Thanks. TD has responded to tell me a third 1099 will be issued but it's not online just yet. I filed an extension to be safe.
Or maybe not. Were the dividends from NSAM qualified or non-qualified. No .pdf on their website to make it clear so I thought the latter, which means TDA got this one wrong also.
I've done the same thing, been back and forth with TDA half a dozen times already. Sent them the PDF from NRF's website showing the details as well as a spreadsheet showing the proper amounts and dates for my account. The responses from their accounting dept. prove they are still clueless.
'It is imperative that NSAM create a true Strategic Alternatives Committee (the “SAC”) that is officially chartered.'
I kind of get the feeling we've all, both literally and metaphorically, been given the "SAC" already.
That's not the entire article, Yahoo cut it off. Search for "NorthStar Aims to Launch Non-Traded Closed-End Fund" to find the whole thing.
NorthStar Asset Management is planning to launch a closed-end fund through which it aims to invest mostly in commercial real estate debt, including subordinate and mezzanine loans and CMBS.
The publicly registered vehicle, NorthStar Real Estate Credit Fund, on first glance fits the mold of a traditional non-traded REIT. After all, it aims to raise capital for what amounts to a blind pool from individual investors by selling them shares for $10 each, subject to a $4,000 minimum; it will pursue a mix of investments, primarily involving real estate debt and securities, and aims to have a liquidity event five years after it completes its stock offering.
In addition, a NorthStar affiliate will be getting an 8 percent upfront fee to cover sales commissions and organizational expenses. That compares with the typical 10 percent that sponsors of traditional non-traded REITs charge. It will also charge an annual management fee equal to 2 percent of gross assets.
But the vehicle, a Delaware statutory trust, is structured as a closed-end management investment company, not a REIT. NorthStar, in a regulatory filing, said the structure was most appropriate given the vehicle's long-term nature. What's more, the closed-end structure should allow financial advisers to sell shares to individuals through their retirement plans, such as IRAs, Keogh accounts and health savings accounts.
Under a pending Department of Labor rule, fiduciary responsibilities would be applied duties to anyone selling non-traded REITs, essentially prohibiting the sale of the instruments to individuals through their retirement accounts.
Because NorthStar Real Estate Credit is registered as an investment company, not a non-traded REIT, that will invest in a master fund that will make investments, the entity should be able to sidestep the fiduciary rule.
It is the first such vehicle pursuing real estate investments to adopt a structure that would allow it to live under the proposed Labor rules. Others have