ROSENWALD / KAZAN / BEACH FRONT / DALTON / GLAS NETWORK As of July 10, 2026 Legend ====== ownership/control confirmed by primary filing -----> transaction/service/advisory relationship confirmed .....> potential or unverified relationship; diligence required [DISC] disclosed in a located public filing [PART] partly disclosed / details omitted [GAP] public information insufficient [NO HIT] no public evidence found in searched records; not proof of absence TOP-LEVEL FAMILY / ADVISER CONTROL James B. Rosenwald III [JBR III] ===== trustee/control person =====> Rosenwald Family Trust [RFT] co-trustee: Laura Parker Rosenwald [2026 RCM ADV, Schedule B] Rosenwald Family Trust ===== 75% or more / brochure says 100% =====> Rosenwald Capital Management, Inc. [RCM] Current CRD 290118 / SEC 801-112520 Legacy CRD 104630 [terminated/superseded] 2026 RAUM: $248.122M / 3 accounts [DISC] RCM ===== majority owner =====> Dalton Investments, Inc. [Dalton Inc.] CRD 308609 / SEC 801-121986 2026 RAUM: $5.718B / 40 accounts successor to Dalton Investments LLC [DISC] Dalton Investments LLC ===== predecessor/succession =====> Dalton Investments, Inc. CRD 109538 / SEC 801-56572 SEC registration terminated 2024-03-29 historic 2021 ADV current adviser approved 2021-07-30 James B. Rosenwald III -----> President/director: RCM -----> Founder/CIO/chairman: Dalton Inc. -----> managing member/co-founder: Beach Front Properties LLC -----> GLAS founder / multiple-voting-share holder -----> director/control-or-direction filer for Kings Bay GLAS holdings Jocelyn May Rosenwald -----> Director: RCM (since 2015 per ADV) -----> Director: Dalton Inc. (since 2020 per ADV) -----> GLAS co-founder/director/audit-committee chair -----> GLAS voting shareholder / trust namesake ===== daughter =====> JBR III ===== sister =====> JBR IV [confirmed by first-hand family source: JBR IV’s spouse; memorial evidence corroborates family structure] RCM FUND FAMILY — CURRENT RCM ===== manager/adviser =====> Kings Bay Investment Co. Ltd. [KBIC] | Cayman Islands private hedge fund | Fund ID 805-6473562159 | Gross assets: $76.231M | 7 beneficial owners | 86% owned by RCM/related persons | 88% owned by non-U.S. persons | CIMA-registered | Auditor: PwC Cayman (PCAOB 1266) | Administrator: JTC Fund Services Cayman | Custodians: Haywood, Morgan Stanley, Shore Capital | [DISC in current RCM ADV] | ===== GP/manager =====> Rosenwald Partners, L.P. [RPLP] Delaware private hedge fund Fund ID 805-4108393611 Gross assets: $82.089M 48 beneficial owners 67% owned by RCM/related persons 0% non-U.S. persons Auditor: Forvis Mazars (PCAOB 686) [DISC in current RCM ADV] KINGS BAY / GLAS FINANCING AND EQUITY FLOW Magu Farm LLC <----- 2018 secured convertible notes (~$9.925M total) ----- Magu Farm lenders affiliates of GH shareholders Kings Bay Investment Company Ltd. [KBIC] -----> held the unconverted Magu Farm note balance -----> assigned note effective 2020-03-01 to: Kings Bay Capital Management Ltd. [KBCM] -----> 2020-04-10 Assignment / Novation / Note Modification with GH Group - GH Group assumed obligations - note convertible into Class A shares - secured by pledge of subsidiary securities - expressly subordinated to senior convertible notes - $389K debt-modification extinguishment loss -----> balances: 2019-12-31: $1.925M 2020-12-31: $2.189M 2021-03-31: $2.158M -----> 2021-06-29 principal + accrued interest converted to preferred shares security interest released [DISC; post-modification 6.00% / March 2023; share bridge GAP] KBIC vs KBCM identity relationship KBIC -----> assigned note to KBCM [confirmed] KBIC .....> same economic ownership/control as KBCM [GAP] Current RCM ADV manages KBIC, not KBCM [confirmed] Kings Bay Investment Co. Ltd. -----> held GLAS shares reported under JBR III “control or direction” in SEDI -----> public-market sales 2022–2025 -----> December 15–23, 2025 sales reduced disclosed balance to zero [DISC in SEDI; proceeds/beneficial owners GAP] GLAS / FAMILY SHAREHOLDING Glass House Brands Inc. [GLAS] British Columbia parent / NYSE: GLAS California operating subsidiaries Company founders collectively ===== approximately 76% voting power, non-diluted at FY2025 =====> GLAS ===== approximately 64.6% diluted voting power =====> GLAS [corrected from 77.3%] JBR III ===== founder multiple-voting and equity interests =====> GLAS 2025 information circular: ~14.1% total voting power Jocelyn Rosenwald / Jocelyn May Rosenwald Trust ===== multiple-voting / exchangeable / equity interests =====> GLAS 2025 information circular: Jocelyn ~9.3% total voting power Jocelyn May Rosenwald Trust -----> RCM served as registered investment adviser since trust inception -----> trustees disclosed in 2022 Form 20-F: Jill Rosenwald and Walter Parker -----> held 290,925 Exchangeable Shares and 300,304 MVS in historic disclosure [DISC] RCM -X-> NOT established as investment adviser to GLAS -----> established as investment adviser to Jocelyn May Rosenwald Trust [critical correction] BEACH FRONT CONTROL / RELATED-PERSON LAYER Kyle Kazan ===== co-founder/manager =====> Beach Front Properties LLC [BFP] ===== founder/chairman =====> Beach Front Property Management Inc. [BFPM] ===== GLAS co-founder/chairman/CEO =====> GLAS JBR III / RCM ===== co-founder/managing-member bridge =====> BFP -----> Dalton and RCM current/historic ADVs identify BFP as related person BFP / BFPM -----> real-estate management / consulting ecosystem -----> Jon A. Neu Insurance ownership/service bridge -----> historic RCM-advised real-estate vehicles [DISC in ADV/GLAS filings; complete ownership percentages GAP] HISTORIC BEACH FRONT / RCM-ADVISED VEHICLES (2011 ADV) BFP ===== manager =====> Beach Front I LLC ===== manager =====> Beach Front II LLC ===== manager =====> Beach Front III LLC ===== manager =====> Beach Front IV LLC ===== manager =====> Beach Front VIII LLC ===== manager =====> 24818 Eshelman LLC ===== manager =====> 23330 Arlington LLC ===== manager =====> Lamlex LLC ===== manager =====> 1223 Anaheim Street LLC ===== manager =====> NPI B.F. Ventures LLC ===== manager =====> Park Rolling Hills LLC JBR III ===== manager =====> Beach Vault LLC JBR III ===== manager =====> Pacific Alliance Capital LLC Emerald Park Manager LLC ===== manager =====> Emerald Park LLC Emerald Park Manager LLC ===== manager =====> PGE Marquis Operator LLC Current status, members, properties, liens and GLAS dealings: -----> active UCC leads: BFP/F&M; BFPM/WebBank; 24818 Eshelman/Fannie Mae; 23330 Arlington/JPMorgan [uncertified; no default inference] -----> litigation leads: BFPM accommodation/removal cases; 24818 Eshelman accommodation case; 23330 Arlington WASH fee litigation .....> [GAP: requires certified SOS/SOI/UCC/title and complete court dockets] GLAS-RELATED REAL ESTATE / SERVICE ENTITIES Beach Front / insider network -----> 3645 Long Beach LLC -----> GLAS headquarters lease [DISC] -----> Neo Street Partners LLC -----> Lompoc property relationship [DISC] -----> Isla Vista GHG LLC -----> lease/property relationship [DISC] -----> Jon A. Neu Insurance -----> GLAS insurance brokerage 2025 expense approximately $298K [DISC] -----> BFPM consulting agreement -----> GLAS M&A / real-estate / financing assistance ~$11K monthly; ~$140K FY2025 [DISC] -----> BFP February 2021 note -----> GH Group $2M at 15%; converted June 2021 [DISC] -----> related-party preferred financing -----> ~$13M Series E consideration + ~$1.5M dividends in FY2025 [DISC; identities GAP] GLAS corporate/subsidiary vehicles — do not mislabel as insider landlords GLAS chain =====> 5042 Real Estate Investment LLC [corporate/subsidiary vehicle] GLAS chain =====> 2000 De La Vina LLC [manager disclosed as GH Group] GHR / NSJB DECONSOLIDATION LAYER GLAS ===== subsidiary =====> GHB Usub LLC ===== 900 Exchangeable Units =====> Glass House Retail LLC [GHR] 90% economic framing / 0% vote NSJB Investments LLC ===== 100 Class A Units =====> GHR 10% economics / 100% voting $2.5M consideration via seller-financed Purchase Note formed two days before transaction Beilke/Sarris JML Law links Kazan / Beilke community overlap .....> documented historical co-appearance on community donor list .....> does NOT by itself prove agency or related-party status Rosenwald corpus relevance to GHR RCM/Dalton/BFP .....> no public direct GHR agreement located [NO HIT] Founder/Beach Front axis .....> ASC 810 de facto-agent inquiry [GAP] DALTON FUND FAMILY — CURRENT (2026 ADV) Dalton Inc. ===== manager/adviser =====> Dalton Asia (Master) Fund LP | + offshore feeder + U.S. feeder | gross assets $63.362M / 29 owners | ===== manager/adviser =====> Dalton India (Master) Fund LP | + offshore feeder + U.S. feeder | gross assets $47.112M / 47 owners | ===== manager/adviser =====> Dalton Investments Trust — Series B | gross assets $172.407M / 25 owners | ===== manager/adviser =====> Dalton Investments Trust — Series C | gross assets $103.782M / 12 owners | ===== manager/adviser =====> Dalton Kizuna (Master) Fund LP | + offshore feeder + U.S. feeder | gross assets $50.531M / 24 owners | ===== manager/adviser =====> Dalton Pacific Rim Fund LP | gross assets $52.615M / 20 owners | ===== manager/adviser =====> KAVF Select (Master) Fund LP | + offshore feeder + U.S. feeder | gross assets $6.195M / 16 owners | ===== manager/adviser =====> NAVF Select LLC | + offshore feeder | gross assets $199.173M / 77 owners | ===== manager/adviser =====> Pacific and General (Master) Fund LP + offshore/U.S. vehicles gross assets $37.596M / 27 owners Dalton Inc. -----> related person: Beach Front Properties LLC -----> related person: RCM -----> related person: Rising Sun Management Ltd. -----> foreign affiliates: Japan, India, Hong Kong, Australia, Korea -----> no GLAS position located in searched 13F tables [NO HIT; limited] RISING SUN / NAVF RCM ===== majority interest =====> Rising Sun Management Ltd. [Cayman relying adviser] CRD 310497 Rising Sun -----> adviser to Nippon Active Value Fund plc [NAVF] -----> adviser to a Dalton-managed private pooled vehicle Dalton / Rising Sun / NAVF Select -----> concert-party Japanese activist holdings disclosed through EDINET -----> no direct GLAS transaction located [NO HIT] ROVIDA / RODITI HISTORIC LAYER JBR III + S. Nicholas Roditi ===== co-founded 1992 =====> Rosenwald, Roditi & Co. / Rovida Asset Management Ltd. later known as Rovida offshore records connect JBR III and Roditi -----> JBR III advised Soros Group funds 1992–1998 [historical; no current GLAS transaction established] KAZAN TRUST / FAMILY LAYER Kyle Kazan ===== trustee/control association =====> Kazan Trust dated 2004-12-10 GLAS holdings/related real estate disclosed beneficiaries [GAP] Kyle/Diane Kazan family vehicles -----> Reposition Investments LLC (historic GLAS filing) -----> Keoni Bacalan Kazan Irrevocable Trust (2018) -----> Ikaika Arnie Kazan Irrevocable Trust (2018) [trustees/ownership must be taken only from specific filing; beneficiaries not inferred] Kazan family entities .....> ownership in Dalton/RCM/BFP beyond disclosed BFP relationship [NO HIT / GAP] CONTROL / LEGAL CHARACTERIZATION Section 13(d) group: Kazan + JBR III/Jocelyn .....> requires agreement to act together regarding acquiring, holding, voting or disposing of a registered class. Business/family/co-founder ties alone = insufficient. Current conclusion: [GAP — investigate, do not allege]. ASC 810 de facto agent: GLAS + NSJB/JML principals .....> transaction-specific inquiry into financing, rights, side agreements, decision-making and economics. Broad Kazan–Rosenwald network alone = insufficient. NYSE / Rule 10A-3 audit independence (FPI framework): GLAS generally subject to NYSE 303A.06/.11/.12, not full domestic 303A.02. Jocelyn’s RCM/Dalton roles + Kings Bay/Trust/GLAS links .....> Rule 10A-3 compensation/affiliate inquiry + governance optics. No public proof located of prohibited issuer consulting/advisory compensation. NYSE §314 independently requires review/oversight of covered FPI related-party transactions. Current conclusion: high-priority governance diligence, not a concluded violation. DISCLOSURE STATUS SUMMARY Disclosed: - Historic Kings Bay note narrative and related-shareholder-lender context. - KBCM assignment, security, balances and conversion. - RCM advisory role for Jocelyn May Rosenwald Trust. - Jocelyn/James GLAS holdings in Canadian/issuer filings. - Current RCM management of Kings Bay and Rosenwald Partners in Form ADV. - RCM majority ownership of Dalton and RFT control chain in ADV. - Historic/current Beach Front related-person links in ADV. Partly disclosed / fragmented across regimes: - Continuing identity/control link among KBIC, KBCM, RCM and JBR III. - Kings Bay beneficial ownership and 2025 proceeds. - Jocelyn’s complete qualitative independence analysis. - Historic Beach Front vehicle status and current ownership. - Cross-regime synthesis of ADV, SEDI, EDGAR and GLAS related-party notes. Not established publicly: - RCM as investment adviser to GLAS itself. - Dalton-advised GLAS holdings. - RPLP limited-partner identities or GLAS holdings. - Kazan Trust beneficiaries. - Formal public-document proof expressly saying “daughter,” only if required for an external filing. - A Kazan–Rosenwald Section 13(d) group agreement. - A broad de facto control group under ASC 810. - Any current SEC examination/deficiency letter. - Any tax violation involving Kings Bay or the trusts. PRIMARY DOCUMENTS THAT CLOSE THE MAP 1. Current RCM ADV, CRD 290118, filed 2026-06-29. 2. Current Dalton ADV, CRD 308609, filed 2026-03-30. 3. Legacy RCM ADV, CRD 104630, filed 2011-03-11. 4. Legacy Dalton ADV, CRD 109538, filed 2021-04-30. 5. GLAS 2022 Form 20-F. 6. GLAS 2021 Q1/annual financial statements. 7. GLAS FY2025 Form 40-F/AIF. 8. Official SEDI JBR III insider transaction records. 9. CA SOS certified entity histories and Statements of Information. 10. Cayman corporate registers and Kings Bay audited financials. 11. Original Kings Bay note/assignment/novation/security/conversion documents. 12. GLAS board/audit-committee independence and related-party memoranda. 13. RPLP limited-partner register and GLAS position certification. 14. UCC and county title/lien reports. 15. GHR ASC 810 and tax memoranda.