9AT: CAPTION MANAGEMENT, LLC

other names

CAPTION MANAGEMENT, LLC
CAPTION PARTNERS

Adviser Profile

As of Date	03/26/2025
ADV Location	OKLAHOMA CITY, OK, United States
Adviser Type - Large advisory firm
Number of Employees	19 36%
of those in investment advisory functions	10 11%
Registration	SEC, Approved, 07/31/2017
Other registrations (1)	Oklahoma, Terminated, 08/04/2017

AUM^*	3,068,736,463 80%
of that, discretionary	3,068,736,463 167%
Private Fund GAV^*	1,103,119,703 -4%
Avg Account Size	767,184,116 233%
SMA’s	No
Private Funds	1
Contact Info	347 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	Count1	GAV$1,103,119,703

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 TRUE PARTNER CAPITAL USA	Hedge Fund62.1m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund150.7m	Total Private Fund GAV212.8m	AUM295.7m	#Funds4
Adviser QTRON INVESTMENTS LLC	Hedge Fund1.5m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV1.5m	AUM1.1b	#Funds2
Adviser OPTI CAPITAL MANAGEMENT LP	Hedge Fund642.5m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV642.5m	AUM2.5b	#Funds3
Adviser IRON TRIANGLE PARTNERS LP	Hedge Fund603.7m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV603.7m	AUM1.3b	#Funds4
Adviser LIBRARY RESEARCH LIMITED	Hedge Fund1.2b	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV1.2b	AUM1.2b	#Funds4
Adviser WILLING CAPITAL MANAGEMENT LIMITED	Hedge Fund480.8m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV480.8m	AUM576.9m	#Funds4
Adviser SOURCEROCK GROUP LLC	Hedge Fund1.3b	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV1.3b	AUM2.6b	#Funds2
Adviser CURIAM CAPITAL LLC	Hedge Fund964.7m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV964.7m	AUM964.7m	#Funds4
Adviser GREENLAND CAPITAL MANAGEMENT LP	Hedge Fund1.5b	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV1.5b	AUM1.5b	#Funds3
Adviser READYSTATE ASSET MANAGEMENT	Hedge Fund6.5b	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV6.5b	AUM6.5b	#Funds8

Stock Ticker	Stock Name	$ Position	% Position	$ Change	# Change
Stck Ticker146869102	Stock NameCARVANA CO (CALL)	$ Position$272,962,536	% Position2.00%	$ Change3.00%	# Change-8.00%
Stck Ticker67066G104	Stock NameNVIDIA CORPORATION (PUT)	$ Position$233,125,000	% Position2.00%	$ Change150.00%	# Change150.00%
Stck Ticker67066G104	Stock NameNVIDIA CORPORATION	$ Position$216,545,150	% Position1.00%	$ Change132.00%	# Change132.00%
Stck Ticker64110L106	Stock NameNETFLIX INC (PUT)	$ Position$79,339,712	% Position1.00%	$ Change	# Change
Stck Ticker68389X105	Stock NameORACLE CORP (PUT)	$ Position$87,553,572	% Position1.00%	$ Change171.00%	# Change291.00%
Stck Ticker478160104	Stock NameJOHNSON & JOHNSON (PUT)	$ Position$74,977,985	% Position1.00%	$ Change	# Change
Stck Ticker461202103	Stock NameINTUIT (CALL)	$ Position$121,819,038	% Position1.00%	$ Change-22.00%	# Change-20.00%
Stck Ticker461202103	Stock NameINTUIT (PUT)	$ Position$200,514,534	% Position1.00%	$ Change-1.00%	# Change3.00%
Stck Ticker464286509	Stock NameISHARES INC (PUT)	$ Position$97,074,000	% Position1.00%	$ Change37.00%	# Change29.00%
Stck Ticker594918104	Stock NameMICROSOFT CORP (CALL)	$ Position$120,905,000	% Position1.00%	$ Change	# Change

Brochure Summary

Overview

Caption Management, LLC (the “Investment Manager”) is a Delaware limited liability company that was formed in February 2012. The Investment Manager is primarily owned by Jason Strasser and William Cooper. The Investment Manager provides discretionary investment advice to a private fund (the “Caption Fund”). The Investment Manager also provides discretionary investment advice to private funds through separately managed account arrangements, referred to herein as the separately managed accounts. References herein to the “Accounts” means the Caption Fund, such separately managed accounts and any other fund or account that may be managed by the Investment Manager in the future. The Investment Manager does not permit investors in the Accounts to impose limitations on the investment

activities described in the offering documents or the governing documents of the applicable Account. Under certain circumstances, the Investment Manager will contract with a separately managed account client to adhere to limited risk and/or operating guidelines imposed by that client. The Investment Manager negotiates such arrangements on a case-by-case basis. (See Item 16 “Investment Discretion.”) The general partner of the Caption Fund is Caption GP, LLC (the “General Partner”), a Delaware limited liability company. The Investment Manager does not participate in wrap fee programs. As of December 31, 2023, the Investment Manager’s total regulatory assets under management were $1,706,753,895, all of which are managed on a discretionary basis.

CAPTION MANAGEMENT, LLC

Adviser Profile

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