STONE TEMPLE PARTNERS LLC

Stone Temple Partners LLC Part 2A of Form ADV The Brochure Stone Temple Partners LLC 320 Boston Post Rd Suite 180-281 Darien, CT 06820 (203) 253-1823 March 19, 2025 This brochure provides information about the qualifications and business practices of Stone Temple Partners LLC. If you have any questions about the contents of this brochure, please contact Stone Temple at (203) 253-1823 or Stone Temple’s Chief Compliance Officer at (646) 734-9570. The information in this brochure has not been approved or verified by the United States Securities and Exchange Commission or by any state securities authority. Stone Temple Partners LLC is an SEC registered investment adviser. Registration of an investment adviser does not imply any level of skill or training. Additional information about Stone Temple Partners LLC is also available on the SEC’s website at: www.adviserinfo.sec.gov. 1  Material Changes Stone Temple Partners LLC has the following material changes to report. • The firm has updated its Assets under management. (Item 4) Table of Contents Material Changes ........................................................................................................................... 2 Table of Contents .......................................................................................................................... 2 Advisory Business .......................................................................................................................... 3 Fees and Compensation ................................................................................................................. 3 Performance Based Fees and Side-by-Side Management .................................................................. 4 Types of Clients ............................................................................................................................. 4 Methods of Analysis, Investment Strategies, and Risk of Loss .......................................................... 5 Disciplinary Information ................................................................................................................ 6 Other Financial Industry Activities and Affiliations ......................................................................... 6 Code of Ethics, Participation or Interest in Client Transactions, and Personal Trading ...................... 6 Brokerage Practices ........................................................................................................................ 6 Review of Accounts ....................................................................................................................... 7 Client Referrals and Other Compensation ....................................................................................... 7 Custody ......................................................................................................................................... 7 Investment Discretion .................................................................................................................... 8 Voting Client Securities .................................................................................................................. 8 Financial Information .................................................................................................................... 8 2  Advisory Business Stone Temple Partners, LLC (together with its affiliates, “Stone Temple”, “we”, “us”, or the “firm”) provides investment advisory and other wealth management services to a limited number of families of significant means, as well as investment advisory services to private investment funds that will be offered to qualified investors in the United States and elsewhere. The firm’s founding members began working together in 2018, and in 2024 they launched an independent advisory group under the Stone Temple name. Stone Temple is owned by Timothy Hall, David Ward, and Alexander Herman. More information about Stone Temple’s owners and executive officers is available in its Form ADV, in Part 1 Schedule A. Stone Temple had a total of $617,616,108 in non-discretionary assets under management and $2,163,829 in discretionary assets under management as of December 31, 2024. Services to Families Stone Temple offers customized investment and other advisory services to a select group of family clients pursuant to advisory contracts that are individually negotiated with each family client. A family client’s advisory contract may impose reasonable restrictions on the types of investments that may be made by Stone Temple for such family client. Services to Private Funds Stone Temple will also serve as an investment manager and provide discretionary investment advisory services to pooled investment vehicles (also referred to as private investment funds). These advisory services will be detailed in the relevant private placement memorandum or other offering documents, limited partnership or other operating agreements of Stone Temple’s fund clients. Generally, however, Stone Temple will have overall responsibility for implementing the investment strategies of each fund client. Fees and Compensation Fees Charged to Families Stone Temple charges a fixed annual fee for its services which will vary for each family client based upon a number of factors unique to each family client, including the type and complexity of assets and the advisory services offered. Client fees generally will be billed quarterly in advance, based upon the negotiated fixed fee in the advisory contract. If a client terminates its account or the applicable advisory contract with Stone Temple, such client may do so with 90 days’ prior notice, generally subject to a minimum initial term. In such situations, any pre-paid fees will be refunded based on daily pro-ration of the fee that was billed or based on such other terms and conditions as set forth in the applicable advisory contract. Fees Charged to Private Funds Stone Temple will charge a fee calculated as a percentage of assets under management for the management services provided by the firm to a fund client, payable quarterly in advance. In addition, 3  for advisory services to a fund client, the firm will charge a fee based on the performance of the fund’s investments. Please see Performance-Based Fees and Side-By-Side Management below for discussion of performance-based compensation. Fees Charged by Financial Institutions, Custodians and Third Party Managers Stone Temple’s clients pay the fees, costs, and expenses, determined by the firm as necessary, advisable or appropriate to reach each client’s investment objectives. The fees, costs, and expenses may include: management fees, custodial fees, accounting, brokerage commissions, clearing fees, valuation service costs, interest on margin accounts, borrowing charges, and other cost and expenses in connection with the client’s account/accounts. All fees paid to Stone Temple for investment advisory services are separate and distinct from the fees, costs, commissions, and expenses charged by brokers and third-party managers. Neither Stone Temple, nor any of its principals or employees, share in any portion of these fees, costs, commissions, or expenses. Please see Brokerage Practices below for discussion of third-party fees, costs, and expenses. Performance Based Fees and Side-by-Side Management Stone Temple will charge performance-based fees to private investment funds for which it serves as an investment advisor or manager, which may include carried interest allocations and management or administration fees. This will give rise to potential conflicts of interest since, for example, in allocating investment opportunities, there could be incentives to favor firm-sponsored funds over family clients that pay fixed fees. As a general principle, Stone Temple requires that potential conflicts of interest be addressed by the firm acting in the best interests of its family clients consistent with its fiduciary duties, and family clients are not required to invest in such private investment funds if they do not wish to do so. More specifically, we manage this and other conflicts associated with side-by-side management of various clients through internal review processes and oversight. While the procedures used to manage these conflicts differ depending upon the specific risks presented, all are designed to guard against intentionally favoring one client over another. Types of Clients Stone Temple provides services to a select group of family clients, which may be comprised of ultra- high-net-worth individuals, their family members, trusts, foundations, family businesses, and various investment vehicles. In addition, Stone Temple will provide services to a curated range of pooled investment vehicles (private investment funds) that it expects will range across the following asset classes: fixed income, liquid alternatives, private credit, public equity, private equity, real estate, real asset, and venture/directs. These fund clients may be evergreen or drawdown in nature. 4  Methods of Analysis, Investment Strategies, and Risk of Loss Stone Temple uses sophisticated, hedge-fund style portfolio construction and risk management techniques to build durable portfolios for the firm’s clients. This involves correlation, drawdown, impairment, expected return, cash flow modeling, and benchmarking analysis at the portfolio and asset class level. Stone Temple manages customized single family office portfolios across nine asset classes, and intends to run nine commingled pools across those same nine asset classes: cash management, fixed income, liquid alternatives, private credit, public equity, private equity, venture capital, real estate, and real assets. The goal is to build portfolios with significantly less drawdown risk than traditional 60/40 or endowment style portfolios while maintaining consistent, compounding returns on par with the expected returns of much more risky portfolios, in order to produce a differentiated return stream. At the investment level, the firm uses fundamental in-depth research and its cultivation of exclusive sourcing channels to uncover unique opportunities in the investment universe, for both family clients and fund clients. On a quarterly basis, the firm prioritizes the most significant client needs and the most opportunistic areas of the investment universe, as these are most likely to result in meaningful impact for the firm’s clients. A broad top-of-the-funnel process seeks to gather the most interesting ideas from many different sourcing channels. Stone Temple’s investment committee makes an initial appraisal of whether potential investments fit client-specific asymmetric risk/reward profiles and warrant further exploration at the asset-class, competitor-landscape, or idiosyncratic-single-investment levels. The firm then runs a highly institutional process of vetting, categorizing, and ranking the most interesting ideas that meet those priorities. Stone Temple uses both quantitative and fundamental analysis to identify top investor talent and decipher which strategies warrant full investment underwriting. This underwriting process generally involves security analysis, private equity style deep diligence, attribution data analysis, internal and external reference checks, an ODD process, and more depending on the specific strategy. The foundation of our investment program is deep partnerships across the ecosystem. This includes peers in the single family office, endowment, pension, and multi-family office spaces, as well as experts in different areas of the investment landscape. Stone Temple also seeks to form significant connections across the fund manager landscape to negotiate advantaged fees, enhanced information sharing, and outsized exposure to direct deal flow. These relationships allow for positive selection for the most interesting investment opportunities and greater concentration in the best ideas, and also allow the firm to more accurately assess specific timing and risks. Our investment team prepares a memorandum for each potential investment that it wishes to recommend to a client and, after a thorough discussion, Stone Temple’s investment committee votes to approve or deny the execution of each such investment. Once an investment has been executed, the firm continually reassesses the client’s portfolio construction and performance, aiming to mitigate specific risks to improve downside protection and to increase concentration in the best-performing ideas. The same process will be done at each specific fund level. While Stone Temple seeks to manage a client’s accounts so that risks are appropriate to such client’s investment strategy, it is often not possible or desirable to fully eliminate risks. Any investment will include the risk of loss, and there can be no guarantee that Stone Temple’s investment program will be successful. 5  Disciplinary Information None. Other Financial Industry Activities and Affiliations Stone Temple is not registered as a broker-dealer and does not have a pending application to register as such. Stone Temple and its principals and employees do not have any relationships or arrangements with other financial services companies that pose any material conflicts of interest. Code of Ethics, Participation or Interest in Client Transactions, and Personal Trading Stone Temple has a fiduciary obligation to the family clients and fund clients that it advises. All investment activities of the firm, the principals, and the employees of Stone Temple are subject to this fiduciary obligation of care to the firm’s clients. Stone Temple has adopted a Code of Ethics which sets forth high ethical standards of business conduct required of the firm’s employees, including compliance with all applicable federal securities laws. Our Code of Ethics includes policies and procedures for the review of quarterly securities transactions reports as well as initial and annual securities holdings reports for each of the firm’s access persons. The foundation of the Code of Ethics is based on the underlying principles that: • Employees must at all times place the interests of the client first, • Employees must make sure that all personal securities transactions are conducted consistent with the Code of Ethics, and • Employees should never take inappropriate advantage of their position. In addition, employees may not participate in any initial public offering or engage in any outside business activities or private placements before obtaining authorization from the Chief Compliance Officer. All Stone Temple employees must direct their brokers to send duplicate copies of trade confirmations and brokerage statements to the Chief Compliance Officer. These records are used to monitor compliance with the foregoing policies. Stone Temple’s Code of Ethics is available upon request. Brokerage Practices Stone Temple does not currently have discretionary authority over the placement of clients’ brokerage trades (and the commission rates that are paid). 6  Aggregated Trades Stone Temple may recommend investments in the same security for different clients at different times and in different relative amounts based upon differences in each client’s investment objectives, and size of order. The level of participation by different clients in the same security may also be dependent upon other factors relating to the suitability of the security for a particular client or account. Directed Brokerage If a client instructs Stone Temple to execute some or all transactions through a specific broker, it should be understood that under those circumstances, Stone Temple will not have the authority to negotiate commissions or obtain volume discounts and best execution may not be achieved. Additionally, under these circumstances a disparity in commission charges may exist between the commissions charged to other clients since Stone Temple may not be able to aggregate orders to reduce transaction costs or the client may receive less favorable prices. Review of Accounts Stone Temple monitors the underlying securities, third-party managers, and private investments that are selected for each client’s account on a regular basis and meets with each family client at least annually to review for consistency with such family client’s investment policy and performance relative to the appropriate and agreed upon benchmark. The custodians for each family client’s investments provide them with monthly reports showing the assets in each of their accounts, the market value, and each account’s performance for that period. In addition, Stone Temple provides all clients with periodic reports which detail investment activity, holdings, portfolio performance, risk management, comparisons of current allocations to target allocations, and market overview. Certain third-party managers provide additional reports which also are shared with clients. Client Referrals and Other Compensation Stone Temple does not compensate third parties for client referrals. Custody Stone Temple’s practice is not to have custody of family clients’ assets; such assets will be placed with a qualified custodian. The firm’s family clients receive account statements directly from the applicable qualified custodian and each such family client should carefully review those statements. Stone Temple’s reports to each family client are prepared in part using statements from underlying managers and/or custodians. Stone Temple encourages family clients to compare the reports from Stone Temple with the statements received from their qualified custodians. With respect to private investment funds managed by the firm, Stone Temple will not physically hold cash or unrestricted certificated securities of such fund clients. Cash and certificated securities will be held by qualified third-party custodians appointed by each fund client. However, Stone Temple and/or its affiliates serving as general partner or manager of a fund client will be deemed to have custody of 7  such cash and securities. Each fund client will engage an independent public accounting firm to audit such fund client annually, and Stone Temple will engage an independent public accounting firm to perform a surprise examination of Stone Temple (or such affiliate) annually. Investment Discretion Stone Temple does not expect any family clients to grant the firm discretionary authority to determine which securities and/or third-party managers to allocate assets to and the amounts of securities to be bought and sold for their accounts. However, in the event that a family client does decide to grant such discretionary authority, Stone Temple will request that such authority be granted in writing, typically in the client’s executed advisory contract. Stone Temple will have discretionary investment authority to manage investments on behalf of its fund clients. The firm will assume this discretionary authority pursuant to the terms of the offering materials and subscription documents executed by the investors in each fund client. Voting Client Securities In accordance with its fiduciary duty to clients and Rule 206(4)-6 of the Advisers Act, Stone Temple has adopted and implemented written policies and procedures governing the voting of client securities. All proxies that Stone Temple receives will be treated in accordance with these policies and procedures, which are designed to mitigate the concern that a particular proxy vote is the product of a conflict of interest. With respect to family clients, Stone Temple will not accept voting authority unless it is for family client securities that the firm has discretion over, and in such case we may hire an outside third party to do so. However, Stone Temple will accept the discretionary authority to vote proxies for fund clients. A copy of Stone Temple’s proxy voting policies and procedures, as well as specific information about how Stone Temple has voted in the past, is available upon written request. Financial Information Stone Temple does not require or solicit prepayment of fees six months or more in advance. Stone Temple has never filed for bankruptcy and is not aware of any financial condition that is expected to affect its ability to manage client accounts. 8