No responses from syndicator

[John Prorok]

Has anyone else here invested in syndications with Shared Estates Asset Fund? I'm curious about what others' experience has been like.

I invested in a couple of crowdfunded syndications with them through the SmallChange platform in 2021. The fund used to post semi-annual reports on their investor site, but those reports stopped in the middle of last year. Now that they've missed two reporting periods I'm wondering if/what action I should take. I've tried emailing the operator but it's been a couple of weeks and I haven't heard anything. It's not a big hit to me if both projects go to zero, but I'd still like to know what's going on given that the group has missed two reporting periods.

I know that this kind of thing has been somewhat common among syndicators in the past year or two due to financial challenges but I don't think rising interest rates should have hurt these projects much. If I recall correctly, both had long-term, seller-carried notes at fixed interest rates. The only thing I can think of is that bookings (these were STR projects) haven't been as strong as the group anticipated. Would love to know if any other investors know something I don't.