# Lionstone Capital Management LLC

> Lionstone Capital Management LLC is an SEC-registered investment advisory firm in New York, NY, registered since 2012, reporting $500 million to $1 billion in regulatory assets under management in its Form ADV filing dated March 31, 2026.

- CRD: 157603
- Filed as: LIONSTONE CAPITAL MANAGEMENT LLC
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: New York, NY
- Filing period: October 2026
- Form ADV filing dated: March 31, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/157603
- AdvisorCensus page: https://advisorcensus.com/firm/lionstone-capital-management-llc-new-york-ny-157603

## Quick answers

**How is Lionstone Capital Management LLC compensated?**
On its Form ADV (Item 5.E, October 2026), Lionstone Capital Management 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 Lionstone Capital Management LLC located?**
Lionstone Capital Management LLC's principal office is in New York, NY, according to its Form ADV.

**Is Lionstone Capital Management LLC registered with the SEC or a state?**
Lionstone Capital Management LLC is an SEC-registered investment advisory firm, registered since 2012. Status as filed: Approved. CRD 157603.

**How much does Lionstone Capital Management LLC manage?**
Lionstone Capital Management LLC reports $569,710,312 in regulatory assets under management in its Form ADV filing dated March 31, 2026 (100% discretionary).

**How have Lionstone Capital Management LLC's assets and staff changed since 2021?**
In the Form ADV data for Lionstone Capital Management LLC: Regulatory assets under management: $507,871,786 in the October 2021 data and $569,710,312 in the October 2026 data, up 12%. Total employees: 5 in October 2021 and 6 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Lionstone Capital Management LLC serve?**
By number of clients on Form ADV Item 5.D: pooled investment vehicles (other than investment companies and business development companies) (4).

**Does Lionstone 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/157603

## 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: $569,710,312
- Discretionary: $569,710,312
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Pooled investment vehicles (other than investment companies and business development companies) | 4 | $569,710,312 |

### Advisory services (Item 5.G)
- Portfolio management for pooled investment vehicles (other than investment companies)
- Selection of other advisers (including private fund managers)

### Firm details
- Registered since: 2012 (14 years)
- Employees: 6 total, 4 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: NY
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $507,871,786 | 5 | March 31, 2021 |
| October 2022 | $570,090,183 | 6 | September 22, 2022 |
| October 2023 | $439,009,741 | 6 | March 31, 2023 |
| October 2024 | $485,197,268 | 6 | March 29, 2024 |
| October 2025 | $519,755,532 | 6 | March 28, 2025 |
| October 2026 | $569,710,312 | 6 | March 31, 2026 |

Regulatory assets under management: $507,871,786 in the October 2021 data and $569,710,312 in the October 2026 data, up 12%.
Total employees: 5 in October 2021 and 6 in October 2026.

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Lionstone Capital Management LLC (CRD 157603): Form ADV filing data as of October 2026.