Overview
                                    
                                    
                                        
                                            400CM  was  founded  in  October  of  2008  and  is  organized  as  a  Delaware  limited  liability 
company.    400CM  has  its  principal  place  of  business  in  New  York,  New  York.    Chris 
Hentemann is the managing member and principal owner of 400CM.  Please see Form ADV 
Part 1, Schedule A for additional information on 400CM’s current ownership. 
400CM  provides  discretionary  investment  advisory  services  to  privately  offered  pooled 
investment  vehicles  (each,  a  “Fund”  and  collectively,  the  “Funds”),  both  directly  as  the 
adviser and as a sub-adviser (such Funds for which 400CM acts as sub-adviser, the “Sub-
Advised  Funds”).    References  herein  to  Funds  include  Sub-Advised  Funds  unless  Sub-
Advised Funds are referred to separately or the context indicates otherwise.  The Adviser 
also  manages  separate  accounts  for  select  institutional  clients  (“Managed  Account 
Clients”).    Collectively,  the  Funds  and  Managed  Account  Clients  are  referred  to  as  the 
“Client Accounts.”   
Investment advisory services are provided directly to the Funds and not to investors
                                        
                                        
                                             in the 
Funds.    Accordingly,  such  services  are  tailored  to  each  Fund’s  investment  objectives, 
strategies and guidelines as described in the respective Fund’s offering documents.  400CM 
provides investment advisory services to its Managed Account Clients in accordance with 
each client’s respective investment management agreement and the investment objectives, 
strategies  and  guidelines  set  forth  in  the  respective  investment  management  agreement. 
400CM does not participate in wrap fee programs. 
400CM generally invests across residential and commercial mortgage loans and securities 
(RMBS  and  CMBS),  consumer  loans  and  asset-backed  securities  (ABS),  other  structured 
credit  products  and  corporate  assets,  related  performing  and  distressed  portfolios  and 
derivatives.  A more detailed description of the services and strategies is available in “Item 
8: Methods of Analysis, Investment Strategies and Risk of Loss.” 
As  of  December  31,  2023,  400CM  had  approximately  $5.9  billion  net  assets  under 
management, all of which are managed on a discretionary basis.