{ "crd_number": 309668, "slug": "breakthrough-properties-los-angeles-ca-309668", "primary_business_name": "BREAKTHROUGH PROPERTIES", "legal_name": "BREAKTHROUGH SERVICES, L.L.C.", "dbas": [], "city": "Los Angeles", "state": "CA", "country": "United States", "cbsa_code": "31080", "metro": { "cbsa_code": "31080", "common_name": "Los Angeles", "msa_name": "Los Angeles-Long Beach-Anaheim, CA", "path": "/advisors/ca/los-angeles" }, "registration_type": "sec", "registration_status": "Approved", "registration_date": "2020-09-04", "years_registered": 6, "period": "2026-10-01", "filing_date": "2026-03-31", "carried_forward": false, "raum_total": 2692663456.0, "raum_discretionary": 2692663456.0, "raum_non_discretionary": 0.0, "raum_band": "1b_5b", "raum_band_label": "$1 billion to $5 billion", "total_employees": 94, "advisory_employees": 21, "client_count_bucket": null, "clients_by_type": { "pooled_investment_vehicles": { "raum": 2692663456.0, "count": 12 } }, "compensation_types": [ "other", "percentage_of_aum", "performance_based" ], "advisory_activities": [ "portfolio_management_pooled_vehicles" ], "wrap_fee_participant": false, "disclosure_yes_count": 0, "states_registered": [ "CA", "MA", "NY" ], "websites": [ "https://btprop.com", "https://instagram.com/bt_prop", "https://linkedin.com/company/breakthroughproperties", "https://twitter.com/bt_prop", "https://x.com/bt_prop" ], "iapd_url": "https://adviserinfo.sec.gov/firm/summary/309668", "city_as_filed": "LOS ANGELES", "url": "https://advisorcensus.com/firm/breakthrough-properties-los-angeles-ca-309668", "display_name": "Breakthrough Properties", "summary": "Breakthrough Properties is an SEC-registered investment advisory firm in Los Angeles, CA, registered since 2020, reporting $1 billion to $5 billion in regulatory assets under management in its Form ADV filing dated March 31, 2026.", "citation": "AdvisorCensus. Breakthrough Properties (CRD 309668): Form ADV filing data as of October 2026.", "registration_type_label": "SEC-registered investment adviser", "compensation_labels": [ "A percentage of assets under your management", "Performance-based fees", "Other" ], "advisory_activity_labels": [ "Portfolio management for pooled investment vehicles (other than investment companies)" ], "quick_answers": [ { "q": "How is Breakthrough Properties compensated?", "a": "On its Form ADV (Item 5.E, October 2026), Breakthrough Properties reports these compensation arrangements: a percentage of assets under its management; performance-based fees; other." }, { "q": "Where is Breakthrough Properties located?", "a": "Breakthrough Properties' principal office is in Los Angeles, CA, according to its Form ADV; the April 2026 filing also lists 5 other offices (Schedule D, Section 1.F)." }, { "q": "Is Breakthrough Properties registered with the SEC or a state?", "a": "Breakthrough Properties is an SEC-registered investment advisory firm, registered since 2020. Status as filed: Approved. CRD 309668." }, { "q": "How much does Breakthrough Properties manage?", "a": "Breakthrough Properties reports $2,692,663,456 in regulatory assets under management in its Form ADV filing dated March 31, 2026 (100% discretionary)." }, { "q": "How have Breakthrough Properties' assets and staff changed since 2021?", "a": "In the Form ADV data for Breakthrough Properties: Regulatory assets under management: $558,000,000 in the October 2021 data and $2,692,663,456 in the October 2026 data, up 383%. Total employees: 13 in October 2021 and 94 in October 2026. Assets under management move with markets as well as with clients coming and going." }, { "q": "What types of clients does Breakthrough Properties serve?", "a": "By number of clients on Form ADV Item 5.D: pooled investment vehicles (other than investment companies and business development companies) (12)." }, { "q": "Does Breakthrough Properties report any disciplinary disclosures?", "a": "Reports no disclosure items on Form ADV Item 11. The detail of any item is on the firm's SEC record: https://adviserinfo.sec.gov/firm/summary/309668" }, { "q": "Does Breakthrough Properties state an account minimum?", "a": "Its Form ADV Part 2A brochure dated March 31, 2026 says: \"Typically, a $25 million minimum commitment is required to invest in the Funds, but the minimum may be waived at the discretion of the Adviser on a case-by-case basis.\"" }, { "q": "What changed in Breakthrough Properties' recent Form ADV filings?", "a": "In the April 2026 filing data: Employees performing advisory functions went from 19 to 21. Changed its office addresses in San Diego, CA. Added an office in Boston, MA." } ], "filing_history": [ { "period": "2021-10-01", "regulatory_assets_under_management": 558000000.0, "total_employees": 13, "filing_date": "2021-03-31" }, { "period": "2022-10-01", "regulatory_assets_under_management": 1442957320.0, "total_employees": 35, "filing_date": "2022-03-31" }, { "period": "2023-10-01", "regulatory_assets_under_management": 2835525628.0, "total_employees": 66, "filing_date": "2023-06-02" }, { "period": "2024-10-01", "regulatory_assets_under_management": 2570555648.0, "total_employees": 76, "filing_date": "2024-05-02" }, { "period": "2025-10-01", "regulatory_assets_under_management": 2553660472.0, "total_employees": 86, "filing_date": "2025-04-30" }, { "period": "2026-10-01", "regulatory_assets_under_management": 2692663456.0, "total_employees": 94, "filing_date": "2026-03-31" } ], "recent_changes": [ { "period": "2026-04-01", "period_label": "April 2026", "notes": [ "Employees performing advisory functions went from 19 to 21.", "Changed its office addresses in San Diego, CA.", "Added an office in Boston, MA." ] }, { "period": "2026-02-01", "period_label": "February 2026", "notes": [ "Updated its list of owners and control persons (Schedule A)." ] } ], "fees_from_brochure": { "source": "Form ADV Part 2A brochure dated March 31, 2026", "provided_by_the_firm": false, "tiers": [], "flat_rate": null, "stated_range": null, "stated_maximum": null, "account_minimum": "$25,000,000", "account_minimum_may_be_waived": true, "minimum_annual_fee": null, "planning_fees": [], "figures": [ { "label": "Account minimum", "statements": [ "Account minimum: $25,000,000 (the brochure says it may be waived or negotiated)" ], "quotes": [ "Typically, a $25 million minimum commitment is required to invest in the Funds, but the minimum may be waived at the discretion of the Adviser on a case-by-case basis." ] } ], "values": { "tiers": [], "range_pct": null, "max_pct": null, "account_minimum": 25000000.0, "minimum_annual_fee": null, "planning": [] }, "quotes": [ "Typically, a $25 million minimum commitment is required to invest in the Funds, but the minimum may be waived at the discretion of the Adviser on a case-by-case basis." ], "note": "As stated in the firm's brochure; fees can differ by service and may be negotiable." }, "custodians": [], "custodians_note": null, "markdown_url": "https://advisorcensus.com/firm/breakthrough-properties-los-angeles-ca-309668.md", "clients": [ { "type": "pooled_investment_vehicles", "label": "Pooled investment vehicles (other than investment companies and business development companies)", "count": 12, "fewer_than_5": false, "raum": 2692663456.0 } ], "disclosure_line": "Reports no disclosure items on Form ADV Item 11.", "disclosure_items": [], "indexable": true, "suppressed": false, "claimed": false, "enhanced": false, "provided_by_the_firm": null, "source": { "name": "Form ADV", "as_of": "2026-10-01", "iapd_url": "https://adviserinfo.sec.gov/firm/summary/309668", "operator": "BH Monitor Services, LLC", "license": "https://creativecommons.org/licenses/by/4.0/", "credit": "AdvisorCensus (advisorcensus.com), from SEC Form ADV data" } }