# SBJ Capital

> 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.

- CRD: 293841
- Filed as: SBJ CAPITAL
- Legal name: Spanos Barber Jesse & Co., LLC
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Walnut Creek, CA
- Filing period: October 2026
- Form ADV filing dated: March 27, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/293841
- AdvisorCensus page: https://advisorcensus.com/firm/sbj-capital-walnut-creek-ca-293841

## Quick answers

**How is SBJ Capital compensated?**
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.

**How much does SBJ Capital charge?**
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.

**Where is SBJ Capital located?**
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).

**Is SBJ Capital registered with the SEC or a state?**
SBJ Capital is an SEC-registered investment advisory firm, registered since 2022. Status as filed: Approved. CRD 293841.

**How much does SBJ Capital manage?**
SBJ Capital reports $749,448,448 in regulatory assets under management in its Form ADV filing dated March 27, 2026 (100% discretionary).

**How have SBJ Capital's assets and staff changed since 2021?**
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.

**What types of clients does SBJ Capital serve?**
By number of clients on Form ADV Item 5.D: pooled investment vehicles (other than investment companies and business development companies) (15).

**Does SBJ Capital 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/293841

**What changed in SBJ Capital's recent Form ADV filings?**
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.

## From the Form ADV filing

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

### Fees and minimums (Form ADV Part 2A brochure dated March 27, 2026)

- Asset-based fee: up to 2% of assets a year (the maximum the brochure states)

> 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.

As stated in the firm's brochure. Fees can differ by service and may be negotiable.

### Regulatory assets under management (Item 5.F)
- Total: $749,448,448
- Discretionary: $749,448,448
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Pooled investment vehicles (other than investment companies and business development companies) | 15 | $749,448,448 |

### Advisory services (Item 5.G)
- Portfolio management for pooled investment vehicles (other than investment companies)

### Firm details
- Registered since: 2022 (4 years)
- Employees: 19 total, 14 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: CA, MN
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Other offices (Schedule D, Section 1.F), as of the April 2026 filing
- Los Angeles, CA
- Minneapolis, MN

### Websites listed on Form ADV (Item 1.I)
- sbjcap.com
- sbjcapital.com
- LinkedIn @sbjcapital

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | Not reported | Not reported | May 17, 2021 |
| October 2022 | $281,934,494 | 13 | September 26, 2022 |
| October 2023 | $576,677,554 | 13 | April 28, 2023 |
| October 2024 | $615,714,461 | 15 | March 29, 2024 |
| October 2025 | $590,922,819 | 17 | March 31, 2025 |
| October 2026 | $749,448,448 | 19 | March 27, 2026 |

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.

## Changes in the filing (last 12 months)

### April 2026
- Regulatory assets under management went from $590,922,819 to $749,448,448 (+27%).
- Registered or notice-filed in MN.

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. SBJ Capital (CRD 293841): Form ADV filing data as of October 2026.