DFX Intelligence
RIA Intelligence
Registered investment advisers, the advisors registered through them, the capital they report, the private vehicles they run and the people who own them, as a graph with a filing date behind every number. RAUM is what the adviser filed, a move is two registration dates, and a class is a rule you can read.
SEC-registered adviser
Broad Run Investment Management, LLC
Latest filing Mar 20, 2026
First filing on the tape Aug 3, 2012 · 32 filings
SEC status approved since Aug 15, 2012
RAUM
$682M
reported, Item 5.F
Discretionary
100%
of RAUM
Private clients
21%
$144M individuals and HNW
Advisors
5
registered through the firm on IAPD
RAUM per advisor
$136M
derived; firm RAUM over IAPD count
Employees
6
4 advisory (5.B.1)
Offices
0
beyond the principal office
Private funds
0
reported on Schedule D
History
32 filings and snapshots on the tape
RAUM$682M as of Mar 20, 2026
Mar 22, 2013$781M then
HNW client RAUM$135M as of Mar 20, 2026
Mar 29, 2018$117M then
State-registered IARs (5.B.3)5 as of Mar 20, 2026
Mar 22, 20133 then
Employees (5.A)6 as of Mar 20, 2026
Mar 22, 20133 then
Private funds: no history
RAUM -15% over the last fiscal year-9.3% a year over threeIARs 4 to 5
Practice profile
derived from the filing of Mar 20, 2026; every figure names its basis
Archetypes, each a printed rule
- Dual wealth and asset manager · private-client share 20 to 60 percent and fund or institutional share at least 30 percent
- RAUM per advisor
- $136MderivedRAUM over IAPD advisors; not a book size
- Clients per advisor
- 26derivedindividual and HNW clients (5.D) over advisors
- Average HNW client
- $1.2MderivedHNW RAUM over HNW clients
- Average account
- $4.9MderivedRAUM over accounts (5.F.2.f)
- Discretionary
- 100%derivedof RAUM
- Institutional
- 2.6%derivedpensions, charities, corporations, government, insurance, banks, other advisers
- Employees per advisor
- 1.2derivedItem 5.A over advisors
- Advisors per office
- 5.0derived1 offices incl. principal (1.F.5)
- RAUM growth, one year
- -15%derivedbetween the last two annual amendments
- Advisor growth, one year
- +25%derivedItem 5.B.3 between annual amendments
- Client growth, one year
- -14%derived
- Compensation
- percentage of assetsreportedItem 5.E
- Advisory activities
- portfolio management for individuals, portfolio management for businesses and institutions, portfolio management for pooled vehicles, portfolio management for investment companiesreportedItem 5.G
- Ownership
- no PE, bank or public-company owner found on Schedule Aderived
- Advisor book size
- not public; not estimatedreported
Also answered yes on Form ADV
- buys or sells securities as principal to or from clients (8.A.2)
- has discretionary authority over which securities are bought or sold (8.C.1)
- receives research or other products from a broker-dealer, soft dollars (8.E)
- compensates persons for client referrals (8.G.1)
- compensates non-employees for client referrals (8.G.2)
Where the RAUM sits
Form ADV Item 5.D, latest filing
- Investment companies$513M75%
- High-net-worth individuals$135M20%
- Charitable organizations$17.5M2.6%
- Individuals$9.4M1.4%
- Pooled investment vehicles$7.1M1.0%
- Individual clients
- 20reported
- HNW clients
- 111reported
- Pension plan clients
- n/areported
- Charitable clients
- 7reported
- Accounts
- 140reported
- Financial planning clients
- reported
- Wrap fee programs
- noreported
- Custody of client assets
- noreported
- Compensation
- % of AUMreported
- Class basis
- private_client_share=0.21 fund_share=0.76 institutional_share=0.03 related_bd=false related_bank=false bd_reps=0.0derived
Advisors registered through the firm
5 on IAPD today, longest tenure first
| Name | Branch | Here since | In industry | Prior firms |
|---|---|---|---|---|
| Brian Edward MacauleyChartered Financial Analyst | Arlington, Va | Oct 29, 2012 | 28 y | 0 |
| David Shaffer RaineyChartered Financial Analyst | Arlington, Va | Dec 7, 2012 | 27 y | 1 |
| Ira Mitchell RothbergChartered Financial Analyst | Arlington, Va | Dec 7, 2012 | 21 y | 1 |
| Bryan Hughes AdkinsChartered Financial Analyst | Arlington, Va | Oct 23, 2013 | 12 y | 0 |
| Claire Simone Spirtas-Hurst | Arlington, Va | Aug 21, 2025 | 12 y | 0 |
Advisor movement
0 left, 0 joined in 12 months
net 0 in 12 months0 left in 90 days0 joined in 90 daysdeparture rate 0.0% of current headcount0 left over 36 months
Left, latest
none on the tape
Joined, latest
- Ira Mitchell Rothberg from Akre Capital Management, LLCDec 7, 2012 · Other
- David Shaffer Rainey from Akre Capital Management, LLCDec 7, 2012 · Other
Private funds
No private fund reported.
Owners and control persons
Schedule A and B, latest filing
- Hughes Bryan Adkins · Chief Operating Officer & Chief Compliance Officercontrolsince 11/2014 · owns less than 5%
- Edward Brian Macauley · Portfolio Manager/Managing Membercontrolsince 07/2012 · owns 25% to 50%
- Shaffer David Rainey · Portfolio Manager/Managing Membercontrolsince 07/2012 · owns 25% to 50%
- Mitchell Ira Rothberg · Portfolio Manager/Managing Membercontrolsince 07/2012 · owns 25% to 50%
Related persons
Schedule D 7.A
No related person reported.
Office movement
IAPD branch city; joins and departures in 12 months
| Office | Advisors | Joined | Left | Teams out | Forming |
|---|---|---|---|---|---|
| Arlington, Va · principal | 5 | 0 | 0 |
Offices
Schedule D 1.F, the 25 largest
No branch office listed.
What changed
consecutive filings, newest first
- Accounts · 169 to 140Mar 28, 2025 to Mar 20, 2026
- Advisory employees · 5 to 4Mar 28, 2025 to Mar 20, 2026
- Charity clients · 14 to 7Mar 28, 2025 to Mar 20, 2026
- HNW clients · 129 to 111Mar 28, 2025 to Mar 20, 2026
- Individual clients · 23 to 20Mar 28, 2025 to Mar 20, 2026
- Employees · 7 to 6Mar 28, 2025 to Mar 20, 2026
- State-registered IARs · 4 to 5Mar 28, 2025 to Mar 20, 2026
- Discretionary RAUM · $805M to $682MMar 28, 2025 to Mar 20, 2026
- HNW RAUM · $122M to $135MMar 28, 2025 to Mar 20, 2026
- Individual RAUM · $8.1M to $9.4MMar 28, 2025 to Mar 20, 2026
- Pension RAUM · 227611.0 to unsetMar 28, 2025 to Mar 20, 2026
- Pooled vehicle RAUM · $5.8M to $7.1MMar 28, 2025 to Mar 20, 2026
- RAUM · $805M to $682MMar 28, 2025 to Mar 20, 2026
- Accounts · 181 to 169Mar 21, 2024 to Mar 28, 2025
- Advisory employees · 6 to 5Mar 21, 2024 to Mar 28, 2025
- Charity clients · 16 to 14Mar 21, 2024 to Mar 28, 2025
- HNW clients · 136 to 129Mar 21, 2024 to Mar 28, 2025
- Individual clients · 25 to 23Mar 21, 2024 to Mar 28, 2025
- Employees · 8 to 7Mar 21, 2024 to Mar 28, 2025
- Financial planning clients · unset to Mar 21, 2024 to Mar 28, 2025
- Discretionary RAUM · $836M to $805MMar 21, 2024 to Mar 28, 2025
- HNW RAUM · $114M to $122MMar 21, 2024 to Mar 28, 2025
- Individual RAUM · $7.4M to $8.1MMar 21, 2024 to Mar 28, 2025
- Pension RAUM · $382,906 to $227,611Mar 21, 2024 to Mar 28, 2025
- Pooled vehicle RAUM · $4.9M to $5.8MMar 21, 2024 to Mar 28, 2025
- RAUM · $836M to $805MMar 21, 2024 to Mar 28, 2025
- Accounts · 190 to 181Mar 30, 2023 to Mar 21, 2024
- Charity clients · 20 to 16Mar 30, 2023 to Mar 21, 2024
- HNW clients · 141 to 136Mar 30, 2023 to Mar 21, 2024
- State-registered IARs · 5 to 4Mar 30, 2023 to Mar 21, 2024
- Other offices · 1 to 0Mar 30, 2023 to Mar 21, 2024
- Discretionary RAUM · $915M to $836MMar 30, 2023 to Mar 21, 2024
- HNW RAUM · $121M to $114MMar 30, 2023 to Mar 21, 2024
- Individual RAUM · $6.3M to $7.4MMar 30, 2023 to Mar 21, 2024
- Pension RAUM · $422,982 to $382,906Mar 30, 2023 to Mar 21, 2024
- Pooled vehicle RAUM · $3.9M to $4.9MMar 30, 2023 to Mar 21, 2024
- RAUM · $915M to $836MMar 30, 2023 to Mar 21, 2024
- Accounts · 202 to 190Dec 7, 2022 to Mar 30, 2023
- Charity clients · 31 to 20Dec 7, 2022 to Mar 30, 2023
- HNW clients · 142 to 141Dec 7, 2022 to Mar 30, 2023
Signals
4 dated events
- Broad Run Investment Management, Llc reported RAUM $914.9M, down 48% from $1.8B (2022-12-07 to 2023-03-30)Mar 30, 2023 · RAUM change · derived
- Broad Run Investment Management, Llc reported RAUM $1.6B, down 39% from $2.6B (2020-06-26 to 2021-03-31)Mar 31, 2021 · RAUM change · derived
- Broad Run Investment Management, Llc reported RAUM $2.3B, down 30% from $3.3B (2018-03-29 to 2019-03-29)Mar 29, 2019 · RAUM change · derived
- Broad Run Investment Management, Llc filed its initial SEC registration (Form ADV)Aug 3, 2012 · First SEC registration · fact
Across DFX
shared identifiers only, never a name match
No identifier-backed link to the venture, private equity, family office or sponsor graphs.
How to reach
public business contact points only, each with its source
- Business email
- broadrun@broadrunllc.comreportedpublished by the firm, firm site, Sep 15, 2026
- Business email
- cdarpel@broadrunllc.comreportedpublished by the firm, firm site, Sep 15, 2026
- Business email
- jdemartino@broadrunllc.comreportedpublished by the firm, firm site, Sep 15, 2026
- Business phone
- 703-260-1260reportedpublished by the firm, firm site, Sep 15, 2026
- Business phone
- 703-260-6525reportedpublished by the firm, firm site, Sep 15, 2026
- Firm profile
- linkedin.com/company/broadrunreportedpublic record, Form ADV, Sep 17, 2026
- Website
- broadrunllc.comreportedpublic record, Form ADV, Sep 17, 2026
- Principal office phone
- 703-260-1260reportedpublic record, Form ADV, Mar 20, 2026
Provenance
- Form ADV
- SEC filing data 2011 to 2024 and the monthly roster 2025 onreportedadviserinfo.sec.gov
- Advisors
- IAPD individual compilation feed, dailyreportedadviserinfo.sec.gov
- Class
- Wealth manager with institutional or fund businessderiveda rule over Items 5.D and 7.A
- RAUM per advisor
- $136Mderivedfirm RAUM over the IAPD count; not a book size
- Loaded
- Sep 14, 2026