How to read the sheet

The sheet has two tables. New raises: who started raising. Amendments with new money: who raised more. Each row is one filing and links to it. Under each new raise on the full sheet, one line says what earlier offerings the sheet found for the people and companies named on it.

New raises

Offerings the sheet hasn't seen before: a company, which the sheet calls the issuer, telling the SEC for the first time that it's raising money for this deal or fund. One row per raise, sorted by amount sold, then offering size. On the web you can sort by amount sold, offering, earlier offerings, state, type, exemption, or issuer, and filter by state, type, and history.

• Issuer. The company that filed, as filed. Under it: city and state, the metro area, and the amount line.
• Type. The real estate category the filer chose: Commercial, Residential, Other Real Estate, REITS and Finance, Construction, or Lodging and Conventions. Real Estate Fund marks a fund that invests in real estate rather than a single deal.
• Exemption. The rule the filer used to raise money without registering the offering. 506(b) offerings can't be advertised. 506(c) offerings can be, and every investor must be verified as accredited. 3(c)(1) and 3(c)(7) mark funds exempt from the Investment Company Act.
• Offering. The most the filer said it may sell. It's a ceiling, not money raised. "Indefinite" means the filer declined to state one.
• Amount sold. What the filer reports sold so far, since the offering began. "No sales yet" means the filer says the first sale hasn't happened.
• Investors. The count the filer reports so far.
• Minimum. The smallest investment accepted from an outside investor, when stated.
• First sale. The date of the first sale, or "pending".
• Related persons. Executive officers, directors, and promoters, as filed, one entry per person. A company rather than a person, such as a general partner LLC, is marked.
• Filed. The filing date.

When one raise is filed as several entities, the sheet groups them into one raise, sums their amounts, and lists the other entities under the first.

Amendments with new money

Offerings the sheet has seen before, refiled with a higher amount sold. An amendment restates the whole filing. New money is the difference in amount sold between the amendment and the filing it amends, shown in green, the only green on the sheet. "Sold to date" is the cumulative figure. When the earlier filing isn't available, the row says "no comparison" and makes no claim about new money. An amendment that reports less sold than before is marked.

Earlier offerings

Under each new raise on the full sheet, one line says what the sheet found: "3 earlier offerings since 2009 name the same people. Those offerings reported $61M sold." Or: "No earlier offerings since 2009 found for the people named here."

An offering is one filing chain: the original Form D and its amendments, counted once. Its amount sold is the figure on its latest filing. Earlier means first filed before this issue's week, so the raises in one issue never count each other. The count reaches back to January 2009.

Two filings name the same person when the name agrees and something else does too, in the same state: the street, a co-filer, or the issuer. A name alone, or a name and a state, is never enough. Companies are counted by their exact name and address. The line is a floor, not a total. It counts what the sheet found, and it undercounts on purpose, because a wrong match would be worse than a missed one. A filer who moved states or spells a name two ways reads as new. The dollar figure is what those earlier offerings reported sold, cumulative, as filed.

When the read says a raise is at least the 40th offering since 2009 naming the same people, that is the earlier offerings the sheet found plus this one. "At least" is there because the count is a floor.

The read

One paragraph of judgment per issue. It sticks to what's in the week's data: sums, comparisons, rankings, patterns. No motives, no predictions, nothing that isn't in a filing. If a line can't be checked against the rows, it doesn't run.

Coverage and the data note

Every issue ends with a coverage statement: what the SEC listed for the week, what's in the sheet, and what isn't. Figures are as filed with the SEC and aren't verified. An offering amount is a ceiling, not money raised. Nothing here is investment advice or an offer of securities.