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
P•••••• R••• E••••• I••••••••• M••••••••• L••
Latest filing Mar 27, 2026
First filing on the tape Apr 2, 2012 · 20 filings
SEC status approved since Nov 3, 2005
RAUM
$1.5B
reported, Item 5.F
Discretionary
100%
of RAUM
Private clients
0.0%
$0 individuals and HNW
Advisors
0
registered through the firm on IAPD
RAUM per advisor
n/a
derived; firm RAUM over IAPD count
Employees
18
18 advisory (5.B.1)
Offices
1
beyond the principal office
Private funds
6
reported on Schedule D
History
20 filings and snapshots on the tape
RAUM$1.5B as of Mar 27, 2026
Apr 2, 2012$303M then
HNW client RAUM: no history
State-registered IARs (5.B.3)0 as of Mar 27, 2026
Apr 2, 20120 then
Employees (5.A)18 as of Mar 27, 2026
Mar 20, 201310 then
Private funds6 as of Mar 27, 2026
Mar 25, 20164 then
RAUM -5.4% over the last fiscal year-1.4% a year over threeIARs 0 to 0
Practice profile
derived from the filing of Mar 27, 2026; every figure names its basis
- RAUM per advisor
- unknownderivedRAUM 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
- $246MderivedRAUM over accounts (5.F.2.f)
- Discretionary
- 100%derivedof RAUM
- Institutional
- 0.0%derivedpensions, charities, corporations, government, insurance, banks, other advisers
- Employees per advisor
- unknownderivedItem 5.A over advisors
- Advisors per office
- unknownderived2 offices incl. principal (1.F.5)
- RAUM growth, one year
- -5.4%derivedbetween the last two annual amendments
- Advisor growth, one year
- unknownderivedItem 5.B.3 between annual amendments
- Client growth, one year
- unknownderived
- Compensation
- performance-based, otherreportedItem 5.E
- Advisory activities
- portfolio management for pooled vehiclesreportedItem 5.G
- Custody
- $1.5B, 6 clientsreportedItem 9.A
- 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)
- has custody of client cash or bank accounts (9.A.1.a)
- has custody of client securities (9.A.1.b)
- a related person has custody of client cash (9.B.1.a)
- a related person has custody of client securities (9.B.1.b)
- marketing includes hypothetical performance (5.L.3)
Where the RAUM sits
Form ADV Item 5.D, latest filing
- Pooled investment vehicles$1.5B100%
- Individual clients
- n/areported
- HNW clients
- n/areported
- Pension plan clients
- n/areported
- Charitable clients
- n/areported
- Accounts
- 6reported
- Financial planning clients
- reported
- Wrap fee programs
- noreported
- Custody of client assets
- $1.5B for 6 clientsreported
- Compensation
- performancereported
- Class basis
- private_client_share=0.0 fund_share=1.0 institutional_share=0.0 related_bd=false related_bank=false 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
Left, latest
none on the tape
Joined, latest
none on the tape
Private funds
10 reported on Schedule D 7.B.(1)
| Fund | Type | Gross assets | Owners | First reported |
|---|---|---|---|---|
| P•••••• S••••• I••••••••• F••• V•• L••• | Real Estate Fund | $537M | 5 | Mar 31, 2021 |
| P•••••• S••••• I••••••••• P••••••• V•• L• | Real Estate Fund | $427M | 5 | Mar 30, 2023 |
| P•••••• S••••• I••••••••• P••••••• V• L••• | Real Estate Fund | $410M | 5 | Mar 27, 2018 |
| P•••••• S••••• I••••••••• P••••••• V• C•••• L••• | Real Estate Fund | $170M | 3 | Mar 30, 2020 |
| P•••• S••••••••• I•••••••• L•••no longer reported | Real Estate Fund | $36.6M | 2 | Mar 27, 2018 |
| P•••••• S••••• I••••••••• P••••••• I•• L••• | Real Estate Fund | $31.3M | 4 | Mar 25, 2016 |
| P•••••• S••••• I••••••••• P••••••• I••• L•••no longer reported | Real Estate Fund | $473,913 | 3 | Mar 25, 2016 |
| P•••• G•••• I•••••••• L•••no longer reported | Real Estate Fund | $0 | 2 | Mar 29, 2017 |
| P•••••• S••••• I••••••••• P••••••• I•• L•••no longer reported | Real Estate Fund | $0 | 4 | Mar 25, 2016 |
| C••••••••• S••••• I••••••••• P•••••••• L•••no longer reported | Real Estate Fund | $0 | 3 | Mar 25, 2016 |
Owners and control persons
Schedule A and B, latest filing
- F••••• Z••••••• H•••••• · Head Of Acquisitions / Member And Director Of P•••••• R••••• A•••••••• I•••controlsince 12/2023 · owns 10% to 25%
- H•••••• J•••• M••••• · Chief Investment Officer / Member And Director Of P•••••• R••••• A•••••••• I•••controlsince 07/2003 · owns 25% to 50%
- K•••••• J•••••• J••• · Chief Compliance Officer / Chief Financial Officer / Member And Director Of P•••••• R••••• A•••••••• I•••controlsince 03/2006 · owns 10% to 25%
- K••••• C••••••••• M•••• · Head Of Asset Management / Member And Director Of P•••••• R••••• A•••••••• I•••controlsince 12/2023 · owns 10% to 25%
- N••••• K••••• A•• · Chief Operating Officer / Member And Director Of P•••••• R••••• A•••••••• I•••controlsince 10/2003 · owns 10% to 25%
- M•••••••• J••••••• P••• · General Counselsince 04/2021 · owns less than 5%
Entity owners
- P•••••• R••••• A•••••••• I••• · Managerdirect · owns less than 5%
Related persons
Schedule D 7.A
- P•••••• F••• V• G• L••pooled vehicle sponsory
- P•••••• P••• I• G• L••pooled vehicle sponsory
- P•••••• P••• V• C••• G• L••pooled vehicle sponsory
- P•••••• P••• V• G• L••pooled vehicle sponsory
- P•••••• P••• V•• G• L••pooled vehicle sponsory
Offices
Schedule D 1.F, the 25 largest
- Morristown, NJ1 employees
What changed
consecutive filings, newest first
- Advisory employees · 17 to 18Mar 27, 2025 to Mar 27, 2026
- Assets in custody · $1.6B to $1.5BMar 27, 2025 to Mar 27, 2026
- Employees · 17 to 18Mar 27, 2025 to Mar 27, 2026
- Discretionary RAUM · $1.6B to $1.5BMar 27, 2025 to Mar 27, 2026
- Pooled vehicle RAUM · $1.6B to $1.5BMar 27, 2025 to Mar 27, 2026
- RAUM · $1.6B to $1.5BMar 27, 2025 to Mar 27, 2026
- Accounts · 5 to 6Jun 10, 2024 to Mar 27, 2025
- Pooled vehicle clients · 5 to 6Jun 10, 2024 to Mar 27, 2025
- Assets in custody · $1.6B to $1.6BJun 10, 2024 to Mar 27, 2025
- Financial planning clients · unset to Jun 10, 2024 to Mar 27, 2025
- Private funds · 5 to 6Jun 10, 2024 to Mar 27, 2025
- Discretionary RAUM · $1.6B to $1.6BJun 10, 2024 to Mar 27, 2025
- Pooled vehicle RAUM · $1.6B to $1.6BJun 10, 2024 to Mar 27, 2025
- RAUM · $1.6B to $1.6BJun 10, 2024 to Mar 27, 2025
- Accounts · 4 to 5Mar 30, 2023 to Mar 28, 2024
- Advisory employees · 16 to 17Mar 30, 2023 to Mar 28, 2024
- Assets in custody · $1.5B to $1.6BMar 30, 2023 to Mar 28, 2024
- Employees · 16 to 17Mar 30, 2023 to Mar 28, 2024
- Discretionary RAUM · $1.5B to $1.6BMar 30, 2023 to Mar 28, 2024
- Pooled vehicle RAUM · $1.5B to $1.6BMar 30, 2023 to Mar 28, 2024
- RAUM · $1.5B to $1.6BMar 30, 2023 to Mar 28, 2024
- Pooled vehicle clients · 4 to 5Mar 30, 2022 to Mar 30, 2023
- Assets in custody · $1.2B to $1.5BMar 30, 2022 to Mar 30, 2023
- Private funds · 4 to 5Mar 30, 2022 to Mar 30, 2023
- Discretionary RAUM · $1.2B to $1.5BMar 30, 2022 to Mar 30, 2023
- Pooled vehicle RAUM · $1.2B to $1.5BMar 30, 2022 to Mar 30, 2023
- RAUM · $1.2B to $1.5BMar 30, 2022 to Mar 30, 2023
- Advisory employees · 15 to 16May 21, 2021 to Mar 30, 2022
- Assets in custody · $1.2B to $1.2BMay 21, 2021 to Mar 30, 2022
- Employees · 15 to 16May 21, 2021 to Mar 30, 2022
- Other offices · 2 to 1May 21, 2021 to Mar 30, 2022
- Discretionary RAUM · $1.2B to $1.2BMay 21, 2021 to Mar 30, 2022
- Pooled vehicle RAUM · $1.2B to $1.2BMay 21, 2021 to Mar 30, 2022
- RAUM · $1.2B to $1.2BMay 21, 2021 to Mar 30, 2022
- Assets in custody · $706M to $1.2BMar 30, 2020 to Mar 31, 2021
- Discretionary RAUM · $706M to $1.2BMar 30, 2020 to Mar 31, 2021
- Pooled vehicle RAUM · $706M to $1.2BMar 30, 2020 to Mar 31, 2021
- RAUM · $706M to $1.2BMar 30, 2020 to Mar 31, 2021
- Accounts · 6 to 4Mar 28, 2019 to Mar 30, 2020
- Pooled vehicle clients · 6 to 4Mar 28, 2019 to Mar 30, 2020
Signals
3 dated events
- P•••••• R••• E••••• I••••••••• M••••••••• L•• reported RAUM $1.5B, up 32% from $1.2B (2022-03-30 to 2023-03-30)Mar 30, 2023 · RAUM change · derived
- P•••••• R••• E••••• I••••••••• M••••••••• L•• reported RAUM $1.2B, up 65% from $706.0M (2020-03-30 to 2021-03-31)Mar 31, 2021 · RAUM change · derived
- P•••••• R••• E••••• I••••••••• M••••••••• L•• reported RAUM $910.6M, up 57% from $581.0M (2017-03-29 to 2018-03-27)Mar 27, 2018 · RAUM change · derived
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
- Firm profile
- linkedin.com/company/penwood-real-estate-investment-managemereportedpublic record, Form ADV, Sep 19, 2026
- Website
- P••••••RE.COMreportedpublic record, Form ADV, Sep 19, 2026
- Principal office phone
- 860-218-6530reportedpublic record, Form ADV, Mar 27, 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
- Asset manager (funds and pooled vehicles)deriveda rule over Items 5.D and 7.A
- RAUM per advisor
- n/aderivedfirm RAUM over the IAPD count; not a book size
- Loaded
- Sep 14, 2026
Across the graphs
P•••••• R••• E••••• I••••••••• M••••••••• L•• is the same institution as 1 record in Real Estate Funds.
Real Estate Funds1
Which record it is in each graph, what it is called there, and what the two were joined on. The Data Factory holds all nine graphs and the identity layer between them.
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