# FS Reit 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.

- CRD: 306352
- Filed as: FS REIT ADVISOR, LLC
- Legal name: FS Real Estate Advisor, LLC
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Philadelphia, PA
- Filing period: October 2026
- Form ADV filing dated: June 10, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/306352
- AdvisorCensus page: https://advisorcensus.com/firm/fs-reit-advisor-llc-philadelphia-pa-306352

## Quick answers

**How 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

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

### Regulatory assets under management (Item 5.F)
- Total: $9,104,574,000
- Discretionary: $9,104,574,000
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Individuals (other than high net worth individuals) | 0 | $0 |
| High net worth individuals | 0 | $0 |
| Banking or thrift institutions | 0 | $0 |
| Investment companies | 0 | $0 |
| Business development companies | 0 | $0 |
| Pooled investment vehicles (other than investment companies and business development companies) | 1 | $9,104,574,000 |
| Pension and profit sharing plans (but not the plan participants or government pension plans) | 0 | $0 |
| Charitable organizations | 0 | $0 |
| State or municipal government entities (including government pension plans) | 0 | $0 |
| Other investment advisers | 0 | $0 |
| Insurance companies | 0 | $0 |
| Sovereign wealth funds and foreign official institutions | 0 | $0 |
| Corporations or other businesses not listed above | 0 | $0 |
| Other | 0 | $0 |

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

### Firm details
- Registered since: 2019 (6 years)
- Employees: 133 total, 3 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: NY, PA
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Other offices (Schedule D, Section 1.F), as of the July 2026 filing
- New York, NY

### Websites listed on Form ADV (Item 1.I)
- fsco.futurestandard.com
- fscreit.com
- fskkrcapitalcorp.com
- fsproxy.com
- fssl.futurestandard.com
- futurestandard.com
- music.amazon.com/es-us/podcasts/8e15a78f-46f8-4204-bfb5-40a49123a106/fireside-a-podcast-series-from-futurestandard
- open.spotify.com/show/1bNRLpYa1luvcEyTA8AtMc
- player.fm/series/fireside-a-podcast-series-from-future-standard
- podcastaddict.com/podcast/fireside-a-podcast-series-from-future-standard/3323566
- podcastindex.org/podcast/2757367
- podcasts.apple.com/us/podcast/fireside-a-podcast-series-from-futurestandard/id1561214982
- Facebook @futurestandard
- Instagram @futurestandard
- LinkedIn @FUTURESTANDARDFS
- LinkedIn @portfolio-advisors
- LinkedIn @michael-forman
- LinkedIn @troy-a-gayeski-cfa-720366197
- X @MichaelFormanFS
- X @TroyGayeski
- X @futurestandard
- YouTube @futurestandard

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $774,979,399 | 95 | July 14, 2021 |
| October 2022 | $4,024,394,000 | 104 | March 15, 2022 |
| October 2023 | $8,050,915,000 | 104 | July 27, 2023 |
| October 2024 | $8,515,726,000 | 117 | April 30, 2024 |
| October 2025 | $8,568,858,000 | 132 | March 28, 2025 |
| October 2026 | $9,104,574,000 | 133 | June 10, 2026 |

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.

## 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).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. FS Reit Advisor, LLC (CRD 306352): Form ADV filing data as of October 2026.