# Birch Run Investments, LLC

> Birch Run Investments, LLC is an SEC-registered investment advisory firm in Exton, PA, registered since 2016, reporting $100 million to $500 million in regulatory assets under management in its Form ADV filing dated March 25, 2026.

- CRD: 285285
- Filed as: BIRCH RUN INVESTMENTS, LLC
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Exton, PA
- Filing period: October 2026
- Form ADV filing dated: March 25, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/285285
- AdvisorCensus page: https://advisorcensus.com/firm/birch-run-investments-llc-exton-pa-285285

## Quick answers

**How is Birch Run Investments, LLC compensated?**
On its Form ADV (Item 5.E, October 2026), Birch Run Investments, LLC 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.

**Where is Birch Run Investments, LLC located?**
Birch Run Investments, LLC's principal office is in Exton, PA, according to its Form ADV.

**Is Birch Run Investments, LLC registered with the SEC or a state?**
Birch Run Investments, LLC is an SEC-registered investment advisory firm, registered since 2016. Status as filed: Approved. CRD 285285.

**How much does Birch Run Investments, LLC manage?**
Birch Run Investments, LLC reports $457,453,043 in regulatory assets under management in its Form ADV filing dated March 25, 2026 (100% discretionary).

**How have Birch Run Investments, LLC's assets and staff changed since 2021?**
In the Form ADV data for Birch Run Investments, LLC: Regulatory assets under management: $248,175,008 in the October 2021 data and $457,453,043 in the October 2026 data, up 84%. Total employees: 5 in October 2021 and 5 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Birch Run Investments, LLC serve?**
By number of clients on Form ADV Item 5.D: high net worth individuals (35); state or municipal government entities (including government pension plans) (7); other investment advisers (7).

**Which custodians does Birch Run Investments, LLC use?**
Birch Run Investments, LLC's most recent Form ADV filing (Schedule D, Section 5.K(3)) lists Principal Financial Group, Schwab and US Bank as custodians holding 10% or more of its separately managed account assets.

**Does Birch Run Investments, 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/285285

**What changed in Birch Run Investments, LLC's recent Form ADV filings?**
In the April 2026 filing data: Regulatory assets under management went from $333,819,968 to $457,453,043 (+37%).

## From the Form ADV filing

### Compensation (Item 5.E)
- A percentage of assets under your management
- Performance-based fees

### Custodians (Schedule D, Section 5.K(3))
- Principal Financial Group
- Schwab
- US Bank

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: $457,453,043
- Discretionary: $457,453,043
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| High net worth individuals | 35 | $44,040,160 |
| Pension and profit sharing plans (but not the plan participants or government pension plans) | 4 | $77,330,001 |
| State or municipal government entities (including government pension plans) | 7 | $260,049,855 |
| Other investment advisers | 7 | $57,669,955 |
| Corporations or other businesses not listed above | 2 | $18,363,072 |

### Advisory services (Item 5.G)
- Portfolio management for individuals and/or small businesses
- Portfolio management for businesses (other than small businesses) or institutional clients

### Firm details
- Registered since: 2016 (9 years)
- Employees: 5 total, 2 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: PA
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Websites listed on Form ADV (Item 1.I)
- birchruninvestments.com
- LinkedIn @birch-run-investments

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $248,175,008 | 5 | February 19, 2021 |
| October 2022 | $271,477,661 | 5 | March 29, 2022 |
| October 2023 | $223,145,686 | 5 | March 31, 2023 |
| October 2024 | $270,026,467 | 4 | March 26, 2024 |
| October 2025 | $333,819,968 | 5 | March 25, 2025 |
| October 2026 | $457,453,043 | 5 | March 25, 2026 |

Regulatory assets under management: $248,175,008 in the October 2021 data and $457,453,043 in the October 2026 data, up 84%.
Total employees: 5 in October 2021 and 5 in October 2026.

## Changes in the filing (last 12 months)

### April 2026
- Regulatory assets under management went from $333,819,968 to $457,453,043 (+37%).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Birch Run Investments, LLC (CRD 285285): Form ADV filing data as of October 2026.