{ "crd_number": 165067, "slug": "broad-run-investment-management-llc-arlington-va-165067", "primary_business_name": "BROAD RUN INVESTMENT MANAGEMENT, LLC", "legal_name": "BROAD RUN INVESTMENT MANAGEMENT, LLC", "dbas": [], "city": "Arlington", "state": "VA", "country": "United States", "cbsa_code": "47900", "metro": { "cbsa_code": "47900", "common_name": "Washington", "msa_name": "Washington-Arlington-Alexandria, DC-VA-MD-WV", "path": "/advisors/dc/washington" }, "registration_type": "sec", "registration_status": "Approved", "registration_date": "2012-08-15", "years_registered": 14, "period": "2026-10-01", "filing_date": "2026-03-20", "carried_forward": false, "raum_total": 681750049.0, "raum_discretionary": 681750049.0, "raum_non_discretionary": 0.0, "raum_band": "500m_1b", "raum_band_label": "$500 million to $1 billion", "total_employees": 6, "advisory_employees": 4, "client_count_bucket": null, "clients_by_type": { "charitable": { "raum": 17460001.0, "count": 7 }, "individuals": { "raum": 9366268.0, "count": 20 }, "investment_companies": { "raum": 513223514.0, "count": 1 }, "high_net_worth_individuals": { "raum": 134573706.0, "count": 111 }, "pooled_investment_vehicles": { "raum": 7126560.0, "count": 1 } }, "compensation_types": [ "percentage_of_aum" ], "advisory_activities": [ "portfolio_management_businesses_institutional", "portfolio_management_individuals", "portfolio_management_investment_companies", "portfolio_management_pooled_vehicles" ], "wrap_fee_participant": false, "disclosure_yes_count": 0, "states_registered": [ "CT", "FL", "GA", "IL", "LA", "MD", "NJ", "NY", "OH", "PA", "TX", "VA" ], "websites": [ "https://broadrunllc.com", "https://linkedin.com/company/broadrun" ], "iapd_url": "https://adviserinfo.sec.gov/firm/summary/165067", "city_as_filed": "ARLINGTON", "url": "https://advisorcensus.com/firm/broad-run-investment-management-llc-arlington-va-165067", "display_name": "Broad Run Investment Management, LLC", "summary": "Broad Run Investment Management, LLC is an SEC-registered investment advisory firm in Arlington, VA, registered since 2012, reporting $500 million to $1 billion in regulatory assets under management in its Form ADV filing dated March 20, 2026.", "citation": "AdvisorCensus. Broad Run Investment Management, LLC (CRD 165067): Form ADV filing data as of October 2026.", "registration_type_label": "SEC-registered investment adviser", "compensation_labels": [ "A percentage of assets under your management" ], "advisory_activity_labels": [ "Portfolio management for individuals and/or small businesses", "Portfolio management for investment companies (and business development companies)", "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 Broad Run Investment Management, LLC compensated?", "a": "On its Form ADV (Item 5.E, October 2026), Broad Run Investment Management, LLC reports these compensation arrangements: a percentage of assets under its management." }, { "q": "How much does Broad Run Investment Management, LLC charge?", "a": "Its Form ADV Part 2A brochure dated March 20, 2026 states: Up to $5,000,000: 1% a year; Above $5,000,000: 0.85% a year. Fees can differ by service and may be negotiable; the brochure is the complete statement." }, { "q": "Where is Broad Run Investment Management, LLC located?", "a": "Broad Run Investment Management, LLC's principal office is in Arlington, VA, according to its Form ADV." }, { "q": "Is Broad Run Investment Management, LLC registered with the SEC or a state?", "a": "Broad Run Investment Management, LLC is an SEC-registered investment advisory firm, registered since 2012. Status as filed: Approved. CRD 165067." }, { "q": "How much does Broad Run Investment Management, LLC manage?", "a": "Broad Run Investment Management, LLC reports $681,750,049 in regulatory assets under management in its Form ADV filing dated March 20, 2026 (100% discretionary)." }, { "q": "How have Broad Run Investment Management, LLC's assets and staff changed since 2021?", "a": "In the Form ADV data for Broad Run Investment Management, LLC: Regulatory assets under management: $1,574,465,733 in the October 2021 data and $681,750,049 in the October 2026 data, down 57%. Total employees: 8 in October 2021 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 Broad Run Investment Management, LLC serve?", "a": "By number of clients on Form ADV Item 5.D: high net worth individuals (111); individuals (other than high net worth individuals) (20); charitable organizations (7)." }, { "q": "Which custodians does Broad Run Investment Management, LLC use?", "a": "Broad Run Investment Management, LLC's most recent Form ADV filing (Schedule D, Section 5.K(3)) lists Charles Schwab & Co., Inc., National Financial Services LLC, PNC Bank, N.A. and SCM DMA (Mauritius) Limited as custodians holding 10% or more of its separately managed account assets." }, { "q": "Does Broad Run Investment Management, LLC 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/165067" }, { "q": "Does Broad Run Investment Management, LLC state an account minimum?", "a": "Its Form ADV Part 2A brochure dated March 20, 2026 says: \"Our minimum account size, subject to the firm’s discretion, is $1,000,000\"" }, { "q": "What changed in Broad Run Investment Management, LLC's recent Form ADV filings?", "a": "In the April 2026 filing data: Employees performing advisory functions went from 5 to 4. Regulatory assets under management went from $805,308,492 to $681,750,049 (-15%)." } ], "filing_history": [ { "period": "2021-10-01", "regulatory_assets_under_management": 1574465733.0, "total_employees": 8, "filing_date": "2021-09-30" }, { "period": "2022-10-01", "regulatory_assets_under_management": 1757216650.0, "total_employees": 8, "filing_date": "2022-03-31" }, { "period": "2023-10-01", "regulatory_assets_under_management": 914852094.0, "total_employees": 8, "filing_date": "2023-03-30" }, { "period": "2024-10-01", "regulatory_assets_under_management": 835725235.0, "total_employees": 8, "filing_date": "2024-03-21" }, { "period": "2025-10-01", "regulatory_assets_under_management": 805308492.0, "total_employees": 7, "filing_date": "2025-03-28" }, { "period": "2026-10-01", "regulatory_assets_under_management": 681750049.0, "total_employees": 6, "filing_date": "2026-03-20" } ], "recent_changes": [ { "period": "2026-04-01", "period_label": "April 2026", "notes": [ "Employees performing advisory functions went from 5 to 4.", "Regulatory assets under management went from $805,308,492 to $681,750,049 (-15%)." ] } ], "fees_from_brochure": { "source": "Form ADV Part 2A brochure dated March 20, 2026", "provided_by_the_firm": false, "tiers": [ { "band": "Up to $5,000,000", "rate": "1%" }, { "band": "Above $5,000,000", "rate": "0.85%" } ], "flat_rate": null, "stated_range": null, "stated_maximum": null, "account_minimum": "$1,000,000", "account_minimum_may_be_waived": true, "minimum_annual_fee": null, "planning_fees": [], "figures": [ { "label": "Fee schedule", "statements": [ "Up to $5,000,000: 1% a year", "Above $5,000,000: 0.85% a year" ], "quotes": [ "Assets Under Management* Asset‐Based Fee Range\nUp to $5,000,000 1.00% (100 basis points)\nAmounts above $5,000,000 0.85% (85 basis points)" ] }, { "label": "Account minimum", "statements": [ "Account minimum: $1,000,000 (the brochure says it may be waived or negotiated)" ], "quotes": [ "Our minimum account size, subject to the firm’s discretion, is $1,000,000" ] } ], "values": { "tiers": [ { "min": 0.0, "max": 5000000.0, "rate_pct": 1.0 }, { "min": 5000000.0, "max": null, "rate_pct": 0.85 } ], "range_pct": null, "max_pct": null, "account_minimum": 1000000.0, "minimum_annual_fee": null, "planning": [] }, "quotes": [ "Assets Under Management* Asset‐Based Fee Range\nUp to $5,000,000 1.00% (100 basis points)\nAmounts above $5,000,000 0.85% (85 basis points)", "Our minimum account size, subject to the firm’s discretion, is $1,000,000" ], "note": "As stated in the firm's brochure; fees can differ by service and may be negotiable." }, "custodians": [ { "name": "Charles Schwab & Co., Inc.", "name_as_filed": "CHARLES SCHWAB & CO., INC.", "affiliated": false }, { "name": "National Financial Services LLC", "name_as_filed": "NATIONAL FINANCIAL SERVICES LLC", "affiliated": false }, { "name": "PNC Bank, N.A.", "name_as_filed": "PNC BANK, N.A.", "affiliated": false }, { "name": "SCM DMA (Mauritius) Limited", "name_as_filed": "SCM DMA (MAURITIUS) LIMITED", "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/broad-run-investment-management-llc-arlington-va-165067.md", "clients": [ { "type": "individuals", "label": "Individuals (other than high net worth individuals)", "count": 20, "fewer_than_5": false, "raum": 9366268.0 }, { "type": "high_net_worth_individuals", "label": "High net worth individuals", "count": 111, "fewer_than_5": false, "raum": 134573706.0 }, { "type": "investment_companies", "label": "Investment companies", "count": 1, "fewer_than_5": false, "raum": 513223514.0 }, { "type": "pooled_investment_vehicles", "label": "Pooled investment vehicles (other than investment companies and business development companies)", "count": 1, "fewer_than_5": false, "raum": 7126560.0 }, { "type": "charitable", "label": "Charitable organizations", "count": 7, "fewer_than_5": false, "raum": 17460001.0 } ], "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/165067", "operator": "BH Monitor Services, LLC", "license": "https://creativecommons.org/licenses/by/4.0/", "credit": "AdvisorCensus (advisorcensus.com), from SEC Form ADV data" } }