9AT: CAPTION MANAGEMENT, LLC

other names

Adviser Profile

As of Date	03/28/2024
Adviser Type - Large advisory firm
Number of Employees	16 14.29%
of those in investment advisory functions	10 11.11%
Registration	Oklahoma, Terminated, 08/04/2017
Other registrations (1)	SEC, Approved, 07/31/2017

AUM^*	1,706,753,895 48.28%
of that, discretionary	1,706,753,895 48.28%
Private Fund GAV^*	624,216,259 -6.81%
Avg Account Size	341,350,779 48.28%
SMA’s	No
Private Funds	1
Contact Info	347 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	Count1	GAV$624,216,259

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 LIBRARY RESEARCH LIMITED	Hedge Fund1.1b	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV1.1b	AUM1.1b	#Funds2
Adviser CURIAM CAPITAL LLC	Hedge Fund1.2b	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV1.2b	AUM1.2b	#Funds3
Adviser OPTI CAPITAL MANAGEMENT LP	Hedge Fund562.2m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV562.2m	AUM1.2b	#Funds1
Adviser IRON TRIANGLE PARTNERS LP	Hedge Fund790.1m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV790.1m	AUM1.1b	#Funds2
Adviser AURELIUS CAPITAL MANAGEMENT, LP	Hedge Fund824.2m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV824.2m	AUM831.2m	#Funds3
Adviser READYSTATE ASSET MANAGEMENT	Hedge Fund5.6b	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV5.6b	AUM5.6b	#Funds1
Adviser PECONIC PARTNERS LLC	Hedge Fund1.1b	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV1.1b	AUM1.4b	#Funds2
Adviser KYNAM CAPITAL MANAGEMENT, LP	Hedge Fund1.6b	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV1.6b	AUM1.8b	#Funds1
Adviser SOURCEROCK GROUP LLC	Hedge Fund1.1b	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV1.1b	AUM2.1b	#Funds1
Adviser ANCIENT ART, L.P.	Hedge Fund1.4b	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV1.4b	AUM1.4b	#Funds1

Stock Ticker	Stock Name	$ Position	% Position	$ Change	# Change
Stck Ticker336433107	Stock NameFIRST SOLAR INC (PUT)	$ Position$254,115,966	% Position4.00%	$ Change2869.00%	# Change2123.00%
Stck Ticker149123101	Stock NameCATERPILLAR INC (PUT)	$ Position$99,263,800	% Position2.00%	$ Change6.00%	# Change16.00%
Stck Ticker02043Q107	Stock NameALNYLAM PHARMACEUTICALS INC (PUT)	$ Position$118,972,800	% Position2.00%	$ Change615.00%	# Change340.00%
Stck Ticker172967424	Stock NameCITIGROUP INC (PUT)	$ Position$107,076,058	% Position2.00%	$ Change0.00%	# Change0.00%
Stck Ticker172967424	Stock NameCITIGROUP INC	$ Position$109,151,200	% Position2.00%	$ Change-1.00%	# Change-2.00%
Stck Ticker03073E105	Stock NameCENCORA INC (CALL)	$ Position$97,464,780	% Position2.00%	$ Change-7.00%	# Change0.00%
Stck Ticker833445109	Stock NameSNOWFLAKE INC (CALL)	$ Position$128,335,500	% Position2.00%	$ Change	# Change
Stck Ticker92343V104	Stock NameVERIZON COMMUNICATIONS INC (PUT)	$ Position$98,980,124	% Position2.00%	$ Change-2.00%	# Change0.00%
Stck Ticker92343V104	Stock NameVERIZON COMMUNICATIONS INC	$ Position$105,384,696	% Position2.00%	$ Change-2.00%	# Change0.00%
Stck Ticker912909108	Stock NameUNITED STATES STL CORP NEW (CALL)	$ Position$43,806,420	% Position1.00%	$ Change23.00%	# Change33.00%

Brochure Summary

Overview

Caption Management, LLC (the “Investment Manager”) is a Delaware limited liability company that was formed in February 2012. The Investment Manager is primarily owned by Jason Strasser and William Cooper. The Investment Manager provides discretionary investment advice to a private fund (the “Caption Fund”). The Investment Manager also provides discretionary investment advice to private funds through separately managed account arrangements, referred to herein as the separately managed accounts. References herein to the “Accounts” means the Caption Fund, such separately managed accounts and any other fund or account that may be managed by the Investment Manager in the future. The Investment Manager does not permit investors in the Accounts to impose limitations on the investment

activities described in the offering documents or the governing documents of the applicable Account. Under certain circumstances, the Investment Manager will contract with a separately managed account client to adhere to limited risk and/or operating guidelines imposed by that client. The Investment Manager negotiates such arrangements on a case-by-case basis. (See Item 16 “Investment Discretion.”) The general partner of the Caption Fund is Caption GP, LLC (the “General Partner”), a Delaware limited liability company. The Investment Manager does not participate in wrap fee programs. As of December 31, 2023, the Investment Manager’s total regulatory assets under management were $1,706,753,895, all of which are managed on a discretionary basis.

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CAPTION MANAGEMENT, LLC

Adviser Profile

Details

Client Types

Advisory Activities

Compensation Arrangments

Reported AUM

Private Funds

Employees

Private Funds Structure

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