A customer dispute disclosure on John McKee's BrokerCheck report names Dfpg Investments as the firm. McKee's CRD number is 1931547. The claim is pending, and its $3,000,000 in alleged damages is an unproven figure. No arbitrator has ruled on it.
Soreide Law Group is investigating potential investor claims involving financial advisors and securities brokers who recommended CIM Real Estate Finance Trust, formerly known as Cole Credit Property Trust IV. CMFT was sold as a non-traded REIT, but a 2026 restructuring ended its REIT status and substantially altered investors’ ownership, income, tax, and liquidity expectations. Investors should also know about CMFT’s valuation decline, reduced distributions, discounted tender offers, and potential five-year wait for liquidity. The following sections summarize these developments.
CIM Real Estate Finance Trust, or CMFT, began offering shares in January 2012 under the name Cole Credit Property Trust IV. Shares were initially offered for $10 each, and the fund raised more than $3 billion from retail investors before closing the offering in April 2014. CIM Group acquired the entity from VEREIT in 2018.
CMFT was a publicly registered, non-traded REIT whose shares were not listed on a national securities exchange. In June 2026, it combined with CIM Group’s real-assets-management business and became CIM Group Inc., a platform operating across real estate, credit, infrastructure, opportunity zones, and strategic opportunities.
The transaction closed on June 24, 2026. CIM Group Holdings received approximately 907.4 million operating-partnership units and an equal number of preferred voting shares, representing about 67.5% of the combined company. Existing CMFT shareholders retained only about 32.5% through approximately 436.9 million common shares. CMFT’s REIT election terminated effective January 1, 2026, which may create tax consequences for shareholders.
CMFT’s estimated net asset value was set at $5.14 per share as of December 31, 2025, nearly 49% below the original $10 offering price. This valuation remains applicable to redemption and distribution-reinvestment transactions until replaced. Distributions had already been reduced in January 2025.
The restructuring provides minimum quarterly dividends of $0.06, $0.07, and $0.095 per share during successive one-year periods. After three years, dividends are discretionary. The company agreed to use commercially reasonable efforts to begin a listing process within 24 months and complete a listing within five years, but a listing is not guaranteed.
Additional concerns include unsolicited tender offers at steep discounts to NAV, an earnout that could give CIM Group Holdings up to approximately 3.75% additional ownership, and an agreement requiring the company to pay CIM Group Holdings 85% of certain tax benefits arising from future unit exchanges.
CMFT-specific claims may arise if a broker recommended this illiquid product to an investor who needed ready access to funds, principal stability, predictable income, or conservative investments. A recommendation may also have been unsuitable if CMFT represented an excessive portion of the investor’s retirement savings or net worth.
Other potential violations include portraying the $10 offering price as stable value; failing to explain redemption limits, valuation uncertainty, fees, discounted secondary-market sales, or distribution reductions; or omitting the possibility of ownership dilution, loss of REIT tax treatment, and a prolonged wait for liquidity. Investors harmed by such conduct may pursue compensation through FINRA arbitration or, where appropriate, litigation.
Do you have concerns or questions regarding investments you made with investing in CIM Real Estate Finance Trust because of your financial advisor or securities broker? You should contact Soreide Law Group at (888) 760-6552 or online and talk with a securities attorney about a possible recovery of your investment losses. Soreide Law Group has recovered losses for hundreds of investors throughout the US. The firm works on a contingency fee basis and advances all costs.
A customer dispute disclosure on John McKee's BrokerCheck report names Dfpg Investments as the firm. McKee's CRD number is 1931547. The claim is pending, and its $3,000,000 in alleged damages is an unproven figure. No arbitrator has ruled on it.
Newbridge Securities and Allen Klein (CRD 6953284) appear together in a pending customer arbitration filed August 17, 2026. The claim lists $250,000 in alleged damages and carries docket 26-01845. Its allegations are unproven, and no arbitrator has ruled on them.
October 2018 investment activity sits behind the newest pending arbitration on David Dahill's BrokerCheck report (CRD 6581024). Claimants filed it on August 4, 2026, naming Wealthforge Securities. The report also shows another pending DST claim at Realized Financial and a settled dispute over Skyloft DST. Both pending matters are unproven allegations, and no arbitrator has ruled on them.
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