SLCG Economic Consulting's Logo

Blog

HJ Sims Reg D Offerings: Heads, HJ Sims Wins - Tails, Their Investors Lose

Nov 2022

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

Introduction

We have been researching Reg D offerings. You can read our previous posts "Reg D Offerings Summary Statistics" here and "$8 Trillion of Broker-Sold Reg D Offerings" here. You can download and print or email this post by clicking here.

In our research, we have come across thousands of interesting Reg D Offerings. HJ Sims Reg D Offerings provide great examples of potential Reg D mischief.

The Reg D exemption from registration requirements is supposed to help small operating firms raise capital. What we observe, at least with the HJ Sims offerings, is sophisticated finance professionals using this exemption to dramatically increase their wealth at the expense of investors.

The HJ Sims Offerings

HJ Sims sold 93 Reg D Offerings totaling $2.2 billion in the past 10 years. Summary information on these 93 offerings can be found in Appendix 1. HJ Sims was the sole brokerage firm selling 84 of the 93 offerings and participated in sales for the other nine. HJ Sims' executives also appear to have created and controlled almost all the issuers of the Reg D securities it sold in the past 10 years.[1]

We observe additional information from customer account statements on 45 of the 93 HJ Sims Reg D offerings listed in Table 1. We also searched state registration records to determine whether the issuers had filed recent annual registration updates.

43 of the 45 issuers listed in Table 1 were registered in Connecticut. Most of them have not filed annual registration forms in 2021 or 2022 required by Connecticut. The "Account Status" column reflects whether the debt securities have been redeemed, defaulted or are still held on account statements. The issuers of 20 of 24 HJ Sims' Reg D securities we observe on recent account statements have not filed these required state forms.

Table 1 47 HJ Sims Reg D Offerings with Status

# Issuer Date Amount Registration Account Status

1 Elderwood Acquisition 1/18/2013 $11,000,000 Delinquent Redeemed

2 Sims Cathcart Funding 6/3/2013 $6,260,000 Delinquent Default

3 Sims Merrill Gardens III 5/23/2014 $12,050,000 Delinquent Redeemed

4 Discovery Funding Sarasota Bay 6/20/2014 $3,400,000 Dissolved Redeemed

5 Athena Acquisition VI 7/24/2014 $12,275,000 Delinquent Redeemed

6 Epic Finance I 7/30/2014 $1,600,000 Delinquent Held

7 Carmel Acquisition 8/5/2014 $4,125,000 Delinquent Redeemed

8 Gryphon Finance I 9/16/2014 $2,000,000 Delinquent Default

9 Treeo Funding I 10/30/2014 $3,650,000 Dissolved Redeemed

10 Hawkeye Village Finance I 11/4/2014 $11,000,000 Delinquent Default

11 Tuscan Isle Holdings 1 1/29/2015 $6,200,000 Active Default

12 Riverchase Funding 11/30/2015 $3,650,000 Delinquent Default

13 HJSI Athena Portfolio Finance 12/23/2015 $41,660,000 Delinquent Default

14 Meridian Portfolio Funding I 2/9/2016 $4,000,000 Delinquent Held

15 Tuscan Isle ChampionsGate Holdings 3/29/2016 $6,800,000 Dissolved Default

16 Cypress Point Funding 5/4/2016 $3,000,000 Delinquent Default

17 Wakefield Portfolio Funding I 6/2/2016 $5,160,000 Delinquent Redeemed

18 Affinity Portfolio Funding 6/17/2016 $6,050,000 Active Held

19 BHCP Acquisition 7/7/2016 $5,250,000 Dissolved Redeemed

20 Sims Merrill Gardens V 9/6/2016 $16,975,000 Delinquent Held

21 Affinity Portfolio Funding III 11/18/2016 $9,570,000 Delinquent Redeemed

22 Affinity Development Funding I 1/11/2017 $4,035,000 Active Held

23 Vantage Point Funding I 2/17/2017 $18,000,000 Delinquent Held

24 Sante Funding I 4/4/2017 $5,080,000 Delinquent Redeemed

25 Vita Funding I 7/14/2017 $2,000,000 Delinquent Redeemed

26 LW Development Funding I 8/3/2017 $3,800,000 Delinquent Redeemed

27 Affinity Funding IV 8/16/2017 $3,000,000 Dissolved Redeemed

28 NHG Funding I 9/13/2017 $7,400,000 Delinquent Held

29 Affinity Portfolio Funding V 10/3/2017 $6,080,000 Dissolved Redeemed

30 Affinity Portfolio Funding VI 10/17/2017 $4,635,000 Delinquent Held

31 Monarch Funding I 1/10/2018 $6,500,000 Delinquent Redeemed

32 Sims Benchmark V 2/8/2018 $13,590,000 Delinquent Held

33 TL Funding I 2/8/2018 $6,025,000 Delinquent Held

34 NHG Funding II 6/13/2018 $19,700,000 Delinquent Redeemed

35 Civitas Funding I 8/28/2018 $5,850,000 Delinquent Redeemed

36 Poet's Walk Funding I 12/13/2018 $10,000,000 Delinquent Default

37 NHG Funding III 2/4/2019 $27,000,000 Delinquent Held

38 Monarch Funding III 6/24/2019 $2,000,000 Delinquent Redeemed

39 Madison Funding I 7/3/2019 $5,115,000 Delinquent Default

40 TL Funding II 7/3/2019 $3,950,000 Delinquent Redeemed

41 Monarch Funding IV 8/5/2019 $2,200,000 Delinquent Redeemed

42 Links Funding I 9/4/2019 $2,775,000 Delinquent Held

43 Family Health Funding I 10/16/2019 $2,200,000 Delinquent Held

44 Sims Benchmark VI 10/29/2019 $18,500,000 Delinquent Held

45 Sims Merrill Gardens VI 11/12/2019 $24,575,000 Delinquent Held

What was HJ Sims Play?

HJ Sims executives owned and/or controlled most of the issuers of Reg D bonds that Sims sold to clients. If a Sims' Reg D offering failed, the executives would suffer a portion of the losses but realize all the gains if an offering succeeded. Thus, in addition to commissions and other fees associated with the offering, HJ Sims executives stood to reap substantial profits while bearing only a small portion of the potential losses on the over $2 billion in Reg D bonds it sold to clients.

An example of this "heads HJ Sims wins, tails their investors lose" strategy is Madison Funding 1, LLC. HJ Sims executives created this legal entity to buy equity interests in a Reg D offering called RDM Housing Strategies VI, LLC and issue Reg D debt securities which Sims then sold to its retail clients. If the RDM Housing Strategies VI, LLC succeeded, HJ Sims executives kept all the profits and if RDM Housing Strategy VI, LLC failed, Sims' retail customers bore most of the losses. Madison Funding 1 investors were simply providing an unsecured loan to HJ Sims executives to fund the executives' investment in RDM.

Far from being an efficient way for operating companies to raise capital, the Reg D program at HJ Sims appears to have simply been a way for Sims executives to place large bets with their clients' money, keeping any gains for themselves and shifting most of the losses onto its retail clients. HJ Sims ability to shift losses to its clients would naturally lead it to invest in riskier projects with unusually high likelihood of failure.

Defaults Are Common Among HJ Sims Reg D Offerings

Given HJ Sims incentives to take extraordinary risks with its clients money, perhaps it is not surprising that a large number of HJ Sims Reg D offerings defaulted and have become virtually worthless.

At least 10 of the 45 HJ Sims offerings have defaulted on interest and/or principal payments. HJ Sims valued the 10 defaulted bonds discussed below at an average price of $75 per $100 long after the Issuers (8 of which were owned and/or controlled by HJ Sims executives) defaulted on interest or principal payments. These bonds were likely worth no more than $30 on average at the time they first missed an interest or principal payment. They were ultimately worth almost nothing after missing many more payments including maturity payments yet HJ Sims values them at $75 on average.

Defaulted HJ Sims Offerings

1. HJ Sims executives organized Cypress Point Funding, LLC in 2016 and filed Form D on May 4, 2016 to issue $3,000,000 bonds due April 1, 2023. Cypress Point Funding, LLC defaulted on interest payments due July 1, 2020 and October 1, 2020, and was liquidated at $16.67 on December 10, 2020.

HJ Sims valued Cypress Point Funding, LLC bonds issued by an entity its executives owned and/or controlled at $80 per $100 after the bonds defaulted. HJ Sims valued these bonds at $80 on November 30, 2020 even though it made a final liquidation payment of $16.67 just 10 days later. HJ Sims executives who controlled Cypress Point Funding, LLC must have known long before November 30, 2020 that investors were going to only receive approximately $16.67 in liquidation and yet HJ Sims continued to value these bonds at $80. As we explain below, defaulted bonds drop in value dramatically and long before a default. These bonds were very likely worth 20 or 30 cents per dollar when HJ Sims was valuing them at $100 and $80 on customer account statements.

Figure 1 shows the statement prices and key events of the Cypress Point Funding bonds.

Figure 1: HJ Sims Account Statement Prices and Key Events of Cypress Point Funding, LLC Bonds Due April 1, 2023 (CUSIP 23281HAB0) A figure of a line graph showing HJ Sims account statement prices and key events of Cypress Point Funding, LLC bonds due April 1, 2023.


2. HJ Sims executives organized Gryphon Finance I, LLC in 2014 and filed Form D on September 16, 2014 to issue $2,000,000 bonds due October 1, 2024. Gryphon Finance I, LLC defaulted on principal payments due October 1, 2020 and afterwards, and paid reduced interest since.

HJ Sims valued Gryphon Finance I, LLC bonds, issued by an entity its executives owned and/or controlled, at $85 per $100 after the bonds defaulted. We observe these bonds on recent HJ Sims customer account statements valued by HJ Sims at $85 despite missing 9 quarterly interest payments. These bonds were very likely worth 20 or 30 cents per dollar when HJ Sims was valuing them at $100 and $85 on customer account statements.

Figure 2 shows the statement prices and key events of the bonds.

Figure 2: HJ Sims Account Statement Prices and Key Events of Gryphon Finance I, LLC Bonds Due October 1, 2024 (CUSIP 400511AB7) A figure of a line graph showing HJ Sims account statement prices and key events of Gryphon Finance I, LLC bonds due October 1, 2024.


3. HJ Sims executives organized Hawkeye Village Finance I, LLC in 2014 and filed Form D on November 4, 2014 to issue $11,000,000 bonds due October 30, 2020. Hawkeye Village Finance I, LLC defaulted on interest payments due May 1, 2016 and afterwards.

HJ Sims valued the Hawkeye Village Finance I, LLC bonds, issued by an entity its executives owned and/or controlled, at $60 per $100 after the bonds October 30, 2020 maturity date despite the bonds not paying interest for more than four years and failing to make any payment when the bonds came due. HJ Sims clients received a distribution of $10.227272 per $1,000 in February 2021 - only 1% of the amount which had been due October 30, 2020. These bonds were almost certainly nearly worthless since 2017 despite still currently being valued on HJ Sims account statements at $50 per $100.

Figure 3 shows the statement prices and key events of the bonds.

Figure 3: HJ Sims Account Statement Prices and Key Events of Hawkeye Village Finance I, LLC Bonds Due October 30, 2020 (CUSIP 42020PAB8) A figure of a line graph showing HJ Sims account statement prices and key events of Hawkeye Village Finance I, LLC bonds due October 30, 2020.


4. HJ Sims executives organized HJSI Athena Portfolio Finance, LLC in 2015 and filed Form D on December 23, 2015 to issue $41,660,000 bonds due April 1, 2026. HJSI Athena Portfolio Finance, LLC partially delayed the interest payment due October 1, 2021, and made a reduced interest payment due April 1, 2022.

HJ Sims valued the HJSI Athena Portfolio Finance, LLC bonds issued by an entity its executives owned and/or controlled, at $95 per $100 after the bonds defaulted. These bonds are likely worth less than 20 or 30 cents per dollar but are currently being valued on HJ Sims account statements at $95 per $100.

Figure 4 shows the statement prices and key events of the bonds.

Figure 4: HJ Sims Account Statement Prices and Key Events of HJSI Athena Portfolio Finance, LLC Bonds Due April 1, 2026 (CUSIP 40423HAB3) A figure of a line graph showing HJ Sims account statement prices and key events of HJSI Athena Portfolio Finance, LLC bonds due April 1, 2026.


5. HJ Sims executives organized Madison Funding I, LLC in 2019 and filed Form D on July 3, 2019 to issue $5,115,000 bonds due June 1, 2024. Madison Funding I, LLC defaulted on principal payments due March 1, 2021 and afterwards, and paid reduced interest since.

HJ Sims valued the Madison Funding I, LLC bonds issued by an entity its executives owned and/or controlled, at $100 per $100 after the bonds defaulted. HJ Sims continues to value these defaulted bonds on customer account statements at $100.

Figure 5 shows the statement prices and key events of the bonds.

Figure 5: HJ Sims Account Statement Prices and Key Events of Madison Funding I, LLC Bonds Due June 1, 2024 (CUSIP 557491AB3) A figure of a line graph showing HJ Sims account statement prices and key events of Madison Funding I, LLC bonds due June 1, 2024.


6. HJ Sims executives organized Poet's Walk Funding I, LLC in 2018 and filed Form D on December 13, 2018 to issue $10,000,000 bonds due December 1, 2028. Poet's Walk Funding I, LLC made reduced interest payment due December 1, 2021, missed interest payment due March 1, 2022, and paid reduced interests due June 1, 2022. Poet's Walk Funding I, LLC also defaulted on principal payments due March 1, 2022 and June 1, 2022.

HJ Sims, valued the Poet's Walk Funding I, LLC bonds issued by an entity its executives owned and/or controlled, at $90 per $100 after the bonds defaulted. HJ Sims continues to value these defaulted bonds on customer account statements at $90.

Figure 6 shows the statement prices and key events of the bonds.

Figure 6: HJ Sims Account Statement Prices and Key Events of Poet's Walk Funding I, LLC Bonds Due December 1, 2028 (CUSIP 73045AAA9) A figure of a line graph showing HJ Sims account statement prices and key events of Poet's Walk Funding I, LLC bonds due December 1, 2028.


7. HJ Sims executives organized Riverchase Funding, LLC in 2015 and filed Form D on November 30, 2015 to issue $3,650,000 bonds due December 1, 2022. Riverchase Funding, LLC defaulted on interest payments due January 1, 2020 and afterwards.

HJ Sims valued the Riverchase Funding, LLC bonds issued by an entity its executives owned and/or controlled, at $70 per $100 three years after the bonds defaulted and just months before the bonds' maturity. These Riverchase Funding bonds are very likely worthless.

Figure 7 shows the statement prices and key events of the Riverchase Funding, LLC bonds.

Figure 7: HJ Sims Account Statement Prices and Key Events of Riverchase Funding, LLC Bonds Due December 1, 2022 (CUSIP 768579AB0) A figure of a line graph showing HJ Sims account statement prices and key events of Riverchase Funding, LLC bonds due December 1, 2022.


8. HJ Sims executives organized Sims Cathcart Funding, LLC in 2012 and filed Form D on June 3, 2013 to issue $6,260,000 bonds due June 1, 2023. Sims Cathcart Funding, LLC paid reduced interest due October 1, 2020 and April 1, 2022.

HJ Sims valued the Sims Cathcart Funding, LLC bonds, issued by an entity its executives owned and/or controlled, at $100 per $100 after the bonds made reduced interest payments.

Figure 8 shows the statement prices and key events of the bonds.

Figure 8: HJ Sims Account Statement Prices and Key Events of Sims Cathcart Funding, LLC Bonds Due June 1, 2023 (CUSIP 82915TAB4) A figure of a line graph showing HJ Sims account statement prices and key events of Sims Cathcart Funding, LLC bonds due June 1, 2023.


9. Tuscan Isle ChampionsGate Holdings, LLC was organized in 2015 and filed Form D on March 29, 2016 to issue $6,800,000 bonds due May 1, 2023. Tuscan Isle ChampionsGate Holdings, LLC defaulted on interest payments due May 1, 2019 and afterwards.

These bonds received a $58.823529 per $1,000 (5.8%) final default distribution on November 1, 2022. They are almost certainly worthless despite still being recently valued on HJ Sims account statements at $45 per $100.

Figure 9 shows the statement prices and key events of the bonds.

Figure 9: HJ Sims Account Statement Prices and Key Events of Tuscan Isle ChampionsGate Holdings, LLC Bonds Due May 1, 2023 (CUSIP 90069JAB3) A figure of a line graph showing HJ Sims account statement prices and key events of Tuscan Isle ChampionsGate Holdings, LLC bonds due May 1, 2023.


10. Tuscan Isle Holdings 1, LLC was organized in 2014 and filed Form D on January 29, 2015 to issue $6,200,000 bonds due December 1, 2022. Tuscan Isle Holdings 1, LLC made a reduced interest payment on February 1, 2019 and missed interest payments due May 1, 2019 and afterwards.

HJ Sims recently continues to value these defaulted, likely worthless, bonds at $40.4 per $100.

Figure 10 shows the statement prices and key events of the bonds.

Figure 10: HJ Sims Account Statement Prices and Key Events of Tuscan Isle Holdings 1, LLC Bonds Due December 1, 2022 (CUSIP 90069EAB4) A figure of a line graph showing HJ Sims account statement prices and key events of Tuscan Isle Holdings 1, LLC bonds due December 1, 2022.


Bond Prices Decline Substantially Well Before the First Payment Default

Figure 11 below shows the average price of 110 corporate bonds that defaulted on principal or interest payments between January 1, 2019 and October 31, 2022 and have issue price and TRACE prices available on Bloomberg 1 year preceding their default dates. As we can see, corporate bond prices drop dramatically prior to the first default.

Figure 11: Market Price (as % of Issue Price) of Unsecured Corporate Bonds 1 Year Preceding the Default A figure of a line graph showing market price (as % of issue price) of unsecured corporate bonds 1 year preceding the default.


Appendix 1 HJ Sims Reg D Offerings 11/2012 - 11/2022

# CIK Issuer Date Filed Amount State Registration Status

1 1562797 Cleveland Thermal, LLC 11/30/2012 27,850,000 Active

2 1564208 Lake County, Florida 12/10/2012 4,235,000 n/a

3 1563913 Fountains Acquisition Finance I, LLC 12/11/2012 1,570,000 Dissolved

4 1567261 Elderwood Acquisition, LLC 1/18/2013 11,000,000 Delinquent

5 1565090/ 1565091 Stuart Lodge Living LLC / Stuart Lodge Properties LLC 2/4/2013 515,000 Active

6 1569096 Sims Cathcart Funding, LLC 6/3/2013 6,260,000 Delinquent

7 1562797 Cleveland Thermal, LLC 7/23/2013 15,740,000 Active

8 1582840 HBS Acquisition Finance, LLC 7/31/2013 3,390,000 Dissolved

9 1585737 Orchard View Acquisition, LLC 9/3/2013 2,375,000 Delinquent

10 1585612 DRSN Real Estate GP LLC 9/16/2013 10,000,000 Active

11 1594354 MacKenzie Preferred Funding, LLC 12/18/2013 14,500,000 Delinquent

12 1605675 Fox Ridge Finance, LLC 4/15/2014 5,400,000 Dissolved

13 1607610 Heatherwood Acquisition, LLC 5/8/2014 1,720,000 Delinquent

14 1545238 Sims Merrill Gardens III, LLC 5/23/2014 12,050,000 Delinquent

15 1611068 Discovery Funding Sarasota Bay, LLC 6/20/2014 3,400,000 Dissolved

16 1614796 Athena Acquisition VI, LLC 7/24/2014 12,275,000 Delinquent

17 1615231 Epic Finance I, LLC 7/30/2014 1,600,000 Delinquent

18 1615802 Carmel Acquisition, LLC 8/5/2014 4,125,000 Delinquent

19 1619639 Gryphon Finance I, LLC 9/16/2014 2,000,000 Delinquent

20 1623690 Treeo Funding I, LLC 10/30/2014 3,650,000 Dissolved

21 1623693 Hawkeye Village Finance I, LLC 11/4/2014 11,000,000 Delinquent

22 1628634 Fountains of Hope, LLC 12/23/2014 1,465,000

23 1631793 Tuscan Isle Property Company, LLC 1/28/2015 1,730,000 Active

24 1631794 Tuscan Isle Holdings 1, LLC 1/29/2015 6,200,000 Active

25 1642289 Tuscan Gardens of Venetia Bay Properties, LLC 7/27/2015 1,510,000 Active

26 1652764 Gryphon BH Funding, LLC 9/9/2015 2,500,000 Delinquent

27 1659541 Riverchase Funding, LLC 11/30/2015 3,650,000 Delinquent

28 1661799 HJSI Athena Portfolio Finance, LLC 12/23/2015 41,660,000 Delinquent

29 1666272 Meridian Portfolio Funding I, LLC 2/9/2016 4,000,000 Delinquent

30 1670461 Tuscan Isle ChampionsGate Holdings, LLC 3/29/2016 6,800,000 Dissolved

31 1670428 Tuscan Isle ChampionsGate Prop. Co., LLC 3/29/2016 2,930,000 Dissolved

32 1673801 Cypress Point Funding, LLC 5/4/2016 3,000,000 Delinquent

33 1676092 Wakefield Portfolio Funding I, LLC 6/2/2016 5,160,000 Delinquent

34 1677442 Affinity Portfolio Funding, LLC 6/17/2016 6,050,000 Active

35 1679019 BHCP Acquisition, LLC 7/7/2016 5,250,000 Dissolved

36 1687004 Affinity Portfolio Funding II, LLC 10/7/2016 2,475,000 Dissolved

37 1690398 Affinity Portfolio Funding III, LLC 11/18/2016 9,570,000 Delinquent

38 1693898 Affinity Development Funding I, LLC 1/11/2017 4,035,000 Active

39 1698416 Vantage Point Funding I, LLC 2/17/2017 18,000,000 Delinquent

40 1702505 Sante Funding I, LLC 4/4/2017 5,080,000 Delinquent

41 1709865 Tuscan Gardens of Palm Coast Properties, LLC 6/27/2017 5,530,000 Active

42 1711827 Vita Funding I, LLC 7/14/2017 2,000,000 Delinquent

43 1713495 LW Development Funding I, LLC 8/3/2017 3,800,000 Delinquent

44 1714390 Affinity Funding IV, LLC 8/16/2017 3,000,000 Dissolved

45 1715907 NHG Funding I, LLC 9/13/2017 7,400,000 Delinquent

46 1718548 Affinity Portfolio Funding V, LLC 10/3/2017 6,080,000 Dissolved

47 1718549 Affinity Portfolio Funding VI, LLC 10/17/2017 4,635,000 Delinquent

48 1727350 Monarch Funding I, LLC 1/10/2018 6,500,000 Delinquent

49 1730552 Sims Benchmark V, LLC 2/8/2018 13,590,000 Delinquent

50 1730534 TL Funding I, LLC 2/8/2018 6,025,000 Delinquent

51 1683851 Sims Merrill Gardens V, LLC 3/12/2018 16,975,000 Delinquent

52 1738461 Stonebridge Funding I, LLC 5/4/2018 2,470,000 Delinquent

53 1743055 NHG Funding II, LLC 6/13/2018 19,700,000 Delinquent

54 1747692 Riverview ALF Holdings, LLC 7/30/2018 1,500,000 Active

55 1750774 Civitas Funding I, LLC 8/28/2018 5,850,000 Delinquent

56 1750776 Inspirit Venue Funding I, LLC 9/4/2018 7,250,000 Delinquent

57 1444657 Sims High Income Portfolio, L.P. 10/9/2018 14,311,646

58 1761144 Poet's Walk Funding I, LLC 12/13/2018 10,000,000 Delinquent

59 1766028 NHG Funding III, LLC 2/4/2019 27,000,000 Delinquent

60 1775437 Monarch Funding II, LLC 5/8/2019 2,100,000 Delinquent

61 1585612 DRSN Real Estate GP LLC 6/20/2019 11,310,000 Active

62 1780108 Monarch Funding III, LLC 6/24/2019 2,000,000 Delinquent

63 1779440 Madison Funding I, LLC 7/3/2019 5,115,000 Delinquent

64 1781124 TL Funding II, LLC 7/3/2019 3,950,000 Delinquent

65 1783898 Monarch Funding IV, LLC 8/5/2019 2,200,000 Delinquent

66 1762806 NREA Southeast Portfolio Three, DST 8/15/2019 72,403,877

67 1786718 Links Funding I, LLC 9/4/2019 2,775,000 Delinquent

68 1791020 Family Health Funding I, LLC 10/16/2019 2,200,000 Delinquent

69 1792010 Sims Benchmark VI, LLC 10/29/2019 18,500,000 Delinquent

70 1756270 NREA Retreat, DST 11/5/2019 35,125,712

71 1793664 Sims Merrill Gardens VI, LLC 11/12/2019 24,575,000 Delinquent

72 1756603 Griffin Capital (South Beach - Vegas) DST 11/14/2019 32,662,643

73 1794737 TL Funding III, LLC 11/25/2019 2,150,000 Delinquent

74 1797579 Caraday Funding I, LLC 12/26/2019 7,450,000 Delinquent

75 1801335 Crown Point Funding I, LLC 1/30/2020 3,435,000 Delinquent

76 1804515 Magnolia Funding I, LLC 2/25/2020 2,735,000 Active

77 1806551 Voralto Funding I, LLC 3/26/2020 4,100,000 Active

78 1813645 Links Funding II, LLC 6/10/2020 1,150,000 Active

79 1826655 ALG Funding IX, LLC 10/13/2020 2,200,000 Dissolved

80 1856704 Watermark FL Funding, LLC 4/28/2021 1,020,000 Active

81 1864326 SAL Funding I, LLC 5/26/2021 1,970,000 Active

82 1772315 Commercial Equipment Finance Income Fund, LLC 7/15/2021 30,000,000

83 1878845 TL Funding IV, LLC 8/17/2021 3,000,000 Active

84 1881138 Elevate Funding I, LLC 9/7/2021 6,400,000 Active

85 1755755 Vinebrook Homes Trust, Inc. 9/30/2021 1,085,000,000 Delinquent

86 1825904 Parliament Credit Opportunities Fund, LLC 10/25/2021 200,000,000

87 1918217 Comprehensive Care Funding I, LLC 3/18/2022 3,540,000 Active

88 1922263 PPG Funding I, LLC 4/13/2022 5,780,000 Active

89 1931077 Hill Valley Funding I, LLC 6/13/2022 4,290,000 Active

90 1935329 Links Funding III, LLC 7/22/2022 5,340,000 Active

91 1935082 PPG Funding II, LLC 8/10/2022 6,260,000 Active

92 1922296 NexPoint Buffalo DST 9/7/2022 54,531,314

93 1920957 NexPoint Hughes DST 9/7/2022 115,262,632

Total $2,209,867,824




[1] HJ Sims' executives are listed as related persons on almost all the Form D filings for the 93 HJ Sims Reg D Offerings. These executives appear to own or control the legal entities issuing the debt securities that HJ Sims was selling to its clients.

Back