Railroad Ranch Capital Management, Lp

Railroad Ranch Capital Management, LP, based in Dallas, Texas, was established in January 2016 by Mr. James D. Shelton, Jr. The firm primarily focuses on providing investment advisory services on a discretionary basis to privately offered pooled investment vehicles. As of December 31, 2022, the firm managed approximately $105,602,516 in regulatory assets under management. Railroad Ranch's investment strategy involves long and short investments in publicly traded equity securities, with a concentrated portfolio of 25 to 45 issuers. The firm employs a bottoms-up research process to identify value opportunities with a substantial margin of safety and catalysts for value realization. Clients of Railroad Ranch are typically accredited investors with a minimum investment requirement of $1,000,000 per Fund. The firm charges a fixed management fee of 1.5% of the net asset value of each Limited Partner's capital account and may receive performance-based compensation. Railroad Ranch does not participate in wrap fee programs and does not tailor advice to individual investors in private funds. The firm has no disciplinary events to disclose and does not compensate third parties for client referrals. Railroad Ranch has custody of client assets and accepts discretionary authority to manage securities on behalf of clients. The firm follows a proxy voting policy to ensure votes are in the best interest of clients. Clients receive audited financial statements annually and periodic performance reports.