# Breakthrough Properties

> 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.

- CRD: 309668
- Filed as: BREAKTHROUGH PROPERTIES
- Legal name: Breakthrough Services, L.L.C.
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Los Angeles, CA
- Filing period: October 2026
- Form ADV filing dated: March 31, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/309668
- AdvisorCensus page: https://advisorcensus.com/firm/breakthrough-properties-los-angeles-ca-309668

## Quick answers

**How is Breakthrough Properties compensated?**
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.

**Where is Breakthrough Properties located?**
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).

**Is Breakthrough Properties registered with the SEC or a state?**
Breakthrough Properties is an SEC-registered investment advisory firm, registered since 2020. Status as filed: Approved. CRD 309668.

**How much does Breakthrough Properties manage?**
Breakthrough Properties reports $2,692,663,456 in regulatory assets under management in its Form ADV filing dated March 31, 2026 (100% discretionary).

**How have Breakthrough Properties' assets and staff changed since 2021?**
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.

**What types of clients does Breakthrough Properties serve?**
By number of clients on Form ADV Item 5.D: pooled investment vehicles (other than investment companies and business development companies) (12).

**Does Breakthrough Properties report any disciplinary disclosures?**
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

**Does Breakthrough Properties state an account minimum?**
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."

**What changed in Breakthrough Properties' recent Form ADV filings?**
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.

## From the Form ADV filing

### Compensation (Item 5.E)
- A percentage of assets under your management
- Performance-based fees
- Other

### Fees and minimums (Form ADV Part 2A brochure dated March 31, 2026)

- Account minimum: $25,000,000 (the brochure says it may be waived or negotiated)

> 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.

As stated in the firm's brochure. Fees can differ by service and may be negotiable.

### Regulatory assets under management (Item 5.F)
- Total: $2,692,663,456
- Discretionary: $2,692,663,456
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Pooled investment vehicles (other than investment companies and business development companies) | 12 | $2,692,663,456 |

### Advisory services (Item 5.G)
- Portfolio management for pooled investment vehicles (other than investment companies)

### Firm details
- Registered since: 2020 (6 years)
- Employees: 94 total, 21 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: CA, MA, NY
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Other offices (Schedule D, Section 1.F), as of the April 2026 filing
- Boston, MA
- London
- New York, NY
- Philadelphia, PA
- San Diego, CA

### Websites listed on Form ADV (Item 1.I)
- btprop.com
- Instagram @bt_prop
- LinkedIn @breakthroughproperties
- X @bt_prop
- X @bt_prop

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $558,000,000 | 13 | March 31, 2021 |
| October 2022 | $1,442,957,320 | 35 | March 31, 2022 |
| October 2023 | $2,835,525,628 | 66 | June 2, 2023 |
| October 2024 | $2,570,555,648 | 76 | May 2, 2024 |
| October 2025 | $2,553,660,472 | 86 | April 30, 2025 |
| October 2026 | $2,692,663,456 | 94 | March 31, 2026 |

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.

## Changes in the filing (last 12 months)

### April 2026
- Employees performing advisory functions went from 19 to 21.
- Changed its office addresses in San Diego, CA.
- Added an office in Boston, MA.

### February 2026
- Updated its list of owners and control persons (Schedule A).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Breakthrough Properties (CRD 309668): Form ADV filing data as of October 2026.