# Greenhouse Funds LLLP

> Greenhouse Funds LLLP is an SEC-registered investment advisory firm in Baltimore, MD, registered since 2015, reporting $1 billion to $5 billion in regulatory assets under management in its Form ADV filing dated September 11, 2026.

- CRD: 169840
- Filed as: GREENHOUSE FUNDS LLLP
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Baltimore, MD
- Filing period: October 2026
- Form ADV filing dated: September 11, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/169840
- AdvisorCensus page: https://advisorcensus.com/firm/greenhouse-funds-lllp-baltimore-md-169840

## Quick answers

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

**How much does Greenhouse Funds LLLP charge?**
Its Form ADV Part 2A brochure dated March 25, 2026 states: Asset-based fee: 0.5% to 1.5% a year (a range, as the brochure states it). Fees can differ by service and may be negotiable; the brochure is the complete statement.

**Where is Greenhouse Funds LLLP located?**
Greenhouse Funds LLLP's principal office is in Baltimore, MD, according to its Form ADV.

**Is Greenhouse Funds LLLP registered with the SEC or a state?**
Greenhouse Funds LLLP is an SEC-registered investment advisory firm, registered since 2015. Status as filed: Approved. CRD 169840.

**How much does Greenhouse Funds LLLP manage?**
Greenhouse Funds LLLP reports $2,927,223,000 in regulatory assets under management in its Form ADV filing dated September 11, 2026 (100% discretionary).

**How have Greenhouse Funds LLLP's assets and staff changed since 2021?**
In the Form ADV data for Greenhouse Funds LLLP: Regulatory assets under management: $1,119,900,000 in the October 2021 data and $2,927,223,000 in the October 2026 data, up 161%. Total employees: 7 in October 2021 and 9 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Greenhouse Funds LLLP serve?**
By number of clients on Form ADV Item 5.D: pooled investment vehicles (other than investment companies and business development companies) (9); investment companies (2).

**Which custodians does Greenhouse Funds LLLP use?**
Greenhouse Funds LLLP's most recent Form ADV filing (Schedule D, Section 5.K(3)) lists JPMorgan Chase & Co as a custodian holding 10% or more of its separately managed account assets.

**Does Greenhouse Funds LLLP 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/169840

**What changed in Greenhouse Funds LLLP's recent Form ADV filings?**
In the June 2026 filing data: 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

### Fees and minimums (Form ADV Part 2A brochure dated March 25, 2026)

- Asset-based fee: 0.5% to 1.5% a year (a range, as the brochure states it)

> The annual fee for the Funds , LO Funds and SMAs ranges from 0.50% to 1.50% and is paid either monthly or quarterly.

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

### Custodians (Schedule D, Section 5.K(3))
- JPMorgan Chase & Co

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: $2,927,223,000
- Discretionary: $2,927,223,000
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Investment companies | 2 | $128,060,000 |
| Pooled investment vehicles (other than investment companies and business development companies) | 9 | $2,598,886,000 |
| State or municipal government entities (including government pension plans) | Fewer than 5 | $200,277,000 |

### Advisory services (Item 5.G)
- Portfolio management for investment companies (and business development companies)
- 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: 2015 (11 years)
- Employees: 9 total, 5 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: FL, MD, NY
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Websites listed on Form ADV (Item 1.I)
- greenhousefunds.com

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $1,119,900,000 | 7 | March 29, 2021 |
| October 2022 | $1,253,900,000 | 8 | May 6, 2022 |
| October 2023 | $1,541,200,000 | 9 | March 31, 2023 |
| October 2024 | $1,939,736,000 | 9 | March 27, 2024 |
| October 2025 | $2,719,130,000 | 10 | March 25, 2025 |
| October 2026 | $2,927,223,000 | 9 | September 11, 2026 |

Regulatory assets under management: $1,119,900,000 in the October 2021 data and $2,927,223,000 in the October 2026 data, up 161%.
Total employees: 7 in October 2021 and 9 in October 2026.

## Changes in the filing (last 12 months)

### June 2026
- Updated its list of owners and control persons (Schedule A).

### April 2026
- No longer lists an office in Delray Beach, 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. Greenhouse Funds LLLP (CRD 169840): Form ADV filing data as of October 2026.