# Elkwater Capital

> Elkwater Capital is an SEC-registered investment advisory firm in New York, NY, registered since 2025, reporting $25 million to $100 million in regulatory assets under management in its Form ADV filing dated March 20, 2026.

- CRD: 333963
- Filed as: ELKWATER CAPITAL
- Legal name: Elkwater Capital Management, LLC
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: New York, NY
- Filing period: October 2026
- Form ADV filing dated: March 20, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/333963
- AdvisorCensus page: https://advisorcensus.com/firm/elkwater-capital-new-york-ny-333963

## Quick answers

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

**How much does Elkwater Capital charge?**
Its Form ADV Part 2A brochure dated March 20, 2026 states: Up to $10,000,000: 1.2% a year; $10,000,001 to $25,000,000: 1% a year; Above $25,000,001: 0.8% a year. Fees can differ by service and may be negotiable; the brochure is the complete statement.

**Where is Elkwater Capital located?**
Elkwater Capital's principal office is in New York, NY, according to its Form ADV.

**Is Elkwater Capital registered with the SEC or a state?**
Elkwater Capital is an SEC-registered investment advisory firm, registered since 2025. Status as filed: Approved. CRD 333963.

**How much does Elkwater Capital manage?**
Elkwater Capital reports $44,802,000 in regulatory assets under management in its Form ADV filing dated March 20, 2026 (100% discretionary).

**How have Elkwater Capital's assets and staff changed since 2025?**
In the Form ADV data for Elkwater Capital: Regulatory assets under management: $32,896,000 in the October 2025 data and $44,802,000 in the October 2026 data, up 36%. Total employees: 2 in October 2025 and 3 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Elkwater Capital serve?**
By number of clients on Form ADV Item 5.D: pooled investment vehicles (other than investment companies and business development companies) (4).

**Which custodians does Elkwater Capital use?**
Elkwater Capital's most recent Form ADV filing (Schedule D, Section 5.K(3)) lists Interactive Brokers LLC as a custodian holding 10% or more of its separately managed account assets.

**Does Elkwater Capital 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/333963

**Does Elkwater Capital state an account minimum?**
Its Form ADV Part 2A brochure dated March 20, 2026 says: "The Advisor’s cumulative minimum account requirement for opening and maintaining an account is $1,000,000. However, based on facts and circumstances the Advisor may, at its sole discretion, accept accounts with a lower value."

**What changed in Elkwater Capital's recent Form ADV filings?**
In the April 2026 filing data: Regulatory assets under management went from $32,896,000 to $44,802,000 (+36%).

## 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 20, 2026)

- Up to $10,000,000: 1.2% a year
- $10,000,001 to $25,000,000: 1% a year
- Above $25,000,001: 0.8% a year

> Assets Under Management: Annual Fee: Up to $10 million 1.20 % $10,000,001 to $25 million 1.00 % Over $25 million 0.80%

> These fees may be negotiated at the sole discretion of the Advisor.

- Account minimum: $1,000,000 (the brochure says it may be waived or negotiated)

> The Advisor’s cumulative minimum account requirement for opening and maintaining an account is $1,000,000. However, based on facts and circumstances the Advisor may, at its sole discretion, accept accounts with a lower value.

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

### Custodians (Schedule D, Section 5.K(3))
- Interactive Brokers LLC

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: $44,802,000
- Discretionary: $44,802,000
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Pooled investment vehicles (other than investment companies and business development companies) | 4 | $36,150,000 |
| Other investment advisers | Fewer than 5 | $8,652,000 |

### 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

### Firm details
- Registered since: 2025 (1 year)
- Employees: 3 total, 1 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: NY
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Websites listed on Form ADV (Item 1.I)
- elkwatercapital.com
- LinkedIn @elkwater-capital-management-llc

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2025 | $32,896,000 | 2 | June 16, 2025 |
| October 2026 | $44,802,000 | 3 | March 20, 2026 |

Regulatory assets under management: $32,896,000 in the October 2025 data and $44,802,000 in the October 2026 data, up 36%.
Total employees: 2 in October 2025 and 3 in October 2026.

## Changes in the filing (last 12 months)

### April 2026
- Regulatory assets under management went from $32,896,000 to $44,802,000 (+36%).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Elkwater Capital (CRD 333963): Form ADV filing data as of October 2026.