# Lightstone DIRECT, Fortress, KREST: what's due this week

Three filings from the last week, and the dates that matter before the next newsletter.

The filing that was missing

On Sept 24 I wrote that Lightstone DIRECT's fourth deal, Arlington Industrial, was open but had no Form D, and that the rules give 15 days from the first sale. It filed on Oct 8: first sale Oct 1, $3.03 million of a $9.72 million offering sold to 27 investors, $50,000 minimum. The same day the OKC Outlets series amended its form: $4.53 million of $14.40 million sold to 29 investors. Both are about 31% sold, one in seven days since its first sale, the other in five weeks (our arithmetic).

This week's deadlines

• Oct 14: Coatue Innovative Strategies' tender offer for about $535.7 million closes.
• Oct 16: KREST's tender closes. Fortress Net Lease REIT's $1.36 billion of dated debt reaches Oct 16; it says it plans to use its extension, and no filing yet.
• Oct 19: Carlyle Credit Solutions' tender expires.
• Oct 23: VCMIX repurchase deadline.

Watchlist

• Lightstone Value Plus REIT V: $44.0 million of Citadel Apartments loans matured Oct 11; in its 10-Q the company says "no extension options remain." Nothing filed since Sept 15 as of Oct 12; cash was $66.0 million at June 30.
• Groundfloor Yield (the Notes issuer): its semiannual report, filed Oct 1, repeats the auditor's "substantial doubt about our ability to continue as a going concern" and shows a $2.6 million loss for six months.

The pattern behind the dates: Fortress Net Lease REIT sold $94.8 million of new shares on Oct 1 (8-K, Oct 6) and raised its credit facilities from $1.95 billion to $1.98 billion on Sept 29, while $1.36 billion of its debt is dated Oct 16 with the extension still a plan. When a fund is raising money and refinancing in the same week, the filing to read is the 10-Q, not the monthly NAV. Our read of the Fortress filings

If you hold one of these and a filing just landed, we can read it line by line against the one before it for you: crowdfundedwealth.com/forensic-read.

Reply and tell me the fund or platform you want me to watch next. I read every reply.

— Jorge