# Osterweis Capital Management

> Osterweis Capital Management is an SEC-registered investment advisory firm in San Francisco, CA, registered since 1997, reporting over $5 billion in regulatory assets under management in its Form ADV filing dated March 31, 2026.

- CRD: 109580
- Filed as: OSTERWEIS CAPITAL MANAGEMENT
- Legal name: Osterweis Capital Management LLC
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: San Francisco, CA
- Filing period: October 2026
- Form ADV filing dated: March 31, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/109580
- AdvisorCensus page: https://advisorcensus.com/firm/osterweis-capital-management-san-francisco-ca-109580

## Quick answers

**How is Osterweis Capital Management compensated?**
On its Form ADV (Item 5.E, October 2026), Osterweis Capital Management reports these compensation arrangements: a percentage of assets under its management; fixed fees (other than subscription fees). The amounts are in Item 5 of its Form ADV Part 2A brochure.

**Where is Osterweis Capital Management located?**
Osterweis Capital Management's principal office is in San Francisco, CA, according to its Form ADV.

**Is Osterweis Capital Management registered with the SEC or a state?**
Osterweis Capital Management is an SEC-registered investment advisory firm, registered since 1997. Status as filed: Approved. CRD 109580.

**How much does Osterweis Capital Management manage?**
Osterweis Capital Management reports $7,498,003,709 in regulatory assets under management in its Form ADV filing dated March 31, 2026 (100% discretionary).

**How have Osterweis Capital Management's assets and staff changed since 2021?**
In the Form ADV data for Osterweis Capital Management: Regulatory assets under management: $6,349,010,191 in the October 2021 data and $7,498,003,709 in the October 2026 data, up 18%. Total employees: 61 in October 2021 and 666 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Osterweis Capital Management serve?**
By number of clients on Form ADV Item 5.D: high net worth individuals (344); charitable organizations (8); investment companies (4).

**Which custodians does Osterweis Capital Management use?**
Osterweis Capital Management's most recent Form ADV filing (Schedule D, Section 5.K(3)) lists Charles Schwab & Co Inc, Citibank NA and U.S. Bank National Association as custodians holding 10% or more of its separately managed account assets.

**Does Osterweis 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/109580

**What changed in Osterweis Capital Management's recent Form ADV filings?**
In the April 2026 filing data: Registered or notice-filed in WA.

## From the Form ADV filing

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

### Custodians (Schedule D, Section 5.K(3))
- Charles Schwab & Co Inc
- Citibank NA
- U.S. Bank National Association

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: $7,498,003,709
- Discretionary: $7,463,916,798
- Non-discretionary: $34,086,911

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Individuals (other than high net worth individuals) | 2 | $151,487 |
| High net worth individuals | 344 | $988,682,932 |
| Banking or thrift institutions | 0 | Not reported |
| Investment companies | 4 | $6,371,057,235 |
| 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) | 0 | Not reported |
| Charitable organizations | 8 | $69,369,027 |
| State or municipal government entities (including government pension plans) | 0 | Not reported |
| Other investment advisers | 0 | Not reported |
| Insurance companies | 0 | Not reported |
| Sovereign wealth funds and foreign official institutions | 0 | Not reported |
| Corporations or other businesses not listed above | Fewer than 5 | $68,743,028 |

### Advisory services (Item 5.G)
- Financial planning services
- Portfolio management for individuals and/or small businesses
- Portfolio management for investment companies (and business development companies)
- Portfolio management for businesses (other than small businesses) or institutional clients

### Firm details
- Registered since: 1997 (29 years)
- Employees: 666 total, 14 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: CA, FL, LA, NY, OR, TX, WA
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Websites listed on Form ADV (Item 1.I)
- osterweis.com
- Facebook @OSTERWEIS-CAPITAL-MANAGEMENT-151028454930065
- LinkedIn @OSTERWEIS-CAPITAL-MANAGEMENT
- X @OSTERWEISFUNDS
- YouTube @OSTERWEISCAPITAL

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $6,349,010,191 | 61 | March 30, 2021 |
| October 2022 | $6,610,530,582 | 64 | July 26, 2022 |
| October 2023 | $6,029,132,242 | 61 | March 31, 2023 |
| October 2024 | $6,352,874,498 | 60 | March 29, 2024 |
| October 2025 | $7,555,264,396 | 63 | April 1, 2025 |
| October 2026 | $7,498,003,709 | 666 | March 31, 2026 |

Regulatory assets under management: $6,349,010,191 in the October 2021 data and $7,498,003,709 in the October 2026 data, up 18%.
Total employees: 61 in October 2021 and 666 in October 2026.

## Changes in the filing (last 12 months)

### April 2026
- Registered or notice-filed in WA.

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Osterweis Capital Management (CRD 109580): Form ADV filing data as of October 2026.