Investments All Current Exited Industrials Business Services Consumer Supply Chain/Logistics Aerospace & Defense Date of Investment March 2019 Status Active Structure Equity Company Profile Custom VIP aircraft interior manufacturing company. Industry Aerospace and Defense Transaction Type Corporate Carve-out Balmoral Opportunity Partner with management team who ran the company successfully before it became part of a larger parent company. Website epsilyte.com Headquarters Woodlands, TX Leadership Brad Crocker Date of Investment October 2020 Status Active Structure Equity Company Profile Leading producer of expandable polystyrene resins in North America. Based in Peru, IL. Industry Advanced Materials Transaction Type Corporate Divestiture Balmoral Opportunity Partnered with management and industry executives to acquire from a corporate parent Website igps.net Headquarters Orlando, FL Leadership Jeff Pepperworth (CEO) Date of Investment June 2013 Status Active Structure Majority, in Shared-Control Structure Company Profile Operator of the world’s first plastic pallet rental service featuring lightweight, 100% recyclable plastic pallets with embedded radio frequency identification (RFID) technology. The company’s plastic pallets and integrated technologies yield significant savings for product manufacturers (of beverages, foods, pharmaceuticals, agriculture, etc.) and their customers who receive such products (e.g. retailers). Industry Logistics / Mobile Assets Transaction Type Turnaround followed by growth investment in 2019 Balmoral Opportunity Partnered with experienced and successful operators and a private equity firm (whose foreign affiliate had manufactured 10 million pallets that iGPS has purchased) to acquire the only U.S.-based plastic pallet rental/pooling business. The new management will implement strategies focused on greater logistics efficiency, faster velocity of the assets in use and lower loss/damage rates. Website mooyah.com Headquarters Plano, TX Leadership Anand Gala Date of Investment April 2017 Status Active Structure Equity Company Profile Franchisor of fast-casual “MOOYAH” branded restaurants offering fresh, customizable burgers, hand cut fries, and real ice cream milkshakes to customers worldwide. The Company is a global brand with 93 locations spanning 10 countries, including 73 stores in the U.S. and 20 international stores. MOOYAH’s ongoing growth and success is driven by its strong network of franchisees who value MOOYAH’s global brand, proven economic model and passionate, committed leadership team. Industry Restaurant Brand Transaction Type Buyout, Growth Investment Balmoral Opportunity Partner with Anand Gala, 30 year industry veteran, and MOOYAH management. Website polysource.com Headquarters Piqua, OH Leadership Brad Crocker Date of Investment May 2021 Status Active Structure Equity Company Profile Leading producer of compounded expandable polystrene and molded products used in building insulation, personal safety equipment, and filtration media. Industry Advanced Materials Transaction Type Buyout, Growth Investment Balmoral Opportunity Complementary acquisition for Epsilyte Website https://www.rescoproducts.com/ Headquarters Pittsburgh, PA Date of Investment March 2022 Status Active Structure Equity Company Profile Resco Products, Inc is a refractory manufacturer that services many diverse end markets, including steel and cement production, and petrochemical processing. Resco has been in the refractory industry for over 75 years and operates 11 facilities across North America and the United Kingdom. Resco’s footprint provides a unique ability to service customers quickly and efficiently. Resco is a product leader within the refractory industry, creating enhanced products that reduce customers downtime and increase productivity. Industry Engineered Materials Transaction Type Buyout Balmoral Opportunity Partnered with industry executives to refresh the business and reinvest in growth after years of inactive ownership. Website styrochem.com Headquarters Baie-d’Urfe, Quebec Leadership Brad Crocker Date of Investment October 2021 Status Active Structure Equity Company Profile Leading provider of expandable polystyrene (EPS) located in Baie d’Urfe, Quebec. Industry Advanced Materials Transaction Type Buyout, Growth Investment Balmoral Opportunity Complementary acquisition for Epsilyte Website https://www.trecora.com/ Headquarters Sugar Land, TX Leadership Brad Crocker Date of Investment June 2022 Status Active Structure Equity Company Profile Provider of specialty hydrocarbons (pentanes and hexanes) and waxes out of 2 facilities near Houston, TX. Trecora Resources serves the building products, packaging, transportation, consumer and life sciences end-markets. Industry Chemicals Transaction Type Take-private Balmoral Opportunity Partnered with management and industry executives to take a microcap public company private.