9AT: WESTERN STANDARD, LLC

Adviser Profile

As of Date	09/25/2026
Registration	SEC, Approved, 07/12/2016
Other registrations (2)	SEC, ERA - Withdrawn, 06/24/2016 California, Terminated, 08/26/2015
ADV Location	LOS ANGELES, CA, United States
Contact Info	310 xxxxxxx
Websites

AUM^*	574,905,356 2%
of that, discretionary	574,905,356 48%
Number of Employees	8 33%
of those in investment advisory functions	6 20%
Private Fund GAV^*	366,193,685 -21%
Avg Account Size	191,635,119 -1%
SMA’s	No
Private Funds	2

Adviser Type

- Large advisory firm

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

	Count	GAV
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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 PROSPECT CAPITAL ADVISORS, LLC	Hedge Fund302.4m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV302.4m	AUM309.4m	#Funds2
Adviser CALIXTO GLOBAL INVESTORS, LP	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM488.8m	#Funds-
Adviser BLACK SWIFT GROUP, LLC	Hedge Fund77.3m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV77.3m	AUM694.1m	#Funds3
Adviser KALEIDOSCOPE CAPITAL	Hedge Fund715.5m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV715.5m	AUM706.2m	#Funds7
Adviser SOLSTEIN CAPITAL, LLC	Hedge Fund5.6m	Liquidity Fund40.0m	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV45.6m	AUM801.8m	#Funds2
Adviser IKARIAN CAPITAL	Hedge Fund564.0m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV564.0m	AUM698.0m	#Funds3
Adviser BURKEHILL GLOBAL MANAGEMENT, LP	Hedge Fund5.3b	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV5.3b	AUM3.5b	#Funds5
Adviser NUMERAI	Hedge Fund1.0b	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV1.0b	AUM1.9b	#Funds10
Adviser SUN VALLEY GOLD LLC	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM87.0m	#Funds-
Adviser OBRIEN GREENE & CO INC	Hedge Fund19.8m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV19.8m	AUM464.3m	#Funds1

Stock Ticker	Stock Name	$ Position	% Position	$ Change	# Change
Stck Ticker934423104	Stock NameWARNER BROS DISCOVERY INC	$ Position$45,676,320	% Position11.00%	$ Change	# Change
Stck Ticker39304D102	Stock NameGREEN DOT CORP	$ Position$41,484,124	% Position10.00%	$ Change-5.00%	# Change4.00%
Stck Ticker464287655	Stock NameISHARES TR (PUT)	$ Position$43,767,675	% Position10.00%	$ Change	# Change
Stck Ticker20451Q104	Stock NameCOMPASS DIVERSIFIED	$ Position$35,300,320	% Position8.00%	$ Change25.00%	# Change22.00%
Stck Ticker00370M103	Stock NameABIVAX SA	$ Position$22,333,961	% Position5.00%	$ Change-16.00%	# Change13.00%
Stck Ticker03762U105	Stock NameAPOLLO COML REAL ESTATE FIN	$ Position$19,415,728	% Position5.00%	$ Change	# Change
Stck Ticker26210V102	Stock NameDRIVEN BRANDS HLDGS INC	$ Position$22,145,545	% Position5.00%	$ Change	# Change
Stck Ticker76155X100	Stock NameREVOLUTION MEDICINES INC	$ Position$20,526,000	% Position5.00%	$ Change	# Change
Stck Ticker377130406	Stock NameGLASS HOUSE BRANDS INC	$ Position$15,084,833	% Position4.00%	$ Change-57.00%	# Change-1.00%
Stck Ticker85256A109	Stock NameSTAGWELL INC	$ Position$13,980,181	% Position3.00%	$ Change61.00%	# Change47.00%

Brochure Summary

Overview

Description of Advisory Firm Western Standard, LLC (“Western Standard”) is a privately owned limited liability corporation headquartered in Los Angeles, California. Western Standard is registered as an investment adviser with the U.S. Securities and Exchange Commission (“SEC”). Eric D. Andersen founded Western Standard in November 2008. Western Standard was initially exempt from registration as an investment adviser, then was subject to filing as an exempt reporting adviser with the SEC, and in 2016 first became subject to registration with the SEC. Mr. Andersen is the sole owner of Western Standard. Advisory Services Offered Western Standard is the general partner of, and serves as the investment adviser to, two private investment funds organized as Delaware limited partnerships: Western Standard Partners, L.P. and Western Standard Partners QP, L.P. (collectively, the “Partnerships”). Investment in each of the Partnerships is available only to "accredited investors," as the term is defined by Rule 501 of the Securities Act of 1933, and only by an offering memorandum. Investors in the Partnerships (“Limited Partners”) must also be “qualified clients,” who meet the financial requirements of SEC Regulation 275.205-3(b)

under the Investment Advisers Act of 1940, since each of the Partnerships has a performance-based compensation structure. Investors in Western Standard Partners QP, L.P. must also be “qualified purchasers,” as the term is defined by Section 2(a)(51) of the Investment Company Act of 1940. Additional information on these standards is provided in the offering memorandum and subscription agreement for each of the Partnerships. This Form ADV Part 2A Brochure is not an offer to sell, or a solicitation of an offer to purchase, interests in the Partnerships. Such an offer can only occur when the prospective Limited Partner receives the offering documents. Tailored Services and Client Imposed Restrictions Western Standard manages each Partnership according to the investment objectives outlined in the Partnership’s offering memorandum. Since the Partnerships are pooled investment vehicles, Limited Partners may not impose restrictions on the investments held in the Partnerships. Assets Under Management As of December 31, 2023, Western Standard’s discretionary assets under management were $388,977,679. Western Standard has no non-discretionary assets under management. Western Standard, LLC Brochure March 22, 2024 6

WESTERN STANDARD, LLC

WESTERN STANDARD, LLC

Adviser Profile

Details

Adviser Type

Client Types

Advisory Activities

Compensation Arrangments

Reported AUM

Private Funds

Employees

Private Funds Structure

Similar advisers

Top Holdings

Brochure Summary

Overview

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WESTERN STANDARD, LLC WESTERN STANDARD, LLC

Adviser Profile

Details

Adviser Type

Client Types

Advisory Activities

Compensation Arrangments

Reported AUM

Private Funds

Employees

Private Funds Structure

Similar advisers

Top Holdings

Brochure Summary

Overview

WESTERN STANDARD, LLC

WESTERN STANDARD, LLC