AdvisorCensus / Financial advisors / Texas / Dallas / Tomales Bay Capital
Tomales Bay Capital
Filed as TOMALES BAY CAPITAL · Legal name Tomales Bay Capital, L.P.
Tomales Bay Capital is an SEC-registered investment advisory firm in Dallas, TX, registered since 2019, reporting over $5 billion in regulatory assets under management in its Form ADV filing dated March 31, 2026.
Quick answers
From the filingHow is Tomales Bay Capital compensated?
On its Form ADV (Item 5.E, October 2026), Tomales Bay Capital reports these compensation arrangements: a percentage of assets under its management; performance-based fees.
Where is Tomales Bay Capital located?
Tomales Bay Capital's principal office is in Dallas, TX, according to its Form ADV.
Is Tomales Bay Capital registered with the SEC or a state?
Tomales Bay Capital is an SEC-registered investment advisory firm, registered since 2019. Status as filed: Approved. CRD 298932.
How much does Tomales Bay Capital manage?
Tomales Bay Capital reports $5,112,625,424 in regulatory assets under management in its Form ADV filing dated March 31, 2026 (100% discretionary).
How have Tomales Bay Capital's assets and staff changed since 2021?
In the Form ADV data for Tomales Bay Capital: Regulatory assets under management: $682,051,240 in the October 2021 data and $5,112,625,424 in the October 2026 data, up 650%. Total employees: 2 in October 2021 and 3 in October 2026. Assets under management move with markets as well as with clients coming and going.
What types of clients does Tomales Bay Capital serve?
By number of clients on Form ADV Item 5.D: pooled investment vehicles (other than investment companies and business development companies) (43).
Does Tomales Bay Capital 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/298932
What changed in Tomales Bay Capital's recent Form ADV filings?
In the April 2026 filing data: Employees performing advisory functions went from 2 to 1. Regulatory assets under management went from $2,958,967,207 to $5,112,625,424 (+73%). Registered or notice-filed in FL.
From the Form ADV filing
Every figure below is as the firm filed it with regulators, as of October 2026.
How the firm is compensated
Item 5.E- A percentage of assets under your management
- Performance-based fees
Item 5.E lists how the firm is compensated for its advice; Items 5.B, 6.A, and 7.A show whether its people or related companies can also earn commissions. Percentage of assets, fixed, hourly, subscription, and performance-based fees come from clients (a performance-based fee depends on investment results); commissions come with a sale or a trade, often from the company behind the product. How fees, commissions, and other arrangements differ
Fees and minimums
Form ADV Part 2ASee the firm's brochure (dated March 31, 2026) for its fees and any account minimum, on the SEC's IAPD site.
Regulatory assets under management
Item 5.F$5,112,625,424 as of October 2026, filing dated March 31, 2026.
A measure of scale, not skill or returns. Discretionary means the firm decides trades; non-discretionary means clients approve each one. What assets under management means
Who the firm serves
Item 5.DA firm with no individual clients is an institutional manager even if it manages billions; the mix tells you whom the practice is built around.
Advisory services
Item 5.G- Portfolio management for pooled investment vehicles (other than investment companies)
Registration and firm details
Items 1, 2, 5- Legal name
- Tomales Bay Capital, L.P.
- Registration
- SEC-registered investment adviser. Status as filed: Approved.
- Registered since
- 2019 (6 years)
- Employees
- Total: 3. Performing investment advisory functions: 1.
- Wrap fee program participation
- No.
- States registered or notice-filed
-
2 states or jurisdictions
SEC-registered investment advisers are examined by the SEC. SEC, state, and exempt registration
Disclosures
Item 11None Reports no disclosure items on Form ADV Item 11. View on IAPD.
Item 11 asks about criminal, regulatory, and civil events involving the firm and its advisory personnel. The detail of each yes answer is on the IAPD record. Reading a firm's disclosures
Assets and staff over time
Items 5.A, 5.F| Data period | Assets under management | Employees | Filing dated |
|---|---|---|---|
| October 2026 | $5,112,625,424 | 3 | March 31, 2026 |
| October 2025 | $2,958,967,207 | 4 | March 31, 2025 |
| October 2024 | $2,151,870,552 | 6 | March 28, 2024 |
| October 2023 | $1,845,109,012 | 4 | August 30, 2023 |
| October 2022 | $1,847,108,234 | 3 | September 9, 2022 |
| October 2021 | $682,051,240 | 2 | March 31, 2021 |
Regulatory assets under management: $682,051,240 in the October 2021 data and $5,112,625,424 in the October 2026 data, up 650%.
Total employees: 2 in October 2021 and 3 in October 2026.
As filed in each year's data for the same month. Assets under management move with markets as well as with clients coming and going; they measure scale, not skill or returns. Most firms update these figures once a year.
Changes in the filing
Last 12 months- April 2026
- Employees performing advisory functions went from 2 to 1.
- Regulatory assets under management went from $2,958,967,207 to $5,112,625,424 (+73%).
- Registered or notice-filed in FL.
- January 2026
- No longer registered or notice-filed in CA.
Compared month to month from the SEC's monthly adviser data and the state compilation feed. Owners and control persons are summarized, never named.
Websites listed on Form ADV
Item 1.ISource: Form ADV, as of October 2026. Values appear as filed; a value the firm did not report is shown as "Not reported."
Cite this page
AdvisorCensus. Tomales Bay Capital (CRD 298932): Form ADV filing data as of October 2026. https://advisorcensus.com/firm/tomales-bay-capital-dallas-tx-298932