Form CRS (Client Relationship Summary)

We provide investment advisory services to private investment funds and separately managed accounts. Separately managed accounts may be managed on a discretionary and non-discretionary basis. We manage your assets in accordance to your investment advisory agreement. We provide investment advice over a broad range of securities such as exchange-listed securities (stocks, mutual funds, ETFs), corporate bonds, municipal bonds, U.S. Government-issued bonds, private placements, real estate and affiliated private funds managed by us. Additional services, including, but not limited to, general investment recommendations and asset allocation, may be provided in accordance to the investment advisory agreement.

For more information regarding all of our services, read our Form ADV Brochure starting in Items 4 and 7.

Our advisory fee terms vary depending on the advisory agreement. In our sole discretion, we may elect to waive or reduce the management fees for certain clients. In a fee structure based on assets under management, the more assets in the accounts we manage for you, the more you will pay in fees, and therefore we have an incentive to encourage you to increase assets in your accounts. Please refer to your advisory agreement for more information.

Brokerage commissions, transaction fees, and other related costs and expenses are exclusive of and in addition to the advisory fee. We do not receive any portion of these commissions, fees, and costs. Other fees and costs you will pay will be outlined in the applicable advisory agreement.

In connection with your investment in our private fund, you will pay fees and costs whether the fund makes or loses money on your investments. Typically, those fees are a monthly asset-based management fee calculated as a percentage of the assets under management and paid on a monthly basis in arrears. The annual management fee generally ranges between 0.75% and 1.50%, depending on the investor share class, of the assets under management, and is subject to a minimum monthly fee as described in the fund documents. Fees and costs will reduce any amount of money you make on your investments over time. Please make sure you understand what fees and costs you are paying. Read more about our fees starting on Item 5 of the Brochure. All specific advisory fees and charges will be contained within your investment advisory agreement.

When we act as your investment adviser, we have to act in your best interest and not put our interest ahead of yours. At the same time, the way we make money could create conflicts of interest (as listed above). We also manage money for private funds that pay us a performance-based fee. This may encourage us to allocate more profitable investments to them so that we can collect those fees. Finally, we have recommended our private funds to you to invest in. In doing so, we are able to collect a management fee and performance based fee on that money.

Read more about our conflicts of interest and how we manage them in Item 8 our Brochure.

Your financial professional receives total compensation consisting of a base salary and variable compensation. Total compensation takes into account market rate for the role and expertise as well as overall revenue, new assets, retained assets and contributions to our culture and business strength.