{
  "crd_number": 148610,
  "slug": "gray-investment-management-llc-148610",
  "primary_business_name": "GRAY INVESTMENT MANAGEMENT LLC",
  "legal_name": "GRAY INVESTMENT MANAGEMENT LLC",
  "dbas": [],
  "city": null,
  "state": null,
  "country": null,
  "cbsa_code": null,
  "metro": null,
  "registration_type": "state",
  "registration_status": "APPROVED",
  "registration_date": "2012-05-11",
  "years_registered": 14,
  "period": "2026-10-01",
  "filing_date": "2026-09-08",
  "carried_forward": false,
  "raum_total": 22571355.0,
  "raum_discretionary": 12527594.0,
  "raum_non_discretionary": 10043761.0,
  "raum_band": "under_25m",
  "raum_band_label": "Under $25 million",
  "total_employees": 1,
  "advisory_employees": 1,
  "client_count_bucket": null,
  "clients_by_type": {
    "individuals": {
      "raum": 2777095.0,
      "count": 22
    },
    "pension_profit_sharing": {
      "raum": 9390255.0,
      "count": 2
    },
    "high_net_worth_individuals": {
      "raum": 5762837.0,
      "count": 11
    },
    "corporations_other_businesses": {
      "raum": 4641168.0,
      "count": 2
    }
  },
  "compensation_types": [
    "fixed",
    "percentage_of_aum",
    "performance_based"
  ],
  "advisory_activities": [
    "portfolio_management_businesses_institutional",
    "portfolio_management_individuals"
  ],
  "wrap_fee_participant": false,
  "disclosure_yes_count": 0,
  "states_registered": [
    "PA"
  ],
  "websites": [
    "https://gray-investment.com"
  ],
  "iapd_url": "https://adviserinfo.sec.gov/firm/summary/148610",
  "listing_state": "PA",
  "city_as_filed": null,
  "url": "https://advisorcensus.com/firm/gray-investment-management-llc-148610",
  "display_name": "Gray Investment Management LLC",
  "summary": "Gray Investment Management LLC is a state-registered investment advisory firm, registered since 2012, reporting under $25 million in regulatory assets under management in its Form ADV filing dated September 8, 2026.",
  "citation": "AdvisorCensus. Gray Investment Management LLC (CRD 148610): Form ADV filing data as of October 2026.",
  "registration_type_label": "State-registered investment adviser",
  "compensation_labels": [
    "A percentage of assets under your management",
    "Fixed fees (other than subscription fees)",
    "Performance-based fees"
  ],
  "advisory_activity_labels": [
    "Portfolio management for individuals and/or small businesses",
    "Portfolio management for businesses (other than small businesses) or institutional clients"
  ],
  "quick_answers": [
    {
      "q": "How is Gray Investment Management LLC compensated?",
      "a": "On its Form ADV (Item 5.E, October 2026), Gray Investment Management LLC reports these compensation arrangements: a percentage of assets under its management; fixed fees (other than subscription fees); performance-based fees."
    },
    {
      "q": "Is Gray Investment Management LLC registered with the SEC or a state?",
      "a": "Gray Investment Management LLC is a state-registered investment advisory firm, registered since 2012. Status as filed: APPROVED. CRD 148610."
    },
    {
      "q": "How much does Gray Investment Management LLC manage?",
      "a": "Gray Investment Management LLC reports $22,571,355 in regulatory assets under management in its Form ADV filing dated September 8, 2026 (56% discretionary)."
    },
    {
      "q": "What types of clients does Gray Investment Management LLC serve?",
      "a": "By number of clients on Form ADV Item 5.D: individuals (other than high net worth individuals) (22); high net worth individuals (11); pension and profit sharing plans (but not the plan participants or government pension plans) (2)."
    },
    {
      "q": "Does Gray Investment Management LLC report any disciplinary disclosures?",
      "a": "Reports no disclosure items on Form ADV Item 11. The detail of any item is on the firm's public record on IAPD: https://adviserinfo.sec.gov/firm/summary/148610"
    },
    {
      "q": "What changed in Gray Investment Management LLC's recent Form ADV filings?",
      "a": "In the October 2026 filing data: Regulatory assets under management went from $11,971,108 to $22,571,355 (+89%)."
    }
  ],
  "filing_history": [],
  "recent_changes": [
    {
      "period": "2026-10-01",
      "period_label": "October 2026",
      "notes": [
        "Regulatory assets under management went from $11,971,108 to $22,571,355 (+89%)."
      ]
    }
  ],
  "fees_from_brochure": null,
  "custodians": [],
  "custodians_note": null,
  "markdown_url": "https://advisorcensus.com/firm/gray-investment-management-llc-148610.md",
  "clients": [
    {
      "type": "individuals",
      "label": "Individuals (other than high net worth individuals)",
      "count": 22,
      "fewer_than_5": false,
      "raum": 2777095.0
    },
    {
      "type": "high_net_worth_individuals",
      "label": "High net worth individuals",
      "count": 11,
      "fewer_than_5": false,
      "raum": 5762837.0
    },
    {
      "type": "pension_profit_sharing",
      "label": "Pension and profit sharing plans (but not the plan participants or government pension plans)",
      "count": 2,
      "fewer_than_5": false,
      "raum": 9390255.0
    },
    {
      "type": "corporations_other_businesses",
      "label": "Corporations or other businesses not listed above",
      "count": 2,
      "fewer_than_5": false,
      "raum": 4641168.0
    }
  ],
  "disclosure_line": "Reports no disclosure items on Form ADV Item 11.",
  "disclosure_items": [],
  "indexable": true,
  "suppressed": false,
  "claimed": false,
  "enhanced": false,
  "provided_by_the_firm": null,
  "source": {
    "name": "Form ADV",
    "as_of": "2026-10-01",
    "iapd_url": "https://adviserinfo.sec.gov/firm/summary/148610",
    "operator": "BH Monitor Services, LLC",
    "license": "https://creativecommons.org/licenses/by/4.0/",
    "credit": "AdvisorCensus (advisorcensus.com), from SEC Form ADV data"
  }
}