9AT: WALNUT LEVEL CAPITAL LLC

other names

WALNUT LEVEL CAPITAL LLC

Adviser Profile

As of Date	06/12/2025
ADV Location	DENVER, CO, United States
Adviser Type - Large advisory firm
Number of Employees	4 33%
of those in investment advisory functions	3 50%
Registration	SEC, Approved, 08/04/2023
Other registrations (3)	SEC, ERA - Withdrawn, 07/05/2023 SEC, ERA - Active, 06/26/2020 Colorado, ERA - Withdrawn, 06/26/2020
Former registrations	WALNUT LEVEL CAPITAL LLC

AUM^*	251,534,465 35%
of that, discretionary	251,534,465 35%
Private Fund GAV^*	237,081,392
Avg Account Size	50,306,893 8%
SMA’s	No
Private Funds	3
Contact Info	303 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	Count3	GAV$237,081,392

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 CARMIKA PARTNERS LLP	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM72.6m	#Funds-
Adviser GRUENSTEIN INVESTMENTS LLC	Hedge Fund19.1m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV19.1m	AUM57.5m	#Funds1
Adviser DILATION CAPITAL MANAGEMENT LP	Hedge Fund456.7m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV456.7m	AUM228.8m	#Funds4
Adviser GRAVITY CAPITAL MANAGEMENT LLC	Hedge Fund12.5m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV12.5m	AUM88.0m	#Funds1
Adviser KDHB V CAPITAL MANAGEMENT, LLC	Hedge Fund39.5m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV39.5m	AUM39.5m	#Funds1
Adviser DARK HORSE CAPITAL MANAGEMENT LLC	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM77.0m	#Funds-
Adviser POLPO CAPITAL MANAGEMENT LLC	Hedge Fund150.5m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV150.5m	AUM229.3m	#Funds3
Adviser NEWLANDS INVESTMENT MANAGEMENT PTE LTD.	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM41.3m	#Funds-
Adviser UPRIGHT FINANCIAL CORP	Hedge Fund12.5m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV12.5m	AUM83.1m	#Funds1
Adviser ORRELL CAPITAL MANAGEMENT	Hedge Fund4.5m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV4.5m	AUM90.9m	#Funds1

Brochure Summary

Overview

Walnut Level Capital, LLC (“Walnut Level,” “Investment Manager” or the “Firm”) is a Delaware limited liability company founded in 2019 by Charles Antrim, who is the sole proprietor of Walnut Level. The Firm’s principal place of business is in Denver, Colorado. Walnut Level is an investment manager that focuses on investing in the agriculture, chemicals, and materials supply-chains in the global equity markets. Walnut Level provides discretionary investment management services to pooled investment vehicles organized as private investment funds (the “Walnut Level Funds”), a sub-advised private fund (together with the Walnut Level Funds, “Funds”) and in the future may offer similar management services to institutional clients through separately managed accounts (collectively with the Funds, “Clients”). Walnut Level does not provide financial planning services. Walnut Level’s funds follow a “master-feeder” structure in which the Feeder Funds will implement the investment strategy through the Master Fund. The Firm manages each of its Funds within the guidelines and restrictions set forth in each Fund’s offering documents and within regulatory guidelines and limitations. The Funds are expected to generally seek to rely on an exemption from registration under the Investment Company Act of 1940, as

amended (the “Investment Company Act”) and their securities will not be registered under the Securities Act of 1933, as amended (the “Securities Act”). Walnut Level provides discretionary investment management services to the Funds in accordance with the applicable limited liability company operating agreement, limited partnership agreement, management agreement, subscription agreement, and side letters of each Fund (each, an “Advisory Agreement”). The Advisory Agreements of a Fund, along with any private placement memoranda and related materials are referred to herein collectively as the “Governing Documents” of such Fund. Walnut Level’s advisory services are tailored to the needs of our clients based on their individual investment objectives, risk tolerance, cash or income needs, and any investment restrictions. As part of these investment management services, Walnut Level has an ongoing responsibility to select and make appropriate recommendations to clients as to specific securities or other investments that may be purchased or sold for a client’s portfolio. The investment objective and restrictions applicable to each Fund are detailed in the relevant Fund’s Governing Documents. Assets Under Management As of 12/31/2023, Walnut Level manages $186,174,964 of regulatory assets on a discretionary basis.

WALNUT LEVEL CAPITAL LLC

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Overview