{"url":"https://nivawealth.com/firms/bandera-partners-161230","iapdUrl":"https://adviserinfo.sec.gov/firm/summary/161230","regulatoryAum":244104385,"crd":"161230","history":[{"filedOn":"2021-03-24","regulatoryAum":210041988,"clients":2,"employees":5,"offices":1},{"filedOn":"2022-03-30","regulatoryAum":338422530,"clients":2,"employees":6,"offices":1},{"filedOn":"2023-03-31","regulatoryAum":359973750,"clients":2,"employees":6,"offices":1},{"filedOn":"2024-03-28","regulatoryAum":371732193,"clients":3,"employees":6,"offices":1},{"filedOn":"2025-05-21","regulatoryAum":363722060,"clients":3,"employees":6,"offices":1},{"filedOn":"2026-03-27","regulatoryAum":244104385,"clients":3,"employees":6,"offices":1}],"secFileNumber":"801-74294","legalName":"Bandera Partners LLC","displayName":"Bandera Partners","slug":"bandera-partners-161230","website":"https://banderapartners.com/","logo":{"src":"https://rmkhnxnbeclogprvkfyl.supabase.co/storage/v1/object/public/firm-logos/161230/5c4724b46cc4f78d-r1.webp","tone":"light","width":303,"height":200,"sourceUrl":"https://banderapartners.com/","sourceLabel":"Bandera Partners, website"},"classification":{"segment":"private_funds","segmentLabel":"Private funds","type":"private_fund_manager","typeLabel":null,"feeDisclosure":"payment_only"},"founded":null,"organization":"Delaware limited liability company","fiscalYearEnd":"December","headquarters":{"street":"138 Atlantic Avenue","city":"Brooklyn","state":"NY","stateName":"New York","country":"United States","postalCode":"11201"},"tradeNames":[],"registration":{"secApproved":"8 March 2012","noticeFilings":null,"latestNoticeFiling":null},"wealthAumPerClient":null,"staff":{"employees":6,"advisory":2,"brokerDealerReps":0,"insuranceAgents":0,"promoters":0},"aum":{"regulatory":244104385,"discretionary":244104385,"discretionaryAccounts":3,"nonDiscretionary":0,"nonDiscretionaryAccounts":0,"wrapProgram":null,"nonUsClientsPct":33,"nonAumClients":0},"clientTypes":[{"label":"Pooled investment vehicles","clients":3,"regulatoryAum":244104385}],"feePrograms":[],"brochureCoverage":{"scope":"known_documents","status":"not_processed","checkedAt":null,"documents":[]},"custodians":[],"custodyNote":"Bandera Partners has custody of $244M in client assets for 3 clients.","otherCustodians":[],"leadership":[{"name":"Robert Beers","title":"Chief Financial Officer","crd":"872648"},{"name":"Hugh Bush","title":"Chief Operating Officer","crd":"2100196"},{"name":"Madeline Hedges","title":"Chief Compliance Officer","crd":"5159813"},{"name":"Natalie Banas","title":"Managing Director","crd":"6028698"},{"name":"Gregory Bylinsky","title":"Managing Partner","crd":"4670573"},{"name":"Jefferson Gramm","title":"Managing Partner","crd":"5071027"}],"ownership":[{"label":"Gregory Bylinsky","detail":"Managing partner in the 25% to 50% ownership band and a control person, since November 2006."},{"label":"Jefferson Gramm","detail":"Managing partner in the 25% to 50% ownership band and a control person, since November 2006."}],"branchOffices":null,"filedOffices":{"otherThanPrincipal":0,"privateResidences":0},"listedOfficeAddresses":1,"foreignOffices":[],"officesByState":[{"state":"New York","offices":1,"addresses":[{"street":"138 Atlantic Avenue","city":"Brooklyn","headquarters":true}]}],"advFacts":{"source":{"file":"ia100226.zip","asOf":"2 October 2026"},"telephone":"212-232-0117","stateRegisteredReps":0,"otherAdviserReps":0,"compensation":["A percentage of assets under management","Performance-based fees"],"activities":["Portfolio management for pooled investment vehicles (other than investment companies)"],"financialPlanningClients":"0","assetMix":[],"privateFunds":1},"sources":{"adv1FilingDate":"27 March 2026","adv1Url":"https://reports.adviserinfo.sec.gov/reports/ADV/161230/PDF/161230.pdf","brochureDate":null,"brochureUrl":null,"iapdCompiledDate":null,"retrievedDate":"15 October 2026","retrievedOn":"2026-10-15","updatedOn":"2026-10-21","holdingsUpdatedOn":"2026-10-21","adv1Pages":{},"brochurePages":{}},"otherBusiness":[],"faq":[{"question":"How many clients does Bandera Partners have?","answer":"Bandera Partners has 3 clients and manages $244 million for them, as of March 2026. They include 3 pooled investment vehicles.","source":"Form ADV Part 1A, Items 5.D and 5.F, filed 27 March 2026","sourceRef":{"doc":"adv1","section":"employees"}},{"question":"What services does Bandera Partners offer?","answer":"Bandera Partners provides portfolio management for pooled vehicles.","source":"Form ADV Part 1A, Item 5.G, from the SEC's 2 October 2026 data file","sourceRef":{"doc":"adv1","section":"employees"}},{"question":"How many financial advisors does Bandera Partners have?","answer":"Bandera Partners has 0 investment adviser representatives registered with state securities authorities, out of 6 employees, and 2 perform investment advisory functions. None are registered representatives of a broker-dealer or licensed insurance agents.","source":"Form ADV Part 1A, Items 5.A and 5.B, from the SEC's 2 October 2026 data file","sourceRef":{"doc":"adv1","section":"employees"}},{"question":"Who owns Bandera Partners?","answer":"Bandera Partners’ direct owners are Gregory Bylinsky and Jefferson Gramm, each holding 50% or less.","source":"Form ADV Part 1A, Schedules A and B, filed 27 March 2026","sourceRef":{"doc":"adv1","section":"scheduleA"}},{"question":"How does Bandera Partners get paid?","answer":"Bandera Partners is paid through a percentage of assets under management and performance-based fees. Its Form ADV lists no commissions among how it is paid.","source":"Form ADV Part 1A, Item 5.E, from the SEC's 2 October 2026 data file","sourceRef":{"doc":"adv1","section":"employees"}},{"question":"How do I contact Bandera Partners?","answer":"Bandera Partners’ main office is at 138 Atlantic Avenue, Brooklyn, NY 11201. Its phone number is 212-232-0117. Its website is banderapartners.com.","source":"Form ADV Part 1A, Item 1.F, filed 27 March 2026","sourceRef":{"doc":"adv1","section":"offices"}}],"holdings":{"url":"https://nivawealth.com/firms/bandera-partners-161230/holdings","form":"13F-HR","periodOfReport":"2026-06-30","filedOn":"2026-08-12","filingIndexUrl":"https://www.sec.gov/Archives/edgar/data/1399386/000092189526002064/0000921895-26-002064-index.html","totalValue":283918174,"positionCount":19,"top10Share":0.82356578554214,"top10":[{"issuer":"STAR GROUP LP","titleOfClass":"UNIT LTD PARTNR","cusip":"85512C105","value":35250422,"shares":2745360,"shareType":"SH","priorValue":33713021,"priorShares":2745360},{"issuer":"JOINT CORP","titleOfClass":"COM","cusip":"47973J102","value":34569459,"shares":3937296,"shareType":"SH","priorValue":34845070,"priorShares":3937296},{"issuer":"SPACE EXPLORATION TECHN CORP","titleOfClass":"CLASS A COM STK","cusip":"84615Q103","value":33987471,"shares":198920,"shareType":"SH"},{"issuer":"ALPHABET 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Facts as filed; not a rating, ranking, or recommendation. Niva is not affiliated with this firm. Disciplinary history is deliberately not included here or on the page; the SEC publishes the complete record at the `iapdUrl` above."}