# Obra Capital Management, LLC.

> Obra Capital Management, LLC. is an SEC-registered investment advisory firm in New York, NY, registered since 2010, reporting over $5 billion in regulatory assets under management in its Form ADV filing dated September 23, 2026.

- CRD: 155231
- Filed as: OBRA CAPITAL MANAGEMENT, LLC.
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: New York, NY
- Filing period: October 2026
- Form ADV filing dated: September 23, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/155231
- AdvisorCensus page: https://advisorcensus.com/firm/obra-capital-management-llc-new-york-ny-155231

## Quick answers

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

**How much does Obra Capital Management, LLC. charge?**
Its Form ADV Part 2A brochure dated March 31, 2026 states: Asset-based fee: 1% to 3% 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 Obra Capital Management, LLC. located?**
Obra Capital Management, LLC.'s principal office is in New York, NY, according to its Form ADV; the October 2026 filing also lists 5 other offices (Schedule D, Section 1.F).

**Is Obra Capital Management, LLC. registered with the SEC or a state?**
Obra Capital Management, LLC. is an SEC-registered investment advisory firm, registered since 2010. Status as filed: Approved. CRD 155231.

**How much does Obra Capital Management, LLC. manage?**
Obra Capital Management, LLC. reports $5,746,830,885 in regulatory assets under management in its Form ADV filing dated September 23, 2026 (97% discretionary).

**How have Obra Capital Management, LLC.'s assets and staff changed since 2021?**
In the Form ADV data for Obra Capital Management, LLC.: Regulatory assets under management: $277,583,328 in the October 2021 data and $5,746,830,885 in the October 2026 data, up 1970%. Total employees: 99 in October 2021 and 132 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Obra 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) (33); corporations or other businesses not listed above (27); other (2).

**Which custodians does Obra Capital Management, LLC. use?**
Obra Capital Management, LLC.'s most recent Form ADV filing (Schedule D, Section 5.K(3)) lists Bank of NY Mellon and Citibank NA as custodians holding 10% or more of its separately managed account assets.

**Does Obra Capital Management, LLC. report any disciplinary disclosures?**
Reports 4 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), 11.C(5) (SEC or CFTC civil money penalty or cease-and-desist order), and 11.H(2) (pending civil proceeding). 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/155231

**What changed in Obra Capital Management, LLC.'s recent Form ADV filings?**
In the October 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
- Subscription fees (for a newsletter or periodical)
- Performance-based fees
- Other

### Fees and minimums (Form ADV Part 2A brochure dated March 31, 2026)

- Asset-based fee: 1% to 3% a year (a range, as the brochure states it)

> Obra generally receives between 1% and 3% per annum of the net asset value of each Client’s account or, in the case of certain accounts and closed- end Funds, between 1% and 3% of committed capital during the investment period

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

### Custodians (Schedule D, Section 5.K(3))
- Bank of NY Mellon
- Citibank NA

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: $5,746,830,885
- Discretionary: $5,555,774,378
- Non-discretionary: $191,056,507

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Pooled investment vehicles (other than investment companies and business development companies) | 33 | $3,570,238,475 |
| Other investment advisers | 1 | $22,497,689 |
| Insurance companies | 1 | $151,878,852 |
| Corporations or other businesses not listed above | 27 | $1,811,159,362 |
| Other | 2 | $191,056,507 |

### Advisory services (Item 5.G)
- Portfolio management for pooled investment vehicles (other than investment companies)
- Portfolio management for businesses (other than small businesses) or institutional clients
- Publication of periodicals or newsletters

### Firm details
- Registered since: 2010 (15 years)
- Employees: 132 total, 84 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: IL, NY, TX, VT
- Disclosures (Item 11): Reports 4 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?
- 11.H(2): Is the firm or an advisory affiliate now the subject of a civil proceeding that could result in a yes answer to any part of 11.H(1)?

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/155231

### Other offices (Schedule D, Section 1.F), as of the October 2026 filing
- Austin, TX
- Chicago, IL
- Irving, TX
- Montpelier, VT
- Woodway, TX

### Websites listed on Form ADV (Item 1.I)
- kdpadvisor.com
- kdpam.com
- obra.com
- LinkedIn @obracapital
- X @obracapital

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $277,583,328 | 99 | March 31, 2021 |
| October 2022 | $235,096,047 | 86 | August 10, 2022 |
| October 2023 | $274,978,396 | 91 | August 5, 2023 |
| October 2024 | $2,683,108,075 | 113 | September 9, 2024 |
| October 2025 | $3,601,716,924 | 103 | May 1, 2025 |
| October 2026 | $5,746,830,885 | 132 | September 23, 2026 |

Regulatory assets under management: $277,583,328 in the October 2021 data and $5,746,830,885 in the October 2026 data, up 1970%.
Total employees: 99 in October 2021 and 132 in October 2026.

## Changes in the filing (last 12 months)

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

### April 2026
- Employees performing advisory functions went from 60 to 84.
- Regulatory assets under management went from $3,601,716,924 to $5,746,830,885 (+60%).

### February 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. Obra Capital Management, LLC. (CRD 155231): Form ADV filing data as of October 2026.