# Stillwater Capital Management

> Stillwater Capital Management is an SEC-registered investment advisory firm in Carmel-By-The-Sea, CA, registered since 2026, reporting $100 million to $500 million in regulatory assets under management in its Form ADV filing dated July 21, 2026.

- CRD: 313075
- Filed as: STILLWATER CAPITAL MANAGEMENT
- Legal name: Stillwater Capital Management, Corp
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Carmel-By-The-Sea, CA
- Filing period: October 2026
- Form ADV filing dated: July 21, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/313075
- AdvisorCensus page: https://advisorcensus.com/firm/stillwater-capital-management-carmel-by-the-sea-ca-313075

## Quick answers

**How is Stillwater Capital Management compensated?**
On its Form ADV (Item 5.E, October 2026), Stillwater Capital Management 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 Stillwater Capital Management located?**
Stillwater Capital Management's principal office is in Carmel-By-The-Sea, CA, according to its Form ADV; the August 2026 filing also lists 1 other office (Schedule D, Section 1.F).

**Is Stillwater Capital Management registered with the SEC or a state?**
Stillwater Capital Management is an SEC-registered investment advisory firm, registered since 2026. Status as filed: Approved. CRD 313075.

**How much does Stillwater Capital Management manage?**
Stillwater Capital Management reports $102,463,339 in regulatory assets under management in its Form ADV filing dated July 21, 2026 (100% discretionary).

**How have Stillwater Capital Management's assets and staff changed since 2021?**
In the Form ADV data for Stillwater Capital Management: Regulatory assets under management: $1,604,000 in the October 2021 data and $102,463,339 in the October 2026 data, up 6288%. Total employees: 1 in October 2021 and 3 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Stillwater Capital Management serve?**
By number of clients on Form ADV Item 5.D: individuals (other than high net worth individuals) (77); high net worth individuals (39); pension and profit sharing plans (but not the plan participants or government pension plans) (8).

**Which custodians does Stillwater Capital Management use?**
Stillwater Capital Management'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 Stillwater 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/313075

**What changed in Stillwater Capital Management's recent Form ADV filings?**
In the August 2026 filing data: 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

### 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: $102,463,339
- Discretionary: $102,463,339
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Individuals (other than high net worth individuals) | 77 | $51,000,000 |
| High net worth individuals | 39 | $45,000,000 |
| 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) | 0 | $0 |
| Pension and profit sharing plans (but not the plan participants or government pension plans) | 8 | $2,622,339 |
| Charitable organizations | 2 | $3,841,000 |
| 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)
- Financial planning services
- Portfolio management for individuals and/or small businesses
- Portfolio management for businesses (other than small businesses) or institutional clients
- Pension consulting services

### Firm details
- Registered since: 2026 (0 years)
- Employees: 3 total, 2 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: CA
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Other offices (Schedule D, Section 1.F), as of the August 2026 filing
- Carmel-By-The-Sea, CA

### Websites listed on Form ADV (Item 1.I)
- stillwatercapitalmgmt.com
- Instagram @stillwatercapitalmanagement
- LinkedIn @stillwater-capital-management

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $1,604,000 | 1 | September 10, 2021 |
| October 2022 | $2,200,000 | 1 | March 16, 2022 |
| October 2026 | $102,463,339 | 3 | July 21, 2026 |

Regulatory assets under management: $1,604,000 in the October 2021 data and $102,463,339 in the October 2026 data, up 6288%.
Total employees: 1 in October 2021 and 3 in October 2026.

## Changes in the filing (last 12 months)

### August 2026
- Updated its list of owners and control persons (Schedule A).

### July 2026
- Updated its list of owners and control persons (Schedule A).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Stillwater Capital Management (CRD 313075): Form ADV filing data as of October 2026.