Key Takeaways
- • Northmarq announced on September 21, 2026 that it has acquired Thirdline Capital Management, LLC, an SEC-registered investment advisor that manages the Thirdline Real Estate Income Fund (TREIX), a non-diversified registered closed-end interval fund.
- • The deal folds TREIX into Northmarq Fund Management (NFM), the real estate investment and asset management division of Northmarq, expanding its income-oriented investment capabilities across mezzanine loans, B-notes and real estate securities.
- • TREIX is distributed to institutional and individual investors and accessible to wealth managers through national custodial platforms, giving NFM a registered fund vehicle alongside its existing private fund business.
- • Rance Gregory, president and CEO of Northmarq Fund Management, framed the acquisition as an important step in the firm's continued growth; Charles Hutchens, Managing Director of Thirdline and portfolio manager of TREIX, said the platform would expand sourcing, underwriting and asset management capabilities for TREIX shareholders.
- • The press release does not disclose the purchase price or deal terms.
Summary
Northmarq announced on September 21, 2026 that it has acquired Thirdline Capital Management, LLC, a registered investment advisor based in Richmond, Virginia. Thirdline, founded in 2021, served as investment advisor to the Thirdline Real Estate Income Fund (TREIX), a non-diversified registered closed-end fund designed to generate stable cash flow and preserve capital value. The press release does not disclose the purchase price or other financial terms of the transaction.
The acquisition is being integrated into Northmarq Fund Management (NFM), the real estate investment and asset management division of Northmarq. NFM, founded in 2002 as Morrison Street Capital and renamed after Northmarq acquired it in 2024, invests and manages debt and equity capital across the United States, specializing in small-balance and mid-market commercial real estate. According to the company, adding Thirdline broadens Northmarq's presence in income-oriented investing and gives it a registered fund available to a range of institutional and individual investors, accessible to wealth managers and their clients through national custodial platforms.
Rance Gregory, president and CEO of Northmarq Fund Management, said the acquisition "builds on Northmarq's established investment management business" and expands the firm's capacity in income-oriented investing. Charles Hutchens, Managing Director of Thirdline Capital and portfolio manager of TREIX, said the firm was impressed by Northmarq's national platform and believes it can benefit TREIX shareholders by growing the fund's capabilities in sourcing, underwriting and asset management of commercial real estate investments.
According to the release, the strategic rationale is to combine Northmarq's private fund management business with TREIX's publicly registered fund platform, allowing the firm to connect investors with commercial real estate opportunities across the capital stack. For TREIX, the company said the move aims to grow and further diversify the portfolio across geography, product types and investment types, with a focus on maximizing dividend growth and stability.
Northmarq describes itself as one of the largest privately held commercial real estate firms in the United States, with more than 50 offices, a loan servicing portfolio above $80 billion and $91.3 billion in completed transactions over the past four years. The release includes standard risk disclosures for TREIX, noting that the fund is illiquid, offers quarterly repurchases of at least 5% of outstanding shares, may borrow up to one-third of gross asset value, and is distributed by Distribution Services, LLC, which is not affiliated with Northmarq Fund Management.
The acquisition is being integrated into Northmarq Fund Management (NFM), the real estate investment and asset management division of Northmarq. NFM, founded in 2002 as Morrison Street Capital and renamed after Northmarq acquired it in 2024, invests and manages debt and equity capital across the United States, specializing in small-balance and mid-market commercial real estate. According to the company, adding Thirdline broadens Northmarq's presence in income-oriented investing and gives it a registered fund available to a range of institutional and individual investors, accessible to wealth managers and their clients through national custodial platforms.
Rance Gregory, president and CEO of Northmarq Fund Management, said the acquisition "builds on Northmarq's established investment management business" and expands the firm's capacity in income-oriented investing. Charles Hutchens, Managing Director of Thirdline Capital and portfolio manager of TREIX, said the firm was impressed by Northmarq's national platform and believes it can benefit TREIX shareholders by growing the fund's capabilities in sourcing, underwriting and asset management of commercial real estate investments.
According to the release, the strategic rationale is to combine Northmarq's private fund management business with TREIX's publicly registered fund platform, allowing the firm to connect investors with commercial real estate opportunities across the capital stack. For TREIX, the company said the move aims to grow and further diversify the portfolio across geography, product types and investment types, with a focus on maximizing dividend growth and stability.
Northmarq describes itself as one of the largest privately held commercial real estate firms in the United States, with more than 50 offices, a loan servicing portfolio above $80 billion and $91.3 billion in completed transactions over the past four years. The release includes standard risk disclosures for TREIX, noting that the fund is illiquid, offers quarterly repurchases of at least 5% of outstanding shares, may borrow up to one-third of gross asset value, and is distributed by Distribution Services, LLC, which is not affiliated with Northmarq Fund Management.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.