# Mentor Capital Management Inc.

> Mentor Capital Management Inc. is an SEC-registered investment advisory firm in Chicago, IL, registered since 2020, reporting $100 million to $500 million in regulatory assets under management in its Form ADV filing dated March 31, 2026.

- CRD: 123176
- Filed as: MENTOR CAPITAL MANAGEMENT INC.
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Chicago, IL
- Filing period: October 2026
- Form ADV filing dated: March 31, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/123176
- AdvisorCensus page: https://advisorcensus.com/firm/mentor-capital-management-inc-chicago-il-123176

## Quick answers

**How is Mentor Capital Management Inc. compensated?**
On its Form ADV (Item 5.E, October 2026), Mentor Capital Management Inc. reports these compensation arrangements: a percentage of assets under its management; hourly charges; fixed fees (other than subscription fees).

**Where is Mentor Capital Management Inc. located?**
Mentor Capital Management Inc.'s principal office is in Chicago, IL, according to its Form ADV.

**Is Mentor Capital Management Inc. registered with the SEC or a state?**
Mentor Capital Management Inc. is an SEC-registered investment advisory firm, registered since 2020. Status as filed: Approved. CRD 123176.

**How much does Mentor Capital Management Inc. manage?**
Mentor Capital Management Inc. reports $226,369,687 in regulatory assets under management in its Form ADV filing dated March 31, 2026 (83% discretionary).

**How have Mentor Capital Management Inc.'s assets and staff changed since 2021?**
In the Form ADV data for Mentor Capital Management Inc.: Regulatory assets under management: $133,621,603 in the October 2021 data and $226,369,687 in the October 2026 data, up 69%. Total employees: 2 in October 2021 and 4 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Mentor Capital Management Inc. serve?**
By number of clients on Form ADV Item 5.D: individuals (other than high net worth individuals) (227).

**Which custodians does Mentor Capital Management Inc. use?**
Mentor Capital Management Inc.'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 Mentor Capital Management Inc. 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/123176

**Does Mentor Capital Management Inc. state an account minimum?**
Its Form ADV Part 2A brochure dated March 31, 2026 says: "Mentor Capital Management Inc. does not impose a minimum dollar value of assets or any other condition for starting or maintaining an account. Accounts may be of any size, investments of any type."

**What changed in Mentor Capital Management Inc.'s recent Form ADV filings?**
In the April 2026 filing data: Employees performing advisory functions went from 3 to 4. Regulatory assets under management went from $195,230,556 to $226,369,687 (+16%). Registered or notice-filed in IN, WI.

## From the Form ADV filing

### Compensation (Item 5.E)
- A percentage of assets under your management
- Hourly charges
- Fixed fees (other than subscription fees)

### Fees and minimums (Form ADV Part 2A brochure dated March 31, 2026)

- Account minimum: None

> Mentor Capital Management Inc. does not impose a minimum dollar value of assets or any other condition for starting or maintaining an account. Accounts may be of any size, investments of any type.

- Minimum annual fee: None

> MINIMUM AND MAXIMUM ANNUAL FEES There are no minimum or maximum annual fees.

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.

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: $226,369,687
- Discretionary: $187,770,831
- Non-discretionary: $38,598,856

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Individuals (other than high net worth individuals) | 227 | $200,739,794 |
| High net worth individuals | Fewer than 5 | $24,886,994 |
| Corporations or other businesses not listed above | Fewer than 5 | $742,899 |

### Advisory services (Item 5.G)
- Financial planning services
- Portfolio management for individuals and/or small businesses

### Firm details
- Registered since: 2020 (6 years)
- Employees: 4 total, 4 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: IL, IN, TX, WI
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Websites listed on Form ADV (Item 1.I)
- mentoradvisers.com
- Facebook facebook.com
- LinkedIn @mentorcapital
- X @MentorCapitalMg

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $133,621,603 | 2 | March 12, 2021 |
| October 2022 | $174,258,842 | 2 | March 7, 2022 |
| October 2023 | $152,300,332 | 2 | March 23, 2023 |
| October 2024 | $178,224,150 | 4 | April 1, 2024 |
| October 2025 | $195,230,556 | 4 | April 1, 2025 |
| October 2026 | $226,369,687 | 4 | March 31, 2026 |

Regulatory assets under management: $133,621,603 in the October 2021 data and $226,369,687 in the October 2026 data, up 69%.
Total employees: 2 in October 2021 and 4 in October 2026.

## Changes in the filing (last 12 months)

### April 2026
- Employees performing advisory functions went from 3 to 4.
- Regulatory assets under management went from $195,230,556 to $226,369,687 (+16%).
- Registered or notice-filed in IN, WI.

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Mentor Capital Management Inc. (CRD 123176): Form ADV filing data as of October 2026.