DFX Intelligence

RIA Intelligence

Registered investment advisers, the advisors registered through them, the capital they report, the private vehicles they run and the people who own them, as a graph with a filing date behind every number. RAUM is what the adviser filed, a move is two registration dates, and a class is a rule you can read.

The names on this page are hidden. Create a free account and they fill in. No card, and every figure, date and source on this page is public either way.

SEC-registered adviser

N••••••• I•••••••• S••••••••• L•••

Asset manager (funds and pooled vehicles)Dallas, TexasCRD 301997SEC 801-117200IAPD
Latest filing Jun 30, 2026
First filing on the tape Jul 19, 2019 · 19 filings
SEC status approved since Aug 19, 2019
RAUM
$95.7M
reported, Item 5.F
Discretionary
100%
of RAUM
Private clients
0.0%
$0 individuals and HNW
Advisors
2
registered through the firm on IAPD
RAUM per advisor
$47.8M
derived; firm RAUM over IAPD count
Employees
4
4 advisory (5.B.1)
Offices
0
beyond the principal office
Private funds
0
reported on Schedule D
History
19 filings and snapshots on the tape
RAUM$95.7M as of Jun 30, 2026
Mar 30, 2020$14.2M then
HNW client RAUM: no history
State-registered IARs (5.B.3)1 as of Jun 30, 2026
Mar 30, 20202 then
Employees (5.A)4 as of Jun 30, 2026
Mar 30, 20202 then
Private funds: no history
RAUM +24% over the last fiscal yearIARs 2 to 1
Practice profile
derived from the filing of Jun 30, 2026; every figure names its basis
RAUM per advisor
$47.8MderivedRAUM 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
$15.9MderivedRAUM over accounts (5.F.2.f)
Discretionary
100%derivedof RAUM
Institutional
0.2%derivedpensions, charities, corporations, government, insurance, banks, other advisers
Employees per advisor
2.0derivedItem 5.A over advisors
Advisors per office
2.0derived1 offices incl. principal (1.F.5)
RAUM growth, one year
+24%derivedbetween the last two annual amendments
Advisor growth, one year
-50%derivedItem 5.B.3 between annual amendments
Client growth, one year
unknownderived
Compensation
percentage of assetsreportedItem 5.E
Advisory activities
portfolio management for businesses and institutions, 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
  • buys or sells securities as principal to or from clients (8.A.2)
  • has discretionary authority over which securities are bought or sold (8.C.1)
  • compensates persons for client referrals (8.G.1)
  • compensates non-employees for client referrals (8.G.2)
  • a related person acts as qualified custodian (9.D.2)
Where the RAUM sits
Form ADV Item 5.D, latest filing
  • Pooled investment vehicles$95.5M100%
  • Insurance companies$209,4140.2%
Individual clients
n/areported
HNW clients
n/areported
Pension plan clients
n/areported
Charitable clients
n/areported
Accounts
6reported
Financial planning clients
0reported
Wrap fee programs
noreported
Custody of client assets
noreported
Compensation
% of AUMreported
Class basis
private_client_share=0.0 fund_share=1.0 institutional_share=0.0 related_bd=true related_bank=true bd_reps=0.0derived
Advisors registered through the firm
2 on IAPD today, longest tenure first
NameBranchHere sinceIn industryPrior firms
B••••••• B••••• H••••Dallas, TxAug 19, 201913 y1
D•••• E••• H•••Dallas, TxAug 19, 201932 y0
Advisor movement
0 left, 0 joined in 12 months
net 0 in 12 months0 left in 90 days0 joined in 90 daysdeparture rate 0.0% of current headcount0 left over 36 months
Left, latest
none on the tape
    Every departureEvery arrival
    Private funds
    No private fund reported.
    Owners and control persons
    Schedule A and B, latest filing
    • W••••••••• F••••• G••••• · Treasurercontrol
      since 04/2019 · owns less than 5%
    • D••••••• N••••• M•••• · Trusteecontrol
      since 10/2015 · owns F of T•• D•••••• I••••••••• T••••
    • H••••• B•••••••• B••••• · President And Chief Investment Officer
      since 01/2023 · owns less than 5%
    • V•••••••• S••••••••• L••• · Chief Compliance Officer And Secretary
      since 01/2023 · owns less than 5%
    Entity owners
    • N••••••••• H•••••••• I••• · Limited Partner
      direct · owns 75% or more
    • N••••••• I•••••••• S•••••••• G•• L•• · General Partner
      direct · owns less than 5%
    • T•• D•••••• I••••••••• T•••• · Sole Member
      indirect · owns 75% or more of N••••••• I•••••••• S•••••••• G•• L••
    Related persons
    Schedule D 7.A
    Advisers that list N••••••• I•••••••• S••••••••• L••• as a related person
    Office movement
    IAPD branch city; joins and departures in 12 months
    OfficeAdvisorsJoinedLeftTeams outForming
    Dallas, Tx · principal200
    Offices
    Schedule D 1.F, the 25 largest
    No branch office listed.
    ADV anomalies
    1 against comparable advisers; where to look, not conclusions
    • business activity changedChange between filings · filing Jun 30, 2026
      portfolio management for pooled vehicles (Item 5.G.4): no on the filing of 2026-03-31, yes on the filing of 2026-06-30
      peers: asset managers, under $100M (330)
    How anomalies are measured
    What changed
    consecutive filings, newest first
    • Advisory activities · 1 to 2
      Mar 31, 2026 to Jun 30, 2026
    • Pooled vehicle clients · unset to 5.0
      Mar 31, 2026 to Jun 30, 2026
    • Pooled vehicle RAUM · unset to 95487343.0
      Mar 31, 2026 to Jun 30, 2026
    • Advisory employees · 2 to 4
      Mar 28, 2025 to Mar 31, 2026
    • Advisory activities · 2 to 1
      Mar 28, 2025 to Mar 31, 2026
    • Employees · 2 to 4
      Mar 28, 2025 to Mar 31, 2026
    • State-registered IARs · 2 to 1
      Mar 28, 2025 to Mar 31, 2026
    • Discretionary RAUM · $77.2M to $95.7M
      Mar 28, 2025 to Mar 31, 2026
    • RAUM · $77.2M to $95.7M
      Mar 28, 2025 to Mar 31, 2026
    • Accounts · 2 to 6
      Mar 28, 2024 to Mar 28, 2025
    • Advisory employees · 1 to 2
      Mar 28, 2024 to Mar 28, 2025
    • Advisory activities · 1 to 2
      Mar 28, 2024 to Mar 28, 2025
    • BD registered reps · 1 to 0
      Mar 28, 2024 to Mar 28, 2025
    • Insurance-licensed employees · 1 to 2
      Mar 28, 2024 to Mar 28, 2025
    • Financial planning clients · 0 to 0
      Mar 28, 2024 to Mar 28, 2025
    • Discretionary RAUM · $59.6M to $77.2M
      Mar 28, 2024 to Mar 28, 2025
    • RAUM · $59.6M to $77.2M
      Mar 28, 2024 to Mar 28, 2025
    • Accounts · 0 to 2
      Mar 30, 2023 to Mar 28, 2024
    • Discretionary RAUM · $0 to $59.6M
      Mar 30, 2023 to Mar 28, 2024
    • RAUM · $0 to $59.6M
      Mar 30, 2023 to Mar 28, 2024
    • Accounts · unset to 0.0
      Jan 23, 2023 to Mar 30, 2023
    • Discretionary RAUM · unset to 0.0
      Jan 23, 2023 to Mar 30, 2023
    • Non-discretionary RAUM · unset to 0.0
      Jan 23, 2023 to Mar 30, 2023
    • RAUM · unset to 0.0
      Jan 23, 2023 to Mar 30, 2023
    • Business name · N••••••••• C•••••• M••••••••• L••• to N••••••• I•••••••• S••••••••• L•••
      Sep 29, 2022 to Jan 23, 2023
    • Accounts · 0.0 to unset
      Mar 16, 2022 to Mar 31, 2022
    • Legal name · N••••••••• C•••••• M••••••••• L••• to N••••••• I•••••••• S••••••••• L•••
      Mar 16, 2022 to Mar 31, 2022
    • Discretionary RAUM · 0.0 to unset
      Mar 16, 2022 to Mar 31, 2022
    • Non-discretionary RAUM · 0.0 to unset
      Mar 16, 2022 to Mar 31, 2022
    • RAUM · 0.0 to unset
      Mar 16, 2022 to Mar 31, 2022
    • Business name · N••••••• I•••••••• S••••••••• L••• to N••••••••• C•••••• M••••••••• L•••
      Jun 23, 2021 to Sep 21, 2021
    • Legal name · N••••••• I•••••••• S••••••••• L••• to N••••••••• C•••••• M••••••••• L•••
      May 17, 2021 to Jun 23, 2021
    • Accounts · 1 to 0
      Apr 1, 2021 to Apr 9, 2021
    • Discretionary RAUM · $87.8M to $0
      Apr 1, 2021 to Apr 9, 2021
    • RAUM · $87.8M to $0
      Apr 1, 2021 to Apr 9, 2021
    • Discretionary RAUM · $12.3M to $87.8M
      Mar 30, 2020 to Apr 1, 2021
    • RAUM · $12.3M to $87.8M
      Mar 30, 2020 to Apr 1, 2021
    • Accounts · 0 to 1
      Jul 19, 2019 to Mar 30, 2020
    • Advisory employees · 0 to 1
      Jul 19, 2019 to Mar 30, 2020
    • BD registered reps · 0 to 1
      Jul 19, 2019 to Mar 30, 2020
    Signals
    15 dated events
    • Marie Nancy Dondero (Trustee) appeared on Schedule A of N••••••• I•••••••• S••••••••• L•••
      Jan 23, 2023 · Control person joined · fact
    • David J•••• Dondero (President) no longer on Schedule A of N••••••• I•••••••• S••••••••• L••• (listed 2022-09-29, absent 2023-01-23)
      Jan 23, 2023 · Control person left · inference
    • William John Honis (Trustee) no longer on Schedule A of N••••••• I•••••••• S••••••••• L••• (listed 2021-04-01, absent 2021-04-09)
      Apr 9, 2021 · Control person left · inference
    • P•••••• J•••• S•••• (Director) no longer on Schedule A of N••••••• I•••••••• S••••••••• L••• (listed 2021-04-01, absent 2021-04-09)
      Apr 9, 2021 · Control person left · inference
    • Stephen John Dubel (Director) no longer on Schedule A of N••••••• I•••••••• S••••••••• L••• (listed 2021-04-01, absent 2021-04-09)
      Apr 9, 2021 · Control person left · inference
    • F••••• R•••••• N•••• (Director) no longer on Schedule A of N••••••• I•••••••• S••••••••• L••• (listed 2021-04-01, absent 2021-04-09)
      Apr 9, 2021 · Control person left · inference
    • Byron Scott Ellington (Secretary) no longer on Schedule A of N••••••• I•••••••• S••••••••• L••• (listed 2020-03-30, absent 2021-04-01)
      Apr 1, 2021 · Control person left · inference
    • Kiyoshi Mark Okada (Limited Partner, Evp) no longer on Schedule A of N••••••• I•••••••• S••••••••• L••• (listed 2019-07-19, absent 2020-03-30)
      Mar 30, 2020 · Control person left · inference
    • Blackwell Lee Parker (Assistant Secretary) no longer on Schedule A of N••••••• I•••••••• S••••••••• L••• (listed 2019-07-19, absent 2020-03-30)
      Mar 30, 2020 · Control person left · inference
    • Nathan L••••••• T••••••• (Trustee) no longer on Schedule A of N••••••• I•••••••• S••••••••• L••• (listed 2019-07-19, absent 2020-03-30)
      Mar 30, 2020 · Control person left · inference
    • Marie Nancy Dondero (Trustee) no longer on Schedule A of N••••••• I•••••••• S••••••••• L••• (listed 2019-07-19, absent 2020-03-30)
      Mar 30, 2020 · Control person left · inference
    • P•••••• J•••• S•••• (Director) appeared on Schedule A of N••••••• I•••••••• S••••••••• L•••
      Mar 30, 2020 · Control person joined · fact
    • Stephen John Dubel (Director) appeared on Schedule A of N••••••• I•••••••• S••••••••• L•••
      Mar 30, 2020 · Control person joined · fact
    • F••••• R•••••• N•••• (Director) appeared on Schedule A of N••••••• I•••••••• S••••••••• L•••
      Mar 30, 2020 · Control person joined · fact
    • H••••••• C•••••• I•••••••• S••••••••• L••• filed its initial SEC registration (Form ADV)
      Jul 19, 2019 · 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
    Principal office phone
    214-276-6300reportedpublic record, Form ADV, Jun 30, 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
    $47.8Mderivedfirm RAUM over the IAPD count; not a book size
    Loaded
    Sep 14, 2026