# Middleground Capital

> Middleground Capital is an SEC-registered investment advisory firm in Lexington, KY, registered since 2018, reporting $1 billion to $5 billion in regulatory assets under management in its Form ADV filing dated May 21, 2026.

- CRD: 297235
- Filed as: MIDDLEGROUND CAPITAL
- Legal name: Middleground Management, LP
- Also doing business as: MIDDLEGROUND CAPITAL
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Lexington, KY
- Filing period: October 2026
- Form ADV filing dated: May 21, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/297235
- AdvisorCensus page: https://advisorcensus.com/firm/middleground-capital-lexington-ky-297235

## Quick answers

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

**Where is Middleground Capital located?**
Middleground Capital's principal office is in Lexington, KY, according to its Form ADV; the June 2026 filing also lists 2 other offices (Schedule D, Section 1.F).

**Is Middleground Capital registered with the SEC or a state?**
Middleground Capital is an SEC-registered investment advisory firm, registered since 2018. Status as filed: Approved. CRD 297235.

**How much does Middleground Capital manage?**
Middleground Capital reports $3,887,849,106 in regulatory assets under management in its Form ADV filing dated May 21, 2026 (100% discretionary).

**How have Middleground Capital's assets and staff changed since 2021?**
In the Form ADV data for Middleground Capital: Regulatory assets under management: $686,852,060 in the October 2021 data and $3,887,849,106 in the October 2026 data, up 466%. Total employees: 35 in October 2021 and 111 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Middleground Capital serve?**
By number of clients on Form ADV Item 5.D: pooled investment vehicles (other than investment companies and business development companies) (24).

**Does Middleground 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/297235

**Does Middleground Capital state an account minimum?**
Its Form ADV Part 2A brochure dated May 21, 2026 says: "The anticipated minimum subscription amount for an Underlying Investor in a Client is $1,000,000. The General Partner, an affiliate of MiddleGround, may waive the minimum subscription amount requirement at its sole discretion."

**What changed in Middleground Capital's recent Form ADV filings?**
In the May 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 May 21, 2026)

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

> The anticipated minimum subscription amount for an Underlying Investor in a Client is $1,000,000. The General Partner, an affiliate of MiddleGround, may waive the minimum subscription amount requirement at its sole discretion.

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

### Regulatory assets under management (Item 5.F)
- Total: $3,887,849,106
- Discretionary: $3,887,849,106
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Pooled investment vehicles (other than investment companies and business development companies) | 24 | $3,887,849,106 |

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

### Firm details
- Registered since: 2018 (8 years)
- Employees: 111 total, 38 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: KY, NY
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Other offices (Schedule D, Section 1.F), as of the June 2026 filing
- Amsterdam
- New York, NY

### Websites listed on Form ADV (Item 1.I)
- middleground.com
- LinkedIn @middlegroundcapital
- LinkedIn @johnstewartky

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $686,852,060 | 35 | March 30, 2021 |
| October 2022 | $1,822,334,713 | 55 | March 29, 2022 |
| October 2023 | $2,858,053,570 | 82 | May 1, 2023 |
| October 2024 | $3,803,189,141 | 142 | June 6, 2024 |
| October 2025 | $4,106,892,324 | 116 | May 26, 2025 |
| October 2026 | $3,887,849,106 | 111 | May 21, 2026 |

Regulatory assets under management: $686,852,060 in the October 2021 data and $3,887,849,106 in the October 2026 data, up 466%.
Total employees: 35 in October 2021 and 111 in October 2026.

## Changes in the filing (last 12 months)

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

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Middleground Capital (CRD 297235): Form ADV filing data as of October 2026.