--- title: "Stephen Winn: founder, holdings and family investment vehicles" language: en canonical: https://osint.v3rta.com/dossiers/realpage/stephen-winn/ as_of: 2026-10-10 keywords: ["RealPage","Thoma Bravo","rental software","revenue management","YieldStar","Lease Rent Options","AIRM","rental housing","antitrust litigation","Stephen Winn"] --- # Stephen Winn: founder, holdings and family investment vehicles - Also known as: Steve Winn **Question.** How was Stephen Winn connected to RealPage before and after the buyout? **Answer.** Winn founded and led RealPage, held shares through several vehicles and retained an unquantified parent-equity interest through a rollover. ## Management and beneficial ownership are different roles - Analysis: Stephen Winn led RealPage from its early period in 1998 until Dana Jones succeeded him in August 2021. His prior software-industry career helps explain the founder role, but share ownership must be read from separate dated filings. Winn-attributed percentages declined across the 2012, 2014 and 2021 snapshots; the figures include shares held by controlled vehicles. [s-d20] [s-d3] [s-d219] [s-d242] [s-d39] - Documented: Winn-attributed ownership changed across dated filings: 35.2% at 31 December 2012, 33.09% at 7 April 2014, 32.7% at 31 December 2014 and 9.7% in the April 2021 table. In the latter table, Seren Capital held 5,804,587 shares and Seren Capital II held three million; Winn was sole manager and president of their respective general partners. [s-d219] [s-d242] [s-d3] [s-d39] - Qualification: The family vehicles’ holdings overlap the beneficial-ownership total attributed to Winn and must not be added to it. - Analysis: Seren Capital and Seren Capital II held RealPage shares through their respective management-company general partners. Other filings describe Seren Catalyst, a family limited partnership and the Melinda Winn trust. Winn’s managerial powers and the co-trustees’ roles explain voting and disposition authority; they are not additional shareholdings to add to the beneficial-ownership total. [s-d219] [s-d242] [s-d39] [s-d9] [s-d3] - Documented: Seren Capital Management, L.L.C. acted as general partner of Seren Capital, Ltd. and Seren Catalyst, L.P. Stephen T. Winn Management, LLC was general partner of Stephen T. Winn 1996 Family LP A. Winn managed both management companies; Stephen and Melinda Winn were co-trustees of the Melinda G. Winn 2010 QTIP Trust. [s-d219] [s-d242] [s-d39] [s-d9] - Qualification: These are capacities recorded in historical share-ownership filings, not a current catalogue of family assets. - Analysis: At the 2021 closing, some Seren Capital II shares were exchanged for parent equity. The disclosure does not give the size of that interest or identify the particular parent in the footnote. It establishes a continuing investment interest through the transaction, rather than a present-day percentage or an assertion that Winn controlled the sponsor’s acquisition vehicle. [s-d17] [s-d64] - Documented: Winn’s Form 4 records that some shares held by Seren Capital II, Ltd. were contributed immediately before closing to RealPage’s parent in exchange for equity interests. Other shares became rights to $88.75 in cash. [s-d17] [s-d64] - Qualification: The retained disclosure does not quantify the resulting parent-company percentage or name that parent within the rollover footnote. It does not establish sole Thoma Bravo ownership. ## Disclosed dealings and separate investment activities - Analysis: RealPage’s filing disclosed its preferred-provider and service agreements with Winn Family Office, owned and controlled by Winn, and $218,811 of fees in 2020. It also disclosed his son’s employment and later acquisition-consulting role. These are specific related-party arrangements; their disclosure alone is not a finding of impropriety. [s-d3] [s-d242] [s-d9] - Documented: RealPage disclosed employing Chris Winn, Stephen Winn’s son, and later retaining him as an acquisitions consultant. The 2014 proxy described employment from October 2006 to August 2012, consulting thereafter and approximately $189,839 total 2013 compensation, including option-exercise proceeds. Earlier filings also disclosed reimbursements to Seren Capital for aircraft use. [s-d242] [s-d9] - Qualification: A disclosed related-party arrangement is not itself a finding of improper conduct. - Analysis: Mirasol Capital is described as Winn’s separate investment firm with interests in real estate, technology and entertainment, including a reported Cosm connection. The name must not be conflated with Mirasol Parent merely because both contain “Mirasol.” The buyer-side merger documents, rather than that shared word, establish the acquisition structure. [s-d223] [s-d63] [s-d88] [s-d2] - Attributed: Winn founded Mirasol Capital, an investment firm spanning real estate, technology and entertainment. Retained company and reported accounts connect it with Cosm; a directory also lists Winn as Cosm’s chair. [s-d223] [s-d63] [s-d88] - Qualification: The shared word Mirasol does not establish that Winn’s investment firm was the merger vehicle Mirasol Parent. The merger documents identify the buyer-side vehicle separately. - Analysis: A retained tax-return representation supplies separate information about Winn Family Foundation, while reporting describes an environmental dispute concerning Mirasol Springs. The material does not establish that proposed university donations were actually paid or that the development dispute produced a finding of illegality. Similarly named foundation officers remain distinct unless their identity is independently supported. [s-d240] [s-d213] - Documented: The retained 2024 tax-return representation for Winn Family Foundation reports net assets of $84,372,132 and charitable disbursements of $2,100,708. It lists Stephen Winn as president/director and Melinda Winn and Christopher S. Winn among vice-presidents/directors. [s-d240] - Qualification: The filing does not itself establish the family relationship of every similarly named officer. Christopher S. Winn is not automatically merged with Chris Winn. - Attributed: A reported account describes opposition to the Winn-backed Mirasol Springs development near Roy Creek Canyon over water and biodiversity concerns. It also describes a planned conservation easement and a university field-station relationship with Winn Family Foundation. [s-d213] - Qualification: The account describes a public environmental dispute, not a court finding of wrongdoing; proposed donations are not treated as money actually paid. ## Sources - [s-d20] Company statement source · s-d20 - [s-d3] RealPage 2020 Form 10-K/A: directors and beneficial ownership, U.S. Securities and Exchange Commission - [s-d219] Winn Schedule 13G, ownership at December 2012, U.S. Securities and Exchange Commission - [s-d242] RealPage 2014 proxy statement, U.S. Securities and Exchange Commission - [s-d39] Winn Schedule 13G/A, ownership at December 2014, U.S. Securities and Exchange Commission - [s-d9] RealPage 2010 IPO prospectus, U.S. Securities and Exchange Commission - [s-d17] RealPage merger proxy statement, February 2021, U.S. Securities and Exchange Commission - [s-d64] Stephen Winn Form 4: April 2021 merger and rollover, U.S. Securities and Exchange Commission - [s-d223] Other source · s-d223 - [s-d63] Company statement source · s-d63 - [s-d88] Media source · s-d88 - [s-d2] RealPage Form 8-K: merger closing, 22 April 2021, U.S. Securities and Exchange Commission - [s-d240] Other source · s-d240 - [s-d213] Media source · s-d213