# LM Capital Group, LLC

> LM Capital Group, LLC is an SEC-registered investment advisory firm in San Diego, CA, registered since 2002, reporting over $5 billion in regulatory assets under management in its Form ADV filing dated March 24, 2026.

- CRD: 120277
- Filed as: LM CAPITAL GROUP, LLC
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: San Diego, CA
- Filing period: October 2026
- Form ADV filing dated: March 24, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/120277
- AdvisorCensus page: https://advisorcensus.com/firm/lm-capital-group-llc-san-diego-ca-120277

## Quick answers

**How is LM Capital Group, LLC compensated?**
On its Form ADV (Item 5.E, October 2026), LM Capital Group, LLC reports these compensation arrangements: a percentage of assets under its management. The amounts are in Item 5 of its Form ADV Part 2A brochure.

**Where is LM Capital Group, LLC located?**
LM Capital Group, LLC's principal office is in San Diego, CA, according to its Form ADV.

**Is LM Capital Group, LLC registered with the SEC or a state?**
LM Capital Group, LLC is an SEC-registered investment advisory firm, registered since 2002. Status as filed: Approved. CRD 120277.

**How much does LM Capital Group, LLC manage?**
LM Capital Group, LLC reports $6,098,250,000 in regulatory assets under management in its Form ADV filing dated March 24, 2026 (100% discretionary).

**How have LM Capital Group, LLC's assets and staff changed since 2021?**
In the Form ADV data for LM Capital Group, LLC: Regulatory assets under management: $5,133,488,936 in the October 2021 data and $6,098,250,000 in the October 2026 data, up 19%. Total employees: 20 in October 2021 and 20 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does LM Capital Group, LLC serve?**
By number of clients on Form ADV Item 5.D: state or municipal government entities (including government pension plans) (26); other (10).

**Which custodians does LM Capital Group, LLC use?**
LM Capital Group, LLC's most recent Form ADV filing (Schedule D, Section 5.K(3)) lists BNY Mellon, Northern Trust and State Street as custodians holding 10% or more of its separately managed account assets.

**Does LM Capital Group, 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/120277

**What changed in LM Capital Group, LLC's recent Form ADV filings?**
In the April 2026 filing data: Employees performing advisory functions went from 8 to 9.

## From the Form ADV filing

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

### Custodians (Schedule D, Section 5.K(3))
- BNY Mellon
- Northern Trust
- State Street

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: $6,098,250,000
- Discretionary: $6,098,250,000
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Individuals (other than high net worth individuals) | 0 | Not reported |
| High net worth individuals | 0 | Not reported |
| Banking or thrift institutions | 0 | Not reported |
| Investment companies | 0 | Not reported |
| Business development companies | 0 | Not reported |
| Pooled investment vehicles (other than investment companies and business development companies) | 0 | Not reported |
| Pension and profit sharing plans (but not the plan participants or government pension plans) | Fewer than 5 | $99,130,000 |
| Charitable organizations | 0 | Not reported |
| State or municipal government entities (including government pension plans) | 26 | $5,643,290,000 |
| Other investment advisers | Fewer than 5 | $20,600,000 |
| Corporations or other businesses not listed above | Fewer than 5 | Not reported |
| Other | 10 | $335,230,000 |

### Advisory services (Item 5.G)
- Portfolio management for businesses (other than small businesses) or institutional clients
- Publication of periodicals or newsletters

### Firm details
- Registered since: 2002 (24 years)
- Employees: 20 total, 9 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: CA, IL
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Websites listed on Form ADV (Item 1.I)
- [lmcapital.com](https://lmcapital.com)
- LinkedIn linkedin.com

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $5,133,488,936 | 20 | March 30, 2021 |
| October 2022 | $4,926,878,401 | 19 | March 18, 2022 |
| October 2023 | $4,606,782,284 | 20 | March 22, 2023 |
| October 2024 | $4,996,891,947 | 20 | March 21, 2024 |
| October 2025 | $5,762,820,079 | 22 | March 18, 2025 |
| October 2026 | $6,098,250,000 | 20 | March 24, 2026 |

Regulatory assets under management: $5,133,488,936 in the October 2021 data and $6,098,250,000 in the October 2026 data, up 19%.
Total employees: 20 in October 2021 and 20 in October 2026.

## Changes in the filing (last 12 months)

### April 2026
- Employees performing advisory functions went from 8 to 9.

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. LM Capital Group, LLC (CRD 120277): Form ADV filing data as of October 2026.