PartnerFacts
Data last updated: Oct 23, 2026, 5:45 PM ETLatest filing: Oct 22, 2026Now: Oct 24, 2026, 8:16 AM ET

Sponsor Check › Sponsor group

B

Baseline

One sponsor team, 5 deal companies · Gilbert, AZ

Grouped because: 1 shared person, 2 shared management entities, same business address (4 issuers), similar issuer names (4) (automatic match from the filings) · not the same sponsor?

5deal companies
$49.9Mreported sold
220investors
8Form D filings
2013–2025active
0new, last 12 mo

Data last updated Oct 23, 2026, 5:45 PM ET · Latest filing in this group Apr 3, 2025 · Courts (RECAP) last checked: Oct 24, 2026, 2:17 AM ET · SEC enforcement last checked: covered by the index scan as of Oct 24, 2026, 2:50 AM ET

The short version

Baseline is a sponsor group of 5 issuers that PartnerFacts links to one sponsor (shared people, same business address, similar issuer names, shared management entity; automatic match from the filings), filing 8 Form D filings between Mar 2013 and Apr 2025.

What this means One team, 5 deal companies, about 12 years of track record in SEC filings. We link the companies because the same people or address appear on their forms — tap "Request a correction" if that is wrong.

Combined reported sold: $49.9M to 220 investors (latest filing per issuer). Industries as reported: Commercial (3), Pooled Investment Fund (1), REITS and Finance (1). Issuers are based in AZ (5).

What this means $49.9M raised across the group, about $227K per investor. Amounts come from each company's latest Form D; they are what the sponsor reported, not audited figures.

Principal people: Patrick Cardon (5 issuers, executive officer, director, and promoter), Baseline Capital Partners (2 issuers, promoter, entity), Baseline Investments (2 issuers, executive officer, director, and promoter, entity), Andrew Funk (1 issuer, executive officer), Cordell Rogers (1 issuer, executive officer) and 2 more.

What this means The person on the most companies is usually the one running the show; their page lists every deal.

Activity: 0 new offerings in the last 12 months; latest filing Apr 3, 2025.

What this means No new raise filed in the past year.

Public records searched: federal courts (CourtListener / RECAP), SEC enforcement releases, state securities regulators (AK, AL, AR, AZ, CA, CT, DE, FINRA, GA, HI, ID, IL, KS, KY, LA, MA, MD, ME, MI, MO, MS, MT, NASAA, NC, ND, NH, NM, NV, OK, OR, PA, RI, SC, SD, TN, TX, VT, WA, WI, WV, WY), property records (NYC, FL, IL and TX counties) — 1 court case matching the name listed in Key records below.

What this means 1 record came back, including 1 court case still open — open cases can take years and cost money. Each one is listed below with a link to the original document and a line saying why it matched. A name match is not proof it is the same person or company — read the why line and the document. Being sued or named in a release is an accusation, not a finding.

We compared 8 public filings for Baseline and found 9 differences, 1 worth asking the sponsor about: Cordell Rogers is no longer listed on the Mar 27, 2014 amendment; and more below.

What this means These are differences between the sponsor's own SEC filings — both values, dates and sources are listed in Key records, section 4. Most have ordinary explanations; ask the sponsor.

What the community is saying

Community search for Baseline has not run yet — it is joining a line of 30,045 names; searches run around the clock at the hosts' allowed rate. Searched so far: 638 names.

Community comments are quoted as written by their authors. Sources searched: BiggerPockets forums (via DuckDuckGo, Brave, Bing and BiggerPockets search) and Reddit (search feed + public archive).

Key records

Five things investors ask first. Items still in human review are counted, not shown.

1. Lawsuits

1 case: 1 open

Magnuson v. Window Rock Residential Recovery Fund, L.P. open
District Court, N.D. Illinois · No. 1:22-cv-01010 · Filed Feb 25, 2022 · Nature of suit: Securities/Commodities · Cause: 15:78m(a) Securities Exchange Act
Role of Window Rock Residential Recovery Fund, L.P.: Defendant · Outcome: Open — no termination date on the docket (bulk snapshot 2026-09-30) Docket on CourtListener ↗
exact company name; court in IL (not the issuer's state)
What was searched

Sources searched: CourtListener bulk data (RECAP dockets as of 2026-09-30; recall-first rule 10-24) — federal district + bankruptcy courts State courts: not covered (one-tap state court links under Look further). PACER: not searched. · Last checked Oct 24, 2026, 2:17 AM ET.

Court records show docket facts only; we never restate allegations as facts. Outcome wording comes from the docket feed; where it does not state a disposition we say so.

State courts: not covered (one-tap state court links under Look further). No state offers a lawful automated statewide source PartnerFacts can use today. Texas (re:SearchTX) terms prohibit storing results in a database open to third parties; New York (WebCivil) and Massachusetts (MassCourts) require a browser check that blocks scripted queries; California has no statewide index (58 county portals; Rule of Court 2.503 grants name-based access case by case); Florida, Utah and Illinois offer paid or partial access whose terms for automated use are unverified. Washington (dw.courts.wa.gov; bulk index reports under a JISC data-dissemination agreement), Delaware (CourtConnect; Court of Chancery not included) and Arizona (apps.azcourts.gov/publicaccess, which has an official channel to request high-volume access) are the candidates; PartnerFacts will request written permission before any automated search. Federal courts are searched through CourtListener / RECAP.

2. Regulatory actions

None found in sources searched — SEC enforcement releases (index scan as of Oct 24, 2026, 2:50 AM ET) · state securities regulators: VA (crawled Oct 23, 2026)

What was searched

SEC enforcement searched: SEC litigation releases and administrative proceedings — respondent names in the sec.gov index titles (30,205 releases, 1995-09-19 to 2026-10-23); release text is read only to confirm a candidate. Names that appear only in the body of a release are not found. — Searched SEC litigation releases and administrative proceedings (1995→ / 2007→) (30,205 records as of Oct 24, 2026, 2:50 AM ET) — nothing matched Baseline..

State securities regulators: Securities regulators searched (3,318 actions): AZ Corporation Commission Securities Division (411 actions, 2017–2026), CA DFPI (25 actions, 2007–2024; listing starts 2002 — 16 of 12,159 DFPI respondent pages read so far; sponsor-name matches are read first), DE DOJ Investor Protection Unit (257 actions, 1987–2026), TX State Securities Board (586 actions, 2006–2026), WA DFI (2,039 actions, 2001–2026) — last crawled Oct 23, 2026, 9:57 PM ET. No machine-readable public listing today for CO, FL, IA, IN, MN, NE, NJ, NY, OH, UT, VA (see docs/state-regulators.md).

3. Bankruptcies

None found in sources searched — federal bankruptcy courts (CourtListener / RECAP), checked Oct 24, 2026

What was searched

Sources searched: Federal bankruptcy courts via CourtListener / RECAP archive (federal district courts, federal bankruptcy courts). State courts: not covered (one-tap state court links under Look further). PACER: not searched (RECAP only). · Last checked Oct 24, 2026, 2:17 AM ET.

State courts: not covered (one-tap state court links under Look further). No state offers a lawful automated statewide source PartnerFacts can use today. Texas (re:SearchTX) terms prohibit storing results in a database open to third parties; New York (WebCivil) and Massachusetts (MassCourts) require a browser check that blocks scripted queries; California has no statewide index (58 county portals; Rule of Court 2.503 grants name-based access case by case); Florida, Utah and Illinois offer paid or partial access whose terms for automated use are unverified. Washington (dw.courts.wa.gov; bulk index reports under a JISC data-dissemination agreement), Delaware (CourtConnect; Court of Chancery not included) and Arizona (apps.azcourts.gov/publicaccess, which has an official channel to request high-volume access) are the candidates; PartnerFacts will request written permission before any automated search. Federal courts are searched through CourtListener / RECAP.

4. Differences between public sources

No comparisons published

What is compared

No public statement by this sponsor group has been collected yet, so there is nothing to compare. Sources compared: the sponsor's own website (known from the issuer's own filings — Form C issuer website, EDGAR company profile — an approved profile claim or Form ADV Item 1.I of its matched adviser) · SEC Form D · SEC Form ADV (IAPD) · Internet Archive · No website is on file for this sponsor group yet.

9 differences found between the filings for Baseline — 1 worth asking about (compared 8 filings on Oct 24, 2026)

Note · Mar 27, 2014 – Dec 16, 2019

Baseline includes 2 deals that stopped filing before reaching their target

Baseline Short-term REIT, LLC (last filing Dec 16, 2019; $31,000 sold of $125,000); Window Rock Residential Recovery Fund, L.P. (last filing Mar 27, 2014; $12,045,000 sold of $100,000,000). Each has no filing in more than two years and reported under half its target sold.

What this means An issuer whose last filing is more than two years old and reported under half its target sold. The raise may have closed early or quietly stopped. Ask what happened to each.

Sources
Note · Mar 18, 2025 – Apr 3, 2025

Form D filed 16 days after the first sale — Baseline Forum LLC

The filing says the first sale was Mar 18, 2025. The Form D was filed Apr 3, 2025 — 16 days later. The rule: a Form D is generally due within 15 days after the first sale, so this one is 1 days past that.

What this means A late notice is common and carries no penalty by itself. It is worth asking the sponsor why the paperwork lagged.

Sources
Note · May 20, 2024 – Jul 11, 2024

Form D filed 52 days after the first sale — Arrowhead 59 LLC

The filing says the first sale was May 20, 2024. The Form D was filed Jul 11, 2024 — 52 days later. The rule: a Form D is generally due within 15 days after the first sale, so this one is 37 days past that.

What this means A late notice is common and carries no penalty by itself. It is worth asking the sponsor why the paperwork lagged.

Sources
Note · Apr 16, 2019 – Apr 13, 2021

No amendment in the last 12 months on an offering that may still be open — Baseline CRE Income Fund, LLC (latest filing Apr 13, 2021)

The latest filing for this offering is dated Apr 13, 2021 (first sale Apr 16, 2019). It reports $29,087,499 sold of an indefinite amount offered. No later amendment is in our index as of Oct 24, 2026.

What this means SEC rules expect a yearly amendment while an offering is still going. The raise may simply have ended — a Form D does not say when it closed. Ask the sponsor whether the offering closed, when, and at what amount.

Sources
Note · Dec 11, 2019 – Dec 16, 2019

No amendment in the last 12 months on an offering that may still be open — Baseline Short-term REIT, LLC (latest filing Dec 16, 2019)

The latest filing for this offering is dated Dec 16, 2019 (first sale Dec 11, 2019). It reports $31,000 sold of $125,000 offered. No later amendment is in our index as of Oct 24, 2026.

What this means SEC rules expect a yearly amendment while an offering is still going. The raise may simply have ended — a Form D does not say when it closed. Ask the sponsor whether the offering closed, when, and at what amount.

Sources
Note · Apr 4, 2013 – Mar 27, 2014

No amendment in the last 12 months on an offering that may still be open — Window Rock Residential Recovery Fund, L.P. (latest filing Mar 27, 2014)

The latest filing for this offering is dated Mar 27, 2014 (first sale Apr 4, 2013). It reports $12,045,000 sold of $100,000,000 offered. No later amendment is in our index as of Oct 24, 2026.

What this means SEC rules expect a yearly amendment while an offering is still going. The raise may simply have ended — a Form D does not say when it closed. Ask the sponsor whether the offering closed, when, and at what amount.

Sources
Worth asking · Mar 27, 2013 – Mar 27, 2014

Cordell Rogers is no longer listed on the Mar 27, 2014 amendment — Window Rock Residential Recovery Fund, L.P.

Cordell Rogers appears on the Mar 27, 2013 Form D (executive officer) but not on the Mar 27, 2014 Form D/A for the same offering.

What this means People leave, and the issuer must list only current officers, directors and promoters. It is still worth asking why this person left and who replaced them.

Sources
Note · Mar 27, 2013 – Mar 27, 2014

Address moved from Mesa, AZ to Gilbert, AZ — Window Rock Residential Recovery Fund, L.P.

The people listed on the Mar 27, 2013 filing give Mesa, AZ; on the Mar 27, 2014 filing they give Gilbert, AZ.

What this means Businesses move; this just shows the two places and dates. If you were told one city and the forms say another, ask which is current.

Sources
Note · Mar 27, 2014 – Apr 3, 2025

Member companies were formed in 2 different states

Delaware (3), Arizona (2) — out of 5 member issuers. The odd ones out: Arrowhead 59 LLC (Arizona); Baseline Forum LLC (Arizona).

What this means Sponsors often form each deal company in Delaware or Wyoming no matter where the property is. A mix is common; it just tells you which state's rules each company lives under.

Sources
What is compared

What is compared: every Form D and D/A we hold for this subject, side by side — filing dates vs. first-sale dates (the 15-day rule), amendment timing on open offerings (the yearly-amendment expectation), amounts sold, investor counts, offering amounts and minimums across amendments, industry and size bands, addresses, how each person's name and role is written, paid sellers' CRD numbers, and (for groups) where the member companies were formed and sit. Everything is as filed by the issuer; the SEC does not check it. Differences are common and usually have ordinary explanations — we show both values, the dates, and the source so you can ask. As of Oct 24, 2026.

5. Money to insiders

1 of 5 offerings reports sales commissions totalling $6,250; 0 report finder's fees; 0 report proceeds to related persons. (includes amounts the issuer reported as estimates)

Offering (latest filing)Sales commissionsFinder's feesTo insidersPaid to sell itSource
Apr 3, 2025 D
Baseline Forum LLC
File 021-542822
$0$0$0None listed on this filingEDGAR ↗
Jul 11, 2024 D
Arrowhead 59 LLC
File 021-518400
$0$0$0None listed on this filingEDGAR ↗
Apr 13, 2021 D/A
Baseline CRE Income Fund, LLC
File 021-337796
$0$0$0None listed on this filingEDGAR ↗
Dec 16, 2019 D
Baseline Short-term REIT, LLC
File 021-355582
$6,250 (est.)$0$0H & L EQUITIES, LLC BrokerCheck CRD 113794 ↗EDGAR ↗
Mar 27, 2014 D/A
Window Rock Residential Recovery Fund, L.P.
File 021-194086
$0$0$0
Customary advisory fees are paid by the Issuer to the Manager as provided for in the Issuer's offering materials.
None listed on this filingEDGAR ↗
How this is counted

Counts come from Form D Items 12–15 on the filings in our index (latest filing per offering; one offering = one SEC file number; an amendment updates its offering rather than adding one). "To insiders" = gross proceeds used for payments to executive officers, directors or promoters. "—" = not reported on that filing. Amounts marked (est.) were reported as estimates. "Paid to sell it" = sales compensation recipients named on that filing (Item 12), each linked to FINRA BrokerCheck when a CRD number is reported.

Counted across all 5 issuers in this group — every filing in our index, latest filing per offering (SEC file number).

Property records 0 documents · 0 ownership records · last checked Oct 24, 2026, 8:14 AM ET · NYC and Cook County lookup still to run

0 recorded documents and 0 ownership records matched to Baseline in the sources searched.

Not found in sources searched as of Oct 24, 2026, 8:14 AM ET: Hillsborough County FL Clerk of Court Official Records daily index (publicrec.hillsclerk.com D/P/M files), 2 daily files (Oct 14, 2026 to Oct 15, 2026) — loaded Oct 23, 2026, 8:59 PM ET; Harris County TX (HCAD ownership rolls 2005–2026) — 1,032,426 records, loaded Oct 24, 2026, 8:00 AM ET; Dallas County TX (DCAD ownership rolls 2023–2027) — 253,591 records, loaded Oct 24, 2026, 8:14 AM ET; Hillsborough County FL (FL DOR 2026 ownership roll + Clerk recorded-document index Oct 14, 2026 to Oct 15, 2026), Miami-Dade County FL (FL DOR 2026 ownership roll) — 294,950 records, loaded Oct 23, 2026, 8:58 PM ET. Still to be looked up for this group: NYC ACRIS via NYC Open Data (Real Property Parties 636b-3b5g, Master bnx9-e6tj, Legals 8h5j-fqxa, Document Control Codes 7isb-wh4c) · NYC PLUTO ownership via NYC Open Data (64uk-42ks) · Cook County IL Assessor via Cook County Open Data (Parcel Sales wvhk-k5uv; Parcel Addresses 3723-97qp). Records in other counties, and recorder indexes we do not yet cover, were not searched.

Property records coverage: New York City (ACRIS recorded documents and PLUTO ownership, looked up per issuer when its page is viewed; re-checked when the page is viewed again more than 30 days after the last check); Harris County TX (ownership only, no deed, mortgage or sale records; HCAD ownership rolls 2005–2026); Dallas County TX (ownership only, no deed, mortgage or sale records; DCAD ownership rolls 2023–2027); Hillsborough County FL (FL DOR 2026 ownership roll + Clerk recorded-document index Oct 14, 2026 to Oct 15, 2026), Miami-Dade County FL (FL DOR 2026 ownership roll); Cook County IL (assessor ownership and deed/sale records, looked up per issuer when its page is viewed). Recorder indexes (party names on deeds, mortgages and liens) in TX, AZ, NV, CA and WA counties and outside the Clerk index in FL, mortgages and liens outside NYC and Hillsborough County, lis pendens and foreclosure notices everywhere, Los Angeles County CA, Clark County NV, King County WA (loader ready; first load not finished), Cook County IL bulk pass (not finished; per-issuer lookups only so far), New York City bulk pass (not finished; per-issuer lookups only so far), Maricopa County AZ (loader ready; commercial-purpose statement not yet filed), Salt Lake County UT, and all other counties are not covered — not searched. Last refresh by source: Dallas Central Appraisal District ACCOUNT_INFO.CSV Oct 24, 2026, 8:14 AM ET; Harris County Appraisal District real_acct.txt Oct 24, 2026, 8:00 AM ET; Hillsborough County FL Clerk daily index Oct 23, 2026, 8:59 PM ET; Florida DOR NAL roll (Dade 23) Oct 23, 2026, 8:58 PM ET; Florida DOR NAL roll (Hillsborough 39) Oct 23, 2026, 8:54 PM ET. NYC and Cook County are also looked up per issuer when its page is viewed; the most recent such lookup on this site finished Oct 24, 2026, 3:30 AM ET. Parties are named as the recorder's index names them (role suffixes as recorded); no address, account number or trust date is shown for an individual, and individual owners of record (home ownership) are not matched or shown. Items still in human review are not shown.

Issuers in this group

Why each issuer is here is stated in the "Linked by" column. Low-confidence links are never shown — they wait for human review.

SourceIssuerLinked byLocationIndustryFilingsSold (max)InvestorsMin. investment (latest filing)Active
EDGAR ↗WR Window Rock Residential Recovery Fund, L.P.shared people, same business addressGILBERT, AZPooled Investment Fund2$12,045,000
offering $100,000,000 · similar: $155,000–$5,250,000
10
similar: 4–27
$1,000,000
similar: $1,000–$100,000
2013–2014
EDGAR ↗BC Baseline CRE Income Fund, LLCshared people, similar issuer namesMESA, AZCommercial3$29,087,499
offering Indefinite · similar: $1,815,000–$10,000,000
121
similar: 7–33
$100,000
similar: $20,000–$50,000
2019–2021
EDGAR ↗BS Baseline Short-term REIT, LLCshared people, same business address, similar issuer namesGILBERT, AZREITS and Finance1$31,000
offering $125,000 · similar: $125,000–$125,000
31
similar: 124–125
$1,000
similar: $1,000–$1,000
2019–2019
EDGAR ↗A5 Arrowhead 59 LLCshared people, shared management entity, same business address, similar issuer namesMESA, AZCommercial1$5,278,125
offering $5,278,125 · similar: $1,815,000–$10,000,000
36
similar: 7–33
$25,000
similar: $20,000–$50,000
2024–2024
EDGAR ↗BF Baseline Forum LLCshared people, shared management entity, same business address, similar issuer namesMESA, AZCommercial1$3,409,000
offering $3,409,000 · similar: $1,815,000–$10,000,000
22
similar: 7–33
$50,000
similar: $20,000–$50,000
2025–2025

"Similar" = offerings in the same industry claiming the same exemption, filed in the last 5 years: Pooled Investment Fund / 506(b) (83,801 filings); Commercial / 506(b) (6,713 filings); REITS and Finance / 506(b) (3,490 filings); ranges are the middle half (25th–75th percentile). Computed by PartnerFacts from SEC EDGAR Form D data as of Oct 23, 2026, 5:45 PM ET. Rows without a range: fewer than 30 comparable filings, or not a Rule 506 offering. No ranking or score.

Timeline of offerings

SourceFiledIssuerFormIndustryOfferedSold
EDGAR ↗Apr 3, 2025Baseline Forum LLCDCommercial$3,409,000$3,409,000
EDGAR ↗Jul 11, 2024Arrowhead 59 LLCDCommercial$5,278,125$5,278,125
EDGAR ↗Apr 13, 2021Baseline CRE Income Fund, LLCD/ACommercialIndefinite$29,087,499
EDGAR ↗Apr 13, 2020Baseline CRE Income Fund, LLCD/ACommercialIndefinite$17,140,398
EDGAR ↗Dec 16, 2019Baseline Short-term REIT, LLCDREITS and Finance$125,000$31,000
EDGAR ↗Apr 22, 2019Baseline CRE Income Fund, LLCDCommercialIndefinite$1,000,000
EDGAR ↗Mar 27, 2014Window Rock Residential Recovery Fund, L.P.D/APooled Investment Fund$100,000,000$12,045,000
EDGAR ↗Mar 27, 2013Window Rock Residential Recovery Fund, L.P.DPooled Investment Fund$100,000,000$0

Activity: 0 new offerings in the last 12 months across all issuers in this group (new offering = a Form D that is not an amendment, D/A) · most recent filing Apr 3, 2025. Industry history, as reported on each offering's latest filing: Previous offerings: Pooled Investment Fund (2013), Commercial (2019), REITS and Finance (2019). Latest offering: Commercial (2024–2025; most recent Apr 3, 2025).

People across the group

NameRolesIssuers hereFirst → last listed
PC Patrick CardonExecutive Officer, Director, Promoter5Mar 27, 2013 → Apr 3, 2025
BI Baseline Investments entityExecutive Officer, Director, Promoter2Jul 11, 2024 → Apr 3, 2025
BC Baseline Capital Partners entityPromoter2Jul 11, 2024 → Apr 3, 2025
AF Andrew FunkExecutive Officer1Mar 27, 2013 → Mar 27, 2014
WR Window Rock Capital Partner GP, LLC entityPromoter1Mar 27, 2013 → Mar 27, 2014
JJ Jason JonasExecutive Officer1Mar 27, 2014 → Mar 27, 2014
CR Cordell RogersExecutive Officer1Mar 27, 2013 → Mar 27, 2013

Adviser registration (Form ADV)

Searched SEC Form ADV bulk data (registered + exempt reporting advisers) (24,962 records as of Oct 2, 2026, 8:00 AM ET) — nothing matched Baseline.

Meta advertising

No Meta Pixel ids or Facebook / Instagram page links on file for Baseline as of Oct 24, 2026 — the sponsor website is read for them once it is on file (runs automatically). Meta Ad Library: not searched by PartnerFacts (no API access); a one-tap Ad Library search is under Look further.

Other offering types (Regulation A and Regulation Crowdfunding)

Searched SEC Regulation A Data Sets (Forms 1-A, 1-K, 1-Z; 2015 Q2 → 2026 Q3); SEC Crowdfunding Offerings Data Sets (Form C family; 2016 Q2 → 2026 Q3); EDGAR form index for 2026 Q3 → 2026 Q4 (51,358 records as of Oct 23, 2026, 8:41 PM ET) — nothing matched this name.

Public profiles and social

No website or social profile named in Baseline's SEC filings (Form C, Reg A, Form ADV; checked Oct 24, 2026). Web search for this name: #194,029 of 374,652 in line (1,385 issuers searched so far). One-tap searches: Look further ↓

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Change history

No corrections have been requested for this page.

Request a correction

Free. Covers the grouping itself or any record shown here. Logged with status: received → under review → fixed / confirmed with source.

Sponsor response

Add a sourced explanation next to any fact. Reviewed before publishing.

Grouping is PartnerFacts' inference from public filings (shared related persons, management entities, business address). Everything else on this page is drawn from the filings themselves. Not the same sponsor? Request a correction.

Look further

One-tap searches on sites we do not index ourselves, with the name pre-filled (outside the US (as filed: GILBERT), AZ). Each opens in a new tab; what you find there is not verified by PartnerFacts.