9AT: RECURRING CAPITAL MANAGEMENT COMPANY, LLC

other names

RECURRING CAPITAL MANAGEMENT COMPANY, LLC
RECURRING CAPITAL PARTNERS

Adviser Profile

As of Date	04/29/2025
ADV Location	AUSTIN, TX, United States
Adviser Type - Large advisory firm
Number of Employees	7
of those in investment advisory functions	7
Registration	SEC, Approved, 08/01/2023
Other registrations (4)	SEC, ERA - Withdrawn, 06/30/2023 Texas, ERA - Withdrawn, 06/30/2023 SEC, ERA - Active, 03/25/2018 Texas, ERA - Active, 09/29/2016
Former registrations	RECURRING CAPITAL MANAGEMENT COMPANY, LLC

AUM^*	193,577,624 -11%
of that, discretionary	193,577,624 -11%
Private Fund GAV^*	421,346,358 93%
Avg Account Size	19,357,762 -11%
SMA’s	No
Private Funds	12 2
Contact Info	512 xxxxxxx
Websites

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 FRAZIER & DEETER, LLC	Filing Date04/29/2025	Form ADV-E View Report
Accounting Firm Name FRAZIER & DEETER, LLC	Filing Date01/27/2024	Form ADV-E View Report

Fund Type	Count	GAV
Fund TypePrivate Equity Fund	Count12	GAV$421,346,358

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 LION EQUITY INVESTMENT ADVISORS, LLC	Hedge Fund-	Liquidity Fund-	Private Equity Fund199.8m	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV199.8m	AUM199.8m	#Funds4
Adviser SUMMIT HOUSE CAPITAL MANAGEMENT, LLC	Hedge Fund-	Liquidity Fund-	Private Equity Fund101.1m	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV101.1m	AUM381.8m	#Funds3
Adviser ONE THOUSAND & ONE VOICES MANAGEMENT, LLC	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM158.3m	#Funds-
Adviser CITY DIFFERENT INVESTMENTS	Hedge Fund-	Liquidity Fund-	Private Equity Fund10.4m	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund16.6m	Total Private Fund GAV27.1m	AUM265.8m	#Funds5
Adviser BRICKELL KEY ASSET MANAGEMENT LIMITED	Hedge Fund-	Liquidity Fund-	Private Equity Fund130.0m	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV130.0m	AUM130.0m	#Funds1
Adviser FS TACTICAL ADVISOR, LLC	Hedge Fund-	Liquidity Fund-	Private Equity Fund294.2m	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV294.2m	AUM294.2m	#Funds1
Adviser MGM INNOVA CAP MANAGEMENT LLC	Hedge Fund-	Liquidity Fund-	Private Equity Fund134.3m	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV134.3m	AUM129.1m	#Funds4
Adviser GREY ROCK MANAGEMENT PARTNERS IV, LLC	Hedge Fund-	Liquidity Fund-	Private Equity Fund703.3m	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV703.3m	AUM703.4m	#Funds10
Adviser BH CREDIT MANAGEMENT LLC	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund1.2b	Venture Capital Fund-	Other Fund113.2m	Total Private Fund GAV1.3b	AUM1.2b	#Funds4
Adviser TRENT CAPITAL MANAGEMENT INC	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM140.9m	#Funds-

Brochure Summary

Overview

Recurring Capital Management Company, LLC (“Recurring Capital” or the “Firm”), a Delaware limited liability company, is an investment management company located in Austin, Texas. Recurring Capital provides investment advisory services to investment funds privately offered to qualified purchasers and accredited investors. The Firm commenced operations in September 2016. Recurring Capital was founded and is owned by Brian Henley. Recurring Capital provides portfolio management and investment advisory services to private pooled investment vehicles (“Funds” or “Clients”). Recurring Capital engages in advisory services with Funds that rely on exemption from registration with the SEC under Section 3(c)1 and Section 3(c)7 of the Investment Company Act of 1940, as amended (“Investment Company Act”). Funds relying on the Section 3(c)7 exemption are offered exclusively to qualified purchasers that meet the investment criteria outlined in Section 3(c)7 of the Investment Company Act. Funds relying on Section 3(c)1 exemption are offered to accredited investors under the criteria defined in the Investment Company Act. Recurring Capital’s investment advisory services include identifying and evaluating investment opportunities, negotiating the terms of investments, managing and monitoring investments and selling portfolio investments. The Firm specializes in debt financing for Software as a Service (“SaaS”) and other recurring revenue model technology-driven

companies. Recurring Capital manages each of its Funds within the guidelines and restrictions set forth, as applicable, in each Fund’s private placement memorandum, limited partnership agreement (or limited liability company or other applicable governing agreement), subscription agreements, management services and advisory agreements, side letter agreements and other governing documents of the relevant Fund (collectively, as amended, “Governing Documents”) and within regulatory guidelines and limitations. See Item 8 for additional information regarding the Firm’s investment strategies and risks. Each of the Funds are controlled by a general partner (“General Partner”) or managing member or similar governing entity as provided in the Governing Documents. Each Fund’s General Partner has appointed Recurring Capital (or an affiliate thereof) to serve as the Fund’s investment manager, pursuant to a written agreement. The General Partner in its discretion may offer co-investment opportunities to one or more Funds or their affiliates, and to other funds, private investors, groups, entities, or individuals. Co-investors will be determined by the General Partner in its sole discretion, and co-investment opportunities will be offered on a deal-by-deal basis. Recurring Capital does not participate in any wrap fee programs. Recurring Capital managed $218,134,733 in Client assets (“AUM”), all on a discretionary basis, as of December 31, 2023.

RECURRING CAPITAL MANAGEMENT COMPANY, LLC

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Overview