According to the right-leaning Wall Street Journal (WSJ or The Journal) said on 5.28.2024: “Blackstone, TPG and Carlyle Group disclosed they have been cooperating with the SEC.” Under the headline: “Private-Equity Giants Near Settlements with SEC Over Texting Violations” by Mengqi Sun, the Journal said: “Under the Securities and Exchange Commission’s [SEC] rules, financial firms are required to preserve and monitor their employees’ written communications, which creates a paper trail for regulators to monitor and enforce compliance with federal laws.” The WSJ report stated that the SEC, since December 2021 has filed “charges against 60 firms and imposed more than $1.7 billion in fines for failing to maintain and preserve electronic communication, a senior enforcement official said in April.” Others involved in manufactured home investing are also apparently involved, as the report that follows will reflect.

From the WSJ are the following quotes with more related facts with analysis.

Part I

Some of Wall Street’s biggest private-equity firms said they are negotiating settlements with the U.S. markets regulator over their employees’ use of banned communication channels.

Blackstone, TPG and Carlyle Group disclosed in their latest quarterly filings that they have been cooperating with the U.S. Securities and Exchange Commission’s record-keeping investigations and have begun discussions with the agency’s enforcement staff about potential resolutions.”

While it is unclear from the WSJ report what the nature of the communications have been about, each of those private equity firms is known to have investments in the manufactured home industry. Regardless if the topic were manufactured housing or manufactured home land-lease communities or not, the information reported by the Journal regarding the prohibition of failing to preserve all written communications, regardless of the medium or ap, is instructive for manufactured home industry pros. Deleting messages can be costly, as the big fines discussed in their article reflect.

Blackstone, in its latest quarterly report filed in early May, said its financial results for the first quarter of 2024 “include an accrual for the estimated liability related to this matter.” TPG, in a quarterly filing filed in May, also said it recorded for the period ending March 31 a contingent liability related to the probe.

It remains unclear from filings how much the two firms have set aside for potential settlements with the SEC.

Carlyle, in its quarterly filing on May 7, said the SEC has been looking into its retention of business communications sent in texts and on messaging apps such as WhatsApp and WeChat. The buyout firm added that there was no assurance that a settlement would be reached.”

MHProNews readers may recall the drama around Cavco Industries (CVCO) woes with the SEC, which resulted in years of legal maneuvers and litigation before there was finally a settlement. Starting with an announcement in 2018, it was only recently that Cavco’s CEO William “Bill” Boor disclosed that the final corporate officer involved reached a deal with the SEC.  Selling, general and administrative Expenses (SGA) declined at Cavco, said Boor, as a result of lower outlays for legal and other related services. That noted, back to what the WSJ said, and the large costs involved to date in improper communications handling cases launched in recent years at the SEC.

The private-equity firms’ disclosures come as U.S. regulators have continued their crackdown on off-channel communications violations over the past few years. The SEC since December 2021 has filed charges against 60 firms and imposed more than $1.7 billion in fines for failing to maintain and preserve electronic communication, a senior enforcement official said in April.

Gurbir Grewal, director of the SEC’s enforcement division, said late last year that the harsh fines imposed on record-keeping violations have led to policy and procedures changes at firms.”

Apollo and KKR have also been asked for documents from the SEC, according to those firms latest quarterly filings, per the WSJ.

MHProNews has previously reported that Blackstone made a big bet in manufactured home communities (MHCs) in 2018.

As MHLivingNews and MHProNews reported, Blackstone (BX), TPG Capital, and the Carlyle Group (CG) were all among companies that Senator Elizabeth Warren (MA-D) addressed in her probe into purportedly predatory practices in manufactured home land-lease communities, as was Apollo (APO).  Bing’s AI powered Copilot both confirmed but curiously previously denied in a prior inquiry if KKR has invested in manufactured housing, so that remains unclear.

MHProNews and MHLivingNews have been reporting on the influence of private equity in several aspects of manufactured housing for years. Some relevant reports are linked below.

While the money private equity invests in manufactured housing is more readily tracked with publicly traded firms, as it is with respect to public companies involved in the broader housing market, what is often less obvious is the influence that private equity has on the business practices of the companies that they take out a significant stake in.

Some, for example, have said that private equity giants such as BlackRock, Vanguard, State Street, and Berkshire Hathaway (BRK) ‘own the world.’ That’s obviously a gross exaggeration. That noted, it would be foolish to ignore the ways that those firms influence politics, economic activity, the news media, and big tech in the U.S. and beyond.  CINO and PINO Joe Biden (D) made private equity part of his state of the union with remarks that may have suggested the ‘predatory’ behavior of certain Manufactured Housing Institute (MHI) linked brands.

Private equity is demonstrably linked to activities and operations that are limiting access to more affordable housing.

‘Homeownership Slipped Out of Reach for Millions in U.S.’ ‘Investors Snatching Up 1 in 5 Homes for Sale Scooping Up Affordable Housing’ Redfin and Other Data Reveal MHVille Obstacles and Opportunities

Securities Docket, Market Screener, Global Investigations Review, Morning Star and others have published similar reports as the above from the WSJ. An array of media have stated that Blackstone, TPG and Carlyle Group are among the private equity firms negotiating with the SEC to attempt to settle claims of improper handling of communications via text or messaging aps, among other possible record retention concerns. So, this is an apparently well documented topic, based in part on public filings from the firms named.

Note that Virginia Governor Glen Younkin (R), as MHProNews previously reported, is a former Carlyle executive. Younkin is said to be on the list for a possible vice-presidential running mate for 45th President Donald J. Trump (R). MHProNews would editorially oppose the selection of Younkin by Trump.

MHProNews plans to monitor the developments with the SEC regarding Blackstone, TPG and The Carlyle Group and report as deemed warranted.  Blackstone (BX) and Carlyle (CG) are among the stocks tracked in the manufactured housing industry connected equities segment of the Daily Business News on MHProNews. See that in Part II of today’s article.

Programming Notice: MHProNews has been preparing an in-depth special report on private equity and its role in U.S. housing and manufactured housing. Watch for it. ##

Niskanen Center Armlovich-Jimenez-Justus Tout Manufactured Homes-House Financial Services Committee Housing Affordability-Governmental Barriers-Market Based Solutions; Sunday MHVille Headlines Recap

Part II – Our Daily Business News on MHProNews stock market recap which features our business-daily at-a-glance update of over 2 dozen manufactured housing industry stocks.

• Harvard to stay silent on issues that don’t impact university’s ‘core function’
• Former FTX executive Ryan Salame sentenced to seven and a half years in prison
• OpenAI CEO Sam Altman speaks during the Microsoft Build conference at the Seattle Convention Center Summit Building in Seattle, Washington on May 21, 2024.
• OpenAI’s Sam Altman vows to give away most of his wealth through the Giving Pledge
• Grocery shoppers use a self-checkout counter at a Whole Foods grocery store in Washington, DC, USA, 14 February 2024.
• Americans are feeling better about the economy for the first time in four months
• Melinda French Gates explains why she resigned from the Gates Foundation — and what she’ll do now
• Porsche reveals a new hybrid 911 as more consumers embrace hybrids over electric vehicles
• US home prices hit another record high in March
• Here’s how new AI tech could change the iPhone
• OpenAI announces new safety board after employee revolt
• This is the word of the summer on Wall Street
• China is pumping another $47.5 billion into its chip industry
• Traveling on Memorial Day? You could be making history
• What’s open and closed on Memorial Day 2024
• US box office on track to have worst Memorial Day weekend since 1995
• Maybe you should stay home? 4 charts break down a busy Memorial Day weekend travel outlook
• Retiring abroad can mean more bureaucracy than bruschetta. But it’s growing in popularity
• Elon Musk’s xAI firm valued at $24 billion as investors pledge more money
• South Africa has failed its Black majority. Nelson Mandela’s political heirs may pay the price
• NBC briefly lost signal during Indy 500 pre-race coverage because of severe weather
• What’s open and closed on Memorial Day 2024
• Americans are expected to splurge on travel this summer — again
• Fashion, film and TikTok: Tennis is experiencing a resurgence
• Their Nissan SUV was parked in the driveway. Then it caught fire and exploded

Note: to expand this image below to a larger or full size, see the instructions

 

 

Headlines from right-of-center Newsmax – 5.28.2024

• Dems to Nominate Biden Virtually to Avoid Protests, Ohio Ballot Exclusion
• Israel at War
• US-Built Gaza Pier to Be Pulled for Repair After Just 2 Weeks
• Israeli Tanks Reach Rafah’s Center Amid Global Scrutiny
• UK’s Cameron: IDF Must Launch Swift Rafah Probe
• Israel Leader Calls Spain ‘Complicit in Inciting Genocide’
• Spain Recognizes Palestinian State
• Joel Rosenberg: Haley Auditioning for Sec. of State?
• Netanyahu: Israeli Strike on Rafah a ‘Tragic Mishap’
• Amazon Restricts Workers From Supporting Israeli Hostage | video
• Egyptian Guard Fatally Shot on Rafah Border
• Biden Warns Israel After Lethal Rafah Strike: Safeguard Civilians
• Newsmax TV
• Napolitano: Trump Jurors Need Not Agree on Crime Committed
• Former Rep. Hice: Nation’s Election Integrity ‘Sacred’ | video
• Ric Grenell: Our Freedoms Are Being Taken Away | video
• Fallon: Joe Would Pardon Hunter | video
• Nancy Mace: Biden W. Point Mention Deliberate | video
• Lee Greenwood: Wave of Patriotism in US Coming | video
• Karoline Leavitt: Biden’s Narcissism ‘Disgraceful’ | video
• Newsfront
• GOP Ponders Ways to Pay for Extended Trump Tax Cuts
• Republican lawmakers say they want to extend former President Donald Trump’s tax cuts that will lapse after 2025, but they’re undecided on how the estimated $4 trillion cost to do that will be covered, if at all…. [Full Story]
• NYPD Officer Has Jan. 6 Conviction Upheld
• A federal appeals court rejected the claims of a former New York City [Full Story]
• Closing Arguments Begin in Trump Business Records Trial
• New York prosecutors and Donald Trump’s lawyers are making their [Full Story]
• Related
• Jonathan Turley: Trump Case Should End ‘Not Guilty’ |video
• Trump Seeks to Thwart Prosecutors’ Gag Order Motion in Documents Case
• Judge Rejects Gag Order for Trump in Classified Records Case
• The judge overseeing Donald Trump’s classified documents case in [Full Story]
• Dems to Nominate Biden by Virtual Roll Call to Avoid Protests, Ohio Ballot Exclusion
• President Joe Biden will be formally nominated as the Democratic [Full Story]
• Related
• RFK Jr. Submits 135,519 Signatures for N.Y. Ballot
• Civiqs Poll: Biden Approval Even Lower in Swing States
• Brian Kemp to Attend GOP National Convention
• Rasmussen Poll: Majority of Dems Want Biden Replaced
• Expert: Biden Policies Leave Ukraine on ‘Back Foot’
• Ukraine is being put “on the back foot” by the policies of President [Full Story]
• Related
• NATO General: Ukraine Hitting Russian Territory Won’t Draw Us Into War
• Zelenskyy: Biden Should Attend Swiss Peace Summit on Ukraine
• Poland Rolls Out Plans for Fortifications for Its NATO Border
• Ukraine’s Zelenskyy Signs $1.08 Billion Weapons Deal With Spain
• Increased Push to Allow Ukraine to Strike Russia With Western Arms
• Russia Evading Sanctions Through Third-Party Central Asian Nations |Platinum Article
• Putin Hints at Bombing Other ‘Densely Populated’ Nations
• Judge Keeps Punishment of 30 Years at Resentencing for Man Who Attacked Paul Pelosi
• Judge Keeps Punishment of 30 Years at Resentencing for Man Who Attacked Paul Pelosi
• The man convicted of attempting to hold former Speaker Nancy Pelosi [Full Story]
• Theater ‘Regrets’ Dreyfuss’ ‘Jaws’ Screening Remarks
• A Massachusetts theater has said it deeply regrets “the distress” [Full Story]
• Blaming Corporate Greed for High Prices ‘Doesn’t Even Pass Smell Test’
• Democrats who have repeatedly blamed “corporate greed” as the cause [Full Story] | Platinum Article
• Amazon Fresh Slashing Grocery Prices Up to 30%
• Amazon Fresh is joining Target, Walmart, Aldi and other chains in [Full Story]
• Cruz’s Bill Seeks to Repeal Dems’ Natural Gas Tax
• A bill that would scrap the “natural gas tax” proposal in the [Full Story]
• Fmr Gov. Hogan: Senate GOP ‘Can’t Count on’ His Vote
• Former Maryland governor and current Senate candidate Larry Hogan [Full Story]
• County Looks to Renew $30K Migrant Water Deal
• Pima County, Arizona, is expected to renew a contract that provides [Full Story]
• DeSantis Touts Fla. as Model for School Choice
• As parental choice continues to fuel the growth of charter and [Full Story]
• A new study released this week found that practicing yoga can improve
• Crandall: Improve Heart Health With Prayer
• A new study released this week found that practicing yoga can improve [Full Story]
• Trump Will Consider Pardoning Julian Assange
• If he wins the race for the White House, former President Donald [Full Story]
• Nasdaq Crosses 17,000 Mark Ahead of Inflation Test
• The Nasdaq breached the 17,000 level for the first time Tuesday, [Full Story]
• The Daily Beast Cutting Staff Through Buyouts
• The Daily Beast’s new leadership is reducing staff through buyouts. [Full Story]
• Rasmussen Poll: Voters Don’t Trust ‘Race Card’ Politics
• A new Rasmussen survey finds that 70% of voters say politicians [Full Story]
• Robert De Niro: Trump Supporters Are ‘Low Lifes’
• Actor Robert De Niro called supporters of former President Donald [Full Story]
• Social Security Admin. Settles Discrimination Suit
• A class-action discrimination lawsuit by Social Security [Full Story]
• ‘Son of Sam’ Killer Berkowitz Denied Parole for 12th Time
• “Son of Sam” killer David Berkowitz, who set New York City on edge [Full Story]
• ‘Sleeper’ Domenici Releases Ad in N.M. Senate Race
• Nella Domenici, daughter of Pete Domenici, the late Republican [Full Story]
• Jean Carroll Mulls 3rd Lawsuit Against Trump
• An attorney for journalist E. Jean Carroll is considering a third [Full Story]
• Court to Hear Challenges to Potential TikTok Ban
• A U.S. appeals court Tuesday set a fast-track schedule to consider [Full Story]
• Pope Apologizes for Using Vulgar Term About Gay Men
• Pope Francis apologized Tuesday after he was quoted using a vulgar [Full Story]
• Russia Evading Sanctions Through Asian Nations
• U.S. efforts to strangle the Russian economy and hamper its war [Full Story] | Platinum Article
• Court Upholds Avenatti’s Nike-Related Convictions
• The Supreme Court declined on Tuesday to hear a bid by imprisoned [Full Story]
• Nations Fail to Agree on Treaty to Fight Next Pandemic
• Following two years of tough negotiations, efforts to craft a global [Full Story]
• Oft-Maligned Baseball Umpire Angel Hernandez Retires
• Umpire Angel Hernandez, who stirred controversy on the field with [Full Story]
• North Korea Tried New Fuel in Exploded Rocket Launch
• North Korea’s latest satellite launch exploded in a fireball before [Full Story]
• More Newsfront
• Finance
• GOP Ponders Ways to Pay for Extended Trump Tax Cuts
• Republican lawmakers say they want to extend former President Donald Trump’s tax cuts that will lapse after 2025, but they’re undecided on how the estimated $4 trillion cost to do that will be covered, if at all…. [Full Story]
• Fitch Downgrades TD Bank’s Credit Rating to ‘Negative’
• Neuralink Seeks to Enroll Three in Brain Implant Study
• AI Darling Nvidia’s Market Value Surges Closer to Apple
• Hess Shareholders Approve Merger With Chevron
• More Finance
• Health
• The Health Benefits of a Cold Plunge
• The latest trend in health and fitness is plunging your body into frigid water – preferably after detoxifying in a hot sauna. Cold-water immersion, or CWI, involves getting into water that is between 55 and 45 degrees Fahrenheit, says Verywell Fit. As unpleasant as that may…… [Full Story]
• New Study Finds Tattoos Increase Cancer Risk
• Pro-life Pregnancy Hubs Supplied $367M of Services in ’22
• Study: Weighted Blankets Don’t Improve Kids’ Sleep
• Epidurals Linked to Reduced Complications After Birth

 

Note: to expand this image below to a larger or full size, see the instructions

below the graphic below or click the image and follow the prompts.

Notice: MHProNews invites the firms named in these reports to respond to any concerns about possibly inaccurate information via email that identifies the concern and offers evidence that sheds a different light on the topic discussed. That said, until 5.9.2024, neither MHI nor most MHI publicly traded ‘insider brands’ have done so. They’ve been repeatedly invited to do so, including but not limited to an outreach on Dec 7, 2o23 and Feb 25, 2024.

APO = Apolo Global Management – bought Inspire Communities

BAM = Brookfield Asset Management – owns and invests in manufactured home communities (MHCs).

BLK = BlackRock – conglomerate has investments in firms and operations involved in manufactured housing.

BRK-A = Berkshire Hathaway – includes outright ownership of Clayton Homes, 21st Mortgage Corp, Vanderbilt Mortgage and Finance, other manufactured home industry linked firms (MHC brokerage, suppliers, etc.).

BX = Blackstone – Blackstone Group LP has made its first big bet on manufactured housing by buying a portfolio of communities sold by Tricon Capital Group Inc.

CDPYF = Canadian Apartment Properties Real Estate Investment Trust – also has manufactured home communities (MHCs).

CIGI = Colliers International Group Inc. – The Manufactured Housing and RV Group “We Assist Owners and Investors with Disposition, Acquisition, and Financing for Manufactured Housing Communities and RV Parks.”

CG = The Carlyle Group – has manufactured home communities investments.

CSGP = CoStar Group – is commercial real estate’s leading provider of information, analytics and online marketplaces. They acquired listing service Homes.com.

CVCO = Cavco Industries – manufactured home and other factory-built housing production, retail, finance, insurance.

ECNCF = ECN Capital Group – includes manufactured home lender Triad Financial Services.

ELS = Equity LifeStyle Properties – includes land lease manufactured home communities (MHCs), but also RV and marine slips holdings. Also has captive manufactured home retail operations, and parent to Datacomp/MHVillage.

FGF = FG Financial Group – FG Communities “Owns and Operates Growing Portfolio of Manufactured Housing Communities.” KEY = KeyCorp – manufactured home community financing and manufactured home single-family mortgage financing.

KMMPF = Killam Apartment REITs- (includes manufactured home communities (MHCs).

LCII = LCI Industries – components for the manufactured home industry and others (RVs, housing, etc.).

LEGH = Legacy Housing – produces manufactured homes, tiny houses, retail, and captive finance operations.

LPX = Louisiana Pacific Corporation – components for the manufactured home industry and others (housing, etc.).

MHC-UN.TO = Flagship Communities Real Estate Investment Trust (REIT).

MHPC = Manufactured Housing Properties – land lease manufactured home communities (MHCs).

MMI = Marcus and Millichap – commercial real estate brokerage services that include land lease manufactured home communities (MHCs).

NOBH = Nobility Homes – produces and offers captive retail, financing, and insurance services for HUD Code manufactured homes and modular homes.

PATK = Patrick Industries – components for the manufactured home industry and others (RVs, housing, etc.).

SKY = Skyline Champion – produces and offers captive retail, financing, and insurance for HUD Code manufactured homes and modular homes.

SUI = Sun Communities – includes land lease manufactured home communities (MHCs), but also RV and marine slips holdings. Also has captive manufactured home retail operations.

UMH = UMH Properties – includes land lease manufactured home communities and captive manufactured home retail, leasing, and financing operations.

UFPI = UFP Industries – components for the manufactured home industry and others (housing, etc.).

• • • NOTE 1: Chart above of manufactured housing connected equities includes the Canadian stock, ECN, which purchased Triad Financial Services, a manufactured home industry finance lender.
    • NOTE 2: Drew changed its name and trading symbol at the end of 2016 to Lippert (LCII).
    • NOTE 3: Deer Valley was largely taken private, say company insiders in a message to MHProNews on 12.15.2020, but there are still some outstanding shares of the stock from the days when it was a publicly traded firm.  Thus, there is still periodic activity on DVLY.
    • Note 4: some recent or related reports to the REITs, stocks, and other equities named above follow in the reports linked below.
    • Note 5: Gifts of Sight and Insights, What’s in Store for 2024? Including 2023 Year End Reflections, manufactured homes, manufactured housing, mobile homes, MHVille, USA Snapshots, Manufactured housing industry year in review 2023.

 

2023 …Berkshire Hathaway is the parent company to Clayton Homes, 21^st Mortgage, Vanderbilt Mortgage and other factory-built housing industry suppliers.
· LCI Industries, Patrick, UFPI, and LP each are suppliers to the manufactured housing industry, among others.
· AMG, CG, and TAVFX have investments in manufactured housing related businesses. For insights from third-parties and clients about our publisher, click here.

 

 

2022 was a tough year for many stocks. Unfortunately, that pattern held true for manufactured home industry (MHVille) connected stocks too. See the facts, linked above.

====================================

Disclosure. MHProNews holds no positions in the stocks in this report.

· For expert manufactured housing business development or other manufactured housing professional services, click here.
· To sign up in seconds for our industry leading emailed headline news updates, click here.

• Note 1: MHVille means manufactured housing industry, MHVille also means artificially smaller manufactured housing (MH) industry,
• Note 2: Manufactured housing, building, factories, retail, dealers, manufactured home, communities, passive mobile home park investing, suppliers, brokers, finance, financial services, macro-markets, manufactured housing stocks, Manufactured Home Communities Real Estate Investment Trusts, MHC REITs.
• Note 3:
  

  APO, Apollo Global Management, BAM, Brookfield Asset Management, BLK, BlackRock, BRK-A, Berkshire Hathaway, BX, Blackstone, CDPYF, Canadian Apartment Properties Real Estate Investment Trust, CIGI, Colliers International Group Inc, CG, The Carlyle Group, CSGP, CoStar Group, CVCO, Cavco Industries, ECNCF, ECN Capital Group, ELS, Equity LifeStyle Properties, FGF, FG Financial Group, FG Communities,  KEY, KeyCorp, KMMPF, Killam Apartment REITs, LCII, LCI Industries, LEGH, Legacy Housing, LPX, Louisiana Pacific Corporation, MHC-UN.TO, Flagship Communities Real Estate Investment Trust (REIT), MHPC, Manufactured Housing Properties, MMI, Marcus and Millichap, NOBH, Nobility Homes, PATK, Patrick Industries, SKY, Skyline Champion, SUI, Sun Communities, UMH, UMH Properties, UFPI, UFP Industries.

That’s a wrap on this installment of “News Through the Lens of Manufactured Homes and Factory-Built Housing” © where “We Provide, You Decide.” © (Affordable housing, manufactured homes, stock, investing, data, metrics, reports, fact-checks, analysis, and commentary. Third-party images or content are provided under fair use guidelines for media.) (See Related Reports linked herein. Text/image boxes often are hot-linked to other reports that can be access by clicking on them.)

By L.A. “Tony” Kovach – for MHProNews.
Tony earned a journalism scholarship along with numerous awards in history. There have been several awards, honors and numerous public recognitions for his achievements in manufactured housing. For example, he earned the prestigious Lottinville Award in history from the University of Oklahoma, where he studied history and business management. Kovach is a managing member and co-founder of LifeStyle Factory Homes, LLC, the parent company to MHLivingNews.com and MHProNews. MHProNews is ranked as the runaway most read trade media in modern manufactured housing history. Manufactured Home Pro News (MHProNews) is the documented #1 largest and most read source for manufactured housing industry News Tips and Views Pros Can Use, per Webalizer 2.23 (on 5.22.2024) and known data. MHProNews gets millions of visits a year and has significantly more pageviews per visit than CNN or Fox per SimilarWeb’s stats for those two sites (but in fairness CNN and Fox sites get more much more total traffic). Statistics – Data – Infographics – Research – Facts – Evidence – Trends – and manufactured housing industry expert Analysis make us and keep us the runaway most read in MHVille trade media. This article reflects the LLC’s and/or the writer’s editorial views and may or may not reflect the views of sponsors or supporters.