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Whitebox Advisors

SEC-registered adviser since 2006Minneapolis, MNCRD 121995

$15.7B
AUM
16
Clients
See fees
Fee
35
Advisory staff

From Form ADV filed 25 March 2026 · data retrieved 15 October 2026SEC record

Whitebox Advisors is an investment adviser headquartered in Minneapolis, Minnesota, and registered with the SEC since 2006. Its clients include pooled investment vehicles.

Its services include portfolio management for pooled vehicles. Fee arrangements include a percentage of assets under management and performance-based fees. Skagday, Inc. owns 50% to 75% of Whitebox Advisors.

Clients

Whitebox Advisors serves 16 clients. The average client has about $984 million with the firm.

Regulatory assets by client type
  • Pooled investment vehicles16 clients100%
Show client breakdown
Pooled investment vehicles
Clients
16
Regulatory AUM
$15,739,556,705
Share
100.0%
Avg. per client
$983.7M

Total

Clients
16
Regulatory AUM
$15,739,556,705
Share
100%
Avg. per client
$983.7M

What it does

Whitebox Advisors provides portfolio management for pooled vehicles. It is paid through a percentage of assets and performance-based fees.

Whitebox Advisors provided financial planning to 0 clients last fiscal year and advises 10 private funds.

100.0% of assets ($15.74B across 16 accounts) are managed with discretion. 69% of clients are outside the U.S., and 0 clients received advice without assets under management last fiscal year.

Custodians

Whitebox Advisors has custody of $13.67B for 11 clients.

Managed account assets by custodian
  • All other custodians$15.74B100%

Ownership and leadership

Skagday, Inc. owns 50% to 75% of Whitebox Advisors.

Who owns the firm
Whitebox Advisors LLC· the adviser

  • Skagday, Inc.

    Control person · since August 2015

    Owns 50% to 75% of Whitebox Advisors LLC

  • Dyal US II LLC

    since December 2013

    Owns 50% to 75% of Whitebox Advisors LLC

  • Dyal Cayman Offshore II LP

    since December 2013

    Owns 50% to 75% of Whitebox Advisors LLC

  • Blue Owl GP Stakes II US Investors LP

    since September 2013

    Owns 25% to 50% of Whitebox Advisors LLC

  • Jacob Mercer

    Control person · since January 2017

    Owns 10% to 25% of Whitebox Advisors LLC

  • Paul Roos

    Control person · since June 2021

    Owns 5% to 10% of Whitebox Advisors LLC

  • Nickolas Stukas

    Control person · since May 2022

    Owns 5% to 10% of Whitebox Advisors LLC

  • Blue Owl GP Stakes II GP LLC

    General partner of Blue Owl GP Stakes II (a) LP · since May 2021

Leadership

  • Muquarrab Karim
    Chief Operating Officer and Chief Financial Officer
  • Lisa Conrad
    General Counsel and Chief Compliance Officer
  • Brian Lutz
    Partner, Head of Convertible Arbitrage
  • Jacob Mercer
    Partner, Head of Special Situations and Restructuring
  • Paul Roos
    Partner, Head of Structured Credit
  • Nickolas Stukas
    Partner, Head of Credit Relative Value
  • Robert Vogel
    Partner, Chief Investment Officer

Staff

  • 67 employees
  • 35 in advisory functions

Reported holdings

Whitebox Advisors’ reported 13F holdings total $7.65B across 667 positions, and the ten largest make up 31.7% of it.

$7.65B
Reported 13F value
667
Positions
31.7%
In the 10 largest
−7.2%
Value vs. prior quarter
Ten largest positions, share of reported value
  1. State Str SPDR S&P 500 ETF T · TR UnitPut4.9%
  2. Echostar Corp. · Note 3.875%11/34.2%
  3. Sphere Entertainment CO · Note 3.500%12/03.9%
  4. Snowflake Inc. · Note 10/03.4%
  5. Alibaba Group Hldg Ltd · Note 0.500% 6/03.0%
  6. Super Micro Computer Inc. · Note 6/12.8%
  7. Applied Digital Corp. · Note 2.750% 6/02.6%
  8. Gamestop Corp. · Note 4/02.6%
  9. Gamestop Corp. · Note 6/12.3%
  10. Penumbra Inc.2.1%

Together, the ten largest are 31.7% of reported value.

The 50 largest positions and quarterly changesQuarter ended 30 June 2026 · filed 14 August 2026

A 13F covers only exchange-traded long positions the firm holds with discretion, so this $7.65B is not its $15.74B in regulatory assets and does not represent any individual client's portfolio.

Fees

Whitebox Advisors is paid through a percentage of assets under management and performance-based fees.

Whitebox Advisors’ fee rates are not included in this profile. Find its brochure on the SEC’s site.

Offices and registrations

Besides its headquarters, Whitebox Advisors has 4 offices (1 private residence, listed without an address), with 3 listed addresses across 3 states.

Listed office addresses by state

Minnesota · 1 listed address

  • 3033 Excelsior Boulevard, Suite 500, MinneapolisHQ

Other business names

Whitebox Advisors has reported 3 other business names to the SEC.

  • Whitebox Advisors Australia Pty LTD. (relying Adviser)
  • Whitebox Advisors London, LLP (relying Adviser)
  • Whitebox Capital Management LLC (relying Adviser)

Registration details

Legal name
Whitebox Advisors LLC
Headquarters
3033 Excelsior Boulevard, Suite 500, Minneapolis, MN 55416
Phone
612-253-6001
Website
www.whiteboxadvisors.com
SEC file
801-65882
Structure
Delaware LLC
Fiscal year end
December

This directory does not report disciplinary history, for any firm or individual, in either direction. The SEC publishes the complete record, including any disciplinary events, and it is the authoritative place to check one. See this firm's record on adviserinfo.sec.gov

Common questions

How many clients does Whitebox Advisors have?

Whitebox Advisors has 16 clients and manages $15.7 billion for them, as of March 2026.

Source: Form ADV Part 1A, Items 5.D and 5.F, filed 25 March 2026

What services does Whitebox Advisors offer?

Whitebox Advisors provides portfolio management for pooled vehicles.

Source: Form ADV Part 1A, Item 5.G, from the SEC's 2 October 2026 data file

How many financial advisors does Whitebox Advisors have?

Whitebox Advisors has 0 investment adviser representatives registered with state securities authorities, out of 67 employees, and 35 perform investment advisory functions. None are registered representatives of a broker-dealer or licensed insurance agents.

Source: Form ADV Part 1A, Items 5.A and 5.B, from the SEC's 2 October 2026 data file

Who owns Whitebox Advisors?

Whitebox Advisors is owned through a chain of holding companies by Robert Vogel, Blue Owl GP Stakes II Offshore Investors LP, Blue Owl Capital Inc. and Blue Owl Capital Holdings LP. Its direct owners are Skagday, Inc. (50% to 75%), Jacob Mercer (10% to 25%), Paul Roos (5% to 10%), Nickolas Stukas (5% to 10%), Blue Owl GP Stakes II US Investors LP (25% to 50%), Dyal US II LLC (50% to 75%) and Dyal Cayman Offshore II LP (50% to 75%).

Source: Form ADV Part 1A, Schedules A and B, filed 25 March 2026

How does Whitebox Advisors get paid?

Whitebox Advisors is paid through a percentage of assets under management and performance-based fees. Its Form ADV lists no commissions among how it is paid.

Source: Form ADV Part 1A, Item 5.E, from the SEC's 2 October 2026 data file

Sources

  1. Form ADV Part 1A, amendment filed 25 March 2026. Items 1, 5, 9, 11 and Schedules A, B and D.
  2. IAPD firm record, CRD 121995.
  3. Form 13F-HR, filed 14 August 2026 for the quarter ended 30 June 2026.

Retrieved 15 October 2026. All are published by the SEC and may have been amended since.

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This profile is compiled from public regulatory filings and is provided for informational purposes only. Niva Wealth is not affiliated with Whitebox Advisors LLC and makes no representation about the quality of its services. Figures reflect the filing dates shown and may have changed. Ownership percentages are the bands reported to the SEC, not exact figures.