# Western Standard, LLC

> Western Standard, LLC is an SEC-registered investment advisory firm in Los Angeles, CA, registered since 2016, reporting $500 million to $1 billion in regulatory assets under management in its Form ADV filing dated September 25, 2026.

- CRD: 147864
- Filed as: WESTERN STANDARD, LLC
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Los Angeles, CA
- Filing period: October 2026
- Form ADV filing dated: September 25, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/147864
- AdvisorCensus page: https://advisorcensus.com/firm/western-standard-llc-los-angeles-ca-147864

## Quick answers

**How is Western Standard, LLC compensated?**
On its Form ADV (Item 5.E, October 2026), Western Standard, LLC reports these compensation arrangements: a percentage of assets under its management; performance-based fees.

**Where is Western Standard, LLC located?**
Western Standard, LLC's principal office is in Los Angeles, CA, according to its Form ADV.

**Is Western Standard, LLC registered with the SEC or a state?**
Western Standard, LLC is an SEC-registered investment advisory firm, registered since 2016. Status as filed: Approved. CRD 147864.

**How much does Western Standard, LLC manage?**
Western Standard, LLC reports $574,905,356 in regulatory assets under management in its Form ADV filing dated September 25, 2026 (100% discretionary).

**How have Western Standard, LLC's assets and staff changed since 2021?**
In the Form ADV data for Western Standard, LLC: Regulatory assets under management: $250,514,244 in the October 2021 data and $574,905,356 in the October 2026 data, up 129%. Total employees: 5 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 Western Standard, LLC serve?**
By number of clients on Form ADV Item 5.D: pooled investment vehicles (other than investment companies and business development companies) (3).

**Does Western Standard, 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/147864

**Does Western Standard, LLC state an account minimum?**
Its Form ADV Part 2A brochure dated March 30, 2026 says: "Generally, Limited Partners must make a minimum investment of $250,000 into either of the Partnerships. Western Standard may waive that minimum at its discretion."

**What changed in Western Standard, LLC's recent Form ADV filings?**
In the October 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
- Performance-based fees

### Fees and minimums (Form ADV Part 2A brochure dated March 30, 2026)

- Account minimum: $250,000 (the brochure says it may be waived or negotiated)

> Generally, Limited Partners must make a minimum investment of $250,000 into either of the Partnerships. Western Standard may waive that minimum at its discretion.

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

### Regulatory assets under management (Item 5.F)
- Total: $574,905,356
- Discretionary: $574,905,356
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Pooled investment vehicles (other than investment companies and business development companies) | 3 | $574,905,356 |

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

### Firm details
- Registered since: 2016 (10 years)
- Employees: 8 total, 6 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.

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

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $250,514,244 | 5 | March 31, 2021 |
| October 2022 | $422,427,078 | 4 | March 22, 2022 |
| October 2023 | $382,991,883 | 4 | April 26, 2023 |
| October 2024 | $388,977,679 | 6 | July 14, 2024 |
| October 2025 | $564,881,656 | 7 | March 26, 2025 |
| October 2026 | $574,905,356 | 8 | September 25, 2026 |

Regulatory assets under management: $250,514,244 in the October 2021 data and $574,905,356 in the October 2026 data, up 129%.
Total employees: 5 in October 2021 and 8 in October 2026.

## Changes in the filing (last 12 months)

### October 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. Western Standard, LLC (CRD 147864): Form ADV filing data as of October 2026.