# Oarsman Capital, Inc

> Oarsman Capital, Inc is an SEC-registered investment advisory firm in Milwaukee, WI, registered since 2002, reporting $1 billion to $5 billion in regulatory assets under management in its Form ADV filing dated September 8, 2026.

- CRD: 109993
- Filed as: OARSMAN CAPITAL, INC
- Also doing business as: LRC AVIATION ADVISORS
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Milwaukee, WI
- Filing period: October 2026
- Form ADV filing dated: September 8, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/109993
- AdvisorCensus page: https://advisorcensus.com/firm/oarsman-capital-inc-milwaukee-wi-109993

## Quick answers

**How is Oarsman Capital, Inc compensated?**
On its Form ADV (Item 5.E, October 2026), Oarsman Capital, Inc reports these compensation arrangements: a percentage of assets under its management.

**Where is Oarsman Capital, Inc located?**
Oarsman Capital, Inc's principal office is in Milwaukee, WI, according to its Form ADV; the October 2026 filing also lists 1 other office (Schedule D, Section 1.F).

**Is Oarsman Capital, Inc registered with the SEC or a state?**
Oarsman Capital, Inc is an SEC-registered investment advisory firm, registered since 2002. Status as filed: Approved. CRD 109993.

**How much does Oarsman Capital, Inc manage?**
Oarsman Capital, Inc reports $1,166,995,377 in regulatory assets under management in its Form ADV filing dated September 8, 2026 (95% discretionary).

**How have Oarsman Capital, Inc's assets and staff changed since 2021?**
In the Form ADV data for Oarsman Capital, Inc: Regulatory assets under management: $435,570,258 in the October 2021 data and $1,166,995,377 in the October 2026 data, up 168%. Total employees: 9 in October 2021 and 21 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Oarsman Capital, Inc serve?**
By number of clients on Form ADV Item 5.D: high net worth individuals (356); individuals (other than high net worth individuals) (314); charitable organizations (6).

**Which custodians does Oarsman Capital, Inc use?**
Oarsman Capital, 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 Oarsman Capital, 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/109993

**Does Oarsman Capital, Inc state an account minimum?**
Its Form ADV Part 2A brochure dated April 29, 2026 says: "OCI and LRC have a targeted minimum account size is $1,000,000; however, this minimum may be waived in certain circumstances."

**What changed in Oarsman Capital, Inc's recent Form ADV filings?**
In the April 2026 filing data: Regulatory assets under management went from $926,809,806 to $1,166,995,377 (+26%). 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 April 29, 2026)

- Account minimum: $1,000,000 (the brochure says it may be waived or negotiated)

> OCI and LRC have a targeted minimum account size is $1,000,000; however, this minimum may be waived in certain circumstances.

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: $1,166,995,377
- Discretionary: $1,114,027,602
- Non-discretionary: $52,967,775

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Individuals (other than high net worth individuals) | 314 | $120,604,860 |
| High net worth individuals | 356 | $1,040,139,060 |
| Pension and profit sharing plans (but not the plan participants or government pension plans) | Fewer than 5 | $715,916 |
| Charitable organizations | 6 | $5,084,145 |
| Corporations or other businesses not listed above | Fewer than 5 | $451,396 |

### 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
- Selection of other advisers (including private fund managers)

### Firm details
- Registered since: 2002 (24 years)
- Employees: 21 total, 13 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: AK, AZ, CA, CO, FL, IA, IL, MN, NC, NE, NH, SC, TN, TX, VA, WA, WI
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Other offices (Schedule D, Section 1.F), as of the October 2026 filing
- Prairie du Sac, WI

### Websites listed on Form ADV (Item 1.I)
- lrcaviation.com
- oarsman.net
- Facebook @LRCaviation
- LinkedIn @lrc-aviation
- LinkedIn @oarsman-capital-inc
- YouTube @LRCAviationAdvisors

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $435,570,258 | 9 | March 31, 2021 |
| October 2022 | $469,041,009 | 9 | March 30, 2022 |
| October 2023 | $439,995,408 | 9 | September 25, 2023 |
| October 2024 | $703,305,206 | 14 | August 12, 2024 |
| October 2025 | $926,809,806 | 21 | March 31, 2025 |
| October 2026 | $1,166,995,377 | 21 | September 8, 2026 |

Regulatory assets under management: $435,570,258 in the October 2021 data and $1,166,995,377 in the October 2026 data, up 168%.
Total employees: 9 in October 2021 and 21 in October 2026.

## Changes in the filing (last 12 months)

### April 2026
- Regulatory assets under management went from $926,809,806 to $1,166,995,377 (+26%).
- Updated its list of owners and control persons (Schedule A).

### January 2026
- No longer registered or notice-filed in IN.

### December 2025
- Updated its list of owners and control persons (Schedule A).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Oarsman Capital, Inc (CRD 109993): Form ADV filing data as of October 2026.