Bred by Mrs. Jean R. Pancoast, owned by R.E. Bailey, and trained by Steve DiMauro, DEARLY PRECIOUS was an impressive 8-for-9 as a two-year-old, in 1975, en route to an Eclipse award for outstanding two-year-old filly. Among her stakes wins in 1975 were the Fashion at Belmont Park, the Astoria at Belmont Park, and the Spinaway at Saratoga. As a three-year-old, the daughter of Dr. Fager was victorious in both the Prioress and Acorn at Belmont Park. She was also a winner of the Dark Mirage Stakes at Aqueduct, but in that race on July 11, 1976, she bowed the tendon in her left foreleg, and was consequently retired, following that victory. She retired with a career record of 12 wins and two seconds from 16 starts, with earnings of $370,456.