9AT: RUSH ISLAND MANAGEMENT, LP

other names

RUSH ISLAND MANAGEMENT, LP
NORTHWOOD LIQUID MANAGEMENT LP

Adviser Profile

As of Date	03/27/2026
Registration	SEC, Approved, 02/16/2018
ADV Location	NEW YORK, NY, United States
Contact Info	(21 xxxxxxx
Websites

AUM^*	2,018,851,000 3%
of that, discretionary	2,018,851,000 3%
Private Fund GAV^*	1,557,510,000 -2%
Avg Account Size	403,770,200 -18%
SMA’s	Yes
Private Funds	4

Adviser Type

- Large advisory firm

Number of Employees 7

of those in investment advisory functions 5

Client Types

- Pooled investment vehicles
- Charitable organizations

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	Count4	GAV$1,557,510,000

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 DIVISAR CAPITAL MANAGEMENT, LLC	Hedge Fund812.8m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV812.8m	AUM812.8m	#Funds2
Adviser KCL CAPITAL, L.P.	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM948.6m	#Funds-
Adviser AIGEN INVESTMENT MANAGEMENT, LP	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund5.5m	Total Private Fund GAV5.5m	AUM110.3m	#Funds1
Adviser SHAWSPRING PARTNERS, LLC	Hedge Fund305.6m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV305.6m	AUM438.7m	#Funds1
Adviser RUDIUS MANAGEMENT, L.P.	Hedge Fund955.8m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV955.8m	AUM955.8m	#Funds6
Adviser CAAS CAPITAL MANAGEMENT LP	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM971.0m	#Funds-
Adviser PARADIGM BIOCAPITAL ADVISORS LP	Hedge Fund4.0b	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV4.0b	AUM4.5b	#Funds3
Adviser PHILOSOPHY CAPITAL MANAGEMENT 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	AUM1.7b	#Funds4
Adviser ENTROPY TECHNOLOGIES, LP	Hedge Fund1.2b	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV1.2b	AUM2.2b	#Funds3
Adviser MERK INVESTMENTS LLC	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM3.7b	#Funds-

Stock Ticker	Stock Name	$ Position	% Position	$ Change	# Change
Stck Ticker297178105	Stock NameESSEX PPTY TR INC	$ Position$195,510,106	% Position13.00%	$ Change17.00%	# Change27.00%
Stck Ticker78410G104	Stock NameSBA COMMUNICATIONS CORP	$ Position$168,390,703	% Position11.00%	$ Change-26.00%	# Change-17.00%
Stck Ticker49427F108	Stock NameKILROY REALTY CORP	$ Position$137,121,532	% Position9.00%	$ Change39.00%	# Change85.00%
Stck Ticker637417106	Stock NameNNN REIT INC	$ Position$130,262,907	% Position9.00%	$ Change-14.00%	# Change-19.00%
Stck Ticker92276F100	Stock NameVENTAS INC	$ Position$114,709,535	% Position8.00%	$ Change-9.00%	# Change-14.00%
Stck Ticker42226K105	Stock NameHEALTHCARE RLTY TR	$ Position$122,758,900	% Position8.00%	$ Change-20.00%	# Change-20.00%
Stck Ticker46187W107	Stock NameINVITATION HOMES INC	$ Position$105,292,109	% Position7.00%	$ Change	# Change
Stck Ticker32054K103	Stock NameFIRST INDL RLTY TR INC	$ Position$101,488,800	% Position7.00%	$ Change-15.00%	# Change-16.00%
Stck Ticker313745101	Stock NameFEDERAL RLTY INVT TR NEW	$ Position$67,819,121	% Position5.00%	$ Change-48.00%	# Change-50.00%
Stck Ticker29670E107	Stock NameESSENTIAL PPTYS RLTY TR INC	$ Position$37,922,281	% Position3.00%	$ Change	# Change

Brochure Summary

Overview

A. RIM is a Delaware limited partnership formed in April 2017 to provide investment advisory services. RIM maintains its principal place of business in New York, New York and is principally owned by Stephen Millham and Raleigh Nuckols. B. RIM manages investment portfolios with an objective to seek to achieve value by taking long and short positions in assets that consist primarily of publicly traded real estate and real estate-related securities. RIM generally invests in public equities but may also invest in corporate credit, preferred securities, options, CMBS, derivatives, and other securities that have a significant exposure to real estate. C. RIM provides discretionary investment advisory services to pooled investment vehicles organized as private funds (the “Fund”, the “Funds”) and tailors its advisory services to the respective investment objectives set forth in the applicable Fund’s Offering Documents (defined below) and governing documents. The Funds are structured as a master-feeder complex and consist of a master Fund and two (offshore and onshore) feeder Funds. RIM generally does not, however, provide individualized investment advice to

investors in the Funds (“Investors”). Nonetheless, RIM reserves the right to enter into additional agreements with certain Investors (“Side Letters”) that alter, supplement, or provide terms and conditions that are more advantageous than those set forth in the respective Fund’s governing documents. RIM also provides its services to one or more separately managed accounts (“SMA”, collectively with the Funds, “Clients”). Such services are tailored to the SMA as described in their investment management agreement (“IMA”). D. RIM does not participate in wrap-fee programs. E. RIM has $1,966,670,000 in discretionary regulatory assets under management as of December 31, 2023. Investors should review not only this brochure but also the full content of the applicable Confidential Private Offering Memorandum (“CPOM”) or Confidential Explanatory Memorandum (“CEM”) (collectively “Offering Documents”) for any Fund in which they are considering investing. This brochure is intended to be a general summary of advisory services provided by RIM to its general client base. This brochure may be both supplemented and superseded by the Offering Documents for each Fund.

RUSH ISLAND MANAGEMENT, LP

Adviser Profile

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Client Types

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Compensation Arrangments

Reported AUM

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