# LEH II Management LLC

> LEH II Management LLC is an SEC-registered investment advisory firm in Englewood, CO, registered since 2024, reporting $25 million to $100 million in regulatory assets under management in its Form ADV filing dated May 6, 2026.

- CRD: 328785
- Filed as: LEH II MANAGEMENT LLC
- Also doing business as: DEL RIO ROYALTY COMPANY, LINCOLN ENERGY PARTNERS
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Englewood, CO
- Filing period: October 2026
- Form ADV filing dated: May 6, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/328785
- AdvisorCensus page: https://advisorcensus.com/firm/leh-ii-management-llc-englewood-co-328785

## Quick answers

**How is LEH II Management LLC compensated?**
On its Form ADV (Item 5.E, October 2026), LEH II Management LLC reports these compensation arrangements: a percentage of assets under its management; performance-based fees.

**What does LEH II Management LLC's brochure say about its fees?**
Its Form ADV Part 2A brochure dated March 31, 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 LEH II Management LLC located?**
LEH II Management LLC's principal office is in Englewood, CO, according to its Form ADV.

**Is LEH II Management LLC registered with the SEC or a state?**
LEH II Management LLC is an SEC-registered investment advisory firm, registered since 2024. Status as filed: Approved. CRD 328785.

**How much does LEH II Management LLC manage?**
LEH II Management LLC reports $93,096,259 in regulatory assets under management in its Form ADV filing dated May 6, 2026 (100% discretionary).

**How have LEH II Management LLC's assets and staff changed since 2024?**
In the Form ADV data for LEH II Management LLC: Regulatory assets under management: $380,442,735 in the October 2024 data and $93,096,259 in the October 2026 data, down 76%. Total employees: 10 in October 2024 and 12 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does LEH II Management LLC serve?**
By number of clients on Form ADV Item 5.D: pooled investment vehicles (other than investment companies and business development companies) (1).

**Does LEH II 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 SEC record: https://adviserinfo.sec.gov/firm/summary/328785

**What changed in LEH II Management LLC's recent Form ADV filings?**
In the April 2026 filing data: Regulatory assets under management went from $222,647,465 to $93,096,259 (-58%). Employees performing advisory functions went from 8 to 7.

## 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 31, 2026)

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

> The Management Fee paid by the Fund shall equal 1% which is calculated on gross asset value.

As stated in the firm's brochure. Fees can differ by service and may be negotiable.

### Regulatory assets under management (Item 5.F)
- Total: $93,096,259
- Discretionary: $93,096,259
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Pooled investment vehicles (other than investment companies and business development companies) | 1 | $93,096,259 |

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

### Firm details
- Registered since: 2024 (2 years)
- Employees: 12 total, 7 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: CO
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Websites listed on Form ADV (Item 1.I)
- delrioroyalty.com
- lincolnenergypartners.net
- LinkedIn @lincoln-energy-partners

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2024 | $380,442,735 | 10 | February 14, 2024 |
| October 2025 | $222,647,465 | 13 | May 27, 2025 |
| October 2026 | $93,096,259 | 12 | May 6, 2026 |

Regulatory assets under management: $380,442,735 in the October 2024 data and $93,096,259 in the October 2026 data, down 76%.
Total employees: 10 in October 2024 and 12 in October 2026.

## Changes in the filing (last 12 months)

### April 2026
- Regulatory assets under management went from $222,647,465 to $93,096,259 (-58%).
- Employees performing advisory functions went from 8 to 7.

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. LEH II Management LLC (CRD 328785): Form ADV filing data as of October 2026.