# Steben & Company, LLC

> Steben & Company, LLC is an SEC-registered investment advisory firm in Excelsior, MN, registered since 2005, reporting $25 million to $100 million in regulatory assets under management in its Form ADV filing dated February 17, 2026.

- CRD: 117808
- Filed as: STEBEN & COMPANY, LLC
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Excelsior, MN
- Filing period: October 2026
- Form ADV filing dated: February 17, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/117808
- AdvisorCensus page: https://advisorcensus.com/firm/steben-and-company-llc-excelsior-mn-117808

## Quick answers

**How is Steben & Company, LLC compensated?**
On its Form ADV (Item 5.E, October 2026), Steben & Company, LLC reports these compensation arrangements: a percentage of assets under its management. The amounts are in Item 5 of its Form ADV Part 2A brochure.

**Where is Steben & Company, LLC located?**
Steben & Company, LLC's principal office is in Excelsior, MN, according to its Form ADV.

**Is Steben & Company, LLC registered with the SEC or a state?**
Steben & Company, LLC is an SEC-registered investment advisory firm, registered since 2005. Status as filed: Approved. CRD 117808.

**How much does Steben & Company, LLC manage?**
Steben & Company, LLC reports $69,181,112 in regulatory assets under management in its Form ADV filing dated February 17, 2026 (100% discretionary).

**How have Steben & Company, LLC's assets and staff changed since 2021?**
In the Form ADV data for Steben & Company, LLC: Regulatory assets under management: $172,437,632 in the October 2021 data and $69,181,112 in the October 2026 data, down 60%. Total employees: 8 in October 2021 and 8 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Steben & Company, LLC serve?**
By number of clients on Form ADV Item 5.D: pooled investment vehicles (other than investment companies and business development companies) (1).

**Does Steben & Company, LLC 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/117808

**What changed in Steben & Company, LLC's recent Form ADV filings?**
In the March 2026 filing data: Regulatory assets under management went from $108,117,452 to $69,181,112 (-36%).

## From the Form ADV filing

### Compensation (Item 5.E)
- A percentage of assets under your management

### Regulatory assets under management (Item 5.F)
- Total: $69,181,112
- Discretionary: $69,181,112
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Individuals (other than high net worth individuals) | 0 | $0 |
| High net worth individuals | 0 | $0 |
| Banking or thrift institutions | 0 | $0 |
| Investment companies | 0 | $0 |
| Business development companies | 0 | $0 |
| Pooled investment vehicles (other than investment companies and business development companies) | 1 | $69,181,112 |
| Pension and profit sharing plans (but not the plan participants or government pension plans) | 0 | $0 |
| Charitable organizations | 0 | $0 |
| State or municipal government entities (including government pension plans) | 0 | $0 |
| Other investment advisers | 0 | $0 |
| Insurance companies | 0 | $0 |
| Sovereign wealth funds and foreign official institutions | 0 | $0 |
| Corporations or other businesses not listed above | 0 | $0 |
| Other | 0 | $0 |

### Advisory services (Item 5.G)
- Portfolio management for pooled investment vehicles (other than investment companies)
- Selection of other advisers (including private fund managers)

### Firm details
- Registered since: 2005 (21 years)
- Employees: 8 total, 7 performing advisory functions
- Wrap fee program participation: No
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Websites listed on Form ADV (Item 1.I)
- steben.com

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $172,437,632 | 8 | May 14, 2021 |
| October 2022 | $152,153,006 | 8 | March 8, 2022 |
| October 2023 | $151,824,418 | 8 | September 6, 2023 |
| October 2024 | $119,376,040 | 8 | March 11, 2024 |
| October 2025 | $108,117,452 | 8 | March 19, 2025 |
| October 2026 | $69,181,112 | 8 | February 17, 2026 |

Regulatory assets under management: $172,437,632 in the October 2021 data and $69,181,112 in the October 2026 data, down 60%.
Total employees: 8 in October 2021 and 8 in October 2026.

## Changes in the filing (last 12 months)

### March 2026
- Regulatory assets under management went from $108,117,452 to $69,181,112 (-36%).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Steben & Company, LLC (CRD 117808): Form ADV filing data as of October 2026.