# Blacksand Capital Management I, LLC

> Blacksand Capital Management I, LLC is an SEC-registered investment advisory firm in Honolulu, HI, registered since 2012, reporting $25 million to $100 million in regulatory assets under management in its Form ADV filing dated March 31, 2026.

- CRD: 163136
- Filed as: BLACKSAND CAPITAL MANAGEMENT I, LLC
- Also doing business as: BLACKSAND CAPITAL LLC
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Honolulu, HI
- Filing period: October 2026
- Form ADV filing dated: March 31, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/163136
- AdvisorCensus page: https://advisorcensus.com/firm/blacksand-capital-management-i-llc-honolulu-hi-163136

## Quick answers

**How is Blacksand Capital Management I, LLC compensated?**
On its Form ADV (Item 5.E, October 2026), Blacksand Capital Management I, LLC reports these compensation arrangements: a percentage of assets under its management; performance-based fees. The amounts are in Item 5 of its Form ADV Part 2A brochure.

**Where is Blacksand Capital Management I, LLC located?**
Blacksand Capital Management I, LLC's principal office is in Honolulu, HI, according to its Form ADV.

**Is Blacksand Capital Management I, LLC registered with the SEC or a state?**
Blacksand Capital Management I, LLC is an SEC-registered investment advisory firm, registered since 2012. Status as filed: Approved. CRD 163136.

**How much does Blacksand Capital Management I, LLC manage?**
Blacksand Capital Management I, LLC reports $25,493,999 in regulatory assets under management in its Form ADV filing dated March 31, 2026 (100% discretionary).

**How have Blacksand Capital Management I, LLC's assets and staff changed since 2021?**
In the Form ADV data for Blacksand Capital Management I, LLC: Regulatory assets under management: $42,159,529 in the October 2021 data and $25,493,999 in the October 2026 data, down 40%. Total employees: 7 in October 2021 and 7 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Blacksand Capital Management I, LLC serve?**
By number of clients on Form ADV Item 5.D: pooled investment vehicles (other than investment companies and business development companies) (2).

**Does Blacksand Capital Management I, 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/163136

**What changed in Blacksand Capital Management I, LLC's recent Form ADV filings?**
In the April 2026 filing data: Regulatory assets under management went from $30,864,913 to $25,493,999 (-17%).

## From the Form ADV filing

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

### Regulatory assets under management (Item 5.F)
- Total: $25,493,999
- Discretionary: $25,493,999
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Pooled investment vehicles (other than investment companies and business development companies) | 2 | $25,493,999 |

### Advisory services (Item 5.G)
- Portfolio management for pooled investment vehicles (other than investment companies)

### Firm details
- Registered since: 2012 (14 years)
- Employees: 7 total, 7 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: HI
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Websites listed on Form ADV (Item 1.I)
- blacksandcapital.com
- LinkedIn @BLACKSAND-CAPITAL-LLC

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $42,159,529 | 7 | March 31, 2021 |
| October 2022 | $40,363,945 | 6 | March 31, 2022 |
| October 2023 | $39,647,875 | 7 | May 19, 2023 |
| October 2024 | $39,863,177 | 8 | March 29, 2024 |
| October 2025 | $30,864,913 | 8 | March 31, 2025 |
| October 2026 | $25,493,999 | 7 | March 31, 2026 |

Regulatory assets under management: $42,159,529 in the October 2021 data and $25,493,999 in the October 2026 data, down 40%.
Total employees: 7 in October 2021 and 7 in October 2026.

## Changes in the filing (last 12 months)

### April 2026
- Regulatory assets under management went from $30,864,913 to $25,493,999 (-17%).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Blacksand Capital Management I, LLC (CRD 163136): Form ADV filing data as of October 2026.