{
  "crd_number": 174466,
  "slug": "azarias-capital-management-l-p-westchester-pa-174466",
  "primary_business_name": "AZARIAS CAPITAL MANAGEMENT, L.P.",
  "legal_name": "AZARIAS CAPITAL MANAGEMENT, L.P.",
  "dbas": [
    "ACM, LLC (\"RELYING ADVISER\")"
  ],
  "city": "Westchester",
  "state": "PA",
  "country": "United States",
  "cbsa_code": "37980",
  "metro": {
    "cbsa_code": "37980",
    "common_name": "Philadelphia",
    "msa_name": "Philadelphia-Camden-Wilmington, PA-NJ-DE-MD",
    "path": "/advisors/pa/philadelphia"
  },
  "registration_type": "sec",
  "registration_status": "Approved",
  "registration_date": "2022-03-14",
  "years_registered": 4,
  "period": "2026-10-01",
  "filing_date": "2026-06-09",
  "carried_forward": false,
  "raum_total": 188823949.0,
  "raum_discretionary": 188823949.0,
  "raum_non_discretionary": 0.0,
  "raum_band": "100m_500m",
  "raum_band_label": "$100 million to $500 million",
  "total_employees": 6,
  "advisory_employees": 3,
  "client_count_bucket": "fewer_than_5_in_some_types",
  "clients_by_type": {
    "charitable": {
      "raum": 66162937.0,
      "count": 0,
      "fewer_than_5": true
    },
    "individuals": {
      "raum": 0.0,
      "count": 0
    },
    "banking_thrift": {
      "raum": 0.0,
      "count": 0
    },
    "state_municipal": {
      "raum": 0.0,
      "count": 0
    },
    "insurance_companies": {
      "raum": 0.0,
      "count": 0
    },
    "investment_companies": {
      "raum": 0.0,
      "count": 0
    },
    "pension_profit_sharing": {
      "raum": 0.0,
      "count": 0
    },
    "other_investment_advisers": {
      "raum": 21115969.0,
      "count": 0,
      "fewer_than_5": true
    },
    "high_net_worth_individuals": {
      "raum": 0.0,
      "count": 0
    },
    "pooled_investment_vehicles": {
      "raum": 37635591.0,
      "count": 2
    },
    "corporations_other_businesses": {
      "raum": 63909452.0,
      "count": 0,
      "fewer_than_5": true
    },
    "business_development_companies": {
      "raum": 0.0,
      "count": 0
    },
    "sovereign_wealth_foreign_official": {
      "raum": 0.0,
      "count": 0
    }
  },
  "compensation_types": [
    "percentage_of_aum",
    "performance_based"
  ],
  "advisory_activities": [
    "portfolio_management_businesses_institutional",
    "portfolio_management_pooled_vehicles"
  ],
  "wrap_fee_participant": false,
  "disclosure_yes_count": 0,
  "states_registered": [
    "PA"
  ],
  "websites": [
    "https://azariascapital.com",
    "https://linkedin.com/COMPANY/25685596",
    "https://twitter.com/@AzariasCapital"
  ],
  "iapd_url": "https://adviserinfo.sec.gov/firm/summary/174466",
  "city_as_filed": "WESTCHESTER",
  "url": "https://advisorcensus.com/firm/azarias-capital-management-l-p-westchester-pa-174466",
  "display_name": "Azarias Capital Management, L.P.",
  "summary": "Azarias Capital Management, L.P. is an SEC-registered investment advisory firm in Westchester, PA, registered since 2022, reporting $100 million to $500 million in regulatory assets under management in its Form ADV filing dated June 9, 2026.",
  "citation": "AdvisorCensus. Azarias Capital Management, L.P. (CRD 174466): Form ADV filing data as of October 2026.",
  "registration_type_label": "SEC-registered investment adviser",
  "compensation_labels": [
    "A percentage of assets under your management",
    "Performance-based fees"
  ],
  "advisory_activity_labels": [
    "Portfolio management for pooled investment vehicles (other than investment companies)",
    "Portfolio management for businesses (other than small businesses) or institutional clients"
  ],
  "quick_answers": [
    {
      "q": "How is Azarias Capital Management, L.P. compensated?",
      "a": "On its Form ADV (Item 5.E, October 2026), Azarias Capital Management, L.P. reports these compensation arrangements: a percentage of assets under its management; performance-based fees. The amounts are in Item 5 of its Form ADV Part 2A brochure."
    },
    {
      "q": "Where is Azarias Capital Management, L.P. located?",
      "a": "Azarias Capital Management, L.P.'s principal office is in Westchester, PA, according to its Form ADV; the April 2026 filing also lists 1 other office (Schedule D, Section 1.F)."
    },
    {
      "q": "Is Azarias Capital Management, L.P. registered with the SEC or a state?",
      "a": "Azarias Capital Management, L.P. is an SEC-registered investment advisory firm, registered since 2022. Status as filed: Approved. CRD 174466."
    },
    {
      "q": "How much does Azarias Capital Management, L.P. manage?",
      "a": "Azarias Capital Management, L.P. reports $188,823,949 in regulatory assets under management in its Form ADV filing dated June 9, 2026 (100% discretionary)."
    },
    {
      "q": "How have Azarias Capital Management, L.P.'s assets and staff changed since 2022?",
      "a": "In the Form ADV data for Azarias Capital Management, L.P.: Regulatory assets under management: $125,806,951 in the October 2022 data and $188,823,949 in the October 2026 data, up 50%. Total employees: 5 in October 2022 and 6 in October 2026. Assets under management move with markets as well as with clients coming and going."
    },
    {
      "q": "What types of clients does Azarias Capital Management, L.P. serve?",
      "a": "By number of clients on Form ADV Item 5.D: pooled investment vehicles (other than investment companies and business development companies) (2)."
    },
    {
      "q": "Which custodians does Azarias Capital Management, L.P. use?",
      "a": "Azarias Capital Management, L.P.'s most recent Form ADV filing (Schedule D, Section 5.K(3)) lists BNY Mellon, Pershing LLC and Wells Fargo Securities, LLC as custodians holding 10% or more of its separately managed account assets."
    },
    {
      "q": "Does Azarias Capital Management, L.P. report any disciplinary disclosures?",
      "a": "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/174466"
    },
    {
      "q": "What changed in Azarias Capital Management, L.P.'s recent Form ADV filings?",
      "a": "In the July 2026 filing data: No longer lists an office in Westchester, PA."
    }
  ],
  "filing_history": [
    {
      "period": "2022-10-01",
      "regulatory_assets_under_management": 125806951.0,
      "total_employees": 5,
      "filing_date": "2022-09-14"
    },
    {
      "period": "2023-10-01",
      "regulatory_assets_under_management": 126566996.0,
      "total_employees": 5,
      "filing_date": "2023-05-11"
    },
    {
      "period": "2024-10-01",
      "regulatory_assets_under_management": 252869043.0,
      "total_employees": 6,
      "filing_date": "2024-05-03"
    },
    {
      "period": "2025-10-01",
      "regulatory_assets_under_management": 249375917.0,
      "total_employees": 6,
      "filing_date": "2025-03-14"
    },
    {
      "period": "2026-10-01",
      "regulatory_assets_under_management": 188823949.0,
      "total_employees": 6,
      "filing_date": "2026-06-09"
    }
  ],
  "recent_changes": [
    {
      "period": "2026-07-01",
      "period_label": "July 2026",
      "notes": [
        "No longer lists an office in Westchester, PA."
      ]
    },
    {
      "period": "2026-04-01",
      "period_label": "April 2026",
      "notes": [
        "Added the business name ACM, LLC (\"Relying Adviser\").",
        "Employees performing advisory functions went from 4 to 3.",
        "Regulatory assets under management went from $249,375,917 to $188,823,949 (-24%).",
        "Updated its list of owners and control persons (Schedule A)."
      ]
    }
  ],
  "fees_from_brochure": null,
  "custodians": [
    {
      "name": "BNY Mellon",
      "name_as_filed": "BNY MELLON",
      "affiliated": false
    },
    {
      "name": "Pershing LLC",
      "name_as_filed": "PERSHING LLC",
      "affiliated": false
    },
    {
      "name": "Wells Fargo Securities, LLC",
      "name_as_filed": "WELLS FARGO SECURITIES, LLC",
      "affiliated": false
    }
  ],
  "custodians_note": "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.",
  "markdown_url": "https://advisorcensus.com/firm/azarias-capital-management-l-p-westchester-pa-174466.md",
  "clients": [
    {
      "type": "individuals",
      "label": "Individuals (other than high net worth individuals)",
      "count": 0,
      "fewer_than_5": false,
      "raum": 0.0
    },
    {
      "type": "high_net_worth_individuals",
      "label": "High net worth individuals",
      "count": 0,
      "fewer_than_5": false,
      "raum": 0.0
    },
    {
      "type": "banking_thrift",
      "label": "Banking or thrift institutions",
      "count": 0,
      "fewer_than_5": false,
      "raum": 0.0
    },
    {
      "type": "investment_companies",
      "label": "Investment companies",
      "count": 0,
      "fewer_than_5": false,
      "raum": 0.0
    },
    {
      "type": "business_development_companies",
      "label": "Business development companies",
      "count": 0,
      "fewer_than_5": false,
      "raum": 0.0
    },
    {
      "type": "pooled_investment_vehicles",
      "label": "Pooled investment vehicles (other than investment companies and business development companies)",
      "count": 2,
      "fewer_than_5": false,
      "raum": 37635591.0
    },
    {
      "type": "pension_profit_sharing",
      "label": "Pension and profit sharing plans (but not the plan participants or government pension plans)",
      "count": 0,
      "fewer_than_5": false,
      "raum": 0.0
    },
    {
      "type": "charitable",
      "label": "Charitable organizations",
      "count": 0,
      "fewer_than_5": true,
      "raum": 66162937.0
    },
    {
      "type": "state_municipal",
      "label": "State or municipal government entities (including government pension plans)",
      "count": 0,
      "fewer_than_5": false,
      "raum": 0.0
    },
    {
      "type": "other_investment_advisers",
      "label": "Other investment advisers",
      "count": 0,
      "fewer_than_5": true,
      "raum": 21115969.0
    },
    {
      "type": "insurance_companies",
      "label": "Insurance companies",
      "count": 0,
      "fewer_than_5": false,
      "raum": 0.0
    },
    {
      "type": "sovereign_wealth_foreign_official",
      "label": "Sovereign wealth funds and foreign official institutions",
      "count": 0,
      "fewer_than_5": false,
      "raum": 0.0
    },
    {
      "type": "corporations_other_businesses",
      "label": "Corporations or other businesses not listed above",
      "count": 0,
      "fewer_than_5": true,
      "raum": 63909452.0
    }
  ],
  "disclosure_line": "Reports no disclosure items on Form ADV Item 11.",
  "disclosure_items": [],
  "indexable": true,
  "suppressed": false,
  "claimed": false,
  "enhanced": false,
  "provided_by_the_firm": null,
  "source": {
    "name": "Form ADV",
    "as_of": "2026-10-01",
    "iapd_url": "https://adviserinfo.sec.gov/firm/summary/174466",
    "operator": "BH Monitor Services, LLC",
    "license": "https://creativecommons.org/licenses/by/4.0/",
    "credit": "AdvisorCensus (advisorcensus.com), from SEC Form ADV data"
  }
}