{
  "crd_number": 171420,
  "slug": "nine-ten-capital-management-chicago-il-171420",
  "primary_business_name": "NINE TEN CAPITAL MANAGEMENT",
  "legal_name": "NINE TEN CAPITAL MANAGEMENT, LLC",
  "dbas": [],
  "city": "Chicago",
  "state": "IL",
  "country": "United States",
  "cbsa_code": "16980",
  "metro": {
    "cbsa_code": "16980",
    "common_name": "Chicago",
    "msa_name": "Chicago-Naperville-Elgin, IL-IN",
    "path": "/advisors/il/chicago"
  },
  "registration_type": "sec",
  "registration_status": "Approved",
  "registration_date": "2014-05-21",
  "years_registered": 12,
  "period": "2026-10-01",
  "filing_date": "2026-09-15",
  "carried_forward": false,
  "raum_total": 480553393.0,
  "raum_discretionary": 480553393.0,
  "raum_non_discretionary": 0.0,
  "raum_band": "100m_500m",
  "raum_band_label": "$100 million to $500 million",
  "total_employees": 3,
  "advisory_employees": 2,
  "client_count_bucket": null,
  "clients_by_type": {
    "charitable": {
      "raum": null,
      "count": 0
    },
    "individuals": {
      "raum": null,
      "count": 0
    },
    "banking_thrift": {
      "raum": null,
      "count": 0
    },
    "state_municipal": {
      "raum": null,
      "count": 0
    },
    "insurance_companies": {
      "raum": null,
      "count": 0
    },
    "investment_companies": {
      "raum": null,
      "count": 0
    },
    "pension_profit_sharing": {
      "raum": null,
      "count": 0
    },
    "other_investment_advisers": {
      "raum": null,
      "count": 0
    },
    "high_net_worth_individuals": {
      "raum": null,
      "count": 0
    },
    "pooled_investment_vehicles": {
      "raum": 480553393.0,
      "count": 1
    },
    "corporations_other_businesses": {
      "raum": null,
      "count": 0
    },
    "business_development_companies": {
      "raum": null,
      "count": 0
    },
    "sovereign_wealth_foreign_official": {
      "raum": null,
      "count": 0
    }
  },
  "compensation_types": [
    "percentage_of_aum",
    "performance_based"
  ],
  "advisory_activities": [
    "portfolio_management_pooled_vehicles"
  ],
  "wrap_fee_participant": false,
  "disclosure_yes_count": 0,
  "states_registered": [
    "IL",
    "TX"
  ],
  "websites": [
    "https://ninetencapital.com"
  ],
  "iapd_url": "https://adviserinfo.sec.gov/firm/summary/171420",
  "city_as_filed": "CHICAGO",
  "url": "https://advisorcensus.com/firm/nine-ten-capital-management-chicago-il-171420",
  "display_name": "Nine Ten Capital Management",
  "summary": "Nine Ten Capital Management is an SEC-registered investment advisory firm in Chicago, IL, registered since 2014, reporting $100 million to $500 million in regulatory assets under management in its Form ADV filing dated September 15, 2026.",
  "citation": "AdvisorCensus. Nine Ten Capital Management (CRD 171420): Form ADV filing data as of October 2026.",
  "registration_type_label": "SEC-registered investment adviser",
  "compensation_labels": [
    "A percentage of assets under your management",
    "Performance-based fees"
  ],
  "advisory_activity_labels": [
    "Portfolio management for pooled investment vehicles (other than investment companies)"
  ],
  "quick_answers": [
    {
      "q": "How is Nine Ten Capital Management compensated?",
      "a": "On its Form ADV (Item 5.E, October 2026), Nine Ten Capital Management reports these compensation arrangements: a percentage of assets under its management; performance-based fees."
    },
    {
      "q": "Where is Nine Ten Capital Management located?",
      "a": "Nine Ten Capital Management's principal office is in Chicago, IL, according to its Form ADV."
    },
    {
      "q": "Is Nine Ten Capital Management registered with the SEC or a state?",
      "a": "Nine Ten Capital Management is an SEC-registered investment advisory firm, registered since 2014. Status as filed: Approved. CRD 171420."
    },
    {
      "q": "How much does Nine Ten Capital Management manage?",
      "a": "Nine Ten Capital Management reports $480,553,393 in regulatory assets under management in its Form ADV filing dated September 15, 2026 (100% discretionary)."
    },
    {
      "q": "How have Nine Ten Capital Management's assets and staff changed since 2021?",
      "a": "In the Form ADV data for Nine Ten Capital Management: Regulatory assets under management: $952,342,377 in the October 2021 data and $480,553,393 in the October 2026 data, down 50%. Total employees: 4 in October 2021 and 3 in October 2026. Assets under management move with markets as well as with clients coming and going."
    },
    {
      "q": "What types of clients does Nine Ten Capital Management serve?",
      "a": "By number of clients on Form ADV Item 5.D: pooled investment vehicles (other than investment companies and business development companies) (1)."
    },
    {
      "q": "Does Nine Ten Capital Management report any disciplinary disclosures?",
      "a": "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/171420"
    },
    {
      "q": "Does Nine Ten Capital Management state an account minimum?",
      "a": "Its Form ADV Part 2A brochure dated March 27, 2026 says: \"There is a minimum initial investment of $250,000 in to the Fund.\""
    },
    {
      "q": "What changed in Nine Ten Capital Management's recent Form ADV filings?",
      "a": "In the October 2026 filing data: Employees performing advisory functions went from 3 to 2. Updated its list of owners and control persons (Schedule A)."
    }
  ],
  "filing_history": [
    {
      "period": "2021-10-01",
      "regulatory_assets_under_management": 952342377.0,
      "total_employees": 4,
      "filing_date": "2021-04-12"
    },
    {
      "period": "2022-10-01",
      "regulatory_assets_under_management": 1078097922.0,
      "total_employees": 4,
      "filing_date": "2022-03-09"
    },
    {
      "period": "2023-10-01",
      "regulatory_assets_under_management": 687438554.0,
      "total_employees": 5,
      "filing_date": "2023-10-03"
    },
    {
      "period": "2024-10-01",
      "regulatory_assets_under_management": 471782287.0,
      "total_employees": 4,
      "filing_date": "2024-03-04"
    },
    {
      "period": "2025-10-01",
      "regulatory_assets_under_management": 445447429.0,
      "total_employees": 4,
      "filing_date": "2025-03-20"
    },
    {
      "period": "2026-10-01",
      "regulatory_assets_under_management": 480553393.0,
      "total_employees": 3,
      "filing_date": "2026-09-15"
    }
  ],
  "recent_changes": [
    {
      "period": "2026-10-01",
      "period_label": "October 2026",
      "notes": [
        "Employees performing advisory functions went from 3 to 2.",
        "Updated its list of owners and control persons (Schedule A)."
      ]
    }
  ],
  "fees_from_brochure": {
    "source": "Form ADV Part 2A brochure dated March 27, 2026",
    "tiers": [],
    "flat_rate": null,
    "stated_range": null,
    "stated_maximum": null,
    "account_minimum": "$250,000",
    "account_minimum_may_be_waived": false,
    "minimum_annual_fee": null,
    "figures": [
      {
        "label": "Account minimum",
        "statements": [
          "Account minimum: $250,000"
        ],
        "quotes": [
          "There is a minimum initial investment of $250,000 in to the Fund."
        ]
      }
    ],
    "quotes": [
      "There is a minimum initial investment of $250,000 in to the Fund."
    ],
    "note": "As stated in the firm's brochure; fees can differ by service and may be negotiable."
  },
  "custodians": [],
  "custodians_note": null,
  "markdown_url": "https://advisorcensus.com/firm/nine-ten-capital-management-chicago-il-171420.md",
  "clients": [
    {
      "type": "individuals",
      "label": "Individuals (other than high net worth individuals)",
      "count": 0,
      "fewer_than_5": false,
      "raum": null
    },
    {
      "type": "high_net_worth_individuals",
      "label": "High net worth individuals",
      "count": 0,
      "fewer_than_5": false,
      "raum": null
    },
    {
      "type": "banking_thrift",
      "label": "Banking or thrift institutions",
      "count": 0,
      "fewer_than_5": false,
      "raum": null
    },
    {
      "type": "investment_companies",
      "label": "Investment companies",
      "count": 0,
      "fewer_than_5": false,
      "raum": null
    },
    {
      "type": "business_development_companies",
      "label": "Business development companies",
      "count": 0,
      "fewer_than_5": false,
      "raum": null
    },
    {
      "type": "pooled_investment_vehicles",
      "label": "Pooled investment vehicles (other than investment companies and business development companies)",
      "count": 1,
      "fewer_than_5": false,
      "raum": 480553393.0
    },
    {
      "type": "pension_profit_sharing",
      "label": "Pension and profit sharing plans (but not the plan participants or government pension plans)",
      "count": 0,
      "fewer_than_5": false,
      "raum": null
    },
    {
      "type": "charitable",
      "label": "Charitable organizations",
      "count": 0,
      "fewer_than_5": false,
      "raum": null
    },
    {
      "type": "state_municipal",
      "label": "State or municipal government entities (including government pension plans)",
      "count": 0,
      "fewer_than_5": false,
      "raum": null
    },
    {
      "type": "other_investment_advisers",
      "label": "Other investment advisers",
      "count": 0,
      "fewer_than_5": false,
      "raum": null
    },
    {
      "type": "insurance_companies",
      "label": "Insurance companies",
      "count": 0,
      "fewer_than_5": false,
      "raum": null
    },
    {
      "type": "sovereign_wealth_foreign_official",
      "label": "Sovereign wealth funds and foreign official institutions",
      "count": 0,
      "fewer_than_5": false,
      "raum": null
    },
    {
      "type": "corporations_other_businesses",
      "label": "Corporations or other businesses not listed above",
      "count": 0,
      "fewer_than_5": false,
      "raum": null
    }
  ],
  "disclosure_line": "Reports no disclosure items on Form ADV Item 11.",
  "disclosure_items": [],
  "indexable": true,
  "suppressed": false,
  "claimed": false,
  "enhanced": false,
  "provided_by_the_firm": null,
  "source": {
    "name": "Form ADV",
    "as_of": "2026-10-01",
    "iapd_url": "https://adviserinfo.sec.gov/firm/summary/171420",
    "operator": "BH Monitor Services, LLC",
    "license": "https://creativecommons.org/licenses/by/4.0/",
    "credit": "AdvisorCensus (advisorcensus.com), from SEC Form ADV data"
  }
}