# 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.

- CRD: 161230
- Filed as: BANDERA PARTNERS
- Legal name: Bandera Partners LLC
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Brooklyn, NY
- Filing period: October 2026
- Form ADV filing dated: March 27, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/161230
- AdvisorCensus page: https://advisorcensus.com/firm/bandera-partners-brooklyn-ny-161230

## Quick answers

**How 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

### Compensation (Item 5.E)
- A percentage of assets under your management
- Performance-based fees

### Fees and minimums (Form ADV Part 2A brochure dated March 27, 2026)

- Asset-based fee: 1% of assets a year

> 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 brochure. Fees can differ by service and may be negotiable.

### Regulatory assets under management (Item 5.F)
- Total: $244,104,385
- Discretionary: $244,104,385
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Pooled investment vehicles (other than investment companies and business development companies) | 3 | $244,104,385 |

### Advisory services (Item 5.G)
- Portfolio management for pooled investment vehicles (other than investment companies)

### Firm details
- Registered since: 2012 (14 years)
- Employees: 6 total, 2 performing advisory functions
- Wrap fee program participation: No
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Websites listed on Form ADV (Item 1.I)
- banderapartners.com

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $210,041,988 | 5 | March 24, 2021 |
| October 2022 | $338,422,530 | 6 | March 30, 2022 |
| October 2023 | $359,973,750 | 6 | March 31, 2023 |
| October 2024 | $371,732,193 | 6 | March 28, 2024 |
| October 2025 | $363,722,060 | 6 | May 21, 2025 |
| October 2026 | $244,104,385 | 6 | March 27, 2026 |

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.

## Changes in the filing (last 12 months)

### April 2026
- Regulatory assets under management went from $363,722,060 to $244,104,385 (-33%).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Bandera Partners (CRD 161230): Form ADV filing data as of October 2026.