# Tennenbaum Capital Partners, LLC

> Tennenbaum Capital Partners, LLC is an SEC-registered investment advisory firm in Santa Monica, CA, registered since 2001, reporting $1 billion to $5 billion in regulatory assets under management in its Form ADV filing dated June 17, 2026.

- CRD: 113203
- Filed as: TENNENBAUM CAPITAL PARTNERS, LLC
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Santa Monica, CA
- Filing period: October 2026
- Form ADV filing dated: June 17, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/113203
- AdvisorCensus page: https://advisorcensus.com/firm/tennenbaum-capital-partners-llc-santa-monica-ca-113203

## Quick answers

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

**Where is Tennenbaum Capital Partners, LLC located?**
Tennenbaum Capital Partners, LLC's principal office is in Santa Monica, CA, according to its Form ADV; the July 2026 filing also lists 1 other office (Schedule D, Section 1.F).

**Is Tennenbaum Capital Partners, LLC registered with the SEC or a state?**
Tennenbaum Capital Partners, LLC is an SEC-registered investment advisory firm, registered since 2001. Status as filed: Approved. CRD 113203.

**How much does Tennenbaum Capital Partners, LLC manage?**
Tennenbaum Capital Partners, LLC reports $3,156,595,256 in regulatory assets under management in its Form ADV filing dated June 17, 2026 (100% discretionary).

**How have Tennenbaum Capital Partners, LLC's assets and staff changed since 2021?**
In the Form ADV data for Tennenbaum Capital Partners, LLC: Regulatory assets under management: $8,468,868,378 in the October 2021 data and $3,156,595,256 in the October 2026 data, down 63%. Total employees: 26 in October 2021 and 10 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Tennenbaum Capital Partners, LLC serve?**
By number of clients on Form ADV Item 5.D: pooled investment vehicles (other than investment companies and business development companies) (23); insurance companies (5); business development companies (1).

**Which custodians does Tennenbaum Capital Partners, LLC use?**
Tennenbaum Capital Partners, LLC's most recent Form ADV filing (Schedule D, Section 5.K(3)) lists Bank of New York Mellon, N.A. as a custodian holding 10% or more of its separately managed account assets.

**Does Tennenbaum Capital Partners, LLC report any disciplinary disclosures?**
Reports 10 disclosure items on Form ADV Item 11: yes answers to 8 questions about regulatory matters and 2 questions about civil court matters (11.C(1), 11.C(2), 11.C(4), 11.C(5), 11.D(2), 11.D(4), 11.E(2), 11.G, 11.H(1)(c), 11.H(2)). 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/113203

**What changed in Tennenbaum Capital Partners, LLC's recent Form ADV filings?**
In the April 2026 filing data: Employees performing advisory functions went from 8 to 7. No longer lists an office in Atlanta, GA. No longer lists an office in Santa Monica, CA.

## From the Form ADV filing

### Compensation (Item 5.E)
- A percentage of assets under your management
- Performance-based fees
- Other

### Custodians (Schedule D, Section 5.K(3))
- Bank of New York Mellon, N.A.

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: $3,156,595,256
- Discretionary: $3,156,595,256
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Business development companies | 1 | $1,533,302,472 |
| Pooled investment vehicles (other than investment companies and business development companies) | 23 | $1,372,979,045 |
| Insurance companies | 5 | $226,273,070 |
| Corporations or other businesses not listed above | 1 | $24,040,669 |

### 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
- Selection of other advisers (including private fund managers)
- Other

### Firm details
- Registered since: 2001 (25 years)
- Employees: 10 total, 7 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: CA, DE, MO, NY, PA, TX
- Disclosures (Item 11): Reports 10 disclosure items on Form ADV Item 11.

### Item 11 questions answered yes
- 11.C(1): Has the SEC or the CFTC ever found that the firm or an advisory affiliate made a false statement or omission?
- 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.D(2): Has another federal regulator, a state regulator, or a foreign financial regulator ever found that the firm or an advisory affiliate was involved in a violation of investment-related regulations or statutes?
- 11.D(4): In the past ten years, has another federal regulator, a state regulator, or a foreign financial regulator entered an order against the firm or an advisory affiliate in connection with investment-related activity?
- 11.E(2): Has a self-regulatory organization or a commodities exchange ever found that the firm or an advisory affiliate was involved in a violation of its rules, other than a minor rule violation under a plan the SEC approved?
- 11.G: Is the firm or an advisory affiliate now the subject of a regulatory proceeding that could result in a yes answer to any part of 11.C, 11.D, or 11.E?
- 11.H(1)(c): Has a domestic or foreign court ever dismissed, under a settlement agreement, an investment-related civil action brought against the firm or an advisory affiliate by a state or foreign financial regulator?
- 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/113203

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

### Websites listed on Form ADV (Item 1.I)
- blackrock.com
- douyin.com/user/MS4wLjABAAAATX0BkoY3SXPImjHUWTdWi02SNLwyACHjdmAnkjp298lIw88FuDLmYo-nln-UitiK
- ishares.com
- line.naver.jp/ti/p/@blackrocktw
- mp.weixin.qq.com/mp/profile_ext
- Facebook @BlackRock
- Facebook @iShares
- Instagram @blackrock
- LinkedIn @blackrock
- LinkedIn @ishares
- TikTok @blackrock
- X @blackrock
- X @ishares
- YouTube @UC61MWzrpcsazp23LOxCsTcg
- YouTube @UCrIXkHfv2tMzebAI1TcdDhg

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $8,468,868,378 | 26 | August 12, 2021 |
| October 2022 | $11,353,803,819 | 24 | September 1, 2022 |
| October 2023 | $5,826,622,349 | 20 | May 22, 2023 |
| October 2024 | $6,087,355,192 | 20 | September 20, 2024 |
| October 2025 | $3,432,303,338 | 12 | July 30, 2025 |
| October 2026 | $3,156,595,256 | 10 | June 17, 2026 |

Regulatory assets under management: $8,468,868,378 in the October 2021 data and $3,156,595,256 in the October 2026 data, down 63%.
Total employees: 26 in October 2021 and 10 in October 2026.

## Changes in the filing (last 12 months)

### April 2026
- Employees performing advisory functions went from 8 to 7.
- No longer lists an office in Atlanta, GA.
- No longer lists an office in Santa Monica, CA.

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Tennenbaum Capital Partners, LLC (CRD 113203): Form ADV filing data as of October 2026.