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Michael Sherman

Chief Legal Officer

Michael Sherman is the Chief Legal Officer at Fundamental and a member of the Senior Management Team. Mr. Sherman oversees all legal matters for the firm and its investment platforms. Mr. Sherman brings over 20 years of legal experience to Fundamental. Prior to joining Fundamental in 2025, Mr. Sherman was General Counsel and Chief Compliance Officer of Dune Real Estate Partners LP. Mr. Sherman began his legal career as an associate at Willkie Farr & Gallagher LLP in both the Real Estate and Corporate Departments. Mr. Sherman received a J.D. from the University of Pennsylvania Law School and a B.S. from Cornell University. Mr. Sherman is admitted to the Bar of New York and New Jersey.

Terms of Use

Notice and Agreement

By accessing our website, which includes the password protected portal ( collectively, the “site”), you acknowledge your agreement with and understanding of the following Terms of Use (“Terms”) pertaining to this site including all material on it. These legal notices may be updated by us at any time. The Terms are between Fundamental Advisors LP, together with its affiliates (collectively, “Fundamental” or “we” or “our”) and you, or anyone authorized to access the site on your behalf (collectively “you”). Your continued use of the site after any modification to the Terms or the site shall constitute your acceptance of these Terms. If you do not agree to the Terms for any reason, please do not use this site. These Terms do not govern the terms of any investment you may make or any other aspect of your relationship with Fundamental, beyond your use of or access to the site.

Ownership

All content included on this site, such as graphics, logos, articles and other materials, is the property of our organization or others and is protected by copyright and other laws. All trademarks and logos displayed on this site are the property of their respective owners, who may or may not be affiliated with our organization. Nothing contained on this site should be construed as granting, by implication, estoppel, or otherwise, any license or right to use any content or trademark displayed on this site without the written permission of Fundamental or such other third party that may own the content or trademark displayed on this site.

You shall not, nor shall you cause or permit any other party to: (i) modify, adapt, copy, alter, publish, print, disclose, download, translate or create derivative works of the site; (ii) disable, disrupt, circumvent or otherwise interfere with any feature, functionality or control that prevents, restricts or otherwise governs access to, or use of, any aspect of the site; (iii) build a product or service using similar ideas, features, functions or graphics of, or otherwise contained within, the site; (iv) sublicense, resell, rent, lease, transfer or assign the site or the use thereof, or to offer the site on a time-share basis to any third party; (v) reverse engineer, decompile, decode or disassemble the site (or any part thereof); (vi) attempt to derive the source code for the site (or any part thereof) or attempt to gain access to any underlying code used to implement or deploy the site, or (vii) otherwise exploit or use the site in any way except as strictly set forth in these Terms.

Informational Purposes Only; No Offer of Securities

The information contained in this site has been prepared solely for informational purposes and is not an offer to sell or purchase or a solicitation of an offer to sell or purchase an interest in any entity managed by Fundamental. Fundamental reserves the right to change, modify, add or remove portions of any content posted on the site at any time without notice and without liability. Those who access this site do so at their own initiative and are responsible for compliance with any laws or regulations applicable to them.

You acknowledge that the content of this site is for general, informational purposes only and is not intended to constitute an offer to sell or buy any securities or promise to undertake or solicit business, and may not be relied upon in connection with any offer or sale of securities. Any offer or solicitation will be made only through a final private placement memorandum, subscription agreement and other related documents with respect to a particular investment opportunity and will be subject to the terms and conditions contained in such documents, including the qualifications necessary to become an investor.

We are not utilizing the site to provide investment or other advice, and nothing on the site is to be deemed a recommendation that you buy, sell or hold any security or other investment or that you pursue any investment style or strategy. If you would like investment, accounting, tax or legal advice, you should consult with your own advisors with respect to your individual circumstances and needs.

Confidentiality

All information available through the privileged area of the site is confidential and proprietary to us. This includes all investment information and results, offering materials, financial statements and other information provided through this part of the site. You will use your best efforts to keep all this information strictly confidential. You will not disclose any of this information to any person or use it for any purpose other than those strictly permitted by us, in writing.

International Use

This site is operated and controlled by us in the United States. Due to the global nature of the Internet, this site may be accessed by users in countries other than the United States. We make no warranties that materials on this site are appropriate or available for use in such locations. If it is illegal or prohibited in your country of origin to access or use this site, then you should not do so. Those who choose to access this site outside the United States do so on their own initiative and are responsible for compliance with all local laws and regulations.

Restrictions on Use

Our prior permission is required for any commercial use of materials on this site.

You warrant that when using this site, you shall not violate or facilitate any violation of any applicable local, state, federal or international law, statute, regulation, code or ordinance, including, without limitation, regulations promulgated by or the rules of any national or other securities exchange. The permission to use this site granted by the Terms automatically terminates if you breach any of the terms and conditions contained herein.

Password Protection

Portions of this site that require a password and permission to access the contents therein are intended only to be viewed by individuals so authorized. Any person that requests access to such contents represents that, to the best of such person’s knowledge, after due inquiry, that such person is permitted by the laws of such person’s jurisdiction of residence to access this site and the information contained herein. You are prohibited from using anyone else’s log-in name or password. You shall notify us immediately if you suspect any unauthorized use of any site or of your log-in name and/or password.

Third Party Content

The site may include (whether linked to the site or incorporated herein) services, general news and information, commentary, research and other data supplied by companies that are not affiliated with Fundamental (“Third Party Content”). [Fundamental has not been involved in the preparation or editing of Third Party Content and does not explicitly or implicitly endorse or approve such content or services.] Fundamental does not guarantee the accuracy, timeliness, completeness or utility of Third Party Content, and Fundamental shall not be responsible or liable for any such content or services. Your access to Third Pary Content is at your own risk and is subject to Third Party Content privacy policies and terms of use.

We expressly disclaim any responsibility for your access to or use of such Third Party Content.

Past Performance

Any performance data or comments expressed on this site are an indication of past performance. Past performance is not indicative of future results; no representation is being made that any investment will or is likely to achieve profits or losses similar to those achieved in the past, or that significant losses will be avoided.

Links from Other Websites

This site may contain links to, or may be linked from, other sites that are not maintained by us and to which we have not provided permission. We do not endorse, have any responsibility for, or make any representations about, any other sites, including their products and services, content, communications and website use policies. We expressly disclaim any responsibility for your access to or use of such other sites.

Sample Transactions

Sample transactions, found on both the “Fundamental Partners” and “Fundamental Renewables” pages, were selected based on non-performance based criteria and are provided for illustrative purposes only to show Fundamental’s investment process with respect to such investments. There is no guarantee that any investment vehicle managed by Fundamental Advisors will find similar opportunities in the future.

No Warranties

We have compiled this site in good faith and while we use reasonable efforts to include accurate and up-to-date information on this site, the site is provided on an “as is” and “as available” basis with no warranties of any kind. We do not warrant that the information on the site is accurate, reliable, up to date or correct, that this site will be available at any particular time or location, or that this site is free of viruses or other harmful components. Your use of this site and use or reliance upon any of the materials on it is solely at your own risk. To the extent permissible by applicable law, Fundamental disclaims all warranties, express or implied, including any warranties of accuracy, non-infringement, merchantability and fitness for a particular purpose with respect to the site and the materials and features available on or through the site. You assume total responsibility for your use of the site.

Limitation of Liability

We are not responsible for any damages or injury, including but not limited to special, indirect, incidental or consequential damages, that result from your use of (or inability to use) this site, including any damages or injury caused by any failure of performance, error, omission, interruption, defect, delay in operation, computer virus, line failure, or other computer malfunction. You understand and agree that your use of this site is predicated upon your waiver of any right to sue us or its affiliates directly or to participate in a suit for any losses or damages resulting from your use of this site.

Right to Modify

Fundamental reserves the right to modify, suspend or terminate operation of or access to the site, any portion of the site or any service, product or feature available on the site for any reason, at any time and without notice. Each use of the site constitutes your agreement to be bound by the then-current terms and conditions set forth in these Terms.

Governing Law and Jurisdiction

You agree that your use of this site and any disputes relating to any of them shall be governed in all respects by the laws of the State of New York. Any dispute relating to the above shall be resolved solely in the state or federal courts located in New York, New York.

Contact Information

Thank you for visiting our site. Please contact us by visiting the Contact Us section of this site if you have any questions about our site, the legal notices or terms of use. Electronic mail or other communications through this site to Fundamental Advisors LP (or any of its employees, agents or representatives) are not secure and we do not guarantee the confidentiality of such communications.

General Disclaimer

Under no circumstances should any information presented here be used or construed as an offer, or solicitation of any offer, or other form of invitation or inducement, to sell or buy any securities or other investments, or to provide advice regarding investments or a recommendation to purchase, sell or hold any security or other investment, or to pursue any investment style or strategy. There can be no assurance that any particular strategy or investment will prove profitable and the information contained herein should not be interpreted to provide a guarantee of future performance. Investment strategies may be added, removed or adjusted, and/or the investment approach may be changed, at any time in Fundamental’s sole discretion and without any notice. There can be no guarantee that any strategy or approach employed by Fundamental will achieve its investment objectives or avoid losses. Past performance is not indicative of future results.

This document may contain statements deemed to be forward-looking statements. These statements are based on assumptions, analyses and expectations of Fundamental in light of its experience and perception of historical trends, current conditions, expected future developments and other factors it believes appropriate under the circumstances. All information is subject to change without notice. Users should be aware of the risks of investing.