9AT: GRANITE STATE CAPITAL MANAGEMENT, LP

other names

Adviser Profile

As of Date	03/31/2025
Adviser Type - Large advisory firm
Number of Employees	7
of those in investment advisory functions	6
Registration	SEC, Approved, 08/16/2016

AUM^*	1,093,460,383 112.73%
of that, discretionary	1,093,460,383 112.73%
Private Fund GAV^*	100,400,461 -7.99%
Avg Account Size	121,495,598 65.45%
SMA’s	No
Private Funds	9 6
Contact Info	646 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 TypePrivate Equity Fund	Count6	GAV$21,728,047
Fund TypeSecuritized Asset Fund	Count3	GAV$78,672,414

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 FWM LEGACY, LLC	Hedge Fund-	Liquidity Fund-	Private Equity Fund24.4m	Real Estate Fund-	Securitized Asset Fund4.5m	Venture Capital Fund-	Other Fund-	Total Private Fund GAV28.9m	AUM-	#Funds3
Adviser BEAR STEARNS ASSET MANAGEMENT INC.	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM17.3m	#Funds1
Adviser MOUNT LOGAN MANAGEMENT	Hedge Fund-	Liquidity Fund-	Private Equity Fund300.2m	Real Estate Fund-	Securitized Asset Fund677.5m	Venture Capital Fund-	Other Fund-	Total Private Fund GAV977.8m	AUM2.1b	#Funds9
Adviser THE CARLYLE GROUP	Hedge Fund-	Liquidity Fund-	Private Equity Fund104.4b	Real Estate Fund23.1b	Securitized Asset Fund43.3b	Venture Capital Fund-	Other Fund-	Total Private Fund GAV170.8b	AUM275.9b	#Funds713
Adviser VARAGON CAPITAL PARTNERS, L.P.	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund507.0m	Venture Capital Fund-	Other Fund1.2b	Total Private Fund GAV1.7b	AUM13.6b	#Funds10
Adviser NUVEEN ALTERNATIVES ADVISORS LLC	Hedge Fund-	Liquidity Fund-	Private Equity Fund954.2m	Real Estate Fund3.7b	Securitized Asset Fund9.8b	Venture Capital Fund-	Other Fund-	Total Private Fund GAV14.4b	AUM137.1b	#Funds45
Adviser Z CAPITAL GROUP, L.L.C.	Hedge Fund45.5m	Liquidity Fund-	Private Equity Fund2.3b	Real Estate Fund-	Securitized Asset Fund1.1b	Venture Capital Fund-	Other Fund-	Total Private Fund GAV3.4b	AUM3.6b	#Funds26
Adviser CASTLELAKE, L.P.	Hedge Fund7.0b	Liquidity Fund-	Private Equity Fund20.4b	Real Estate Fund-	Securitized Asset Fund1.3b	Venture Capital Fund-	Other Fund-	Total Private Fund GAV28.7b	AUM28.8b	#Funds47
Adviser CHURCHILL ASSET MANAGEMENT LLC	Hedge Fund2.0b	Liquidity Fund-	Private Equity Fund12.7b	Real Estate Fund-	Securitized Asset Fund3.8b	Venture Capital Fund-	Other Fund-	Total Private Fund GAV18.5b	AUM47.1b	#Funds57
Adviser MILLS WEALTH ADVISORS, LLC	Hedge Fund-	Liquidity Fund-	Private Equity Fund165.9k	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV165.9k	AUM440.1m	#Funds2

Brochure Summary

Overview

The Company Granite State Capital Management, LP (“we,” “us”, “our” or “GSCM”) is an investment adviser registered with the SEC.1 GSCM was founded in October of 2016 by two of its limited partners, Steven T. Shirreffs and David G. Shirreffs. We are headquartered in Greenwich, Connecticut. Advisory Services Our Services GSCM provides investment advisory services to pooled investment vehicles operating as private investment funds (the “Funds”), including senior credit funds (“Senior Credit Funds”). Together, the Funds and the Senior Credit Funds will be referred to as the “Clients.” We generally provide investment advice with respect to certain types of investments, namely U.S. and non-U.S. leveraged loans, provided that we are permitted to provide advice with respect to a broad range of investments, as further described in the Funds’ operative documents. A leveraged loan is a commercial loan provided by a group of lenders. It is first structured, arranged, and administered by one or several commercial or investment banks, known as “arrangers.” It is then sold (or “syndicated”) to other banks or institutional investors. A leveraged loan is often extended to companies that already have considerable amounts of debt. Lenders consider leveraged loans to carry a higher risk of default, and as a result, a leveraged loan is more costly to the borrower. Leveraged

loans for companies with debt tend to have higher interest rates than typical loans; these rates reflect the higher level of risk involved in issuing the loan. Our firm strives to provide our clients with attractive risk adjusted returns. When we select investments for client portfolios, we evaluate characteristics of the corporate borrower, such as market share, asset coverage, cash flow generation, customer retention and recurring revenue streams. More about our firm’s investment strategies and the risks involved can be found under Item 8 of this brochure. Investment Restrictions Our advice is tailored to meet the needs of the Funds. Underlying investors may request in writing that we refrain from investing in certain industries or in securities of issuers, and we will generally honor such requests unless it materially affects our ability to execute our investment strategy. Other than accepting such investment restrictions from underlying investors, GSCM does not generally tailor its advisory services based on its analysis of the individual needs of such investors. Assets Under Management 1 Registration as an investment adviser does not imply a certain level of skill or training. ADV Part 2A – Disclosure Brochure 5 March 28, 2024 As of February 1, 2024, we have approximately $877,829,278 in regulatory assets under management. Client assets managed by us are managed on a discretionary basis.

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GRANITE STATE CAPITAL MANAGEMENT, LP

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