9AT: STONEHILL CAPITAL MANAGEMENT LLC

Adviser Profile

As of Date	03/25/2026
Registration	SEC, Approved, 03/30/2012
ADV Location	NEW YORK, NY, United States
Contact Info	212 xxxxxxx

AUM^*	4,339,267,898 16%
of that, discretionary	4,339,267,898 16%
Number of Employees	23
of those in investment advisory functions	13 8%
Private Fund GAV^*	4,339,267,898 16%
Avg Account Size	1,446,422,633 16%
SMA’s	No
Private Funds	4 1

Adviser Type

- Large advisory firm

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

	Count	GAV
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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 HAWK RIDGE CAPITAL MANAGEMENT LP	Hedge Fund4.5b	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV4.5b	AUM4.5b	#Funds5
Adviser SKYE GLOBAL MANAGEMENT LP	Hedge Fund5.0b	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV5.0b	AUM5.2b	#Funds3
Adviser FNY INVESTMENT ADVISERS, LLC	Hedge Fund2.9b	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV2.9b	AUM2.9b	#Funds1
Adviser COMPLUS ASSET MANAGEMENT LIMITED	Hedge Fund3.0b	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV3.0b	AUM5.9b	#Funds5
Adviser SPF INVESTMENT MANAGEMENT, L.P.	Hedge Fund3.6b	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV3.6b	AUM3.6b	#Funds4
Adviser MESARETE CAPITAL LLP	Hedge Fund4.2b	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV4.2b	AUM4.7b	#Funds6
Adviser MELQART ASSET MANAGEMENT (UK) LTD	Hedge Fund2.4b	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV2.4b	AUM2.9b	#Funds5
Adviser COMPLUS ASSET MANAGEMENT (SINGAPORE) PTE. LTD.	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM5.9b	#Funds-
Adviser FAMILY MANAGE LLC	Hedge Fund166.9m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV166.9m	AUM5.3b	#Funds2
Adviser AMERICAN ASSETS INVESTMENT MANAGEMENT, LLC	Hedge Fund99.9m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV99.9m	AUM5.9b	#Funds1

Stock Ticker	Stock Name	$ Position	% Position	$ Change	# Change
Stck Ticker278768106	Stock NameECHOSTAR CORP CL A COMMON	$ Position$202,198	% Position58.00%	$ Change108.00%	# Change140.00%
Stck Ticker57638P104	Stock NameMASTERBRAND INC COMMON	$ Position$27,402	% Position8.00%	$ Change126.00%	# Change83.00%
Stck Ticker81761L102	Stock NameSERVICE PROPERTIES TRUST REIT	$ Position$23,894	% Position7.00%	$ Change14038.00%	# Change11214.00%
Stck Ticker36472T109	Stock NameUSA TODAY CO INC COMMON	$ Position$25,492	% Position7.00%	$ Change21.00%	# Change0.00%
Stck Ticker34964C106	Stock NameFORTUNE BRANDS INNOVATIONS INC COMMON	$ Position$19,215	% Position5.00%	$ Change	# Change
Stck Ticker770323103	Stock NameROBERT HALF INC COMMON	$ Position$11,154	% Position3.00%	$ Change8.00%	# Change-10.00%
Stck Ticker127537207	Stock NameCADIZ INC COMMON	$ Position$8,886	% Position3.00%	$ Change-7.00%	# Change9.00%
Stck Ticker56418H100	Stock NameMANPOWERGROUP INC COMMON	$ Position$10,129	% Position3.00%	$ Change-36.00%	# Change-44.00%
Stck Ticker25862B109	Stock NameDOUBLEDOWN INTERACTIVE CO LTD ADR	$ Position$7,773	% Position2.00%	$ Change382.00%	# Change255.00%
Stck Ticker939653101	Stock NameELME COMMUNITIES REIT	$ Position$2,699	% Position1.00%	$ Change-34.00%	# Change-11.00%

Brochure Summary

Overview

SCM is a limited liability company organized under the laws of the State of Delaware in November 1999. The sole member of SCM is SCM, L.P., a limited partnership organized under the laws of the State of Delaware in December 2013. SCM is owned and controlled, through SCM, L.P. and its general partner, by seven individual Partners. SCM manages the portfolios of and provides administrative and other services to three private investment funds (Stonehill Institutional Partners, L.P. (“Institutional”), Stonehill Offshore Partners Limited (“Offshore”), and Stonehill Master Fund Ltd. (“Master” and, together with Institutional and Offshore, the “Funds”) in accordance with the terms of investment management agreements entered into between SCM and each of the Funds. Stonehill General Partner, LLC (“Stonehill GP”), a related person of SCM, acts as the general partner of Institutional. Offshore invests all of its assets in Master. SCM also manages Seafield Holdings LLC (“Seafield”), a pooled investment vehicle that focuses on litigation-related investments. Offshore was formed and began operations in August 1996 and Institutional was formed and began operations in December 1997. Prior to January 2000, the Funds and a related fund that began operations in February 1994 were managed by a predecessor entity to SCM. Seafield was formed and began operations in August 2022. Investors and prospective investors in each Fund should refer to the confidential private placement memorandum for each Fund for more complete information about the investment objectives, risks, fees, expenses and other matters set forth herein with respect to a particular Fund. This Brochure does not constitute an offer to sell or the solicitation of an offer to purchase

any securities of any Fund described herein. Any such offer or solicitation will be made solely to qualified investors by means of the appropriate private placement memorandum and related subscription materials. SCM has broad, discretionary investment authority with respect to its management of the portfolios of the Funds. SCM is not bound by any specific restrictions on investing in particular securities or types of securities and is not obligated to structure any Fund’s investments in order to address or give effect to the individual objectives or considerations of any investors or group of investors in that Fund. The types of investments by the Funds will vary over time based on the perception of SCM as to relative opportunities, with an expected focus at most times on investments in high yielding, distressed and defaulted debt and related investments and other opportunistic investments. The Funds also make investments in markets experiencing significant dislocation. The Funds have broad investment parameters so that SCM can change a Fund’s investment focus if it determines that other investment strategies may be more attractive. The capital invested by Seafield is expected to primarily be used to fund the litigation of specific cases or pools of cases, and to bear the costs and litigation expenses related to those cases, although SCM has broad discretion to engage in other litigation- related investments. SCM manages all Fund assets and the assets of Seafield on a discretionary basis in accordance with the terms and conditions of each Fund’s investment management agreement. As of January 1, 2024, SCM’s regulatory assets under management were approximately $3.3 billion, all of which are managed on a discretionary basis.

STONEHILL CAPITAL MANAGEMENT LLC

STONEHILL CAPITAL MANAGEMENT LLC

Adviser Profile

Adviser Type

Client Types

Advisory Activities

Compensation Arrangments

Reported AUM

Private Funds

Employees

Private Funds Structure

Similar advisers

Top Holdings

Brochure Summary

Overview

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STONEHILL CAPITAL MANAGEMENT LLC STONEHILL CAPITAL MANAGEMENT LLC

Adviser Profile

Adviser Type

Client Types

Advisory Activities

Compensation Arrangments

Reported AUM

Private Funds

Employees

Private Funds Structure

Similar advisers

Top Holdings

Brochure Summary

Overview

STONEHILL CAPITAL MANAGEMENT LLC

STONEHILL CAPITAL MANAGEMENT LLC