Gator Capital Management, LLC prepared this letter. Ultimus LeverPoint Fund Solutions, LLC, our administrator, is responsible for the distribution of this information and not its content.
General Disclaimer
By accepting this investment letter, you agree that you will not divulge any information contained herein to any other party. This letter and its contents are confidential and proprietary information of the Fund, and any reproduction of this information, in whole or in part, without the prior written consent of the Fund is prohibited.
The information contained in this letter reflects the opinions and projections of Gator Capital Management, LLC (the “General Partner”) and its affiliates as of the date of publication, which are subject to change without notice at any time subsequent to the date of issue. All information provided is for informational purposes only and should not be deemed as investment advice or a recommendation to purchase or sell any specific security.
All performance results are based on the net asset value of the Fund. Net performance results are presented net of management fees, brokerage commissions, administrative expenses, and accrued performance allocation, as indicated, and include the reinvestment of all dividends, interest, and capital gains. The performance results represent Fund-level returns and are not an estimate of any specific investor’s actual performance, which may be materially different from such performance depending on numerous factors.
The market indices appearing in this letter have been selected for the purpose of comparing the performance of an investment in the Fund with certain well-known equity benchmarks. The statistical data regarding the indices has been obtained from Bloomberg and the returns are calculated assuming all dividends are reinvested. The indices are not subject to any of the fees or expenses to which the funds are subject and may involve significantly less risk than the Fund. The Fund is not restricted to investing in those securities which comprise these indices, its performance may or may not correlate to these indices, and it should not be considered a proxy for these indices. The S&P 500 Total Return Index is a market cap weighted index of 500 widely held stocks often used as a proxy for the overall U.S. equity market. The S&P 1500 Financials Index is a market cap weighted index of financial stocks within the S&P 1500 Super Composite Index we used as a proxy for the Financials sector of the U.S. equity market. An investment cannot be made directly in either index. The Fund consists of securities which vary significantly from those in the benchmark indices listed above. Accordingly, comparing results shown to those of such indices may be of limited use.
Statements herein that reflect projections or expectations of future financial or economic performance of the Fund are forward-looking statements. Such “forward-looking” statements are based on various assumptions, which assumptions may not prove to be correct. Accordingly, there can be no assurance that such assumptions and statements will accurately predict future events or the Fund’s actual performance. No representation or warranty can be given that the estimates, opinions, or assumptions made herein will prove to be accurate. Any projections and forward-looking statements included herein should be considered speculative and are qualified in their entirety by the information and risks disclosed in the Fund’s Private Placement Memorandum. Actual results for any period may or may not approximate such forward-looking statements. You are advised to consult with your own independent tax and business advisors concerning the validity and reasonableness of any factual, accounting and tax assumptions. No representations or warranties whatsoever are made by the Fund, the General Partner, or any other person or entity as to the future profitability of the Fund or the results of making an investment in the Fund. Past performance is not a guarantee of future results.
The funds described herein are unregistered private investment funds commonly called “hedge funds” (each, a “Private Fund”). Private Funds, depending upon their investment objectives and strategies, may invest and trade in a variety of different markets, strategies and instruments (including securities, non-securities and derivatives) and are NOT subject to the same regulatory requirements as mutual funds, including requirements to provide certain periodic and standardized pricing and valuation information to investors. There are substantial risks in investing in a Private Fund (which also are applicable to the underlying Private Funds, if any, in which a Private Fund may invest). Prospective investors should note that:
● A Private Fund represents a speculative investment and involves a high degree of risk. Investors must have the financial ability, sophistication/experience, and willingness to bear the risks of an investment in a Private Fund. An investor could lose all or a substantial portion of his/her/its investment.
● An investment in a Private Fund is not suitable for all investors and should be discretionary capital set aside strictly for speculative purposes. Only qualified eligible investors may invest in a Private Fund.
● A Private Fund’s prospectus or offering documents are not reviewed or approved by federal or state regulators and its privately placed interests are not federally, or state registered.
● An investment in a Private Fund may be illiquid and there are significant restrictions on transferring or redeeming interests in a Private Fund. There is no recognized secondary market for an investor’s interest in a Private Fund and none is expected to develop. Substantial redemptions within a limited period of time could adversely affect the Private Fund.
● Certain portfolio assets of a Private Fund may be illiquid and without a readily ascertainable market value. The manager’s/advisor’s involvement in the valuation process creates a potential conflict of interest. Instances of mispriced portfolios, due to fraud or negligence, have occurred in the industry.
● A Private Fund may have little or no operating history or performance and may use performance information which may not reflect actual trading of the Private Fund and should be reviewed carefully. Investors should not place undue reliance on hypothetical, pro forma or predecessor performance.
● A Private Fund may trade in commodity interests, derivatives, and futures, both for hedging and speculative purposes, and may execute a substantial portion of trades on foreign exchanges, all of which could result in a substantial risk of loss. Commodities, derivatives, and futures prices may be highly volatile, may be difficult to accurately predict, carry specialized risks and can increase the risk of loss.
● A Private Fund’s manager/advisor has total trading authority over a Private Fund. The death or disability of a key person, or their departure, may have a material adverse effect on a Private Fund.
● A Private Fund may use a single manager/advisor or employ a single strategy, which could mean a lack of diversification and higher risk. Alternatively, a Private Fund and its managers/advisors may rely on the trading expertise and experience of third-party managers or advisors, the identity of which may not be disclosed to investors, which may trade in a variety of different instruments and markets.
● A Private Fund may involve a complex tax structure, which should be reviewed carefully, and may involve structures or strategies that may cause delays in important financial and tax information being sent to investors.
● A Private Fund’s fees and expenses, which may be substantial regardless of any positive return, will offset such Private Fund’s trading profits. If a Private Fund’s investments are not successful or are not sufficiently successful, these payments and expenses may, over a period of time, significantly reduce or deplete the net asset value of the Private Fund.
● A Private Fund and its managers/advisors and their affiliates may be subject to various potential and actual conflicts of interest.
● A Private Fund may employ investment techniques or measures aimed to reduce the risk of loss which may not be successful or fully successful.
● A Private Fund may employ leverage, including involving derivatives. Leverage presents specialized risks. The more leverage used, the more likely a substantial change in value may occur, either up or down.
The above summary is not a complete list of the risks, tax considerations and other important disclosures involved in investing in a Private Fund and is subject to the more complete disclosures in such Private Fund’s offering documents, which must be reviewed carefully prior to making an investment.
Derek Pilecki, CFA, Portfolio Manager
March 2026
Gator Financial Partners, LLC
Monthly Performance, net of Fees
Performance and Risk Analysis*
*Top 5 positions represent delta adjusted position values.
*Statistics reflect the performance of Gator Financial Partners, LLC since inception.
OVERVIEW
Gator Financial Partners, LLC, Gator Financial Partners Offshore, Ltd., and Gator Qualified Partners, LLC (the “Funds”) are long/short equity hedge funds focused on the Financials sector. The portfolios are built by performing intensive bottom-up fundamental research on both long and short positions. The Funds are concentrated on the portfolio manager’s highest conviction ideas.
The Funds favor small and mid-cap companies and companies with less research coverage from the sell-side. The sector requires specialized knowledge to correctly analyze the companies. Therefore, the portfolio manager believes there are regular opportunities for sector specialists doing fundamental research.
The Fund’s goal is to maximize total return while accepting short-term periods of volatility due to the portfolio’s concentration.
Growth of $1,000,000 ¹
The chart displays the performance of three investment options from 2008 to 2026. The y-axis represents the value in millions of dollars, ranging from $1 M to $40 M. The x-axis shows the years from 2008 to 2026. The legend indicates:
- Gator Financial Partners, LLC: $30,887,759 (dark green line)
- S&P 500 TR: $7,169,163 (black line)
- S&P Financials 1500 TR: $4,408,811 (light green line)
Gator Financial Partners, LLC shows a sharp upward trend starting around 2020, reaching its peak near $35 M in 2025 before a slight dip in 2026. The S&P 500 TR and S&P Financials 1500 TR show much slower, more linear growth, ending the period at significantly lower values.
Line chart showing the growth of $1,000,000 invested in Gator Financial Partners, LLC, S&P 500 TR, and S&P Financials 1500 TR from 2008 to 2026. The chart shows that Gator Financial Partners, LLC significantly outperformed the other two indices over the period, ending at $30,887,759 in 2026, while the S&P 500 TR ended at $7,169,163 and the S&P Financials 1500 TR ended at $4,408,811.
Performance is calculated net of fees and expenses
Assets Under Management
Funds AUM $232.5 M
Strategy AUM $421.9 M
Firm AUM $437.9 M
About Gator
Gator Capital Management, LLC was founded in 2008 by Derek Pilecki and is located in Tampa, Florida. Gator Capital Management is registered with the SEC as a Registered Investment Advisor. Registration of an investment advisor does not imply any level of skill or training.
Gator manages Financials sector long/short portfolios for private partnerships, mutual funds, and separately managed accounts.
“Strategy AUM” is defined as AUM (both in pooled vehicles and in SMAs) that invest predominantly in securities in the Financials sector. “Firm AUM” is defined as all AUM.
¹ Fund figures include reinvestment of income. Indices are not available for direct investment.
Investment Terms
Gator Financial Partners Offshore, Ltd.
Monthly Performance, net of Fees
Gator Qualified Partners, LLC
Monthly Performance, net of Fees
DISCLAIMER
This document is provided for informational purposes only, is confidential, and may not be reproduced or circulated without the prior written consent of Gator Capital Management, LLC. It does not constitute an offer to sell or a solicitation of an offer to buy any interest in Gator Financial Partners, LLC, Gator Financial Partners Offshore, Ltd., or Gator Qualified Partners, LLC (the ((“Funds”))). Any such offer will be made only to Accredited Investors or Qualified Purchasers by means of a Confidential Private Placement Memorandum (PPM). Past performance is not a guarantee of future results.
An investment in the Funds is speculative and involves a high degree of risk, including the possible loss of principal; there is no assurance that investment objectives will be achieved or that any investor will receive a return of capital. Investors in Gator Financial Partners, LLC and Gator Financial Partners Offshore, Ltd. (each a 3(c)(1) fund) must qualify as “Accredited Investors,” and investors in Gator Qualified Partners, LLC (a 3(c)(7) fund) must qualify as “Qualified Purchasers,” as defined by the U.S. Securities and Exchange Commission.
Interests in the Funds are subject to substantial restrictions on withdrawal, redemption, and transfer, and no secondary market exists or is expected to develop. Investors must be prepared to bear the economic risk of an investment for an indefinite period. The Funds’ fees and expenses may be substantial and may offset any profits. Prospective investors should consult their legal, tax, and financial advisors regarding eligibility and suitability prior to investing.
Comparisons to indices are for illustrative purposes only. The S&P 500 Total Return Index and S&P 1500 Financials Total Return Index are unmanaged, market-cap-weighted indices representing the broad U.S. equity and financials markets, respectively. Indices are not subject to fees or expenses, and an investment cannot be made directly in them. The Fund’s portfolio differs significantly from these benchmarks in terms of holdings, risk profile, and concentration; therefore, these indices should not be considered a proxy for Fund performance.
Gator Capital Management, LLC
2502 N. Rocky Point Dr., Suite 665Tampa, FL 33607(813) [email protected]
