# Aspen Capital Management, LLC

> Aspen Capital Management, LLC is an SEC-registered investment advisory firm in Boise, ID, registered since 2004, reporting $1 billion to $5 billion in regulatory assets under management in its Form ADV filing dated February 24, 2026.

- CRD: 119050
- Filed as: ASPEN CAPITAL MANAGEMENT, LLC
- Legal name: Aspen Capital Management
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Boise, ID
- Filing period: October 2026
- Form ADV filing dated: February 24, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/119050
- AdvisorCensus page: https://advisorcensus.com/firm/aspen-capital-management-llc-boise-id-119050

## Quick answers

**How is Aspen Capital Management, LLC compensated?**
On its Form ADV (Item 5.E, October 2026), Aspen Capital Management, LLC reports these compensation arrangements: a percentage of assets under its management; fixed fees (other than subscription fees).

**Where is Aspen Capital Management, LLC located?**
Aspen Capital Management, LLC's principal office is in Boise, ID, according to its Form ADV.

**Is Aspen Capital Management, LLC registered with the SEC or a state?**
Aspen Capital Management, LLC is an SEC-registered investment advisory firm, registered since 2004. Status as filed: Approved. CRD 119050.

**How much does Aspen Capital Management, LLC manage?**
Aspen Capital Management, LLC reports $1,338,285,275 in regulatory assets under management in its Form ADV filing dated February 24, 2026 (100% discretionary).

**How have Aspen Capital Management, LLC's assets and staff changed since 2021?**
In the Form ADV data for Aspen Capital Management, LLC: Regulatory assets under management: $785,038,007 in the October 2021 data and $1,338,285,275 in the October 2026 data, up 70%. Total employees: 6 in October 2021 and 12 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Aspen Capital Management, LLC serve?**
By number of clients on Form ADV Item 5.D: high net worth individuals (284); individuals (other than high net worth individuals) (159); charitable organizations (32).

**Which custodians does Aspen Capital Management, LLC use?**
Aspen Capital Management, LLC's most recent Form ADV filing (Schedule D, Section 5.K(3)) lists Charles Schwab & Co., Inc. as a custodian holding 10% or more of its separately managed account assets.

**Does Aspen Capital Management, LLC 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/119050

**Does Aspen Capital Management, LLC state an account minimum?**
Its Form ADV Part 2A brochure dated February 24, 2026 says: "In most cases ASPEN CAPITAL MANAGEMENT, LLC does not have an account minimum. While we don’t have an account minimum, we do have a minimum quarterly fee."

**What changed in Aspen Capital Management, LLC's recent Form ADV filings?**
In the March 2026 filing data: Regulatory assets under management went from $1,130,631,429 to $1,338,285,275 (+18%).

## From the Form ADV filing

### Compensation (Item 5.E)
- A percentage of assets under your management
- Fixed fees (other than subscription fees)

### Fees and minimums (Form ADV Part 2A brochure dated February 24, 2026)

- Account minimum: None

> In most cases ASPEN CAPITAL MANAGEMENT, LLC does not have an account minimum. While we don’t have an account minimum, we do have a minimum quarterly fee.

As stated in the firm's brochure. Fees can differ by service and may be negotiable.

### Custodians (Schedule D, Section 5.K(3))
- Charles Schwab & Co., Inc.

Custodians holding 10% or more of the firm's separately managed account assets, as filed on Form ADV (Schedule D, Section 5.K(3)). A custodian holds client assets; it does not endorse or supervise the firm. AdvisorCensus has no relationship with any custodian.

### Regulatory assets under management (Item 5.F)
- Total: $1,338,285,275
- Discretionary: $1,337,145,536
- Non-discretionary: $1,139,739

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Individuals (other than high net worth individuals) | 159 | $65,782,955 |
| High net worth individuals | 284 | $1,149,958,371 |
| Charitable organizations | 32 | $122,543,949 |

### Advisory services (Item 5.G)
- Financial planning services
- Portfolio management for individuals and/or small businesses

### Firm details
- Registered since: 2004 (22 years)
- Employees: 12 total, 9 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: AZ, CA, CO, ID, MT, NC, NE, NY, OR, TX, WA
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Websites listed on Form ADV (Item 1.I)
- aspencapitalmgmt.com
- Facebook @AspenCapital
- LinkedIn @aspen-capital-management

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $785,038,007 | 6 | March 18, 2021 |
| October 2022 | $836,060,000 | 7 | March 24, 2022 |
| October 2023 | $850,370,000 | 9 | March 30, 2023 |
| October 2024 | $1,010,000,000 | 10 | March 29, 2024 |
| October 2025 | $1,130,631,429 | 9 | March 5, 2025 |
| October 2026 | $1,338,285,275 | 12 | February 24, 2026 |

Regulatory assets under management: $785,038,007 in the October 2021 data and $1,338,285,275 in the October 2026 data, up 70%.
Total employees: 6 in October 2021 and 12 in October 2026.

## Changes in the filing (last 12 months)

### March 2026
- Regulatory assets under management went from $1,130,631,429 to $1,338,285,275 (+18%).

### December 2025
- Employees performing advisory functions went from 6 to 9.
- Updated its list of owners and control persons (Schedule A).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Aspen Capital Management, LLC (CRD 119050): Form ADV filing data as of October 2026.