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
L••••••••• M••••••••• C••••••• L•••
Latest filing Jul 13, 2026
First filing on the tape Mar 29, 2012 · 63 filings
SEC status approved since Oct 22, 2010
RAUM
$2.8B
reported, Item 5.F
Discretionary
89%
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
24
10 advisory (5.B.1)
Offices
3
beyond the principal office
Private funds
27
reported on Schedule D
History
63 filings and snapshots on the tape
RAUM$2.8B as of Jul 13, 2026
Mar 29, 2012$2.9B then
HNW client RAUM: no history
State-registered IARs (5.B.3)0 as of Jul 13, 2026
Mar 28, 20130 then
Employees (5.A)24 as of Jul 13, 2026
Mar 28, 201344 then
Private funds27 as of Jul 13, 2026
Mar 29, 201217 then
RAUM -5.6% over the last fiscal year-13% a year over threeIARs 0 to 0offices 4 to 3
Practice profile
derived from the filing of Jul 13, 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
- $104MderivedRAUM over accounts (5.F.2.f)
- Discretionary
- 89%derivedof RAUM
- Institutional
- 0.0%derivedpensions, charities, corporations, government, insurance, banks, other advisers
- Employees per advisor
- unknownderivedItem 5.A over advisors
- Advisors per office
- unknownderived4 offices incl. principal (1.F.5)
- RAUM growth, one year
- -5.6%derivedbetween the last two annual amendments
- Advisor growth, one year
- unknownderivedItem 5.B.3 between annual amendments
- Client growth, one year
- unknownderived
- Compensation
- percentage of assets, performance-based, otherreportedItem 5.E
- Advisory activities
- portfolio management for pooled vehiclesreportedItem 5.G
- Custody
- $2.8B, 27 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 testimonials (5.L.1.c)
- marketing includes hypothetical performance (5.L.3)
Where the RAUM sits
Form ADV Item 5.D, latest filing
- Pooled investment vehicles$2.8B100%
- Individual clients
- n/areported
- HNW clients
- n/areported
- Pension plan clients
- n/areported
- Charitable clients
- n/areported
- Accounts
- 27reported
- Financial planning clients
- reported
- Wrap fee programs
- noreported
- Custody of client assets
- $2.8B for 27 clientsreported
- Compensation
- % of AUM, 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
36 reported on Schedule D 7.B.(1)
| Fund | Type | Gross assets | Owners | First reported |
|---|---|---|---|---|
| L••••••••• R•• M••••• F••• A•• L••• A•• M••••• F••• C• L••• | Real Estate Fund | $574M | 12 | Mar 29, 2021 |
| L••••••••• W•••••••• H•••••• F•••• L••• | Real Estate Fund | $297M | 12 | Mar 29, 2020 |
| L••••••••• R••• E••••• F••• V•• L••• | Real Estate Fund | $277M | 75 | Mar 29, 2012 |
| L••••••••• U•••• N••••••••• F•••• L••• | Real Estate Fund | $274M | 31 | Mar 29, 2016 |
| L••••••••• W•••••••• H•••••• F••• I••••• L••• | Real Estate Fund | $229M | 4 | Mar 28, 2024 |
| L•• 2••• P•••••• C•••••• L•• | Real Estate Fund | $201M | 2 | Mar 28, 2024 |
| L••••••••• R••• E••••• F••• V••• L••• | Real Estate Fund | $193M | 15 | Mar 28, 2014 |
| L••••••••• R••• E••••• F••• V••••• L••• | Real Estate Fund | $188M | 12 | Mar 30, 2017 |
| L••••••••• R••• E••••• F••• V• L••• | Real Estate Fund | $109M | 83 | Mar 29, 2012 |
| L•• 2••• R••••••• C••••••• L•• | Real Estate Fund | $101M | 2 | Mar 29, 2021 |
| L•• S••••• A••••••••• L••• | Real Estate Fund | $75.1M | 9 | Mar 30, 2015 |
| L••••••••• R••• E••••• F••• V•••• L••• | Real Estate Fund | $54.1M | 5 | Mar 29, 2012 |
| R•• B••••••• C••••••••• L••• | Real Estate Fund | $50.5M | 2 | Mar 30, 2023 |
| L•• A•••••• C••••••••• L••• | Real Estate Fund | $49.7M | 4 | Mar 31, 2022 |
| L••••••••• R••• E••••• F••• I•• L••• | Real Estate Fund | $39.7M | 73 | Mar 29, 2012 |
| R•• A•••••• C••••••••• L••• | Real Estate Fund | $32.5M | 2 | Mar 28, 2024 |
| L•• B•••••• Q•• F•••• L••• | Real Estate Fund | $32.3M | 25 | Mar 29, 2020 |
| L••••••••• C•••••• R••• E••••• F••• V••• L••• | Real Estate Fund | $29.3M | 3 | Sep 4, 2014 |
| L•• D••••• Q•• F•••• L••• | Real Estate Fund | $26.3M | 19 | Mar 29, 2020 |
| L••••••••• U•••• N••••••••• C•••••• F•••• L••• | Real Estate Fund | $23.7M | 4 | Mar 30, 2017 |
| L••••••••• R••• E••••• F••• V•••• L••• | Real Estate Fund | $18.8M | 48 | Mar 29, 2012 |
| L••••••••• D••••• Q•• F••• I•• L••• | Real Estate Fund | $14.6M | 8 | Mar 28, 2024 |
| L•• B•••••• A••••••••• F•••• L••• | Real Estate Fund | $11.6M | 8 | Apr 27, 2020 |
| L••••••••• R••• E••••• P••••••• F••• V• L•••no longer reported | Real Estate Fund | $9.1M | 85 | Mar 29, 2012 |
| S•••••• H•••••• J•••• V••••••• L••• | Real Estate Fund | $6.5M | 4 | Mar 30, 2015 |
| L••••••••• C•••••• R••• E••••• F••• I•• L•••no longer reported | Real Estate Fund | $3.9M | 97 | Mar 29, 2012 |
| L••••••••• R••• E••••• F••• I••• L•••no longer reported | Real Estate Fund | $1.8M | 39 | Mar 29, 2012 |
| L••••••••• R••• E••••• P••••••• F••• I•• L•••no longer reported | Real Estate Fund | $1.8M | 71 | Mar 29, 2012 |
| L••••••••• C•••••• R••• E••••• F••• I••• L•••no longer reported | Real Estate Fund | $1.1M | 2 | Mar 29, 2012 |
| L••••••••• R••• E••••• O••••••••• F••• I•• L•••no longer reported | Real Estate Fund | $1.1M | 78 | Mar 29, 2012 |
| L••••••••• R••• E••••• P••••••• F••• I•• L•••no longer reported | Real Estate Fund | $638,108 | 74 | Mar 29, 2012 |
| L••••••••• R••• E••••• F••• I•• L•••no longer reported | Real Estate Fund | $426,192 | 43 | Mar 29, 2012 |
| L•••••• A•••• R••• E••••• O••••••••• F•••• L•••no longer reported | Real Estate Fund | $346,497 | 37 | Mar 29, 2012 |
| L••••••••• C•••••• R••• E••••• F••• I•• L•••no longer reported | Real Estate Fund | $285,737 | 2 | Mar 29, 2012 |
| L••••••••• C•••••• R••• E••••• O••••••••• F•••• L•••no longer reported | Real Estate Fund | $267,798 | 1 | Mar 29, 2012 |
| L••••••••• R••• E••••• P••••••• F••• I••• L•••no longer reported | Real Estate Fund | $168,580 | 49 | Mar 29, 2012 |
Owners and control persons
Schedule A and B, latest filing
- A••••• D•••• S•••••• · Chief Executive Officercontrolsince 12/2006 · owns 50% to 75%
- B••••• D•••• S••••• · General Counselcontrolsince 09/2024 · owns less than 5%
- E•••••• R•••••• E••• · Chief Financial Officer, Vice President & Treasurercontrolsince 09/2002 · owns less than 5%
- L•••••• I••• M••• · Chairmancontrolsince 04/2000 · owns 25% to 50%
- T••••••••• M••••••• L••• · Presidentcontrolsince 07/2024 · owns less than 5%
- V•••••• M•••••••• W•••• · Chief Compliance Officercontrolsince 08/2012 · owns less than 5%
- A••••• D•••• S•••••• · Member & Managercontrolsince 02/2005 · owns 50% to 75% of L••••••••• M••••••••• G•• L••
- L•••••• I••• M••• · Member & Managercontrolsince 02/2005 · owns 50% to 75% of L••••••••• M••••••••• G•• L••
Entity owners
- L••••••••• M••••••••• G•• L•• · General Partnerdirect · owns less than 5%
Related persons
Schedule D 7.A
- L•• B•••••• G••••• L••pooled vehicle sponsory
- L•• D••••• Q•• G••••• L••pooled vehicle sponsory
- L•• G•••• S•••••• L••pooled vehicle sponsory
- L••••• A•••• G•••• L•• A••••••• L••pooled vehicle sponsory
- L••••• A•••• G•••• L••• L••pooled vehicle sponsory
- L••••••••• C•••••• G•••• V••• L•••pooled vehicle sponsory
- L••••••••• G•••• I•• L•••pooled vehicle sponsory
- L••••••••• G•••• I•• L••pooled vehicle sponsory
- L••••••••• G•••• L•• G•• L••pooled vehicle sponsory
- L••••••••• G•••• L••• L•••pooled vehicle sponsory
- L••••••••• G•••• L••• L•••pooled vehicle sponsory
- L••••••••• G•••• R•• A••••••• L••pooled vehicle sponsory
- L••••••••• G•••• R•• B•••••••• L••pooled vehicle sponsory
- L••••••••• G•••• R••• L•••pooled vehicle sponsory
- L••••••••• G•••• V• L•••pooled vehicle sponsorn
- L••••••••• G•••• V• L••pooled vehicle sponsory
- L••••••••• G•••• V•••• L•••pooled vehicle sponsory
- L••••••••• G•••• V•••• L••pooled vehicle sponsory
- L••••••••• G•••• V•• L•••pooled vehicle sponsory
- L••••••••• G•••• V•• L••pooled vehicle sponsory
- L••••••••• G•••• V•• H•••••••• L•••pooled vehicle sponsory
- L••••••••• G•••• V•• H•••••••• L••pooled vehicle sponsory
- L••••••••• G•••• V•••• H•••••••• L•••pooled vehicle sponsory
- L••••••••• G•••• V•••• H•••••••• L••pooled vehicle sponsory
- L••••••••• G•••• V••••• L••pooled vehicle sponsory
- L••••••••• G•••• V••• L•••pooled vehicle sponsory
- L••••••••• G•••• V••• L••pooled vehicle sponsory
- L••••••••• G•••• W• I••••• L•••pooled vehicle sponsory
- L••••••••• G•••• W• I••••• L••pooled vehicle sponsory
- L••••••••• G•••• W•• L•••pooled vehicle sponsory
Advisers that list L••••••••• M••••••••• C••••••• L••• as a related person
- 157588 n
Offices
Schedule D 1.F, the 25 largest
- New York, NY5 employees
- Philadelphia, PA4 employees
- Atlanta, GA2 employees
- Philadelphia, PA2 employees
ADV anomalies
1 against comparable advisers; where to look, not conclusions
- employee count dropChange between filings · filing Apr 30, 2026employees (Item 5.A) moved from 40.0 to 24.0 (-40.0%) between the annual amendments of 2025-04-30 and 2026-04-30; the peer median change was 0.0% (1109 comparable advisers, 2.0th percentile of changes)peers: asset managers, $1B to $5B (1,109) · 1.5% percentile
What changed
consecutive filings, newest first
- Advisory employees · 12 to 10Mar 31, 2026 to Apr 30, 2026
- Other offices · 4 to 3Mar 31, 2026 to Apr 30, 2026
- Advisory employees · 29 to 12Feb 18, 2026 to Mar 31, 2026
- Assets in custody · $3.0B to $2.8BFeb 18, 2026 to Mar 31, 2026
- Employees · 40 to 24Feb 18, 2026 to Mar 31, 2026
- Discretionary RAUM · $2.8B to $2.5BFeb 18, 2026 to Mar 31, 2026
- Non-discretionary RAUM · $215M to $305MFeb 18, 2026 to Mar 31, 2026
- Pooled vehicle RAUM · $3.0B to $2.8BFeb 18, 2026 to Mar 31, 2026
- RAUM · $3.0B to $2.8BFeb 18, 2026 to Mar 31, 2026
- Accounts · 22 to 27Feb 18, 2025 to Apr 30, 2025
- Advisory employees · 26 to 29Feb 18, 2025 to Apr 30, 2025
- Pooled vehicle clients · 22 to 27Feb 18, 2025 to Apr 30, 2025
- Assets in custody · $2.8B to $3.0BFeb 18, 2025 to Apr 30, 2025
- Employees · 38 to 40Feb 18, 2025 to Apr 30, 2025
- Financial planning clients · unset to Feb 18, 2025 to Apr 30, 2025
- Private funds · 22 to 27Feb 18, 2025 to Apr 30, 2025
- Discretionary RAUM · $2.5B to $2.8BFeb 18, 2025 to Apr 30, 2025
- Non-discretionary RAUM · $301M to $215MFeb 18, 2025 to Apr 30, 2025
- Pooled vehicle RAUM · $2.8B to $3.0BFeb 18, 2025 to Apr 30, 2025
- RAUM · $2.8B to $3.0BFeb 18, 2025 to Apr 30, 2025
- Related adviser · true to falseAug 20, 2024 to Sep 3, 2024
- Assets in custody · $2.8B to $2.8BMar 28, 2024 to Apr 29, 2024
- Discretionary RAUM · $2.5B to $2.5BMar 28, 2024 to Apr 29, 2024
- Pooled vehicle RAUM · $2.8B to $2.8BMar 28, 2024 to Apr 29, 2024
- RAUM · $2.8B to $2.8BMar 28, 2024 to Apr 29, 2024
- Accounts · 20 to 22Mar 4, 2024 to Mar 28, 2024
- Advisory employees · 22 to 26Mar 4, 2024 to Mar 28, 2024
- Pooled vehicle clients · 20 to 22Mar 4, 2024 to Mar 28, 2024
- Assets in custody · $3.1B to $2.8BMar 4, 2024 to Mar 28, 2024
- Employees · 35 to 38Mar 4, 2024 to Mar 28, 2024
- Private funds · 20 to 22Mar 4, 2024 to Mar 28, 2024
- Discretionary RAUM · $3.0B to $2.5BMar 4, 2024 to Mar 28, 2024
- Non-discretionary RAUM · $148M to $301MMar 4, 2024 to Mar 28, 2024
- Pooled vehicle RAUM · $3.1B to $2.8BMar 4, 2024 to Mar 28, 2024
- RAUM · $3.1B to $2.8BMar 4, 2024 to Mar 28, 2024
- Other offices · 3 to 4Jun 20, 2023 to Mar 4, 2024
- Assets in custody · $4.2B to $3.1BApr 28, 2023 to Jun 20, 2023
- Discretionary RAUM · $4.1B to $3.0BApr 28, 2023 to Jun 20, 2023
- Non-discretionary RAUM · $190M to $148MApr 28, 2023 to Jun 20, 2023
- Pooled vehicle RAUM · $4.2B to $3.1BApr 28, 2023 to Jun 20, 2023
Signals
10 dated events
- Michael Ryan Forry (Chief Operating Officer) no longer on Schedule A of L••••••••• M••••••••• C••••••• L••• (listed 2024-10-14, absent 2024-11-13)Nov 13, 2024 · Control person left · inference
- Segall Dory Black (General Counsel) appeared on Schedule A of L••••••••• M••••••••• C••••••• L•••Nov 13, 2024 · Control person joined · fact
- Andrew Gerald Ronon (Managing Partner & Co-President) no longer on Schedule A of L••••••••• M••••••••• C••••••• L••• (listed 2024-04-29, absent 2024-07-23)Jul 23, 2024 · Control person left · inference
- Gatof Jessica Morgan (Co-President) no longer on Schedule A of L••••••••• M••••••••• C••••••• L••• (listed 2024-04-29, absent 2024-07-23)Jul 23, 2024 · Control person left · inference
- Lane Michael Trachtenberg (President) appeared on Schedule A of L••••••••• M••••••••• C••••••• L•••Jul 23, 2024 · Control person joined · fact
- Gatof Jessica Morgan (Co-President) appeared on Schedule A of L••••••••• M••••••••• C••••••• L•••Mar 28, 2024 · Control person joined · fact
- L••••••••• M••••••••• C••••••• L••• reported RAUM $3.1B, down 27% from $4.2B (2023-04-28 to 2023-06-20)Jun 20, 2023 · RAUM change · derived
- L••••••••• M••••••••• C••••••• L••• reported RAUM $4.7B, up 36% from $3.4B (2021-04-30 to 2022-03-31)Mar 31, 2022 · RAUM change · derived
- Michael Ryan Forry (Chief Operating Officer) appeared on Schedule A of L••••••••• M••••••••• C••••••• L•••Mar 31, 2022 · Control person joined · fact
- Allan Stuart Margulies (Vice President & Secretary) no longer on Schedule A of L••••••••• M••••••••• C••••••• L••• (listed 2019-12-04, absent 2020-01-10)Jan 10, 2020 · Control person left · inference
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/L••••••••• PARTNERSreportedpublic record, Form ADV, Sep 18, 2026
- Website
- L•••••A••••.COMreportedpublic record, Form ADV, Sep 18, 2026
- Principal office phone
- 215-972-2200reportedpublic record, Form ADV, Jul 13, 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
L••••••••• M••••••••• C••••••• 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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