# HI-Line Capital Management, LLC

> HI-Line Capital Management, LLC is an SEC-registered investment advisory firm in Watertown, SD, registered since 2015, reporting $500 million to $1 billion in regulatory assets under management in its Form ADV filing dated April 21, 2026.

- CRD: 149522
- Filed as: HI-LINE CAPITAL MANAGEMENT, LLC
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Watertown, SD
- Filing period: October 2026
- Form ADV filing dated: April 21, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/149522
- AdvisorCensus page: https://advisorcensus.com/firm/hi-line-capital-management-llc-watertown-sd-149522

## Quick answers

**How is HI-Line Capital Management, LLC compensated?**
On its Form ADV (Item 5.E, October 2026), HI-Line Capital Management, LLC reports these compensation arrangements: a percentage of assets under its management.

**Where is HI-Line Capital Management, LLC located?**
HI-Line Capital Management, LLC's principal office is in Watertown, SD, according to its Form ADV.

**Is HI-Line Capital Management, LLC registered with the SEC or a state?**
HI-Line Capital Management, LLC is an SEC-registered investment advisory firm, registered since 2015. Status as filed: Approved. CRD 149522.

**How much does HI-Line Capital Management, LLC manage?**
HI-Line Capital Management, LLC reports $756,593,567 in regulatory assets under management in its Form ADV filing dated April 21, 2026 (96% discretionary).

**How have HI-Line Capital Management, LLC's assets and staff changed since 2021?**
In the Form ADV data for HI-Line Capital Management, LLC: Regulatory assets under management: $332,290,934 in the October 2021 data and $756,593,567 in the October 2026 data, up 128%. Total employees: 4 in October 2021 and 5 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does HI-Line Capital Management, LLC serve?**
By number of clients on Form ADV Item 5.D: individuals (other than high net worth individuals) (84); high net worth individuals (33); charitable organizations (11).

**Which custodians does HI-Line Capital Management, LLC use?**
HI-Line Capital Management, 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 HI-Line Capital 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/149522

**What changed in HI-Line Capital Management, LLC's recent Form ADV filings?**
In the March 2026 filing data: Regulatory assets under management went from $657,780,902 to $756,593,567 (+15%). Registered or notice-filed in MT.

## From the Form ADV filing

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

### 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: $756,593,567
- Discretionary: $726,286,099
- Non-discretionary: $30,307,468

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Individuals (other than high net worth individuals) | 84 | $6,083,050 |
| High net worth individuals | 33 | $41,138,099 |
| Charitable organizations | 11 | $685,055,681 |
| Other investment advisers | Fewer than 5 | $22,533,066 |
| Corporations or other businesses not listed above | Fewer than 5 | $1,783,671 |

### Advisory services (Item 5.G)
- Financial planning services
- Portfolio management for individuals and/or small businesses
- Portfolio management for businesses (other than small businesses) or institutional clients
- Selection of other advisers (including private fund managers)
- Other

### Firm details
- Registered since: 2015 (11 years)
- Employees: 5 total, 2 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: MN, MT, ND, NE, SD, TX
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Websites listed on Form ADV (Item 1.I)
- hi-linecapital.com
- LinkedIn @hi-line-capital-management-llc

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $332,290,934 | 4 | March 16, 2021 |
| October 2022 | $491,198,498 | 5 | April 26, 2022 |
| October 2023 | $509,829,784 | 8 | April 24, 2023 |
| October 2024 | $631,940,945 | 7 | July 2, 2024 |
| October 2025 | $657,780,902 | 5 | March 24, 2025 |
| October 2026 | $756,593,567 | 5 | April 21, 2026 |

Regulatory assets under management: $332,290,934 in the October 2021 data and $756,593,567 in the October 2026 data, up 128%.
Total employees: 4 in October 2021 and 5 in October 2026.

## Changes in the filing (last 12 months)

### March 2026
- Regulatory assets under management went from $657,780,902 to $756,593,567 (+15%).
- Registered or notice-filed in MT.

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. HI-Line Capital Management, LLC (CRD 149522): Form ADV filing data as of October 2026.