AdvisorCensus / Financial advisors / Pennsylvania / Philadelphia / FS Reit Advisor, LLC
FS Reit Advisor, LLC
Filed as FS REIT ADVISOR, LLC · Legal name FS Real Estate Advisor, LLC
FS Reit Advisor, LLC is an SEC-registered investment advisory firm in Philadelphia, PA, registered since 2019, reporting over $5 billion in regulatory assets under management in its Form ADV filing dated June 10, 2026.
Quick answers
From the filingHow is FS Reit Advisor, LLC compensated?
On its Form ADV (Item 5.E, October 2026), FS Reit Advisor, LLC reports these compensation arrangements: a percentage of assets under its management; performance-based fees; other. The amounts are in Item 5 of its Form ADV Part 2A brochure.
Where is FS Reit Advisor, LLC located?
FS Reit Advisor, LLC's principal office is in Philadelphia, PA, according to its Form ADV; the July 2026 filing also lists 1 other office (Schedule D, Section 1.F).
Is FS Reit Advisor, LLC registered with the SEC or a state?
FS Reit Advisor, LLC is an SEC-registered investment advisory firm, registered since 2019. Status as filed: Approved. CRD 306352.
How much does FS Reit Advisor, LLC manage?
FS Reit Advisor, LLC reports $9,104,574,000 in regulatory assets under management in its Form ADV filing dated June 10, 2026 (100% discretionary).
How have FS Reit Advisor, LLC's assets and staff changed since 2021?
In the Form ADV data for FS Reit Advisor, LLC: Regulatory assets under management: $774,979,399 in the October 2021 data and $9,104,574,000 in the October 2026 data, up 1075%. Total employees: 95 in October 2021 and 133 in October 2026. Assets under management move with markets as well as with clients coming and going.
What types of clients does FS Reit Advisor, LLC serve?
By number of clients on Form ADV Item 5.D: pooled investment vehicles (other than investment companies and business development companies) (1).
Does FS Reit Advisor, LLC 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/306352
What changed in FS Reit Advisor, LLC's recent Form ADV filings?
In the July 2026 filing data: Updated its list of owners and control persons (Schedule A).
From the Form ADV filing
Every figure below is as the firm filed it with regulators, as of October 2026.
How the firm is compensated
Item 5.E- A percentage of assets under your management
- Performance-based fees
- Other
Item 5.E lists how the firm is compensated for its advice; Items 5.B, 6.A, and 7.A show whether its people or related companies can also earn commissions. Percentage of assets, fixed, hourly, subscription, and performance-based fees come from clients (a performance-based fee depends on investment results); commissions come with a sale or a trade, often from the company behind the product. How fees, commissions, and other arrangements differ
Fees and minimums
Form ADV Part 2ASee the firm's brochure (dated March 27, 2026) for its fees and any account minimum, on the SEC's IAPD site.
Regulatory assets under management
Item 5.F$9,104,574,000 as of October 2026, filing dated June 10, 2026.
A measure of scale, not skill or returns. Discretionary means the firm decides trades; non-discretionary means clients approve each one. What assets under management means
Who the firm serves
Item 5.DA firm with no individual clients is an institutional manager even if it manages billions; the mix tells you whom the practice is built around.
Advisory services
Item 5.G- Portfolio management for pooled investment vehicles (other than investment companies)
Registration and firm details
Items 1, 2, 5- Legal name
- FS Real Estate Advisor, LLC
- Registration
- SEC-registered investment adviser. Status as filed: Approved.
- Registered since
- 2019 (6 years)
- Employees
- Total: 133. Performing investment advisory functions: 3.
- Wrap fee program participation
- No.
- Other offices (Schedule D, Section 1.F)
-
1 other office, as of the July 2026 filing
- States registered or notice-filed
-
2 states or jurisdictions
SEC-registered investment advisers are examined by the SEC. SEC, state, and exempt registration
Disclosures
Item 11None Reports no disclosure items on Form ADV Item 11. View on IAPD.
Item 11 asks about criminal, regulatory, and civil events involving the firm and its advisory personnel. The detail of each yes answer is on the IAPD record. Reading a firm's disclosures
Assets and staff over time
Items 5.A, 5.F| Data period | Assets under management | Employees | Filing dated |
|---|---|---|---|
| October 2026 | $9,104,574,000 | 133 | June 10, 2026 |
| October 2025 | $8,568,858,000 | 132 | March 28, 2025 |
| October 2024 | $8,515,726,000 | 117 | April 30, 2024 |
| October 2023 | $8,050,915,000 | 104 | July 27, 2023 |
| October 2022 | $4,024,394,000 | 104 | March 15, 2022 |
| October 2021 | $774,979,399 | 95 | July 14, 2021 |
Regulatory assets under management: $774,979,399 in the October 2021 data and $9,104,574,000 in the October 2026 data, up 1075%.
Total employees: 95 in October 2021 and 133 in October 2026.
As filed in each year's data for the same month. Assets under management move with markets as well as with clients coming and going; they measure scale, not skill or returns. Most firms update these figures once a year.
Changes in the filing
Last 12 months- July 2026
- Updated its list of owners and control persons (Schedule A).
- April 2026
- Updated its list of owners and control persons (Schedule A).
- February 2026
- Updated its list of owners and control persons (Schedule A).
Compared month to month from the SEC's monthly adviser data and the state compilation feed. Owners and control persons are summarized, never named.
Websites listed on Form ADV
Item 1.ISource: Form ADV, as of October 2026. Values appear as filed; a value the firm did not report is shown as "Not reported."
Cite this page
AdvisorCensus. FS Reit Advisor, LLC (CRD 306352): Form ADV filing data as of October 2026. https://advisorcensus.com/firm/fs-reit-advisor-llc-philadelphia-pa-306352