# Precept Management, LLC

> Precept Management, LLC is an SEC-registered investment advisory firm in Dallas, TX, registered since 2006, reporting under $25 million in regulatory assets under management in its Form ADV filing dated July 1, 2026.

- CRD: 114671
- Filed as: PRECEPT MANAGEMENT, LLC
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Dallas, TX
- Filing period: October 2026
- Form ADV filing dated: July 1, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/114671
- AdvisorCensus page: https://advisorcensus.com/firm/precept-management-llc-dallas-tx-114671

## Quick answers

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

**Where is Precept Management, LLC located?**
Precept Management, LLC's principal office is in Dallas, TX, according to its Form ADV.

**Is Precept Management, LLC registered with the SEC or a state?**
Precept Management, LLC is an SEC-registered investment advisory firm, registered since 2006. Status as filed: Approved. CRD 114671.

**How much does Precept Management, LLC manage?**
Precept Management, LLC reports $5,410,000 in regulatory assets under management in its Form ADV filing dated July 1, 2026 (100% discretionary).

**How have Precept Management, LLC's assets and staff changed since 2021?**
In the Form ADV data for Precept Management, LLC: Regulatory assets under management: $255,200,000 in the October 2021 data and $5,410,000 in the October 2026 data, down 98%. Total employees: 4 in October 2021 and 3 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Precept Management, LLC serve?**
By number of clients on Form ADV Item 5.D: pooled investment vehicles (other than investment companies and business development companies) (3).

**Does Precept 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/114671

**Does Precept Management, LLC state an account minimum?**
Its Form ADV Part 2A brochure dated July 1, 2026 says: "The minimum initial capital contribution required for an investor in each of the Funds is $500,000, although capital contributions of lesser amounts may be accepted in our discretion."

**What changed in Precept Management, LLC's recent Form ADV filings?**
In the April 2026 filing data: Regulatory assets under management went from $13,700,000 to $5,410,000 (-61%).

## 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 July 1, 2026)

- Account minimum: $500,000 (the brochure says it may be waived or negotiated)

> The minimum initial capital contribution required for an investor in each of the Funds is $500,000, although capital contributions of lesser amounts may be accepted in our discretion.

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

### Regulatory assets under management (Item 5.F)
- Total: $5,410,000
- Discretionary: $5,410,000
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Individuals (other than high net worth individuals) | 0 | Not reported |
| High net worth individuals | 0 | Not reported |
| 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) | 3 | $5,410,000 |
| 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 pooled investment vehicles (other than investment companies)

### Firm details
- Registered since: 2006 (20 years)
- Employees: 3 total, 3 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: TX
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

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

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $255,200,000 | 4 | March 29, 2021 |
| October 2022 | $261,700,000 | 4 | March 28, 2022 |
| October 2023 | $128,018,000 | 4 | March 27, 2023 |
| October 2024 | $15,724,000 | 4 | March 26, 2024 |
| October 2025 | $13,700,000 | 3 | March 24, 2025 |
| October 2026 | $5,410,000 | 3 | July 1, 2026 |

Regulatory assets under management: $255,200,000 in the October 2021 data and $5,410,000 in the October 2026 data, down 98%.
Total employees: 4 in October 2021 and 3 in October 2026.

## Changes in the filing (last 12 months)

### April 2026
- Regulatory assets under management went from $13,700,000 to $5,410,000 (-61%).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Precept Management, LLC (CRD 114671): Form ADV filing data as of October 2026.