# Citation

> Citation is an SEC-registered investment advisory firm in Dallas, TX, registered since 2025, reporting $1 billion to $5 billion in regulatory assets under management in its Form ADV filing dated March 30, 2026.

- CRD: 326828
- Filed as: CITATION
- Legal name: Citation Capital Management, LLC
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Dallas, TX
- Filing period: October 2026
- Form ADV filing dated: March 30, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/326828
- AdvisorCensus page: https://advisorcensus.com/firm/citation-dallas-tx-326828

## Quick answers

**How is Citation compensated?**
On its Form ADV (Item 5.E, October 2026), Citation reports these compensation arrangements: a percentage of assets under its management; performance-based fees; other. The amounts are in Item 5 of its Form ADV Part 2A brochure.

**Where is Citation located?**
Citation's principal office is in Dallas, TX, according to its Form ADV; the April 2026 filing also lists 1 other office (Schedule D, Section 1.F).

**Is Citation registered with the SEC or a state?**
Citation is an SEC-registered investment advisory firm, registered since 2025. Status as filed: Approved. CRD 326828.

**How much does Citation manage?**
Citation reports $1,359,925,253 in regulatory assets under management in its Form ADV filing dated March 30, 2026 (100% discretionary).

**How have Citation's assets and staff changed since 2023?**
In the Form ADV data for Citation: Regulatory assets under management: $595,853,560 in the October 2025 data and $1,359,925,253 in the October 2026 data, up 128%. Total employees: 14 in October 2023 and 14 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Citation serve?**
By number of clients on Form ADV Item 5.D: pooled investment vehicles (other than investment companies and business development companies) (10).

**Does Citation 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/326828

**What changed in Citation's recent Form ADV filings?**
In the April 2026 filing data: Regulatory assets under management went from $595,853,560 to $1,359,925,253 (+128%).

## From the Form ADV filing

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

### Regulatory assets under management (Item 5.F)
- Total: $1,359,925,253
- Discretionary: $1,359,925,253
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Pooled investment vehicles (other than investment companies and business development companies) | 10 | $1,359,925,253 |

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

### Firm details
- Registered since: 2025 (1 year)
- Employees: 14 total, 12 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: CT, TX
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Other offices (Schedule D, Section 1.F), as of the April 2026 filing
- Greenwich, CT

### Websites listed on Form ADV (Item 1.I)
- citation.capital
- LinkedIn @citationcapital

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2023 | Not reported | 14 | May 9, 2023 |
| October 2024 | Not reported | Not reported | March 29, 2024 |
| October 2025 | $595,853,560 | 14 | June 5, 2025 |
| October 2026 | $1,359,925,253 | 14 | March 30, 2026 |

Regulatory assets under management: $595,853,560 in the October 2025 data and $1,359,925,253 in the October 2026 data, up 128%.
Total employees: 14 in October 2023 and 14 in October 2026.

## Changes in the filing (last 12 months)

### April 2026
- Regulatory assets under management went from $595,853,560 to $1,359,925,253 (+128%).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Citation (CRD 326828): Form ADV filing data as of October 2026.