Thoma Bravo
Thoma Bravo is a Chicago-based private equity firm with approximately $184 billion in assets under management. Thoma Bravo purchased property management software company RealPage in 2021 for $10.2 billion.
RealPage has been accused of facilitating price collusion between competing landlords, resulting in inflated rental prices, landlords sharing private information about tenants, and having a negative impact on the country’s housing market. The accusations against RealPage have resulted in over 30 class action lawsuits, 22 states proposing over 44 pieces of legislation against the software, and a Department of Justice lawsuit which includes California, North Carolina, and Washington and five other states as co-plaintiffs. States continue to launch their own lawsuits against RealPage with Kentucky recently announcing a lawsuit in July 2025. The pushback against RealPage is a bipartisan effort and despite the second Trump administration, the lawsuits and bans continue to roll in. In addition to RealPage, the Department of Justice lawsuit named six landlords who are accused of using RealPage including the private equity landlords Cortland Management, Greystar, and Blackstone.Cortland Management and Greystar have settled with the Department of Justice for their use of the software.
While these lawsuits are troubling, RealPage is just the latest instance of a Thoma Bravo acquisition or intended acquisition raising anti-trust concerns or coming under scrutiny by regulators for anti-trust activity.
Read more about Thoma Bravo’s anti-trust activity >>
Past PESP coverage of RealPage and Thoma Bravo
PESP has been following and writing about RealPage since 2023.
- Thoma Bravo-owned RealPage’s latest actions: lawsuits and lobbying – K Agbebiyi, July 24, 2025
- States Pursue Legislation Against Thoma Bravo-owned RealPage and similar software – K Agbebiyi, June 17, 2025
- DOJ Lawsuit Against Thoma Bravo’s RealPage Set to Continue – K Agbebiyi, April 7, 2025
- RealPage Latest in Thoma Bravo’s Anti-Trust Troubles- Jordan Ash, February 11, 2025
- DOJ Updates Case Against Thoma Bravo’s RealPage to Include Six of Largest Landlords – K Agbebiyi, January 30, 2025
- PESP Statement on Department of Justice Action Against Private Equity Landlord Blackstone for alleged price-fixing scheme – Sam Garin, January 14, 2025
- Anti- RealPage Ordinances Gaining Popularity – K Agbebiyi, December 9, 2024
- Thoma Bravo’s RealPage Sued by Department of Justice for Price Fixing– K Agbebiyi, October 22, 2024
- PESP Applauds Department of Justice Action Against Private Equity- Owned RealPage– Sam Garin, August 23, 2024
- Blackstone-contracted Property Manager Cortland Raided by FBI As Part of RealPage Investigation – Jordan Ash, July 17, 2024
- RealPage- Associated Landlord Subject of FBI Probe – K Agbebiyi, January 12, 2024
- Lawsuits Against RealPage Move Forward – K Agbebiyi, January 23, 2024
- RealPage Controversy Rages on as Pension Funds Continue to Invest – K Agbebiyi, October 23, 2023
- Private Equity Industry Relies on Technology to Maximize Profit – K Agbebiyi, March 9, 2023
Senators’ letters to RealPage
- Letter to RealPage on AI Moratorium – Senators Warren, Klobuchar, Sanders, Smith, Booker | May 27, 2025
- Letters to Landlords Using RealPage – Senators Warren, Markey, Representative Moulton | September 18, 2024
- Letter to RealPage re YieldStar Algorithm – Senators Warren, Smith, Sanders, Markey | November 22, 2022
- Letter to DOJ re Yieldstar (RealPage) – Senators Warren, Smith, Sanders, Markey | March 2, 2023
As of now, 10 major cities have passed ordinances that ban the usage of RealPage and similar software. Read more about the city ordinances here.
