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.
SEC-registered adviser
Fs Reit Advisor, LLC
Asset manager (funds and pooled vehicles)Philadelphia, PennsylvaniaCRD 306352SEC 801-117727websiteIAPD
Legal name Fs Real Estate Advisor, LLC
Latest filing Jun 10, 2026
First filing on the tape Nov 4, 2019 · 18 filings
SEC status approved since Dec 5, 2019
RAUM
$9.1B
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
133
3 advisory (5.B.1)
Offices
1
beyond the principal office
Private funds
0
reported on Schedule D
History
18 filings and snapshots on the tape
RAUM$9.1B as of Jun 10, 2026
Mar 26, 2020$499M then
HNW client RAUM$0 as of Jun 10, 2026
Mar 26, 2020$0 then
State-registered IARs (5.B.3)0 as of Jun 10, 2026
Mar 26, 20200 then
Employees (5.A)133 as of Jun 10, 2026
Mar 26, 2020101 then
Private funds: no history
RAUM +6.3% over the last fiscal year+4.2% a year over threeIARs 0 to 0
Practice profile
derived from the filing of Jun 10, 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
- $9.1BderivedRAUM 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
- +6.3%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
- 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
- Pooled investment vehicles$9.1B100%
- Individual clients
- 0reported
- HNW clients
- 0reported
- Pension plan clients
- 0reported
- Charitable clients
- 0reported
- Accounts
- 1reported
- Financial planning clients
- reported
- Wrap fee programs
- noreported
- Custody of client assets
- noreported
- Compensation
- % of AUM, performancereported
- Class basis
- private_client_share=0.0 fund_share=1.0 institutional_share=0.0 related_bd=true related_bank=true bd_reps=16.0derived
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
No private fund reported.
Owners and control persons
Schedule A and B, latest filing
- Jason David Adelman · Principalcontrolsince 10/2019 · owns less than 5%
- Philip Browne · Chief Financial Officercontrolsince 10/2019 · owns less than 5%
- Robert Marc Bryant · Chief Legal Officercontrolsince 05/2019 · owns less than 5%
- Camilla Elizabeth Detwiler · Managing Director/Ccocontrolsince 10/2019 · owns less than 5%
- Craig Michael Forman · Chairman And Ceocontrolsince 10/2019 · owns less than 5%
- Stephen Sypherd · General Counselcontrolsince 10/2019 · owns less than 5%
- Jason David Adelman · Membercontrolsince 05/2007 · owns 50% to 75% of Franklin Square Holdings, G.P., LLC
- Craig Michael Forman · Limited Partnercontrolsince 08/2005 · owns 75% or more of Fb Capital Partners, L.P.
- Craig Michael Forman · Sole Membercontrolsince 02/2007 · owns 75% or more of Fb Capital Management, LLC
- Craig Michael Forman · Managing Membercontrolsince 03/2007 · owns 50% to 75% of Franklin Square Holdings, G.P., LLC
- Jay Michael Heller · Trusteesince 01/2012 · owns F of The 2011 Forman Investment Trust
Entity owners
- Darco Capital, L.P. · Member Class Adirect · owns less than 5%
- Fsh Advisor Fee Holdings, LLC · Memberdirect · owns 10% to 25%
- Fsjv Holdco, LLC · Memberdirect · owns 50% to 75%
- The 2011 Forman Investment Trust · Member Class Adirect · owns 10% to 25%
- Fb Capital Management, LLC · General Partnerindirect · owns F of Fb Capital Partners, L.P.
- Fb Capital Partners, L.P. · Memberindirect · owns 25% to 50% of Fsh Nci Aggregator, LLC
- Franklin Square Holdings, G.P., LLC · General Partnerindirect · owns F of Franklin Square Holdings, LP
- Franklin Square Holdings, L.P. · Memberindirect · owns 50% to 75% of Fsjv Holdco, LLC
- Franklin Square Holdings, LP · Memberindirect · owns 75% or more of Fsh Advisor Fee Holdings LLC
- Franklin Square Holdings, LP · Memberindirect · owns F of Fsh Holdco, LLC
- Fsh Advisor Fee Holdings LLC · Memberindirect · owns F of Fsjv Holdco, LLC
- Fsh Nci Aggregator, LLC · Limited Partnerindirect · owns 25% to 50% of Franklin Square Holdings, L.P.
- The 2011 Forman Investment Trust · Memberindirect · owns 25% to 50% of Fsh Nci Aggregator, LLC
- Fsh Holdco Sub, LLC · Memberindirect · owns F of Fsjv Holdco, LLC
- Fsh Holdco, LLC · Memberindirect · owns 75% or more of Fsh Holdco Sub, LLC
Related persons
Schedule D 7.A
- Asia Select Management Limitedpooled vehicle sponsorn
- Chiron Investment Management, LLCinvestment adviserbanknRAUM $440M
- Franklin Square Holdings, L.P.pooled vehicle sponsorn
- Fs Credit Income Advisor, LLCinvestment adviserbanknRAUM $726M
- Fs Fund Advisor, LLCinvestment adviserbanknRAUM $1.6B
- Fs Global Advisor, LLCinvestment adviserbanknRAUM $3.0B
- Fs Investment Solutions, LLCbroker-dealern
- Fs Structured Products Advisor, LLCinvestment advisernRAUM $2.2B
- Fs Tactical Advisor, LLCinvestment adviserbanknRAUM $279M
- Fs Specialty Lending Advisor, LLCinvestment adviserbanknRAUM $1.9B
- Fs/Kkr Advisor, LLCinvestment adviserbanknRAUM $16B
- Portfolio Advisors Capital Uk, Ltdinvestment advisern
- Portfolio Advisors LLCinvestment adviserpooled vehicle sponsornRAUM $48B
- Portfolio Advisors Singapore Pte. Ltd.investment advisern
Advisers that list Fs Reit Advisor, LLC as a related person
Offices
Schedule D 1.F, the 25 largest
- New York, NY2 employees
What changed
consecutive filings, newest first
- BD registered reps · 18 to 16Jan 13, 2026 to Mar 27, 2026
- Employees · 132 to 133Jan 13, 2026 to Mar 27, 2026
- Discretionary RAUM · $8.6B to $9.1BJan 13, 2026 to Mar 27, 2026
- Pooled vehicle RAUM · $8.6B to $9.1BJan 13, 2026 to Mar 27, 2026
- RAUM · $8.6B to $9.1BJan 13, 2026 to Mar 27, 2026
- Advisory employees · 4 to 3Apr 30, 2024 to Mar 28, 2025
- BD registered reps · 2 to 18Apr 30, 2024 to Mar 28, 2025
- Employees · 117 to 132Apr 30, 2024 to Mar 28, 2025
- Financial planning clients · unset to Apr 30, 2024 to Mar 28, 2025
- Discretionary RAUM · $8.5B to $8.6BApr 30, 2024 to Mar 28, 2025
- Pooled vehicle RAUM · $8.5B to $8.6BApr 30, 2024 to Mar 28, 2025
- RAUM · $8.5B to $8.6BApr 30, 2024 to Mar 28, 2025
- Advisory employees · 8 to 4Jul 27, 2023 to Mar 26, 2024
- BD registered reps · 17 to 2Jul 27, 2023 to Mar 26, 2024
- Employees · 104 to 117Jul 27, 2023 to Mar 26, 2024
- Other offices · 0 to 1Jul 27, 2023 to Mar 26, 2024
- Discretionary RAUM · $8.1B to $8.5BJul 27, 2023 to Mar 26, 2024
- Pooled vehicle RAUM · $8.1B to $8.5BJul 27, 2023 to Mar 26, 2024
- RAUM · $8.1B to $8.5BJul 27, 2023 to Mar 26, 2024
- Discretionary RAUM · $4.0B to $8.1BMar 15, 2022 to Mar 27, 2023
- Pooled vehicle RAUM · $4.0B to $8.1BMar 15, 2022 to Mar 27, 2023
- RAUM · $4.0B to $8.1BMar 15, 2022 to Mar 27, 2023
- Advisory employees · 7 to 8Jul 14, 2021 to Mar 15, 2022
- BD registered reps · 11 to 17Jul 14, 2021 to Mar 15, 2022
- Employees · 95 to 104Jul 14, 2021 to Mar 15, 2022
- Discretionary RAUM · $775M to $4.0BJul 14, 2021 to Mar 15, 2022
- Pooled vehicle RAUM · $775M to $4.0BJul 14, 2021 to Mar 15, 2022
- RAUM · $775M to $4.0BJul 14, 2021 to Mar 15, 2022
- Advisory employees · 12 to 7Mar 30, 2020 to Mar 23, 2021
- BD registered reps · 18 to 11Mar 30, 2020 to Mar 23, 2021
- Employees · 101 to 95Mar 30, 2020 to Mar 23, 2021
- Discretionary RAUM · $499M to $775MMar 30, 2020 to Mar 23, 2021
- Pooled vehicle RAUM · $499M to $775MMar 30, 2020 to Mar 23, 2021
- RAUM · $499M to $775MMar 30, 2020 to Mar 23, 2021
- Advisory employees · 9 to 12Mar 20, 2020 to Mar 26, 2020
- BD registered reps · 11 to 18Mar 20, 2020 to Mar 26, 2020
- Employees · 68 to 101Mar 20, 2020 to Mar 26, 2020
- Discretionary RAUM · $0 to $499MMar 20, 2020 to Mar 26, 2020
- Non-discretionary RAUM · $118M to $0Mar 20, 2020 to Mar 26, 2020
- Pooled vehicle RAUM · $118M to $499MMar 20, 2020 to Mar 26, 2020
Signals
6 dated events
- Fs Reit Advisor, Llc reported RAUM $8.1B, up 100% from $4.0B (2022-03-15 to 2023-03-27)Mar 27, 2023 · RAUM change · derived
- Fs Reit Advisor, Llc reported RAUM $4.0B, up 419% from $775.0M (2021-07-14 to 2022-03-15)Mar 15, 2022 · RAUM change · derived
- Fs Reit Advisor, Llc reported RAUM $775.0M, up 55% from $498.8M (2020-03-30 to 2021-03-23)Mar 23, 2021 · RAUM change · derived
- Fs Reit Advisor, Llc reported RAUM $498.8M, up 321% from $118.4M (2020-03-20 to 2020-03-26)Mar 26, 2020 · RAUM change · derived
- Robert Marc Bryant (Chief Legal Officer) appeared on Schedule A of Fs Reit Advisor, LlcMar 26, 2020 · Control person joined · fact
- Fs Reit Advisor, Llc filed its initial SEC registration (Form ADV)Nov 4, 2019 · 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.
How to reach
public business contact points only, each with its source
- Firm profile
- linkedin.com/company/portfolio-advisorsreportedpublic record, Form ADV, Sep 18, 2026
- Firm profile
- LINKEDIN.COM/COMPANY/FUTURESTANDARDFSreportedpublic record, Form ADV, Sep 18, 2026
- Website
- fscreit.comreportedpublic record, Form ADV, Sep 18, 2026
- Principal office phone
- 215-220-6651reportedpublic record, Form ADV, Jun 10, 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