Beneficial Ownership Analysis

Executive Summary

Entity: R & S Overhead Doors and Gates of Sacramento, Inc. (Entity #51)

Shares Outstanding: 895 | Treasury: 101 | Total Issued: 996

Analysis Date: April 08, 2026

Methodology: Linear algebra resolution of 24-entity ownership network with United R&S Partners LLC pass-through to member entities

KEY FINDING: Kevin Smith is the sole individual exceeding the 25% beneficial ownership threshold at 34.08%.

1. Individual Beneficial Ownership

All individual beneficial owners of Sacramento, traced through the complete R&S entity network:

Rank	Individual	% of Sacramento	Over 25%?
1	Kevin Smith	34.08%	Yes
2	William Lawrence	22.06%	No
3	Paul Jones	11.30%	No
4	Gerald Trask Sr.	9.26%	No
5	Shawn Trask	5.63%	No
6	Michael Fleck	4.34%	No
7	Kenneth Gotelli	2.57%	No
8	David Arrighi	2.32%	No
9	Gerald Trask Jr.	1.98%	No
10	Dana Thompson	1.57%	No
11	Eugene Radin Sr.	1.29%	No
12	Martin Stevenson	1.19%	No
13	Jeffrey Hoffmann	0.84%	No
14	Ray Zarodney	0.56%	No
15	Leslie Robinson	0.48%	No
16	Theresa Ratto	0.34%	No
17	Jason Diers	0.15%	No
TOTAL		99.98%

0.02% rounding variance from United Partners member percentage totals in source spreadsheet (99.98% vs 100.00%).

2. Sacramento's Direct Shareholders (Cap Table)

Shareholder	Shares	% Ownership	Type
R & S Erection, Inc.	450	50.28%	Entity
R & S Erection, Tri-County Inc.	195	21.79%	Entity
R & S Manufacturing, Inc.	100	11.17%	Entity
Paul Jones	90	10.06%	Individual
R & S Erection of Santa Rosa, Inc.	30	3.35%	Entity
R & S Erection of San Mateo, Inc.	30	3.35%	Entity
Total Outstanding	895	100.00%

Treasury shares (101) excluded. Percentages based on 895 shares outstanding.

3. Kevin Smith's Ownership Chain (34.08%)

Primary Path: Direct via R&S Erection, Inc.

Kevin Smith owns 26.35% of R&S Erection, Inc. (14,353 of 54,470 shares)
R&S Erection owns 50.28% of Sacramento (450 of 895 shares)
Direct contribution: 26.35% × 50.28% = 13.25%

Secondary Paths: Via United R&S Partners, LLC

United R&S Partners, LLC owns 73.65% of R&S Erection (40,117 shares). United Partners is a holding company owned by 15 R&S operating entities based on capital contributions totaling $15,375,000.

Kevin Smith has indirect exposure through these member entities because R&S Erection — which Kevin partially owns — itself owns significant stakes in most of the member entities. This creates cascading ownership that flows: Kevin → Erection → member entities → United Partners → Erection → Sacramento.

Indirect contribution via cascading chains: ~20.83%

Additional Paths: Via Other Sacramento Shareholders

Kevin Smith also appears as a direct individual shareholder in R&S Automation (3.90%), Santa Rosa (2.22%), Commerce (5.68%), South Bay (5.68%), Inland Empire (5.68%), and San Diego (8.17%). These entities feed into Sacramento through the ownership network.

4. United R&S Partners, LLC — Member Structure

United Partners is a holding company (no entity number) that owns 73.65% of R&S Erection, Inc. Its members are 15 R&S operating entities:

Member Entity	% of United Partners	Capital Contribution
R & S Manufacturing, Inc.	26.02%	$4,000,000
R & S Erection, Tri-County Inc.	15.77%	$2,425,000
R & S Overhead Garage Door, Inc.	15.77%	$2,425,000
R & S Erection of San Francisco, Inc.	8.00%	$1,230,000
R & S Erection North Peninsula, Inc.	6.00%	$922,500
R & S Erection of Southern Alameda County	5.77%	$887,500
R & S Erection of Richmond, Inc.	4.00%	$615,000
R & S Erection of Concord, Inc.	3.33%	$512,500
R & S Erection of Santa Clara County, Inc.	3.33%	$512,500
R & S Erection of Santa Rosa, Inc.	3.33%	$512,500
R & S Overhead Doors and Gates of Sacramento, Inc.	2.00%	$307,500
R & S Erection of San Mateo, Inc.	2.00%	$307,500
R & S Overhead Doors of South Bay, Inc.	2.00%	$307,500
R & S Overhead Doors of So-Cal, Inc.	1.33%	$205,000
R & S Overhead Doors of Commerce, Inc.	1.33%	$205,000
Total	99.98%	$15,375,000

5. Methodology

Approach

Weighted pass-through analysis using linear algebra to resolve all circular cross-holdings simultaneously across the complete 24-entity R&S ownership network.

Steps

Extracted cap tables for all 24 R&S operating entities from source spreadsheet
Built 24×24 entity-to-entity ownership matrix (A) and 24×18 entity-to-individual matrix (B)
Replaced United R&S Partners LLC with its 15 member entities weighted by capital contribution percentage
Resolved all circular cross-holdings by solving the linear system: X = (I − A)⁻¹ × B
Extracted Sacramento row from solution matrix X for final individual percentages
Verified: all 24 entity rows sum to 100%; final individual total = 99.98%

Circular Cross-Holdings Resolved

San Mateo ↔ North Peninsula: San Mateo owns 15.12% of North Peninsula; North Peninsula owns 63.64% of San Mateo
Santa Rosa → Richmond → Automation → Santa Rosa: Three-way circular loop
United Partners → R&S Erection → Member Entities → United Partners: Cascading circular ownership through holding company

Trust Look-Throughs

William Lawrence Family Trust → William Lawrence (trustee and beneficiary)
Radin Trust → Eugene Radin Sr. (trustee)
Gerald Trask Sr. - aka Trask Revocable 2003LT → Gerald Trask Sr.

Data Source

"Copy of R&S Ownership.xlsx" — master ownership spreadsheet, "Ownership by shop" tab. All percentages calculated from outstanding shares (treasury excluded).

6. Bank Compliance Statement

Pursuant to FinCEN beneficial ownership regulations (31 CFR § 1010.230), this analysis identifies all individuals who, directly or indirectly, own 25% or more of the equity interests of R & S Overhead Doors and Gates of Sacramento, Inc.

FINDING: Kevin Smith is the sole individual exceeding the 25% threshold at 34.08% beneficial ownership.

RECOMMENDATION: Disclose Kevin Smith as a beneficial owner on all required bank forms, compliance filings, and regulatory reports.

Analysis Prepared By:
InfiniteQ — Strategy That Learns. Results That Last.™
April 08, 2026