Cerberus Capital Management, L.P.

• A percentage of assets under your management
• Performance-based fees

Item 5.E lists how the firm is compensated for its advice; Items 5.B, 6.A, and 7.A show whether its people or related companies can also earn commissions. Percentage of assets, fixed, hourly, subscription, and performance-based fees come from clients (a performance-based fee depends on investment results); commissions come with a sale or a trade, often from the company behind the product. How fees, commissions, and other arrangements differ

The brochure lists different fees for different services or strategies. See the firm's brochure (dated March 30, 2026) for its fees and any account minimum, on the SEC's IAPD site.

$92,499,746,649 as of October 2026, filing dated August 26, 2026.

A measure of scale, not skill or returns. Discretionary means the firm decides trades; non-discretionary means clients approve each one. What assets under management means

A firm with no individual clients is an institutional manager even if it manages billions; the mix tells you whom the practice is built around.

• Portfolio management for pooled investment vehicles (other than investment companies)
• Portfolio management for businesses (other than small businesses) or institutional clients

Registration

SEC-registered investment adviser. Status as filed: Approved.

Registered since

2010 (16 years)

Employees

Total: 936. Performing investment advisory functions: 216.

Wrap fee program participation

No.

Custodians (Schedule D, Section 5.K(3))

Bank of New York Mellon Trust Company, N.A.US Bank National Association

Custodians holding 10% or more of the firm's separately managed account assets, as filed on Form ADV (Schedule D, Section 5.K(3)). A custodian holds client assets; it does not endorse or supervise the firm. AdvisorCensus has no relationship with any custodian.

Other offices (Schedule D, Section 1.F)

10 other offices, as of the September 2026 filing

AmsterdamArlington, VABurlingame, CAChicago, ILFort Worth, TXLos Angeles, CAMiami, FLPortland, MES?o PauloSan Francisco, CA

States registered or notice-filed

10 states or jurisdictions

AZCACODEFLILMENYTXVA

SEC-registered investment advisers are examined by the SEC. SEC, state, and exempt registration

1 Reports 1 disclosure item on Form ADV Item 11. View on IAPD.

Questions answered yes on this filing

Civil court matters Item 11.H

• 11.H(1)(c) Has a domestic or foreign court ever dismissed, under a settlement agreement, an investment-related civil action brought against the firm or an advisory affiliate by a state or foreign financial regulator?

Each question covers the firm and its advisory affiliates: its current employees other than clerical staff, its officers, partners, and directors, and anyone who controls the firm or is controlled by it. One event can produce yes answers to several questions. SEC-registered advisers and exempt reporting advisers may leave out events more than ten years old, and may answer 11.A(2) and 11.B(2) for pending charges only. What happened, and who was involved, is on the Disclosure Reporting Pages of the IAPD record. Reading a firm's disclosures

Regulatory assets under management: $70,510,573,106 in the October 2021 data and $92,499,746,649 in the October 2026 data, up 31%.

Total employees: 723 in October 2021 and 936 in October 2026.

As filed in each year's data for the same month. Assets under management move with markets as well as with clients coming and going; they measure scale, not skill or returns. Most firms update these figures once a year.

1. September 2026
   • Its Item 11 disclosure answers changed (now yes: 11.H(1)(c); now no: 11.H(2)).
2. April 2026
   • Employees performing advisory functions went from 273 to 216.
   • Changed its office addresses in S?o Paulo.
   • Added an office in Burlingame, CA.
   • Added an office in Portland, ME.
   • No longer lists an office in Dubai.
   • No longer lists an office in Palo Alto, CA.
   • Updated its list of owners and control persons (Schedule A).
3. December 2025
   • Registered or notice-filed in ME.

Compared month to month from the SEC's monthly adviser data and the state compilation feed. Owners and control persons are summarized, never named.