9AT: WESTERN STANDARD, LLC

other names

WESTERN STANDARD, LLC

Adviser Profile

As of Date	03/26/2025
ADV Location	LOS ANGELES, CA, United States
Adviser Type - Large advisory firm
Number of Employees	7 75%
of those in investment advisory functions	6 50%
Registration	SEC, Approved, 07/12/2016
Other registrations (2)	SEC, ERA - Withdrawn, 06/24/2016 California, Terminated, 08/26/2015

AUM^*	564,881,656 45%
of that, discretionary	564,881,656 47%
Private Fund GAV^*	464,540,960
Avg Account Size	188,293,885 -2%
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$464,540,960

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 SOLSTEIN CAPITAL, LLC	Hedge Fund7.4m	Liquidity Fund40.0m	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV47.4m	AUM645.2m	#Funds2
Adviser GOLD COAST WEALTH MANAGEMENT, LLC	Hedge Fund84.8m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund1.2m	Total Private Fund GAV86.0m	AUM414.9m	#Funds2
Adviser NORTHERN RIGHT CAPITAL MANAGEMENT, L.P.	Hedge Fund327.2m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV327.2m	AUM398.1m	#Funds3
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 PL CAPITAL ADVISORS, LLC	Hedge Fund305.1m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV305.1m	AUM305.1m	#Funds7
Adviser DEFENDER CAPITAL	Hedge Fund42.0m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV42.0m	AUM442.0m	#Funds1
Adviser OBRIEN GREENE & CO INC	Hedge Fund205.2m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV205.2m	AUM416.8m	#Funds1
Adviser NUMERAI	Hedge Fund695.5m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV695.5m	AUM839.0m	#Funds8
Adviser KRENSAVAGE ASSET MANAGEMENT, LLC	Hedge Fund183.4m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV183.4m	AUM203.3m	#Funds2
Adviser KALEIDOSCOPE CAPITAL	Hedge Fund491.0m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV491.0m	AUM496.1m	#Funds7

Stock Ticker	Stock Name	$ Position	% Position	$ Change	# Change
Stck Ticker78462F103	Stock NameSPDR S&P 500 ETF TR (PUT)	$ Position$119,912,400	% Position36.00%	$ Change	# Change
Stck Ticker492327101	Stock NameKEROS THERAPEUTICS INC	$ Position$34,643,933	% Position10.00%	$ Change69.00%	# Change43.00%
Stck Ticker464287655	Stock NameISHARES TR (PUT)	$ Position$30,245,000	% Position9.00%	$ Change	# Change
Stck Ticker023139884	Stock NameAMBAC FINL GROUP INC	$ Position$22,028,867	% Position7.00%	$ Change	# Change
Stck Ticker02081G201	Stock NameALPHATEC HLDGS INC	$ Position$18,253,138	% Position5.00%	$ Change31.00%	# Change0.00%
Stck Ticker81619Q105	Stock NameSELECT MED HLDGS CORP	$ Position$13,550,784	% Position4.00%	$ Change	# Change
Stck Ticker26210V102	Stock NameDRIVEN BRANDS HLDGS INC	$ Position$11,170,883	% Position3.00%	$ Change55.00%	# Change69.00%
Stck Ticker302301106	Stock NameEZCORP INC	$ Position$10,091,200	% Position3.00%	$ Change37.00%	# Change0.00%
Stck Ticker39304D102	Stock NameGREEN DOT CORP	$ Position$8,948,812	% Position3.00%	$ Change43.00%	# Change15.00%
Stck Ticker33829M101	Stock NameFIVE BELOW INC	$ Position$6,280,820	% Position2.00%	$ Change	# Change

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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