9AT: POTRERO CAPITAL RESEARCH, LLC

other names

POTRERO CAPITAL RESEARCH, LLC

Adviser Profile

As of Date	03/27/2025
ADV Location	SAN FRANCISCO, CA, United States
Adviser Type - Large advisory firm
Number of Employees	4
of those in investment advisory functions	3
Registration	SEC, Approved, 07/05/2016
Other registrations (2)	SEC, ERA - Withdrawn, 06/23/2016 California, Terminated, 03/25/2014

AUM^*	381,898,152 11%
of that, discretionary	381,898,152 17%
Private Fund GAV^*	360,937,894
Avg Account Size	95,474,538 17%
SMA’s	No
Private Funds	3
Contact Info	415 xxxxxxx
Websites

Client Types

- Pooled investment vehicles

Advisory Activities

- Portfolio management for pooled investment vehicles

Compensation Arrangments

- A percentage of assets under your management
- Performance-based fees

Fund Type	Count	GAV
Fund TypeHedge Fund	Count3	GAV$360,937,894

Adviser	Hedge Fund	Liquidity Fund	Private Equity Fund	Real Estate Fund	Securitized Asset Fund	Venture Capital Fund	Other Fund	Total Private Fund GAV	AUM	#Funds
Adviser VETAMER CAPITAL MANAGEMENT, L.P.	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM327.5m	#Funds-
Adviser CHANOS & COMPANY L.P.	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM327.4m	#Funds-
Adviser HERITAGE WEALTH MANAGEMENT, INC.	Hedge Fund62.8m	Liquidity Fund-	Private Equity Fund34.4m	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund32.8m	Total Private Fund GAV129.9m	AUM491.2m	#Funds8
Adviser CADEN CAPITAL PARTNERS, LP	Hedge Fund343.2m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund10.0m	Total Private Fund GAV353.2m	AUM486.4m	#Funds5
Adviser NW1 PARTNERS	Hedge Fund686.0m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV686.0m	AUM686.0m	#Funds3
Adviser RDST CAPITAL LLC	Hedge Fund826.6m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund28.1m	Total Private Fund GAV854.7m	AUM1.0b	#Funds2
Adviser L2 ASSET MANAGEMENT, LLC	Hedge Fund110.5m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV110.5m	AUM819.6m	#Funds2
Adviser JOHKIM CAPITAL PARTNERS MANAGEMENT LLC	Hedge Fund340.2m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV340.2m	AUM340.2m	#Funds3
Adviser LIQUID CAPITAL MANAGEMENT LLC	Hedge Fund578.4m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV578.4m	AUM333.7m	#Funds5
Adviser UAS ASSET MANAGEMENT	Hedge Fund72.8m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV72.8m	AUM449.9m	#Funds1

Stock Ticker	Stock Name	$ Position	% Position	$ Change	# Change
Stck Ticker46090E103	Stock NameINVESCO QQQ TR (PUT)	$ Position$300,185,000	% Position35.00%	$ Change118.00%	# Change100.00%
Stck Ticker78462F103	Stock NameSPDR S&P 500 ETF TR (PUT)	$ Position$199,854,000	% Position23.00%	$ Change	# Change
Stck Ticker87422Q109	Stock NameTALEN ENERGY CORP (PUT)	$ Position$39,560,340	% Position5.00%	$ Change46.00%	# Change0.00%
Stck Ticker87422Q109	Stock NameTALEN ENERGY CORP	$ Position$39,772,179	% Position5.00%	$ Change46.00%	# Change0.00%
Stck Ticker89346D107	Stock NameTRANSALTA CORP	$ Position$27,763,592	% Position3.00%	$ Change427.00%	# Change316.00%
Stck TickerG7997R103	Stock NameSEAGATE TECHNOLOGY HLDNGS PL	$ Position$19,380,526	% Position2.00%	$ Change64.00%	# Change0.00%
Stck Ticker91332U101	Stock NameUNITY SOFTWARE INC	$ Position$13,426,493	% Position2.00%	$ Change245.00%	# Change109.00%
Stck Ticker594918104	Stock NameMICROSOFT CORP	$ Position$20,041,557	% Position2.00%	$ Change4.00%	# Change0.00%
Stck Ticker52476L109	Stock NameLEGENCE CORP	$ Position$4,416,583	% Position1.00%	$ Change	# Change
Stck Ticker46578C108	Stock NameIVANHOE ELECTRIC INC	$ Position$12,712,836	% Position1.00%	$ Change	# Change

Brochure Summary

Overview

A. Potrero Capital Research, LLC (“Potrero” or the “Firm”) is a Delaware limited liability company formed on February 27, 2003. Jack R. Ripsteen is the Managing Member and sole owner of Potrero. B. Potrero provides investment supervisory services to two private investment funds, Potrero Capital Research Partners, L.P., a California limited partnership, Potrero Capital Research Partners II, L.P., a Delaware limited partnership (each a “Domestic Fund” or collectively the “Domestic Funds”), and a fund of one, Potrero Institutional Fund, Ltd, an exempted company incorporated with limited liability under the laws of the Cayman Islands (the “Cayman Fund”) (and collectively with the Domestic Funds, the “Funds”) and one or more separately managed account clients through a sub-advisory agreement (“SMAs”). Potrero may decide in the future to sponsor or manage additional private investment funds or separately managed accounts (collectively with the Funds, the “Clients”). The Funds offer limited partnership interests (the “Interest(s)”) to certain qualified investors as described in response to Item 7 (the “Investors”). C. Advisory services are tailored to achieve the Funds’ investment objectives. Pursuant to each of the Funds’ offering memorandum, limited partnership agreement, and subscription documents (“Constituent Documents”), the Funds’ investment objective

is to seek long-term capital appreciation through investments in and short sales of equity securities of small capitalization companies. Potrero has the authority to select which and how many securities and other instruments to buy or sell without consultation with the Clients or Investors. Investments for a SMA are managed in accordance with the Client’s investment objectives, strategies, restrictions and guidelines as set forth in the documents governing Potrero’s relationship with such Client or as otherwise communicated to Potrero by the Client. Depending on the nature of the relationship, these services may be offered on a discretionary or non-discretionary basis and may include investments in, and short sales of equity securities of small capitalization companies held in a Client’s account. If a Client wishes to impose certain restrictions on investing in certain securities or types of securities or is prohibited by applicable law from investing in such securities or types of securities, Potrero will address those requests on a case-by-case basis. D. Potrero does not participate in wrap-fee programs. E. Potrero manages the assets of the Clients. As of December 31, 2023, Potrero manages approximately $344,373,000 in assets on a discretionary basis. It manages $0 in assets on a non-discretionary basis. Potrero Capital Research, LLC – ADV Part 2A 5

POTRERO CAPITAL RESEARCH, LLC

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