# Hallador Investment Advisors, Inc.

> Hallador Investment Advisors, Inc. is an SEC-registered investment advisory firm in Reno, NV, registered since 2006, reporting $100 million to $500 million in regulatory assets under management in its Form ADV filing dated September 4, 2026.

- CRD: 141335
- Filed as: HALLADOR INVESTMENT ADVISORS, INC.
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Reno, NV
- Filing period: October 2026
- Form ADV filing dated: September 4, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/141335
- AdvisorCensus page: https://advisorcensus.com/firm/hallador-investment-advisors-inc-reno-nv-141335

## Quick answers

**How is Hallador Investment Advisors, Inc. compensated?**
On its Form ADV (Item 5.E, October 2026), Hallador Investment Advisors, Inc. reports these compensation arrangements: a percentage of assets under its management; performance-based fees; other.

**Where is Hallador Investment Advisors, Inc. located?**
Hallador Investment Advisors, Inc.'s principal office is in Reno, NV, according to its Form ADV; the October 2026 filing also lists 2 other offices (Schedule D, Section 1.F).

**Is Hallador Investment Advisors, Inc. registered with the SEC or a state?**
Hallador Investment Advisors, Inc. is an SEC-registered investment advisory firm, registered since 2006. Status as filed: Approved. CRD 141335.

**How much does Hallador Investment Advisors, Inc. manage?**
Hallador Investment Advisors, Inc. reports $270,651,350 in regulatory assets under management in its Form ADV filing dated September 4, 2026 (100% discretionary).

**How have Hallador Investment Advisors, Inc.'s assets and staff changed since 2021?**
In the Form ADV data for Hallador Investment Advisors, Inc.: Regulatory assets under management: $282,073,808 in the October 2021 data and $270,651,350 in the October 2026 data, down 4%. Total employees: 8 in October 2021 and 9 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Hallador Investment Advisors, Inc. serve?**
By number of clients on Form ADV Item 5.D: high net worth individuals (8); pooled investment vehicles (other than investment companies and business development companies) (7); individuals (other than high net worth individuals) (1).

**Which custodians does Hallador Investment Advisors, Inc. use?**
Hallador Investment Advisors, Inc.'s most recent Form ADV filing (Schedule D, Section 5.K(3)) lists National Financial Services LLC as a custodian holding 10% or more of its separately managed account assets.

**Does Hallador Investment Advisors, Inc. 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/141335

**What changed in Hallador Investment Advisors, Inc.'s recent Form ADV filings?**
In the April 2026 filing data: Employees performing advisory functions went from 5 to 4. Regulatory assets under management went from $315,377,705 to $270,651,350 (-14%). Changed its office addresses in Dallas, TX.

## From the Form ADV filing

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

### Custodians (Schedule D, Section 5.K(3))
- National Financial Services LLC

Custodians holding 10% or more of the firm's separately managed account assets, as filed on Form ADV (Schedule D, Section 5.K(3)). A custodian holds client assets; it does not endorse or supervise the firm. AdvisorCensus has no relationship with any custodian.

### Regulatory assets under management (Item 5.F)
- Total: $270,651,350
- Discretionary: $270,651,350
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Individuals (other than high net worth individuals) | 1 | $7,123 |
| High net worth individuals | 8 | $7,292,400 |
| Banking or thrift institutions | 0 | Not reported |
| Investment companies | 0 | Not reported |
| Business development companies | 0 | Not reported |
| Pooled investment vehicles (other than investment companies and business development companies) | 7 | $263,351,827 |
| Pension and profit sharing plans (but not the plan participants or government pension plans) | 0 | Not reported |
| Charitable organizations | 0 | Not reported |
| State or municipal government entities (including government pension plans) | 0 | Not reported |
| Other investment advisers | 0 | Not reported |
| Insurance companies | 0 | Not reported |
| Sovereign wealth funds and foreign official institutions | 0 | Not reported |
| Corporations or other businesses not listed above | 0 | Not reported |
| Other | 0 | Not reported |

### Advisory services (Item 5.G)
- Portfolio management for individuals and/or small businesses
- Portfolio management for pooled investment vehicles (other than investment companies)
- Selection of other advisers (including private fund managers)

### Firm details
- Registered since: 2006 (20 years)
- Employees: 9 total, 4 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: CA, DE, NV
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Other offices (Schedule D, Section 1.F), as of the October 2026 filing
- Dallas, TX
- Westport, CT

### Websites listed on Form ADV (Item 1.I)
- hallador.com
- LinkedIn @hallador

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $282,073,808 | 8 | March 29, 2021 |
| October 2022 | $354,149,775 | 7 | March 31, 2022 |
| October 2023 | $295,649,263 | 8 | March 31, 2023 |
| October 2024 | $306,690,413 | 10 | March 28, 2024 |
| October 2025 | $315,377,705 | 9 | March 31, 2025 |
| October 2026 | $270,651,350 | 9 | September 4, 2026 |

Regulatory assets under management: $282,073,808 in the October 2021 data and $270,651,350 in the October 2026 data, down 4%.
Total employees: 8 in October 2021 and 9 in October 2026.

## Changes in the filing (last 12 months)

### April 2026
- Employees performing advisory functions went from 5 to 4.
- Regulatory assets under management went from $315,377,705 to $270,651,350 (-14%).
- Changed its office addresses in Dallas, TX.

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Hallador Investment Advisors, Inc. (CRD 141335): Form ADV filing data as of October 2026.