9AT: POTRERO CAPITAL RESEARCH, LLC

other names

POTRERO CAPITAL RESEARCH, LLC

Adviser Profile

As of Date	03/27/2026
ADV Location	SAN FRANCISCO, CA, United States
Adviser Type - Large advisory firm
Number of Employees	4
of those in investment advisory functions	3
Registration	SEC, Approved, 07/05/2016
Other registrations (2)	SEC, ERA - Withdrawn, 06/23/2016 California, Terminated, 03/25/2014

AUM^*	419,641,644 22%
of that, discretionary	419,641,644 22%
Private Fund GAV^*	397,395,373 10%
Avg Account Size	104,910,411 22%
SMA’s	No
Private Funds	3
Contact Info	415 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	Count3	GAV$397,395,373

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 L2 ASSET MANAGEMENT, LLC	Hedge Fund141.0m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV141.0m	AUM1.3b	#Funds2
Adviser LFL ADVISERS, LLC	Hedge Fund278.2m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV278.2m	AUM506.8m	#Funds1
Adviser NW1 PARTNERS	Hedge Fund686.0m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV686.0m	AUM686.0m	#Funds3
Adviser ONE OAK CAPITAL MANAGEMENT, LLC	Hedge Fund261.2m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV261.2m	AUM418.5m	#Funds6
Adviser JOHKIM CAPITAL PARTNERS MANAGEMENT LLC	Hedge Fund277.0m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV277.0m	AUM277.0m	#Funds3
Adviser LIQUID CAPITAL MANAGEMENT LLC	Hedge Fund577.6m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV577.6m	AUM287.6m	#Funds5
Adviser VETAMER CAPITAL MANAGEMENT, L.P.	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM327.5m	#Funds-
Adviser HABROK CAPITAL MANAGEMENT LLP	Hedge Fund829.6m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV829.6m	AUM906.1m	#Funds3
Adviser HERITAGE WEALTH MANAGEMENT, INC.	Hedge Fund147.2m	Liquidity Fund-	Private Equity Fund48.4m	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund34.6m	Total Private Fund GAV230.3m	AUM643.4m	#Funds11
Adviser CADEN CAPITAL PARTNERS, LP	Hedge Fund340.0m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV340.0m	AUM340.0m	#Funds4

Stock Ticker	Stock Name	$ Position	% Position	$ Change	# Change
Stck Ticker87422Q109	Stock NameTALEN ENERGY CORP	$ Position$29,050,100	% Position10.00%	$ Change-27.00%	# Change-17.00%
Stck Ticker09239B109	Stock NameBLACKLINE INC	$ Position$20,488,097	% Position7.00%	$ Change	# Change
Stck Ticker89346D107	Stock NameTRANSALTA CORP	$ Position$17,424,379	% Position6.00%	$ Change-37.00%	# Change-32.00%
Stck Ticker594918104	Stock NameMICROSOFT CORP	$ Position$18,713,192	% Position6.00%	$ Change-7.00%	# Change0.00%
Stck TickerG7997R103	Stock NameSEAGATE TECHNOLOGY HLDNGS PL	$ Position$16,964,024	% Position6.00%	$ Change-12.00%	# Change-25.00%
Stck Ticker98585X104	Stock NameYETI HLDGS INC	$ Position$14,168,367	% Position5.00%	$ Change15.00%	# Change-13.00%
Stck Ticker90041L105	Stock NameTURNING PT BRANDS INC	$ Position$11,571,808	% Position4.00%	$ Change-11.00%	# Change-19.00%
Stck Ticker09260K101	Stock NameBLACKROCK SCIENCE & TECHNOLO	$ Position$12,180,233	% Position4.00%	$ Change2.00%	# Change0.00%
Stck TickerG037AX101	Stock NameAMBARELLA INC	$ Position$10,522,361	% Position4.00%	$ Change21.00%	# Change41.00%
Stck TickerH2927K103	Stock NameAMRIZE LTD	$ Position$11,850,172	% Position4.00%	$ Change-4.00%	# Change-14.00%

Brochure Summary

Overview

A. Potrero Capital Research, LLC (“Potrero” or the “Firm”) is a Delaware limited liability company formed on February 27, 2003. Jack R. Ripsteen is the Managing Member and sole owner of Potrero. B. Potrero provides investment supervisory services to two private investment funds, Potrero Capital Research Partners, L.P., a California limited partnership, Potrero Capital Research Partners II, L.P., a Delaware limited partnership (each a “Domestic Fund” or collectively the “Domestic Funds”), and a fund of one, Potrero Institutional Fund, Ltd, an exempted company incorporated with limited liability under the laws of the Cayman Islands (the “Cayman Fund”) (and collectively with the Domestic Funds, the “Funds”) and one or more separately managed account clients through a sub-advisory agreement (“SMAs”). Potrero may decide in the future to sponsor or manage additional private investment funds or separately managed accounts (collectively with the Funds, the “Clients”). The Funds offer limited partnership interests (the “Interest(s)”) to certain qualified investors as described in response to Item 7 (the “Investors”). C. Advisory services are tailored to achieve the Funds’ investment objectives. Pursuant to each of the Funds’ offering memorandum, limited partnership agreement, and subscription documents (“Constituent Documents”), the Funds’ investment objective

is to seek long-term capital appreciation through investments in and short sales of equity securities of small capitalization companies. Potrero has the authority to select which and how many securities and other instruments to buy or sell without consultation with the Clients or Investors. Investments for a SMA are managed in accordance with the Client’s investment objectives, strategies, restrictions and guidelines as set forth in the documents governing Potrero’s relationship with such Client or as otherwise communicated to Potrero by the Client. Depending on the nature of the relationship, these services may be offered on a discretionary or non-discretionary basis and may include investments in, and short sales of equity securities of small capitalization companies held in a Client’s account. If a Client wishes to impose certain restrictions on investing in certain securities or types of securities or is prohibited by applicable law from investing in such securities or types of securities, Potrero will address those requests on a case-by-case basis. D. Potrero does not participate in wrap-fee programs. E. Potrero manages the assets of the Clients. As of December 31, 2023, Potrero manages approximately $344,373,000 in assets on a discretionary basis. It manages $0 in assets on a non-discretionary basis. Potrero Capital Research, LLC – ADV Part 2A 5

POTRERO CAPITAL RESEARCH, LLC

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