Northmarq expands investment platform with acquisition of Thirdline Capital Management
Acquisition adds publicly registered fund to complement Northmarq’s existing private fund management business
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MINNEAPOLIS, Sept. 21, 2026 (GLOBE NEWSWIRE) — Northmarq today announced the acquisition of Thirdline Capital Management, LLC, a registered investment advisor that manages the Thirdline Real Estate Income Fund (TREIX), a registered closed-end fund.
Northmarq Fund Management (NFM), founded in 2002, invests and manages debt and equity capital nationwide, and specializes in small-balance and mid-market commercial real estate investments. Adding Thirdline broadens Northmarq’s presence in income-oriented investments and provides a registered fund available to a variety of institutional and individual investors, and accessible for wealth managers and their clients through national custodial platforms.
“This acquisition builds on Northmarq’s established investment management business and represents an important step in our continued growth,” said Rance Gregory, president and CEO of Northmarq Fund Management. “By adding the Thirdline team and TREIX to our platform, we are broadening the ways we connect investors with commercial real estate opportunities, while enhancing the breadth of our capital market solutions, and expanding our capacity in the income-oriented investing space.”
Adds Charles Hutchens, Managing Director of Thirdline Capital and Portfolio Manager of TREIX: “We are excited to join Northmarq Fund Management. We are impressed by Northmarq’s national platform and believe it can benefit TREIX shareholders by growing our capabilities in sourcing, underwriting, and asset management of quality commercial real estate investments.”
The transaction represents a significant milestone in Northmarq’s continued evolution as a diversified capital markets firm and investment manager. By combining Northmarq’s existing private fund management business with TREIX’s publicly registered fund platform, the acquisition broadens the firm’s ability to efficiently connect investors with commercial real estate opportunities across the capital stack. The addition of TREIX allows Northmarq Fund Management to expand its capabilities and market presence in income-oriented investments, especially including mezzanine loans, B-notes, and real estate securities. For TREIX, the move seeks to grow and further diversify the TREIX portfolio across geography, product types, and investment types, with a focus on maximizing dividend growth and stability1.
About Northmarq Fund Management
Northmarq Fund Management (NFM) is the real estate investment and asset management division of Northmarq, raising and managing capital for debt and equity investments across the United States. Founded in 2002 as Morrison Street Capital and renamed after being acquired by Northmarq in 2024, NFM specializes in small-balance and mid-market commercial real estate investments across the capital stack, leveraging a 23-year track record and Northmarq’s national capital markets platform to deliver institutional-quality investment opportunities across all property types.
About Northmarq
Northmarq is one of the largest privately held commercial real estate firms in the United States, combining a nationwide presence with deep local expertise. With more than 50 offices across the country, we provide a full suite of debt, equity, investment sales, loan servicing and fund management solutions for a comprehensive range of property types. Our unique structure allows us to connect clients with the best opportunities, yet nimble enough to ensure access to every expert across our company. The firm manages a loan servicing portfolio of over $80 billion and has completed $91.3 billion in transactions over the past four years. At Northmarq, collaboration fuels results, helping clients achieve success in every market, nationwide. For more information, visit www.northmarq.com.
About Thirdline Capital Management, LLC
Thirdline Capital Management, LLC, founded in 2021, was an SEC-registered investment advisor managing alternative solutions designed to assist advisors in achieving client objectives. Based in Richmond, VA, the firm served as the investment advisor to the Thirdline Real Estate Income Fund (TREIX), a non-diversified, registered closed-end fund optimized to generate stable cash flow and preserve capital value. To learn more about TREIX, visit www.Thirdlinefunds.com.
IMPORTANT RISK DISCLOSURES: THIRDLINE REAL ESTATE INCOME FUND (TREIX)
Investors should carefully consider the Fund’s investment objectives, risks, charges, and expenses before investing. The Fund’s prospectus contains this and other information and is available at www.thirdlinefunds.com. Please read the prospectus carefully before investing.
An investment in the Fund involves a high degree of risk, including the possible loss of the principal amount invested. The Fund may not be suitable for all investors, and there is no guarantee that it will achieve its investment objective.
Real estate investments involve special risks, including tenant default, environmental problems, adverse changes in local economies, and declines in real estate market prices. If mortgage loans held by the Fund default, the Fund may be unable to repossess and sell the underlying properties in a timely manner, which could reduce the value of those investments. The Fund is “non-diversified” under the Investment Company Act of 1940. As a result, a change in the value of a single holding may cause greater fluctuation in the Fund’s net asset value than it would in a diversified fund.
The Fund may borrow up to one-third of its gross asset value. Borrowing can increase losses as well as gains. Underlying property owners and private funds may use more leverage than the Fund is permitted to use. The Fund’s effective leverage could therefore be far greater than the limit imposed by the Investment Company Act of 1940.
The Fund’s direct real estate and private fund investments are priced using estimates of fair value. These estimates may prove inaccurate and will likely differ from the amounts the Fund would receive on sale or withdrawal. Because the Fund’s holdings have limited liquidity, the Fund may not be able to adjust its portfolio quickly enough to respond to material changes, which could result in substantial losses.
The Fund is a closed-end interval fund. Its shares are not listed on any securities exchange, and a secondary market for them is not expected to develop. The Fund offers each quarter to repurchase at least 5% of its outstanding shares. However, there is no guarantee that shareholders will be able to sell all the shares they tender. Fund shares are considered illiquid, and an investment is not suitable for investors who need liquidity beyond the quarterly repurchase program.
Thirdline Real Estate Income Fund is distributed by Distribution Services, LLC, Three Canal Plaza, Suite 100, Portland, ME 04101. Distribution Services, LLC and Northmarq Fund Management are not affiliated.
1 Due primarily to its focus on commercial real estate, TREIX is classified as a non-diversified registered closed-end fund
Contact: Mike Laninga
Public Relations Director
mlaninga@northmarq.com
952.247.2856
