JOSS Realty REIT, Inc. (JOSS)

Key economics

Preferred return

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Hurdle rate

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LP / GP split

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GP catch-up

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GP clawback

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GP commitment

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Diligence findings (15 · 4 high/critical)

• high
  DDQ gap: Does the fund engage an independent auditor?The offering documents don't answer a standard institutional DDQ question (Governance). An allocator will ask this directly — the GP should be ready with an answer.
• high
  DDQ gap: Does the fund have a GP clawback provision?The offering documents don't answer a standard institutional DDQ question (Economics). An allocator will ask this directly — the GP should be ready with an answer.
• high
  DDQ gap: What is the LP/GP carried-interest split above the preferred return?The offering documents don't answer a standard institutional DDQ question (Economics). An allocator will ask this directly — the GP should be ready with an answer.
• high
  DDQ gap: What is the preferred return (hurdle) rate offered to LPs?The offering documents don't answer a standard institutional DDQ question (Economics). An allocator will ask this directly — the GP should be ready with an answer.
• medium
  DDQ gap: Does the fund use a third-party fund administrator?The offering documents don't answer a standard institutional DDQ question (Governance). An allocator will ask this directly — the GP should be ready with an answer.
• medium
  DDQ gap: Is there a GP catch-up, and at what rate?The offering documents don't answer a standard institutional DDQ question (Economics). An allocator will ask this directly — the GP should be ready with an answer.
• medium
  DDQ gap: What is the GP's capital commitment (skin in the game)?The offering documents don't answer a standard institutional DDQ question (Economics). An allocator will ask this directly — the GP should be ready with an answer.
• medium
  DDQ gap: What is the target offering size?The offering documents don't answer a standard institutional DDQ question (Structure). An allocator will ask this directly — the GP should be ready with an answer.
• medium
  Unfilled placeholder text — Note to Om footnote (Prime Rate definition)An unresolved internal drafting note to a colleague was shipped in the executed agreement, appearing as footnote 1 on the 'Prime Rate' definition.
• low
  Broken cross-reference — Section 10.3(b) -> Section 10.4(b)Within Section 10.3 (Partnership Representative), subsection (b) refers to 'this Section 10.4(b)'; Section 10.4 is a separate section (Withholding), so the self-reference is mis-numbered.
• low
  Broken cross-reference — Section 4.3(a) enumeration skips (iv)The enumerated list of authorized Partnership Unit issuances in Section 4.3(a) runs (i), (ii), (iii), then jumps to (v) and (vi), omitting clause (iv).
• low
  Broken cross-reference — Section 9.2(c) -> Section 9.3Subsection (c) of Section 9.2 (Reports) repeatedly cites 'Section 9.3(a) and 9.3(b)' and 'this Section 9.3', but no Section 9.3 exists in the Agreement; the section is 9.2.
• low
  DDQ gap: What is the minimum LP investment?The offering documents don't answer a standard institutional DDQ question (Structure). An allocator will ask this directly — the GP should be ready with an answer.
• info
  Spelling / typo — Common Stock ShareErroneous doubled noun in the Adjustment Factor definition: 'the Value of one share of Common Stock Share as of the record date' ('Stock Share').
• info
  Spelling / typo — the the this AgreementDoubled / broken article in Section 7.1(a)(xxiii): 'the amendment and restatement of the this Agreement'.

DDQ readiness — 23% covered

3 answered · 1 partial · 9 gaps of 13 standard questions.