AdvisorCensus / Financial advisors / Maryland / Baltimore / Marathon Capital Management
Marathon Capital Management
Filed as MARATHON CAPITAL MANAGEMENT · Legal name Marathon Capital Management LLC
Marathon Capital Management is an SEC-registered investment advisory firm in Hunt Valley, MD, registered since 2004, reporting $500 million to $1 billion in regulatory assets under management in its Form ADV filing dated February 25, 2026.
Quick answers
From the filingHow is Marathon Capital Management compensated?
On its Form ADV (Item 5.E, October 2026), Marathon Capital Management reports these compensation arrangements: a percentage of assets under its management.
How much does Marathon Capital Management charge?
Its Form ADV Part 2A brochure dated February 25, 2026 states: Asset-based fee: up to 1% of assets a year (the maximum the brochure states). Fees can differ by service and may be negotiable; the brochure is the complete statement.
Where is Marathon Capital Management located?
Marathon Capital Management's principal office is in Hunt Valley, MD, according to its Form ADV.
Is Marathon Capital Management registered with the SEC or a state?
Marathon Capital Management is an SEC-registered investment advisory firm, registered since 2004. Status as filed: Approved. CRD 119416.
How much does Marathon Capital Management manage?
Marathon Capital Management reports $790,136,072 in regulatory assets under management in its Form ADV filing dated February 25, 2026 (100% discretionary).
How have Marathon Capital Management's assets and staff changed since 2021?
In the Form ADV data for Marathon Capital Management: Regulatory assets under management: $591,601,523 in the October 2021 data and $790,136,072 in the October 2026 data, up 34%. Total employees: 6 in October 2021 and 7 in October 2026. Assets under management move with markets as well as with clients coming and going.
What types of clients does Marathon Capital Management serve?
By number of clients on Form ADV Item 5.D: high net worth individuals (182); individuals (other than high net worth individuals) (99); charitable organizations (5).
Which custodians does Marathon Capital Management use?
Marathon Capital Management's most recent Form ADV filing (Schedule D, Section 5.K(3)) lists Charles Schwab & Co., Inc. (affiliated with the firm) and Fidelity Distributors Company LLC as custodians holding 10% or more of its separately managed account assets.
Does Marathon Capital Management 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/119416
Does Marathon Capital Management state an account minimum?
Its Form ADV Part 2A brochure dated February 25, 2026 says: "We require new clients to have a minimum account of $500,000, but we retain the right to waive such minimum."
What changed in Marathon Capital Management's recent Form ADV filings?
In the March 2026 filing data: Employees performing advisory functions went from 5 to 4. Regulatory assets under management went from $694,279,362 to $790,136,072 (+14%). Updated its list of owners and control persons (Schedule A).
From the Form ADV filing
Every figure below is as the firm filed it with regulators, as of October 2026.
How the firm is compensated
Item 5.E- A percentage of assets under your management
Item 5.E lists how the firm is compensated for its advice; Items 5.B, 6.A, and 7.A show whether its people or related companies can also earn commissions. Percentage of assets, fixed, hourly, subscription, and performance-based fees come from clients (a performance-based fee depends on investment results); commissions come with a sale or a trade, often from the company behind the product. How fees, commissions, and other arrangements differ
Fees and minimums
Form ADV Part 2AAsset-based fee: up to 1% of assets a year (the maximum the brochure states)
The brochure's wording
Marathon charges a fee based on a percentage of assets under management. The maximum annual fee is 1.00%. Fees are negotiable at the firm's discretion.
Account minimum: $500,000 (the brochure says it may be waived or negotiated)
The brochure's wording
We require new clients to have a minimum account of $500,000, but we retain the right to waive such minimum.
As stated in the firm's Form ADV Part 2A brochure dated February 25, 2026. Fees can differ by service and may be negotiable; the brochure is the complete statement. Read the brochure on the SEC's IAPD site
Regulatory assets under management
Item 5.F$790,136,072 as of October 2026, filing dated February 25, 2026.
A measure of scale, not skill or returns. Discretionary means the firm decides trades; non-discretionary means clients approve each one. What assets under management means
Who the firm serves
Item 5.DA firm with no individual clients is an institutional manager even if it manages billions; the mix tells you whom the practice is built around.
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
Registration and firm details
Items 1, 2, 5- Legal name
- Marathon Capital Management LLC
- Registration
- SEC-registered investment adviser. Status as filed: Approved.
- Registered since
- 2004 (22 years)
- Employees
- Total: 7. Performing investment advisory functions: 4.
- Wrap fee program participation
- No.
- Custodians (Schedule D, Section 5.K(3))
-
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.
- States registered or notice-filed
-
16 states or jurisdictions
SEC-registered investment advisers are examined by the SEC. SEC, state, and exempt registration
Disclosures
Item 11None Reports no disclosure items on Form ADV Item 11. View on IAPD.
Item 11 asks about criminal, regulatory, and civil events involving the firm and its advisory personnel. The detail of each yes answer is on the IAPD record. Reading a firm's disclosures
Assets and staff over time
Items 5.A, 5.F| Data period | Assets under management | Employees | Filing dated |
|---|---|---|---|
| October 2026 | $790,136,072 | 7 | February 25, 2026 |
| October 2025 | $694,279,362 | 8 | May 20, 2025 |
| October 2024 | $677,081,355 | 8 | March 14, 2024 |
| October 2023 | $621,557,037 | 6 | September 8, 2023 |
| October 2022 | $699,531,308 | 6 | March 10, 2022 |
| October 2021 | $591,601,523 | 6 | March 4, 2021 |
Regulatory assets under management: $591,601,523 in the October 2021 data and $790,136,072 in the October 2026 data, up 34%.
Total employees: 6 in October 2021 and 7 in October 2026.
As filed in each year's data for the same month. Assets under management move with markets as well as with clients coming and going; they measure scale, not skill or returns. Most firms update these figures once a year.
Changes in the filing
Last 12 months- March 2026
- Employees performing advisory functions went from 5 to 4.
- Regulatory assets under management went from $694,279,362 to $790,136,072 (+14%).
- Updated its list of owners and control persons (Schedule A).
Compared month to month from the SEC's monthly adviser data and the state compilation feed. Owners and control persons are summarized, never named.
Websites listed on Form ADV
Item 1.ISource: Form ADV, as of October 2026. Values appear as filed; a value the firm did not report is shown as "Not reported."
Cite this page
AdvisorCensus. Marathon Capital Management (CRD 119416): Form ADV filing data as of October 2026. https://advisorcensus.com/firm/marathon-capital-management-hunt-valley-md-119416