First Principles Capital Management, LLC

First Principles Capital Management, LLC is a Registered Investment Adviser specializing in alternative income strategies. Established in June 2003, the firm is a wholly-owned subsidiary of American International Group, Inc. As of December 31, 2022, the firm managed $9,094,947 in discretionary assets. While no longer accepting new clients, the firm acts as the sponsor, administrator, and investment manager of a private fund with a fixed income focus. Investment decisions are made on a discretionary basis in line with the fund's objectives and guidelines. FPCM charges an annual percentage fee based on assets under management, typically ranging from 0.20% to 2.50%. The firm does not participate in wrap fee programs. FPCM does not charge performance-based fees. Clients primarily include qualified institutional and high net worth investors, with varying minimum investment sizes specified in fund Private Placement Memorandums. The firm exercises investment discretion over securities selection, amounts traded, and broker selection, aiming to provide best execution and research services. FPCM may vote proxies on client securities and has policies in place to ensure voting aligns with client interests. The firm does not solicit prepayment of advisory fees and has no financial conditions impairing its ability to meet client commitments.