Extract data from SEC Form ADV filings

Form ADV is the registration filing an investment adviser submits to describe its firm, and it is how a Registered Investment Adviser tells regulators and prospective clients who it is and how it charges. It is filed through the Investment Adviser Registration Depository, and it comes in two halves: Part 1 is the checkbox-and-number regulatory data, and Part 2 is the plain-language brochure a client actually reads. The firm carries a Central Registration Depository number and an SEC file number in the 801 series, and the threshold between SEC and state registration turns largely on assets under management, with roughly $100,000,000 as the dividing line. Compliance teams, prospective institutional clients, and adviser due-diligence desks all pull the same facts from it. What a reader needs off a Form ADV is the shape of the advisory business and its conflicts, not a securities balance sheet. The reported assets under management, the fee structure (a percentage of assets, a flat fee, hourly, or performance-based), whether the adviser has discretionary authority, the client types served, the minimum account size, and the disciplinary history are the fields a diligence memo is built on. Unlike a Form D, which is a one-time notice of an exempt private placement, or a periodic 10-K, Form ADV describes the adviser itself and is amended annually and whenever the answers change. Talonic reads the Form ADV and returns the adviser identity, the assets under management, the fee structure, the discretionary and performance-fee flags, and the disciplinary history as typed fields, keeping the control persons, the fee schedule, and any disciplinary events as tables. A filing for Cedar Ridge Capital Management LLC (CRD 158942, SEC file 801-72381), prepared 2026-03-31 with $2,400,000,000 under management, a 1.00% tiered advisory fee, discretionary authority, a $1,000,000 account minimum, and no reportable disciplinary events, loads into a diligence workbook instead of a retyped brochure. This extraction structures what the filing states and offers no view on the adviser or its investments.

What gets extracted from SEC Form ADV filings

How extraction works for SEC Form ADV filings

Form ADV arrives as an IARD-rendered PDF, a printed brochure, or a vendor extract, and Part 1 and Part 2 present the same firm in very different formats. Talonic reads the filing and binds each value to the adviser field set the Field Registry maintains, which separates the firm identity, the regulatory and business classification, the fee and account terms, and the disclosure blocks rather than treating the brochure as one long document. Assets under management and the minimum account size are typed as numbers in USD, the discretionary-authority and performance-fee questions are read as their own boolean fields, and the year established and filing date are parsed to ISO 8601. The control persons and their ownership percentages, the fee schedule by service type, and any disciplinary events with their dates and outcomes each return as a table. Provenance for every value follows DIN SPEC 91491, pairing a confidence score with a pointer back to the source region, so a diligence analyst can confirm the $2,400,000,000 in assets or a disciplinary entry against the filing. Talonic captures what the adviser discloses and does not rate the firm, verify the assets, or give investment advice.

Sample extraction

A Form ADV Part 2A brochure for a registered investment adviser

{
  "document_number": "801-72381 (CRD 158942)",
  "document_date": "2026-03-31",
  "adviser_name": "Cedar Ridge Capital Management LLC",
  "adviser_address": "400 Beacon Street, Suite 900, Boston, MA 02116",
  "adviser_website": "https://cedarridgecapital.example",
  "total_assets_under_management": 2400000000,
  "regulatory_status": "sec_registered",
  "business_type": "registered_investment_adviser",
  "ownership_structure": "limited_liability_company",
  "year_established": "2011",
  "form_type": "Part 2A",
  "advisory_services_provided": [
    "discretionary portfolio management",
    "financial planning"
  ],
  "client_types_served": "high_net_worth_individuals_and_institutions",
  "minimum_account_size": 1000000,
  "fee_structure_type": "percentage_of_aum",
  "charges_performance_based_fees": false,
  "discretionary_authority": true,
  "use_of_soft_dollars": true,
  "compensation_from_third_parties": false,
  "sub_advisers_used": false,
  "control_persons": [
    {
      "name": "Marcus Vaughn",
      "title": "Managing Member and Chief Investment Officer",
      "percent_ownership": 75,
      "business_experience": "22 years in asset management"
    },
    {
      "name": "Ellen Pryce",
      "title": "Chief Compliance Officer",
      "percent_ownership": 25,
      "business_experience": "15 years in investment compliance"
    }
  ],
  "fee_schedule": [
    {
      "service_type": "Portfolio management (first $5M)",
      "fee_basis": "percentage of AUM",
      "fee_percentage_or_amount": "1.00%",
      "minimum_fee": 10000
    },
    {
      "service_type": "Portfolio management (above $5M)",
      "fee_basis": "percentage of AUM",
      "fee_percentage_or_amount": "0.75%",
      "minimum_fee": 0
    }
  ],
  "discipline_history": []
}

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