Annual Donor-Advised Funds (DAF) Report from the DAF Research Collaborative, donor-advised funds. charitable giving accounts hosted by a public charity, continue to take an increasingly significant role in charitable giving nationwide. Our own experience reflects this trend, as we have seen continued growth in the use of DAFS within our client base as a flexible and effective vehicle for their philanthropy. Alongside DAF support, we also work closely with clients who give through their private foundations, advising on grant strategy and providing ongoing foundation administration.

We are honored to support clients in building a holistic impact strategy that evolves with them from sustainable investing and impact-first opportunities to philanthropy and community engagement. We enjoy helping our clients think intentionally about the impact that they’d like to make in the world, rooted in their purpose, values and legacy.

LOOKING AHEAD

As we move into 2026, we remain focused on long-term stewardship and deep partnership with our clients. We continue to refine how we help clients align their investments, philanthropy, and values, recognizing that impact looks different for every individual, family and foundation.

We are grateful for the opportunity to walk alongside our clients as they navigate an evolving world and consider how their capital can support the broader good. Thank you for being part of this journey with us!