Western Standard, LLC: investment adviser

Advisory Services Offered Western Standard is the general partner of, and serves as the investment adviser to, two private investment funds organized as Delaware limited partnerships: Western Standard Partners, L.P. and Western Standard Partners QP, L.P. (collectively, the “Partnerships”). Investment in each of the Partnerships is available only to "accredited investors," as the term is defined by Rule 501 of the Securities Act of 1933, and only by an offering memorandum. Investors in the Partnerships (“Limited Partners”) must also be “qualified clients,” who meet the financial requirements of SEC Regulation 275.205-3(b) under the Investment Advisers Act of 1940, since each of the Partnerships has a performance-based compensation structure. Investors in Western Standard Partners QP, L.P. must also be “qualified purchasers,” as the term is defined by Section 2(a)(51) of the Investment Company Act of 1940. Additional information on these standards is provided in the offering memorandum and subscription agreement for each of the Partnerships. This Form ADV Part 2A Brochure is not an offer to sell, or a solicitation of an offer to purchase, interests in the Partnerships. Such an offer can only occur when the prospective Limited Partner receives the offering documents. Western Standard also serves as a sub-adviser for a private investment fund (the “Sub-Advised Fund”) organized and managed by an unrelated investment adviser (the “Independent Manager”).

Tailored Services and Client Imposed Restrictions Western Standard manages each Partnership according to the investment objectives outlined in the Partnership’s offering memorandum. Since the Partnerships are pooled investment vehicles, Limited Partners may not impose restrictions on the investments held in the Partnerships. Western Standard manages its portion of the Sub-Advised Fund in accordance with the Sub-Management Agreement entered into between Western Standard and the Independent Manager.

Assets Under Management As of December 31, 2025, Western Standard’s discretionary assets under management were $574,905,356. Western Standard has no non-discretionary assets under management.

The Performance Allocation is payable only if, and to the extent that, the net capital appreciation of a Limited Partner’s capital account for the year exceeds any net capital depreciation in the capital account (reduced pro rata for any withdrawals) accumulated in prior years (i.e., a “high water mark”). Western Standard may receive Performance Allocations with regard to unrealized appreciation as well as realized gains in Limited Partners’ capital accounts. If a Limited Partner withdraws all or a portion of its capital account on a date other than December 31, a Performance Allocation will be made on the amount withdrawn for the period from the prior January 1 to the date of withdrawal, and any unearned Management Fee will be refunded to the Limited Partner. In its sole discretion for any reason, Western Standard may adjust the Management Fee and Performance Allocation to be borne by any Limited Partner, including to reflect matters such as the amount of the Limited Partner’s investment and its commitment to maintain its investment in the Partnership. Western Standard may also share portions of the Management Fee and Performance Allocation, at its own expense, with persons who refer investors to the Partnerships. The Partnerships may bear additional fees and expenses, which are outlined in each Partnership’s offering memorandum. For the Sub-Advised Fund, Western Standard receives negotiated fees set forth in the Sub-Management Agreement.

Termination A Limited Partner may generally withdraw from the Partnership at the end of any calendar quarter, subject to the terms, conditions and limitations described in the respective offering memorandum.

Investment Strategy Western Standard focuses its research process primarily on small capitalization stocks (equity securities of companies with market capitalizations of $1 billion or less), which tend to have little or no research coverage by major brokerage firms. Larger capitalization stocks, covered by hundreds of analysts such that the only edge is “judgment,” are generally avoided. Under normal market conditions, each fund will hold a portfolio of common equities focused on long-term results. Western Standard focuses on companies where it can underwrite attractive long-term fundamentals. Four areas of diligence and analysis form the primary basis for Western Standard’s investment strategy: (1) valuation analysis; (2) company-specific due diligence; (3) industry-level due diligence; and (4) management interaction. Each fund aims to invest 60%-150% of total capital in long positions and 40%80% in short positions.

Investing Involves Risk Investment in private funds such as the funds is speculative and involves a substantial degree of risk, which is why investing in private funds may not be suitable for all investors and why they are intended for sophisticated investors who can accept the risks associated with such investments. The investments may lose all or a substantial portion of their value and Limited Partners must be prepared to bear the risk of loss of their investments. Limited Partners will not have recourse except with respect to the assets of the fund in which they have invested. The fund documents outline important information for

investors, including risk factors. Investors should review all fund documents carefully and should consider conducting additional due diligence before investing in any of the funds.

Those regulations generally provide that Western Standard may only offer interests in the Partnerships to certain institutions, certain organizations, certain trusts, or persons who meet stated income or net worth requirements. The offering memorandum and subscription agreement for each Partnership (the “Offering Documents”) provide additional information on these standards. Prospective investors in the Partnerships receive the Offering Documents. This Form ADV Part 2A Brochure is not an offer to sell, or a solicitation of an offer to purchase, membership interests in the Partnerships. Such an offer can only occur when the prospective investor receives the Offering Documents.

guidelines from the Code of Ethics in areas such as gifts and entertainment, other business activities, prohibitions of insider trading, and adherence to applicable federal securities laws. Additionally, individuals who formulate investment advice for clients, or who have access to nonpublic information regarding any clients’ purchase or sale of securities (all considered “Access Persons”), are subject to personal trading policies governed by the Code of Ethics (see following). Western Standard will provide a complete copy of the Code of Ethics to any client or prospective client upon request.

Personal Trading Practices Western Standard and its Access Persons may not purchase or sell securities, including related securities (e.g., warrants, options, or futures), except: (1) in the Partnerships; or (2) in registered open-end investment companies (i.e., mutual funds, certain exchange-traded funds), direct obligations of the U.S. government, bankers’ acceptances, bank certificates of deposit, commercial paper, short-term highquality debt securities (including repurchase agreements), unit investment trusts that are invested exclusively in one or more open-end investment companies, interests in 529 Plans not managed, distributed, marketed or underwritten by Western Standard or a control affiliate, and such other money market or investment instruments as may be authorized by Western Standard from time to time. Certain members of an Access Person’s immediate family (“Immediate Family”) may transact in personal securities accounts, provided that (1) such transactions are not in Western Standard’s investable universe, and (2) even if they are not, any required pre-approval has been obtained from Western Standard’s Chief Compliance Officer (“CCO”) or Assistant Compliance Officer (“ACO”). Access Persons must obtain such pre-approval from the CCO or ACO for any transaction by Immediate Family: (a) in an equity security; (b) that involves the purchase of an initial public offering, both in new issues and secondary offerings; or (c) that involves the purchase of a limited offering, including all private placements and in a pooled investment vehicle advised by the firm or an affiliate.

Western Standard considers all of such information (including research) additive to its investment analysis for the benefit of the funds, but of indeterminable value. Western Standard believes the funds benefit from such information. While Western Standard has no formal arrangement with such broker-dealers to direct a specified level of commissions to them or otherwise employ “soft dollars,” it

may have an incentive to select or recommend a broker-dealer based on its interest in obtaining the information or brokerage products or other services, rather than on the funds’ interest in receiving the lowest cost execution. As a result, the funds may pay a higher commission or bid/ask spread than would be the case if no weight were given to the provision of these products and/or services, provided that the amount of such commission has been determined in good faith to be reasonable in relation to the value of the brokerage and/or information provided by such broker-dealer. Western Standard has no soft dollar arrangements in place and does not receive soft-dollar benefits.

Aggregation and Allocation of Transactions Western Standard may aggregate transactions if such aggregation is consistent with the duty to seek best execution for the funds and is consistent with the disclosures made to Limited Partners in the Partnership documents and with the terms of the Sub-Management Agreement. No fund account will be favored over the other fund accounts, and each fund account that participates in an aggregated order will participate at the average share price for all transactions in that security on a given business day. Each participating fund account will generally share in the transaction costs on a pro-rata basis, subject to minimum cost thresholds and other appropriate considerations. The determination of which fund gets allocated the trade is based on the target allocation weights. If Western Standard determines that a pro rata allocation is not feasible or appropriate, it will seek a fair and equitable treatment of the funds by using a rotational or random process.

Western Standard may, in some cases, vote a proxy contrary to its guidelines if it determines that such action is in the best interests of the Partnerships. If Western Standard has a conflict of interest, it will disclose the conflict to the Limited Partners in the Partnership or it will contact a third party to advise Western Standard to determine the vote and/or provide voting recommendations. At any time, Limited Partners may contact Western Standard to request information about how proxies were voted for the Partnership or to get a copy of Western Standard’s Proxy Voting Policies and Procedures. Western Standard’s proxy voting duties with respect to the Sub-Advised Fund are set forth in the negotiated terms of the Sub-Management Agreement.

Class Actions For each Partnership, Western Standard will make the determination whether the Partnership will participate as a member of a class action and, if so, will file any claim on the Partnership’s behalf.

Western Standard’s duties with respect to class actions involving the Sub-Advised Fund are set forth in the negotiated terms of the Sub-Management Agreement.