# Engaged Capital

> Engaged Capital is an SEC-registered investment advisory firm in Newport Beach, CA, registered since 2012, reporting $100 million to $500 million in regulatory assets under management in its Form ADV filing dated February 18, 2026.

- CRD: 161251
- Filed as: ENGAGED CAPITAL
- Legal name: Engaged Capital, LLC
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Newport Beach, CA
- Filing period: October 2026
- Form ADV filing dated: February 18, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/161251
- AdvisorCensus page: https://advisorcensus.com/firm/engaged-capital-newport-beach-ca-161251

## Quick answers

**How is Engaged Capital compensated?**
On its Form ADV (Item 5.E, October 2026), Engaged Capital reports these compensation arrangements: a percentage of assets under its management; performance-based fees.

**How much does Engaged Capital charge?**
Its Form ADV Part 2A brochure dated February 17, 2026 states: Asset-based fee: 1% to 1.75% a year (a range, as the brochure states it). Fees can differ by service and may be negotiable; the brochure is the complete statement.

**Where is Engaged Capital located?**
Engaged Capital's principal office is in Newport Beach, CA, according to its Form ADV.

**Is Engaged Capital registered with the SEC or a state?**
Engaged Capital is an SEC-registered investment advisory firm, registered since 2012. Status as filed: Approved. CRD 161251.

**How much does Engaged Capital manage?**
Engaged Capital reports $432,294,709 in regulatory assets under management in its Form ADV filing dated February 18, 2026 (100% discretionary).

**How have Engaged Capital's assets and staff changed since 2021?**
In the Form ADV data for Engaged Capital: Regulatory assets under management: $1,359,583,892 in the October 2021 data and $432,294,709 in the October 2026 data, down 68%. Total employees: 12 in October 2021 and 11 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Engaged Capital serve?**
By number of clients on Form ADV Item 5.D: pooled investment vehicles (other than investment companies and business development companies) (8).

**Does Engaged Capital 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/161251

**What changed in Engaged Capital's recent Form ADV filings?**
In the March 2026 filing data: Item 11 disclosure answers changed: 3 yes answers, previously 0 (now yes: 11.C(2), 11.C(4), 11.C(5)). Employees performing advisory functions went from 7 to 6. Regulatory assets under management went from $652,291,393 to $432,294,709 (-34%). Updated its list of owners and control persons (Schedule A).

## From the Form ADV filing

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

### Fees and minimums (Form ADV Part 2A brochure dated February 17, 2026)

- Asset-based fee: 1% to 1.75% a year (a range, as the brochure states it)

> Our fees, which may be subject to negotiation, generally range from 1.00% to 1.75% annually, based primarily on the amount of assets being placed under management with us, the point in time in the life cycle of the relevant Client that the assets are placed, and the length of the commitment.

As stated in the firm's brochure. Fees can differ by service and may be negotiable.

### Regulatory assets under management (Item 5.F)
- Total: $432,294,709
- Discretionary: $432,294,709
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Pooled investment vehicles (other than investment companies and business development companies) | 8 | $432,294,709 |

### Advisory services (Item 5.G)
- Portfolio management for pooled investment vehicles (other than investment companies)

### Firm details
- Registered since: 2012 (14 years)
- Employees: 11 total, 6 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: CA
- 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/161251

### Websites listed on Form ADV (Item 1.I)
- engagedcapital.com
- LinkedIn @engaged-capital-llc

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $1,359,583,892 | 12 | March 29, 2021 |
| October 2022 | $912,896,250 | 12 | March 31, 2022 |
| October 2023 | $701,322,786 | 12 | June 6, 2023 |
| October 2024 | $752,991,460 | 12 | July 25, 2024 |
| October 2025 | $652,291,393 | 12 | July 2, 2025 |
| October 2026 | $432,294,709 | 11 | February 18, 2026 |

Regulatory assets under management: $1,359,583,892 in the October 2021 data and $432,294,709 in the October 2026 data, down 68%.
Total employees: 12 in October 2021 and 11 in October 2026.

## Changes in the filing (last 12 months)

### March 2026
- Item 11 disclosure answers changed: 3 yes answers, previously 0 (now yes: 11.C(2), 11.C(4), 11.C(5)).
- Employees performing advisory functions went from 7 to 6.
- Regulatory assets under management went from $652,291,393 to $432,294,709 (-34%).
- Updated its list of owners and control persons (Schedule A).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Engaged Capital (CRD 161251): Form ADV filing data as of October 2026.