# The Baupost Group, L.L.C.

> The Baupost Group, L.L.C. is an SEC-registered investment advisory firm in Boston, MA, registered since 1998, reporting over $5 billion in regulatory assets under management in its Form ADV filing dated March 30, 2026.

- CRD: 109530
- Filed as: THE BAUPOST GROUP, L.L.C.
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Boston, MA
- Filing period: October 2026
- Form ADV filing dated: March 30, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/109530
- AdvisorCensus page: https://advisorcensus.com/firm/the-baupost-group-l-l-c-boston-ma-109530

## Quick answers

**How is The Baupost Group, L.L.C. compensated?**
On its Form ADV (Item 5.E, October 2026), The Baupost Group, L.L.C. reports these compensation arrangements: a percentage of assets under its management; performance-based fees; other. The amounts are in Item 5 of its Form ADV Part 2A brochure.

**Where is The Baupost Group, L.L.C. located?**
The Baupost Group, L.L.C.'s principal office is in Boston, MA, according to its Form ADV.

**Is The Baupost Group, L.L.C. registered with the SEC or a state?**
The Baupost Group, L.L.C. is an SEC-registered investment advisory firm, registered since 1998. Status as filed: Approved. CRD 109530.

**How much does The Baupost Group, L.L.C. manage?**
The Baupost Group, L.L.C. reports $24,681,434,252 in regulatory assets under management in its Form ADV filing dated March 30, 2026 (100% discretionary).

**How have The Baupost Group, L.L.C.'s assets and staff changed since 2021?**
In the Form ADV data for The Baupost Group, L.L.C.: Regulatory assets under management: $32,019,687,679 in the October 2021 data and $24,681,434,252 in the October 2026 data, down 23%. Total employees: 275 in October 2021 and 210 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does The Baupost Group, L.L.C. serve?**
By number of clients on Form ADV Item 5.D: pooled investment vehicles (other than investment companies and business development companies) (12).

**Does The Baupost Group, L.L.C. report any disciplinary disclosures?**
Reports 2 disclosure items on Form ADV Item 11: yes answers to 11.A(1) (felony conviction or plea in the past ten years) and 11.D(2) (another regulator's finding of a violation). 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/109530

**What changed in The Baupost Group, L.L.C.'s recent Form ADV filings?**
In the April 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
- Performance-based fees
- Other

### Regulatory assets under management (Item 5.F)
- Total: $24,681,434,252
- Discretionary: $24,681,434,252
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Pooled investment vehicles (other than investment companies and business development companies) | 12 | $24,681,434,252 |

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

### Firm details
- Registered since: 1998 (28 years)
- Employees: 210 total, 45 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: MA
- Disclosures (Item 11): Reports 2 disclosure items on Form ADV Item 11.

### Item 11 questions answered yes
- 11.A(1): In the past ten years, has the firm or an advisory affiliate been convicted of, or pleaded guilty or no contest to, a felony?
- 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?

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/109530

### Websites listed on Form ADV (Item 1.I)
- baupost.com
- glassdoor.com/Overview/Working-at-The-Baupost-Group-EI_IE260422.11,28.htm
- LinkedIn @the-baupost-group

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $32,019,687,679 | 275 | June 28, 2021 |
| October 2022 | $31,605,784,991 | 265 | March 29, 2022 |
| October 2023 | $27,384,539,075 | 266 | March 31, 2023 |
| October 2024 | $24,767,034,506 | 272 | March 28, 2024 |
| October 2025 | $23,584,785,908 | 244 | March 28, 2025 |
| October 2026 | $24,681,434,252 | 210 | March 30, 2026 |

Regulatory assets under management: $32,019,687,679 in the October 2021 data and $24,681,434,252 in the October 2026 data, down 23%.
Total employees: 275 in October 2021 and 210 in October 2026.

## Changes in the filing (last 12 months)

### April 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. The Baupost Group, L.L.C. (CRD 109530): Form ADV filing data as of October 2026.