# Carlson Capital, L.P.

> Carlson Capital, L.P. is an SEC-registered investment advisory firm in Dallas, TX, registered since 2001, reporting $500 million to $1 billion in regulatory assets under management in its Form ADV filing dated August 6, 2026.

- CRD: 118156
- Filed as: CARLSON CAPITAL, L.P.
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Dallas, TX
- Filing period: October 2026
- Form ADV filing dated: August 6, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/118156
- AdvisorCensus page: https://advisorcensus.com/firm/carlson-capital-l-p-dallas-tx-118156

## Quick answers

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

**Where is Carlson Capital, L.P. located?**
Carlson Capital, L.P.'s principal office is in Dallas, TX, according to its Form ADV.

**Is Carlson Capital, L.P. registered with the SEC or a state?**
Carlson Capital, L.P. is an SEC-registered investment advisory firm, registered since 2001. Status as filed: Approved. CRD 118156.

**How much does Carlson Capital, L.P. manage?**
Carlson Capital, L.P. reports $529,898,523 in regulatory assets under management in its Form ADV filing dated August 6, 2026 (100% discretionary).

**How have Carlson Capital, L.P.'s assets and staff changed since 2021?**
In the Form ADV data for Carlson Capital, L.P.: Regulatory assets under management: $7,700,525,210 in the October 2021 data and $529,898,523 in the October 2026 data, down 93%. Total employees: 95 in October 2021 and 26 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Carlson Capital, L.P. serve?**
By number of clients on Form ADV Item 5.D: pooled investment vehicles (other than investment companies and business development companies) (14).

**Does Carlson Capital, L.P. report any disciplinary disclosures?**
Reports 1 disclosure item on Form ADV Item 11: yes answers to 11.D(2) (another regulator's finding of a violation). Each question covers the firm and its advisory affiliates, and one event can produce several yes answers. The detail of any item is on the firm's SEC record: https://adviserinfo.sec.gov/firm/summary/118156

**What changed in Carlson Capital, L.P.'s recent Form ADV filings?**
In the September 2026 filing data: Regulatory assets under management went from $597,169,590 to $529,898,523 (-11%).

## 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: $529,898,523
- Discretionary: $529,898,523
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Pooled investment vehicles (other than investment companies and business development companies) | 14 | $529,898,523 |

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

### Firm details
- Registered since: 2001 (24 years)
- Employees: 26 total, 10 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: NY, TX
- Disclosures (Item 11): Reports 1 disclosure item on Form ADV Item 11.

### Item 11 questions answered yes
- 11.D(2): Has another federal regulator, a state regulator, or a foreign financial regulator ever found that the firm or an advisory affiliate was involved in a violation of investment-related regulations or statutes?

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. The detail of each yes answer is on the firm's SEC record: https://adviserinfo.sec.gov/firm/summary/118156

### Websites listed on Form ADV (Item 1.I)
- carlsoncapital.com
- LinkedIn @CARLSON-CAPITAL-L.P.

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $7,700,525,210 | 95 | September 22, 2021 |
| October 2022 | $5,356,823,255 | 75 | August 26, 2022 |
| October 2023 | $2,100,843,314 | 51 | September 1, 2023 |
| October 2024 | $2,024,075,403 | 56 | July 9, 2024 |
| October 2025 | $266,191,954 | 25 | March 28, 2025 |
| October 2026 | $529,898,523 | 26 | August 6, 2026 |

Regulatory assets under management: $7,700,525,210 in the October 2021 data and $529,898,523 in the October 2026 data, down 93%.
Total employees: 95 in October 2021 and 26 in October 2026.

## Changes in the filing (last 12 months)

### September 2026
- Regulatory assets under management went from $597,169,590 to $529,898,523 (-11%).

### August 2026
- Regulatory assets under management went from $429,284,735 to $597,169,590 (+39%).

### June 2026
- Regulatory assets under management went from $343,843,879 to $429,284,735 (+25%).

### April 2026
- Regulatory assets under management went from $292,759,297 to $343,843,879 (+17%).

### March 2026
- Employees performing advisory functions went from 9 to 10.
- Updated its list of owners and control persons (Schedule A).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Carlson Capital, L.P. (CRD 118156): Form ADV filing data as of October 2026.