I am an investor in F&D’s funds from when they were smaller and accepted non-accredited investors. They do not do so now. You must be accredited. I am very pleased with the performance of my capital.
Minimums are in the range of $10-50k. Note that there are funds that are"closed" and others that are open to new investment and past performance does not guarantee future results.
A little nit picking - my understanding is as follows: the funds pay a preferred return on your invested capital, which is returned to you if there is “excess” cash. So after that is returned, only the remainder of your investment is earning the preferred return. Example: you invested $80k and got $2000 quarterly or maybe not timely but after 10 quarters you get a total (non compounded) of $40k. That’s your preferred return of 10% of $80k for 2.5 years ($20k) plus an additional $20k of your capital back. So now you only get $1,500 per quarter because it’s 10% of $60k preferred.
Then once all preferred returns are caught up and the capital is paid back to investors, all future distributions (including sales proceeds or refinances) are paid out 50/50 with the sponsors until liquidation of the fund.
But all of that cash to investors comes out after fund management takes fees e.g. 1% for acquisition, disposition, loan guarantees, etc.
Nevertheless I would have invested more if I could have. I expect the total gain, without reinvesting the dividends, to be 100% over 5? years which compares favorably to alternative investments with that time horizon and risk.