REIT Bagholder

@GrantCardone @investingcre

@investingcre That’s how it works

Increased the loan amount by ~$17 million. $14 to investor. The rest to Cardone! x.com/GrantCardone/s…

@BigJohn043 @endowment_eddie I'm not sure any LPs prefer placement agents over direct....

@endowment_eddie How do you feel about GPs using a placement agent or going direct?

Here’s a cold email I’d respond to: Ed, May not be a fit for this raise but wanted to start the conversation by sharing my deck (in pdf). We’re targeting a close ($x closed/$x target) in July but likely will be doing rolling closes through Q1’27. A quick yes/no is great. - GP

@tunc_y @thealepalombo Welcome to Montenegro... 😂 Thankfully, you can easily get away from this but the Russian focused new developments are quite comical. When we were there, the Marina area was a ghost town and not sure how any of it penciled.

Oh my oh my... Your third photo of Lustica... Stayed there in the hotel in that newly built fake "marina town" or whatever it is... We still remember and laugh about how badly weird it was... Modern, newly built Marina... We checked in late and sat at the hotel's restaurant for dinner... We were expecting mediterranean vibes and here we are in a fake-ass marina resort, 80% of folks speaking Russian... Then a light & sound show started on the marina lighthouse complete with music... Pure Dubai style vibes... Hotel was bad as well... Just don't...

This is the Luštica Peninsula, Montenegro. One of the most interesting corners of Montenegro, in my view. Mediterranean vibe, incredible water. Easy to reach, 15–20 minutes from Tivat Airport. Ever heard of it?

How did S2 Capital go from outpacing Blackstone's DFW apartment buying to dissolving its $400M first fund and winding down its REIT with no returns? Here's a timeline: therealdeal.com/texas/2026/07/…

@resetbasis @Stealx The Eiffel Tower go kart track in PF is a bucket list experience....

@Stealx The Paris of eastern Tennessee.

If you're buying an apartment complex that looks like this, your best amenity is price. Not countertops, outdoor kitchens, dog wash stations, ev chargers, smart locks, or anything else a guru tells you. It's all bullshit you won't get paid for. Cheap rent is all that matters.

@EllliotttB Only exception is for an aviation strategy with mineral rights hedge....

@LPInvestor Just make an exception for me

Imagine investing with someone who is asking for your money “Please invest with me” 🚩🚩🚩

Real estate GPs buying 3% cap rate deals with floating rate: 2021 2026

This was from Fund 2 market docs, so the answer is yes, the full track record was disclosed. Not shown here is the Fund 1 marks at the time (2024) which were above cost, so likely most Fund 2 investors were investing under the presumption that Fund 1 doing just fine.... x.com/LPInvestor/sta…

Let’s talk about how $373M walked into a burning building. S2 Capital, Scott Everett’s Dallas multifamily shop, just dissolved its first fund — $400M, twenty properties, and a July 1 letter telling LPs there would be “no return of capital.” Zero. The private REIT S2 created in 2024 to shelter its floating-rate deals? Investors were told to expect a full loss of equity there too. And yet between 2023 and 2025 — while Fund I’s vintage was visibly rotting — investors committed another $373M to Fund II. Ask yourself how that happens. Sophisticated people don’t knowingly wire eight figures into a strategy that’s underwater. So what did they actually see? Here’s one clue. In January, FINRA censured and fined TPEG Securities — the Southlake, TX broker-dealer affiliated with Trinity Investors — $175,000. Trinity is not a random bystander here. Trinity was S2’s feeder: it raised capital alongside S2 for years, then earned commissions selling LP interests in S2’s funds. It’s the firm that told its own investors this spring to expect a total wipeout on the S2 REIT. What did FINRA nail TPEG for? Marketing that used aggregated IRRs and cash-multiple figures across a sponsor’s prior closed deals — plus performance projections. FINRA’s finding was blunt: blended track-record numbers mask the performance of the individual deals. (The FINRA settlement doesn’t name the sponsor. Draw your own conclusions about whose deals a feeder for S2 was marketing.) And that’s the entire trick. A sponsor that started in 2012 has a decade of deals. The early ones — bought at post-crash prices, sold into the 2021 frenzy — printed monster returns. The 2020-2021 deals — bought at peak, levered with floating-rate debt — are the ones going back to lenders. Average all of it into one number and the marketing says “phenomenal track record across dozens of deals.” Break it out by vintage and the picture screams: every recent deal, the ones most like what your new money will buy, is losing. Investors in Fund II weren’t buying the 2013 track record. They were buying the 2023 strategy. One shiny blended number made it very hard to tell the difference — and a regulator has now formally said the firm selling those interests communicated in a way that masked exactly that. Fund I: gone. The REIT: gone. Fund II LPs: watching. The question that matters now isn’t whether the marketing worked. It’s whether anyone who wired money after 2022 was ever shown a deal-by-deal, vintage-by-vintage breakdown — and if not, why not.

Folks, this is what you want your GP to look like.... Hard line on "No pleats, no commitment"

@investingcre @EllliotttB Sounds like the crowd was still drunk from the night before.... 😂

@LPInvestor @EllliotttB You have to liquor up the crowd if you're going to drop a whoop whoop

Another "top-tier" retail-focused GP bites the dust....

@Jefffeldman Glad to see someone lending on NYC RS assets... What's ownership's biz plan, esp w/ bridge debt?

We just closed a $10,665,000 bridge loan for a rent stabilized multifamily portfolio in Sunset Park, Brooklyn. These are classic rent stabilized apartments. What used to be safe, sought after real estate. Except now that's not the case. We needed some thought to execute this.

@joeybaum13 @EllliotttB I couldn't get through it... you've got a stronger stomach than me.... 😂

@LPInvestor @EllliotttB watching this now. vomiting.

@joeybaum13 Keegan Coppin is a pretty active North Bay shop that would be worth talking to on a deal that size. Unfortunately don't have a specific name for you....

I need a retail leasing broker in Santa Rosa, CA. who should I talk to? I have a 3,800 square foot auto-related retail space that needs leasing.

For anyone that needs context into what retail-focused fundraising looks like.... watch this "Pitch Slam" at a "Best Ever" conference that dum-dum LPs pay $$$ to attend... 🤡🤡🤡

Responding to some deleted tweet below... In some deals, the GP eats the placement fees. In others, there are separate feeder entities - one for direct with no placement fees, and another that has placement fees so LPs that come through that channel pay 100% of that fee (which is fair). For me, any deal that charges me a equity placement fee or B/D fee (esp if affiliated) if I'm not going through that channel is an immediate pass.... it's completely unfair and you're effectively subsidizing the other LPs...

@horseshoetrl @bobbyfijan @LPInvestor @hitsamty Exactly. That fee is akin to theft And...I wasn't going through Trinity. My equity would have been diluted so they could raise money from Trinity Dishonest and deceiving. Very bad look. I never looked again

The private Sunbelt multifamily REIT formed by Scott Everett's S2 is now telegraphing a total equity wipeout, according to new investor comms from partner Trinity reviewed by The Promote. "Said another way, while the common equity was marked at $0.73 per share as of Q4 2025, S2 is currently focused on maximizing value for mezzanine investors, and equity investors should expect a full loss of capital." More for Insiders later today. REIT has 9K+ units so a BFD.

@EllliotttB The best ever video of the best ever pitch slam is here... "WHOOP FUCKING WHOOP....." How this isn't a parody is beyond me.... youtube.com/watch?v=bPxWN9…

@LPInvestor best ever

@EllliotttB You beat me to the punch on that one.... and you can imagine the quality of client's that are hiring them....

@LPInvestor the funnier part about this one is the ceo also has another business advising other funds