AdvisorCensus / Financial advisors / New York / New York / Bandera Partners
Bandera Partners is an SEC-registered investment advisory firm in Brooklyn, NY, registered since 2012, reporting $100 million to $500 million in regulatory assets under management in its Form ADV filing dated March 27, 2026.
Quick answers
From the filingHow is Bandera Partners compensated?
On its Form ADV (Item 5.E, October 2026), Bandera Partners reports these compensation arrangements: a percentage of assets under its management; performance-based fees.
How much does Bandera Partners charge?
Its Form ADV Part 2A brochure dated March 27, 2026 states: Asset-based fee: 1% of assets a year. Fees can differ by service and may be negotiable; the brochure is the complete statement.
Where is Bandera Partners located?
Bandera Partners' principal office is in Brooklyn, NY, according to its Form ADV.
Is Bandera Partners registered with the SEC or a state?
Bandera Partners is an SEC-registered investment advisory firm, registered since 2012. Status as filed: Approved. CRD 161230.
How much does Bandera Partners manage?
Bandera Partners reports $244,104,385 in regulatory assets under management in its Form ADV filing dated March 27, 2026 (100% discretionary).
How have Bandera Partners' assets and staff changed since 2021?
In the Form ADV data for Bandera Partners: Regulatory assets under management: $210,041,988 in the October 2021 data and $244,104,385 in the October 2026 data, up 16%. Total employees: 5 in October 2021 and 6 in October 2026. Assets under management move with markets as well as with clients coming and going.
What types of clients does Bandera Partners serve?
By number of clients on Form ADV Item 5.D: pooled investment vehicles (other than investment companies and business development companies) (3).
Does Bandera Partners 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/161230
What changed in Bandera Partners' recent Form ADV filings?
In the April 2026 filing data: Regulatory assets under management went from $363,722,060 to $244,104,385 (-33%).
From the Form ADV filing
Every figure below is as the firm filed it with regulators, as of October 2026.
How the firm is compensated
Item 5.E- A percentage of assets under your management
- Performance-based fees
Item 5.E lists how the firm is compensated for its advice; Items 5.B, 6.A, and 7.A show whether its people or related companies can also earn commissions. Percentage of assets, fixed, hourly, subscription, and performance-based fees come from clients (a performance-based fee depends on investment results); commissions come with a sale or a trade, often from the company behind the product. How fees, commissions, and other arrangements differ
Fees and minimums
Form ADV Part 2AAsset-based fee: 1% of assets a year
The brochure's wording
The Master Fund pays Bandera a monthly management fee equal to 1/12th of one percent (approximately 1% annually) of the net asset value of the Master Fund
As stated in the firm's Form ADV Part 2A brochure dated March 27, 2026. Fees can differ by service and may be negotiable; the brochure is the complete statement. Read the brochure on the SEC's IAPD site
Regulatory assets under management
Item 5.F$244,104,385 as of October 2026, filing dated March 27, 2026.
A measure of scale, not skill or returns. Discretionary means the firm decides trades; non-discretionary means clients approve each one. What assets under management means
Who the firm serves
Item 5.DA firm with no individual clients is an institutional manager even if it manages billions; the mix tells you whom the practice is built around.
Advisory services
Item 5.G- Portfolio management for pooled investment vehicles (other than investment companies)
Registration and firm details
Items 1, 2, 5- Legal name
- Bandera Partners LLC
- Registration
- SEC-registered investment adviser. Status as filed: Approved.
- Registered since
- 2012 (14 years)
- Employees
- Total: 6. Performing investment advisory functions: 2.
- Wrap fee program participation
- No.
- States registered or notice-filed
- Not reported.
SEC-registered investment advisers are examined by the SEC. SEC, state, and exempt registration
Disclosures
Item 11None Reports no disclosure items on Form ADV Item 11. View on IAPD.
Item 11 asks about criminal, regulatory, and civil events involving the firm and its advisory personnel. The detail of each yes answer is on the IAPD record. Reading a firm's disclosures
Assets and staff over time
Items 5.A, 5.F| Data period | Assets under management | Employees | Filing dated |
|---|---|---|---|
| October 2026 | $244,104,385 | 6 | March 27, 2026 |
| October 2025 | $363,722,060 | 6 | May 21, 2025 |
| October 2024 | $371,732,193 | 6 | March 28, 2024 |
| October 2023 | $359,973,750 | 6 | March 31, 2023 |
| October 2022 | $338,422,530 | 6 | March 30, 2022 |
| October 2021 | $210,041,988 | 5 | March 24, 2021 |
Regulatory assets under management: $210,041,988 in the October 2021 data and $244,104,385 in the October 2026 data, up 16%.
Total employees: 5 in October 2021 and 6 in October 2026.
As filed in each year's data for the same month. Assets under management move with markets as well as with clients coming and going; they measure scale, not skill or returns. Most firms update these figures once a year.
Changes in the filing
Last 12 months- April 2026
- Regulatory assets under management went from $363,722,060 to $244,104,385 (-33%).
Compared month to month from the SEC's monthly adviser data and the state compilation feed. Owners and control persons are summarized, never named.
Websites listed on Form ADV
Item 1.ISource: Form ADV, as of October 2026. Values appear as filed; a value the firm did not report is shown as "Not reported."
Cite this page
AdvisorCensus. Bandera Partners (CRD 161230): Form ADV filing data as of October 2026. https://advisorcensus.com/firm/bandera-partners-brooklyn-ny-161230