# Form ADV Detail — Dalton & Rosenwald Capital Management (RCM)

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)

| Snapshot Yr | Entity / CRD | Total RAUM 5F(2)(c) (USD) | # Accounts 5F(2)(f) |
|---|---|---:|---:|
| 2011 | LLC 109538 | 1,211,955,844 | 147 |
| 2012 | LLC 109538 | 1,924,303,043 | 154 |
| 2013 | LLC 109538 | 2,361,290,200 | 144 |
| 2014 | LLC 109538 | 3,141,788,090 | 75 |
| 2015 | LLC 109538 | 3,502,395,801 | 112 |
| 2016 | LLC 109538 | 3,668,404,497 | 42 |
| 2017 | LLC 109538 | 3,536,985,724 | 39 |
| 2018 | LLC 109538 | 3,991,780,203 | 31 |
| 2019 | LLC 109538 | 3,670,965,406 | 41 |
| 2020 | LLC 109538 | 3,510,794,557 | 40 |
| 2021 | LLC 109538 | 3,268,032,625 | 37 |
| 2022 | Inc. 308609 | 3,183,959,410 | 36 |
| 2023 | Inc. 308609 | 2,406,511,672 | 32 |
| *2024* | *(no SEC snapshot)* | — | — |
| 2025 | Inc. 308609 | 4,112,185,669 | 39 |
| 2026 | Inc. 308609 | 5,717,833,544 | 40 |

### RCM — CRD 290118 (2018–2026)

| Snapshot Yr | Total RAUM 5F(2)(c) (USD) | # Accounts 5F(2)(f) | Non-US RAUM 5F(3) |
|---|---:|---:|---:|
| 2018 | 253,867,910 | 4 | (n/a) |
| 2019 | 141,166,413 | 4 | |
| 2020 | 120,660,716 | 4 | |
| 2021 | 139,858,215 | 4 | |
| 2022 | 224,091,503 | 5 | |
| 2023 | 210,451,068 | 5 | |
| *2024* | *(no SEC snapshot)* | — | |
| 2025 | 218,548,571 | 3 | |
| 2026 | 248,122,453 | 3 | 166,033,149 |

> **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)
| Owner | DE/FE/I | Title/Status | Date Acq. | Own. Code | Control | CRD |
|---|---|---|---|---|---|---|
| ALFANDARI, SARAH, BARBARA | I | CEO & President, and Director of the Board | 09/2020 | NA | Y | 5346892 |
| COMBS, FRANK, GIFFORD | I | Portfolio Manager, and Director of the Board | 12/2019 | NA | Y | 1537215 |
| DOUGLAS, IAIN | I | Chief Marketing Officer | 03/2021 | NA | Y | 7357717 |
| HA, CHRISTOPHER, ALFRED | I | Secretary, CCO and Counsel | 01/2021 | NA | Y | 6095216 |
| HUNPADONGRAT, JANET | I | Treasurer, COO and CFO | 01/2022 | NA | Y | 7146271 |
| **ROSENWALD, JAMES, BENNO** | I | **Chairman of the Board, and Chief Investment Officer** | 09/2020 | NA | Y | **1241892** |
| ROSENWALD, JOCELYN, MAY | I | Director of the Board | 09/2020 | NA | Y | 6860202 |
| **ROSENWALD CAPITAL MANAGEMENT, INC.** | DE | **MAJORITY OWNER OF DALTON INVESTMENTS, INC.** | **07/2024** | **D (50–<75%)** | **Y** | **290118** |
| MERCER, CRAIG, ALAN | I | Chief Research Officer and Chief Sustainability Officer | 08/2024 | NA | Y | 8052739 |
| WALKING ROCK NEVADA, INC. | DE | OWNER OF DALTON INVESTMENTS, INC. | 07/2024 | B (10–<25%) | N | — |
| IRADNAFLA LLC | DE | OWNER OF DALTON INVESTMENTS, INC. | 07/2024 | A (5–<10%) | N | — |

### Dalton Investments, Inc. — Schedule B indirect owners (verbatim) — the chain up to the Trust
| Owner | Entity in Which Interest Owned | Status | Date | Code | Control | CRD |
|---|---|---|---|---|---|---|
| **ROSENWALD FAMILY TRUST** | ROSENWALD CAPITAL MANAGEMENT, INC. | OWNER | 12/1997 | **E (75%+)** | Y | — |
| **ROSENWALD, JAMES, BENNO** | ROSENWALD FAMILY TRUST | **TRUSTEE** | 12/1997 | F | Y | 1241892 |
| **ROSENWALD, LAURA, PARKER** | ROSENWALD FAMILY TRUST | **TRUSTEE** | 12/1997 | F | Y | 6860203 |
| COMBS, FRANK, GIFFORD | WALKING ROCK NEVADA, INC. | CEO | 10/2002 | E (75%+) | Y | 1537215 |
| ALFANDARI, SARAH, BARBARA | IRADNAFLA LLC | MEMBER | 05/2020 | E (75%+) | Y | 5346892 |

### RCM (CRD 290118) — Schedule B indirect owners (verbatim) — mirror chain
| Owner | Entity in Which Interest Owned | Status | Date | Code | Control | CRD |
|---|---|---|---|---|---|---|
| **ROSENWALD CAPITAL MANAGEMENT, INC.** | DALTON INVESTMENTS, INC. | **MAJORITY OWNER OF DALTON INVESTMENTS, INC.** | 07/2024 | **D (50–<75%)** | Y | 290118 |
| **ROSENWALD FAMILY TRUST** | ROSENWALD CAPITAL MANAGEMENT, INC. | OWNER | 12/1997 | **E (75%+)** | Y | — |
| **ROSENWALD, JAMES, BENNO** | ROSENWALD FAMILY TRUST | TRUSTEE | 12/1997 | F | Y | 1241892 |
| **ROSENWALD, LAURA, PARKER** | ROSENWALD FAMILY TRUST | TRUSTEE | 12/1997 | F | Y | 6860203 |

> **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).