# Gray Investment Management LLC

> 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.

- CRD: 148610
- Filed as: GRAY INVESTMENT MANAGEMENT LLC
- Registration: State-registered investment adviser (status as filed: APPROVED)
- Location: Registered in Pennsylvania
- Filing period: October 2026
- Form ADV filing dated: September 8, 2026
- Public record (IAPD): https://adviserinfo.sec.gov/firm/summary/148610
- AdvisorCensus page: https://advisorcensus.com/firm/gray-investment-management-llc-148610

## Quick answers

**How is Gray Investment Management LLC compensated?**
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. The amounts are in Item 5 of its Form ADV Part 2A brochure.

**Is Gray Investment Management LLC registered with the SEC or a state?**
Gray Investment Management LLC is a state-registered investment advisory firm, registered since 2012. Status as filed: APPROVED. CRD 148610.

**How much does Gray Investment Management LLC manage?**
Gray Investment Management LLC reports $22,571,355 in regulatory assets under management in its Form ADV filing dated September 8, 2026 (56% discretionary).

**What types of clients does Gray Investment Management LLC serve?**
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).

**Does Gray Investment Management LLC report any disciplinary disclosures?**
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

**What changed in Gray Investment Management LLC's recent Form ADV filings?**
In the October 2026 filing data: Regulatory assets under management went from $11,971,108 to $22,571,355 (+89%).

## From the Form ADV filing

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

### Regulatory assets under management (Item 5.F)
- Total: $22,571,355
- Discretionary: $12,527,594
- Non-discretionary: $10,043,761

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Individuals (other than high net worth individuals) | 22 | $2,777,095 |
| High net worth individuals | 11 | $5,762,837 |
| Pension and profit sharing plans (but not the plan participants or government pension plans) | 2 | $9,390,255 |
| Corporations or other businesses not listed above | 2 | $4,641,168 |

### Advisory services (Item 5.G)
- Portfolio management for individuals and/or small businesses
- Portfolio management for businesses (other than small businesses) or institutional clients

### Firm details
- Registered since: 2012 (14 years)
- Employees: 1 total, 1 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: PA
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

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

## Changes in the filing (last 12 months)

### October 2026
- Regulatory assets under management went from $11,971,108 to $22,571,355 (+89%).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Gray Investment Management LLC (CRD 148610): Form ADV filing data as of October 2026.