# S.B. Value Partners, L.P.

> S.B. Value Partners, L.P. is an SEC-registered investment advisory firm in San Antonio, TX, registered since 2006, reporting $1 billion to $5 billion in regulatory assets under management in its Form ADV filing dated March 16, 2026.

- CRD: 139162
- Filed as: S.B. VALUE PARTNERS, L.P.
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: San Antonio, TX
- Filing period: October 2026
- Form ADV filing dated: March 16, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/139162
- AdvisorCensus page: https://advisorcensus.com/firm/s-b-value-partners-l-p-san-antonio-tx-139162

## Quick answers

**How is S.B. Value Partners, L.P. compensated?**
On its Form ADV (Item 5.E, October 2026), S.B. Value Partners, L.P. reports these compensation arrangements: a percentage of assets under its management; hourly charges; fixed fees (other than subscription fees); performance-based fees; other. The amounts are in Item 5 of its Form ADV Part 2A brochure.

**Where is S.B. Value Partners, L.P. located?**
S.B. Value Partners, L.P.'s principal office is in San Antonio, TX, according to its Form ADV.

**Is S.B. Value Partners, L.P. registered with the SEC or a state?**
S.B. Value Partners, L.P. is an SEC-registered investment advisory firm, registered since 2006. Status as filed: Approved. CRD 139162.

**How much does S.B. Value Partners, L.P. manage?**
S.B. Value Partners, L.P. reports $3,890,370,297 in regulatory assets under management in its Form ADV filing dated March 16, 2026 (3% discretionary).

**How have S.B. Value Partners, L.P.'s assets and staff changed since 2021?**
In the Form ADV data for S.B. Value Partners, L.P.: Regulatory assets under management: $3,694,353,617 in the October 2021 data and $3,890,370,297 in the October 2026 data, up 5%. Total employees: 14 in October 2021 and 13 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does S.B. Value Partners, L.P. serve?**
By number of clients on Form ADV Item 5.D: banking or thrift institutions (29); high net worth individuals (13); individuals (other than high net worth individuals) (9).

**Which custodians does S.B. Value Partners, L.P. use?**
S.B. Value Partners, L.P.'s most recent Form ADV filing (Schedule D, Section 5.K(3)) lists Pershing Advisor Solutions LLC as a custodian holding 10% or more of its separately managed account assets.

**Does S.B. Value Partners, L.P. 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/139162

**What changed in S.B. Value Partners, L.P.'s recent Form ADV filings?**
In the April 2026 filing data: Regulatory assets under management went from $5,003,057,444 to $3,890,370,297 (-22%).

## From the Form ADV filing

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

### Custodians (Schedule D, Section 5.K(3))
- Pershing Advisor Solutions 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: $3,890,370,297
- Discretionary: $128,819,425
- Non-discretionary: $3,761,550,872

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Individuals (other than high net worth individuals) | 9 | $7,483,838 |
| High net worth individuals | 13 | $23,142,706 |
| Banking or thrift institutions | 29 | $3,806,586,959 |
| Investment companies | 0 | $0 |
| Business development companies | 0 | $0 |
| Pooled investment vehicles (other than investment companies and business development companies) | 3 | $43,858,148 |
| Pension and profit sharing plans (but not the plan participants or government pension plans) | 0 | $0 |
| Charitable organizations | 0 | $0 |
| State or municipal government entities (including government pension plans) | 0 | $0 |
| Other investment advisers | 0 | $0 |
| Insurance companies | 0 | $0 |
| Sovereign wealth funds and foreign official institutions | 0 | $0 |
| Corporations or other businesses not listed above | 2 | $9,298,646 |
| Other | 0 | $0 |

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

### Firm details
- Registered since: 2006 (20 years)
- Employees: 13 total, 5 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: AL, CO, IN, TX
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Websites listed on Form ADV (Item 1.I)
- sbvalue.com
- LinkedIn @SB-VALUE-PARTNERS-L-P-
- X @sb_value

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $3,694,353,617 | 14 | July 20, 2021 |
| October 2022 | $3,121,619,972 | 14 | September 28, 2022 |
| October 2023 | $3,873,391,579 | 13 | September 21, 2023 |
| October 2024 | $3,548,387,419 | 13 | March 18, 2024 |
| October 2025 | $5,003,057,444 | 13 | March 14, 2025 |
| October 2026 | $3,890,370,297 | 13 | March 16, 2026 |

Regulatory assets under management: $3,694,353,617 in the October 2021 data and $3,890,370,297 in the October 2026 data, up 5%.
Total employees: 14 in October 2021 and 13 in October 2026.

## Changes in the filing (last 12 months)

### April 2026
- Regulatory assets under management went from $5,003,057,444 to $3,890,370,297 (-22%).

### January 2026
- No longer registered or notice-filed in OR.

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. S.B. Value Partners, L.P. (CRD 139162): Form ADV filing data as of October 2026.