Overview
A. Description of the Advisory Firm
JCSD Capital, LLC, a Delaware limited liability company, was formed on October 6, 2004. Steven J.
Didion is the principal owner of JCSD.
B. Types of Advisory Services
JCSD serves as general partner and investment adviser to two private investment funds (the “Clients”).
JCSD also provides investment advisory and portfolio management services on a non-discretionary
basis to separately managed accounts (the “Accounts”).
Pursuant to Clients’ offering memoranda, limited partnership agreements, and subscription
documents (“Constituent Documents”), the Clients’ investment objective is to identify management
teams with attractive strategies and use JCSD’s knowledge of the inner workings of financial
institutions to invest in businesses that will create long term value for its Clients. JCSD will look to
find inefficiencies in pricing in the securities markets to create both short and long term profits for
its Clients. Pursuant to investment management agreements (“IMAs”), JCSD employs a similar
investment objective and investment strategy with respect to the Accounts.
JCSD focuses its efforts on equity investments related to the financial services industry with a
particular emphasis on banking companies and savings institutions. JCSD’s Clients also may invest in
other sectors or types
of investments.
The Clients are offering limited partnership interests (“Interests”) to certain qualified investors as
described in response to Item 7, below (such investors or prospective limited partners along with
Account holders are referred to herein as “Investors”).
C. Client Tailored Services and Client Imposed Restrictions
Advisory services are tailored to achieve the investment programs and objectives as described in the
Client’s Constituent Documents and the Account’s investment management agreement. Generally,
JCSD has the authority to select which and how many securities and other instruments to buy or sell
without consultation with the Clients or their Investors, and Clients may not impose restrictions on
investing in certain securities or types of securities.
With respect to the Accounts, JCSD acts as a non-discretionary investment adviser; therefore, JCSD
will assess and provide analysis with respect to investments for the Accounts. As such, the Account
holder are free at all times to accept or reject any investment recommendation from JCSD.
D. Wrap Fee Programs
JCSD does not participate in wrap fee programs.
E. Amounts Under Management
JCSD manages the assets of the Clients and has the following assets under management:
Discretionary Amounts: Non-Discretionary Amounts: Date Calculated:
$87,614,985 $32,827,145 March 29, 2024