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RIA / WealthRegistered adviserasset managerSEC registeredRAUM 1b 10b

FS REIT ADVISOR, LLC

FS REAL ESTATE ADVISOR, LLC, CRD 306352

PHILADELPHIA, PA

This is the graph view. The full profile, with its team, deals and sources, is on RIA / Wealth Management.Open the full profile →

Search this name across graphsid dfx:ria:a19a88a2-8473-bf05-1aed-2935c0e80c2c

Data as of Jun 10, 2026 (this record's last observation) from federal regulator filings. Page built Sep 20, 2026, 12:58 AM UTC and rebuilt at most every 15 minutes.

Relationships: 46
Dated events: 6
On other graphs: 0
Observed: Nov 4, 2019 to Jun 10, 2026
18 observations

Across DFX

This entity has not been resolved onto another DFX graph by a shared identifier. A name match elsewhere would be a candidate, never an identity, and none is recorded.

Facts

fact = as filed or announced; derived = computed by DFX; estimate = a band, never a point

Firm class: asset managerderivedprivate_client_share=0.0 fund_share=1.0 institutional_share=0.0 related_bd=true related_bank=true bd_reps=16.0
Regulatory AUM: $9.1BItem 5.F on the latest filing (2026-06-10); as reported, and an affiliate's assets may be counted again on its own filing
Discretionary RAUM: $9.1B
Private client RAUM: $0derivedItem 5.D individuals plus high net worth individuals
Private client share: 0%derivedprivate client RAUM over total RAUM
Advisors on IAPD: 0
Employees: 133
Advisory employees: 3
Offices: 1Schedule D 1.F, beyond the principal office
Accounts: 1
Individual clients: 0
High net worth clients: 0
SEC number: 801-117727
CRD: 306352
Filings on the tape: 18
First filed: Nov 4, 2019
Latest filed: Jun 10, 2026
Organised: Limited Liability Company, DE

Owners and control persons

Schedule A and B as filed; ownership codes are the form's bands (NA under 5%, A 5 to 10%, B 10 to 25%, C 25 to 50%, D 50 to 75%, E over 75%); people are listed as filed and never merged by name

Owner	Title	Ownership code	Control person	Acquired	First seen	Last seen
ADELMAN, DAVID, JASON	Member	D	yes	05/2007	Nov 4, 2019	Apr 30, 2024
ADELMAN, DAVID, JASON	Principal	Na	yes	10/2019	Nov 4, 2019	Apr 30, 2024
BROWNE, PHILIP	CHIEF FINANCIAL OFFICER	Na	yes	10/2019	Nov 4, 2019	Apr 30, 2024
BRYANT, MARC, ROBERT	CHIEF LEGAL OFFICER	Na	yes	05/2019	Mar 26, 2020	Apr 30, 2024
DARCO CAPITAL, L.P.	MEMBER CLASS A	Na	yes	10/2019	Nov 4, 2019	Apr 30, 2024
DETWILER, ELIZABETH, CAMILLA	MANAGING DIRECTOR/CCO	Na	yes	10/2019	Nov 4, 2019	Apr 30, 2024
FB CAPITAL MANAGEMENT, LLC	GENERAL PARTNER	F	yes	01/2013	Jul 27, 2023	Apr 30, 2024
FB CAPITAL PARTNERS, L.P.	Member	C	yes	06/2023	Jul 27, 2023	Apr 30, 2024
FORMAN, MICHAEL, CRAIG	CHAIRMAN AND CEO	Na	yes	10/2019	Nov 4, 2019	Apr 30, 2024
FORMAN, MICHAEL, CRAIG	MANAGING MEMBER	D	yes	03/2007	Nov 4, 2019	Apr 30, 2024
FORMAN, MICHAEL, CRAIG	LIMITED PARTNER	E	yes	08/2005	Nov 4, 2019	Apr 30, 2024
FORMAN, MICHAEL, CRAIG	SOLE MEMBER	E	yes	02/2007	Nov 4, 2019	Apr 30, 2024
FRANKLIN SQUARE HOLDINGS, G.P., LLC	GENERAL PARTNER	F	yes	05/2007	Jul 6, 2021	Apr 30, 2024
FRANKLIN SQUARE HOLDINGS, L.P.	Member	D	yes	06/2023	Nov 4, 2019	Apr 30, 2024
FRANKLIN SQUARE HOLDINGS, LP	Member	F	yes	06/2023	Apr 30, 2024	Apr 30, 2024
FRANKLIN SQUARE HOLDINGS, LP	Member	E	yes	06/2023	Apr 30, 2024	Apr 30, 2024
FSH ADVISOR FEE HOLDINGS LLC	Member	F	yes	06/2023	Apr 30, 2024	Apr 30, 2024
FSH ADVISOR FEE HOLDINGS, LLC	Member	B	yes	06/2023	Jul 27, 2023	Apr 30, 2024
FSH NCI AGGREGATOR, LLC	LIMITED PARTNER	C	yes	06/2023	Jul 27, 2023	Apr 30, 2024
FSJV HOLDCO, LLC	Member	D	yes	03/2018	Apr 30, 2024	Apr 30, 2024
SYPHERD, STEPHEN	GENERAL COUNSEL	Na	yes	10/2019	Nov 4, 2019	Apr 30, 2024
THE 2011 FORMAN INVESTMENT TRUST	MEMBER CLASS A	B	yes	10/2019	Nov 4, 2019	Apr 30, 2024
THE 2011 FORMAN INVESTMENT TRUST	Member	C	yes	06/2023	Nov 4, 2019	Apr 30, 2024
FSH HOLDCO SUB, LLC	Member	F	no	06/2023	Apr 30, 2024	Apr 30, 2024
FSH HOLDCO, LLC	Member	E	no	06/2023	Apr 30, 2024	Apr 30, 2024
HELLER, MICHAEL, JAY	Trustee	F	no	01/2012	Nov 4, 2019	Apr 30, 2024

Affiliates (Item 7.A)

as filed on Item 7.A; a related person with a CRD on the graph links to its own page

Related person	Type	Class on the graph	Its RAUM	Control	Common control	State
PORTFOLIO ADVISORS LLC	n/a	Other adviser	$48B	N	yes	n/a
FS/KKR ADVISOR, LLC	n/a	Asset manager	$16B	N	yes	n/a
FS GLOBAL ADVISOR, LLC	n/a	Asset manager	$3.0B	N	yes	n/a
FS STRUCTURED PRODUCTS ADVISOR, LLC	n/a	Asset manager	$2.2B	N	yes	n/a
FS/EIG ADVISOR, LLC	n/a	Asset manager	$1.9B	N	yes	n/a
FS FUND ADVISOR, LLC	n/a	Asset manager	$1.6B	N	yes	n/a
FS CREDIT INCOME ADVISOR, LLC	n/a	Asset manager	$726M	N	yes	n/a
CHIRON INVESTMENT MANAGEMENT, LLC	n/a	Former SEC adviser	$440M	N	yes	n/a
FS TACTICAL ADVISOR, LLC	n/a	Asset manager	$279M	N	yes	n/a
ASIA SELECT MANAGEMENT LIMITED	n/a	n/a	n/a	N	no	n/a
FRANKLIN SQUARE HOLDINGS, L.P.	n/a	n/a	n/a	N	yes	n/a
FS INVESTMENT SOLUTIONS, LLC	n/a	n/a	n/a	N	yes	n/a
PORTFOLIO ADVISORS CAPITAL UK, LTD	n/a	n/a	n/a	N	yes	n/a
PORTFOLIO ADVISORS SINGAPORE PTE. LTD.	n/a	n/a	n/a	N	yes	n/a

Offices

Schedule D 1.F offices beyond the principal office; street addresses are not published

City	State	Country	Employees	Also broker-dealer
NEW YORK	NY	United States	2	yes

Regulatory AUM by fiscal year

annual amendments (and the roster's annual snapshot) as filed; where a year was amended twice the later filing draws the line; showing 7 of 8

Fiscal year	Filed	RAUM	Discretionary	Employees	Advisory staff	Offices	Private funds	Fund GAV
2025	Mar 27, 2026	$9.1B	$9.1B	133	3	1	n/a	n/a
2024	Mar 28, 2025	$8.6B	$8.6B	132	3	1	n/a	n/a
2023	Mar 26, 2024	$8.5B	$8.5B	117	4	1	n/a	n/a
2022	Mar 27, 2023	$8.1B	$8.1B	104	8	0	n/a	n/a
2021	Mar 15, 2022	$4.0B	$4.0B	104	8	0	n/a	n/a
2020	Mar 23, 2021	$775M	$775M	95	7	0	n/a	n/a
2019	Mar 26, 2020	$499M	$499M	101	12	0	n/a	n/a

Growth

derived from consecutive annual filings; RAUM as reported

Latest fiscal year	RAUM	A year earlier	1y change	Three years earlier	3y CAGR	Employees	A year earlier	Offices	A year earlier
2025	$9.1B	$8.6B	6.3%	$8.1B	4.2%	133	132	1	1

Relationships

Affiliated with (20)

→ PORTFOLIO ADVISORS LLCRegistered adviserother investment adviser, pooled vehicle sponsor, common control
factForm ADV
→ FS GLOBAL ADVISOR, LLCRegistered adviserother investment adviser, bank, common control
factForm ADV
→ CHIRON INVESTMENT MANAGEMENT, LLCRegistered adviserother investment adviser, bank, common control
factForm ADV
→ FS FUND ADVISOR, LLCRegistered adviserother investment adviser, bank, common control
factForm ADV
→ FS CREDIT INCOME ADVISOR, LLCRegistered adviserother investment adviser, bank, common control
factForm ADV
→ FS/KKR ADVISOR, LLCRegistered adviserother investment adviser, bank, common control
factForm ADV
→ FS SPECIALTY LENDING ADVISOR, LLCRegistered adviserother investment adviser, bank, common control
factForm ADV
→ FS TACTICAL ADVISOR, LLCRegistered adviserother investment adviser, bank, common control
factForm ADV
→ FS STRUCTURED PRODUCTS ADVISOR, LLCRegistered adviserother investment adviser, common control
factForm ADV
← FS GLOBAL ADVISOR, LLCRegistered adviserother investment adviser, common control
factForm ADV
← FS CREDIT INCOME ADVISOR, LLCRegistered adviserother investment adviser, common control
factForm ADV
← FS SPECIALTY LENDING ADVISOR, LLCRegistered adviserother investment adviser, common control
factForm ADV
← FS TACTICAL ADVISOR, LLCRegistered adviserother investment adviser, common control
factForm ADV
← FS/KKR ADVISOR, LLCRegistered adviserother investment adviser, common control
factForm ADV
← PORTFOLIO ADVISORS LLCRegistered adviserother investment adviser, common control
factForm ADV
← FS STRUCTURED PRODUCTS ADVISOR, LLCRegistered adviserother investment adviser, common control
factForm ADV
← FS FUND ADVISOR, LLCRegistered adviserother investment adviser, common control
factForm ADV
← CHIRON INVESTMENT MANAGEMENT, LLCRegistered adviserother investment adviser, common control
factForm ADV
← FS MULTI-ALTERNATIVE ADVISOR, LLCRegistered adviserother investment adviser, bank, common control
factForm ADV
← FS ENERGY ADVISOR, LLCRegistered adviserother investment adviser, common control
factForm ADV

Controls (15)

← DETWILER, ELIZABETH, CAMILLAOwnerMANAGING DIRECTOR/CCO, ownership code NA, individual
Nov 4, 2019 to Apr 30, 2024factForm ADV
← BRYANT, MARC, ROBERTOwnerCHIEF LEGAL OFFICER, ownership code NA, individual
Mar 26, 2020 to Apr 30, 2024factForm ADV
← FORMAN, MICHAEL, CRAIGOwnerSOLE MEMBER, ownership code E, individual
Nov 4, 2019 to Apr 30, 2024factForm ADV
← ADELMAN, DAVID, JASONOwnerMEMBER, ownership code D, individual
Nov 4, 2019 to Apr 30, 2024factForm ADV
← BROWNE, PHILIPOwnerCHIEF FINANCIAL OFFICER, ownership code NA, individual
Nov 4, 2019 to Apr 30, 2024factForm ADV
← SYPHERD, STEPHENOwnerGENERAL COUNSEL, ownership code NA, individual
Nov 4, 2019 to Apr 30, 2024factForm ADV
← DARCO CAPITAL, L.P.OwnerMEMBER CLASS A, ownership code NA, domestic entity
Nov 4, 2019 to Apr 30, 2024factForm ADV
← FB CAPITAL MANAGEMENT, LLCOwnerGENERAL PARTNER, ownership code F, domestic entity
Jul 27, 2023 to Apr 30, 2024factForm ADV
← FB CAPITAL PARTNERS, L.P.OwnerMEMBER, ownership code C, domestic entity
Jul 27, 2023 to Apr 30, 2024factForm ADV
← FRANKLIN SQUARE HOLDINGS, G.P., LLCOwnerGENERAL PARTNER, ownership code F, domestic entity
Jul 6, 2021 to Apr 30, 2024factForm ADV
← FRANKLIN SQUARE HOLDINGS, L.P.OwnerMEMBER, ownership code D, domestic entity
Nov 4, 2019 to Apr 30, 2024factForm ADV
← FSH ADVISOR FEE HOLDINGS LLCOwnerMEMBER, ownership code F, domestic entity
Apr 30, 2024 to Apr 30, 2024factForm ADV
← FSH NCI AGGREGATOR, LLCOwnerLIMITED PARTNER, ownership code C, domestic entity
Jul 27, 2023 to Apr 30, 2024factForm ADV
← FSJV HOLDCO, LLCOwnerMEMBER, ownership code D, domestic entity
Apr 30, 2024 to Apr 30, 2024factForm ADV
← THE 2011 FORMAN INVESTMENT TRUSTOwnerMEMBER, ownership code C, domestic entity
Nov 4, 2019 to Apr 30, 2024factForm ADV

Owns (3)

← HELLER, MICHAEL, JAYOwnerTRUSTEE, ownership code F, individual
Nov 4, 2019 to Apr 30, 2024factForm ADV
← FSH HOLDCO SUB, LLCOwnerMEMBER, ownership code F, domestic entity
Apr 30, 2024 to Apr 30, 2024factForm ADV
← FSH HOLDCO, LLCOwnerMEMBER, ownership code E, domestic entity
Apr 30, 2024 to Apr 30, 2024factForm ADV

Dated events

Occurred
Mar 27, 2023
Regulatory AUM changed
Fs Reit Advisor, Llc reported RAUM $8.1B, up 100% from $4.0B (2022-03-15 to 2023-03-27)
Form ADVobserved 4 days ago
$4.0B
Occurred
Mar 15, 2022
Regulatory AUM changed
Fs Reit Advisor, Llc reported RAUM $4.0B, up 419% from $775.0M (2021-07-14 to 2022-03-15)
Form ADVobserved 4 days ago
$3.2B
Occurred
Mar 23, 2021
Regulatory AUM changed
Fs Reit Advisor, Llc reported RAUM $775.0M, up 55% from $498.8M (2020-03-30 to 2021-03-23)
Form ADVobserved 4 days ago
$276M
Occurred
Mar 26, 2020
Regulatory AUM changed
Fs Reit Advisor, Llc reported RAUM $498.8M, up 321% from $118.4M (2020-03-20 to 2020-03-26)
Form ADVobserved 4 days ago
$380M
Occurred
Mar 26, 2020
Control person joined
Robert Marc Bryant (Chief Legal Officer) appeared on Schedule A of Fs Reit Advisor, Llc
Form ADVobserved 4 days ago
Occurred
Nov 4, 2019
First Form ADV filing
Fs Reit Advisor, Llc filed its initial SEC registration (Form ADV)
Form ADVobserved 4 days ago

Provenance

Graph: RIA / Wealth Management
Canonical id: dfx:ria:a19a88a2-8473-bf05-1aed-2935c0e80c2c
First observed: Nov 4, 2019
Last observed: Jun 10, 2026 3 months ago
Source families: Federal regulator filings
3 registered feeds stand behind this record; each fact above carries its own dates and, where the publisher serves one, its document.
Resolution: Identity across graphs by shared identifier (CRD, CIK, EIN, ADV fund id, individual CRD) or citation; a name match is shown as a candidate and never merged.

FS REIT ADVISOR, LLC

FS REAL ESTATE ADVISOR, LLC, CRD 306352

PHILADELPHIA, PA

This is the graph view. The full profile, with its team, deals and sources, is on RIA / Wealth Management.Open the full profile →

Search this name across graphsid dfx:ria:a19a88a2-8473-bf05-1aed-2935c0e80c2c

Data as of Jun 10, 2026 (this record's last observation) from federal regulator filings. Page built Sep 20, 2026, 12:58 AM UTC and rebuilt at most every 15 minutes.

Owner

Title

Ownership code

Control person

Acquired

First seen

Last seen

ADELMAN, DAVID, JASON

Member

yes

05/2007

Nov 4, 2019

Apr 30, 2024

ADELMAN, DAVID, JASON

Principal

yes

10/2019

Nov 4, 2019

Apr 30, 2024

BROWNE, PHILIP

CHIEF FINANCIAL OFFICER

yes

10/2019

Nov 4, 2019

Apr 30, 2024

BRYANT, MARC, ROBERT

CHIEF LEGAL OFFICER

yes

05/2019

Mar 26, 2020

Apr 30, 2024

DARCO CAPITAL, L.P.

MEMBER CLASS A

yes

10/2019

Nov 4, 2019

Apr 30, 2024

DETWILER, ELIZABETH, CAMILLA

MANAGING DIRECTOR/CCO

yes

10/2019

Nov 4, 2019

Apr 30, 2024

FB CAPITAL MANAGEMENT, LLC

GENERAL PARTNER

yes

01/2013

Jul 27, 2023

Apr 30, 2024

FB CAPITAL PARTNERS, L.P.

Member

yes

06/2023

Jul 27, 2023

Apr 30, 2024

FORMAN, MICHAEL, CRAIG

CHAIRMAN AND CEO

yes

10/2019

Nov 4, 2019

Apr 30, 2024

FORMAN, MICHAEL, CRAIG

MANAGING MEMBER

yes

03/2007

Nov 4, 2019

Apr 30, 2024

FORMAN, MICHAEL, CRAIG

LIMITED PARTNER

yes

08/2005

Nov 4, 2019

Apr 30, 2024

FORMAN, MICHAEL, CRAIG

SOLE MEMBER

yes

02/2007

Nov 4, 2019

Apr 30, 2024

FRANKLIN SQUARE HOLDINGS, G.P., LLC

GENERAL PARTNER

yes

05/2007

Jul 6, 2021

Apr 30, 2024

FRANKLIN SQUARE HOLDINGS, L.P.

Member

yes

06/2023

Nov 4, 2019

Apr 30, 2024

FRANKLIN SQUARE HOLDINGS, LP

Member

yes

06/2023

Apr 30, 2024

FRANKLIN SQUARE HOLDINGS, LP

Member

yes

06/2023

Apr 30, 2024

FSH ADVISOR FEE HOLDINGS LLC

Member

yes

06/2023

Apr 30, 2024

FSH ADVISOR FEE HOLDINGS, LLC

Member

yes

06/2023

Jul 27, 2023

Apr 30, 2024

FSH NCI AGGREGATOR, LLC

LIMITED PARTNER

yes

06/2023

Jul 27, 2023

Apr 30, 2024

FSJV HOLDCO, LLC

Member

yes

03/2018

Apr 30, 2024

SYPHERD, STEPHEN

GENERAL COUNSEL

yes

10/2019

Nov 4, 2019

Apr 30, 2024

THE 2011 FORMAN INVESTMENT TRUST

MEMBER CLASS A

yes

10/2019

Nov 4, 2019

Apr 30, 2024

THE 2011 FORMAN INVESTMENT TRUST

Member

yes

06/2023

Nov 4, 2019

Apr 30, 2024

FSH HOLDCO SUB, LLC

Member

06/2023

Apr 30, 2024

FSH HOLDCO, LLC

Member

06/2023

Apr 30, 2024

HELLER, MICHAEL, JAY

Trustee

01/2012

Nov 4, 2019

Apr 30, 2024

Related person

Type

Class on the graph

Its RAUM

Control

Common control

State

PORTFOLIO ADVISORS LLC

n/a

Other adviser

$48B

yes

n/a

FS/KKR ADVISOR, LLC

n/a

Asset manager

$16B

yes

n/a

FS GLOBAL ADVISOR, LLC

n/a

Asset manager

$3.0B

yes

n/a

FS STRUCTURED PRODUCTS ADVISOR, LLC

n/a

Asset manager

$2.2B

yes

n/a

FS/EIG ADVISOR, LLC

n/a

Asset manager

$1.9B

yes

n/a

FS FUND ADVISOR, LLC

n/a

Asset manager

$1.6B

yes

n/a

FS CREDIT INCOME ADVISOR, LLC

n/a

Asset manager

$726M

yes

n/a

CHIRON INVESTMENT MANAGEMENT, LLC

n/a

Former SEC adviser

$440M

yes

n/a

FS TACTICAL ADVISOR, LLC

n/a

Asset manager

$279M

yes

n/a

ASIA SELECT MANAGEMENT LIMITED

n/a

FRANKLIN SQUARE HOLDINGS, L.P.

n/a

yes

n/a

FS INVESTMENT SOLUTIONS, LLC

n/a

yes

n/a

PORTFOLIO ADVISORS CAPITAL UK, LTD

n/a

yes

n/a

PORTFOLIO ADVISORS SINGAPORE PTE. LTD.

n/a

yes

n/a

City

State

Country

Employees

Also broker-dealer

NEW YORK

United States

yes

Fiscal year

Filed

RAUM

Discretionary

Employees

Advisory staff

Offices

Private funds

Fund GAV

2025

Mar 27, 2026

$9.1B

133

n/a

2024

Mar 28, 2025

$8.6B

132

n/a

2023

Mar 26, 2024

$8.5B

117

n/a

2022

Mar 27, 2023

$8.1B

104

n/a

2021

Mar 15, 2022

$4.0B

104

n/a

2020

Mar 23, 2021

$775M

n/a

2019

Mar 26, 2020

$499M

101

n/a

Latest fiscal year

RAUM

A year earlier

1y change

Three years earlier

3y CAGR

Employees

A year earlier

Offices

A year earlier

2025

$9.1B

$8.6B

6.3%

$8.1B

4.2%

133

132