9AT: SPINDLETOP CAPITAL, LLC

SPINDLETOP CAPITAL, LLC

other names

SPINDLETOP CAPITAL, LLC

Adviser Profile

Registration status

Terminated

As of Date	01/02/2024
ADV Location	LAKE FOREST, IL, United States
Adviser Type - Mid-sized advisory firm
Number of Employees	2
of those in investment advisory functions	2

AUM^*	48,100,000 -16%
of that, discretionary	48,100,000 -16%
Private Fund GAV^*	0
Avg Account Size	24,050,000 -16%
SMA’s	No
Private Funds	0 2
Contact Info	847 xxxxxxx

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

Reported AUM

149M 128M 106M 85M 64M 43M 21M

2015 2016 2017 2018 2019 2020 2021 2022 2023

Discretionary

Non-discretionary

Private Funds

GAV Count

Employees

Brochure Summary

Overview

Spindletop Capital, LLC, a Delaware limited liability company, is the general partner of White River Capital, LP and White River, LP. Spindletop Capital, LLC (“Spindletop” or the “Manager”) was organized on October 18, 2004. In its capacity as the general partner of White River Capital, LP and White River, LP (each, a “Fund” and collectively, the “Funds”), Spindletop has overall responsibility for managing and administering the business and affairs of the Funds and making investment and trading decisions for each of them. White River Capital, LP and White River, LP are currently the only funds managed by Spindletop. The Funds invest primarily in exchange-traded equity securities of companies operating in the U.S. financial services sector (on average, this represents approximately 90% or more of

each Fund’s portfolio). The Funds may also purchase options to protect the portfolio or to enhance returns. Generally, the Funds’ option positions do not exceed 5% of either portfolio. The Funds frequently hold roughly 5% - 10% of each portfolio in cash (and may hold significantly higher percentages of cash at times). The founders and principal owners of Spindletop are Mark Curnin and David Winebrenner. They are also the portfolio managers for the Funds. The investment team implements its investment objectives through the careful selection of a limited number of publicly-traded equity securities in the U.S. financial services sector. Each one of the Funds generally holds positions in ten or fewer companies. As of December 31, 2022, Spindletop has approximately $48,000,000 in discretionary assets under management.