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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Former SEC-registered adviser

F• R••• A••••••• L••

Former SEC-registered adviserPhiladelphia, PennsylvaniaCRD 286672SEC 801-109926IAPD
Legal name F• R••• E••••• A••••••• L••
Latest filing Apr 10, 2017
First filing on the tape Jan 25, 2017 · 4 filings
RAUM
$200,000
reported, Item 5.F
Discretionary
0.0%
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
143
10 advisory (5.B.1)
Offices
n/a
beyond the principal office
Private funds
0
reported on Schedule D
History
4 filings and snapshots on the tape
RAUM$200,000 as of Apr 10, 2017
Jan 25, 2017$200,000 then
HNW client RAUM: no history
State-registered IARs (5.B.3)0 as of Apr 10, 2017
Jan 25, 20170 then
Employees (5.A)143 as of Apr 10, 2017
Jan 25, 2017156 then
Private funds: no history
RAUM n/a over the last fiscal year
Practice profile
derived from the filing of Apr 10, 2017; 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
$200,000derivedRAUM over accounts (5.F.2.f)
Discretionary
0.0%derivedof RAUM
Institutional
0.0%derivedpensions, charities, corporations, government, insurance, banks, other advisers
Employees per advisor
unknownderivedItem 5.A over advisors
Advisors per office
unknownderived1 offices incl. principal (1.F.5)
RAUM growth, one year
unknownderivedbetween 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-basedreportedItem 5.E
Advisory activities
otherreportedItem 5.G
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
  • has discretionary authority over which securities are bought or sold (8.C.1)
Where the RAUM sits
Form ADV Item 5.D, latest filing
This filing has no Item 5.D breakdown (filings before 2017 reported ranges, not amounts).
Individual clients
n/areported
HNW clients
n/areported
Pension plan clients
n/areported
Charitable clients
n/areported
Accounts
1reported
Financial planning clients
n/areported
Wrap fee programs
noreported
Custody of client assets
noreported
Compensation
% of AUM, performancereported
Class basis
absent from the latest SEC rosterderived
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
      Every departureEvery arrival
      Private funds
      No private fund reported.
      Owners and control persons
      Schedule A and B, latest filing
      • A••••••• D••••• J•••• · Principalcontrol
        since 01/2017 · owns less than 5%
      • F•••••• M••••••• C•••• · Chairman And Chief Executive Officercontrol
        since 01/2017 · owns 10% to 25%
      • A••••••• D••••• J•••• · Membercontrol
        since 01/2017 · owns 50% to 75% of Franklin Square Holdings G.P., L.P.
      • A••••••• D••••• J•••• · Managing Member Of The General Partnercontrol
        since 03/2007 · owns 25% to 50% of Darco Capital, L.P.
      • F•••••• M••••••• C•••• · Managing Membercontrol
        since 01/2017 · owns 50% to 75% of Franklin Square Holdings G.P., L.P.
      • D•••••••• E••••••••• C•••••• · Cco
        since 01/2017 · owns less than 5%
      • H•••••• M••••••• J•• · Trustee - The 2011 Forman Investment Trust
        since 01/2012 · owns less than 5%
      • H•••••• M••••••• J•• · Trustee
        since 01/2017 · owns F of The 2011 Forman Investment Trust
      Entity owners
      • D•••• C••••••• L••• · Member, Class A
        direct · owns 5% to 10%
      • F••••••• S••••• H•••••••• L• · Member, Class C
        direct · owns 75% or more
      • T•• 2••• F••••• I••••••••• T•••• · Member, Class A
        direct · owns 10% to 25%
      • F••••••• S••••• H•••••••• G• · General Partner
        indirect · owns F of Franklin Square Holdings, LP
      Related persons
      Schedule D 7.A
      Offices
      Schedule D 1.F, the 25 largest
      No branch office listed.
      What changed
      consecutive filings, newest first
      • Advisory employees · 8 to 10
        Feb 6, 2017 to Mar 30, 2017
      • BD registered reps · 18 to 28
        Feb 6, 2017 to Mar 30, 2017
      • Employees · 156 to 143
        Feb 6, 2017 to Mar 30, 2017
      • Legal name · FS REIT ADVISOR, LLC to FS REAL ESTATE ADVISOR, LLC
        Feb 6, 2017 to Mar 30, 2017
      • Discretionary RAUM · $200,000 to $0
        Feb 6, 2017 to Mar 30, 2017
      • Non-discretionary RAUM · $0 to $200,000
        Feb 6, 2017 to Mar 30, 2017
      Signals
      1 dated events
      • Fs Reit Advisor, Llc filed its initial SEC registration (Form ADV)
        Jan 25, 2017 · First SEC registration · fact
      Across DFX
      shared identifiers only, never a name match
      No identifier-backed link to the venture, private equity, family office or sponsor graphs.
      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
      Former SEC-registered adviserderiveda 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