# Whitebox Advisors LLC

> Whitebox Advisors LLC is an SEC-registered investment advisory firm in Minneapolis, MN, registered since 2006, reporting over $5 billion in regulatory assets under management in its Form ADV filing dated March 25, 2026.

- CRD: 121995
- Filed as: WHITEBOX ADVISORS LLC
- Also doing business as: WHITEBOX ADVISORS AUSTRALIA PTY LTD. (RELYING ADVISER), WHITEBOX ADVISORS LONDON, LLP (RELYING ADVISER), WHITEBOX CAPITAL MANAGEMENT LLC (RELYING ADVISER)
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Minneapolis, MN
- Filing period: October 2026
- Form ADV filing dated: March 25, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/121995
- AdvisorCensus page: https://advisorcensus.com/firm/whitebox-advisors-llc-minneapolis-mn-121995

## Quick answers

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

**Where is Whitebox Advisors LLC located?**
Whitebox Advisors LLC's principal office is in Minneapolis, MN, according to its Form ADV; the April 2026 filing also lists 3 other offices (Schedule D, Section 1.F).

**Is Whitebox Advisors LLC registered with the SEC or a state?**
Whitebox Advisors LLC is an SEC-registered investment advisory firm, registered since 2006. Status as filed: Approved. CRD 121995.

**How much does Whitebox Advisors LLC manage?**
Whitebox Advisors LLC reports $15,739,556,705 in regulatory assets under management in its Form ADV filing dated March 25, 2026 (100% discretionary).

**How have Whitebox Advisors LLC's assets and staff changed since 2021?**
In the Form ADV data for Whitebox Advisors LLC: Regulatory assets under management: $9,975,062,179 in the October 2021 data and $15,739,556,705 in the October 2026 data, up 58%. Total employees: 74 in October 2021 and 67 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Whitebox Advisors LLC serve?**
By number of clients on Form ADV Item 5.D: pooled investment vehicles (other than investment companies and business development companies) (16).

**Does Whitebox Advisors 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.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/121995

**What changed in Whitebox Advisors LLC's recent Form ADV filings?**
In the April 2026 filing data: Regulatory assets under management went from $11,045,111,413 to $15,739,556,705 (+43%). 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

### Regulatory assets under management (Item 5.F)
- Total: $15,739,556,705
- Discretionary: $15,739,556,705
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Pooled investment vehicles (other than investment companies and business development companies) | 16 | $15,739,556,705 |

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

### Firm details
- Registered since: 2006 (20 years)
- Employees: 67 total, 35 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: MN, NY, TX
- 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.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/121995

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

### Websites listed on Form ADV (Item 1.I)
- whiteboxadvisors.com
- LinkedIn @whitebox-advisors

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $9,975,062,179 | 74 | August 16, 2021 |
| October 2022 | $10,628,950,544 | 63 | June 1, 2022 |
| October 2023 | $9,519,581,000 | 68 | July 28, 2023 |
| October 2024 | $9,565,705,000 | 65 | May 15, 2024 |
| October 2025 | $11,045,111,413 | 67 | May 12, 2025 |
| October 2026 | $15,739,556,705 | 67 | March 25, 2026 |

Regulatory assets under management: $9,975,062,179 in the October 2021 data and $15,739,556,705 in the October 2026 data, up 58%.
Total employees: 74 in October 2021 and 67 in October 2026.

## Changes in the filing (last 12 months)

### April 2026
- Regulatory assets under management went from $11,045,111,413 to $15,739,556,705 (+43%).
- Updated its list of owners and control persons (Schedule A).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Whitebox Advisors LLC (CRD 121995): Form ADV filing data as of October 2026.