{"url":"https://nivawealth.com/firms/birch-run-investments-285285","iapdUrl":"https://adviserinfo.sec.gov/firm/summary/285285","regulatoryAum":457453043,"crd":"285285","adviserRoster":{"asOf":"2026-10-09","items":[{"crd":"2013747","suffix":null,"lastName":"DELANEY","firstName":"JOHN","middleName":"BOLTON"},{"crd":"5599953","suffix":null,"lastName":"KILLIAN","firstName":"DAVID","middleName":"MICHAEL"}],"total":2,"loadedAt":"2026-10-10T00:20:19.761928+00:00","sourceUrl":"https://reports.adviserinfo.sec.gov/reports/CompilationReports/IA_INDVL_Feed_10_09_2026.xml.zip"},"history":[{"filedOn":"2021-02-19","regulatoryAum":248175008,"clients":18,"employees":5,"offices":1},{"filedOn":"2022-03-29","regulatoryAum":271477661,"clients":20,"employees":5,"offices":1},{"filedOn":"2023-03-31","regulatoryAum":223145686,"clients":21,"employees":5,"offices":1},{"filedOn":"2024-03-26","regulatoryAum":270026467,"clients":27,"employees":4,"offices":1},{"filedOn":"2025-03-25","regulatoryAum":333819968,"clients":42,"employees":5,"offices":1},{"filedOn":"2026-03-25","regulatoryAum":457453043,"clients":55,"employees":5,"offices":1}],"secFileNumber":"801-108422","legalName":"Birch Run Investments, LLC","displayName":"Birch Run Investments","slug":"birch-run-investments-285285","website":"https://birchruninvestments.com/","logo":{"src":"https://rmkhnxnbeclogprvkfyl.supabase.co/storage/v1/object/public/firm-logos/285285/4416793f221feef9-r1.webp","tone":"light","width":723,"height":200,"sourceUrl":"https://birchruninvestments.com/","sourceLabel":"Birch RUN Investments, LLC, website"},"classification":{"segment":"institutions","segmentLabel":"Institutional","type":"institutional_asset_manager","typeLabel":"Asset manager","feeDisclosure":"payment_only"},"linkedinUrl":"https://www.linkedin.com/company/birch-run-investments/","founded":null,"organization":"Delaware limited liability company","fiscalYearEnd":"December","headquarters":{"street":"211 Welsh Pool Road, Suite 234","city":"Exton","state":"PA","stateName":"Pennsylvania","country":"United States","postalCode":"19341"},"tradeNames":[],"registration":{"secApproved":"4 October 2016","noticeFilings":null,"latestNoticeFiling":null},"wealthAumPerClient":1258290.2857142857,"staff":{"employees":5,"advisory":2,"brokerDealerReps":1,"insuranceAgents":0,"promoters":1},"aum":{"regulatory":457453043,"discretionary":457453043,"discretionaryAccounts":55,"nonDiscretionary":0,"nonDiscretionaryAccounts":0,"wrapProgram":null,"nonUsClientsPct":0,"nonAumClients":0},"clientTypes":[{"label":"High-net-worth individuals","clients":35,"regulatoryAum":44040160},{"label":"Pension and profit-sharing plans","clients":4,"fewerThan5":true,"regulatoryAum":77330001},{"label":"State or municipal government entities","clients":7,"regulatoryAum":260049855},{"label":"Other investment advisers","clients":7,"regulatoryAum":57669955},{"label":"Corporations and other businesses","clients":2,"fewerThan5":true,"regulatoryAum":18363072}],"feePrograms":[],"brochureCoverage":{"scope":"known_documents","status":"not_processed","checkedAt":null,"documents":[]},"custodians":[{"name":"Schwab","shortName":"Charles Schwab","location":"San Francisco, CA","smaAssets":70139576},{"name":"US Bank","shortName":"US Bank","location":"Minneapolis, MN","smaAssets":49220656},{"name":"Principal Custody Solutions","shortName":"Principal Custody Solutions","location":"Minneapolis, MN","smaAssets":215668129}],"custodyNote":"Birch Run Investments does not have custody of client assets.","otherCustodians":[],"leadership":[{"name":"David Killian","title":"Managing Member, President and Chief Compliance Officer","crd":"5599953"},{"name":"Leigh Killian","title":"Chief Operating Officer","crd":"8063872"}],"ownership":[{"label":"David Killian","detail":"Managing member, president and chief compliance officer in the 75% or more ownership band and a control person, since September 2016."}],"branchOffices":null,"filedOffices":{"otherThanPrincipal":0,"privateResidences":0},"listedOfficeAddresses":1,"foreignOffices":[],"officesByState":[{"state":"Pennsylvania","offices":1,"addresses":[{"street":"211 Welsh Pool Road, Suite 234","city":"Exton","headquarters":true}]}],"advFacts":{"source":{"file":"ia100226.zip","asOf":"2 October 2026"},"telephone":"610-321-3453","stateRegisteredReps":2,"otherAdviserReps":0,"compensation":["A percentage of assets under management","Performance-based fees"],"activities":["Portfolio management for individuals and/or small businesses","Portfolio management for businesses (other than small businesses) or institutional clients"],"financialPlanningClients":"0","assetMix":[{"label":"Exchange-traded equity securities","percent":1},{"label":"U.S. government/agency bonds","percent":41},{"label":"U.S. state and local bonds","percent":3},{"label":"Investment grade corporate bonds","percent":47},{"label":"Non-investment grade corporate bonds","percent":3},{"label":"Securities issued by registered investment companies or business development companies","percent":1},{"label":"Cash and cash equivalents","percent":4}],"privateFunds":0},"sources":{"adv1FilingDate":"25 March 2026","adv1Url":"https://reports.adviserinfo.sec.gov/reports/ADV/285285/PDF/285285.pdf","brochureDate":null,"brochureUrl":null,"iapdCompiledDate":null,"retrievedDate":"15 October 2026","retrievedOn":"2026-10-15","updatedOn":"2026-10-21","holdingsUpdatedOn":"2026-10-21","adv1Pages":{},"brochurePages":{}},"otherBusiness":[],"faq":[{"question":"How many clients does Birch Run Investments have?","answer":"Birch Run Investments has 55 clients and manages $457 million for them, as of March 2026. They include 35 high-net-worth individuals, 7 state or municipal government entities and 7 other investment advisers.","source":"Form ADV Part 1A, Items 5.D and 5.F, filed 25 March 2026","sourceRef":{"doc":"adv1","section":"employees"}},{"question":"What services does Birch Run Investments offer?","answer":"Birch Run Investments provides portfolio management for individuals and small businesses and portfolio management for institutions.","source":"Form ADV Part 1A, Item 5.G, from the SEC's 2 October 2026 data file","sourceRef":{"doc":"adv1","section":"employees"}},{"question":"Which custodians does Birch Run Investments use?","answer":"Birch Run Investments’ separately managed account assets are held at Principal Custody Solutions (Minneapolis, MN), with $216M, Schwab (San Francisco, CA), with $70.1M and US Bank (Minneapolis, MN), with $49.2M. Only custodians holding at least a tenth of those assets are named.","source":"Form ADV Part 1A, Schedule D, Section 5.K.(3), filed 25 March 2026","sourceRef":{"doc":"adv1","section":"custodians"}},{"question":"How many financial advisors does Birch Run Investments have?","answer":"Birch Run Investments has 2 investment adviser representatives registered with state securities authorities, out of 5 employees, and 2 perform investment advisory functions. 1 employee is a registered representative of a broker-dealer and 0 employees are licensed insurance agents.","source":"Form ADV Part 1A, Items 5.A and 5.B, from the SEC's 2 October 2026 data file","sourceRef":{"doc":"adv1","section":"employees"}},{"question":"What does Birch Run Investments invest in?","answer":"At the end of its last fiscal year, Birch Run Investments’ separately managed accounts held 47% investment grade corporate bonds, 41% U.S. government and agency bonds, 4% cash and equivalents, 3% state and local bonds, 3% high-yield corporate bonds, 1% exchange-traded equities and 1% registered funds (mutual funds, ETFs, BDCs).","source":"Form ADV Part 1A, Items 5.K.(1) and 7.B, from the SEC's 2 October 2026 data file","sourceRef":{"doc":"adv1","section":"employees"}},{"question":"Who owns Birch Run Investments?","answer":"Birch Run Investments’ direct owner is David Killian (75% or more).","source":"Form ADV Part 1A, Schedules A and B, filed 25 March 2026","sourceRef":{"doc":"adv1","section":"scheduleA"}},{"question":"How does Birch Run Investments get paid?","answer":"Birch Run Investments is paid through a percentage of assets under management and performance-based fees. Its Form ADV lists no commissions among how it is paid.","source":"Form ADV Part 1A, Item 5.E, from the SEC's 2 October 2026 data file","sourceRef":{"doc":"adv1","section":"employees"}},{"question":"How do I contact Birch Run Investments?","answer":"Birch Run Investments’ main office is at 211 Welsh Pool Road, Suite 234, Exton, PA 19341. Its phone number is 610-321-3453. Its website is birchruninvestments.com.","source":"Form ADV Part 1A, Item 1.F, filed 25 March 2026","sourceRef":{"doc":"adv1","section":"offices"}}],"holdings":null,"notice":"Compiled from public SEC Form ADV filings on the dates in `sources`. Facts as filed; not a rating, ranking, or recommendation. Niva is not affiliated with this firm. Disciplinary history is deliberately not included here or on the page; the SEC publishes the complete record at the `iapdUrl` above."}