Author Topic: SYTE - Enterprise Diversified  (Read 148517 times)

Sportgamma

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Re: SYTE - Sitestar
« Reply #470 on: June 03, 2018, 05:24:05 PM »
I'm trying to get a better understanding of the value proposition that Willow Oak present to the fund managers that they partner with.

From the latest 10Q:
Quote
Willow Oak signed a fee share agreement on June 13, 2017, with Coolidge Capital Management, LLC (“Coolidge”), whose sole member is Keith D. Smith, also a Sitestar director. Under the agreement, Willow Oak and Coolidge are the sole members of Bonhoeffer Capital Management LLC, the general partner to Bonhoeffer Fund, LP, a private investment partnership. Under their agreement, Willow Oak pays all start-up and operating expenses that are not partnership expenses under the limited partnership agreement. Willow Oak receives 50% of all performance and management fees earned by the general partner.

What would be the distinction between a partnership expense and operating expenses?

Is Keith offloading all the administrative work to Willow Oak in exchange for 50% of his fees? Is the idea that Willow Oak will become a promotional/fundraising partner for the fund managers they partner with? Or a bit of both?


globalfinancepartners

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Re: SYTE - Sitestar
« Reply #471 on: June 07, 2018, 08:12:22 PM »

Tim Eriksen

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Re: SYTE - Sitestar
« Reply #472 on: June 07, 2018, 09:05:36 PM »
I'm trying to get a better understanding of the value proposition that Willow Oak present to the fund managers that they partner with.

From the latest 10Q:
Quote
Willow Oak signed a fee share agreement on June 13, 2017, with Coolidge Capital Management, LLC (“Coolidge”), whose sole member is Keith D. Smith, also a Sitestar director. Under the agreement, Willow Oak and Coolidge are the sole members of Bonhoeffer Capital Management LLC, the general partner to Bonhoeffer Fund, LP, a private investment partnership. Under their agreement, Willow Oak pays all start-up and operating expenses that are not partnership expenses under the limited partnership agreement. Willow Oak receives 50% of all performance and management fees earned by the general partner.

What would be the distinction between a partnership expense and operating expenses?

Is Keith offloading all the administrative work to Willow Oak in exchange for 50% of his fees? Is the idea that Willow Oak will become a promotional/fundraising partner for the fund managers they partner with? Or a bit of both?

Presumably a partnership expense would be expenses related to the fund - audit and admin. Those are borne by the fund partners.  Operating expenses presumably are ongoing legal and regulatory related expenses borne by the management company.  It could include accounting for the management company as well.   

Sportgamma

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Re: SYTE - Sitestar
« Reply #473 on: June 08, 2018, 06:46:57 AM »
I'm trying to get a better understanding of the value proposition that Willow Oak present to the fund managers that they partner with.

From the latest 10Q:
Quote
Willow Oak signed a fee share agreement on June 13, 2017, with Coolidge Capital Management, LLC (“Coolidge”), whose sole member is Keith D. Smith, also a Sitestar director. Under the agreement, Willow Oak and Coolidge are the sole members of Bonhoeffer Capital Management LLC, the general partner to Bonhoeffer Fund, LP, a private investment partnership. Under their agreement, Willow Oak pays all start-up and operating expenses that are not partnership expenses under the limited partnership agreement. Willow Oak receives 50% of all performance and management fees earned by the general partner.

What would be the distinction between a partnership expense and operating expenses?

Is Keith offloading all the administrative work to Willow Oak in exchange for 50% of his fees? Is the idea that Willow Oak will become a promotional/fundraising partner for the fund managers they partner with? Or a bit of both?

Presumably a partnership expense would be expenses related to the fund - audit and admin. Those are borne by the fund partners.  Operating expenses presumably are ongoing legal and regulatory related expenses borne by the management company.  It could include accounting for the management company as well.   

Great. Thank you for the clarification Tim.

frugalchief

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Re: SYTE - Sitestar
« Reply #474 on: July 20, 2018, 08:24:43 PM »

Tim Eriksen

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Re: SYTE - Sitestar
« Reply #475 on: July 23, 2018, 09:40:55 AM »
1 for 125 reverse split today.  Currently trading under symbol SYTED

globalfinancepartners

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Re: SYTE - Sitestar
« Reply #476 on: July 23, 2018, 03:28:42 PM »
Clicking through to Bonhoeffer Fund, I was surprised to see this bit of text:  "to ensure overall capital gains for our investors"

Careful with that language Keith!  (found under "Long Term")

New website is up:  https://www.enterprisediversified.com/

slkiel

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Re: SYTE - Sitestar
« Reply #477 on: July 23, 2018, 06:13:20 PM »
Good catch. We will update it ASAP. Definitely can't say that!

InelegantInvestor

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Re: SYTE - Sitestar
« Reply #478 on: August 10, 2018, 02:24:06 PM »

Spekulatius

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Re: SYTE - Sitestar
« Reply #479 on: August 12, 2018, 06:19:36 AM »
Interesting, They are really ramping up real estate. looks like they acquire properties at a 6% cap rate, based on cost and revenue metrics. Home service business seem to suck, based on capital invested and operating losses. Asset management didn’t have a great quarter like Q1, but volatility is expected here.
To be a realist, one has to believe in miracles.