# Gem Realty Capital

> Gem Realty Capital is an SEC-registered investment advisory firm in Chicago, IL, registered since 2012, reporting over $5 billion in regulatory assets under management in its Form ADV filing dated March 27, 2026.

- CRD: 157210
- Filed as: GEM REALTY CAPITAL
- Legal name: Gem Capital, L.P.
- Also doing business as: GEM REALTY PROPERTIES, GEM REALTY SECURITIES
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Chicago, IL
- Filing period: October 2026
- Form ADV filing dated: March 27, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/157210
- AdvisorCensus page: https://advisorcensus.com/firm/gem-realty-capital-chicago-il-157210

## Quick answers

**How is Gem Realty Capital compensated?**
On its Form ADV (Item 5.E, October 2026), Gem Realty Capital reports these compensation arrangements: a percentage of assets under its management; performance-based fees.

**Where is Gem Realty Capital located?**
Gem Realty Capital's principal office is in Chicago, IL, according to its Form ADV.

**Is Gem Realty Capital registered with the SEC or a state?**
Gem Realty Capital is an SEC-registered investment advisory firm, registered since 2012. Status as filed: Approved. CRD 157210.

**How much does Gem Realty Capital manage?**
Gem Realty Capital reports $6,282,084,290 in regulatory assets under management in its Form ADV filing dated March 27, 2026 (100% discretionary).

**How have Gem Realty Capital's assets and staff changed since 2021?**
In the Form ADV data for Gem Realty Capital: Regulatory assets under management: $5,580,392,374 in the October 2021 data and $6,282,084,290 in the October 2026 data, up 13%. Total employees: 63 in October 2021 and 69 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Gem Realty Capital serve?**
By number of clients on Form ADV Item 5.D: pooled investment vehicles (other than investment companies and business development companies) (24); charitable organizations (1).

**Which custodians does Gem Realty Capital use?**
Gem Realty Capital's most recent Form ADV filing (Schedule D, Section 5.K(3)) lists Northern Trust Securities, Inc. as a custodian holding 10% or more of its separately managed account assets.

**Does Gem Realty Capital 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/157210

**What changed in Gem Realty Capital's recent Form ADV filings?**
In the April 2026 filing data: Employees performing advisory functions went from 27 to 28.

## From the Form ADV filing

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

### Custodians (Schedule D, Section 5.K(3))
- Northern Trust Securities, Inc.

Custodians holding 10% or more of the firm's separately managed account assets, as filed on Form ADV (Schedule D, Section 5.K(3)). A custodian holds client assets; it does not endorse or supervise the firm. AdvisorCensus has no relationship with any custodian.

### Regulatory assets under management (Item 5.F)
- Total: $6,282,084,290
- Discretionary: $6,282,084,290
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Pooled investment vehicles (other than investment companies and business development companies) | 24 | $6,205,773,662 |
| Charitable organizations | 1 | $76,310,628 |

### Advisory services (Item 5.G)
- Portfolio management for pooled investment vehicles (other than investment companies)
- Portfolio management for businesses (other than small businesses) or institutional clients

### Firm details
- Registered since: 2012 (14 years)
- Employees: 69 total, 28 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: IL
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Websites listed on Form ADV (Item 1.I)
- gemrc.com
- LinkedIn @gem-realty-capital-inc

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $5,580,392,374 | 63 | March 31, 2021 |
| October 2022 | $6,012,051,780 | 67 | September 14, 2022 |
| October 2023 | $5,655,454,960 | 71 | March 30, 2023 |
| October 2024 | $5,760,155,252 | 69 | September 24, 2024 |
| October 2025 | $6,194,305,242 | 68 | May 5, 2025 |
| October 2026 | $6,282,084,290 | 69 | March 27, 2026 |

Regulatory assets under management: $5,580,392,374 in the October 2021 data and $6,282,084,290 in the October 2026 data, up 13%.
Total employees: 63 in October 2021 and 69 in October 2026.

## Changes in the filing (last 12 months)

### April 2026
- Employees performing advisory functions went from 27 to 28.

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Gem Realty Capital (CRD 157210): Form ADV filing data as of October 2026.