{
  "crd_number": 158835,
  "slug": "forager-capital-management-llc-birmingham-al-158835",
  "primary_business_name": "FORAGER CAPITAL MANAGEMENT, LLC",
  "legal_name": "FORAGER CAPITAL MANAGEMENT, LLC",
  "dbas": [],
  "city": "Birmingham",
  "state": "AL",
  "country": "United States",
  "cbsa_code": "13820",
  "metro": {
    "cbsa_code": "13820",
    "common_name": "Birmingham",
    "msa_name": "Birmingham, AL",
    "path": "/advisors/al/birmingham"
  },
  "registration_type": "sec",
  "registration_status": "Approved",
  "registration_date": "2021-04-14",
  "years_registered": 5,
  "period": "2026-10-01",
  "filing_date": "2026-03-23",
  "carried_forward": false,
  "raum_total": 352913302.0,
  "raum_discretionary": 352913302.0,
  "raum_non_discretionary": 0.0,
  "raum_band": "100m_500m",
  "raum_band_label": "$100 million to $500 million",
  "total_employees": 3,
  "advisory_employees": 3,
  "client_count_bucket": null,
  "clients_by_type": {
    "pooled_investment_vehicles": {
      "raum": 352913302.0,
      "count": 2
    }
  },
  "compensation_types": [
    "percentage_of_aum",
    "performance_based"
  ],
  "advisory_activities": [
    "portfolio_management_pooled_vehicles"
  ],
  "wrap_fee_participant": false,
  "disclosure_yes_count": 0,
  "states_registered": [
    "AL"
  ],
  "websites": [
    "https://foragercap.com"
  ],
  "iapd_url": "https://adviserinfo.sec.gov/firm/summary/158835",
  "city_as_filed": "BIRMINGHAM",
  "url": "https://advisorcensus.com/firm/forager-capital-management-llc-birmingham-al-158835",
  "display_name": "Forager Capital Management, LLC",
  "summary": "Forager Capital Management, LLC is an SEC-registered investment advisory firm in Birmingham, AL, registered since 2021, reporting $100 million to $500 million in regulatory assets under management in its Form ADV filing dated March 23, 2026.",
  "citation": "AdvisorCensus. Forager Capital Management, LLC (CRD 158835): Form ADV filing data as of October 2026.",
  "registration_type_label": "SEC-registered investment adviser",
  "compensation_labels": [
    "A percentage of assets under your management",
    "Performance-based fees"
  ],
  "advisory_activity_labels": [
    "Portfolio management for pooled investment vehicles (other than investment companies)"
  ],
  "quick_answers": [
    {
      "q": "How is Forager Capital Management, LLC compensated?",
      "a": "On its Form ADV (Item 5.E, October 2026), Forager Capital Management, LLC reports these compensation arrangements: a percentage of assets under its management; performance-based fees."
    },
    {
      "q": "Where is Forager Capital Management, LLC located?",
      "a": "Forager Capital Management, LLC's principal office is in Birmingham, AL, according to its Form ADV."
    },
    {
      "q": "Is Forager Capital Management, LLC registered with the SEC or a state?",
      "a": "Forager Capital Management, LLC is an SEC-registered investment advisory firm, registered since 2021. Status as filed: Approved. CRD 158835."
    },
    {
      "q": "How much does Forager Capital Management, LLC manage?",
      "a": "Forager Capital Management, LLC reports $352,913,302 in regulatory assets under management in its Form ADV filing dated March 23, 2026 (100% discretionary)."
    },
    {
      "q": "How have Forager Capital Management, LLC's assets and staff changed since 2021?",
      "a": "In the Form ADV data for Forager Capital Management, LLC: Regulatory assets under management: $137,141,221 in the October 2021 data and $352,913,302 in the October 2026 data, up 157%. Total employees: 3 in October 2021 and 3 in October 2026. Assets under management move with markets as well as with clients coming and going."
    },
    {
      "q": "What types of clients does Forager Capital Management, LLC serve?",
      "a": "By number of clients on Form ADV Item 5.D: pooled investment vehicles (other than investment companies and business development companies) (2)."
    },
    {
      "q": "Does Forager Capital Management, LLC report any disciplinary disclosures?",
      "a": "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/158835"
    },
    {
      "q": "Does Forager Capital Management, LLC state an account minimum?",
      "a": "Its Form ADV Part 2A brochure dated March 23, 2026 says: \"The minimum investment required to invest in client accounts will be $1,000,000, however, Forager reserves the right to reduce this minimum on a case-by-case basis.\""
    }
  ],
  "filing_history": [
    {
      "period": "2021-10-01",
      "regulatory_assets_under_management": 137141221.0,
      "total_employees": 3,
      "filing_date": "2021-03-15"
    },
    {
      "period": "2022-10-01",
      "regulatory_assets_under_management": 295635984.0,
      "total_employees": 3,
      "filing_date": "2022-03-28"
    },
    {
      "period": "2023-10-01",
      "regulatory_assets_under_management": 311826604.0,
      "total_employees": 3,
      "filing_date": "2023-03-28"
    },
    {
      "period": "2024-10-01",
      "regulatory_assets_under_management": 350260960.0,
      "total_employees": 3,
      "filing_date": "2024-03-27"
    },
    {
      "period": "2025-10-01",
      "regulatory_assets_under_management": 355084658.0,
      "total_employees": 3,
      "filing_date": "2025-03-27"
    },
    {
      "period": "2026-10-01",
      "regulatory_assets_under_management": 352913302.0,
      "total_employees": 3,
      "filing_date": "2026-03-23"
    }
  ],
  "recent_changes": [],
  "fees_from_brochure": {
    "source": "Form ADV Part 2A brochure dated March 23, 2026",
    "tiers": [],
    "flat_rate": null,
    "stated_range": null,
    "stated_maximum": null,
    "account_minimum": "$1,000,000",
    "account_minimum_may_be_waived": false,
    "minimum_annual_fee": null,
    "figures": [
      {
        "label": "Account minimum",
        "statements": [
          "Account minimum: $1,000,000"
        ],
        "quotes": [
          "The minimum investment required to invest in client accounts will be $1,000,000, however, Forager reserves the right to reduce this minimum on a case-by-case basis."
        ]
      }
    ],
    "quotes": [
      "The minimum investment required to invest in client accounts will be $1,000,000, however, Forager reserves the right to reduce this minimum on a case-by-case basis."
    ],
    "note": "As stated in the firm's brochure; fees can differ by service and may be negotiable."
  },
  "custodians": [],
  "custodians_note": null,
  "markdown_url": "https://advisorcensus.com/firm/forager-capital-management-llc-birmingham-al-158835.md",
  "clients": [
    {
      "type": "pooled_investment_vehicles",
      "label": "Pooled investment vehicles (other than investment companies and business development companies)",
      "count": 2,
      "fewer_than_5": false,
      "raum": 352913302.0
    }
  ],
  "disclosure_line": "Reports no disclosure items on Form ADV Item 11.",
  "disclosure_items": [],
  "indexable": true,
  "suppressed": false,
  "claimed": false,
  "enhanced": false,
  "provided_by_the_firm": null,
  "source": {
    "name": "Form ADV",
    "as_of": "2026-10-01",
    "iapd_url": "https://adviserinfo.sec.gov/firm/summary/158835",
    "operator": "BH Monitor Services, LLC",
    "license": "https://creativecommons.org/licenses/by/4.0/",
    "credit": "AdvisorCensus (advisorcensus.com), from SEC Form ADV data"
  }
}