{
  "crd_number": 293841,
  "slug": "sbj-capital-walnut-creek-ca-293841",
  "primary_business_name": "SBJ CAPITAL",
  "legal_name": "SPANOS BARBER JESSE & CO., LLC",
  "dbas": [],
  "city": "Walnut Creek",
  "state": "CA",
  "country": "United States",
  "cbsa_code": "41860",
  "metro": {
    "cbsa_code": "41860",
    "common_name": "San Francisco",
    "msa_name": "San Francisco-Oakland-Fremont, CA",
    "path": "/advisors/ca/san-francisco"
  },
  "registration_type": "sec",
  "registration_status": "Approved",
  "registration_date": "2022-07-29",
  "years_registered": 4,
  "period": "2026-10-01",
  "filing_date": "2026-03-27",
  "carried_forward": false,
  "raum_total": 749448448.0,
  "raum_discretionary": 749448448.0,
  "raum_non_discretionary": 0.0,
  "raum_band": "500m_1b",
  "raum_band_label": "$500 million to $1 billion",
  "total_employees": 19,
  "advisory_employees": 14,
  "client_count_bucket": null,
  "clients_by_type": {
    "pooled_investment_vehicles": {
      "raum": 749448448.0,
      "count": 15
    }
  },
  "compensation_types": [
    "fixed",
    "percentage_of_aum",
    "performance_based"
  ],
  "advisory_activities": [
    "portfolio_management_pooled_vehicles"
  ],
  "wrap_fee_participant": false,
  "disclosure_yes_count": 0,
  "states_registered": [
    "CA",
    "MN"
  ],
  "websites": [
    "https://linkedin.com/company/sbjcapital",
    "https://sbjcap.com",
    "https://sbjcapital.com"
  ],
  "iapd_url": "https://adviserinfo.sec.gov/firm/summary/293841",
  "city_as_filed": "WALNUT CREEK",
  "url": "https://advisorcensus.com/firm/sbj-capital-walnut-creek-ca-293841",
  "display_name": "SBJ Capital",
  "summary": "SBJ Capital is an SEC-registered investment advisory firm in Walnut Creek, CA, registered since 2022, reporting $500 million to $1 billion in regulatory assets under management in its Form ADV filing dated March 27, 2026.",
  "citation": "AdvisorCensus. SBJ Capital (CRD 293841): Form ADV filing data as of October 2026.",
  "registration_type_label": "SEC-registered investment adviser",
  "compensation_labels": [
    "A percentage of assets under your management",
    "Fixed fees (other than subscription fees)",
    "Performance-based fees"
  ],
  "advisory_activity_labels": [
    "Portfolio management for pooled investment vehicles (other than investment companies)"
  ],
  "quick_answers": [
    {
      "q": "How is SBJ Capital compensated?",
      "a": "On its Form ADV (Item 5.E, October 2026), SBJ Capital reports these compensation arrangements: a percentage of assets under its management; fixed fees (other than subscription fees); performance-based fees."
    },
    {
      "q": "What does SBJ Capital's brochure say about its fees?",
      "a": "Its Form ADV Part 2A brochure dated March 27, 2026 states: Asset-based fee: up to 2% of assets a year (the maximum the brochure states). Fees can differ by service and may be negotiable; the brochure is the complete statement."
    },
    {
      "q": "Where is SBJ Capital located?",
      "a": "SBJ Capital's principal office is in Walnut Creek, CA, according to its Form ADV; the April 2026 filing also lists 2 other offices (Schedule D, Section 1.F)."
    },
    {
      "q": "Is SBJ Capital registered with the SEC or a state?",
      "a": "SBJ Capital is an SEC-registered investment advisory firm, registered since 2022. Status as filed: Approved. CRD 293841."
    },
    {
      "q": "How much does SBJ Capital manage?",
      "a": "SBJ Capital reports $749,448,448 in regulatory assets under management in its Form ADV filing dated March 27, 2026 (100% discretionary)."
    },
    {
      "q": "How have SBJ Capital's assets and staff changed since 2021?",
      "a": "In the Form ADV data for SBJ Capital: Regulatory assets under management: $281,934,494 in the October 2022 data and $749,448,448 in the October 2026 data, up 166%. Total employees: 13 in October 2022 and 19 in October 2026. Assets under management move with markets as well as with clients coming and going."
    },
    {
      "q": "What types of clients does SBJ Capital serve?",
      "a": "By number of clients on Form ADV Item 5.D: pooled investment vehicles (other than investment companies and business development companies) (15)."
    },
    {
      "q": "Does SBJ Capital report any disciplinary disclosures?",
      "a": "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/293841"
    },
    {
      "q": "What changed in SBJ Capital's recent Form ADV filings?",
      "a": "In the April 2026 filing data: Regulatory assets under management went from $590,922,819 to $749,448,448 (+27%). Registered or notice-filed in MN."
    }
  ],
  "filing_history": [
    {
      "period": "2021-10-01",
      "regulatory_assets_under_management": null,
      "total_employees": null,
      "filing_date": "2021-05-17"
    },
    {
      "period": "2022-10-01",
      "regulatory_assets_under_management": 281934494.0,
      "total_employees": 13,
      "filing_date": "2022-09-26"
    },
    {
      "period": "2023-10-01",
      "regulatory_assets_under_management": 576677554.0,
      "total_employees": 13,
      "filing_date": "2023-04-28"
    },
    {
      "period": "2024-10-01",
      "regulatory_assets_under_management": 615714461.0,
      "total_employees": 15,
      "filing_date": "2024-03-29"
    },
    {
      "period": "2025-10-01",
      "regulatory_assets_under_management": 590922819.0,
      "total_employees": 17,
      "filing_date": "2025-03-31"
    },
    {
      "period": "2026-10-01",
      "regulatory_assets_under_management": 749448448.0,
      "total_employees": 19,
      "filing_date": "2026-03-27"
    }
  ],
  "recent_changes": [
    {
      "period": "2026-04-01",
      "period_label": "April 2026",
      "notes": [
        "Regulatory assets under management went from $590,922,819 to $749,448,448 (+27%).",
        "Registered or notice-filed in MN."
      ]
    }
  ],
  "fees_from_brochure": {
    "source": "Form ADV Part 2A brochure dated March 27, 2026",
    "tiers": [],
    "flat_rate": null,
    "stated_range": null,
    "stated_maximum": "2% of assets a year",
    "account_minimum": null,
    "account_minimum_may_be_waived": false,
    "minimum_annual_fee": null,
    "figures": [
      {
        "label": "Asset-based fee",
        "statements": [
          "Asset-based fee: up to 2% of assets a year (the maximum the brochure states)"
        ],
        "quotes": [
          "Certain Funds pay a management fee (“Management Fee”), which is typically calculated as a percentage of assets or gross commitments up to 2% per annum across the Funds."
        ]
      }
    ],
    "quotes": [
      "Certain Funds pay a management fee (“Management Fee”), which is typically calculated as a percentage of assets or gross commitments up to 2% per annum across the Funds."
    ],
    "note": "As stated in the firm's brochure; fees can differ by service and may be negotiable."
  },
  "custodians": [],
  "custodians_note": null,
  "markdown_url": "https://advisorcensus.com/firm/sbj-capital-walnut-creek-ca-293841.md",
  "clients": [
    {
      "type": "pooled_investment_vehicles",
      "label": "Pooled investment vehicles (other than investment companies and business development companies)",
      "count": 15,
      "fewer_than_5": false,
      "raum": 749448448.0
    }
  ],
  "disclosure_line": "Reports no disclosure items on Form ADV Item 11.",
  "disclosure_items": [],
  "indexable": true,
  "suppressed": false,
  "claimed": false,
  "enhanced": false,
  "provided_by_the_firm": null,
  "source": {
    "name": "Form ADV",
    "as_of": "2026-10-01",
    "iapd_url": "https://adviserinfo.sec.gov/firm/summary/293841",
    "operator": "BH Monitor Services, LLC",
    "license": "https://creativecommons.org/licenses/by/4.0/",
    "credit": "AdvisorCensus (advisorcensus.com), from SEC Form ADV data"
  }
}