Form ADV detail — Dalton and RCM, year by year

Compiled 2026-06-17 from SEC source filings. Year-by-year data extracted from the SEC bulk "Information About Registered Investment Advisers and Exempt Reporting Advisers" annual snapshot files (mid-year snapshot per year; raw files retained in _bulk/, extractor _bulk/extract.py, machine-readable output _bulk/extracted_5D_5F.json). Roster and Item 10 text taken from the current Part 1A reports and the current Part 2A brochures (all retained in this folder).

Entity / CRD key - Dalton Investments LLC — CRD 109538 (SEC 801-56432). Last annual filing under this CRD: 04/30/2021. Succeeded by the Inc. (LLC→Inc. reorganization). - Dalton Investments, Inc. — CRD 308609. First annual snapshot 2022; current AUA signed 03/30/2026 by Christopher Ha (CCO). RCM became 50–75% owner of Dalton 07/2024. - Rosenwald Capital Management, Inc. — CRD 290118 (SEC 801-114179). CA notice filing effective 02/26/2018; current AUA signed 03/30/2026 by Christopher Ha (CCO).

Note on the 2024 gap: the SEC bulk archive has no 2024 mid-year snapshot (jump from an April-2023 file to a Dec-2025 file). All other years are present.

Note on two Form ADV schemas: Pre-2017 Form ADV reported Item 5.D as percentage bands per client type (no exact counts/dollars). The Oct-2017 Form ADV amendment switched to exact client counts and dollar amounts per client type. Both are reproduced verbatim below. Item 5.F regulatory assets under management [5F(2)(c)] is reported as exact dollars in all years.

(a) Item 5.F Regulatory Assets Under Management (RAUM) — year by year

Source column 5F(2)(c) = total RAUM; 5F(2)(f) = total number of accounts. All discretionary (non-discretionary = $0 every year).

Dalton — CRD 109538 (LLC, 2011–2021) then CRD 308609 (Inc., 2022–2026)

RCM — CRD 290118 (2018–2026)

The structural point: RCM (a ~$120–254M, 3–5-account adviser) is the majority owner of Dalton (a ~$3.2–5.7B, 31–154-account adviser). See Section (b).

Item 5.D Client-Count-by-Type — year by year

Item 5.D client-type legend (current Form ADV letters): (a) individuals (non-HNW); (b) high-net-worth individuals; (c) banking/thrift; (d) investment companies; (e) BDCs; (f) pooled investment vehicles (other than RIC/BDC); (g) pension & profit-sharing plans; (h) charitable organizations; (i) state/municipal govt; (j) other investment advisers; (k) insurance companies; (l) sovereign wealth funds & foreign official institutions; (m) corporations or other businesses; (n) other.

Dalton 5.D — 2018–2026 (exact-count schema)

Format: type = #clients / $RAUM-by-type. (Only non-zero types shown; all other types = 0.)

LLC 109538: - 2018 (RAUM 3,991,780,203): d=1/$69,642,825 · f=26/$1,853,499,892 · g=6/$917,915,358 · h=5/$417,793,931 · k=1/$67,664,515 · m=1/$665,263,682 - 2019 (RAUM 3,670,965,406): b=2/$25,994,430 · f=25/$1,559,672,068 · g=9/$1,078,072,388 · h=4/$373,412,202 · k=1/$60,858,616 · m=1/$572,955,702 - 2020 (RAUM 3,510,794,557): b=2/$29,857,445 · f=23/$1,309,498,403 · g=9/$922,808,331 · h=4/$291,163,259 · k=1/$63,161,307 · l=1/$285,173,542 · m=1/$609,132,270 - 2021 (RAUM 3,268,032,625): b=2/$30,916,045 · f=20/$763,221,733 · g=8/$1,065,575,828 · h=4/$327,991,213 · k=1/$55,324,279 · l=1/$327,351,866 · m=1/$697,651,661

Inc. 308609: - 2022 (RAUM 3,183,959,410): b=2/$60,519,579 · f=20/$868,416,627 · g=7/$1,019,525,153 · h=4/$215,891,651 · k=1/$22,064,992 · l=1/$320,306,037 · m=1/$677,235,371 - 2023 (RAUM 2,406,511,672): b=2/$52,202,367 · f=18/$677,103,939 · g=7/$726,117,311 · h=2/$92,974,615 · k=1/$12,054,683 · l=1/$278,394,428 · m=1/$567,664,329 - 2025 (RAUM 4,112,185,669): b=2/$179,620,831 · f=26/$2,057,355,887 · g=6/$868,456,407 · h=2/$129,433,406 · k=1/$17,303,265 · l=1/$187,016,212 · m=1/$672,999,661 - 2026 (RAUM 5,717,833,544): b=2/$237,639,375 · f=27/$3,144,023,131 · g=6/$1,051,705,117 · h=2/$167,618,815 · k=1/$23,817,070 · l=1/$238,800,567 · m=1/$854,229,469

Dalton 5.D — 2011–2017 (percentage-band schema, LLC 109538)

2011 used the original 10-category list 5D(1)–5D(10); 2012–2017 used the (1)=#clients-band / (2)=%RAUM-band format across 13 categories (a)–(m). Reproduced verbatim:

• 2011 [5D(1)..(10)]: (1)=Up to 10% · (2)=26-50% · (3)=0% · (4)=0% · (5)=Up to 10% · (6)=26-50% · (7)=Up to 10% · (8)=Up to 10% · (9)=0% · (10)=0%
• 2012: 5D(1) #clients-bands → b=26-50%, f=26-50%, g=Up to 10%, h=Up to 10%, i=Up to 10%, l=Up to 10% (rest 0). 5D(2) %RAUM-bands → b=Up to 25%, f=Up to 50%, g=Up to 50%, h=Up to 50%, i=Up to 25%, l=Up to 25%.
• 2013: 5D(1) → b=26-50%, f=26-50%, g=11-25%, h=Up to 10%, i=Up to 10%, l=Up to 10%. 5D(2) → b=Up to 25%, f=Up to 50%, g=Up to 50%, h=Up to 50%, i=Up to 25%, l=Up to 25%.
• 2014: 5D(1) → b=26-50%, f=11-25%, g=11-25%, h=Up to 10%, i=Up to 10%, l=Up to 10%. 5D(2) → b=Up to 25%, f=Up to 50%, g=Up to 50%, h=Up to 50%, i=Up to 25%, l=Up to 25%.
• 2015: 5D(1) → b=11-25%, f=26-50%, g=11-25%, h=11-25%, i=Up to 10%, l=Up to 10%. 5D(2) → b=Up to 25%, f=Up to 50%, g=Up to 50%, h=Up to 25%, i=Up to 25%, l=Up to 25%.
• 2016: 5D(1) → f=51-75%, g=11-25%, h=11-25%, i=Up to 10%. 5D(2) → f=Up to 25%, g=Up to 50%, h=Up to 25%, i=Up to 25%, l=Up to 25%.
• 2017: 5D(1) → f=51-75%, g=11-25%, h=11-25%, i=Up to 10%. 5D(2) → f=Up to 50%, g=Up to 25%, h=Up to 25%, i=Up to 25%.

RCM 5.D — 2018–2026 (CRD 290118, exact-count schema)

Format: type = #clients / $RAUM-by-type. (Only non-zero types shown.) - 2018 (RAUM 253,867,910): f=2/$68,541,308 · h=1/$66,437,729 · k=1/$118,888,873 - 2019 (RAUM 141,166,413): f=2/$62,992,372 · h=1/$57,295,856 · k=1/$20,878,185 - 2020 (RAUM 120,660,716): f=2/$64,392,928 · h=1/$56,024,034 · k=1/$243,754 - 2021 (RAUM 139,858,215): f=3/$81,724,206 · h=1/$58,134,009 - 2022 (RAUM 224,091,503): f=4/$157,076,330 · h=1/$67,015,173 - 2023 (RAUM 210,451,068): f=4/$152,210,557 · h=1/$58,240,511 - 2025 (RAUM 218,548,571): f=2/$142,912,628 · h=1/$75,635,943 - 2026 (RAUM 248,122,453): f=2/$158,320,025 · h=1/$89,802,428

RCM is consistently just pooled vehicles (f) + one charitable org (h) (plus a one-time insurance client (k) 2018–2020). Its two private funds (Sched. D 7.B): KINGS BAY INVESTMENT CO. LTD. and ROSENWALD PARTNERS, L.P. RCM reports 67% of clients are non-US persons (2026).

(b) Verbatim Schedule D Section 7.A related-person rosters

Dalton Investments, Inc. — CRD 308609 — Schedule D 7.A (current, 03/30/2026)

18 related persons listed (verbatim legal names, in filing order): 1. KAVF SELECT GP LLC 2. DALTON INVESTMENTS (AUSTRALIA) PTY LTD 3. PACGEN GP LLC 4. DALTON INVESTMENT ADVISORY SERVICES PRIVATE LIMITED 5. DALTON ADVISORY KK 6. DALTON INVESTMENTS (HONG KONG) LIMITED 7. RISING SUN MANAGEMENT LTD. 8. SERIES C SBO LLC 9. INDIA GP LLC 10. KIZUNA GP LLC 11. PACRIM GP LLC 12. SERIES B SBO LLC 13. ASIA GP LLC 14. BEACH FRONT PROPERTIES, LLC 15. NAVF SELECT SPECIAL MEMBER LLC 16. DALTON KOREA CO., LTD. 17. CROSSINGBRIDGE ADVISORS, LLC 18. ROSENWALD CAPITAL MANAGEMENT, INC.

Dalton Investments LLC — CRD 109538 — Schedule D 7.A (final filing, 04/30/2021)

13 related persons (verbatim, in filing order): 1. DALTON ADVISORY KK 2. DALTON INVESTMENT ADVISORY SERVICES PRIVATE LIMITED 3. BEACH FRONT PROPERTIES, LLC 4. BEACH FRONT PROPERTY MANAGEMENT, INC. 5. KIZUNA GP LLC 6. CHINA GP LLC 7. INDIA GP LLC 8. PACGEN GP LLC 9. ASIA GP LLC 10. 1937 GP LLC 11. RISING SUN MANAGEMENT LTD. 12. ROSENWALD CAPITAL MANAGEMENT, INC. 13. DALTON INVESTMENTS (AUSTRALIA) PTY LTD

Rosenwald Capital Management, Inc. — CRD 290118 — Schedule D 7.A (current, 03/30/2026)

17 related persons (verbatim, in filing order): 1. DALTON INVESTMENTS (AUSTRALIA) PTY LTD 2. SERIES C SBO LLC 3. KIZUNA GP LLC 4. BEACH FRONT PROPERTIES, LLC 5. SERIES B SBO LLC 6. ASIA GP LLC 7. DALTON INVESTMENTS (HONG KONG) LIMITED 8. PACGEN GP LLC 9. RISING SUN MANAGEMENT LTD. 10. DALTON ADVISORY KK 11. PACRIM GP LLC 12. DALTON INVESTMENTS, INC. 13. NAVF SELECT SPECIAL MEMBER LLC 14. DALTON KOREA CO., LTD 15. DALTON INVESTMENT ADVISORY SERVICES PRIVATE LIMITED 16. INDIA GP LLC 17. KAVF SELECT GP LLC

(b) Ownership chain — Schedule A (direct) & Schedule B (indirect)

Dalton Investments, Inc. (CRD 308609) — Schedule A direct owners (verbatim)

Dalton Investments, Inc. — Schedule B indirect owners (verbatim) — the chain up to the Trust

RCM (CRD 290118) — Schedule B indirect owners (verbatim) — mirror chain

Chain in one line: Laura Parker Rosenwald & James Benno Rosenwald (trustees) → Rosenwald Family Trust (75%+ owner, since 12/1997) → Rosenwald Capital Management, Inc. → (since 07/2024) majority [50–75%] owner of Dalton Investments, Inc. James B. Rosenwald is simultaneously Chairman & CIO of Dalton.

(b) RCM Part 2A (brochure) Item 10 admissions — VERBATIM

Source: RCM_Part2A_brochure_v1031377.pdf (current RCM Form ADV Part 2A, dated 03/30/2026), "Item 10: Other Financial Industry Activities and Affiliations."

Common control (Item 10.C):

"Dalton and Rising Sun Rising Sun are both under common control with RCM. Additionally, Rising Sun is a relying adviser of RCM."

Back-office services (Item 10.C) — the key admission:

"RCM and Rising Sun each has a shared services agreement whereby Dalton provides RCM and Rising Sun with back-office services, including compliance and trading, for a fee."

Majority ownership (Item 10.E):

"In particular, RCM is a majority-owner of Dalton; Mr. Rosenwald is a Founding Partner and the Chief Investment Officer of Dalton. He also serves as a director of certain of the offshore feeder funds of Dalton's hedge funds. The investment strategies and guidelines of RCM, Rising Sun and Dalton may overlap in a material manner, and potential conflicts of interests regarding allocations by Mr. Rosenwald of investment opportunities between clients of RCM, Rising Sun and clients of Dalton could arise as a result of different compensation arrangements or for other reasons. ... RCM is a majority-owner of Rising Sun. Rising Sun entered into a research services agreement with Dalton Advisory KK, a Tokyo-based, wholly owned research subsidiary of Dalton."

Beach Front pooled-assets sentence (Item 10.E) — verbatim:

"In addition, RCM utilizes the assets of pooled vehicle clients of RCM to make investments in Dalton pooled vehicles or pooled vehicles of other management companies (including Beach Front Property Management, Inc., which manages real estate exclusively and not securities) in which Mr. Rosenwald, direct or indirect beneficial owners of RCM or their family members or affiliates have ownership or other interests, and this may result in Dalton or such other management companies (and, indirectly Mr. Rosenwald, direct or indirect beneficial owners of RCM or their respective family members or affiliates) collecting management fees, performance fees and other compensation from RCM clients. The payment of such compensation to Dalton or such other management companies may be in addition to the management fees, performance fees and other compensation otherwise payable to RCM by the RCM clients."

Also (Item 4 of the same brochure):

"The Rosenwald Family Trust owns 100% of RCM. RCM owns the majority of Rising Sun."

Cross-confirmation from the Dalton Inc. Part 2A brochure

Source: Dalton_Inc_Part2A_brochure_v1031564.pdf (current Dalton Form ADV Part 2A, 03/30/2026):

"As of the date of this document, Rosenwald Capital Management, Inc., for which Mr. Rosenwald serves as the President, is a majority-owner of Dalton, with our remaining shareholders being other senior professionals of Dalton." "Rosenwald Capital Management, Inc., and Rising Sun Management Ltd. ('Rising Sun') are affiliated entities under common control with us. ... All are subject to our compliance policies and procedures administered by Dalton's Chief Compliance Officer."

Source files in this folder

• 308609_Dalton_Inc_ADV.pdf — Dalton Investments, Inc. Form ADV Part 1A (current).
• 109538_Dalton_LLC_ADV.pdf — Dalton Investments LLC Form ADV Part 1A (final, 04/30/2021).
• 290118_RCM_ADV.pdf — Rosenwald Capital Management, Inc. Form ADV Part 1A (current).
• Dalton_Inc_Part2A_brochure_v1031564.pdf — Dalton Inc. Part 2A brochure (current).
• RCM_Part2A_brochure_v1031377.pdf — RCM Part 2A brochure (current).
• JBRIII_EarlyWarning_6K_ex99-1.htm — Glass House Brands 6-K Ex. 99.1, James B. Rosenwald III early-warning report (Nov-30-2022 gift; MVS 19.93%→17.23%).
• _bulk/ — 15 SEC annual ADV snapshot zips (2011–2026, no 2024), extractor, and extracted_5D_5F.json (machine-readable year-by-year 5.D/5.F).