9AT: RUSH ISLAND MANAGEMENT, LP

other names

RUSH ISLAND MANAGEMENT, LP
NORTHWOOD LIQUID MANAGEMENT LP

Adviser Profile

As of Date	03/25/2025
ADV Location	NEW YORK, NY, United States
Adviser Type - Large advisory firm
Number of Employees	7
of those in investment advisory functions	5
Registration	SEC, Approved, 02/16/2018

AUM^*	2,043,803,000 114%
of that, discretionary	2,043,803,000 114%
Private Fund GAV^*	1,594,931,000 11%
Avg Account Size	408,760,600 71%
SMA’s	Yes
Private Funds	4 3
Contact Info	212 xxxxxxx
Websites

Client Types

- Pooled investment vehicles
- Charitable organizations

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	Count4	GAV$1,594,931,000

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 AIGEN INVESTMENT MANAGEMENT, LP	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund4.9m	Total Private Fund GAV4.9m	AUM158.5m	#Funds1
Adviser FRESHFORD CAPITAL MANAGEMENT, LLC	Hedge Fund811.1m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV811.1m	AUM763.8m	#Funds4
Adviser KCL CAPITAL, L.P.	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM948.6m	#Funds-
Adviser ATIVO CAPITAL MANAGEMENT, LLC	Hedge Fund43.5m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV43.5m	AUM999.9m	#Funds1
Adviser CLEARLINE CAPITAL LP	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 REGAL PARTNERS LIMITED	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM944.3m	#Funds-
Adviser PINE VALLEY INVESTMENTS	Hedge Fund45.1m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV45.1m	AUM2.2b	#Funds1
Adviser DIVISAR CAPITAL MANAGEMENT, LLC	Hedge Fund988.0m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV988.0m	AUM988.0m	#Funds2
Adviser SOUTHEASTERN ASSET MANAGEMENT INTERNATIONAL (SINGAPORE) PTE. LTD	Hedge Fund15.7m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV15.7m	AUM751.5m	#Funds1
Adviser SAVOIE CAPITAL LLC	Hedge Fund101.8m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV101.8m	AUM1.2b	#Funds1

Stock Ticker	Stock Name	$ Position	% Position	$ Change	# Change
Stck Ticker42226K105	Stock NameHEALTHCARE RLTY TR	$ Position$226,166,011	% Position15.00%	$ Change7.00%	# Change14.00%
Stck Ticker92276F100	Stock NameVENTAS INC	$ Position$162,713,553	% Position11.00%	$ Change-13.00%	# Change-6.00%
Stck Ticker313745101	Stock NameFEDERAL RLTY INVT TR NEW	$ Position$152,528,863	% Position10.00%	$ Change10.00%	# Change13.00%
Stck Ticker49427F108	Stock NameKILROY RLTY CORP	$ Position$138,958,039	% Position9.00%	$ Change-4.00%	# Change-9.00%
Stck Ticker637417106	Stock NameNNN REIT INC	$ Position$142,496,289	% Position9.00%	$ Change1.00%	# Change0.00%
Stck Ticker756109104	Stock NameREALTY INCOME CORP	$ Position$136,794,599	% Position9.00%	$ Change-16.00%	# Change-15.00%
Stck Ticker83001C108	Stock NameSIX FLAGS ENTERTAINMENT CORP	$ Position$115,453,976	% Position7.00%	$ Change	# Change
Stck Ticker78410G104	Stock NameSBA COMMUNICATIONS CORP NEW	$ Position$84,697,629	% Position5.00%	$ Change-30.00%	# Change-34.00%
Stck Ticker32054K103	Stock NameFIRST INDL RLTY TR INC	$ Position$79,904,175	% Position5.00%	$ Change	# Change
Stck Ticker44107P104	Stock NameHOST HOTELS & RESORTS INC	$ Position$67,194,363	% Position4.00%	$ Change-37.00%	# Change-42.00%

Brochure Summary

Overview

A. RIM is a Delaware limited partnership formed in April 2017 to provide investment advisory services. RIM maintains its principal place of business in New York, New York and is principally owned by Stephen Millham and Raleigh Nuckols. B. RIM manages investment portfolios with an objective to seek to achieve value by taking long and short positions in assets that consist primarily of publicly traded real estate and real estate-related securities. RIM generally invests in public equities but may also invest in corporate credit, preferred securities, options, CMBS, derivatives, and other securities that have a significant exposure to real estate. C. RIM provides discretionary investment advisory services to pooled investment vehicles organized as private funds (the “Fund”, the “Funds”) and tailors its advisory services to the respective investment objectives set forth in the applicable Fund’s Offering Documents (defined below) and governing documents. The Funds are structured as a master-feeder complex and consist of a master Fund and two (offshore and onshore) feeder Funds. RIM generally does not, however, provide individualized investment advice to

investors in the Funds (“Investors”). Nonetheless, RIM reserves the right to enter into additional agreements with certain Investors (“Side Letters”) that alter, supplement, or provide terms and conditions that are more advantageous than those set forth in the respective Fund’s governing documents. RIM also provides its services to one or more separately managed accounts (“SMA”, collectively with the Funds, “Clients”). Such services are tailored to the SMA as described in their investment management agreement (“IMA”). D. RIM does not participate in wrap-fee programs. E. RIM has $1,966,670,000 in discretionary regulatory assets under management as of December 31, 2023. Investors should review not only this brochure but also the full content of the applicable Confidential Private Offering Memorandum (“CPOM”) or Confidential Explanatory Memorandum (“CEM”) (collectively “Offering Documents”) for any Fund in which they are considering investing. This brochure is intended to be a general summary of advisory services provided by RIM to its general client base. This brochure may be both supplemented and superseded by the Offering Documents for each Fund.

RUSH ISLAND MANAGEMENT, LP

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