# Caption Management, LLC

> Caption Management, LLC is an SEC-registered investment advisory firm in Oklahoma City, OK, registered since 2017, reporting $1 billion to $5 billion in regulatory assets under management in its Form ADV filing dated March 24, 2026.

- CRD: 173841
- Filed as: CAPTION MANAGEMENT, LLC
- Also doing business as: CAPTION PARTNERS
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Oklahoma City, OK
- Filing period: October 2026
- Form ADV filing dated: March 24, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/173841
- AdvisorCensus page: https://advisorcensus.com/firm/caption-management-llc-oklahoma-city-ok-173841

## Quick answers

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

**Where is Caption Management, LLC located?**
Caption Management, LLC's principal office is in Oklahoma City, OK, according to its Form ADV; the April 2026 filing also lists 2 other offices (Schedule D, Section 1.F).

**Is Caption Management, LLC registered with the SEC or a state?**
Caption Management, LLC is an SEC-registered investment advisory firm, registered since 2017. Status as filed: Approved. CRD 173841.

**How much does Caption Management, LLC manage?**
Caption Management, LLC reports $3,407,703,418 in regulatory assets under management in its Form ADV filing dated March 24, 2026 (100% discretionary).

**How have Caption Management, LLC's assets and staff changed since 2021?**
In the Form ADV data for Caption Management, LLC: Regulatory assets under management: $1,218,816,424 in the October 2021 data and $3,407,703,418 in the October 2026 data, up 180%. Total employees: 12 in October 2021 and 22 in October 2026. Assets under management move with markets as well as with clients coming and going.

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

**Does Caption Management, 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/173841

**What changed in Caption Management, LLC's recent Form ADV filings?**
In the April 2026 filing data: Employees performing advisory functions went from 10 to 12. Regulatory assets under management went from $3,068,736,463 to $3,407,703,418 (+11%). Added an office in Boca Raton, FL. Updated its list of owners and control persons (Schedule A).

## 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: $3,407,703,418
- Discretionary: $3,407,703,418
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Pooled investment vehicles (other than investment companies and business development companies) | 5 | $3,407,703,418 |

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

### Firm details
- Registered since: 2017 (9 years)
- Employees: 22 total, 12 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: OK
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Other offices (Schedule D, Section 1.F), as of the April 2026 filing
- Boca Raton, FL
- New York, NY

### Websites listed on Form ADV (Item 1.I)
- captionpartners.com
- LinkedIn @caption-partners-lp

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $1,218,816,424 | 12 | March 30, 2021 |
| October 2022 | $1,800,893,123 | 13 | March 22, 2022 |
| October 2023 | $1,151,045,152 | 14 | March 28, 2023 |
| October 2024 | $1,706,753,895 | 16 | March 28, 2024 |
| October 2025 | $3,068,736,463 | 19 | March 26, 2025 |
| October 2026 | $3,407,703,418 | 22 | March 24, 2026 |

Regulatory assets under management: $1,218,816,424 in the October 2021 data and $3,407,703,418 in the October 2026 data, up 180%.
Total employees: 12 in October 2021 and 22 in October 2026.

## Changes in the filing (last 12 months)

### April 2026
- Employees performing advisory functions went from 10 to 12.
- Regulatory assets under management went from $3,068,736,463 to $3,407,703,418 (+11%).
- Added an office in Boca Raton, FL.
- Updated its list of owners and control persons (Schedule A).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Caption Management, LLC (CRD 173841): Form ADV filing data as of October 2026.