# Denali Advisors, LLC

> Denali Advisors, LLC is an SEC-registered investment advisory firm in San Diego, CA, registered since 2001, reporting $1 billion to $5 billion in regulatory assets under management in its Form ADV filing dated March 27, 2026.

- CRD: 110242
- Filed as: DENALI ADVISORS, LLC
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: San Diego, CA
- Filing period: October 2026
- Form ADV filing dated: March 27, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/110242
- AdvisorCensus page: https://advisorcensus.com/firm/denali-advisors-llc-san-diego-ca-110242

## Quick answers

**How is Denali Advisors, LLC compensated?**
On its Form ADV (Item 5.E, October 2026), Denali Advisors, 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 Denali Advisors, LLC located?**
Denali Advisors, LLC's principal office is in San Diego, CA, according to its Form ADV; the April 2026 filing also lists 2 other offices (Schedule D, Section 1.F).

**Is Denali Advisors, LLC registered with the SEC or a state?**
Denali Advisors, LLC is an SEC-registered investment advisory firm, registered since 2001. Status as filed: Approved. CRD 110242.

**How much does Denali Advisors, LLC manage?**
Denali Advisors, LLC reports $1,387,865,090 in regulatory assets under management in its Form ADV filing dated March 27, 2026 (100% discretionary).

**How have Denali Advisors, LLC's assets and staff changed since 2021?**
In the Form ADV data for Denali Advisors, LLC: Regulatory assets under management: $729,337,943 in the October 2021 data and $1,387,865,090 in the October 2026 data, up 90%. Total employees: 14 in October 2021 and 14 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Denali Advisors, LLC serve?**
By number of clients on Form ADV Item 5.D: individuals (other than high net worth individuals) (197); high net worth individuals (60); corporations or other businesses not listed above (12).

**Which custodians does Denali Advisors, LLC use?**
Denali Advisors, LLC's most recent Form ADV filing (Schedule D, Section 5.K(3)) lists BNY Mellon Capital Markets, LLC, Charles Schwab & Co., Inc., HSBC Securities (USA) Inc., Northern Trust Securities, Inc. and State Street Global Markets, LLC as custodians holding 10% or more of its separately managed account assets.

**Does Denali Advisors, 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/110242

**What changed in Denali Advisors, LLC's recent Form ADV filings?**
In the April 2026 filing data: Regulatory assets under management went from $1,198,606,479 to $1,387,865,090 (+16%).

## 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))
- BNY Mellon Capital Markets, LLC
- Charles Schwab & Co., Inc.
- HSBC Securities (USA) Inc.
- Northern Trust Securities, Inc.
- State Street Global Markets, LLC

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: $1,387,865,090
- Discretionary: $1,382,301,074
- Non-discretionary: $5,564,016

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Individuals (other than high net worth individuals) | 197 | $63,381,431 |
| High net worth individuals | 60 | $178,030,810 |
| Banking or thrift institutions | 0 | $0 |
| Investment companies | 0 | $0 |
| Business development companies | 0 | $0 |
| Pooled investment vehicles (other than investment companies and business development companies) | 1 | $164,879,000 |
| Pension and profit sharing plans (but not the plan participants or government pension plans) | 0 | $0 |
| Charitable organizations | 9 | $68,809,506 |
| State or municipal government entities (including government pension plans) | 8 | $867,961,397 |
| Other investment advisers | 0 | $0 |
| Insurance companies | 0 | $0 |
| Sovereign wealth funds and foreign official institutions | 1 | $18,991,806 |
| Corporations or other businesses not listed above | 12 | $22,323,284 |
| Other | 3 | $3,487,856 |

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

### Firm details
- Registered since: 2001 (25 years)
- Employees: 14 total, 9 performing advisory functions
- Wrap fee program participation: Yes
- States registered or notice-filed: AK, AL, AR, AZ, CA, CO, CT, DC, DE, FL, GA, HI, IA, ID, IL, IN, KS, KY, LA, MA, MD, ME, MI, MN, MO, MS, MT, NC, ND, NE, NH, NJ, NM, NV, NY, OH, OK, OR, PA, PR, RI, SC, SD, TN, TX, UT, VA, VT, WA, WI, WV, WY
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Other offices (Schedule D, Section 1.F), as of the April 2026 filing
- Anchorage, AK
- Chicago, IL

### Websites listed on Form ADV (Item 1.I)
- denaliadvisors.com
- LinkedIn @denali-advisors

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $729,337,943 | 14 | April 9, 2021 |
| October 2022 | $425,884,640 | 12 | February 1, 2022 |
| October 2023 | $410,450,273 | 11 | March 2, 2023 |
| October 2024 | $493,421,776 | 20 | July 17, 2024 |
| October 2025 | $1,198,606,479 | 13 | June 10, 2025 |
| October 2026 | $1,387,865,090 | 14 | March 27, 2026 |

Regulatory assets under management: $729,337,943 in the October 2021 data and $1,387,865,090 in the October 2026 data, up 90%.
Total employees: 14 in October 2021 and 14 in October 2026.

## Changes in the filing (last 12 months)

### April 2026
- Regulatory assets under management went from $1,198,606,479 to $1,387,865,090 (+16%).

### December 2025
- Item 11 disclosure answers changed: 0 yes answers, previously 2 (now no: 11.D(2), 11.D(4)).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Denali Advisors, LLC (CRD 110242): Form ADV filing data as of October 2026.