Fs Real Estate Advisor, Llc
SEC-registered
Private Fund Manager · Mid-sized ($1B–$10B)
CRD 306352
· SEC file 801-117727
· Philadelphia, PA
· x.com
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ADV data as of Jun 10, 2026
- Regulatory AUM
- $9.1B
- Discretionary
- $9.1B
- Clients
- 1
- Avg AUM / client
- $9.1B
- Accounts
- 1
- Employees
- 133
AUM over time
$118M
$9.1B
Nov 2019
Jun 2026
Annual snapshots from Form ADV filings · as of Jun 10, 2026
Who they serve
| Client type | Clients | AUM | % of AUM |
|---|---|---|---|
| Pooled investment vehicles (non-investment companies) | 1 | $9.1B | 100.0% |
People (7)
| Name | Role / title | Credentials | With firm since | Ownership |
|---|---|---|---|---|
| Forman, Michael, Craig | Chairman And Ceo | Mar 2007 (19y) | 50% – 75% of Franklin Square Holdings, G.P., Llc (indirect) | |
| Adelman, David, Jason | Principal | May 2007 (19y) | 50% – 75% of Franklin Square Holdings, G.P., Llc (indirect) | |
| Heller, Michael, Jay | Trustee | Jan 2012 (15y) | GP / trustee / elected manager of The 2011 Forman Investment Trust (indirect) | |
| Bryant, Marc, Robert | Chief Legal Officer | May 2019 (7y) | Less than 5% | |
| Browne, Philip | Chief Financial Officer | Oct 2019 (7y) | Less than 5% | |
| Detwiler, Elizabeth, Camilla | Managing Director/Cco | Oct 2019 (7y) | Less than 5% | |
| Sypherd, Stephen | General Counsel | Oct 2019 (7y) | Less than 5% |
Entity owners (Schedule A/B)
| Entity | Title / status | Since | Sch. | Ownership |
|---|---|---|---|---|
| Fsjv Holdco, Llc | Member | Mar 2018 | A | 50% – 75% |
| The 2011 Forman Investment Trust | Member Class A | Oct 2019 | A | 10% – 25% |
| Fsh Advisor Fee Holdings, Llc | Member | Jun 2023 | A | 10% – 25% |
| Darco Capital, L.P. | Member Class A | Oct 2019 | A | Less than 5% |
| Franklin Square Holdings, Lp | Member | Jun 2023 | B | 75% or more of Fsh Advisor Fee Holdings Llc (indirect) |
| Fsh Holdco, Llc | Member | Jun 2023 | B | 75% or more of Fsh Holdco Sub, Llc (indirect) |
| Franklin Square Holdings, L.P. | Member | Jun 2023 | B | ≈ 25% – 56.25% via Fsjv Holdco, Llc |
| Fsh Nci Aggregator, Llc | Limited Partner | Jun 2023 | B | ≈ 6.25% – 28.13% via Franklin Square Holdings, L.P. |
| The 2011 Forman Investment Trust | Member | Jun 2023 | B | ≈ 1.56% – 14.06% via Fsh Nci Aggregator, Llc |
| Fb Capital Partners, L.P. | Member | Jun 2023 | B | ≈ 1.56% – 14.06% via Fsh Nci Aggregator, Llc |
| Franklin Square Holdings, G.P., Llc | General Partner | May 2007 | B | GP / trustee / elected manager of Franklin Square Holdings, Lp (indirect) |
| Fb Capital Management, Llc | General Partner | Jan 2013 | B | GP / trustee / elected manager of Fb Capital Partners, L.P. (indirect) |
| Fsh Advisor Fee Holdings Llc | Member | Jun 2023 | B | GP / trustee / elected manager of Fsjv Holdco, Llc (indirect) |
| Fsh Holdco Sub, Llc | Member | Jun 2023 | B | GP / trustee / elected manager of Fsjv Holdco, Llc (indirect) |
Undisclosed: 0% – 30% of the firm is not attributable from the filed Schedule A bands.
Estimated effective ownership (look-through of filed bands):
- Franklin Square Holdings, L.P.: 50% – 75% of Fsjv Holdco, Llc × 50% – 75% direct ≈ 25% – 56.25% of the firm
- Fsh Nci Aggregator, Llc: 25% – 50% of Franklin Square Holdings, L.P. × 50% – 75% of Fsjv Holdco, Llc × 50% – 75% direct ≈ 6.25% – 28.13% of the firm
- The 2011 Forman Investment Trust: 25% – 50% of Fsh Nci Aggregator, Llc × 25% – 50% of Franklin Square Holdings, L.P. × 50% – 75% of Fsjv Holdco, Llc × 50% – 75% direct ≈ 1.56% – 14.06% of the firm
- Fb Capital Partners, L.P.: 25% – 50% of Fsh Nci Aggregator, Llc × 25% – 50% of Franklin Square Holdings, L.P. × 50% – 75% of Fsjv Holdco, Llc × 50% – 75% direct ≈ 1.56% – 14.06% of the firm
Roster from the IAPD representatives feed; ownership and acquisition dates from Form ADV Schedule A/B. "Since" is the earliest filed registration or acquisition date.
Documents (1 archived)
| Form | Period | Size | |
|---|---|---|---|
| Form ADV (full filing) | 06/10/2026 | 1.68 MB | View · PDF · Source ↗ |
Archived copies of the firm's regulatory filings, versioned by content hash.
Disciplinary disclosures
No disciplinary events reported on the firm's latest Form ADV filing.
How they charge
- • Percentage of assets under management
- • Performance-based fees
- • Other fees
- • ORIGINATION & OTHER FEES PAID BY BORROWER $12,453,141.51
Services
- • Portfolio management for pooled investment vehicles
Custody
Firm reports it does not have custody of client funds or securities (Item 9.A).
No custodian data reported or mined yet.
Source
All data on this page comes from this firm's Form ADV filings, reproduced without modification. Latest filing: Jun 10, 2026.
View current Form ADV (SEC/IAPD) ↗