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Our experts frequently write blog posts about the findings of the research we are conducting.

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Walton Land Fund 4, LP: Same Scam as Walton Land Fund 3, LP

(Jul 2024)

By Craig McCann and Regina Meng

You can download a pdf of this article to print or email here.

Introduction

We have posted three notes highlighting Reg D abuse:

Walton Land Fund 3, LP: Laundering Fees and Fleecing Investors, Craig McCann and Regina Meng, available at https://www.slcg.com/resources/blog/699.

HJ Sims Reg D Offerings: Heads, HJ Sims Wins - Tails, Their Investors Lose, Craig McCann, Susan Song, Chuan Qin and Mike Yan available at ...

Who Will Stop Aegis as it Continues to Harm Investors?

(Jun 2024)

By Craig McCann and Mike Yan

You can download a PDF of this article to print or email here

Introduction

Aegis is one of the highest risk brokerage firms in the country and is using its retail customer accounts to stuff the worst underwritings in the country. Sadly, unless some authority stops Aegis, an update later in the year will show further investor wreckage as a result of Aegis's disregard for its most basic duties.

In March 2024, we documented that Aegis was systematically...

Starwood REIT Misleads, Like BREIT only Worse!

(Apr 2024)

By Craig McCann and Regina Meng

You can download a pdf of this article to print or email here.

In late 2022 we analyzed BREIT and concluded that BREIT had been systematically inflating its NAV, smoothing its returns and misleading investors. The intervening 18 months have confirmed our opinions.

We focused on BREIT because it was a juggernaut and a poster child for the nontraded REIT industry trying to rebuild after its prior "lifecycle" flimflam was no longer tenable in the face of...

Walton Land Fund 3, LP: Laundering Fees and Fleecing Investors

(Jan 2024)

By Craig McCann and Regina Meng

You can download a pdf of this article to print or email here.

Introduction

We recently published an extensive study of the unregistered Reg D securities markets:

"Regulation D Offerings: Issuers, Investors and Intermediaries", Craig McCann, Chuan Qin and Mike Yan, 2023 working paper, available at www.slcg.com/files/research-papers/Reg_D_Offering.pdf.

It is hard to assess investor returns in the Reg D marketplace because there are no publicly...

Blackstone Fiddles as BREIT Burns

(Apr 2023)

By Craig McCann and Regina Meng.

You can download a pdf of this article to print or email here.

Introduction

In December, we argued that Blackstone Real Estate Income Trust ("BREIT") smoothed and inflated its reported returns for years, leading to large investor inflows. [1] We predicted that a run on the bank had started because of Blackstone's prior conduct, leaving it with two very bad options. BREIT could honor redemption requests at posted NAVs and see its NAV cut in half as the NAV...

First National Realty Partners Reg D Offerings: Muppets Do Commercial Real Estate

(Dec 2022)

By Craig McCann, Susan Song, Chuan Qin, and Mike Yan.

You can read our previous posts Reg D offerings:

1) "Reg D Offerings Summary Statistics" here,
2) "$8 Trillion of Broker-Sold Reg D Offerings" here,
3) "HJ Sims Reg D Offerings: Heads Sims Wins, Tails their Investors Lose" here, and
4) "Inactive and Delinquent Reg D Issuers" here.

You can download and print or email this post by clicking here.

Introduction

In a recent note, we explained how HJ Sims executives formed 91 separate...

How Widespread and Predictable is Stock Broker Misconduct?

(Apr 2016)

In this paper we reconcile widely diverging recent estimates of broker misconduct. Qureshi and Sokobin report that 1.3% of current and past brokers are associated with awards or settlements in excess of a threshold amount. Egan, Matvos, and Seru find that 7.8% of current and former brokers have financial misconduct disclosures including customer complaints, awards, and settlements.

You can download our research paper, "How Widespread and Predictable is Stock Broker Misconduct?".

We...

SLCG Research: Structured Product Based Variable Annuities

(Sep 2013)

In 2010, AXA Equitable began issuing a new kind of variable annuity that, in addition to traditional mutual fund-like subaccounts, also included an option for a structured product-like crediting formula linked to an underlying index such as the S&P 500. Our firm had done a lot of work on both structured products and variable annuities, so in late 2011 we started analyzing the structured product embedded in AXA's product, eventually writing a short research paper on the subject which we...

SLCG Research: Structured Certificates of Deposit

(Jul 2013)

Lately, we've been fascinated by structured certificates of deposit (CDs), also known as 'market-linked CDs', 'equity-linked CDs', 'market contingent CDs', etc. Structured CDs are bank deposits that have interest payments linked to market indexes, individual stocks, commodities, or any other underlying asset. Unlike structured products, which have public SEC disclosure documents, structured CDs are not well studied and even the size of the market is not perfectly clear. We covered the basics...

SLCG Research: Tenants-in-Common Interests

(Jan 2013)

While we've spent a great deal of time talking about non-traded REITs on this blog, so far we've given less attention to another kind of real estate investment that has also been sold to investors based on questionable merits: tenants-in-common (TIC) interests. TICs are private placement investments that were very popular during the real estate boom of 2002-2008, but have suffered tremendously when the markets turned sour. We discussed TICs in our paper on non-traded REITs, but we felt that...

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