Toronado Partners, LLC (“Toronado” or the “Investment Adviser”), a California limited liability company, was formed in March 2016 as an investment firm with a long/short equity technology focus. Toronado’s principal place of business is in San Francisco, California. Toronado Capital Management, LLC (the “General Partner”), a Delaware limited liability company under common control with Toronado, serves as the Master Fund’s (defined below) general partner. Toronado provides investment advisory services on a discretionary basis to pooled investment vehicles organized in a “mini master-feeder” structure. Toronado currently provides advisory services to Toronado Fund, L.P., a Delaware limited partnership (the “Master Fund”) and Toronado Offshore Fund, Ltd., a Cayman Islands exempted company (the “Offshore Fund” and collectively, the “Funds”), each of which is a private investment fund offered to financially sophisticated individuals and institutional investors. Toronado also provides investment advisory services to an institutional client as Trading Manager to a pooled investment vehicle (the “SMA” and collectively with the Funds the “Clients”). Managing the SMA creates conflicts of interest in that we may have an incentive to favor a specific Fund or SMA to the detriment of others due to factors such as differing fee structures. The specific terms applicable to our SMA, including fees, redemption rights, and investment restrictions, are set forth in the Trading Management Agreement and may differ from those applicable to the Funds or other separately managed accounts that we may service in the future. Please refer to Item 10 for additional information regarding the conflicts of interest presented by such arrangements. The principal owner of the business is John Stephen Perkins. Toronado currently employees five full-time employees. Toronado manages the accounts of the Clients in accordance with each Client’s strategies, restrictions and guidelines. Toronado has complete discretion over investment decisions for the Funds, and investors have no authority to change a Fund’s investment objectives

or limitations. Investors in the Funds have no right to remove or replace Toronado. Information about each Fund can be found in the relevant offering documents, which consists of the Confidential Explanatory Memorandum for the Offshore Fund or the Confidential Private Placement Memorandum and Limited Partnership Agreement for the Master Fund (collectively the “Fund Governing Documents”). Toronado acts as trading manager to the SMA, and has discretion over investment and trading decisions, per the terms of the Trading Manager Agreement (collectively with the Fund Governing Documents the “Governing Documents”). The SMA is managed according to a strategy that has similarities to those of our Funds but it invests long-only (it does not short securities) and is subject to express investment restrictions and other special terms that are different than or do not apply to our Funds. These special terms are subject to negotiation on a client-by-client basis. Please refer to Item 8 of this brochure for additional information regarding our investment strategies and their associated risks. The information provided above merely summarizes the detailed information provided in the appropriate Client Governing Documents. Prospective investors should be aware of additional risks and requirements associated with any investment and should refer to the Governing Documents for important additional information and considerations. Toronado does not participate in wrap fee programs. As of December 31, 2023, Toronado had $378,846,879 in regulatory assets under management. As of December 31, 2023, Toronado had total net assets under management of approximately $222,334,428 This number differs from Toronado’s “regulatory assets under management” reported above and on Form ADV Part 1 because it reflects the net value of the assets under management. “Regulatory assets under management” is a gross assets measurement adopted by the SEC that does not allow for the deduction of liabilities associated with borrowing securities to affect a short sale and other accrued but unpaid liabilities. Toronado does not provide non-discretionary investment advice.