9AT: ADIRONDACK RESEARCH & MANAGEMENT INC.

ADIRONDACK RESEARCH & MANAGEMENT INC.

ADIRONDACK RESEARCH & MANAGEMENT INC.

Adviser Profile

As of Date	03/26/2026
Registration	SEC, Approved, 04/13/2004
ADV Location	GUILDERLAND, NY, United States
Contact Info	518 xxxxxxx
Websites

AUM^*	126,126,085 34%
of that, discretionary	126,126,085 34%
Number of Employees	4
of those in investment advisory functions	3
Private Fund GAV^*	0
Avg Account Size	793,246 17%
% High Net Worth	3.53% -12%
SMA’s	Yes
Private Funds	0

Adviser Type

- Large advisory firm
- An investment adviser (or subadviser) to an investment company

Client Types

- Individuals (other than high net worth individuals)
- High net worth individuals
- Investment companies

Advisory Activities

- Portfolio management for individuals and/or small businesses
- Portfolio management for investment companies

Compensation Arrangments

- A percentage of assets under your management

Reported AUM

322M 276M 230M 184M 138M 92M 46M

2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026

Discretionary

Non-discretionary

Private Funds

No private funds

Employees

Top Holdings

Stock Ticker	Stock Name	$ Position	% Position	$ Change	# Change
Stck Ticker206787103	Stock NameCONDUENT INC	$ Position$3,190	% Position3.88%	$ Change-12.15%	# Change0.00%
Stck Ticker909214306	Stock NameUNISYS CORP	$ Position$1,907	% Position2.32%	$ Change-10.09%	# Change-9.49%
Stck Ticker12621E103	Stock NameCNO FINL GROUP INC	$ Position$1,881	% Position2.29%	$ Change-0.37%	# Change0.00%
Stck Ticker03674X106	Stock NameANTERO RESOURCES CORP	$ Position$1,875	% Position2.28%	$ Change55.34%	# Change24.16%
Stck TickerG54050102	Stock NameLAZARD LTD	$ Position$1,782	% Position2.17%	$ Change-2.36%	# Change-3.57%
Stck Ticker15101Q108	Stock NameCELESTICA INC	$ Position$1,723	% Position2.10%	$ Change1.23%	# Change-10.52%
Stck Ticker00738A106	Stock NameADTRAN INC	$ Position$1,720	% Position2.09%	$ Change-7.48%	# Change1.89%
Stck TickerG8192H106	Stock NameSIRIUSPOINT LTD	$ Position$1,687	% Position2.05%	$ Change-8.07%	# Change0.00%
Stck Ticker50216C108	Stock NameLSI INDS INC OHIO	$ Position$1,617	% Position1.97%	$ Change-3.92%	# Change-0.71%
Stck Ticker898349204	Stock NameTRUSTCO BK CORP N Y	$ Position$1,581	% Position1.92%	$ Change24.49%	# Change33.83%

Brochure Summary

Overview

Adirondack Research & Management, Inc. (ARMI) was formed in 2004 to provide portfolio management services based on individual security selection. ARMI advises Separately Managed Accounts and The Adirondack Small Cap Fund (The Fund). Specifically,  The clients of the Separately Managed Accounts permit ARMI to invest in a broader range of publicly traded, equity (large cap, mid cap, small cap, funds, ETFs) and fixed income securities. ARMI tailors its advisory services to the individual needs of clients by conducting an initial interview, providing individual treatment, actively monitoring accounts, providing consultation when applicable, and furnishing periodic notice of transactions and statements and reports. (For further detail, please refer to Item 13, Review of Accounts.)  The Adirondack Small Cap Fund invests primarily in publicly traded (U.S. exchanges) companies

with market capitalizations below $6 billion dollars. All transactions common to the Fund and the SMA’s are blocked to insure consistent and fair execution. ARMI has complete trading discretion for all accounts under management. As of January 31, 2024, assets under management for both The Adirondack Small Cap Fund and the Separately Managed Accounts totaled approximately $94MM. Adirondack Research & Management, Inc. provides “Fee Based” asset management services only. Fees are assessed as percentage of assets under management and not conditioned on performance or trading volume. ARMI does not offer financial planning services nor does it offer commission based products such as Life Insurance, Annuities, or Loaded Funds with 12b-1 fees. At present, ARMI does not participate in wrap fee programs. The principal owners are Matthew Reiner and Gregory Roeder.