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RIA Intelligence

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SEC-registered adviser

U••••• I••••••••• M••••••••• L••

Asset manager (funds and pooled vehicles)San Francisco, CaliforniaCRD 150893SEC 801-109979website IAPD

Latest filing Mar 26, 2026

First filing on the tape Feb 3, 2017 · 23 filings

SEC status approved since Feb 10, 2017

RAUM

$1.6B

reported, Item 5.F

Discretionary

100%

of RAUM

Private clients

0.0%

$0 individuals and HNW

Advisors

registered through the firm on IAPD

RAUM per advisor

n/a

derived; firm RAUM over IAPD count

Employees

12 advisory (5.B.1)

Offices

beyond the principal office

Private funds

reported on Schedule D

History

23 filings and snapshots on the tape

RAUM$1.6B as of Mar 26, 2026

Mar 29, 2018$286M then

HNW client RAUM: no history

State-registered IARs (5.B.3)0 as of Mar 26, 2026

Mar 29, 20180 then

Employees (5.A)12 as of Mar 26, 2026

Mar 29, 201821 then

Private funds3 as of Mar 26, 2026

Mar 29, 20183 then

RAUM -4.2% over the last fiscal year-0.6% a year over threeIARs 1 to 0

Practice profile

derived from the filing of Mar 26, 2026; every figure names its basis

RAUM per advisor: unknownderivedRAUM over IAPD advisors; not a book size
Clients per advisor: unknownderivedindividual and HNW clients (5.D) over advisors
Average HNW client: unknownderivedHNW RAUM over HNW clients
Average account: $538MderivedRAUM over accounts (5.F.2.f)
Discretionary: 100%derivedof RAUM
Institutional: 0.0%derivedpensions, charities, corporations, government, insurance, banks, other advisers
Employees per advisor: unknownderivedItem 5.A over advisors
Advisors per office: unknownderived1 offices incl. principal (1.F.5)
RAUM growth, one year: -4.2%derivedbetween the last two annual amendments
Advisor growth, one year: -100%derivedItem 5.B.3 between annual amendments
Client growth, one year: unknownderived
Compensation: percentage of assets, performance-basedreportedItem 5.E
Advisory activities: portfolio management for pooled vehiclesreportedItem 5.G
Ownership: no PE, bank or public-company owner found on Schedule Aderived
Advisor book size: not public; not estimatedreported

Also answered yes on Form ADV

has discretionary authority over which securities are bought or sold (8.C.1)
has custody of client securities (9.A.1.b)
a related person has custody of client cash (9.B.1.a)
a related person has custody of client securities (9.B.1.b)
an independent public accountant performs a surprise examination (9.C.1)
marketing includes testimonials (5.L.1.c)
marketing includes hypothetical performance (5.L.3)

Where the RAUM sits

Form ADV Item 5.D, latest filing

Pooled investment vehicles$1.6B100%

Individual clients: n/areported
HNW clients: n/areported
Pension plan clients: n/areported
Charitable clients: n/areported
Accounts: 3reported
Financial planning clients: reported
Wrap fee programs: noreported
Custody of client assets: noreported
Compensation: % of AUM, performancereported
Class basis: private_client_share=0.0 fund_share=1.0 institutional_share=0.0 related_bd=false related_bank=false bd_reps=0.0derived

Advisors registered through the firm

0 on IAPD today, longest tenure first

No representative is registered through this CRD on IAPD.

Advisor movement

Left, latest

none on the tape

Joined, latest

none on the tape

Every departure Every arrival

Private funds

4 reported on Schedule D 7.B.(1)

Fund	Type	Gross assets	Owners	First reported
U••••• M•••••• F••• L•	Real Estate Fund	$894M	10	Aug 22, 2019
O••• N•• H•••••• R••• E••••• F••• L•	Real Estate Fund	$723M	2	Feb 3, 2017
O••• R••••••••• R••• E••••• F••• L•	Real Estate Fund	$22.3M	2	Feb 3, 2017
O••• U• R••••••••• R••• E••••• F••• I• L•no longer reported	Real Estate Fund	$584,109	6	Feb 3, 2017

Owners and control persons

Schedule A and B, latest filing

O•••••• M•••••• · Chief Investment Officercontrol
since 11/2022 · owns less than 5%
S••••••••• T•••••• S••••• · Chief Executive Officercontrol
since 05/2020 · owns less than 5%
S••••••••• T•••••• S••••• · Shareholder (Common And Special Voting)control
since 01/2009 · owns 25% to 50% of R••• E••••• E••••• E•••••••• I•••
C•••••• B••••• M•••••• · Chief Compliance Officer And Corporate Counsel
since 12/2023 · owns less than 5%

Entity owners

R••• E••••• E••••• E•••••••• I••• · Sole Member
direct · owns 75% or more

Related persons

Schedule D 7.A

O••• M•••••• F••• G•••••• P•••••• L••
pooled vehicle sponsory
O••• N•• H•••••• G•••••• P•••••• L••
pooled vehicle sponsory
O••• R••• E••••• C•••••• L••
pooled vehicle sponsory
O••• U• R••••••••• R••• E••••• C•••••• I• L••
investment adviserpooled vehicle sponsorn
U••••• A•••••••• A• C••••
investment companyn
U••••• A•••••••• C••••
investment companyn
U••••• C••••••••• I•••
investment companyn

Offices

Schedule D 1.F, the 25 largest

No branch office listed.

ADV anomalies

1 against comparable advisers; where to look, not conclusions

employee count dropChange between filings · filing Mar 26, 2026
employees (Item 5.A) moved from 18.0 to 12.0 (-33.0%) between the annual amendments of 2025-03-27 and 2026-03-26; the peer median change was 0.0% (1109 comparable advisers, 2.0th percentile of changes)
peers: asset managers, $1B to $5B (1,109) · 1.9% percentile

How anomalies are measured

What changed

consecutive filings, newest first

Advisory employees · 18 to 12
Jun 23, 2025 to Mar 26, 2026
Assets in custody · $750M to $705M
Jun 23, 2025 to Mar 26, 2026
Employees · 18 to 12
Jun 23, 2025 to Mar 26, 2026
State-registered IARs · 1 to 0
Jun 23, 2025 to Mar 26, 2026
Discretionary RAUM · $1.7B to $1.6B
Jun 23, 2025 to Mar 26, 2026
Pooled vehicle RAUM · $1.7B to $1.6B
Jun 23, 2025 to Mar 26, 2026
RAUM · $1.7B to $1.6B
Jun 23, 2025 to Mar 26, 2026
Financial planning clients · unset to
Mar 27, 2025 to Jun 23, 2025
Advisory employees · 12 to 18
Mar 26, 2024 to Mar 27, 2025
Assets in custody · $746M to $750M
Mar 26, 2024 to Mar 27, 2025
Employees · 20 to 18
Mar 26, 2024 to Mar 27, 2025
Discretionary RAUM · $1.6B to $1.7B
Mar 26, 2024 to Mar 27, 2025
Pooled vehicle RAUM · $1.6B to $1.7B
Mar 26, 2024 to Mar 27, 2025
RAUM · $1.6B to $1.7B
Mar 26, 2024 to Mar 27, 2025
Advisory employees · 10 to 12
Dec 18, 2023 to Mar 26, 2024
Assets in custody · $755M to $746M
Dec 18, 2023 to Mar 26, 2024
Discretionary RAUM · $1.6B to $1.6B
Dec 18, 2023 to Mar 26, 2024
Pooled vehicle RAUM · $1.6B to $1.6B
Dec 18, 2023 to Mar 26, 2024
RAUM · $1.6B to $1.6B
Dec 18, 2023 to Mar 26, 2024
Assets in custody · $524M to $755M
Mar 31, 2023 to Apr 3, 2023
Advisory employees · 14 to 10
Jun 14, 2022 to Mar 31, 2023
Employees · 45 to 20
Jun 14, 2022 to Mar 31, 2023
Discretionary RAUM · $1.5B to $1.6B
Jun 14, 2022 to Mar 31, 2023
Pooled vehicle RAUM · $1.5B to $1.6B
Jun 14, 2022 to Mar 31, 2023
RAUM · $1.5B to $1.6B
Jun 14, 2022 to Mar 31, 2023
Accounts · 4 to 3
Mar 17, 2022 to Mar 31, 2022
Advisory employees · 9 to 14
Mar 17, 2022 to Mar 31, 2022
Pooled vehicle clients · 4 to 3
Mar 17, 2022 to Mar 31, 2022
Employees · 20 to 45
Mar 17, 2022 to Mar 31, 2022
Private funds · 4 to 3
Mar 17, 2022 to Mar 31, 2022
Discretionary RAUM · $851M to $1.5B
Mar 17, 2022 to Mar 31, 2022
Pooled vehicle RAUM · $851M to $1.5B
Mar 17, 2022 to Mar 31, 2022
RAUM · $851M to $1.5B
Mar 17, 2022 to Mar 31, 2022
Advisory employees · 21 to 9
Oct 9, 2020 to Apr 2, 2021
Assets in custody · $558M to $524M
Oct 9, 2020 to Apr 2, 2021
Employees · 51 to 20
Oct 9, 2020 to Apr 2, 2021
State-registered IARs · 0 to 1
Oct 9, 2020 to Apr 2, 2021
Discretionary RAUM · $846M to $851M
Oct 9, 2020 to Apr 2, 2021
Pooled vehicle RAUM · $846M to $851M
Oct 9, 2020 to Apr 2, 2021
RAUM · $846M to $851M
Oct 9, 2020 to Apr 2, 2021

Signals

10 dated events

U••••• I••••••••• M••••••••• L•• reported RAUM $1.5B, up 75% from $851.1M (2022-03-17 to 2022-03-31)
Mar 31, 2022 · RAUM change · derived
Matthew O'Hara (Head Of Portfolio Management And Research) appeared on Schedule A of U••••• I••••••••• M••••••••• L••
Mar 17, 2022 · Control person joined · fact
Andrew Toby (Vice President) no longer on Schedule A of U••••• I••••••••• M••••••••• L•• (listed 2022-01-02, absent 2022-03-17)
Mar 17, 2022 · Control person left · inference
Jensen John Arens (Vice President / Chief Legal Officer) no longer on Schedule A of U••••• I••••••••• M••••••••• L•• (listed 2020-07-06, absent 2020-10-09)
Oct 9, 2020 · Control person left · inference
Rayan Rafay (Vice President / Chief Investment Officer) no longer on Schedule A of U••••• I••••••••• M••••••••• L•• (listed 2020-03-30, absent 2020-06-16)
Jun 16, 2020 · Control person left · inference
U••••• I••••••••• M••••••••• L•• reported RAUM $829.0M, up 52% from $546.9M (2019-03-29 to 2019-08-22)
Aug 22, 2019 · RAUM change · derived
Andrew Toby (Vice President) appeared on Schedule A of U••••• I••••••••• M••••••••• L••
Aug 22, 2019 · Control person joined · fact
Andrew James Riccitelli (Shareholder (Common And Special Voting)) no longer on Schedule A of U••••• I••••••••• M••••••••• L•• (listed 2019-03-29, absent 2019-08-22)
Aug 22, 2019 · Control person left · inference
U••••• I••••••••• M••••••••• L•• reported RAUM $546.9M, up 91% from $285.8M (2018-03-29 to 2019-03-29)
Mar 29, 2019 · RAUM change · derived
E••••••••• R••••••••• R••• E••••• I••••••••• L•• filed its initial SEC registration (Form ADV)
Feb 3, 2017 · First SEC registration · fact

Across DFX

shared identifiers only, never a name match

No identifier-backed link to the venture, private equity, family office or sponsor graphs.

How to reach

public business contact points only, each with its source

Website: U•••••IM.COMreportedpublic record, Form ADV, Sep 21, 2026
Principal office phone: (415) 992-4200reportedpublic record, Form ADV, Mar 26, 2026

Provenance

Form ADV: SEC filing data 2011 to 2024 and the monthly roster 2025 onreportedadviserinfo.sec.gov
Advisors: IAPD individual compilation feed, dailyreportedadviserinfo.sec.gov
Class: Asset manager (funds and pooled vehicles)deriveda rule over Items 5.D and 7.A
RAUM per advisor: n/aderivedfirm RAUM over the IAPD count; not a book size
Loaded: Sep 14, 2026

Across the graphs

U••••• I••••••••• M••••••••• L•• is the same institution as 1 record in Real Estate Funds.

Real Estate Funds1

Which record it is in each graph, what it is called there, and what the two were joined on. The Data Factory holds all nine graphs and the identity layer between them.

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