MANGROVE PARTNERS IM, LLC

Mangrove Partners IM, LLC, a Delaware Limited Liability Company, provides investment management services on a discretionary basis to privately offered pooled investment vehicles intended for sophisticated individual and institutional investors. Mangrove Partners IM, LLC is referred to as “Mangrove,” the “Firm” or the “Adviser” in this Brochure. Any persons acting on behalf of Mangrove Capital are subject to the supervision and control of Mangrove in connection with any investment advisory activities. In accordance with SEC guidance, Mangrove Capital is registered as an investment adviser in reliance on the Form ADV filed by Mangrove.

Mangrove's investment strategy focuses on systematically underfollowed investments and inefficient markets, aiming to organically compound net worth while minimizing the risk of permanent capital loss. Their approach involves in-depth analysis and valuation at the company level, considering underlying industry dynamics. They seek to generate positive returns from both long and short investments, rather than employing relative value or market hedging strategies. The Funds may also invest in securities that depend on favorable legal or regulatory rulings, and engage in various types of arbitrage and relative value trading strategies. These strategies are based on the apparent presence of pricing inefficiencies and the expectation that these anomalies will revert to historical averages over time. The Funds may employ leverage, which increases both the possibilities for profit and the risk of loss.

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