Firm profile

Breakthrough Properties

LOS ANGELES, CACRD 309668Registration Status: ApprovedEffective since September 4, 2020SEC # 801-119412Latest ADV March 31, 2026

Breakthrough Properties is an SEC registered investment adviser organized as a limited liability company with a primary office location in Los Angeles, CA. Its latest Form ADV filing, dated March 31, 2026, reports $2.7B in regulatory assets under management, 94 employees, 6 offices, and 12 accounts.

Assets Under Management
$2.7B
Employees
94
Offices
6 offices
Total Clients
12

Associated firm names

2 names listed
  • BREAKTHROUGH PROPERTIES
  • BREAKTHROUGH SERVICES, L.L.C.

Leadership

5 roles identified
CEODaniel Belldegrun
CEORobert J. Speyer
CCOAlison A. Cullen

Advisory services offered

1 types reported
Portfolio management for pooled investment vehicles

Fee models offered

3 types reported
Asset based fees
Other fee arrangements
Performance-based fees

Offices & Contact

Primary office

LOS ANGELES, California, 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.

California

LOS ANGELESPrimary office · SAN DIEGO

Massachusetts

BOSTON

New York

NEW YORK

Pennsylvania

PHILADELPHIA

United Kingdom

LONDON

6 office records listed · 6 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$2.7Bas of March 31, 2026
Discretionary100.0%
$2.7B
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 100.0% of total clients.
Top client categories% of clientsClients
1
Pooled Investment Vehicles
100.0%
12

Assets under management Growth by Quarter

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

Total AUM$2.7B
Total Accounts12
10Y AUM Change+$2.7B

Private Funds

Private funds reported by Breakthrough Properties

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Employee Growth by Quarter

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

Total Employees94
Clients per Employee0:1
10Y Employee Change+83 (+754.5%)

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%
BELLCO BREAKTHROUGH OPERATOR LLCDirect owner · Schedule AInterest in BREAKTHROUGH PROPERTIES
50% to < 75%
TSP BREAKTHROUGH SERVICES, L.L.C.Direct owner · Schedule AInterest in BREAKTHROUGH PROPERTIES
50% to < 75%
BBPO OPERATOR HOLDINGS LLCIndirect owner · Schedule BInterest in BELLCO BREAKTHROUGH OPERATOR LLC
75%+
BELLCO BREAKTHROUGH HOLDINGS LLCIndirect owner · Schedule BInterest in BELLCO BREAKTHROUGH OPERATOR LLC
75%+
BELLCO REAL ESTATE LLCIndirect owner · Schedule BInterest in BELLCO BREAKTHROUGH HOLDINGS LLC
75%+
BELLCO CAPITAL LLCIndirect owner · Schedule BInterest in BELLCO REAL ESTATE LLC
75%+
TISHMAN SPEYER PROPERTIES, L.P.Indirect owner · Schedule BInterest in TSP BREAKTHROUGH SERVICES, L.L.C.
75%+
ROBERT JEFFREY SPEYERIndirect owner · Schedule BInterest in SPEYER LIMITED PARTNER CO., INC.
75%+
BELLDEGRUN FAMILY TRUSTIndirect owner · Schedule BInterest in BELLCO CAPITAL LLC
75%+
TISHMAN SPEYER PROPERTIES, INC.Indirect owner · Schedule BInterest in TISHMAN SPEYER PROPERTIES, L.P.
50% to < 75%
BELLCO LEGACY TRUSTIndirect owner · Schedule BInterest in BELLCO REALTY WORLDWIDE LLC
50% to < 75%
BELLCO LEGACY II TRUSTIndirect owner · Schedule BInterest in BELLCO LEGACY TRUST
50% to < 75%
BELLCO BREAKTHROUGH OPERATOR HOLDINGS LLCIndirect owner · Schedule BInterest in BBPO OPERATOR HOLDINGS LLC
25% to < 50%
SEAVIEW TRUST (D.C.) IRREVOCABLEIndirect owner · Schedule BInterest in BBPO OPERATOR HOLDINGS LLC
25% to < 50%
SPEYER LIMITED PARTNER CO., INC.Indirect owner · Schedule BInterest in TISHMAN SPEYER PROPERTIES, L.P.
25% to < 50%
JERRY IRVING SPEYERIndirect owner · Schedule BInterest in TISHMAN SPEYER PROPERTIES, INC.
25% to < 50%
BELLCO REALTY WORLDWIDE LLCIndirect owner · Schedule BInterest in BBPO OPERATOR HOLDINGS LLC
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 Breakthrough Properties.

Reported ownership and control details

Form ADV · Filing date 2026-03-31 · Schedules A and B

28 entries
#Owner / person & roleInterest in entityReported interestControl personTitle / status acquiredSource
1BELLCO BREAKTHROUGH OPERATOR LLCMEMBER MANAGERDomestic entityBREAKTHROUGH PROPERTIES50% to less than 75%Code DYesMEMBER MANAGER02/2019Schedule APDF page 80
2TSP BREAKTHROUGH SERVICES, L.L.C.MEMBER MANAGERDomestic entityBREAKTHROUGH PROPERTIES50% to less than 75%Code DYesMEMBER MANAGER03/2019Schedule APDF page 80
3DANIEL BELLDEGRUNCHIEF EXECUTIVE OFFICERIndividualBREAKTHROUGH PROPERTIESLess than 5%Code NAYesCHIEF EXECUTIVE OFFICER04/2019Schedule APDF page 80
4LESLEY SU-LU CHAOCHIEF FINANCIAL OFFICERIndividualBREAKTHROUGH PROPERTIESLess than 5%Code NAYesCHIEF FINANCIAL OFFICER07/2020Schedule APDF page 80
5DANIEL WILLIAM D'ORAZICHIEF INVESTMENT OFFICER AND EXECUTIVE VICE PRESIDENTIndividualBREAKTHROUGH PROPERTIESLess than 5%Code NAYesCHIEF INVESTMENT OFFICER AND EXECUTIVE VICE PRESIDENT12/2021Schedule APDF page 80
6JENNIFER LEIGH WARNEGENERAL COUNSELIndividualBREAKTHROUGH PROPERTIESLess than 5%Code NAYesGENERAL COUNSEL01/2024Schedule APDF page 80
7ALISON ANNAMARIE CULLENCHIEF COMPLIANCE OFFICERIndividualBREAKTHROUGH PROPERTIESLess than 5%Code NAYesCHIEF COMPLIANCE OFFICER01/2026Schedule APDF page 80
8BBPO OPERATOR HOLDINGS LLCMEMBER MANAGERDomestic entityBELLCO BREAKTHROUGH OPERATOR LLC75% or moreCode EYesMEMBER MANAGER06/2019Schedule BPDF page 81
9BELLCO BREAKTHROUGH OPERATOR HOLDINGS LLCMEMBER MANAGERDomestic entityBBPO OPERATOR HOLDINGS LLC25% to less than 50%Code CYesMEMBER MANAGER06/2019Schedule BPDF page 81
10SEAVIEW TRUST (D.C.) IRREVOCABLETRUSTDomestic entityBBPO OPERATOR HOLDINGS LLC25% to less than 50%Code CYesTRUST06/1996Schedule BPDF page 81
11BELLCO BREAKTHROUGH HOLDINGS LLCMEMBER MANAGERDomestic entityBELLCO BREAKTHROUGH OPERATOR LLC75% or moreCode EYesMEMBER MANAGER10/2018Schedule BPDF page 81
12BELLCO REAL ESTATE LLCMEMBER MANAGERDomestic entityBELLCO BREAKTHROUGH HOLDINGS LLC75% or moreCode EYesMEMBER MANAGER10/2018Schedule BPDF page 81
13BELLCO CAPITAL LLCMEMBER MANAGERDomestic entityBELLCO REAL ESTATE LLC75% or moreCode EYesMEMBER MANAGER01/2004Schedule BPDF page 81
14TISHMAN SPEYER PROPERTIES, L.P.MEMBER MANAGERDomestic entityTSP BREAKTHROUGH SERVICES, L.L.C.75% or moreCode EYesMEMBER MANAGER07/1978Schedule BPDF page 81
15TISHMAN SPEYER PROPERTIES, INC.GENERAL PARTNERDomestic entityTISHMAN SPEYER PROPERTIES, L.P.50% to less than 75%Code DYesGENERAL PARTNER03/1985Schedule BPDF page 81
16SPEYER LIMITED PARTNER CO., INC.LIMITED PARTNERDomestic entityTISHMAN SPEYER PROPERTIES, L.P.25% to less than 50%Code CYesLIMITED PARTNER01/2001Schedule BPDF page 81
17JERRY IRVING SPEYERCHAIRMANIndividualTISHMAN SPEYER PROPERTIES, INC.25% to less than 50%Code CYesCHAIRMAN06/2008Schedule BPDF page 81
18ROBERT JEFFREY SPEYERPRESIDENT, CHIEF EXECUTIVE OFFICERIndividualSPEYER LIMITED PARTNER CO., INC.75% or moreCode EYesPRESIDENT, CHIEF EXECUTIVE OFFICER01/2001Schedule BPDF page 81
19JOSHUA AVROM KAZAMTRUSTEEIndividualSEAVIEW TRUST (D.C.) IRREVOCABLEPercentage not specifiedCode FYesTRUSTEE11/2017Schedule BPDF page 81
20BELLDEGRUN FAMILY TRUSTTRUSTDomestic entityBELLCO CAPITAL LLC75% or moreCode EYesTRUST02/1994Schedule BPDF page 81
21ARIE BELLDEGRUNTRUSTEEIndividualBELLDEGRUN FAMILY TRUSTPercentage not specifiedCode FYesTRUSTEE02/1994Schedule BPDF page 81
22REBECKA BELLDEGRUNTRUSTEEIndividualBELLDEGRUN FAMILY TRUSTPercentage not specifiedCode FYesTRUSTEE02/1994Schedule BPDF page 81
23Hanna AckermanTRUSTTEEIndividualSEAVIEW TRUST (D.C.) IRREVOCABLEPercentage not specifiedCode FYesTRUSTTEE06/1996Schedule BPDF page 81
24BELLCO REALTY WORLDWIDE LLCMEMBERDomestic entityBBPO OPERATOR HOLDINGS LLC25% to less than 50%Code CYesMEMBER09/2021Schedule BPDF page 81
25BELLCO LEGACY TRUSTMEMBERDomestic entityBELLCO REALTY WORLDWIDE LLC50% to less than 75%Code DYesMEMBER04/2020Schedule BPDF page 81
26BELLCO LEGACY II TRUSTBELLCO REALTY WORLDWIDE LLCDomestic entityBELLCO LEGACY TRUST50% to less than 75%Code DYesBELLCO REALTY WORLDWIDE LLC04/2020Schedule BPDF page 81
27REBECKA RIWKA BELLDEGRUNTRUSTEEIndividualBELLCO LEGACY TRUSTPercentage not specifiedCode FYesTRUSTEE04/2020Schedule BPDF page 81
28ARIE SHLOMO BELLDEGRUNTRUSTEEIndividualBELLCO LEGACY II TRUSTPercentage not specifiedCode FYesTRUSTEE04/2020Schedule BPDF page 82

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 3/31/2026 4:14:37 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.