# Cannell Capital LLC

> Cannell Capital LLC is an SEC-registered investment advisory firm in Alta, WY, registered since 2011, reporting $100 million to $500 million in regulatory assets under management in its Form ADV filing dated March 20, 2026.

- CRD: 158371
- Filed as: CANNELL CAPITAL LLC
- Also doing business as: PAMPANITO CORPORATION DBA CANNELL CAPITAL CORPORATION (RELYING ADVISER)
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Alta, WY
- Filing period: October 2026
- Form ADV filing dated: March 20, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/158371
- AdvisorCensus page: https://advisorcensus.com/firm/cannell-capital-llc-alta-wy-158371

## Quick answers

**How is Cannell Capital LLC compensated?**
On its Form ADV (Item 5.E, October 2026), Cannell Capital 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 Cannell Capital LLC located?**
Cannell Capital LLC's principal office is in Alta, WY, according to its Form ADV; the April 2026 filing also lists 1 other office (Schedule D, Section 1.F).

**Is Cannell Capital LLC registered with the SEC or a state?**
Cannell Capital LLC is an SEC-registered investment advisory firm, registered since 2011. Status as filed: Approved. CRD 158371.

**How much does Cannell Capital LLC manage?**
Cannell Capital LLC reports $372,826,733 in regulatory assets under management in its Form ADV filing dated March 20, 2026 (100% discretionary).

**How have Cannell Capital LLC's assets and staff changed since 2021?**
In the Form ADV data for Cannell Capital LLC: Regulatory assets under management: $631,599,364 in the October 2021 data and $372,826,733 in the October 2026 data, down 41%. Total employees: 8 in October 2021 and 4 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Cannell Capital LLC serve?**
By number of clients on Form ADV Item 5.D: high net worth individuals (6); pooled investment vehicles (other than investment companies and business development companies) (2).

**Which custodians does Cannell Capital LLC use?**
Cannell Capital 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 Cannell Capital LLC report any disciplinary disclosures?**
Reports 3 disclosure items on Form ADV Item 11: yes answers to 11.C(2) (SEC or CFTC finding of a violation), 11.C(4) (SEC or CFTC order), and 11.C(5) (SEC or CFTC civil money penalty or cease-and-desist order). Each question covers the firm and its advisory affiliates, and one event can produce several yes answers. The detail of any item is on the firm's SEC record: https://adviserinfo.sec.gov/firm/summary/158371

**What changed in Cannell Capital LLC's recent Form ADV filings?**
In the April 2026 filing data: Employees performing advisory functions went from 3 to 2. Regulatory assets under management went from $527,610,283 to $372,826,733 (-29%).

## 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))
- 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: $372,826,733
- Discretionary: $372,826,733
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| High net worth individuals | 6 | $11,768,598 |
| Pooled investment vehicles (other than investment companies and business development companies) | 2 | $156,354,836 |
| Other | Fewer than 5 | $204,703,299 |

### Advisory services (Item 5.G)
- Portfolio management for individuals and/or small businesses
- Portfolio management for pooled investment vehicles (other than investment companies)

### Firm details
- Registered since: 2011 (15 years)
- Employees: 4 total, 2 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: CA, CO, FL, NJ, NY, PA, TN, TX, WY
- Disclosures (Item 11): Reports 3 disclosure items on Form ADV Item 11.

### Item 11 questions answered yes
- 11.C(2): Has the SEC or the CFTC ever found that the firm or an advisory affiliate was involved in a violation of SEC or CFTC regulations or statutes?
- 11.C(4): Has the SEC or the CFTC ever entered an order against the firm or an advisory affiliate in connection with investment-related activity?
- 11.C(5): Has the SEC or the CFTC ever imposed a civil money penalty on the firm or an advisory affiliate, or ordered the firm or an advisory affiliate to cease and desist from an activity?

Each question covers the firm and its advisory affiliates: its current employees other than clerical staff, its officers, partners, and directors, and anyone who controls the firm or is controlled by it. One event can produce yes answers to several questions. SEC-registered advisers and exempt reporting advisers may leave out events more than ten years old, and may answer 11.A(2) and 11.B(2) for pending charges only. The detail of each yes answer is on the firm's SEC record: https://adviserinfo.sec.gov/firm/summary/158371

### Other offices (Schedule D, Section 1.F), as of the April 2026 filing
- Sausalito, CA

### Websites listed on Form ADV (Item 1.I)
- cannellcapital.com
- LinkedIn @cannell-capital-llc
- X @cannellcapital

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $631,599,364 | 8 | March 30, 2021 |
| October 2022 | $892,815,319 | 8 | July 22, 2022 |
| October 2023 | $798,823,185 | 7 | May 12, 2023 |
| October 2024 | $851,813,961 | 7 | May 2, 2024 |
| October 2025 | $527,610,283 | 4 | April 30, 2025 |
| October 2026 | $372,826,733 | 4 | March 20, 2026 |

Regulatory assets under management: $631,599,364 in the October 2021 data and $372,826,733 in the October 2026 data, down 41%.
Total employees: 8 in October 2021 and 4 in October 2026.

## Changes in the filing (last 12 months)

### April 2026
- Employees performing advisory functions went from 3 to 2.
- Regulatory assets under management went from $527,610,283 to $372,826,733 (-29%).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Cannell Capital LLC (CRD 158371): Form ADV filing data as of October 2026.