# Masters Capital Management, L.L.C.

> Masters Capital Management, L.L.C. is an SEC-registered investment advisory firm in Atlanta, GA, registered since 2006, reporting $500 million to $1 billion in regulatory assets under management in its Form ADV filing dated March 30, 2026.

- CRD: 137605
- Filed as: MASTERS CAPITAL MANAGEMENT, L.L.C.
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Atlanta, GA
- Filing period: October 2026
- Form ADV filing dated: March 30, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/137605
- AdvisorCensus page: https://advisorcensus.com/firm/masters-capital-management-l-l-c-atlanta-ga-137605

## Quick answers

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

**What does Masters Capital Management, L.L.C.'s brochure say about its fees?**
Its Form ADV Part 2A brochure dated March 30, 2026 states: Asset-based fee: 2% of assets a year. Fees can differ by service and may be negotiable; the brochure is the complete statement.

**Where is Masters Capital Management, L.L.C. located?**
Masters Capital Management, L.L.C.'s principal office is in Atlanta, GA, according to its Form ADV.

**Is Masters Capital Management, L.L.C. registered with the SEC or a state?**
Masters Capital Management, L.L.C. is an SEC-registered investment advisory firm, registered since 2006. Status as filed: Approved. CRD 137605.

**How much does Masters Capital Management, L.L.C. manage?**
Masters Capital Management, L.L.C. reports $804,599,172 in regulatory assets under management in its Form ADV filing dated March 30, 2026 (100% discretionary).

**How have Masters Capital Management, L.L.C.'s assets and staff changed since 2021?**
In the Form ADV data for Masters Capital Management, L.L.C.: Regulatory assets under management: $698,886,521 in the October 2021 data and $804,599,172 in the October 2026 data, up 15%. Total employees: 19 in October 2021 and 17 in October 2026. Assets under management move with markets as well as with clients coming and going.

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

**Does Masters Capital Management, L.L.C. 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/137605

**What changed in Masters Capital Management, L.L.C.'s recent Form ADV filings?**
In the April 2026 filing data: Regulatory assets under management went from $687,134,382 to $804,599,172 (+17%).

## 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 30, 2026)

- Asset-based fee: 2% of assets a year

> The Funds pay the Adviser investment management fees each quarter in advance in amounts of 2.0% per annum, as of January 1, 2026, based on the value of the net assets of the respective Fund

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

### Regulatory assets under management (Item 5.F)
- Total: $804,599,172
- Discretionary: $804,599,172
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Individuals (other than high net worth individuals) | 0 | $0 |
| High net worth individuals | 0 | $0 |
| Banking or thrift institutions | 0 | $0 |
| Investment companies | 0 | $0 |
| Business development companies | 0 | $0 |
| Pooled investment vehicles (other than investment companies and business development companies) | 4 | $804,599,172 |
| Pension and profit sharing plans (but not the plan participants or government pension plans) | 0 | $0 |
| Charitable organizations | 0 | $0 |
| State or municipal government entities (including government pension plans) | 0 | $0 |
| Other investment advisers | 0 | $0 |
| Insurance companies | 0 | $0 |
| Sovereign wealth funds and foreign official institutions | 0 | $0 |
| Corporations or other businesses not listed above | 0 | $0 |
| Other | 0 | $0 |

### Advisory services (Item 5.G)
- Portfolio management for pooled investment vehicles (other than investment companies)
- Selection of other advisers (including private fund managers)

### Firm details
- Registered since: 2006 (20 years)
- Employees: 17 total, 13 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: GA
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Websites listed on Form ADV (Item 1.I)
- masterscapital.com
- LinkedIn @MASTERS-CAPITAL-MANAGEMENT-LLC

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $698,886,521 | 19 | March 30, 2021 |
| October 2022 | $801,848,517 | 17 | March 31, 2022 |
| October 2023 | $569,653,091 | 16 | March 31, 2023 |
| October 2024 | $656,176,467 | 17 | March 28, 2024 |
| October 2025 | $687,134,382 | 17 | March 31, 2025 |
| October 2026 | $804,599,172 | 17 | March 30, 2026 |

Regulatory assets under management: $698,886,521 in the October 2021 data and $804,599,172 in the October 2026 data, up 15%.
Total employees: 19 in October 2021 and 17 in October 2026.

## Changes in the filing (last 12 months)

### April 2026
- Regulatory assets under management went from $687,134,382 to $804,599,172 (+17%).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Masters Capital Management, L.L.C. (CRD 137605): Form ADV filing data as of October 2026.