9AT: WESTERN STANDARD, LLC

other names

WESTERN STANDARD, LLC

Adviser Profile

As of Date	03/30/2026
ADV Location	LOS ANGELES, CA, United States
Adviser Type - Large advisory firm
Number of Employees	8 33%
of those in investment advisory functions	6 20%
Registration	SEC, Approved, 07/12/2016
Other registrations (2)	SEC, ERA - Withdrawn, 06/24/2016 California, Terminated, 08/26/2015

AUM^*	574,905,356 2%
of that, discretionary	574,905,356 48%
Private Fund GAV^*	366,193,685 -21%
Avg Account Size	191,635,119 -1%
SMA’s	No
Private Funds	2
Contact Info	310 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	Count2	GAV$366,193,685

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	#Funds4
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	#Funds11
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 Ticker81619Q105	Stock NameSELECT MED HLDGS CORP	$ Position$30,650,712	% Position14.00%	$ Change126.00%	# Change96.00%
Stck Ticker02081G201	Stock NameALPHATEC HLDGS INC	$ Position$26,413,069	% Position12.00%	$ Change45.00%	# Change0.00%
Stck Ticker39304D102	Stock NameGREEN DOT CORP	$ Position$25,331,775	% Position12.00%	$ Change183.00%	# Change197.00%
Stck Ticker45768S105	Stock NameINNOSPEC INC	$ Position$20,540,810	% Position9.00%	$ Change886.00%	# Change894.00%
Stck Ticker023139884	Stock NameOCTAVE SPECIALTY GROUP INC	$ Position$19,485,998	% Position9.00%	$ Change-12.00%	# Change-5.00%
Stck Ticker03748R747	Stock NameAPARTMENT INVT & MGMT CO	$ Position$9,978,749	% Position5.00%	$ Change	# Change
Stck Ticker05366Y201	Stock NameAVIAT NETWORKS INC	$ Position$10,566,808	% Position5.00%	$ Change72.00%	# Change84.00%
Stck Ticker07782B104	Stock NameBELITE BIO INC	$ Position$9,601,759	% Position4.00%	$ Change	# Change
Stck Ticker45778Q107	Stock NameINSPERITY INC	$ Position$8,348,032	% Position4.00%	$ Change	# Change
Stck Ticker302301106	Stock NameEZCORP INC	$ Position$7,768,000	% Position4.00%	$ Change-23.00%	# Change-25.00%

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

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