{ "crd_number": 338274, "slug": "fs-digital-infrastructure-advisor-llc-philadelphia-pa-338274", "primary_business_name": "FS DIGITAL INFRASTRUCTURE ADVISOR, LLC", "legal_name": "FS DIGITAL INFRASTRUCTURE ADVISOR, LLC", "dbas": [], "city": "Philadelphia", "state": "PA", "country": "United States", "cbsa_code": "37980", "metro": { "cbsa_code": "37980", "common_name": "Philadelphia", "msa_name": "Philadelphia-Camden-Wilmington, PA-NJ-DE-MD", "path": "/advisors/pa/philadelphia" }, "registration_type": "sec", "registration_status": "Approved", "registration_date": "2026-01-21", "years_registered": 0, "period": "2026-10-01", "filing_date": "2026-03-30", "carried_forward": false, "raum_total": 3213168255.0, "raum_discretionary": 2208254494.0, "raum_non_discretionary": 1004913761.0, "raum_band": "1b_5b", "raum_band_label": "$1 billion to $5 billion", "total_employees": 52, "advisory_employees": 10, "client_count_bucket": "fewer_than_5_in_some_types", "clients_by_type": { "state_municipal": { "raum": 10043478.0, "count": null, "fewer_than_5": true }, "insurance_companies": { "raum": 293262620.0, "count": 6 }, "investment_companies": { "raum": 15988393.0, "count": 1 }, "high_net_worth_individuals": { "raum": 48778439.0, "count": null, "fewer_than_5": true }, "pooled_investment_vehicles": { "raum": 2845095325.0, "count": 39 } }, "compensation_types": [ "percentage_of_aum", "performance_based" ], "advisory_activities": [ "portfolio_management_businesses_institutional", "portfolio_management_individuals", "portfolio_management_pooled_vehicles" ], "wrap_fee_participant": false, "disclosure_yes_count": 0, "states_registered": [ "CT", "PA" ], "websites": [ "https://facebook.com/fsfuturestandard", "https://fscreit.com", "https://fskkrcapitalcorp.com", "https://fsproxy.com", "https://fssl.futurestandard.com", "https://futurestandard.com", "https://instagram.com/futurestandardfs", "https://linkedin.com/company/futurestandardfs", "https://linkedin.com/company/portfolio-advisors", "https://linkedin.com/in/michael-forman", "https://linkedin.com/in/troy-a-gayeski-cfa-720366197", "https://music.amazon.com/es-us/podcasts/8e15a78f-46f8-4204-bfb5-40a49123a106/fireside-a-podcast-series-from-future-standard", "https://open.spotify.com/show/1bNRLpYa1IuvcEyTA8AtMc", "https://player.fm/series/fireside-a-podcast-series-from-future-standard", "https://podcastaddict.com/podcast/fireside-a-podcast-series-from-future-standard/3323566", "https://podcastindex.org/podcast/2757367", "https://podcasts.apple.com/us/podcast/fireside-a-podcast-series-from-future-standard/id1561214982", "https://x.com/MichaelFormanFS", "https://x.com/TroyGayeski", "https://x.com/futurestandard_", "https://youtube.com/@futurestandard_fs" ], "iapd_url": "https://adviserinfo.sec.gov/firm/summary/338274", "city_as_filed": "PHILADELPHIA", "url": "https://advisorcensus.com/firm/fs-digital-infrastructure-advisor-llc-philadelphia-pa-338274", "display_name": "FS Digital Infrastructure Advisor, LLC", "summary": "FS Digital Infrastructure Advisor, LLC is an SEC-registered investment advisory firm in Philadelphia, PA, registered since 2026, reporting $1 billion to $5 billion in regulatory assets under management in its Form ADV filing dated March 30, 2026.", "citation": "AdvisorCensus. FS Digital Infrastructure Advisor, LLC (CRD 338274): 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" ], "advisory_activity_labels": [ "Portfolio management for individuals and/or small businesses", "Portfolio management for pooled investment vehicles (other than investment companies)", "Portfolio management for businesses (other than small businesses) or institutional clients" ], "quick_answers": [ { "q": "How is FS Digital Infrastructure Advisor, LLC compensated?", "a": "On its Form ADV (Item 5.E, October 2026), FS Digital Infrastructure Advisor, LLC reports these compensation arrangements: a percentage of assets under its management; performance-based fees." }, { "q": "Where is FS Digital Infrastructure Advisor, LLC located?", "a": "FS Digital Infrastructure Advisor, LLC's principal office is in Philadelphia, PA, according to its Form ADV; the April 2026 filing also lists 1 other office (Schedule D, Section 1.F)." }, { "q": "Is FS Digital Infrastructure Advisor, LLC registered with the SEC or a state?", "a": "FS Digital Infrastructure Advisor, LLC is an SEC-registered investment advisory firm, registered since 2026. Status as filed: Approved. CRD 338274." }, { "q": "How much does FS Digital Infrastructure Advisor, LLC manage?", "a": "FS Digital Infrastructure Advisor, LLC reports $3,213,168,255 in regulatory assets under management in its Form ADV filing dated March 30, 2026 (69% discretionary)." }, { "q": "What types of clients does FS Digital Infrastructure Advisor, LLC serve?", "a": "By number of clients on Form ADV Item 5.D: pooled investment vehicles (other than investment companies and business development companies) (39); insurance companies (6); investment companies (1)." }, { "q": "Does FS Digital Infrastructure Advisor, LLC 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/338274" }, { "q": "What changed in FS Digital Infrastructure Advisor, LLC's recent Form ADV filings?", "a": "In the April 2026 filing data: Regulatory assets under management went from $1,700,000,000 to $3,213,168,255 (+89%). Employees performing advisory functions went from 2 to 10. Added an office in Stamford, CT. Registered or notice-filed in CT. Updated its list of owners and control persons (Schedule A)." } ], "filing_history": [], "recent_changes": [ { "period": "2026-04-01", "period_label": "April 2026", "notes": [ "Regulatory assets under management went from $1,700,000,000 to $3,213,168,255 (+89%).", "Employees performing advisory functions went from 2 to 10.", "Added an office in Stamford, CT.", "Registered or notice-filed in CT.", "Updated its list of owners and control persons (Schedule A)." ] }, { "period": "2026-02-01", "period_label": "February 2026", "notes": [ "Newly registered with the SEC.", "Updated its list of owners and control persons (Schedule A)." ] } ], "fees_from_brochure": null, "custodians": [], "custodians_note": null, "markdown_url": "https://advisorcensus.com/firm/fs-digital-infrastructure-advisor-llc-philadelphia-pa-338274.md", "clients": [ { "type": "high_net_worth_individuals", "label": "High net worth individuals", "count": null, "fewer_than_5": true, "raum": 48778439.0 }, { "type": "investment_companies", "label": "Investment companies", "count": 1, "fewer_than_5": false, "raum": 15988393.0 }, { "type": "pooled_investment_vehicles", "label": "Pooled investment vehicles (other than investment companies and business development companies)", "count": 39, "fewer_than_5": false, "raum": 2845095325.0 }, { "type": "state_municipal", "label": "State or municipal government entities (including government pension plans)", "count": null, "fewer_than_5": true, "raum": 10043478.0 }, { "type": "insurance_companies", "label": "Insurance companies", "count": 6, "fewer_than_5": false, "raum": 293262620.0 } ], "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/338274", "operator": "BH Monitor Services, LLC", "license": "https://creativecommons.org/licenses/by/4.0/", "credit": "AdvisorCensus (advisorcensus.com), from SEC Form ADV data" } }