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An Unfortunate Reminder of the Importance of Sponsor Succession Plans

by Kate Stephany

Earlier this week, Preferred Apartment Communities, Inc. (PAC), a notable issuer in the alternative securities industry, unexpectedly lost its founder, chief executive officer, and chairman John Williams. Mr. Williams was known to many in the business, although his influence extended far outside[...]

Filed Under: Best Business Practices

Reg A+ at a Crossroads

by Brandon Raatikka

The most recently quarterly results show that the Reg A+ space has never been more active. In the first quarter of 2018, the SEC qualified new Tier 2 offerings for 26 issuers. Since the end of 2015, when rules enhancing Regulation A went into effect, 157 Tier 2 offerings (not including those[...]

Filed Under: Regulation A+

The Masters: A Customer Experience Unlike Any Other

by Scott Smith

Golf fans around the world spent last Sunday afternoon glued to their TVs to watch the best golfers in the world vie for the sacred green jacket. The green jacket is awarded by Augusta National Golf Club each year to winner of its Masters Tournament. On Sunday, hard-charging Jordan Spieth (who[...]

Filed Under: Best Business Practices

FINRA Explains Proposed Outside Business Activities Rule In One Graphic

by Brandon Raatikka

FINRA’s recent Regulatory Notice 18-18 requests public comments on a new proposal that, as we’ve discussed on this blog, would significantly change member firms’ supervisory obligations of activities that registered reps undertake at third party or affiliated investment advisory firms. Proposed[...]

Filed Under: Legal and Regulatory

Three Quick Hits from ADISA’s Spring Conference

by Scott Smith

It was great to see so many of you at the Alternative & Direct Investment Securities Association’s 2018 spring conference held this week at Rosen Shingle Creek in Orlando, Florida. ADISA always does a fabulous job with the educational track and networking opportunities at these events, and this[...]

Filed Under: Due Diligence, Real Estate, Conservation Easements, DSTs

What Does BDC Modernization Mean for Investors?

by Kemp H. Hanley

When Congress passed and President Trump signed the $1.3 trillion omnibus spending package last week, “BDC modernization” became reality. The Small Business Credit Availability Act, which was a part of the spending bill, had existed as a legislative proposal for several years and enjoyed wide[...]

Filed Under: Legal and Regulatory, BDC's

First Capital Investment Corp. Director Goes Out in Blaze of Glory

by Jacob Mohs

Usually when a director resigns from a board of a public company, the company puts out a boilerplate filing saying that the director is not resigning as a result of any disagreements with management. However, in rare cases there are fireworks. Pursuant to Item 5.02 (a) of Form 8-K, a[...]

Filed Under: Due Diligence, REITs

What to Make of Cash Out Transactions in DSTs

by Brandon Raatikka

A few sponsors we follow have arranged for cash out transactions in DSTs they have recently syndicated in the retail channel, which has turned the cash out concept into a hot topic with our clients. The IPA’s Direct Insights Call on DSTs last month addressed these new structures. So what are we[...]

Filed Under: Due Diligence, Legal and Regulatory, DSTs

Healthcare REITs Hurt by Changing Government Reimbursements

by Jacob Heidkamp

Changes in government healthcare reimbursements may be beginning to have an impact on some large non-traded REITs.

Filed Under: REITs, Real Estate, Legal and Regulatory

IPA Discussion All About DSTs

by Brandon Raatikka

FactRight’s own Jake Heidkamp moderated the latest installment of the Investment Program Association’s Direct Insights Call Series: Leveraging 1031 Exchanges to Enhance Tax Advantage Returns, held last Thursday.  

Filed Under: Real Estate, DSTs