# Source Capital, LLC

> Source Capital, LLC is an SEC-registered investment advisory firm in Atlanta, GA, registered since 2024, reporting $100 million to $500 million in regulatory assets under management in its Form ADV filing dated March 31, 2026.

- CRD: 325758
- Filed as: SOURCE CAPITAL, LLC
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Atlanta, GA
- Filing period: October 2026
- Form ADV filing dated: March 31, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/325758
- AdvisorCensus page: https://advisorcensus.com/firm/source-capital-llc-atlanta-ga-325758

## Quick answers

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

**What does Source Capital, LLC's brochure say about its fees?**
Its Form ADV Part 2A brochure dated March 31, 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 Source Capital, LLC located?**
Source Capital, LLC's principal office is in Atlanta, GA, according to its Form ADV.

**Is Source Capital, LLC registered with the SEC or a state?**
Source Capital, LLC is an SEC-registered investment advisory firm, registered since 2024. Status as filed: Approved. CRD 325758.

**How much does Source Capital, LLC manage?**
Source Capital, LLC reports $475,414,458 in regulatory assets under management in its Form ADV filing dated March 31, 2026 (100% discretionary).

**How have Source Capital, LLC's assets and staff changed since 2023?**
In the Form ADV data for Source Capital, LLC: Regulatory assets under management: $285,089,610 in the October 2024 data and $475,414,458 in the October 2026 data, up 67%. Total employees: 14 in October 2024 and 18 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Source Capital, LLC serve?**
By number of clients on Form ADV Item 5.D: pooled investment vehicles (other than investment companies and business development companies) (19).

**Does Source Capital, 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/325758

**What changed in Source Capital, LLC's recent Form ADV filings?**
In the April 2026 filing data: Employees performing advisory functions went from 14 to 15.

## 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 31, 2026)

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

> Currently, management fees equal to 2% per annum of the total capital commitments made by limited partners during the Fund’s investment period are paid by Source Capital Credit Opportunities Fund III, LP.

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

### Regulatory assets under management (Item 5.F)
- Total: $475,414,458
- Discretionary: $475,414,458
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Pooled investment vehicles (other than investment companies and business development companies) | 19 | $475,414,458 |

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

### Firm details
- Registered since: 2024 (2 years)
- Employees: 18 total, 15 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)
- source-cap.com
- LinkedIn @source-capital-llc

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2023 | Not reported | Not reported | March 31, 2023 |
| October 2024 | $285,089,610 | 14 | June 27, 2024 |
| October 2025 | $436,152,780 | 17 | April 1, 2025 |
| October 2026 | $475,414,458 | 18 | March 31, 2026 |

Regulatory assets under management: $285,089,610 in the October 2024 data and $475,414,458 in the October 2026 data, up 67%.
Total employees: 14 in October 2024 and 18 in October 2026.

## Changes in the filing (last 12 months)

### April 2026
- Employees performing advisory functions went from 14 to 15.

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Source Capital, LLC (CRD 325758): Form ADV filing data as of October 2026.