Firm profile

Gem Realty Capital

CHICAGO, ILCRD 157210Registration Status: ApprovedEffective since March 30, 2012SEC # 801-73628Latest ADV March 27, 2026

Gem Realty Capital is an SEC registered investment adviser organized as a limited partnership with a primary office location in Chicago, IL. Its latest Form ADV filing, dated March 27, 2026, reports $6.3B in regulatory assets under management, 69 employees, 1 office, and 25 accounts.

Assets Under Management
$6.3B
Employees
69
Offices
1 office
Total Clients
25

Associated firm names

14 names listed
  • DIAMOND ADVISORS, LLC ("RELYING ADVISER")
  • GRS ADVISORS, LLC ("RELYING ADVISER")
  • GRF VI ADVISORS, LLC
  • GRF V ADVISORS, LLC ("RELYING ADVISER")

Leadership

6 roles identified
CCOLouis D. Hellebusch
CFOAndrew M. Franklin
COOAndrew M. Franklin

Advisory services offered

2 types reported
Portfolio management for businesses
Portfolio management for pooled investment vehicles

Fee models offered

2 types reported
Asset based fees
Performance-based fees

Offices & Contact

Primary office

CHICAGO, Illinois, United States

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Primary office regionOther reported regions

Shading shows states and countries with reported offices. Cities are listed below; shading does not indicate service coverage.

Illinois

CHICAGOPrimary office

1 office records listed · 1 total offices reported. Counts can use different reporting dates. SEC filers may list only their largest 25 additional offices.

Contact and digital presence

ADV profile links

Regulatory Assets Under Management Breakdown

Total regulatory assets under management$6.3Bas of March 27, 2026
Discretionary100.0%
$6.3B
100% of total RAUM100.0%
Non-discretionary0.0%
$0
0% of total RAUM0.0%
All regulatory assets under management are discretionary.

Client Coverage Demographics

Top client segmentPooled Investment Vehicles represent 96.0% of total clients.
Top client categories% of clientsClients
1
Pooled Investment Vehicles
96.0%
24
2
Charitable
4.0%
1
Categories with <5 clients
Charitable Organizations<5 clients

Assets under management Growth by Quarter

Quarterly points use the latest ADV filing or SEC roster snapshot available in each quarter.

Total AUM$6.3B
Total Accounts25
10Y AUM Change+$1.7B (+36.3%)

Private Funds

Private funds reported by Gem Realty Capital

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Employee Growth by Quarter

Quarterly points use the latest ADV filing or SEC roster snapshot available in each quarter.

Total Employees69
Clients per Employee0:1
10Y Employee Change+9 (+15.0%)

Historical AUM and employee figures reflect available SEC Form ADV filings under this CRD. Filing gaps may reflect registration status changes, dormant periods, state registration periods, firm restructuring, or other reporting changes. Rialytix does not interpolate missing periods.


Ownership

Reported direct and indirect ownership ranges

Each range applies to a separate reported relationship and should not be added together.

Reported ownership ranges

Highlighted bands show the percentage range reported in Form ADV.

0%25%50%75%100%
ATRIUM GEM PARTNERS LPDirect owner · Schedule AInterest in GEM REALTY CAPITAL
75%+
NORMAN SCOTT GELLERDirect owner · Schedule AInterest in GEM REALTY CAPITAL
< 5%
MICHAEL ANDREW ELRADDirect owner · Schedule AInterest in GEM REALTY CAPITAL
< 5%
GEM SPECIAL MM, LLCDirect owner · Schedule AInterest in GEM REALTY CAPITAL
< 5%
RANGER CAPITAL MANAGEMENT, L.P.Indirect owner · Schedule BInterest in ATRIUM GEM PARTNERS LP
25% to < 50%
BAM 2019 FAMILY INSURANCE TRUSTIndirect owner · Schedule BInterest in RANGER CAPITAL MANAGEMENT, L.P.
25% to < 50%
SJM 2019 FAMILY INSURANCE TRUSTIndirect owner · Schedule BInterest in RANGER CAPITAL MANAGEMENT, L.P.
25% to < 50%

Bars represent the reported range at that individual ownership step, not an estimated percentage of the advisory firm. Indirect relationships may refer to intermediate entities rather than directly to Gem Realty Capital.

Reported ownership and control details

Form ADV · Filing date 2026-03-27 · Schedules A and B

17 entries
#Owner / person & roleInterest in entityReported interestControl personTitle / status acquiredSource
1BARRY ALAN MALKINSENIOR ADVISORIndividualGEM REALTY CAPITALLess than 5%Code NAYesSENIOR ADVISOR02/1998Schedule APDF page 90
2ATRIUM GEM PARTNERS LPLIMITED PARTNERDomestic entityGEM REALTY CAPITAL75% or moreCode EYesLIMITED PARTNER02/1998Schedule APDF page 90
3NORMAN SCOTT GELLERSENIOR MANAGING PARTNERIndividualGEM REALTY CAPITALLess than 5%Code NAYesSENIOR MANAGING PARTNER02/1998Schedule APDF page 90
4MICHAEL ANDREW ELRADSENIOR MANAGING PARTNERIndividualGEM REALTY CAPITALLess than 5%Code NAYesSENIOR MANAGING PARTNER02/1998Schedule APDF page 90
5Andrew Michael FranklinCHIEF FINANCIAL OFFICER AND CO-CHIEF OPERATING OFFICERIndividualGEM REALTY CAPITALLess than 5%Code NANoCHIEF FINANCIAL OFFICER AND CO-CHIEF OPERATING OFFICER01/2017Schedule APDF page 90
6Derek Paul LopezCHIEF INVESTMENT OFFICER - GRPIndividualGEM REALTY CAPITALLess than 5%Code NANoCHIEF INVESTMENT OFFICER - GRP04/2021Schedule APDF page 90
7MICHAEL JACOB GELLERCO-CHIEF INVESTMENT OFFICER - GRSIndividualGEM REALTY CAPITALLess than 5%Code NANoCO-CHIEF INVESTMENT OFFICER - GRS01/2023Schedule APDF page 91
8ELIZABETH ANN KEIGHERCO-CHIEF OPERATING OFFICERIndividualGEM REALTY CAPITALLess than 5%Code NANoCO-CHIEF OPERATING OFFICER01/2023Schedule APDF page 91
9LOUIS DOMINIC HELLEBUSCHGENERAL COUNSEL AND CHIEF COMPLIANCE OFFICERIndividualGEM REALTY CAPITALLess than 5%Code NANoGENERAL COUNSEL AND CHIEF COMPLIANCE OFFICER03/2024Schedule APDF page 91
10GEM SPECIAL MM, LLCGENERAL PARTNERDomestic entityGEM REALTY CAPITALLess than 5%Code NAYesGENERAL PARTNER06/2017Schedule APDF page 91
11RANGER CAPITAL MANAGEMENT, L.P.LIMITED PARTNERDomestic entityATRIUM GEM PARTNERS LP25% to less than 50%Code CYesLIMITED PARTNER05/2004Schedule BPDF page 91
12BAM 2019 FAMILY INSURANCE TRUSTPARTNERDomestic entityRANGER CAPITAL MANAGEMENT, L.P.25% to less than 50%Code CYesPARTNER10/2021Schedule BPDF page 91
13SJM 2019 FAMILY INSURANCE TRUSTPARTNERDomestic entityRANGER CAPITAL MANAGEMENT, L.P.25% to less than 50%Code CYesPARTNER10/2021Schedule BPDF page 91
14BARRY ALAN MALKINTRUSTEEIndividualSJM 2019 FAMILY INSURANCE TRUSTPercentage not specifiedCode FYesTRUSTEE10/2021Schedule BPDF page 91
15STEPHEN JAY MALKINCO- TRUSTEEIndividualBAM 2019 FAMILY INSURANCE TRUSTPercentage not specifiedCode FYesCO- TRUSTEE10/2021Schedule BPDF page 91
16ATRIUM GEM PARTNERS GP, LLCGENERAL PARTNERDomestic entityATRIUM GEM PARTNERS LPPercentage not specifiedCode FYesGENERAL PARTNER05/2004Schedule BPDF page 91
17MICHAEL JAY SACKSCO- TRUSTEEIndividualBAM 2019 FAMILY INSURANCE TRUSTPercentage not specifiedCode FYesCO- TRUSTEE10/2021Schedule BPDF page 91

Less than 5% may include zero. Code F identifies a role without specifying a percentage. Reported interests may overlap and may not include every owner. Total indirect ownership is not calculated.

Compliance & Disclosures

Filing dated 3/27/2026 12:36:22 PM

Responses were selected by the RIA in its filing. Questions are shortened for readability; “you” refers to the reporting firm, and some questions also cover advisory affiliates.

RIA or supervised-person involvementThe RIA reported that none of the events below involve the firm or its supervised persons.RIA responseNo
AFelonies2 No

In the past ten years, have you or any advisory affiliate:

  • A1Been convicted of or pleaded guilty or no contest to a felony?No
  • A2Been charged with a felony?No
BMisdemeanors2 No

In the past ten years, have you or any advisory affiliate:

  • B1Been convicted of or pleaded guilty or no contest to a misdemeanor involving investments, an investment-related business, fraud, false statements or omissions, wrongful taking of property, bribery, perjury, forgery, counterfeiting, or extortion?No
  • B2Been charged with a misdemeanor of the kind listed above?No
CSEC or CFTC actions5 No

Has the SEC or CFTC ever:

  • C1Found you or an advisory affiliate made a false statement or omission?No
  • C2Found you or an advisory affiliate violated SEC or CFTC regulations or statutes?No
  • C3Found you or an advisory affiliate caused an investment-related business to have its authorization to do business denied, suspended, revoked, or restricted?No
  • C4Entered an order against you or an advisory affiliate in connection with investment-related activity?No
  • C5Imposed a civil money penalty on you or an advisory affiliate, or ordered you or an advisory affiliate to cease and desist from any activity?No
DOther regulatory actions5 No

Has any other federal regulatory agency, state regulatory agency, or foreign financial regulatory authority ever:

  • D1Found you or an advisory affiliate made a false statement or omission, or was dishonest, unfair, or unethical?No
  • D2Found you or an advisory affiliate violated investment-related regulations or statutes?No
  • D3Found you or an advisory affiliate caused an investment-related business to have its authorization to do business denied, suspended, revoked, or restricted?No
  • D4In the past ten years, entered an order against you or an advisory affiliate in connection with investment-related activity?No
  • D5Denied, suspended, or revoked your or an advisory affiliate’s registration or license, or otherwise prevented association with an investment-related business or restricted activities?No
ESelf-regulatory organization actions4 No

Has a self-regulatory organization or commodities exchange ever:

  • E1Found you or an advisory affiliate made a false statement or omission?No
  • E2Found you or an advisory affiliate violated its rules, other than a violation designated as a minor rule violation under an SEC-approved plan?No
  • E3Found you or an advisory affiliate caused an investment-related business to have its authorization to do business denied, suspended, revoked, or restricted?No
  • E4Disciplined you or an advisory affiliate by expulsion, suspension, barring association with other members, or otherwise restricting activities?No
FProfessional authorizations1 No
  • FHas an authorization to act as an attorney, accountant, or federal contractor granted to you or an advisory affiliate ever been revoked or suspended?No
GPending regulatory proceedings1 No
  • GAre you or any advisory affiliate now the subject of a regulatory proceeding that could result in a “Yes” answer to any part of C, D, or E?No
HCivil judicial actions and proceedings4 No

(1) Court actions

Has a domestic or foreign court:

  • H(1)(a)In the past ten years, enjoined you or an advisory affiliate in connection with investment-related activity?No
  • H(1)(b)Found that you or an advisory affiliate violated investment-related statutes or regulations?No
  • H(1)(c)Dismissed, pursuant to a settlement agreement, an investment-related civil action brought against you or an advisory affiliate by a state or foreign financial regulatory authority?No

(2) Pending civil proceedings

  • H(2)Are you or any advisory affiliate now the subject of a civil proceeding that could result in a “Yes” answer to any part of H(1)?No

* Metrics are based on the latest available data, including Form ADV filings, brochures, and relationship summaries pulled from the SEC IAPD, and may be subject to change. Learn what is included in the Rialytix data. Please refer to the firm's official disclosures for the most accurate information using their CRD number. This is not investment advice.