# Birnam Wood Capital, LLC

> Birnam Wood Capital, LLC is an SEC-registered investment advisory firm in Dallas, TX, registered since 2020, reporting $100 million to $500 million in regulatory assets under management in its Form ADV filing dated September 23, 2026.

- CRD: 269897
- Filed as: BIRNAM WOOD CAPITAL, LLC
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Dallas, TX
- Filing period: October 2026
- Form ADV filing dated: September 23, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/269897
- AdvisorCensus page: https://advisorcensus.com/firm/birnam-wood-capital-llc-dallas-tx-269897

## Quick answers

**How is Birnam Wood Capital, LLC compensated?**
On its Form ADV (Item 5.E, October 2026), Birnam Wood Capital, LLC reports these compensation arrangements: a percentage of assets under its management; performance-based fees.

**What does Birnam Wood Capital, LLC's brochure say about its fees?**
Its Form ADV Part 2A brochure dated March 31, 2026 states: Asset-based fee: up to 1.25% of assets a year (the maximum the brochure states). Fees can differ by service and may be negotiable; the brochure is the complete statement.

**Where is Birnam Wood Capital, LLC located?**
Birnam Wood Capital, LLC's principal office is in Dallas, TX, according to its Form ADV.

**Is Birnam Wood Capital, LLC registered with the SEC or a state?**
Birnam Wood Capital, LLC is an SEC-registered investment advisory firm, registered since 2020. Status as filed: Approved. CRD 269897.

**How much does Birnam Wood Capital, LLC manage?**
Birnam Wood Capital, LLC reports $106,127,018 in regulatory assets under management in its Form ADV filing dated September 23, 2026 (0% discretionary).

**How have Birnam Wood Capital, LLC's assets and staff changed since 2021?**
In the Form ADV data for Birnam Wood Capital, LLC: Regulatory assets under management: $121,916,019 in the October 2021 data and $106,127,018 in the October 2026 data, down 13%. Total employees: 2 in October 2021 and 2 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Birnam Wood Capital, LLC serve?**
By number of clients on Form ADV Item 5.D: high net worth individuals (51).

**Which custodians does Birnam Wood Capital, LLC use?**
Birnam Wood Capital, LLC's most recent Form ADV filing (Schedule D, Section 5.K(3)) lists Charles Schwab & Co., Inc. and Inspira Financial as custodians holding 10% or more of its separately managed account assets.

**Does Birnam Wood Capital, LLC report any disciplinary disclosures?**
Reports no disclosure items on Form ADV Item 11. The detail of any item is on the firm's SEC record: https://adviserinfo.sec.gov/firm/summary/269897

## From the Form ADV filing

### Compensation (Item 5.E)
- A percentage of assets under your management
- Performance-based fees

### Fees and minimums (Form ADV Part 2A brochure dated March 31, 2026)

- Asset-based fee: up to 1.25% of assets a year (the maximum the brochure states)

> The maximum annual fee charged for this service will not exceed 1.25% of the Client’s Assets Under Management.

As stated in the firm's brochure. Fees can differ by service and may be negotiable.

### Custodians (Schedule D, Section 5.K(3))
- Charles Schwab & Co., Inc.
- Inspira Financial

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.

### Regulatory assets under management (Item 5.F)
- Total: $106,127,018
- Discretionary: $0
- Non-discretionary: $106,127,018

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| High net worth individuals | 51 | $71,311,710 |
| Charitable organizations | Fewer than 5 | $31,954,868 |
| Corporations or other businesses not listed above | Fewer than 5 | $2,860,440 |

### Advisory services (Item 5.G)
- Portfolio management for individuals and/or small businesses
- Portfolio management for pooled investment vehicles (other than investment companies)
- Portfolio management for businesses (other than small businesses) or institutional clients
- Selection of other advisers (including private fund managers)

### Firm details
- Registered since: 2020 (6 years)
- Employees: 2 total, 1 performing advisory functions
- Wrap fee program participation: Yes
- States registered or notice-filed: TX
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Websites listed on Form ADV (Item 1.I)
- birnamwood-capital.com

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $121,916,019 | 2 | February 3, 2021 |
| October 2022 | $145,441,369 | 2 | February 17, 2022 |
| October 2023 | $107,966,478 | 3 | September 15, 2023 |
| October 2024 | $105,512,301 | 2 | March 11, 2024 |
| October 2025 | $107,516,599 | 2 | February 11, 2025 |
| October 2026 | $106,127,018 | 2 | September 23, 2026 |

Regulatory assets under management: $121,916,019 in the October 2021 data and $106,127,018 in the October 2026 data, down 13%.
Total employees: 2 in October 2021 and 2 in October 2026.

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Birnam Wood Capital, LLC (CRD 269897): Form ADV filing data as of October 2026.