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.

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SEC-registered adviser

N••••••••• A•••• M••••••••• L•••

Institutional managerDallas, TexasCRD 309748SEC 801-120313websiteIAPD
Latest filing May 5, 2026
First filing on the tape Jan 13, 2021 · 13 filings
SEC status approved since Feb 12, 2021
RAUM
$823M
reported, Item 5.F
Discretionary
100%
of RAUM
Private clients
0.0%
$0 individuals and HNW
Advisors
1
registered through the firm on IAPD
RAUM per advisor
$823M
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
13 filings and snapshots on the tape
RAUM$823M as of May 5, 2026
Apr 1, 2021$100M then
HNW client RAUM: no history
State-registered IARs (5.B.3)1 as of May 5, 2026
Apr 1, 20212 then
Employees (5.A)4 as of May 5, 2026
Apr 1, 20212 then
Private funds: no history
RAUM +37% over the last fiscal year+86% a year over threeIARs 2 to 1
Practice profile
derived from the filing of May 5, 2026; every figure names its basis
Archetypes, each a printed rule
  • Institutional asset manager · institutional share (pensions, government, insurance, corporations, charities, banks, other advisers) at least 60 percent and private-client share under 20 percent
  • Solo or small team · one advisor, or a wealth manager with up to three advisors and one office
RAUM per advisor
$823MderivedRAUM 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
$274MderivedRAUM over accounts (5.F.2.f)
Discretionary
100%derivedof RAUM
Institutional
91%derivedpensions, charities, corporations, government, insurance, banks, other advisers
Employees per advisor
4.0derivedItem 5.A over advisors
Advisors per office
1.0derived1 offices incl. principal (1.F.5)
RAUM growth, one year
+37%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 investment companiesreportedItem 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
  • Insurance companies$752M91%
  • Investment companies$66.4M8.1%
  • Corporations and businesses$4.6M0.6%
Individual clients
n/areported
HNW clients
n/areported
Pension plan clients
n/areported
Charitable clients
n/areported
Accounts
3reported
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=0.08 institutional_share=0.91 related_bd=true related_bank=true 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
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
    Joined, latest
    none on the tape
      Every departureEvery arrival
      Private funds
      No private fund reported.
      Owners and control persons
      Schedule A and B, latest filing
      • H••••• B•••••••• B••••• · President And Ciocontrol
        since 01/2023 · owns less than 5%
      • D••••••• N••••• M•••• · Trusteecontrol
        since 10/2015 · owns F of T•• D•••••• I••••••••• T••••
      • V•••••••• S••••••••• L••• · Chief Compliance Officer And Secretary
        since 01/2023 · owns less than 5%
      Entity owners
      • N••••••••• A•••• M••••••••• G•• L•• · General Partner
        direct · owns less than 5%
      • N••••••••• H•••••••• I••• · Limited Partner
        direct · owns 75% or more
      • T•• D•••••• I••••••••• T•••• · Sole Member
        indirect · owns 75% or more of N••••••••• A•••• M••••••••• G•• L••
      Related persons
      Schedule D 7.A
      Advisers that list N••••••••• A•••• M••••••••• L••• as a related person
      Offices
      Schedule D 1.F, the 25 largest
      No branch office listed.
      What changed
      consecutive filings, newest first
      • Advisory employees · 2 to 4
        Mar 28, 2025 to Mar 31, 2026
      • Assets in custody · 0.0 to unset
        Mar 28, 2025 to Mar 31, 2026
      • Employees · 2 to 4
        Mar 28, 2025 to Mar 31, 2026
      • Insurance-licensed employees · 1 to 2
        Mar 28, 2025 to Mar 31, 2026
      • State-registered IARs · 2 to 1
        Mar 28, 2025 to Mar 31, 2026
      • Discretionary RAUM · $600M to $823M
        Mar 28, 2025 to Mar 31, 2026
      • RAUM · $600M to $823M
        Mar 28, 2025 to Mar 31, 2026
      • Advisory employees · 1 to 2
        Mar 28, 2024 to Mar 28, 2025
      • BD registered reps · 1 to 0
        Mar 28, 2024 to Mar 28, 2025
      • Financial planning clients · 0 to 0
        Mar 28, 2024 to Mar 28, 2025
      • Discretionary RAUM · $421M to $600M
        Mar 28, 2024 to Mar 28, 2025
      • RAUM · $421M to $600M
        Mar 28, 2024 to Mar 28, 2025
      • Accounts · 4 to 3
        Mar 30, 2023 to Mar 28, 2024
      • Corporate clients · unset to 1.0
        Mar 30, 2023 to Mar 28, 2024
      • Discretionary RAUM · $129M to $421M
        Mar 30, 2023 to Mar 28, 2024
      • RAUM · $129M to $421M
        Mar 30, 2023 to Mar 28, 2024
      • Discretionary RAUM · $252M to $129M
        Jan 24, 2023 to Mar 30, 2023
      • RAUM · $252M to $129M
        Jan 24, 2023 to Mar 30, 2023
      • Accounts · 1 to 4
        Jan 11, 2022 to Mar 31, 2022
      • Advisory activities · 1 to 2
        Jan 11, 2022 to Mar 31, 2022
      • Discretionary RAUM · $100M to $252M
        Jan 11, 2022 to Mar 31, 2022
      • RAUM · $100M to $252M
        Jan 11, 2022 to Mar 31, 2022
      • Discretionary RAUM · $88.9M to $100M
        Mar 23, 2021 to Apr 1, 2021
      • RAUM · $88.9M to $100M
        Mar 23, 2021 to Apr 1, 2021
      Signals
      8 dated events
      • N••••••••• A•••• M••••••••• L••• reported RAUM $823.4M, up 37% from $600.4M (2025-03-28 to 2026-03-31)
        Mar 31, 2026 · RAUM change · derived
      • N••••••••• A•••• M••••••••• L••• reported RAUM $600.4M, up 43% from $421.2M (2024-03-28 to 2025-03-28)
        Mar 28, 2025 · RAUM change · derived
      • N••••••••• A•••• M••••••••• L••• reported RAUM $421.2M, up 228% from $128.6M (2023-03-30 to 2024-03-28)
        Mar 28, 2024 · RAUM change · derived
      • N••••••••• A•••• M••••••••• L••• reported RAUM $128.6M, down 49% from $251.7M (2023-01-24 to 2023-03-30)
        Mar 30, 2023 · RAUM change · derived
      • Marie Nancy Dondero (Trustee) appeared on Schedule A of N••••••••• A•••• M••••••••• L•••
        Jan 24, 2023 · Control person joined · fact
      • David James Dondero (President) no longer on Schedule A of N••••••••• A•••• M••••••••• L••• (listed 2022-03-31, absent 2023-01-24)
        Jan 24, 2023 · Control person left · inference
      • N••••••••• A•••• M••••••••• L••• reported RAUM $251.7M, up 152% from $100.0M (2022-01-11 to 2022-03-31)
        Mar 31, 2022 · RAUM change · derived
      • N••••••••• A•••• M••••••••• L••• filed its initial SEC registration (Form ADV)
        Jan 13, 2021 · 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, May 5, 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
      Institutional managerderiveda rule over Items 5.D and 7.A
      RAUM per advisor
      $823Mderivedfirm RAUM over the IAPD count; not a book size
      Loaded
      Sep 14, 2026