9AT: CAPTION MANAGEMENT, LLC

other names

CAPTION MANAGEMENT, LLC
CAPTION PARTNERS

Adviser Profile

As of Date	03/24/2026
Registration	SEC, Approved, 07/31/2017
Other registrations (1)	Oklahoma, Terminated, 08/04/2017
ADV Location	OKLAHOMA CITY, OK, United States
Contact Info	347 xxxxxxx
Websites

AUM^*	3,407,703,418 100%
of that, discretionary	3,407,703,418 100%
Private Fund GAV^*	1,204,248,749 9%
Avg Account Size	681,540,684 100%
SMA’s	No
Private Funds	2 1

Adviser Type

- Large advisory firm

Number of Employees 22 38%

of those in investment advisory functions 12 20%

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

SEC Fund Type	Count	GAV
Fund TypeHedge Fund	Count2	GAV$1,204,248,749

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 TRUE PARTNER CAPITAL USA	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM145.6m	#Funds-
Adviser QTRON INVESTMENTS LLC	Hedge Fund431.5k	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV431.5k	AUM1.2b	#Funds2
Adviser OPTI CAPITAL MANAGEMENT LP	Hedge Fund657.4m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV657.4m	AUM1.8b	#Funds3
Adviser IRON TRIANGLE PARTNERS LP	Hedge Fund264.7m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV264.7m	AUM1.1b	#Funds4
Adviser LIBRARY RESEARCH LIMITED	Hedge Fund1.2b	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV1.2b	AUM1.2b	#Funds4
Adviser WILLING CAPITAL MANAGEMENT LIMITED	Hedge Fund623.5m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV623.5m	AUM806.3m	#Funds4
Adviser SOURCEROCK GROUP LLC	Hedge Fund1.5b	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV1.5b	AUM3.1b	#Funds2
Adviser CURIAM CAPITAL LLC	Hedge Fund964.7m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV964.7m	AUM964.7m	#Funds4
Adviser GREENLAND CAPITAL MANAGEMENT LP	Hedge Fund2.2b	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV2.2b	AUM2.2b	#Funds3
Adviser READYSTATE ASSET MANAGEMENT	Hedge Fund10.3b	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV10.3b	AUM10.3b	#Funds9

Stock Ticker	Stock Name	$ Position	% Position	$ Change	# Change
Stck Ticker30303M102	Stock NameMETA PLATFORMS INC (CALL)	$ Position$1,144,260,000	% Position7.00%	$ Change	# Change
Stck Ticker146869102	Stock NameCARVANA CO (PUT)	$ Position$357,638,688	% Position2.00%	$ Change153.00%	# Change239.00%
Stck Ticker67066G104	Stock NameNVIDIA CORPORATION (PUT)	$ Position$274,680,000	% Position2.00%	$ Change18.00%	# Change26.00%
Stck Ticker285512109	Stock NameELECTRONIC ARTS INC (PUT)	$ Position$276,977,782	% Position2.00%	$ Change	# Change
Stck Ticker934423104	Stock NameWARNER BROS DISCOVERY INC (PUT)	$ Position$327,229,836	% Position2.00%	$ Change122.00%	# Change133.00%
Stck Ticker67066G104	Stock NameNVIDIA CORPORATION	$ Position$262,942,880	% Position2.00%	$ Change21.00%	# Change30.00%
Stck Ticker91307C102	Stock NameUNITED THERAPEUTICS CORP DEL (CALL)	$ Position$395,636,256	% Position2.00%	$ Change264.00%	# Change199.00%
Stck Ticker91307C102	Stock NameUNITED THERAPEUTICS CORP DEL (PUT)	$ Position$243,121,800	% Position1.00%	$ Change212.00%	# Change157.00%
Stck Ticker88160R101	Stock NameTESLA INC	$ Position$111,413,475	% Position1.00%	$ Change-17.00%	# Change0.00%
Stck Ticker146869102	Stock NameCARVANA CO (CALL)	$ Position$182,183,210	% Position1.00%	$ Change-33.00%	# Change-10.00%

Brochure Summary

Overview

Caption Management, LLC (the “Investment Manager”) is a Delaware limited liability company that was formed in February 2012. The Investment Manager is primarily owned by Jason Strasser and William Cooper. The Investment Manager provides discretionary investment advice to a private fund (the “Caption Fund”). The Investment Manager also provides discretionary investment advice to private funds through separately managed account arrangements, referred to herein as the separately managed accounts. References herein to the “Accounts” means the Caption Fund, such separately managed accounts and any other fund or account that may be managed by the Investment Manager in the future. The Investment Manager does not permit investors in the Accounts to impose limitations on the investment

activities described in the offering documents or the governing documents of the applicable Account. Under certain circumstances, the Investment Manager will contract with a separately managed account client to adhere to limited risk and/or operating guidelines imposed by that client. The Investment Manager negotiates such arrangements on a case-by-case basis. (See Item 16 “Investment Discretion.”) The general partner of the Caption Fund is Caption GP, LLC (the “General Partner”), a Delaware limited liability company. The Investment Manager does not participate in wrap fee programs. As of December 31, 2023, the Investment Manager’s total regulatory assets under management were $1,706,753,895, all of which are managed on a discretionary basis.

CAPTION MANAGEMENT, LLC

Adviser Profile

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Client Types

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Compensation Arrangments

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