# HG Vora Capital Management, LLC

> HG Vora Capital Management, LLC is an SEC-registered investment advisory firm in New York, NY, registered since 2012, reporting over $5 billion in regulatory assets under management in its Form ADV filing dated March 31, 2026.

- CRD: 161788
- Filed as: HG VORA CAPITAL MANAGEMENT, LLC
- Also doing business as: DOWNRIVER (GP) LLC - SERIES B, DOWNRIVER (GP) LLC - SERIES C, DOWNRIVER (GP) LLC - SERIES D, HG VORA (GP) LLC, HG VORA OPPORTUNISTIC CAPITAL (GP) II LLC, HG VORA OPPORTUNISTIC CAPITAL (GP) LLC, HGV OCF (CAYMAN) SLP III LTD., HGV OCF SLP III LLC, MADISON CO-INVESTMENT (GP) SERIES LLC - SERIES 1
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: New York, NY
- Filing period: October 2026
- Form ADV filing dated: March 31, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/161788
- AdvisorCensus page: https://advisorcensus.com/firm/hg-vora-capital-management-llc-new-york-ny-161788

## Quick answers

**How is HG Vora Capital Management, LLC compensated?**
On its Form ADV (Item 5.E, October 2026), HG Vora Capital Management, LLC reports these compensation arrangements: a percentage of assets under its management; performance-based fees. The amounts are in Item 5 of its Form ADV Part 2A brochure.

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

**Is HG Vora Capital Management, LLC registered with the SEC or a state?**
HG Vora Capital Management, LLC is an SEC-registered investment advisory firm, registered since 2012. Status as filed: Approved. CRD 161788.

**How much does HG Vora Capital Management, LLC manage?**
HG Vora Capital Management, LLC reports $5,872,580,973 in regulatory assets under management in its Form ADV filing dated March 31, 2026 (100% discretionary).

**How have HG Vora Capital Management, LLC's assets and staff changed since 2021?**
In the Form ADV data for HG Vora Capital Management, LLC: Regulatory assets under management: $9,658,651,496 in the October 2021 data and $5,872,580,973 in the October 2026 data, down 39%. Total employees: 33 in October 2021 and 40 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does HG Vora Capital Management, LLC serve?**
By number of clients on Form ADV Item 5.D: pooled investment vehicles (other than investment companies and business development companies) (30).

**Does HG Vora Capital Management, LLC report any disciplinary disclosures?**
Reports 3 disclosure items on Form ADV Item 11: yes answers to 11.C(2) (SEC or CFTC finding of a violation), 11.C(4) (SEC or CFTC order), and 11.C(5) (SEC or CFTC civil money penalty or cease-and-desist order). 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/161788

**What changed in HG Vora Capital Management, LLC's recent Form ADV filings?**
In the April 2026 filing data: Added the business name HGV OCF (Cayman) SLP III Ltd.. Added the business name Downriver (GP) LLC - Series D. Regulatory assets under management went from $7,551,518,290 to $5,872,580,973 (-22%).

## 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: $5,872,580,973
- Discretionary: $5,870,758,239
- Non-discretionary: $1,822,734

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Pooled investment vehicles (other than investment companies and business development companies) | 30 | $5,872,580,973 |

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

### Firm details
- Registered since: 2012 (14 years)
- Employees: 40 total, 14 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: NY
- Disclosures (Item 11): Reports 3 disclosure items on Form ADV Item 11.

### Item 11 questions answered yes
- 11.C(2): Has the SEC or the CFTC ever found that the firm or an advisory affiliate was involved in a violation of SEC or CFTC regulations or statutes?
- 11.C(4): Has the SEC or the CFTC ever entered an order against the firm or an advisory affiliate in connection with investment-related activity?
- 11.C(5): Has the SEC or the CFTC ever imposed a civil money penalty on the firm or an advisory affiliate, or ordered the firm or an advisory affiliate to cease and desist from an activity?

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/161788

### Websites listed on Form ADV (Item 1.I)
- hgvora.com
- hgvoracapital.com
- Instagram @HGVoraCapitalMGMT
- Instagram @HG_Vora
- Instagram @hgvoracapital
- LinkedIn @hg-vora-capital-management

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $9,658,651,496 | 33 | March 31, 2021 |
| October 2022 | $10,690,750,143 | 37 | March 31, 2022 |
| October 2023 | $10,030,032,750 | 38 | April 18, 2023 |
| October 2024 | $9,254,164,306 | 40 | May 2, 2024 |
| October 2025 | $7,551,518,290 | 39 | April 23, 2025 |
| October 2026 | $5,872,580,973 | 40 | March 31, 2026 |

Regulatory assets under management: $9,658,651,496 in the October 2021 data and $5,872,580,973 in the October 2026 data, down 39%.
Total employees: 33 in October 2021 and 40 in October 2026.

## Changes in the filing (last 12 months)

### April 2026
- Added the business name HGV OCF (Cayman) SLP III Ltd..
- Added the business name Downriver (GP) LLC - Series D.
- Regulatory assets under management went from $7,551,518,290 to $5,872,580,973 (-22%).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. HG Vora Capital Management, LLC (CRD 161788): Form ADV filing data as of October 2026.