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RIA / WealthRegistered adviserindependent wealth managerSEC registeredRAUM 100m 1b

MARATHON CAPITAL MANAGEMENT

MARATHON CAPITAL MANAGEMENT LLC, CRD 119416

HUNT VALLEY, MD

This is the graph view. The full profile, with its team, deals and sources, is on RIA / Wealth Management.Open the full profile →

Search this name across graphsid dfx:ria:647b12eb-7f32-454c-b25d-9d571aafa27d

Data as of Feb 25, 2026 (this record's last observation) from federal regulator filings. Page built Sep 21, 2026, 4:03 AM UTC and rebuilt at most every 15 minutes.

Relationships: 9
Dated events: 4
On other graphs: 0
Observed: Mar 1, 2012 to Feb 25, 2026
34 observations

Across DFX

This entity has not been resolved onto another DFX graph by a shared identifier. A name match elsewhere would be a candidate, never an identity, and none is recorded.

Facts

fact = as filed or announced; derived = computed by DFX; estimate = a band, never a point

Firm class: independent wealth managerderivedprivate_client_share=0.65 fund_share=0.0 institutional_share=0.35 related_bd=false related_bank=false bd_reps=0.0
Regulatory AUM: $790MItem 5.F on the latest filing (2026-02-25); as reported, and an affiliate's assets may be counted again on its own filing
Discretionary RAUM: $790M
Private client RAUM: $510MderivedItem 5.D individuals plus high net worth individuals
Private client share: 65%derivedprivate client RAUM over total RAUM
Advisors on IAPD: 5
RAUM per advisor: $158Mderivedthe firm's RAUM over its IAPD headcount: a firm average, never a person's book
Employees: 7
Advisory employees: 4
Offices: 0Schedule D 1.F, beyond the principal office
Accounts: 668
Individual clients: 99
High net worth clients: 182
Custody, client assets: $220M
SEC number: 801-62793
CRD: 119416
Filings on the tape: 34
First filed: Mar 1, 2012
Latest filed: Feb 25, 2026
Organised: Limited Liability Company, MD
Website: insidemarathon.com

Advisors on IAPD

current investment adviser representatives on the IAPD individual feed, longest tenure first

Advisor	Designations	Branch	Years here	In industry	Prior firms	Dual registered
ANGUS MCPHEE BURTON	n/a	HUNT VALLEY, MD	9	44	1	no
Edward George Hart	n/a	HUNT VALLEY, MD	2	13	1	no
CLIFFORD MARSHALL ATHEY	n/a	HUNT VALLEY, MD	2	25	1	no
PATRICK TIMOTHY JONES	n/a	HUNT VALLEY, MD	2	25	n/a	no
LINDA GIBSON HICKEL	n/a	HUNT VALLEY, MD	0	33	1	no

Owners and control persons

Schedule A and B as filed; ownership codes are the form's bands (NA under 5%, A 5 to 10%, B 10 to 25%, C 25 to 50%, D 50 to 75%, E over 75%); people are listed as filed and never merged by name

Owner	Title	Ownership code	Control person	Acquired	First seen	Last seen
ATHEY, CLIFFORD, MARSHALL	Partner	B	yes	07/2021	Mar 10, 2022	Mar 14, 2024
BURTON, ANGUS, MCPHEE	President	E	yes	01/2001	Mar 1, 2012	Mar 14, 2024
Hart, Edward, George	Partner	A	yes	07/2023	Sep 7, 2023	Mar 14, 2024

Affiliates (Item 7.A)

as filed on Item 7.A; a related person with a CRD on the graph links to its own page

Related person	Type	Class on the graph	Its RAUM	Control	Common control	State
MARATHON MICRO PARTNERS, LLC	n/a	State registered	n/a	N	yes	n/a

Regulatory AUM by fiscal year

annual amendments (and the roster's annual snapshot) as filed; where a year was amended twice the later filing draws the line; showing 15 of 16

Fiscal year	Filed	RAUM	Discretionary	Employees	Advisory staff	Offices	Private funds	Fund GAV
2025	Feb 25, 2026	$790M	$790M	7	4	0	n/a	n/a
2024	Feb 21, 2025	$694M	$694M	8	5	0	n/a	n/a
2023	Mar 14, 2024	$677M	$677M	8	5	0	n/a	n/a
2022	Mar 1, 2023	$622M	$622M	6	4	0	n/a	n/a
2021	Mar 8, 2022	$700M	$700M	6	4	0	n/a	n/a
2020	Mar 4, 2021	$592M	$592M	6	4	0	n/a	n/a
2019	Mar 30, 2020	$505M	$505M	6	4	0	n/a	n/a
2018	Mar 25, 2019	$342M	$342M	5	3	0	n/a	n/a
2017	Mar 27, 2018	$381M	$381M	5	3	0	n/a	n/a
2016	Mar 16, 2017	$321M	$321M	4	3	n/a	n/a	n/a
2015	Mar 29, 2016	$322M	$322M	4	3	n/a	n/a	n/a
2014	Mar 30, 2015	$352M	$352M	2	2	n/a	n/a	n/a
2013	Mar 17, 2014	$222M	$222M	2	2	n/a	n/a	n/a
2012	Feb 27, 2013	$189M	$189M	2	2	n/a	n/a	n/a
2011	Mar 1, 2012	$173M	$173M	n/a	n/a	n/a	n/a	n/a

Advisor flows

derived: registrations beginning and ending at this CRD on IAPD, bulk corporate re-registrations excluded; the rate is departures over IAPD headcount

Joined, 12m	Left, 12m	Net, 12m	Departure rate, 12m	Joined, 90d	Left, 90d	Left, no destination yet	Joined, 36m	Left, 36m
1	0	1	0.0%	0	0	0	3	0

Growth

derived from consecutive annual filings; RAUM as reported

Latest fiscal year	RAUM	A year earlier	1y change	Three years earlier	3y CAGR	Employees	A year earlier	Offices	A year earlier
2025	$790M	$694M	13.8%	$622M	8.3%	7	8	0	0

Relationships

Affiliated with (1)

→ MARATHON MICRO PARTNERS, LLCRegistered adviserother investment adviser, pooled vehicle sponsor, common control
factForm ADV

Registered with (5)

← LINDA GIBSON HICKELAdvisorregistration: current employment
Jan 5, 2026 to presentfactForm ADV
← PATRICK TIMOTHY JONESAdvisorregistration: current employment
Aug 2, 2024 to presentfactForm ADV
← CLIFFORD MARSHALL ATHEYAdvisorregistration: current employment
Jan 29, 2024 to presentfactForm ADV
← Edward George HartAdvisorregistration: current employment
Jan 19, 2024 to presentfactForm ADV
← ANGUS MCPHEE BURTONAdvisorregistration: current employment
Dec 2, 2016 to presentfactForm ADV

Controls (3)

← BURTON, ANGUS, MCPHEEOwnerPRESIDENT, ownership code E, individual
Mar 1, 2012 to Mar 14, 2024factForm ADV
← ATHEY, CLIFFORD, MARSHALLOwnerPARTNER, ownership code B, individual
Mar 10, 2022 to Mar 14, 2024factForm ADV
← Hart, Edward, GeorgeOwnerPARTNER, ownership code A, individual
Sep 7, 2023 to Mar 14, 2024factForm ADV

Dated events

Occurred
Sep 7, 2023
Control person joined
George Edward Hart (Partner) appeared on Schedule A of Marathon Capital Management
Form ADVobserved 6 days ago
Occurred
Mar 10, 2022
Control person joined
Marshall Clifford Athey (Partner) appeared on Schedule A of Marathon Capital Management
Form ADVobserved 6 days ago
Occurred
Mar 4, 2021
Control person left
Gordon James Kennedy (President) no longer on Schedule A of Marathon Capital Management (listed 2020-11-13, absent 2021-03-04)
Form ADVobserved 6 days ago
Occurred
Mar 30, 2020
Regulatory AUM changed
Marathon Capital Management reported RAUM $504.5M, up 48% from $341.7M (2019-10-24 to 2020-03-30)
Form ADVobserved 6 days ago
$163M

Provenance

Graph: RIA / Wealth Management
Canonical id: dfx:ria:647b12eb-7f32-454c-b25d-9d571aafa27d
First observed: Mar 1, 2012
Last observed: Feb 25, 2026 6 months ago
Source families: Federal regulator filings
3 registered feeds stand behind this record; each fact above carries its own dates and, where the publisher serves one, its document.
Resolution: Identity across graphs by shared identifier (CRD, CIK, EIN, ADV fund id, individual CRD) or citation; a name match is shown as a candidate and never merged.

MARATHON CAPITAL MANAGEMENT

MARATHON CAPITAL MANAGEMENT LLC, CRD 119416

HUNT VALLEY, MD

This is the graph view. The full profile, with its team, deals and sources, is on RIA / Wealth Management.Open the full profile →

Search this name across graphsid dfx:ria:647b12eb-7f32-454c-b25d-9d571aafa27d

Data as of Feb 25, 2026 (this record's last observation) from federal regulator filings. Page built Sep 21, 2026, 4:03 AM UTC and rebuilt at most every 15 minutes.

Advisor

Designations

Branch

Years here

In industry

Prior firms

Dual registered

ANGUS MCPHEE BURTON

n/a

HUNT VALLEY, MD

Edward George Hart

n/a

HUNT VALLEY, MD

CLIFFORD MARSHALL ATHEY

n/a

HUNT VALLEY, MD

PATRICK TIMOTHY JONES

n/a

HUNT VALLEY, MD

n/a

LINDA GIBSON HICKEL

n/a

HUNT VALLEY, MD

Owner

Title

Ownership code

Control person

Acquired

First seen

Last seen

ATHEY, CLIFFORD, MARSHALL

Partner

yes

07/2021

Mar 10, 2022

Mar 14, 2024

BURTON, ANGUS, MCPHEE

President

yes

01/2001

Mar 1, 2012

Mar 14, 2024

Hart, Edward, George

Partner

yes

07/2023

Sep 7, 2023

Mar 14, 2024

Related person

Type

Class on the graph

Its RAUM

Control

Common control

State

MARATHON MICRO PARTNERS, LLC

n/a

State registered

n/a

yes

n/a

Fiscal year

Filed

RAUM

Discretionary

Employees

Advisory staff

Offices

Private funds

Fund GAV

2025

Feb 25, 2026

$790M

n/a

2024

Feb 21, 2025

$694M

n/a

2023

Mar 14, 2024

$677M

n/a

2022

Mar 1, 2023

$622M

n/a

2021

Mar 8, 2022

$700M

n/a

2020

Mar 4, 2021

$592M

n/a

2019

Mar 30, 2020

$505M

n/a

2018

Mar 25, 2019

$342M

n/a

2017

Mar 27, 2018

$381M

n/a

2016

Mar 16, 2017

$321M

n/a

2015

Mar 29, 2016

$322M

n/a

2014

Mar 30, 2015

$352M

n/a

2013

Mar 17, 2014

$222M

n/a

2012

Feb 27, 2013

$189M

n/a

2011

Mar 1, 2012

$173M

n/a

Joined, 12m

Left, 12m

Net, 12m

Departure rate, 12m

Joined, 90d

Left, 90d

Left, no destination yet

Joined, 36m

Left, 36m

0.0%

Latest fiscal year

RAUM

A year earlier

1y change

Three years earlier

3y CAGR

Employees

A year earlier

Offices

A year earlier

2025

$790M

$694M

13.8%

$622M

8.3%