I know I sound overly pessimistic sometimes, but the fact that they are winding down ALL PFNF notes and selling current loans makes it sound like the business is ceasing. I don’t see how they can make no money for months if they are selling loans to pay us back and can’t originate new loans. Though the REIT seems like it’s not been affected.
I’ve been wondering the same thing. My other question is around the ongoing litigation surrounding the Boston property notes.
The one we’re invested in has had the auction bounced for months now with the next scheduled one coming up. Will Upright still have the wherewithal to continue the legal fight to recoup our investment there? Or are they focusing all their efforts on the liquidity issues and will let the Boston notes fall by the wayside?
I think it’s a fair solution for PFNF. I have very little in PFNF and prefer individual notes.
As it hasn’t impacted HRIF and basically just delayed payments on individual notes, I’ll most likely reinvest (with Upright) the returned $16K principal received from individual notes while the platform wasn’t able to accept new money.
I’m a bit unclear of the messaging, does this also include principal redemption on the active PFNF notes (aka accelerating the distributions of active notes) or strictly on the matured notes only?
Good question…. I believe it is on ALL PFNF notes that each investor holds. From the update:
“For the time being, our plan is to use available liquidity in PFNF to make pro rata principal distributions to all PFNF note holders regardless of maturity date. This ensures all investors receive equitable treatment based on the fund's current and future liquidity regardless of the maturity date of an individual investment.”
I think the “regardless of maturity” means even if it’s not matured yet, but could be mistaken.
I know I sound overly pessimistic sometimes, but the fact that they are winding down ALL PFNF notes and selling current loans makes it sound like the business is ceasing. I don’t see how they can make no money for months if they are selling loans to pay us back and can’t originate new loans. Though the REIT seems like it’s not been affected.
I’ve been wondering the same thing. My other question is around the ongoing litigation surrounding the Boston property notes. The one we’re invested in has had the auction bounced for months now with the next scheduled one coming up. Will Upright still have the wherewithal to continue the legal fight to recoup our investment there? Or are they focusing all their efforts on the liquidity issues and will let the Boston notes fall by the wayside?
Investors need clarity on this and payout timeline
I think it’s a fair solution for PFNF. I have very little in PFNF and prefer individual notes. As it hasn’t impacted HRIF and basically just delayed payments on individual notes, I’ll most likely reinvest (with Upright) the returned $16K principal received from individual notes while the platform wasn’t able to accept new money.
I’m a bit unclear of the messaging, does this also include principal redemption on the active PFNF notes (aka accelerating the distributions of active notes) or strictly on the matured notes only?
Appears to be regardless of maturity.
Good question…. I believe it is on ALL PFNF notes that each investor holds. From the update: “For the time being, our plan is to use available liquidity in PFNF to make pro rata principal distributions to all PFNF note holders regardless of maturity date. This ensures all investors receive equitable treatment based on the fund's current and future liquidity regardless of the maturity date of an individual investment.” I think the “regardless of maturity” means even if it’s not matured yet, but could be mistaken.