Sandler Capital Management is a New York general partnership that was founded in 1986 and became a registered investment adviser in 1988. We managed approximately $1.793 billion in assets on a discretionary basis, and did not manage any assets on a non-discretionary basis, as of December 31, 2022. We provide investment advisory services primarily to our private investment funds. We also provide portfolio management services to unaffiliated pooled investment vehicles as well as unaffiliated non- U.S. entities that sponsor investment vehicles offered to non-U.S. investors (collectively, “managed vehicles”). Types of Advisory Services. Long/Short Equity Strategies. Our main strategy is long/short equity. In this strategy, we aim to produce capital appreciation with muted volatility and downside protection characteristics. We utilize our insight into market dynamics and the comparative strengths and weaknesses of companies in multiple industries to identify both long and short investment opportunities. This strategy generally focuses on finding secular growth businesses (long) as well as secularly challenged businesses (short). This strategy typically has a net long bias, but net exposure is actively managed and dynamic and the portfolio may at times be run market neutral or slightly net short. This strategy invests primarily in publicly-traded equity securities, including both long and short positions in common stocks, and listed options thereon, as well as Exchange Traded Funds (ETFs), equity basket swaps and futures. The strategy also may invest in other equity securities, other options and debt securities. We also offer a leveraged version of our long/short equity strategy, which targets position sizes of approximately twice those of our long/short equity strategy. Long/Short Credit Strategy. We also offer a long/short credit strategy. In this strategy we aim to achieve capital appreciation as well as return from interest and dividend income over shifting economic and market environments

through industry and company-level fundamental analysis. This strategy focuses on corporate credit opportunities and other investments across a company’s capital structure generally. This strategy invests primarily in the full range of corporate debt and preferred stock issues, including but not limited to, term loans, senior secured bonds, unsecured bonds, and convertible bonds, preferred classes of stock, convertible preferred stock and credit swap derivatives. The strategy also invests in common stocks, options, baskets of stocks (such as indexes or ETFs), and equity swaps and makes both long and short investments. Private Equity Strategies. We have historically offered private equity strategies that invest in securities that are not publicly traded. Our private equity funds are fully invested and not currently open to new investors. All investment strategies use leverage. More detailed information about these strategies is found under Item 8, “Methods of Analysis, Investment Strategies and Risk of Loss.” We refer to the long/short equity strategies and credit-focused strategy as our hedge fund business. We refer to the private equity strategies as our private equity business. Our hedge fund business and private equity business operate independently. Andrew Sandler, head of our hedge fund business, has greater than a 25% interest in the hedge fund business, through companies controlled by him. Michael Marocco, head of our private equity business, has greater than a 25% interest in the private equity business, through companies controlled by him. Our clients may select a strategy depending on their investment objectives. In addition, our managed vehicles may impose restrictions or limitations on how we manage their accounts according to these strategies. These restrictions or limitations generally appear either in the client’s investment management agreement or in investment guidelines that are adopted for the account. Additional information about this process can be found under Item 16, “Investment Discretion.”