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Fairholme Capital Management, L.L.C.: investment adviser
Fairholme Capital Management, L.L.C. is an investment adviser registered with the SEC (file 801-54831, CRD 107987). What it reports on Form ADV: assets and clients, fees, owners, disciplinary history and its client brochure. From the SEC's Investment Adviser Public Disclosure site; read Oct 21, 2026.
- Assets managed
- $2.1B
- Discretionary
- 100%
- Accounts
- 81
- Employees
- 7
- In advisory roles
- 2
- Disclosures
- 0
Company page · SEC adviser record · Full Form ADV (PDF)
The firm reports that it or a related person has custody of client cash and securities.
Form ADV Part 1A, Item 5, as filed on the SEC Investment Adviser Public Disclosure site; read Oct 21, 2026.
Clients and fees
Whom the firm advises and how it is paid, from Items 5.D, 5.E and 5.G.
| Client type | Clients | Assets | Share |
|---|---|---|---|
| High net worth individuals | 57 | $104.6M | 4.9% |
| Registered funds | 2 | $1.7B | 78.0% |
| Pension and profit-sharing plans | 5 | $28.3M | 1.3% |
| Charities | 2 | $87.2M | 4.1% |
| Corporations | 15 | $251.7M | 11.8% |
How it is paid
- A percentage of assets under your management
Services
- Portfolio management for individuals and/or small businesses
- Portfolio management for investment companies (as well as "business development companies" that have made an election pursuant to section 54 of the Investment Company Act of 1940)
- Portfolio management for businesses (other than small businesses) or institutional clients (other than registered investment companies and other pooled investment vehicles)
Who owns it
Schedule A lists direct owners of 5% or more (and officers who own a stake); Schedule B lists the owners of those owners.
Direct owners (Schedule A)
| Owner | Type | Role | Stake | Since | Control | Public company |
|---|---|---|---|---|---|---|
| Fairholme Holdings LLC | Company (U.S.) | Sole member | E 75% or more | Jan 2015 | Yes |
Indirect owners (Schedule B)
| Owner | Owns a stake in | Type | Stake | Control | Public company |
|---|---|---|---|---|---|
| Bruce Robert Berkowitz | Fairholme | Person | F General partner, trustee or managing member | Yes | |
| Gables Investment GP, LLC | Gables | Company (U.S.) | F General partner, trustee or managing member | Yes | |
| Bruce Robert Berkowitz | Gables | Person | E 75% or more | Yes | |
| Gables Investment Partnership, | Fairholme | Company (U.S.) | D 50% to 75% | Yes | |
| East Lane LLC | Fairholme | Company (U.S.) | C 25% to 50% | Yes |
Form ADV reports ownership in bands, not exact stakes: A means 5% to 10%, B 10% to 25%, C 25% to 50%, D 50% to 75%, E 75% or more. F marks a general partner, trustee or managing member, a role that controls the firm without a percentage. Owners of less than 5% are not listed.
Form ADV Schedules A and B, via the SEC Investment Adviser Public Disclosure site.
Disciplinary history
The firm answered No to every disciplinary question on Form ADV (Item 11).
The brochure
Form ADV Part 2A: the plain-language document an adviser must give its clients. Each item is shown as filed; open an item to read all of it.
Fairholme Capital Management, L.L.C. Brochure March 27, 2026, filed Mar 27, 2026. Brochure PDF. Items: 4 · 7 · 9 · 12 · 13 · 15 · 16 · 17 · 18
Item 4. Advisory business
Advisory Business ....................................................................................................... 4
Item 7. Types of clients
Types of Clients .......................................................................................................... 7
Item 9. Disciplinary information
Disciplinary Information...............................................................................................15
Item 12. Brokerage practices
Brokerage Practices ................................................................................................... 18
Item 13. Review of accounts
Review of Accounts ................................................................................................... 21
Item 15. Custody
Custody ................................................................................................................... . 21
Item 16. Investment discretion
Investment Discretion................................................................................................. 22
Item 17. Voting client securities
Voting Client Securities .............................................................................................. 23
Item 18. Financial information
Financial Information .................................................................................................23
Form ADV Part 2A, via the SEC Investment Adviser Public Disclosure site.