Editorial policy
Sourcing standards, the separation between advertising and articles, how dates work, corrections, and where the limits of this publication are.
Last revised
This page describes how the material on this site is produced. It is written to be checkable: every rule here corresponds to something you can verify by reading the articles.
Sourcing¶
Primary sources only. Every article lists between three and five sources at its foot, drawn from a fixed list of government and standard-setting bodies: the Securities and Exchange Commission and its EDGAR filing system, Investor.gov, the Internal Revenue Service, the Electronic Code of Federal Regulations, the Legal Information Institute, the Federal Reserve, the FDIC, the government-sponsored enterprises, the Census Bureau, FINRA's public records and the federal court records system. No article cites fewer than two distinct organizations.
Every cited link is checked. The build refuses to publish an article whose sources are not on that list, and a separate pass resolves every cited URL over the network and fails if any of them returns anything other than a live page. A source list that has quietly rotted is not a source list, and this publication would rather drop a citation than carry a dead one.
Not sourced from the industry's own content. Real estate syndication generates an enormous volume of secondary writing produced by firms raising capital, and that writing cites itself in a circle until an invented statistic acquires the appearance of a fact. None of it is used here as a source, and none of it is linked as one.
Unsourceable claims are removed, not softened. If a figure cannot be traced to a citable document, the sentence is rewritten without the figure. This is why you will not find "sponsors typically charge two percent" on this site: the number exists in a hundred blog posts and in no filing.
Numbers in examples are invented and labeled. Worked examples carry a visible hypothetical label and a note stating that they are not projections and describe no real transaction. They exist to show how a mechanism behaves, and inventing the inputs is the only honest way to do that.
Independence¶
No payment from the industry. No sponsor, fund, platform, custodian or service provider pays for coverage, placement, links or anything else. There are no affiliate links, no referral arrangements and no sponsored articles. Proposals of that kind are declined.
No specific offerings are covered. This site does not name, rate or review individual sponsors or deals. It explains structures. That is an editorial decision as much as a legal one: an audience that wants a verdict on a particular deal is exactly the audience most likely to mistake a verdict for advice.
Advertising is separated from editorial. The site is funded by display advertising served through Google AdSense. Ads are labeled, they are selected by Google rather than by me, no advertiser sees anything before publication, and no advertiser has any influence over what is written. The advertising disclosure covers the arrangement in detail.
Dates¶
Publication dates are real. Nothing on this site carries a backdated or invented publication date. The launch collection was published on one day and therefore shares one date, which is what happens when a new publication launches with a body of work.
Revision dates mean a revision happened. A revised date appears only when an article has been materially changed, and never earlier than the publication date. The date shown on the page and the date in the structured data are the same value, taken from the same field.
No decorative freshness. There is no automatic "last updated" stamp that moves when nothing has changed.
Corrections¶
A material error is corrected in the article and the revision date is updated. Small fixes — a typo, a broken link — are made without ceremony. If a correction changes the substance of what an article claimed, the article says what changed.
Language and market¶
This publication covers the United States only, in American English, in dollars, under United States securities and tax law. It does not cover, and does not generalize to, other markets. A structure that is ordinary under Regulation D may be impossible elsewhere, and blending the two produces material that is wrong in both places.
Limits¶
The person writing this is not a general partner, a broker-dealer, an attorney, an accountant or a registered investment adviser, and has never operated a syndication. The competence claimed here is the reading of documents and rules and the modeling of distribution arithmetic. Where a subject requires operating experience to describe properly, articles say so rather than implying an authority that does not exist.
Nothing on this site is investment, legal or tax advice. See the disclaimer.
Use of software tools¶
Drafting, editing and the site's own build tooling involve software, including language models, in the same way they involve a text editor and a spreadsheet. Every factual claim, every citation and every calculation published here is checked against the primary source by a person before it goes up, and the editorial judgment — what is worth covering, what a clause means, what a document actually says — is mine. Where that check cannot be completed, the claim does not appear.