# Nantahala Capital Management, LLC

> Nantahala Capital Management, LLC is an SEC-registered investment advisory firm in New Canaan, CT, registered since 2011, reporting $1 billion to $5 billion in regulatory assets under management in its Form ADV filing dated September 14, 2026.

- CRD: 158081
- Filed as: NANTAHALA CAPITAL MANAGEMENT, LLC
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: New Canaan, CT
- Filing period: October 2026
- Form ADV filing dated: September 14, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/158081
- AdvisorCensus page: https://advisorcensus.com/firm/nantahala-capital-management-llc-new-canaan-ct-158081

## Quick answers

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

**How much does Nantahala Capital Management, LLC charge?**
Its Form ADV Part 2A brochure dated March 30, 2026 states: Asset-based fee: 1% to 2% 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 Nantahala Capital Management, LLC located?**
Nantahala Capital Management, LLC's principal office is in New Canaan, CT, according to its Form ADV.

**Is Nantahala Capital Management, LLC registered with the SEC or a state?**
Nantahala Capital Management, LLC is an SEC-registered investment advisory firm, registered since 2011. Status as filed: Approved. CRD 158081.

**How much does Nantahala Capital Management, LLC manage?**
Nantahala Capital Management, LLC reports $3,114,082,769 in regulatory assets under management in its Form ADV filing dated September 14, 2026 (100% discretionary).

**How have Nantahala Capital Management, LLC's assets and staff changed since 2021?**
In the Form ADV data for Nantahala Capital Management, LLC: Regulatory assets under management: $4,181,605,982 in the October 2021 data and $3,114,082,769 in the October 2026 data, down 26%. Total employees: 19 in October 2021 and 14 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Nantahala 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) (10); charitable organizations (1).

**Which custodians does Nantahala Capital Management, LLC use?**
Nantahala Capital Management, LLC's most recent Form ADV filing (Schedule D, Section 5.K(3)) lists Northern Trust Securities, Inc. as a custodian holding 10% or more of its separately managed account assets.

**Does Nantahala Capital Management, LLC 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/158081

**Does Nantahala Capital Management, LLC state an account minimum?**
Its Form ADV Part 2A brochure dated March 30, 2026 says: "The minimum initial investment in the Funds is $1,000,000, subject to waiver at the discretion of Nantahala."

**What changed in Nantahala Capital Management, LLC's recent Form ADV filings?**
In the April 2026 filing data: Regulatory assets under management went from $2,345,132,702 to $3,114,082,769 (+33%).

## 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: 1% to 2% a year (a range, as the brochure states it)

> The management fee typically ranges between 1.0% and 2.0% annually.

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

> The minimum initial investment in the Funds is $1,000,000, subject to waiver at the discretion of Nantahala.

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

### Custodians (Schedule D, Section 5.K(3))
- Northern Trust Securities, Inc.

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: $3,114,082,769
- Discretionary: $3,114,082,769
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Pooled investment vehicles (other than investment companies and business development companies) | 10 | $3,114,000,470 |
| Charitable organizations | 1 | $82,299 |

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

### Firm details
- Registered since: 2011 (15 years)
- Employees: 14 total, 6 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: CT
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Websites listed on Form ADV (Item 1.I)
- [nantahalapartners.com](https://nantahalapartners.com)

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $4,181,605,982 | 19 | August 3, 2021 |
| October 2022 | $3,539,081,537 | 17 | July 1, 2022 |
| October 2023 | $2,470,541,928 | 16 | June 14, 2023 |
| October 2024 | $2,283,111,910 | 14 | May 29, 2024 |
| October 2025 | $2,345,132,702 | 15 | March 31, 2025 |
| October 2026 | $3,114,082,769 | 14 | September 14, 2026 |

Regulatory assets under management: $4,181,605,982 in the October 2021 data and $3,114,082,769 in the October 2026 data, down 26%.
Total employees: 19 in October 2021 and 14 in October 2026.

## Changes in the filing (last 12 months)

### April 2026
- Regulatory assets under management went from $2,345,132,702 to $3,114,082,769 (+33%).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Nantahala Capital Management, LLC (CRD 158081): Form ADV filing data as of October 2026.