Overview
Spindletop Capital, LLC, a Delaware limited liability company, is the general partner of White River
Capital, LP and White River, LP. Spindletop Capital, LLC (“Spindletop” or the “Manager”) was organized
on October 18, 2004. In its capacity as the general partner of White River Capital, LP and White River, LP
(each, a “Fund” and collectively, the “Funds”), Spindletop has overall responsibility for managing and
administering the business and affairs of the Funds and making investment and trading decisions for each
of them. White River Capital, LP and White River, LP are currently the only funds managed by Spindletop.
The Funds invest primarily in exchange-traded equity securities of companies operating in the U.S.
financial services sector (on average, this represents approximately 90% or more of
each Fund’s portfolio).
The Funds may also purchase options to protect the portfolio or to enhance returns. Generally, the Funds’
option positions do not exceed 5% of either portfolio. The Funds frequently hold roughly 5% - 10% of
each portfolio in cash (and may hold significantly higher percentages of cash at times).
The founders and principal owners of Spindletop are Mark Curnin and David Winebrenner. They are also
the portfolio managers for the Funds. The investment team implements its investment objectives through
the careful selection of a limited number of publicly-traded equity securities in the U.S. financial services
sector. Each one of the Funds generally holds positions in ten or fewer companies.
As of December 31, 2022, Spindletop has approximately $48,000,000 in discretionary assets under
management.