Dallas sale-leaseback sponsor that buys American manufacturers' plants and headquarters and leases them back on long-term triple-net terms: 41 SEC-filed vehicles across 15+ states since 2019. Founded 2015.
20-year triple-net + 10-year option, per a counterparty filingStar Equity 8-K
Investor access (Form D)
Rule 506(b) · $50K–$150K filed minimumsFund I Form D
CaveatTenant Fore Machine filed Chapter 11 in 2022 and liquidated, MAG was scheduled as a landlord creditorjump ↓
CREsponsor scorecard
A standardized public-record assessment. Select any scored lens or profile factor to inspect the cited evidence.
Geographic concentration
01
National · 15+ states
Profile factor
The most dispersed sponsor here: filed vehicles and confirmed deals reach Maine, Oregon, Utah, Minnesota and New York. Texas is the HQ, not the portfolio: tenant credit, not a metro, is the concentration.
Awards
02
62/100
Documented
One verified honor: #8 on the Texas Exes 2026 Longhorn 100, confirmed on the granting body's own list. It ranks revenue growth among UT-alumni businesses, not investment outcomes. Nothing else surfaced.
Online reputation
03
76/100
Mixed
Our read is Positive on both axes: no complaints on the BBB file, and uniformly favourable verified LP reviews (2026-07-26). Both samples are small and partly sponsor-solicited, which caps the score.
Team expertise
04
84/100
Deep public record
Two founders signing Form Ds since 2019, and three prior seats that magcp.com leaves unnamed turn out to be Wilson Investment Properties, a 15-year Carneghi appraisal partnership and Legacy Partners.
Risk screen
05
72/100
Monitor findings
Enforcement and docket screens came back clear, and both Texas counties of foreclosure records are clean. The one finding is business risk: tenant Fore Machine filed Ch. 11 in 2022, owing MAG $148,037 as landlord.
Differentiator
06
Buys the tenant, not just the box
Profile factor
MAG underwrites the operating company and will buy it outright: its MAGCP Equity arm owns Nessco and Superior Concrete. That in-house credit desk is why it can price 20-year leases institutional buyers pass on.
Sources of capital
07
Accredited individuals
Profile factor
175 investors in Fund I, 101 in Fund III, 117 in a single PE vehicle: all Rule 506(b) at $50K–$150K minimums. No pension, sovereign, insurance or endowment commitment surfaced in any screen.
Scores are CREsponsor editorial assessments of the cited public record, not ratings by any regulator. Methodology · Report a correction.
Profile factor
Track record and scale
Track recordFilings-verifiable
Scale and one exit are corroborated in public filings and counterparty announcements. Per-deal LP returns are not: MAG publishes none, and no third-party performance audit exists.
MAG’s public record has an unusual shape for a sponsor this size: the equity is fully documented and the returns are not at all. Every vehicle files a Form D, so raise-by-raise the firm is more transparent than most private GPs, but it publishes no track-record page, no realized-IRR table and no fund performance, and the deal-by-deal syndication structure produces no audited composite.
41SEC-filed vehicles2019–2026, Reg D 506(b)
~$183.7MEquity reported soldsum of Form D amounts sold
~$89MLargest single exit1.37M SF, six plants, Jul 2026
40Exits claimedper sponsor, unaudited
Equity and vehicle counts are computed from SEC Form D filings (latest filing or amendment per offering); the exit is corroborated by the buyer-side announcement. 'Exits claimed', 17.5% average IRR and 19.5% average annualized return are figures MAG supplies to its Invest Clearly profile: self-reported, unaudited, and not broken out by deal. SEC Form D filings
The one exit an allocator can actually check. On 2026-07-23 MAG announced the sale of a six-property, 1.37-million-square-foot Midwest industrial portfolio (mostly assembled inside MAGCP Industrial Fund II), to Fundamental Income Properties, a wholly owned subsidiary of Starwood Property Trust, for approximately $89 million. That matters for two reasons beyond the headline: it is a full-cycle portfolio monetization out of a commingled fund raised only three years earlier, and the buyer is an institutional net-lease platform, evidence that assets underwritten to middle-market manufacturer credit clear at institutional bid. MAG’s John Dehn and Eric Wood, both senior vice presidents in its Phoenix office, represented the seller. The sale price is disclosed; the fund’s entry basis and LP net returns are not, so this confirms a monetization, not a return.
And the one deal a government filing prices end to end. In May 2024 Star Equity Holdings (NASDAQ: STRR) agreed to sell its 300 Park Street factory in South Paris, Maine to MAG Capital Partners Acquisition LLC for $6.1 million, with its KBS Builders subsidiary leasing the plant back on a commercial single-tenant triple-net lease running 20 years with a 10-year extension option:disclosed in Star Equity’s own Form 8-K, an independent, penalty-of-perjury source that MAG does not control. Star Equity’s 2025 annual report names the lessor entity as Park Street Maine Industrial, LLC. It is the clearest public window into how a MAG deal is actually structured. (A second Star Equity leaseback the same day, at 791 Rose Drive in Big Lake, Minnesota, went to an unrelated buyer, HJ Development L.L.P., not MAG.)
Profile factor
Geographic footprint
Geographic concentrationNational · 15+ states
Assembled from SEC Form D vehicle names and filing addresses plus dated trade-press announcements. MAG publishes no property list, so this is a floor on the footprint, not a census.
Every other sponsor in this directory concentrates somewhere. MAG does not. It runs from Dallas and files from Texas, but the assets sit wherever a middle-market manufacturer happens to own its plant: Maine, Oregon, Utah, Minnesota, upstate New York, the Ohio Valley, the Central Valley of California. The nearest thing to a cluster is Tulsa, where the Sword Industrial Partners platform has filed three vehicles and assembled a reported one-million-square-foot portfolio, and Phoenix, which is also where MAG’s acquisitions team sits. The Tulsa position alone is a 24-building, 1.1-million-square-foot collection of six business parks bought from DRA Advisors in June 2026 (per Commercial Property Executive).
That inverts the usual diligence question. Geographic concentration is not this sponsor’s risk: single-tenant credit concentration is. A vacant 400,000-square-foot special-purpose plant in a secondary market has no leasing comp set, which is precisely what the risk screen below documents happening once.
Locations confirmed either by a named SEC Form D vehicle or by dated trade-press coverage, as of 2026-07-26. Additional filed vehicles point to Des Moines, Omaha, Weslaco and Mathis (TX), Grand Rapids and New Castle, which are not mapped here pending an address-level source. MAG publishes no portfolio page. magcp.com press archive + Form D filings
Nine of the twelve deals MAG announced between August 2025 and July 2026 were outside Texas. For an allocator already holding Texas multifamily through sponsors like Madera Residential or CAF Capital Partners, that dispersion is the point of the allocation: see the Dallas/Irving and Fort Worth market hubs for the local comparison set.
Public-record assessment
Key personnel
Editorial score84/100
Scored on public track record: the depth of verifiable history for each seat: filings presence, tenure, bio specificity, prior-employer caliber. Not a competence rating. Reading the executives' own profiles on 2026-07-30 named three prior firms that magcp.com describes without identifying, and all three are substantial, which is why this lens moved up six points.
Behind the 78/100: the founding pair has signed every Form D the platform has filed since June 2019, which is the strongest kind of tenure evidence, seven years of continuous, penalty-of-perjury attestation, no principal turnover. The bios are specific and credential-backed rather than vague (an MAI/CCIM appraiser, an Air Force Academy graduate with a Texas A&M MBA, a Kelley MBA who ran an aerospace manufacturer). The deductions are what is absent: no institutional limited partner has diligenced this team, no audited performance record exists, and the pre-2015 careers are described only by the sponsor.
Chairman of each MAGCP portfolio company (per sponsor bio)
Pre-2021: CEO, Gamma Aerospace, a former MAG tenant
Earlier: Director, Ashland Capital Partners (lower-middle-market PE)
Named on the Nessco and Hughes Tank Form Ds (SEC filings)
Joined from the tenant side: MAG bought Gamma Aerospace's DFW real estate in a 2017 sale-leaseback, and Sigfusson (then Gamma's CEO), joined MAG in early 2021.
The bench behind the principals is larger than the raise sizes suggest: MAG’s team page lists 26 people across acquisitions, capital markets, risk and credit, asset management, accounting, and facilities and construction, a genuinely in-house platform rather than a two-principal shop with outsourced everything. Six of those seats are capital markets or investor relations, which is what raising $50,000-at-a-time from a hundred-plus investors per vehicle actually requires.
Published contact points: MAG lists a main line of 817-382-7954 and contact@magcp.com in its own site footer, at Resolute Tower at Old Parkland, 4020 Maple Avenue, Suite 525, Dallas, Texas 75219. Its two investor portals (one for individuals, one labelled institutional), are linked from every page of magcp.com.
Public-record assessment
Risk screen
Editorial score72/100
Screens run 2026-07-26 against SEC EFTS, IAPD/Form ADV, CourtListener federal dockets, BBB, and per-executive enforcement lookups. Allegations are not findings; a Chapter 11 filed by a tenant is not conduct by the landlord.
Behind the 72/100: conduct screens are clean across the board, this is not a sponsor with a disciplinary history. Two things hold the score out of the 80s, and neither is misconduct. First, a documented tenant failure that shows the strategy’s actual downside. Second, a structural one: the entity that manages the industrial funds is not an SEC-registered or reporting adviser, so there is no Form ADV, no Item 11 disclosure obligation and no brochure for the vehicles that hold most of the money.
Clear SEC enforcement EDGAR full-text search across all form types returns 258 filings naming MAG Capital and 48 naming MAG Capital Partners, all Form D vehicle filings and 424B3 prospectuses. No enforcement matter. Control: the same unfiltered query returns 10,000+ on a common term. EDGAR full-text search
Clear Form ADV Item 11 disclosure MAGCP-RFM Investments Management LLC (ERA 802-131580) reports no disciplinary events. It is the only MAG adviser record and covers just $3.41M of private fund assets. Form ADV
Finding Adviser registration coverage MAGCP Fund Management, LP (manager of Industrial Funds I–III), has no IAPD record. The funds sit outside the ADV disclosure regime entirely; no fee schedule or brochure is filed anywhere. IAPD search
Finding Federal civil + bankruptcy dockets No case names MAG as a defendant. It appears once as a creditor: tenant Fore Machine LLC's Chapter 11, where MAG was scheduled as a landlord owed $148,037.55. Official Form 204
Clear Per-executive enforcement + docket Mitchell, Gi, Wahlgren and Sigfusson each checked against federal dockets and SEC actions. The single same-name hit is a 2002 Missouri consumer bankruptcy for an unrelated individual with a different full name, not a match. CourtListener
Clear BBB complaints 0 complaints on file in the three-year reporting window. Not BBB-accredited, which is a choice rather than a finding. BBB profile
Finding Tenant credit concentration Single-tenant net lease to middle-market manufacturers is the strategy, so every asset's income is one operating company's covenant. Deal vehicles hold one property each; Form Ds disclose no tenant financials. Form D vehicles
Queued State AG / consumer actions Permanently unclosable from free sources, and now tested rather than asserted. No Texas or multistate action naming the firm has surfaced in trade press. State attorneys general file in state district court, which no free federal docket index covers, so an empty federal search is not evidence either way. The one free surface that would carry an announcement is the Texas AG press archive, whose site search returns Page Not Found for every query, including a canary that must hit. Treat this row as structurally open rather than as a task: closing it needs paid state-court access. Not priced into the score.
Clear, partial Foreclosure (county records) Both Texas counties are clean, each against a live industrial-sector control: Dallas (the HQ) and Tarrant (which holds 810 Lipscomb, the Fort Worth asset). Checked against the 32-entity Comptroller roster, 31 of which carry no MAG token because each building sits in an entity named for its tenant. Not yet reached: Harris, Maricopa and Marion, logged in open: and not scored. Weighted because single-tenant net lease means one tenant default can foreclose one building without touching the rest. Tarrant County Foreclosures index
Screens as of 2026-07-29.
Tenant liquidated · MAG not a party in interest beyond its claimFiled 2022-03-07
Tenant Chapter 11: Fore Machine, LLC
U.S. Bankruptcy Court, N.D. Texas (Fort Worth Division)
MAG bought an eight-building, 139,150 sq ft industrial portfolio at 5998 Eden Drive, Haltom City in July 2020, tenanted by aerospace manufacturer Fore Aero, in a sale-leaseback from P4G Capital. Twenty months later the Fore entities filed Chapter 11. MAG appears on the debtors' Official Form 204 as ninth-largest unsecured creditor, claim type 'Landlord'. Tenant-credit risk materialising, not sponsor conduct: MAG was owed money, not accused.
Case
22-40487-mxm-11, jointly administered
MAG's role
Creditor, scheduled as “Landlord”
Scheduled claim
$148,037.55 unsecured (ranked 9th of 20)
Outcome
Joint Chapter 11 plan of liquidation; equipment auctioned
One caution on that docket, recorded so nobody re-derives it wrongly: the 47-page memorandum opinion of 2023-08-21 concerns an administrative-expense claim by a landlord named GL Eden, LLC, which the court allowed at $441,513.00. The opinion never names MAG Capital Partners, Mitchell or Gi, and no public record reviewed here links GL Eden to MAG. The two landlord claims are treated as separate here; only the Form 204 entry is attributed to MAG.
Public-record assessment
Awards and designations
Editorial score62/100
Every claimed award traced back to its granting body. Sponsor-only claims are labelled as such and do not lift the score.
Behind the 62/100: one honor verified at the source, and it is a real one, a Top 10 finish on a competitive regional growth list. But it measures revenue growth among University of Texas alumni businesses, which is a narrow field and a proxy for fundraising velocity rather than investment outcomes. No industry award (NAIOP, SIOR, IREM), no lender designation, no performance award surfaced.
Independently verifiedLonghorn 100: #8, Top 10 WinnerTexas Exes (University of Texas alumni association) · 2026
The Longhorn 100 ranks the 100 fastest-growing businesses owned or led by UT Austin alumni worldwide. MAG placed 8th and is flagged a Top 10 Winner on the association's own published list, credited to Dax Mitchell (BA 1999, College of Liberal Arts). Verified directly against the granting body: it is a revenue-growth ranking, not an investment-performance award, and the field is limited to UT alumni businesses.
Per sponsorBest Ever Conference: 1st of 82 sponsorsBest Ever Conference · 2023 · net-leased industrial fund strategy
MAG says it placed first out of 82 sponsors for its net-leased industrial fund strategy at the 2023 Best Ever Conference. The claim appears only in MAG's own social post; the conference publishes no winners list that surfaced in this screen, so it is recorded as a sponsor claim and carries no weight in the score.
A net-lease sponsor has no residents, so the reputation surface is limited-partner reviews, complaint records and employer sentiment. Sample sizes are small and stated.
Behind the 76/100: both available signals are clean, and one of them (zero BBB complaints across a three-year window on a firm running a hundred-plus investors per vehicle), is a meaningful negative finding, in the useful sense. What caps the score is evidentiary thinness rather than any bad signal: fifteen reviews on a platform where sponsors solicit them is a small, self-selected sample, and there is no employee-side reading at all.
Glassdoor Not checked Glassdoor auth-walls its search and its profiles, so an absent page cannot be told from a blocked index (2026-07-29)
The reviews themselves are worth reading rather than counting. The substantive ones describe multi-year relationships and two full-cycle exits that came in ahead of schedule and above projected IRR, plus responsiveness and referral behaviour: the pattern you would expect from an investor base built by repeat allocation rather than by paid distribution. That is consistent with the Form D record, where sales commissions are reported at zero on every industrial fund and deal vehicle; the only commission MAG has paid is $6,250 to broker-dealer ICA, LLC on each of the two REIT feeder offerings. A sponsor that raises $180 million-plus with essentially no selling commissions is raising it from people who already know it.
The counterweight is what is absent. Fifteen reviews cannot carry the same weight as the several-thousand-review resident samples used elsewhere in this directory, the platform surfaces almost no critical reviews for any sponsor, and there is no independent check on service quality between fundraise and exit.
Profile factor
The operating-company platform
DifferentiatorBuys the tenant, not just the box
A structural claim only counts here if the public record shows it operating. This one does: through named portfolio companies and a partner recruited from a tenant.
Most net-lease buyers underwrite a credit rating and a lease document. MAG underwrites the business, and then sometimes buys it.
The evidence is in the filings and the org chart, not the marketing. MAGCP Equity, LLC is the named manager of Nessco Group Investment, LLC, a $10.64 million vehicle funded by 117 investors, that is an operating-company purchase, not a building. In April 2022 it acquired the majority interest in Superior Concrete Products (a precast manufacturer founded in 1986, with its headquarters in Euless and a plant in Cleburne), buying the operating business and its real estate together (announced via a press release the Fort Worth Report republishes and labels as such). And Steven Sigfusson, who chairs those portfolio companies, arrived from the tenant side: MAG bought Gamma Aerospace’s DFW real estate in a 2017 sale-leaseback while he was Gamma’s CEO, and he joined MAG in early 2021. MAG’s own team page describes an in-house corporate credit advisory function alongside construction administration and asset management.
Why it matters to an allocator. A middle-market manufacturer with no public rating cannot get a twenty-year lease priced by a REIT that only reads credit reports. MAG can price it because it has bought and run businesses like the tenant’s: which is how a $6.1 million Maine factory gets a 20-year triple-net lease with a 10-year option, and how a six-plant portfolio underwritten that way clears at $89 million to a Starwood subsidiary.
The underwriting is fallible and nobody independent checks it. The same integration removes an arm’s-length check. When the sponsor is also the credit analyst, the construction manager and, in two cases, the tenant’s owner, there is no third party whose independent judgment an LP can lean on, and the Fore Machine outcome shows the underwriting is fallible. There is no external investment committee, no rated tenant floor disclosed, and no published concentration limit.
Recent activity
2026-07-23Positive
Sold a six-property, 1.37M SF Midwest portfolio for ~$89M
Divestment
Buyer was Fundamental Income Properties, a wholly owned Starwood Property Trust subsidiary. Assets were mostly assembled inside MAGCP Industrial Fund II: a full-cycle portfolio exit from a fund raised in 2023.
Sword Industrial bought a 24-building, 1.1M SF Tulsa portfolio
Acquisition
Six industrial business parks across Tulsa's Southeast and South Central submarkets, bought from DRA Advisors: the platform's largest purchase to date, funded through SIP Tulsa Logistics Portfolio Investments, LLC ($2.55M of equity from 20 investors, per its Form D).
Acquired two temperature-controlled facilities from FreshEdge
Acquisition
Including the food distributor's Indianapolis headquarters: filed as Fresh Produce IN OK Investments, LLC, which reports $8.48M raised from 72 investors.
A 125-holder, $125,000 share offering placed by broker-dealer ICA, LLC: the structure that lets Fund III meet the REIT 100-shareholder test. The Fund II REIT that preceded it also raised $13.09M from 29 investors as a genuine co-investment vehicle.
Sword Industrial Partners filed its first own-name vehicle
JV
$3.12M from 14 investors, with Scott Word named Manager alongside Mitchell and Gi: the platform moving from a MAG side-strategy to a separately capitalised one.
Investor counts, minimums and commissions read directly from each vehicle's Form D. Institutional screens run against US public pensions, the Canadian Maple 8, Australian supers, UK schemes and sovereign funds.
MAG raises from individuals in $50,000 and $75,000 increments, a hundred-odd at a time, with no institutional limited partner anywhere in the public record: every dollar of equity risk sits with individual accredited investors rather than a balance sheet built to absorb a write-down, as it does at CAF Capital Partners and RREAF Holdings. Fund I sold $22.09M against a $50M ceiling, Fund II $13.79M against $60M and Fund III $14.66M from 101 investors, though most of the $183.7 million raised sits in 34 deal-level vehicles rather than the funds, and fees, promote and waterfall are not public.
How MAG compares
MAG is the only pure net-lease industrial sponsor profiled here, which makes the comparison useful rather than redundant:
S2 Capital: the closest structural analogue in DFW after it absorbed Fort Capital’s 11-million-square-foot industrial platform in 2025. S2 came to industrial from multifamily scale; MAG came to it from operating-company credit.
RREAF Holdings: a Dallas multi-vertical sponsor with documented institutional JV equity, the thing MAG does not have.
Nitya Capital: the counter-case for why tenant and market concentration matter, and why floating-rate value-add and long-lease net-lease behave nothing alike in the same rate cycle.
Evergen Equity: the other long-lease industrial buyer here, and the sharpest contrast on capital structure: Evergen raises single-family separately managed accounts with no fund and no stated minimum, where MAG syndicates each deal to a wide accredited base.
MAG reports $1.5 billion in assets under management on its Invest Clearly sponsor profile: a self-reported figure with no audited public backing. The verifiable floor is different and smaller: roughly $183.7 million of equity reported sold across 41 SEC-filed Reg D vehicles between 2019 and 2026. Equity is not AUM (leverage and joint-venture capital sit on top of it), but it is the only number filed under penalty of perjury.
Who founded MAG Capital Partners and who runs it?
Dax T.S. Mitchell and Andrew Gi founded the firm in 2015 and are its co-founders and principals; both have signed every Form D since 2019. Neil Wahlgren is Partner of MAGCP Fund Management, LP and Secretary on the fund vehicles. Steven Sigfusson is Partner, Corporate Acquisitions, and chairs MAG's portfolio companies.
Where is MAG Capital Partners headquartered?
Dallas, Texas: Resolute Tower at Old Parkland, 4020 Maple Avenue, Suite 525, per the firm's own site. It filed from Fort Worth through 2022 and from 3889 Maple Avenue, Suite 500 in Dallas thereafter, per its SEC Form D filings.
What is MAG Capital Partners' investment strategy?
Sale-leasebacks of American manufacturing and distribution real estate. MAG buys a middle-market operator's plant or headquarters and leases it back on a long-term triple-net lease: typically 20 years with a 10-year extension option, as in its 2024 purchase of Star Equity's South Paris, Maine factory. It runs the strategy through three commingled industrial funds, deal-by-deal single-asset syndications, a western small-bay platform called Sword Industrial Partners, and a private-equity arm, MAGCP Equity, that buys the operating companies themselves.
Who are MAG Capital Partners' investors?
Accredited individuals, not institutions. Form D filings show 175 investors in Industrial Fund I, 105 in Fund II, 101 in Fund III and 117 in the Nessco private-equity vehicle, at filed minimums of $50,000 to $150,000. No public pension, sovereign wealth fund, insurer or endowment commitment surfaced in any screen run for this profile. MAG names The Related Companies and Crystal Asset Management as 2022 joint-venture partners on its own site; neither is independently confirmed.
What is the minimum investment in a MAG Capital Partners fund?
Filed minimums range from $50,000 on the earlier deal vehicles and Industrial Fund I to $75,000 on Fund II and most 2025 syndications, and $150,000 on the MAGCP-RFM vehicle, per each vehicle's SEC Form D. The Fund II and Fund III REIT feeders carry a $1,000 minimum, but those are 125-holder share offerings that exist to meet the REIT shareholder test, not the main investment.
What are MAG Capital Partners' fees and carried interest?
Not public. MAG's funds are private Rule 506(b) offerings and the firm files no Form ADV Part 2 brochure, because its main fund manager is not SEC-registered: only a $3.4 million side vehicle, MAGCP-RFM Investments Management, LLC, reports as an exempt reporting adviser. No fee schedule, promote or distribution waterfall is published anywhere; those terms come from the GP directly. MAG does disclose on its Invest Clearly profile that the fund is audited annually by EisnerAmper, LLP.
Has MAG Capital Partners been sued or investigated?
No enforcement action, regulatory disclosure or civil suit naming MAG Capital Partners surfaced as of 2026-07-26. EDGAR full-text search across all form types returns no enforcement matter; the one affiliated adviser record reports no disciplinary events; BBB shows zero complaints; and federal docket searches return no case with MAG as a defendant. The one federal matter it appears in, it appears as a creditor: tenant Fore Machine, LLC filed Chapter 11 in March 2022 (Bankr. N.D. Tex. 22-40487) and MAG Capital Partners, LLC was scheduled among the 20 largest unsecured creditors as a landlord, owed $148,037.55. The case ended in a liquidating plan.
Revision history6entries
Tarrant County foreclosure screen completed, clean, closing the county that mattered most here. The previous pass could not finish it: the content search for 810 Lipscomb, the Fort Worth asset, timed out twice at roughly 98 seconds each while rendering text that reads exactly like a genuine zero. Re-run a day later the same queries completed normally, which establishes those timeouts as transient backend degradation rather than a fact about the county. 810 LIPSCOMB returns 0, the broader LIPSCOMB token returns 2 notices at an unrelated Fort Worth single-family address, and MAGCP returns 0, against four controls run the same day: 13,054 for SUBSTITUTE TRUSTEE, 9,063 for LLC, 0 for an invented token, and 38 live notices for INDUSTRIAL, the sector control that proves the index carries notices of the kind this sponsor would generate. Both Texas counties are now clean. The row stays queued rather than clear because Harris, Maricopa and Marion are still unrun; the risk lens holds at 72, since a completed negative is not evidence for an upgrade.
The SEC-enforcement screen was re-run and its citation corrected. The previous screen cited an EDGAR full-text query filtered to `forms=AAER`, which cannot return a result for any term: AAER releases are SEC administrative publications, not EDGAR filings, so the filter selects a form type that does not exist. Verified by control: `the`, `fraud` and `securities` each return 0 under `forms=AAER` while the same terms unfiltered return 10,000+. The 258 filings naming MAG Capital and 48 naming MAG Capital Partners are Form D vehicle filings and 424B3 prospectuses; no enforcement matter. The same AAER phrasing was corrected in the litigation FAQ. Form ADV figures re-verified against the filing: MAGCP-RFM Investments Management, LLC, ERA 802-131580, private fund assets $3,408,229 at Schedule D Section 2.B, one fund, filed 2025-07-01.
Sources of capital condensed to a two-sentence statement with inline sources. The section had grown to 11-131 lines per page of LP cards, fund cards and audit trail; the facts that decide an allocation (who the capital comes from, and who absorbs a loss) were being carried by a slab most readers skip. Every claim and link in the short version is carried over from the long one, and the per-vehicle detail remains in git history, in the FAQ entries for minimums and fees, and in `sources[].gave:`. No score changed: the lens is value-mode and carries no weight in the hero grade.
Foreclosure screen started roster-first. The Texas Comptroller dataset returns 32 affiliated entities at MAG's Dallas suite, and 31 of them carry no MAG token at all: in a sale-leaseback net-lease model every building is held in an entity named for its tenant or its city, so a brand search reaches almost nothing. The registry brand is MAGCP, not MAG Capital. That roster is now in entity_pattern and is the query set for future passes. Dallas County, the HQ county, is clean: zero for MAGCP and for eleven tenant-named entities, with the sector control confirmed live (INDUSTRIAL returns 10 foreclosure notices, so the token works for a non-multifamily sponsor where APARTMENT would not). The row stays queued rather than clear, and deliberately so: Dallas is where the office is, not where the buildings are, and Tarrant, which holds the Fort Worth asset and is the one Texas portal that exposes the grantor name directly, could not be reached this pass. Harris, Maricopa and Marion are also unrun. One item worth resolving separately: eight of the 32 entities, including both MAGCP Industrial Fund vehicles, are not in good standing with the Comptroller. That usually means an unfiled franchise-tax report rather than distress, so it is logged in open as a question rather than scored as a finding.
Citation audit: replaced an unverifiable Fort Worth Report link and its claim with the outlet's actual April 2022 report that MAG acquired the majority interest in Superior Concrete Products (Euless HQ, Cleburne plant); corrected the Tulsa portfolio to the 24-building, 1.1M SF, six-park purchase from DRA Advisors confirmed by Commercial Property Executive; and repointed two bare-domain trade citations at the sponsor press page that actually carries them.
Initial publish. Government spine: 41 SEC-filed Reg D vehicles 2019–2026 totalling roughly $183.7M of equity reported sold, three commingled industrial funds plus deal-by-deal syndications, and a Star Equity 8-K independently confirming the $6.1M South Paris, Maine sale-leaseback on 20-year triple-net terms. Risk screen 72/100: every enforcement, docket and complaint screen clear, offset by a documented tenant failure (Fore Machine Ch. 11, 2022, MAG scheduled as landlord creditor for $148,037.55) and by the main fund manager operating outside the Form ADV disclosure regime. Awards 62/100 on a verified #8 finish in the Texas Exes 2026 Longhorn 100. Reputation 76/100 on a Positive read of both available axes, the BBB complaint file and the verified LP reviews, both small-sample.
