Both SPV and BPDN investment offerings require specific expenses—regardless of the asset class or the size of your investment. The expenses for each investment opportunity are listed in the offering documents.
Yearly financial audits for Yieldstreet are completed for each active SPV by a third-party PCAOB compliant firm. These detailed audits are completed to comply with SEC requirements for registered investment advisers and to ensure that accounting for the SPV has been completed in accordance with GAAP standards.
These annual expenses cover mandated regulatory filings and related fees. Some of these charges include Form D filings, State Blue Sky filings, a fund’s annual Delaware franchise fee, and audit fees associated with a fund’s tax returns. Fund expenses are also used to cover out-of-pocket legal fees and expenses, if any, incurred to structure and document any SPV loan or participation, and trustee fees, if applicable.