Toad reads registry CurrentUser\SOFTWARE\Microsoft\SQL Server Management Studio\18.0_IsoShell_Config[MsEnvLocation] and gets SSMS Environment directory.
Next, Toad is looking for ssms.exe.config in SSMS Environment directory
And next Toad is looking for $USER$\AppData\Roaming\Microsoft\SQL Server Management Studio\18.0\SqlStudio.bin file
Main idea is to use SSMS dlls for reading servers’ data from SqlStudio.bin