Key Takeaways
- • Northmarq announced on September 21, 2026 that it has acquired Thirdline Capital Management, LLC, a registered investment advisor that manages the Thirdline Real Estate Income Fund (TREIX), a registered closed-end fund.
- • The deal adds a registered, publicly accessible income vehicle to Northmarq Fund Management (NFM), which is accessible to institutional and individual investors and to wealth managers through national custodial platforms.
- • NFM, founded in 2002, focuses on small-balance and mid-market commercial real estate debt and equity; Northmarq reports a loan servicing portfolio above $80 billion and $91.3 billion in transactions over the past four years.
- • The transaction terms, including purchase price, were not disclosed in the source material.
- • Rance Gregory, president and CEO of Northmarq Fund Management, described the deal as an important step in the firm's continued growth in income-oriented investing.
Summary
Northmarq announced the acquisition of Thirdline Capital Management, LLC, a registered investment advisor based in Richmond, Virginia, that manages 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 announcement was made in a GlobeNewswire release dated September 21, 2026. The release did not disclose financial terms of the transaction.
Northmarq Fund Management (NFM), the real estate investment and asset management division of Northmarq, was founded in 2002 as Morrison Street Capital and renamed after Northmarq acquired it in 2024. NFM invests and manages debt and equity capital nationwide, specializing in small-balance and mid-market commercial real estate across the capital stack. According to the release, the acquisition broadens Northmarq's presence in income-oriented investments and provides a registered fund available to a variety 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 represents an important step in our continued growth." He added that the firm is broadening the ways it connects investors with commercial real estate opportunities and expanding its capacity in income-oriented investing. Charles Hutchens, Managing Director of Thirdline Capital and Portfolio Manager of TREIX, said the team believes Northmarq's national platform can benefit TREIX shareholders by growing its capabilities in sourcing, underwriting, and asset management.
The release says the combination expands NFM's capabilities in income-oriented strategies, including mezzanine loans, B-notes, and real estate securities. For TREIX, the company said the move seeks to grow and further diversify the portfolio across geography, product types, and investment types, with a focus on dividend growth and stability.
The TREIX prospectus risk disclosures note that the fund is non-diversified, may borrow up to one-third of its gross asset value, offers quarterly repurchases of at least 5% of outstanding shares, and has shares that are not listed on an exchange and are considered illiquid. The fund is distributed by Distribution Services, LLC, which the release states is not affiliated with Northmarq Fund Management.
Northmarq describes itself as one of the largest privately held commercial real estate firms in the United States, with more than 50 offices nationwide.
Northmarq Fund Management (NFM), the real estate investment and asset management division of Northmarq, was founded in 2002 as Morrison Street Capital and renamed after Northmarq acquired it in 2024. NFM invests and manages debt and equity capital nationwide, specializing in small-balance and mid-market commercial real estate across the capital stack. According to the release, the acquisition broadens Northmarq's presence in income-oriented investments and provides a registered fund available to a variety 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 represents an important step in our continued growth." He added that the firm is broadening the ways it connects investors with commercial real estate opportunities and expanding its capacity in income-oriented investing. Charles Hutchens, Managing Director of Thirdline Capital and Portfolio Manager of TREIX, said the team believes Northmarq's national platform can benefit TREIX shareholders by growing its capabilities in sourcing, underwriting, and asset management.
The release says the combination expands NFM's capabilities in income-oriented strategies, including mezzanine loans, B-notes, and real estate securities. For TREIX, the company said the move seeks to grow and further diversify the portfolio across geography, product types, and investment types, with a focus on dividend growth and stability.
The TREIX prospectus risk disclosures note that the fund is non-diversified, may borrow up to one-third of its gross asset value, offers quarterly repurchases of at least 5% of outstanding shares, and has shares that are not listed on an exchange and are considered illiquid. The fund is distributed by Distribution Services, LLC, which the release states is not affiliated with Northmarq Fund Management.
Northmarq describes itself as one of the largest privately held commercial real estate firms in the United States, with more than 50 offices nationwide.
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