# Marathon Capital Management

> 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.

- CRD: 119416
- Filed as: MARATHON CAPITAL MANAGEMENT
- Legal name: Marathon Capital Management LLC
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Hunt Valley, MD
- Filing period: October 2026
- Form ADV filing dated: February 25, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/119416
- AdvisorCensus page: https://advisorcensus.com/firm/marathon-capital-management-hunt-valley-md-119416

## Quick answers

**How 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

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

### Fees and minimums (Form ADV Part 2A brochure dated February 25, 2026)

- Asset-based fee: up to 1% of assets a year (the maximum the brochure states)

> 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)

> 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 brochure. Fees can differ by service and may be negotiable.

### Custodians (Schedule D, Section 5.K(3))
- Charles Schwab & Co., Inc. (affiliated with the firm)
- Fidelity Distributors Company LLC

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: $790,136,072
- Discretionary: $790,136,072
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Individuals (other than high net worth individuals) | 99 | $24,222,758 |
| High net worth individuals | 182 | $485,494,997 |
| Charitable organizations | 5 | $280,418,317 |

### 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

### Firm details
- Registered since: 2004 (22 years)
- Employees: 7 total, 4 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: AZ, CA, CO, CT, DC, DE, FL, MA, MD, NH, NJ, NY, PA, SC, TX, VA
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Websites listed on Form ADV (Item 1.I)
- insidemarathon.com

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $591,601,523 | 6 | March 4, 2021 |
| October 2022 | $699,531,308 | 6 | March 10, 2022 |
| October 2023 | $621,557,037 | 6 | September 8, 2023 |
| October 2024 | $677,081,355 | 8 | March 14, 2024 |
| October 2025 | $694,279,362 | 8 | May 20, 2025 |
| October 2026 | $790,136,072 | 7 | February 25, 2026 |

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.

## 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).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Marathon Capital Management (CRD 119416): Form ADV filing data as of October 2026.