I figured it out. I used F12 to get the version name of the Ad-Block catalog which shows up in C:\Users\USERNAME\AppData\Local\BraveSoftware\Brave-Browser\User Data
As soon as I double clicked the corresponding folder It asked for permission to open.
Now I can open brave without running as admin and my ad-block component is up to date.
EDIT: Once fixed you need to disable/re-enable your content filters for them to be active