Item 1. Security and Issuer
This Amendment No. 1 (this “Amendment”) amends and supplements the Statement on Schedule 13D (the “Original Schedule 13D”) filed by Fortress (as defined below) and the other reporting persons named therein on November 29, 2022 relating to common stock, par value $0.01 par value per share (“Common Stock”), of Broad Street Realty, Inc., a Delaware corporation (the “Issuer”). This Amendment also constitutes an initial Statement on Schedule 13D for each of CF Flyer Mezz Holdings and FCOF V ULMA. Annex A attached to this Amendment amends and restates Annex A attached to the Original Schedule 13D. Except as specifically provided herein, this Amendment does not modify any of the information previously reported on the Original Schedule 13D. Capitalized terms not otherwise defined in this Amendment shall have the same meanings ascribed thereto in the Original Schedule 13D. The Issuer’s principal executive offices are located at 7250 Woodmont Avenue, Suite 350, Bethesda, Maryland, 20814.
Item 2. Identity and Background
This Amendment amends and restates the disclosure in Item 2 of the Original Schedule 13D with the following:
(a)
(i) CF Flyer PE Investor LLC, a Delaware limited liability company (“CF Flyer Investor”), previously held the Fortress Warrant (as defined below), which it assigned to CF Flyer Mezz Holdings (as defined below) on December 15, 2022.
(ii) CF Flyer PE Holdings LLC, a Delaware limited liability company (“CF Flyer Holdings”), is the sole owner of CF Flyer Investor.
(iii) FCOF V Expansion USTMA-C LLC, a Delaware limited liability company (“FCOF V”), holds the majority of membership interests in CF Flyer Holdings.
(iv) CF Flyer Mezz Holdings LLC, a Delaware limited liability company (“CF Flyer Mezz Holdings”), holds the Fortress Warrant.
(v) FCOF V Expansion ULMA-C Investments LLC, a Delaware limited liability company (“FCOF V ULMA”), holds the majority of membership interests in CF Flyer Mezz Holdings.
(vi) FCOF V Expansion CDFG MA-C Investments LLC (Flyer Series), a Delaware limited liability company (“FCOF V Investments”), holds the majority of membership interests in FCOF V ULMA.
(vii) Fortress Credit Opportunities Fund V Expansion (G) L.P., a Cayman Islands exempted limited partnership (“Fortress Credit V LP”), holds the majority of membership interests in FCOF V Investments.
(viii) Fortress Credit Opportunities V Advisors LLC, a Delaware limited liability company (“Fortress Credit V LLC”), is the investment adviser to Fortress Credit V LP.
(ix) FCO Fund V GP LLC, a Delaware limited liability company (“FCO Fund V”), is the general partner of Fortress Credit V LP.
(x) Hybrid GP Holdings (Cayman) LLC, a Cayman Islands limited liability company (“Cayman GP”), is the parent of the general partners of certain investment funds that hold membership interests in CF Flyer Holdings, including FCO Fund V.
(xi) Hybrid GP Holdings LLC, a Delaware limited liability company (“Hybrid GP”), is the sole owner of Cayman GP.
(xii) FIG LLC, a Delaware limited liability company (“FIG LLC”), is the parent of the investment advisers to certain investment funds that hold membership interests in CF Flyer Holdings, including Fortress Credit V LLC.
(xiii) Fortress Operating Entity I LP, a Delaware limited partnership (“FOE I”), is (i) the sole owner of FIG LLC and (ii) the managing member of, and holds the majority of equity interest in, Hybrid GP.
(xiv) FIG Corp., a Delaware corporation (“FIG Corp.”), is the general partner of FOE I.
(xv) Fortress Investment Group LLC, a Delaware limited liability company (“Fortress”), is the sole owner of FIG Corp.
CF Flyer Investor, CF Flyer Holdings, FCOF V, CF Flyer Mezz Holdings, FCOF V ULMA, FCOF V Investments, Fortress Credit V LP, Fortress Credit V LLC, FCO Fund V, Cayman GP, Hybrid GP, FIG LLC, FOE I, FIG Corp. and Fortress are collectively referred to herein as the “Reporting Persons.”
(b) The address of the principal business and principal office of each of the Reporting Persons is 1345 Avenue of the Americas, 46th Floor, New York, New York 10105.
(c) Fortress is a highly diversified investment manager. The principal business of Fortress and each of the other Reporting Persons is forming, managing, and/or directly or indirectly participating in investment funds or their investments, as the case may be. Set forth on Annex A attached hereto is a listing of the directors and executive officers of each of the Reporting Persons (collectively, the “Covered Persons”), and the business address and present principal occupation or employment/role of each of the Covered Persons, and is incorporated herein by reference.
(d) None of the Reporting Persons, nor, to the best of their knowledge, any of their directors, executive officers or members has, during the last five years, been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors).
(e) None of the Reporting Persons, nor, to the best of their knowledge, any of their directors, executive officers, general partners or members has, during the last five years, been a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and as a result of such proceeding was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws.
(f) Except as otherwise designated on Annex A, each of the Covered Persons is a citizen of the United States of America.
Item 3. Source and Amount of Funds or Other Consideration
Each of CF Flyer Mezz Holdings and FCOF V ULMA hereby adopts the disclosure made by the other Reporting Persons in Item 3 of the Original Schedule 13D, as amended hereby, and incorporates by reference into this Item 3 the information set forth in Item 4 of this Amendment in respect of the December 15, 2022 assignment and transfer of the Fortress Warrant.
Item 4. Purpose of Transaction
Each of CF Flyer Mezz Holdings and FCOF V ULMA hereby adopts the disclosure made by the other Reporting Persons in the Original Schedule 13D, as amended hereby. This Amendment supplements the disclosure in Item 4 of the Original Schedule 13D by adding the following:
Fortress Warrant
On December 15, 2022, as part of an internal reorganization of certain assets and in accordance with the terms of the Fortress Warrant, CF Flyer Investor assigned and transferred the Fortress Warrant, which the Issuer originally issued to CF Flyer PE Investor on November 22, 2022, to its affiliate CF Flyer Mezz Holdings for no consideration. In connection with such assignment and transfer, CF Flyer Investor surrendered the original warrant to purchase common stock to the Issuer, whereupon the Issuer issued and delivered a new warrant to CF Flyer Mezz Holdings on terms to those of the original warrant to purchase common stock (further references to the Fortress Warrant shall be deemed to refer to the warrant held by CF Flyer Mezz Holdings). CF Flyer Mezz Holdings now holds the rights in respect of the Fortress Warrant as were previously described as held by CF Flyer Investor.
Joinder Pursuant to Registration Rights Agreement
In connection with the assignment and transfer of the Fortress Warrant and in accordance with the Registration Rights Agreement, on December 19, 2022, the Issuer and CF Flyer Mezz Holdings executed the Joinder Pursuant to the Registration Rights Agreement (the “Joinder”). Pursuant to the Joinder, CF Flyer Mezz Holdings is a party to and bound by the provisions of the Registration Rights Agreement as a holder in the same manner as if the undersigned were an original signatory to the Registration Rights Agreement.
Other than as described in this Amendment (including any information incorporated by reference herein), none of the Reporting Persons nor, to the best of their knowledge, any of the Covered Persons listed in Annex A currently has any plans or proposals that relate to, or would result in, any of the matters listed in Item 4 of this Amendment (including any of the matters listed in Item 4 of the Original Schedule 13D not otherwise modified), although the Reporting Persons may, at any time and from time to time, review or reconsider their position and/or change their purpose and/or formulate plans or proposals with respect thereto.
Item 5. Interest in Securities of the Issuer.
Each of CF Flyer Mezz Holdings and FCOF V ULMA hereby incorporates by reference into Item 5(a) and Item 5(b) the information contained in rows 7, 8, 9, 10, 11 and 13 on the applicable cover page of this Schedule 13D. Each of CF Flyer Mezz Holdings and FCOF V ULMA hereby adopts the disclosure made by the other Reporting Persons in Item 5(a) and Item 5(b) of the Original Schedule 13D, as amended hereby.
This Amendment supplements the disclosure in Item 5(c) of the Original Schedule 13D by adding the following, which is also adopted by each of CF Flyer Mezz Holdings and FCOF V ULMA as its disclosure pursuant to Item 5(c):
This Item 5(c) incorporates by reference the information in Item 4 of this Amendment regarding the assignment and transfer of the Fortress Warrant in respect of the underlying shares of Common Stock.
Each of CF Flyer Mezz Holdings and FCOF V ULMA hereby adopts the disclosure made by the other Reporting Persons in Item 5(d) of the Original Schedule 13D.
Each of CF Flyer Investor, CF Flyer Holdings, and FCOF V hereby amends Item 5(e) of the Original Schedule 13D by adding the following:
On December 15, 2022, upon the transfer of the Fortress Warrant described in Item 4 of this Amendment, each of CF Flyer Investor, CF Flyer Holdings, and FCOF V ceased to be the beneficial owner of more than five percent of the outstanding shares of Common Stock.
Item 6. Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer.
Each of CF Flyer Mezz Holdings and FCOF V ULMA hereby adopts the disclosure made by the other Reporting Persons in Item 6 of the Original Schedule 13D, as amended hereby, in respect of the Fortress Warrant and the Joinder. This Amendment supplements the disclosure in Item 6 of the Original Schedule 13D by adding the following:
This Item 6 incorporates by reference the information in Item 4 of this Amendment regarding the assignment and transfer of the Fortress Warrant.
Other than as described herein, none of the Reporting Persons is a party to any contracts, arrangements or understandings or has any relationships with respect to any securities of the Issuer.
Item 7. Material to be Filed as Exhibits.
Each of CF Flyer Mezz Holdings and FCOF V ULMA hereby adopts the disclosure made by the other Reporting Persons in Item 7 of the Original Schedule 13D, as amended hereby. This Amendment amends the disclosure in Item 7 of the Original Schedule 13D by replacing Exhibits 99.1 and 99.3 in Item 7 of the Original Schedule 13D and adding Exhibit 99.6.
| Exhibit No. | Description |
| | Joint Filing Agreement, dated as of December 19, 2022, by and among CF Flyer PE Investor LLC, CF Flyer PE Holdings LLC, FCOF V Expansion USTMA-C Investments LLC, CF Flyer Mezz Holdings LLC, FCOF V Expansion ULMA-C Investments LLC, FCOF V Expansion CDFG MA-C Investments LLC (Flyer Series), Fortress Credit Opportunities Fund V Expansion (G) L.P., Fortress Credit Opportunities V Advisors LLC, FCO Fund V GP LLC, Hybrid GP Holdings (Cayman) LLC, Hybrid GP Holdings LLC, FIG LLC, Fortress Operating Entity I LP, FIG Corp. and Fortress Investment Group LLC. |
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