9AT: PHILOSOPHY CAPITAL MANAGEMENT LLC

other names

PHILOSOPHY CAPITAL MANAGEMENT LLC

Adviser Profile

As of Date	05/06/2025
Adviser Type - Large advisory firm
Number of Employees	8 14%
of those in investment advisory functions	4 33%
Registration	SEC, Approved, 02/22/2021
Other registrations (2)	SEC, ERA - Withdrawn, 01/22/2021 California, ERA - Withdrawn, 01/22/2021
Former registrations	PHILOSOPHY CAPITAL MANAGEMENT LLC

AUM^*	1,568,435,148 68%
of that, discretionary	1,568,435,148 68%
Private Fund GAV^*	1,348,573,470 25%
Avg Account Size	313,687,030 34%
SMA’s	Yes
Private Funds	4 1
Contact Info	415 xxxxxxx
Websites

Client Types

- Pooled investment vehicles
- Charitable organizations

Advisory Activities

- Portfolio management for pooled investment vehicles
- Portfolio management for businesses

Compensation Arrangments

- A percentage of assets under your management
- Performance-based fees

Fund Type	Count	GAV
Fund TypeHedge Fund	Count4	GAV$1,348,573,470

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 MFP INVESTORS LLC	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM487.0m	#Funds-
Adviser PARADIGM BIOCAPITAL ADVISORS LP	Hedge Fund2.6b	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV2.6b	AUM3.1b	#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-	AUM3.1b	#Funds-
Adviser RUDIUS MANAGEMENT, L.P.	Hedge Fund921.5m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV921.5m	AUM921.5m	#Funds6
Adviser SOUTHEASTERN ASSET MANAGEMENT INTERNATIONAL (SINGAPORE) PTE. LTD	Hedge Fund15.7m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV15.7m	AUM751.5m	#Funds1
Adviser TIPTREE ADVISORS, LLC	Hedge Fund773.0m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV773.0m	AUM2.0b	#Funds4
Adviser SANTA LUCIA ASSET MANAGEMENT PTE. LTD.	Hedge Fund123.2m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV123.2m	AUM1.2b	#Funds1
Adviser DIVISAR CAPITAL MANAGEMENT, LLC	Hedge Fund988.0m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV988.0m	AUM988.0m	#Funds2
Adviser REGAL PARTNERS LIMITED	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM944.3m	#Funds-
Adviser CLEARLINE CAPITAL 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	AUM1.2b	#Funds3

Stock Ticker	Stock Name	$ Position	% Position	$ Change	# Change
Stck Ticker78462F103	Stock NameSPDR S&P 500 ETF TR (PUT)	$ Position$666,180,000	% Position27.00%	$ Change3.00%	# Change-5.00%
Stck Ticker46090E103	Stock NameINVESCO QQQ TR (PUT)	$ Position$450,277,500	% Position18.00%	$ Change36.00%	# Change25.00%
Stck Ticker464287655	Stock NameISHARES TR (PUT)	$ Position$362,940,000	% Position15.00%	$ Change60.00%	# Change43.00%
Stck TickerG9456A100	Stock NameGOLAR LNG LTD	$ Position$97,867,403	% Position4.00%	$ Change-8.00%	# Change-7.00%
Stck Ticker87422Q109	Stock NameTALEN ENERGY CORP	$ Position$85,076,000	% Position3.00%	$ Change46.00%	# Change0.00%
Stck Ticker49427F108	Stock NameKILROY RLTY CORP	$ Position$46,032,516	% Position2.00%	$ Change167.00%	# Change117.00%
Stck Ticker36162J106	Stock NameGEO GROUP INC NEW	$ Position$40,580,404	% Position2.00%	$ Change10.00%	# Change29.00%
Stck Ticker464286400	Stock NameISHARES INC (CALL)	$ Position$49,600,000	% Position2.00%	$ Change	# Change
Stck Ticker29273V100	Stock NameENERGY TRANSFER L P	$ Position$43,556,044	% Position2.00%	$ Change-6.00%	# Change-1.00%
Stck Ticker12769G100	Stock NameCAESARS ENTERTAINMENT INC NE	$ Position$47,070,469	% Position2.00%	$ Change-20.00%	# Change-16.00%

Brochure Summary

Overview

Philosophy Capital Management LLC (“Philosophy” or the “Firm”) is a Delaware limited liability company that has been in business since April 2020. Philosophy’s manager, controlling owner and portfolio manager is Jacob Rubin (the “Principal”). Philosophy provides discretionary investment advice to Philosophy Capital Partners LP (the “Philosophy Fund”), private funds sponsored by unaffiliated entities (the “Private Funds”), and one or more separately managed accounts (each, an “SMA”). References throughout this document to “Client Accounts” refer to the Philosophy Fund, the Private Funds, the SMA, and any other fund or account that may be advised by the Firm in the future. Philosophy Capital Management LLC serves as the general partner (the “General Partner”) of Philosophy Capital Partners, LP. Client Accounts are managed in accordance with their own investment and trading objectives, as described in their respective offering documents, governing agreements or advisory agreements (collectively, the “Governing Documents”), as applicable. The investors

in the Client Accounts that Philosophy manages have no opportunity to select or evaluate any Fund investments or strategies. Philosophy selects all Client Account investments and strategies. Philosophy typically does not tailor its services to the individual needs of individually managed accounts, but manages each such account according to the strategy selected by the client, subject to any investment restrictions imposed by the client. Philosophy’s discretionary authority is limited, however, as described in Item 16. Philosophy does not participate in wrap fee programs. As of December 31, 2023, Philosophy had regulatory assets under management of approximately $1,183,313,132, which it manages on a discretionary basis. Philosophy does not manage any assets on a non-discretionary basis. Note that Philosophy began managing an additional private fund, Philosophy Distressed and Special Situations Fund, LP, in January 2024. The assets of such vehicle are not reflected in this Brochure since this document primarily presents information as of December 31, 2023.

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PHILOSOPHY CAPITAL MANAGEMENT LLC

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