9AT: NANTAHALA CAPITAL MANAGEMENT, LLC

other names

NANTAHALA CAPITAL MANAGEMENT, LLC

Adviser Profile

As of Date	03/30/2026
ADV Location	NEW CANAAN, CT, United States
Adviser Type - Large advisory firm
Number of Employees	14
of those in investment advisory functions	6
Registration	SEC, Approved, 06/24/2011

AUM^*	3,114,082,769 2%
of that, discretionary	3,114,082,769 36%
Private Fund GAV^*	805,223,768 -59%
Avg Account Size	283,098,434 36%
SMA’s	No
Private Funds	6 2
Contact Info	203 xxxxxxx
Websites

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

Fund Type	Count	GAV
Fund TypeHedge Fund	Count5	GAV$1,304,701,146

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 ALATUS CAPITAL LLC	Hedge Fund2.0b	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV2.0b	AUM2.4b	#Funds7
Adviser SOMA EQUITY PARTNERS, LP	Hedge Fund1.9b	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV1.9b	AUM1.9b	#Funds4
Adviser INVENOMIC CAPITAL MANAGEMENT LP	Hedge Fund547.7m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV547.7m	AUM3.4b	#Funds4
Adviser WILLOW TREE CREDIT PARTNERS LP	Hedge Fund1.7b	Liquidity Fund-	Private Equity Fund90.5m	Real Estate Fund-	Securitized Asset Fund883.7m	Venture Capital Fund-	Other Fund-	Total Private Fund GAV2.7b	AUM2.8b	#Funds20
Adviser BAIN CAPITAL PARTNERSHIP STRATEGIES, LP	Hedge Fund1.7b	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV1.7b	AUM1.7b	#Funds12
Adviser DAKOTA WEALTH, LLC	Hedge Fund465.0k	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV465.0k	AUM6.9b	#Funds2
Adviser HFR INVESTMENTS, LLC	Hedge Fund326.2m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV326.2m	AUM326.2m	#Funds2
Adviser ALUA CAPITAL MANAGEMENT LP	Hedge Fund5.8b	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV5.8b	AUM3.0b	#Funds4
Adviser HFR ASSET MANAGEMENT, L.L.C	Hedge Fund326.2m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV326.2m	AUM326.2m	#Funds2
Adviser WELLESLEY ASSET MANAGEMENT, INC.	Hedge Fund137.7m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV137.7m	AUM2.0b	#Funds1

Stock Ticker	Stock Name	$ Position	% Position	$ Change	# Change
Stck Ticker464287655	Stock NameISHARES TR (PUT)	$ Position$664,632,000	% Position22.00%	$ Change4.00%	# Change2.00%
Stck Ticker28176E108	Stock NameEDWARDS LIFESCIENCES CORP (PUT)	$ Position$153,450,000	% Position5.00%	$ Change10.00%	# Change0.00%
Stck TickerG4412G101	Stock NameHERBALIFE LTD (CALL)	$ Position$100,542,000	% Position3.00%	$ Change75.00%	# Change15.00%
Stck Ticker881624209	Stock NameTEVA PHARMACEUTICAL INDS LTD (CALL)	$ Position$78,025,000	% Position3.00%	$ Change55.00%	# Change0.00%
Stck Ticker78464A870	Stock NameSPDR SERIES TRUST (PUT)	$ Position$48,772,000	% Position2.00%	$ Change-30.00%	# Change-43.00%
Stck Ticker92556V106	Stock NameVIATRIS INC (CALL)	$ Position$62,250,000	% Position2.00%	$ Change26.00%	# Change0.00%
Stck Ticker98420P308	Stock NameXTANT MED HLDGS INC	$ Position$53,620,896	% Position2.00%	$ Change21.00%	# Change0.00%
Stck Ticker359616109	Stock NameFULCRUM THERAPEUTICS INC	$ Position$48,557,743	% Position2.00%	$ Change13.00%	# Change-8.00%
Stck Ticker834203309	Stock NameSOLENO THERAPEUTICS INC	$ Position$60,838,293	% Position2.00%	$ Change4.00%	# Change52.00%
Stck Ticker43283X105	Stock NameHILTON GRAND VACATIONS INC	$ Position$69,882,584	% Position2.00%	$ Change0.00%	# Change-6.00%

Brochure Summary

Overview

A. Description of the Advisory Firm Nantahala Capital Management, LLC, a Massachusetts limited liability company, is the investment manager to the Clients, as defined below. Nantahala was organized in May 2004. Wilmot B. Harkey and Daniel J. Mack are the principal owners and Managing Members of Nantahala. B. Types of Advisory Services Nantahala provides investment advice and management to privately placed investment funds including limited partnerships (the “Partnerships”) and non-U.S. companies or limited partnerships of which Nantahala is the investment manager (the “Offshore Funds,” jointly with the Partnerships, the “Funds”). The Offshore Funds pursue their investment activities by investing all their assets in the Partnerships in a mini-master structure. Nantahala’s clients also include separately managed accounts and funds of one (“Separate Accounts”), primarily for other pooled investment vehicles. The Funds and Separate Accounts are jointly referred to herein as “Clients.” Nantahala utilizes a long-term fundamental value investing methodology with a primary focus on small to mid-sized U.S. companies. The Clients’ investment objectives are generally to seek strong and consistent risk-adjusted returns. Nantahala focuses on investments in equity, fixed-income, and equity-derivative securities. Nantahala will, however, invest in other asset classes of securities as opportunities arise. Nantahala intends to achieve the Clients’ objectives through value-oriented securities selection and

disciplined risk management, holding long and short positions while, within certain investment strategies, generally seeking to maintain near market-neutral exposure to certain risk factors. While Nantahala follows the same investment approach for most Clients, some individual Clients follow strategies that have differing or more limited focuses, more concentrated investments in companies that are in Nantahala’s primary strategy portfolios, or differing approaches to risk management. Some Clients are offering interests (the “Interest(s)”) to certain qualified investors as described in response to Item 7, below (such investors or prospective limited partners are referred to herein as “Investors”). C. Client Tailored Services and Client Imposed Restrictions Advisory services are tailored to achieve the Clients’ investment objectives. Generally, Nantahala has the authority to select which and how many securities and other instruments to buy or sell without consultation with the Clients or their Investors. Arrangements with Separate Accounts may vary. D. Wrap Fee Programs Nantahala does not participate in wrap-fee programs. E. Amounts Under Management Nantahala's assets under management (AUM) based on the net asset value of its Funds and Separate Accounts as of December 31, 2023 were approximately: Discretionary Amounts: Non-Discretionary Amounts: Date Calculated: $ 1,002,544,551 $0 December 31, 2023 Nantahala’s calculated AUM figure does not include committed but uncalled capital.

NANTAHALA CAPITAL MANAGEMENT, LLC

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