# Five Elms Capital

> Five Elms Capital is an SEC-registered investment advisory firm in Kansas City, MO, registered since 2017, reporting $1 billion to $5 billion in regulatory assets under management in its Form ADV filing dated June 1, 2026.

- CRD: 163548
- Filed as: FIVE ELMS CAPITAL
- Legal name: Five Elms Capital Management, LLC
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Kansas City, MO
- Filing period: October 2026
- Form ADV filing dated: June 1, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/163548
- AdvisorCensus page: https://advisorcensus.com/firm/five-elms-capital-kansas-city-mo-163548

## Quick answers

**How is Five Elms Capital compensated?**
On its Form ADV (Item 5.E, October 2026), Five Elms Capital 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 Five Elms Capital located?**
Five Elms Capital's principal office is in Kansas City, MO, according to its Form ADV.

**Is Five Elms Capital registered with the SEC or a state?**
Five Elms Capital is an SEC-registered investment advisory firm, registered since 2017. Status as filed: Approved. CRD 163548.

**How much does Five Elms Capital manage?**
Five Elms Capital reports $3,116,178,028 in regulatory assets under management in its Form ADV filing dated June 1, 2026 (100% discretionary).

**How have Five Elms Capital's assets and staff changed since 2021?**
In the Form ADV data for Five Elms Capital: Regulatory assets under management: $682,244,739 in the October 2021 data and $3,116,178,028 in the October 2026 data, up 357%. Total employees: 34 in October 2021 and 69 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Five Elms Capital serve?**
By number of clients on Form ADV Item 5.D: pooled investment vehicles (other than investment companies and business development companies) (23).

**Does Five Elms Capital 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/163548

**What changed in Five Elms Capital's recent Form ADV filings?**
In the April 2026 filing data: Employees performing advisory functions went from 52 to 58.

## From the Form ADV filing

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

### Regulatory assets under management (Item 5.F)
- Total: $3,116,178,028
- Discretionary: $3,116,178,028
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Pooled investment vehicles (other than investment companies and business development companies) | 23 | $3,116,178,028 |

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

### Firm details
- Registered since: 2017 (9 years)
- Employees: 69 total, 58 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: MO
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Websites listed on Form ADV (Item 1.I)
- fiveelms.com
- LinkedIn @five-elms-capital

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $682,244,739 | 34 | March 31, 2021 |
| October 2022 | $1,612,601,780 | 43 | March 29, 2022 |
| October 2023 | $1,617,156,869 | 41 | March 30, 2023 |
| October 2024 | $2,380,236,476 | 55 | March 28, 2024 |
| October 2025 | $3,057,875,016 | 62 | March 28, 2025 |
| October 2026 | $3,116,178,028 | 69 | June 1, 2026 |

Regulatory assets under management: $682,244,739 in the October 2021 data and $3,116,178,028 in the October 2026 data, up 357%.
Total employees: 34 in October 2021 and 69 in October 2026.

## Changes in the filing (last 12 months)

### April 2026
- Employees performing advisory functions went from 52 to 58.

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Five Elms Capital (CRD 163548): Form ADV filing data as of October 2026.