Overview
ADVISORY BUSINESS
A. General Description of Advisory Firm
Boothbay Fund Management, LLC is a Delaware limited liability company that
commenced operations in April 2012. Boothbay offers investment advisory services to pooled
investment vehicles that have been privately placed and that have not been registered under the
Investment Company Act of 1940, as amended (the “Investment Company Act”) (each, a
“Fund” and collectively, the “Funds”). Ari Glass, the founder of the Firm who oversees all of
the Firm’s activities (the “Principal”), is the principal owner of Boothbay.
The Funds were formed to pool the capital contributions of various investors (each an
“Investor” and together the “Investors”). Boothbay performs investment advisory services
generally by allocating the Funds’ capital to a number of separate managers (such managers
collectively referred to as “Portfolio Managers”), some of which involve “first-loss”
arrangements. Portfolio Managers may be individuals or entities that are independent of
Boothbay, or they may be employees or other personnel of Boothbay or one of its affiliates.
Additionally, Boothbay or its affiliates may have an economic interest in certain Portfolio
Managers. Each Portfolio Manager actively manages the assets allocated to it by Boothbay in
accordance with a written investment management agreement (with respect to a Portfolio
Manager that is an individual or entity that is independent of Boothbay) or an employment
agreement (with respect to a Portfolio Manager who is an employee of Boothbay or one of its
affiliates) (each, a “Portfolio Manager Agreement”), and Boothbay provides top-level oversight
of the Portfolio Managers. Portfolio Manager Agreements generally contain provisions and
trading restrictions specific to the relevant Portfolio Manager. Boothbay’s oversight is
generally focused on monitoring Portfolio Manager compliance with any applicable investment
guidelines and parameters. Information about the Funds can be found in each respective set of
offering documents.
B. Assets Under Management
As of December 31, 2023, Boothbay had regulatory assets under management in the Funds
of $11,853,384,323, all of which were managed on a discretionary basis.