9AT: PENNYBACKER CAPITAL MANAGEMENT, LLC

Adviser Profile

As of Date	03/30/2026
Registration	SEC, Approved, 03/30/2012
ADV Location	AUSTIN, TX, United States
Contact Info	512 xxxxxxx
Websites

AUM^*	4,861,965,170 32%
of that, discretionary	4,258,438,727 16%
Number of Employees	63 17%
of those in investment advisory functions	43 10%
Private Fund GAV^*	4,519,973,040 13%
Avg Account Size	147,332,278 -8%
SMA’s	No
Private Funds	37 10

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

Accounting Firm Name	Filing Date	Form ADV-E
Accounting Firm Name KPMG LLP	Filing Date11/14/2025	Form ADV-E View Report
Accounting Firm Name KPMG LLP	Filing Date09/26/2024	Form ADV-E View Report
Accounting Firm Name KPMG LLP	Filing Date10/23/2023	Form ADV-E View Report

	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 ACRES	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund2.1b	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV2.1b	AUM4.4b	#Funds1
Adviser SABAL INVESTMENT ADVISORS, LLC	Hedge Fund-	Liquidity Fund-	Private Equity Fund500.0m	Real Estate Fund5.8b	Securitized Asset Fund-	Venture Capital Fund-	Other Fund1.0b	Total Private Fund GAV7.3b	AUM5.8b	#Funds19
Adviser LONGPOINT PARTNERS LP	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund4.8b	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV4.8b	AUM5.7b	#Funds10
Adviser MAN GLOBAL PRIVATE MARKETS (UK) LIMITED	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund5.1m	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV5.1m	AUM1.4b	#Funds1
Adviser 3650 REIT INVESTMENT MANAGEMENT LLC	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund4.5b	Securitized Asset Fund-	Venture Capital Fund-	Other Fund125.0k	Total Private Fund GAV4.5b	AUM2.4b	#Funds18
Adviser BREAKTHROUGH PROPERTIES	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund2.0b	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV2.0b	AUM2.7b	#Funds12
Adviser BRISTOL GROUP INC	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund696.2m	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV696.2m	AUM2.0b	#Funds4
Adviser TGM ASSOCIATES L.P.	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund3.7b	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV3.7b	AUM3.7b	#Funds7
Adviser CANYON PARTNERS REAL ESTATE LLC	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund2.9b	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV2.9b	AUM2.9b	#Funds44
Adviser VANBARTON GROUP LLC	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund3.2b	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV3.2b	AUM2.3b	#Funds8

Brochure Summary

Overview

A. Pennybacker Capital Management, LLC (the “Adviser”) is a real asset private equity firm headquartered in Austin, Texas. The Adviser provides investment advisory services on a discretionary basis to private investment limited partnerships that focus on generating favorable risk-adjusted returns primarily by acquiring and managing middle-market multifamily, industrial, retail and office, properties across the United States, private investment limited partnerships that invest in high-yield debt and preferred equity interests backed by commercial real estate-related assets, and critical infrastructure investments in operating platforms (each, a “Fund,” or “Client” and together, the “Funds” or “Clients”). The Adviser was formed in 2006 by Mr. Timothy P. Berry. The Adviser’s principal owners (each having a greater than 25% ownership interest) are CAVU Holdings, Ltd. and Copper Funding, LLC. Mr. Berry, Mr. Vince P. Reyna, and Mr. Thomas Beier are the Principals of the Adviser (the “Principals”). The Principals have more than 59 years of combined real estate private equity investing and operating experience and have developed and/or repositioned more than 80 projects as principals as well as more than 250 real estate investment transactions on behalf of high net worth individuals and institutional investors throughout the U.S. B. Investment advisory services include establishing each Fund’s investment objective and selecting portfolio investments according to each Fund’s specific investment

strategy, as described in the applicable Fund’s confidential offering memorandum (if any) and governing documents (collectively, the “Offering Documents”). The investment activity of the Adviser generally focuses on fee simple acquisition, acquisition of debt, providing mezzanine debt and preferred equity middle-market real estate financing and operating platform investments within critical infrastructure in markets throughout the U.S. The Adviser seeks investment opportunities in which the Adviser can capitalize on its industry relationships, acquisition and portfolio optimization platform, direct lending and real asset operating experience; and will also seek opportunities in which it can capitalize on market inefficiencies in the middle market, and the ongoing dislocation in the segments of U.S. infrastructure, real assets and capital markets. C. While each of its Funds will follow the general strategy stated above, the Adviser tailors the specific advisory services with respect to each Fund based on the investment guidelines and restrictions stated in each Fund’s respective Offering Documents and/or investment management agreements. The Adviser does not tailor its investment advisory services to individual limited partners in any of the Funds. D. The Adviser does not participate in wrap fee programs. E. As of December 31, 2023, the Adviser managed $3,672,917,316 in discretionary portfolios. The Adviser does not currently manage assets on a non-discretionary basis.

PENNYBACKER CAPITAL MANAGEMENT, LLC

PENNYBACKER CAPITAL MANAGEMENT, LLC

Adviser Profile

Details

Adviser Type

Client Types

Advisory Activities

Compensation Arrangments

Reported AUM

Private Funds

Employees

Form ADV-E Surprise Examination Reports

Private Funds Structure

Similar advisers

Brochure Summary

Overview

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PENNYBACKER CAPITAL MANAGEMENT, LLC PENNYBACKER CAPITAL MANAGEMENT, LLC

Adviser Profile

Details

Adviser Type

Client Types

Advisory Activities

Compensation Arrangments

Reported AUM

Private Funds

Employees

Form ADV-E Surprise Examination Reports

Private Funds Structure

Similar advisers

Brochure Summary

Overview

PENNYBACKER CAPITAL MANAGEMENT, LLC

PENNYBACKER CAPITAL MANAGEMENT, LLC