# Broad Run Investment Management, LLC

> 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.

- CRD: 165067
- Filed as: BROAD RUN INVESTMENT MANAGEMENT, LLC
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Arlington, VA
- Filing period: October 2026
- Form ADV filing dated: March 20, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/165067
- AdvisorCensus page: https://advisorcensus.com/firm/broad-run-investment-management-llc-arlington-va-165067

## Quick answers

**How is Broad Run Investment Management, LLC compensated?**
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.

**What does Broad Run Investment Management, LLC's brochure say about its fees?**
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.

**Where is Broad Run Investment Management, LLC located?**
Broad Run Investment Management, LLC's principal office is in Arlington, VA, according to its Form ADV.

**Is Broad Run Investment Management, LLC registered with the SEC or a state?**
Broad Run Investment Management, LLC is an SEC-registered investment advisory firm, registered since 2012. Status as filed: Approved. CRD 165067.

**How much does Broad Run Investment Management, LLC manage?**
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).

**How have Broad Run Investment Management, LLC's assets and staff changed since 2021?**
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.

**What types of clients does Broad Run Investment Management, LLC serve?**
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).

**Which custodians does Broad Run Investment Management, LLC use?**
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.

**Does Broad Run Investment 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/165067

**Does Broad Run Investment Management, LLC state an account minimum?**
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"

**What changed in Broad Run Investment Management, LLC's recent Form ADV filings?**
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%).

## From the Form ADV filing

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

### Fees and minimums (Form ADV Part 2A brochure dated March 20, 2026)

- Up to $5,000,000: 1% a year
- Above $5,000,000: 0.85% a year

> Assets Under Management* Asset‐Based Fee Range Up to $5,000,000 1.00% (100 basis points) Amounts above $5,000,000 0.85% (85 basis points)

- Account minimum: $1,000,000 (the brochure says it may be waived or negotiated)

> Our minimum account size, subject to the firm’s discretion, is $1,000,000

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.
- National Financial Services LLC
- PNC Bank, N.A.
- SCM DMA (mauritius) Limited

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: $681,750,049
- Discretionary: $681,750,049
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Individuals (other than high net worth individuals) | 20 | $9,366,268 |
| High net worth individuals | 111 | $134,573,706 |
| Investment companies | 1 | $513,223,514 |
| Pooled investment vehicles (other than investment companies and business development companies) | 1 | $7,126,560 |
| Charitable organizations | 7 | $17,460,001 |

### Advisory services (Item 5.G)
- 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

### Firm details
- Registered since: 2012 (14 years)
- Employees: 6 total, 4 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: CT, FL, GA, IL, LA, MD, NJ, NY, OH, PA, TX, VA
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Websites listed on Form ADV (Item 1.I)
- broadrunllc.com
- LinkedIn @broadrun

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $1,574,465,733 | 8 | September 30, 2021 |
| October 2022 | $1,757,216,650 | 8 | March 31, 2022 |
| October 2023 | $914,852,094 | 8 | March 30, 2023 |
| October 2024 | $835,725,235 | 8 | March 21, 2024 |
| October 2025 | $805,308,492 | 7 | March 28, 2025 |
| October 2026 | $681,750,049 | 6 | March 20, 2026 |

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.

## Changes in the filing (last 12 months)

### April 2026
- Employees performing advisory functions went from 5 to 4.
- Regulatory assets under management went from $805,308,492 to $681,750,049 (-15%).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Broad Run Investment Management, LLC (CRD 165067): Form ADV filing data as of October 2026.