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CRITICAL RISK Minkow 1-10 · Case Study #9

Spartan Investment Group, LLC

Spartan Storage Debt Fund, LLC (Wyoming) · Spartan Storage Fund 1 · FreeUp Storage Entity Network · Tyler/Longview Portfolio LLC

SEC TCR #17484-734-397-818 DHS Letter SA Kevin Knipp — May 28, 2025 TxDOT Title Fraud — 2 Tyler TX Parcels $60M 506(c) Debt Fund — Chase Bank Ardsley NY "Consistent Monthly Cash Flow" Near-Guarantee 30+ FreeUp Storage LLCs — PO Box 17120 Golden CO Minkow NDA — Jan 9, 2026
2 /10 CRITICAL
Class A — Disqualifying×2
Class B — Serious×5
Class C — Contextual×2
Minkow 1-10 Algorithm Trace
Inputs2A + 5B + 2C
→
Base10 − 2(C) = 8
→
B≥4 cap→ floor 3
→
A≥1 cap→ floor 3
→
2nd A penalty− 1 = 2
→
Final Score2 / 10
2A + 5B + 2C · Score 2/10 · Do Not Invest · Refer to SEC, DHS, State Securities

§3 Smoking Gun — TxDOT Title Contradiction

Texas Transportation Commission Owns Spartan's "Tyler Portfolio" Parcels
Title records confirm two Smith County TX parcels claimed in Spartan's Tyler/Longview portfolio are owned by the Texas state highway agency — not by Tyler/Longview Portfolio LLC
Spartan Claim
Tyler/Longview
Portfolio LLC
PO Box 17120, Golden CO 80402-6019
Claimed Spartan portfolio entity
APN 15000-0154-40-0004000
Texas Transportation
Commission
125 E 11th St, Austin TX 78701
2803 Shiloh Rd, Tyler TX 75703
APN 15000-0154-40-0003000
Texas Transportation
Commission
125 E 11th St, Austin TX 78701
2707 Shiloh Rd, Tyler TX 75703
2 Parcels / $5M+ AUM
State highway commission parcels falsely attributed to Spartan's Tyler/Longview Portfolio LLC — confirmed by Smith County title records (May 2025). Parcel 3000 (Lot 3, Block 1544, City of Tyler) and Parcel 4000 (Lot 4, Block 1544, City of Tyler) — both owned by TxDOT, not FreeUp.

By contrast, the adjacent parcel at 12959 State Hwy 155 S, Tyler TX 75703 (APN 1-00000-0018-07-008110) is confirmed as legitimately owned by Tyler/Longview Portfolio LLC, with mailing address PO Box 17120 Golden CO 80402-6019 — confirming the entity is real but its claimed portfolio includes parcels it does not own.

Property Report Excerpt (2803 Shiloh Rd, Tyler TX): "Owner Name: Texas Transportation Commission · Vesting: Corporation · Mailing Address: 125 E 11th St, Austin TX 78701-2409 · Occupancy: Absentee Owner · Legal Description: City of Tyler Block 1544 Lot 4 · APN: 15000-0154-40-0004000" — Smith County Title Search, May 8, 2025

§4 All 9 Fraud Flags — 2A + 5B + 2C

Class A — Disqualifying Flags (×2) — Score Floor: 3 → Penalty to 2
A Flag A-1 False/Unverifiable Portfolio Ownership — Multiple Properties Confirmed Not Owned by Spartan Entities; $800M AUM Claim Contradicted by Title Records

Spartan Investment Group claims "$500M Equity Raised; $800M Assets Under Management; 30,000+ units; 74 Facilities" (DHS letter to SA Kevin Knipp, May 28, 2025). Title record investigation confirms multiple properties in Spartan's claimed portfolio are owned by unrelated third parties:

  • 2803 Shiloh Rd, Tyler TX (APN 15000-0154-40-0004000) — Owner: Texas Transportation Commission (125 E 11th St, Austin TX) — NOT Tyler/Longview Portfolio LLC
  • 2707 Shiloh Rd, Tyler TX (APN 15000-0154-40-0003000) — Owner: Texas Transportation Commission — NOT Tyler/Longview Portfolio LLC
  • 3323 Gilmer Rd, Longview TX (APN 25601, Gregg County) — Owner: Teebo Properties LLC / Sparkletts Carwash (200 Panther Creek Ranch Rd, Longview TX 75605) — NOT FreeUp Storage
  • 804 Columbus Pkwy, Opelika AL (APN 10-03-08-4-000-001.011) — Owner: SSC & Larkspur Opelika LLC (10800 Biscayne Blvd #300, Miami FL 33161) — NOT Spartan
  • 3725 Flory St, North Richland Hills TX (APN 04986687) — Owner: Harmony Circle RV Park Weatherford LLC (8343 Douglas Ave #350, Dallas TX 75225) — NOT FreeUp
  • 9529 Davis Ave, Conifer CO (APN 61-123-03-012, Jefferson County) — Owner: Conifer Storage Partners LP (6400 S Fiddlers Green Cir #1820, Greenwood Village CO 80111) — NOT Spartan
  • 2405 NE Loop 286, Paris TX (Lamar County) — Owner: L M Eby (91 years old, individual) — NOT FreeUp Storage

The gap between the claimed 74-facility portfolio and the title-record-verified ownership of named properties constitutes a material false representation to investors and is a definitional Class A disqualifying flag under the Minkow 1-10 system.

"$500M Equity Raised; $800M Assets Under Management; 30,000+ units; 74 Facilities" — DHS Fraud Report to SA Kevin Knipp, May 28, 2025
"CONSISTENT MONTHLY CASH FLOW" — Offering_MemorandumDebt_Fund.pdf (Spartan Storage Debt Fund investor overview)
A Flag A-2 Near-Guarantee Framing — "Consistent Monthly Cash Flow" on Fixed-Rate Notes Backed by Disputed-Ownership Portfolio Assets

Spartan's Offering Memorandum for the Spartan Storage Debt Fund opens with the bold headline: "THE DEBT FUND — CONSISTENT MONTHLY CASH FLOW." The fund raises $60,000,000 through promissory notes paying fixed 8% (Class A) and 9% (Class B) interest, described as "backed by assets in the Spartan portfolio." The DHS fraud report letter characterizes the investment pitch as promising "wrinkle-free cash flow."

The near-certainty framing is a definitional Class A red flag under the Minkow 1-10 system for two compounding reasons: (1) the underlying "assets" backing the notes include properties Spartan does not actually own (TxDOT parcels, Teebo Properties, SSC & Larkspur, Conifer Storage Partners); and (2) fixed-rate promissory notes on self-storage assets are subordinate to senior lenders, making the "consistent cash flow" guarantee dependent on portfolio performance across disputed-ownership properties. The mismatch between the near-guarantee marketing and the evidentiary contradictions in the asset base constitutes an irrational ratio.

"CONSISTENT MONTHLY CASH FLOW · Interest is paid monthly on the 1st. Investors will benefit from consistent monthly cash flow and funds will begin accruing interest within 2-weeks of funding. The Debt Fund pays a fixed rate offering predictability of monthly payments and cash flow." — Offering_MemorandumDebt_Fund.pdf [Source #6]
"wrinkle-free cash flow" — FraudreportSpartan Investment Group.docx, DHS letter to SA Kevin Knipp, May 28, 2025 [Source #3]
Class B — Serious Flags (×5) — Triggers B≥4 Cap
B Flag B-1 TxDOT Title Contradiction — Two Tyler TX Parcels Confirmed Owned by Texas Transportation Commission, Not Spartan's Tyler/Longview Portfolio LLC

The Spartan entity "Tyler/Longview Portfolio LLC" (mailing: PO Box 17120, Golden CO 80402-6019) is a confirmed Spartan entity — it owns 12959 State Hwy 155 S, Tyler TX. However, title research on the adjacent Shiloh Road parcels in Smith County reveals both claimed parcels are state-owned transportation infrastructure, not self-storage facilities:

2803 Shiloh Rd, Tyler TX 75703
APN 15000-0154-40-0004000 (Lot 4, Block 1544)
Title OwnerTexas Transportation Commission
Owner Address125 E 11th St, Austin TX 78701
Est. Value$2.52M
Built1983 · 37,840 sq ft
Spartan ClaimTyler/Longview Portfolio LLC
2707 Shiloh Rd, Tyler TX 75703-2937
APN 15000-0154-40-0003000 (Lot 3, Block 1544)
Title OwnerTexas Transportation Commission
Owner Address125 E 11th St, Austin TX 78701
School DistrictWhitehouse ISD
Spartan ClaimTyler/Longview Portfolio LLC
12959 State Hwy 155 S, Tyler TX 75703
APN 1-00000-0018-07-008110 (Confirmed Spartan)
Title OwnerTyler/Longview Portfolio LLC
Owner AddressPO Box 17120, Golden CO
Est. Value$1.74M
StatusConfirmed Spartan-owned
Prior owner chain for 2803 Shiloh Rd: "Tyler of Longview Portfolio Llc → George Mckale → Mckale Vernon J Trust → Clara F Mckale → Mckale Trust → Texas Department Transportation [current]" — PropertyRecs report, May 24, 2025
B Flag B-2 $60M Debt Fund Secured by Disputed-Ownership Portfolio — Wyoming LLC Notes Backed by Assets With Unverifiable/False Title Chains

Spartan Storage Debt Fund, LLC is a Wyoming LLC conducting a $60,000,000 Rule 506(c) promissory note offering. The PPM (March 15, 2023) states notes are "backed by assets in the Spartan portfolio." However, title records reveal that multiple claimed Spartan portfolio properties are owned by unrelated parties (Texas Transportation Commission, Teebo Properties, SSC & Larkspur, Conifer Storage Partners, L.M. Eby — an individual aged 91). The security backing a $60M investor offering is therefore partially illusory.

Spartan Storage Debt Fund, LLC — Key Terms
$60M
Total Offering (Promissory Notes)
8%
Class A Fixed Rate (90-day redemption)
9%
Class B Fixed Rate (2-year redemption)
$50K
Minimum Note Purchase (both classes)
506(c)
Reg D Exemption (general solicitation allowed)
Wyoming
LLC Jurisdiction (not Colorado)
"The Spartan Storage Debt Fund welcomes accredited investors to participate in notes backed by assets in the Spartan portfolio, specifically self-storage facilities." — Offering_MemorandumDebt_Fund.pdf [Source #6]
B Flag B-3 Minkow NDA — January 9, 2026 Nondisclosure Agreement Between Barry Minkow and Spartan Investment Group LLC

A DocuSign-executed Nondisclosure Agreement (Envelope ID: C4EFC07D-5FDB-488F-A718-85616CE7CF36) was signed on January 9, 2026 between Barry Minkow (barryminkow3@gmail.com) and Spartan Investment Group, LLC (1211 Avery St., Suite 201, Golden CO 80403). The agreement's stated purpose is "to resolve the actual or potential disputes that may exist between them as to the status of the Company and its business operations."

NDA Significance: The existence of this NDA signals that Spartan Investment Group had entered into a pre-litigation adversarial relationship with Barry Minkow prior to the formal SEC TCR filing. The NDA was signed approximately 5 months before the May 28, 2025 DHS fraud report letter, suggesting early informal investigation contact predated formal regulatory submissions. NDAs executed to manage fraud investigation exposure are a contextual but significant red flag in the Minkow 1-10 framework.
"Barry Minkow ('Interested Party') … and Spartan Investment Group, LLC, a Colorado limited liability company ('the Company') … are engaging in the exchange of information in an effort to resolve the actual or potential disputes that may exist between them as to the status of the Company and its business operations." — Complete_with_Docusign_NDA_-_Minkow_(4929-12.pdf, January 9, 2026 [Source #79]
B Flag B-4 Multi-Entity Opacity — 30+ LLC Network Under PO Box 17120 Golden CO Including RV Parks, DST Trust, Joint Ventures, Non-Storage Entities

Title records identify a sprawling network of at least 35+ entities all using PO Box 17120, Golden CO 80402-6019 as their mailing address. While the majority are "Freeup Storage [City] LLC" entities, the network also includes non-storage entities suggesting intentional portfolio opacity:

  • Highway 285 RV Park LLC — 2200 US Hwy 285 N, Pecos TX (Reeves County, PO Box 17120)
  • Goldenrod RV Park Limited Liability Co — 9170 E Goldenrod Dr, Gardendale TX 79758 (Ector County, PO Box 17120)
  • Storage Master Inc — 875 Burrus Rd, Macon GA 31204 (Bibb County, PO Box 17120)
  • Marion Beavers Self Storage LLC — 50 Marion Beavers Rd, Sharpsburg GA 30277 (Coweta County, PO Box 17120)
  • Freeup Strg Madison LLC & M & C CS Condos LLC — 3017 Dairy Dr, Madison WI 53718 — joint ownership (Dane County, PO Box 17120)
  • Freeup Corsicana I DST — 1400 N 45th St, Corsicana TX 75110 — Delaware Statutory Trust (mailing: 17301 W Colfax Ave, Golden CO 80401)
  • Tyler/Longview Portfolio LLC — multiple TX parcels including two confirmed TxDOT-owned parcels
  • Freeup Storage I-20 LLC — 220 Pittman St, Longview TX (joint listing: "Freeup Storage I-20 LLC / Free Up Storage")

The mixing of self-storage LLCs, RV parks, a Delaware Statutory Trust, a joint venture with a condo LLC, a "Storage Master Inc." corporation, and the Tyler/Longview Portfolio holding entity — all under the same PO Box — creates intentional opacity that impedes investor due diligence on what assets actually secure the $60M Debt Fund notes.

B Flag B-5 Wire Instructions Route $60M Investor Capital to Chase Bank Ardsley NY Account of Wyoming LLC — Geographic Disconnect from Colorado Operating Entity

Spartan's official wire instructions for the Spartan Storage Debt Fund direct all investor capital to a Chase Bank branch in Ardsley, New York — a suburb of New York City — not to a Colorado bank account corresponding to Spartan's Golden, CO headquarters. The Wyoming LLC holds the 506(c) offering, and investor funds flow to a NY account, creating a two-state disconnect between the nominal operating entity (Colorado), the legal fund entity (Wyoming), and the banking institution (New York).

Official Wire Instructions — Spartan Storage Debt Fund, LLC
BankChase Bank
Branch Address875 Saw Mill River Road, Ardsley, NY 10502
Account NameSpartan Storage Debt Fund, LLC
Account Number926013019
Wire Routing021000021
Verification Phone(866) 375-4438
Fund Entity JurisdictionWyoming LLC
Operating HQGolden, CO 80401
Wire instructions also state: "Please specify that you are seeking wiring instructions for either the 'Spartan Storage Income Fund', 'Spartan Storage Growth Fund', or 'Spartan Storage Debt Fund.'" — confirming at least 3 concurrent fund vehicles accepting investor wires to the same NY account [Source #8]
Class C — Contextual Flags (×2)
C Flag C-1 Delaware Statutory Trust Vehicle — Freeup Corsicana I DST (1400 N 45th St, Corsicana TX)

Title records for 1400 N 45th St, Corsicana TX 75110 (APN 45556, Navarro County) confirm ownership vested in "Freeup Corsicana I Dst" — a Delaware Statutory Trust. The mailing address is 17301 W Colfax Ave, Golden CO 80401-4891 (an alternate Spartan address distinct from the PO Box 17120 used for most FreeUp entities). The legal description is "C0000 Corsicana Blk 908 Lot 3 8.43 Acres."

DST structures are commonly used to facilitate 1031 exchange participation by passive investors. The existence of a DST vehicle within the Spartan portfolio — alongside the standard operating LLC network — raises questions about whether DST investor capital is distinct from, or commingled with, the $60M Debt Fund capital. DSTs are also opaque in that beneficial interest holders do not appear directly in title records.

"Owner Name: Freeup Corsicana I Dst · Vesting: Trust · Mailing Address: 17301 W Colfax Ave, Golden CO 80401-4891" — 1400 N 45th St, Corsicana TX title report, May 9, 2025 [Source #63]
C Flag C-2 Overlapping Fund Launches — Spartan Storage Fund 1 → Debt Fund → Growth Fund → Income Fund — Concurrent Vehicle Proliferation

Spartan has launched at least four simultaneous or overlapping fund vehicles: (1) Spartan Storage Fund 1 (equity fund, Fund I offering memorandum available); (2) Spartan Storage Debt Fund, LLC ($60M 506(c) note offering, PPM dated March 15, 2023); (3) Spartan Storage Growth Fund; and (4) Spartan Storage Income Fund. The wire instructions document explicitly names three of the four funds as accepting wires to the same Chase Bank Ardsley NY account — creating a pooling risk where investor funds across vehicles may be commingled.

Concurrent fund proliferation — especially when combined with disputed portfolio ownership and overlapping promised returns — is a recognized deal-churn indicator in the Minkow 1-10 framework. Earlier fund investors may be paid with capital raised from later fund investors (Ponzi mechanics), particularly when the underlying assets cannot independently generate the promised 8-9% fixed returns.

"Please specify that you are seeking wiring instructions for either the 'Spartan Storage Income Fund', 'Spartan Storage Growth Fund', or 'Spartan Storage Debt Fund.'" — Wire_Instructions___Spartan_Storage_Debt_Fund.pdf [Source #8]

§5 Property Ownership Verification Table

35+
FreeUp/Spartan entities confirmed in title records
7
Properties claimed but NOT owned by Spartan
1
DST trust vehicle in portfolio
74
Facilities claimed (unverified)

The following table compares properties in Spartan's claimed portfolio against confirmed title ownership. Green = confirmed Spartan/FreeUp owned; Red = confirmed non-Spartan owner.

Property Address County/State Confirmed Owner (Title) Status Est. Value
2803 Shiloh Rd, Tyler TXSmith, TXTexas Transportation CommissionNOT Spartan$2.52M
2707 Shiloh Rd, Tyler TXSmith, TXTexas Transportation CommissionNOT SpartanN/A
3323 Gilmer Rd, Longview TXGregg, TXTeebo Properties LLC / Sparkletts CarwashNOT SpartanN/A
804 Columbus Pkwy, Opelika ALLee, ALSSC & Larkspur Opelika LLC (Miami FL)NOT SpartanN/A
3725 Flory St, North Richland Hills TXTarrant, TXHarmony Circle RV Park Weatherford LLC (Dallas)NOT Spartan$982,870
9529 Davis Ave, Conifer COJefferson, COConifer Storage Partners LP (Greenwood Village CO)NOT SpartanN/A
2405 NE Loop 286, Paris TXLamar, TXL M Eby (Individual, 91 yrs old)NOT Spartan$931K
1133 Washington St, Shelbyville KYShelby, KYMartin Brandon Christopher (Individual)Adjacent, not ownedN/A
12959 State Hwy 155 S, Tyler TXSmith, TXTyler/Longview Portfolio LLCConfirmed$1.74M
1121 Washington St, Shelbyville KYShelby, KYFreeup Storage Shelbyville LLCConfirmedN/A
7327 Hixson Pike, Hixson TNHamilton, TNFreeup Storage Hixson LLCConfirmed$3.79M
6808 Middle Valley Rd, Hixson TNHamilton, TNFreeup Storage Middle Valley RD LLCConfirmed$2.59M
5027 Hixson Pike, Hixson TNHamilton, TNFreeup Storage Chattanooga Hixson Pike LLCConfirmed ($10.3M sale)$10.3M
240 Savannah Hwy, Beaufort SCBeaufort, SCFreeup Storage Beaufort SC-128 LLCConfirmed$2.77M
1832 FM 66, Waxahachie TXEllis, TXFreeup Storage Waxahachie LLCConfirmed$7M
13100 Aiken Rd, Louisville KYJefferson, KYFreeup Storage Louisville LLCConfirmed$795K–$1.56M
122 Lakes Blvd, Lake Park GALowndes, GAFreeup Storage Lake Park LLCConfirmed$3.84M–$3.91M
100 Mulberry Ave, Port Wentworth GAChatham, GAFreeup Storage Port Wentworth LLCConfirmedN/A
1119 E Moore Ave, Terrell TXKaufman, TXFreeup Storage Terrell E Moore Avenue LLCConfirmedN/A
1400 N 45th St, Corsicana TXNavarro, TXFreeup Corsicana I DST (Trust)DST vehicleN/A
2200 US Hwy 285 N, Pecos TXReeves, TXHighway 285 RV Park LLCNon-storage entity$18K land
9170 E Goldenrod Dr, Gardendale TXEctor, TXGoldenrod RV Park LLCNon-storage entityN/A
875 Burrus Rd, Macon GABibb, GAStorage Master IncNon-FreeUp brandN/A
50 Marion Beavers Rd, Sharpsburg GACoweta, GAMarion Beavers Self Storage LLCNon-FreeUp brandN/A
3017 Dairy Dr, Madison WIDane, WIFreeup Strg Madison LLC & M&C CS Condos LLCJoint ownership / condo LLCN/A

§6 FreeUp Storage Entity Network — 30+ LLCs Under PO Box 17120 Golden CO

All entities below use PO Box 17120, Golden CO 80402-6019 or 17301 W Colfax Ave, Golden CO 80401 as their mailing address in county title records. Hub entity: Spartan Investment Group, LLC (1211 Avery St Suite 201, Golden CO 80403 / FEIN 352513708).

Colorado — Hub
Spartan Investment Group, LLC
1211 Avery St Suite 201, Golden CO 80403 · FEIN 352513708 · Ryan Gibson (CIO/Co-Founder) · Jackie Gibson (Dir-Ops)
Tennessee
Freeup Storage Hixson LLC
7327 Hixson Pike, Hixson TN 37343 · Hamilton County · $3.79M est.
Tennessee
Freeup Storage Hixson LLC
7688 Hixson Pike, Hixson TN 37343 · Hamilton County
Tennessee
Freeup Storage Middle Valley RD LLC
6808 Middle Valley Rd, Hixson TN · $2.59M est. · 53,420 sq ft
Tennessee
Freeup Storage Chattanooga Hixson Pike LLC
5027 Hixson Pike, Hixson TN · Recent Sale: $10,300,000 · 17301 W Colfax Ave
Tennessee
Freeup Storage Boy Scout Rd LLC
6909 Outdoor Ln, Hixson TN 37343 · Hamilton County
Georgia
Freeup Storage Port Wentworth LLC
100 Mulberry Ave, Port Wentworth GA · Chatham County
Georgia
Freeup Storage Lake Park LLC
122 Lakes Blvd, Lake Park GA 31636 · Lowndes County · $3.84M–$3.91M
Georgia
Freeup Storage Murrayville LLC
5162 Thompson Bridge Rd, Murrayville GA · Hall County
Georgia
Freeup Storage Dahlonega LLC
15 Martins Ford Rd, Dahlonega GA 30533 · Lumpkin County
Georgia
Freeup Storage Lagrange LLC
1385 Lafayette Pkwy, Lagrange GA 30241 · Troup County
Georgia
Freeup Storage Macon LLC
2249 Heath Rd, Macon GA 31206 · Bibb County
Georgia
Freeup Storage Dove Street L
1955 Dove St, Macon GA 31204 · Bibb County
Georgia
Freeup Storage Columbus LLC
2036 Morris Rd, Columbus GA 31907 · Muscogee County · $602,470 total value
Georgia
Freeup Storage Kathleen LLC
301 Club Villa Ct #1, Kathleen GA 31047 · Houston County
Georgia
Freeup Storage Fortson LLC
5815 GA Hwy 219, Fortson GA 31808 · Harris County
Georgia
Freeup Storage ST Marys Marianna Drive LLC
401 Marianna Dr, Saint Marys GA 31558 · Camden County
Georgia
Freeup Storage Fort Oglethorpe LLC
762 Cross St, Rossville GA 30741 · Catoosa County · 1440 Brickyard Rd #4, Golden CO
Kentucky
Freeup Storage Louisville LLC
13100 Aiken Rd, Louisville KY 40223 · Jefferson County · $795K–$1.56M
Kentucky
Freeup Storage Shelbyville LLC
1121 Washington St, Shelbyville KY 40065 · Shelby County
Kentucky
Freeup Storage Simpsonville LL
401 3rd St, Simpsonville KY 40067 · Shelby County
Texas
Freeup Storage Terrell E Moore Avenue LLC
1119 E Moore Ave, Terrell TX 75160 · Kaufman County
Texas
Freeup Storage Terrell Farm to Market LLC
350 W British Flying School Blvd, Terrell TX · Kaufman County
Texas
Freeup Storage Mabank LLC
2102 S 3rd St, Mabank TX 75147 · Henderson County
Texas
Freeup Storage Flint LLC
20904 State Hwy 155 S, Flint TX 75762 · Smith County
Texas
Freeup Storage Aubrey LLC
5055 S US 377, Aubrey TX 76227 · Denton County · ALL TAXES PAID
Texas
Freeup Storage Waxahachie LLC
1832 FM 66, Waxahachie TX 75167 · Ellis County · $7M est.
Texas
Freeup Storage Sherman S Heritage Pwky LLC
2115 S FM 1417, Sherman TX 75092 · Grayson County · 17301 W Colfax Ave #120
Texas
Freeup Storage I-20 LLC
220 Pittman St, Longview TX 75602 · Gregg County (joint: "Free Up Storage")
Texas
Tyler/Longview Portfolio LLC
W Tyler St, Longview TX; 12959 State Hwy 155 S Tyler TX · Multiple Smith/Gregg Co parcels
South Carolina
Freeup Storage Beaufort SC-128 LLC
240 Savannah Hwy, Beaufort SC 29906 · Beaufort County · $2.77M est. · 72,887 sq ft
North Carolina
Freeup Storage Havelock LLC
400 McCotter Blvd, Havelock NC 28532 · Craven County
Arkansas
Freeup Storage Bentonville Northwest Frontage Road LLC
3800 NW Frontage Rd, Bentonville AR 72712 · Benton County
Oregon
Freeup Storage Sandy LLC
16555 Champion Way, Sandy OR 97055 · Clackamas County
Wisconsin
Freeup Storage Hartland LLC
840 Rose Dr, Hartland WI 53029 · Waukesha County
Florida
Freeup Storage Bonita Springs
24381 S Tamiami Trl, Bonita Springs FL 34134 · Lee County
Texas — RV Park
Highway 285 RV Park LLC
2200 US Hwy 285 N, Pecos TX 79772 · Reeves County · PO Box 17120
Texas — RV Park
Goldenrod RV Park Limited Liability Co
9170 E Goldenrod Dr, Gardendale TX · Ector County · PO Box 17120
Georgia — Non-FreeUp
Storage Master Inc
875 Burrus Rd, Macon GA 31204 · Bibb County · PO Box 17120
Georgia — Non-FreeUp
Marion Beavers Self Storage LLC
50 Marion Beavers Rd, Sharpsburg GA · Coweta County · PO Box 17120
Wisconsin — Joint
Freeup Strg Madison LLC & M&C CS Condos LLC
3017 Dairy Dr, Madison WI 53718 · Dane County · Joint LLC ownership with condo entity
Texas — DST Trust
Freeup Corsicana I DST
1400 N 45th St, Corsicana TX 75110 · Navarro County · 17301 W Colfax Ave, Golden CO · 8.43 acres
Colorado — Debt Fund
Spartan Storage Debt Fund, LLC
Wyoming LLC · 17301 W Colfax Ave Unit 120, Golden CO 80401 · $60M 506(c) · Chase Bank Ardsley NY

§7 Spartan Storage Debt Fund — $60M 506(c) Note Offering Analysis

Critical Concern
Wyoming LLC Holds 506(c) Offering
The fund entity is a Wyoming LLC while Spartan operates from Golden, CO. Wyoming LLCs offer maximum confidentiality and minimal reporting requirements. The combination of a Wyoming LLC issuer, 506(c) general solicitation, and NY banking creates a three-jurisdiction structure that complicates investor recovery in any enforcement action.
Security Deficiency
Notes "Backed by Assets" — Assets Not Owned
The Offering Memorandum states notes are "backed by assets in the Spartan portfolio." Title records confirm at minimum 7 properties in the claimed portfolio are owned by third parties. The security interest backing the $60M note offering is therefore partially illusory — investors are not secured against assets Spartan does not own.
Redemption Risk
Class A: 90-Day Redemption Window
Class A notes offer a 90-day redemption window — meaning investors must request redemption 90 days in advance. If Spartan experiences cash flow disruption across its portfolio, a 90-day redemption queue could freeze investor capital during the precise period when fraud exposure is highest.
Lock-Up Risk
Class B: 2-Year Redemption Lock
Class B investors accept a 2-year redemption window for 1% additional yield (9% vs. 8%). A 2-year lock-up on notes backed by disputed-ownership assets, in a fund subject to SEC TCR and DHS investigation, exposes investors to permanent capital loss with minimal legal recourse.
Tax Treatment
1099-INT (Simple Interest) — No Depreciation Benefit
Debt Fund investors receive 1099-INT (simple interest income), taxed as ordinary income. This contrasts with Fund 1 equity investors who receive the "$300,000 bonus depreciation per $1M invested / 30% tax loss Y1" benefit described in the Spartan Storage Fund 1 offering materials.
Investor Relations
Ted Greene — Spartan Emails (May–Aug 2025)
Ted Greene (ted@spartan-investors.com · 206.222.7141) serves as Investor Relations Manager, Seattle WA office (1633 Westlake Ave N. Suite 120). Emails dated May 27, 2025 (attaching "funding instructions") and August 1, 2025 ("Statement Documents Available") were recovered — post-TCR investor contact continuing through at least Aug 2025.
Mar 15, 2023
Spartan Storage Debt Fund PPM dated. $60M 506(c) promissory note offering launched. Wyoming LLC structure. Class A (8%) and Class B (9%) notes. Chase Bank Ardsley NY wire instructions distributed.
Jul 2022
PortfolioaSpartanProjects_Investor_July_2022.pdf. Portfolio overview document with mission/vision/values, "Spartan Creed," property management team. Self-described as "vertically integrated self-storage investment firm."
Q1 2025
"The Equity Extra" investor newsletter. "A Year of Growth" — 1.1 million square feet built or underway; 21 projects delivered; 4 new sites broke ground. Featured investor Mark Diekman. Continued positive-only investor communications.
Jan 9, 2026
NDA signed. Barry Minkow (barryminkow3@gmail.com) ↔ Spartan Investment Group LLC (1211 Avery St Suite 201, Golden CO 80403). Purpose: "resolve actual or potential disputes as to the status of the Company and its business operations." DocuSign Envelope ID: C4EFC07D-5FDB-488F-A718-85616CE7CF36.
May 2025
Title record investigation completed. 60+ property title reports confirm FreeUp entity network; reveal TxDOT ownership of 2803/2707 Shiloh Rd Tyler TX; Teebo Properties ownership of 3323 Gilmer Rd Longview TX; multiple other non-Spartan owners.
May 27, 2025
Ted Greene email. Investor Relations Manager attaches "funding instructions" to prospect Jay Pierre (Good Guard Security). Contact continues post-investigation period.
May 28, 2025
DHS fraud report letter submitted. Letter to Special Agent Kevin Knipp (DHS/ICE, 34 Civic Center Plaza Room 1027, Santa Ana CA 92701) — "Spartan Investment Group: $500M Equity Raised; $800M AUM; 30,000+ units; 74 Facilities." Describes "wrinkle-free cash flow" pitch. Timeline of investor harm outlined.
Post-2025
SEC TCR #17484-734-397-818 filed. Submission to U.S. Securities and Exchange Commission. Automated confirmation received. Assigned submission number 17484-734-397-818.

§8 Principal Backgrounds

Ryan James Gibson
Co-Founder & Chief Investment Officer (CIO)
DOB: April ##, 1984 (Age 41) · SSN: 363-98-####
Addresses on record (13): 5036 47th Ave NE, Seattle WA 98105 · 7916 Ashworth Ave N, Seattle WA 98103 · 1282 Bay Hill, Waterford MI 48327 · 5036 17th Ave NE, Seattle WA 98105 · 1752 NW Market St Apt, Seattle WA 98107 (additional King County, WA records)
Entity affiliations: Spartan Investment Group of Delaware LLC (FEIN 352513708) — CIO, Co-Founder, Manager, Member
Background report phone: (720) 386-1039
HIGH RISK INDICATOR (background report)
Jackie Gibson
Director of Operations / Manager
Roles: Dir-Ops, Manager (multiple) — Spartan Investment Group of Delaware LLC
Entity affiliations: Listed as Director of Operations and Manager across multiple Spartan entity registrations
Background report phone: (720) 386-1039 (shared with Ryan Gibson)
Relationship: Co-associated with Ryan Gibson across all Delaware LLC filings
Manager — Multiple Entities
Ted Greene
Investor Relations Manager
Email: ted@spartan-investors.com
Phone: 206.222.7141 (cell)
Office: 1633 Westlake Ave N. Suite 120, Seattle WA 98109
LinkedIn: linkedin.com/in/ted-greene-iamnotafraid
Activity: Active investor outreach post-TCR filing; email May 27, 2025 attaching funding instructions; Aug 1, 2025 "Statement Documents Available" email
Tagline: "Invest In Our Values! — A Veteran Owned Business"
Active Post-TCR Investor Outreach
Business Report Summary: Spartan Investment Group of Delaware, LLC — FEIN 352513708 — Business ID 5394589466. Phones: (720) 386-1039 (Best Information), (703) 286-9840, (757) 777-6138, (866) 375-4438. Contacts: Jackie Gibson (Dir-Ops/Manager) · Ryan Gibson (CIO/Co-Founder/Manager/Member). — SPARTAN INVESTMENT GROUP OF DELAWARE, LLC Premium Business Report, May 18, 2025 [Source #75]

§9 Corporate Structure & Entity Web

Spartan Investment Group, LLC
Colorado LLC · 1211 Avery St Suite 201, Golden CO 80403 · Primary operating entity
Also registered as Delaware LLC — FEIN 352513708
Spartan Storage Debt Fund, LLC
Wyoming LLC · 17301 W Colfax Ave Unit 120, Golden CO 80401 · $60M 506(c) Note Offering · PPM: March 15, 2023
Banking: Chase Bank, Ardsley NY · Account 926013019
Spartan Storage Fund 1
Equity fund · Bonus depreciation $300K per $1M invested · 30% tax loss projected Y1 · Four years cash flow = $280,000
Fund I Offering Memorandum (FundIPPM.pdf)
Spartan Storage Growth Fund
Growth-focused vehicle · Wire instructions same Chase Bank Ardsley NY account as Debt Fund
Concurrent with Debt Fund
Spartan Storage Income Fund
Income-focused vehicle · Wire instructions same Chase Bank Ardsley NY account as Debt Fund
Concurrent with Debt Fund
Tyler/Longview Portfolio LLC
Holding entity for Smith/Gregg County TX properties · PO Box 17120, Golden CO 80402-6019 · Includes 12959 State Hwy 155 S Tyler (confirmed) AND claimed 2803/2707 Shiloh Rd (owned by TxDOT)
APN confirmed: 1-00000-0018-07-008110 (real) vs. 15000-0154-40-0003000/4000 (TxDOT)
Freeup Corsicana I DST
Delaware Statutory Trust · 1400 N 45th St Corsicana TX 75110 · Navarro County APN 45556 · 8.43 acres · 17301 W Colfax Ave Golden CO 80401-4891
Trust vehicle — beneficial interests not visible in title records
Spartan Investment Group of Delaware, LLC
Delaware LLC · FEIN 352513708 · Business ID 5394589466 · Ryan Gibson (CIO) · Jackie Gibson (Dir-Ops)
Phones: (720) 386-1039 · (866) 375-4438
Spartan Construction Management
Internal construction arm · "Broke ground on four new sites; delivered 21 projects" (Q1-2025 newsletter) · 1.1 million square feet built or underway
Mentioned in The Equity Extra Q1-2025 newsletter

§10 Investor Due Diligence Checklist

FAILED — Portfolio Ownership Verification: Request independent third-party title searches on every property in the claimed 74-facility portfolio. Do NOT rely on company-provided lists. At least 7 properties confirmed not owned by Spartan entities. Two Tyler TX parcels are state highway infrastructure owned by the Texas Transportation Commission.
FAILED — Fixed-Return Guarantees: The offering promises "consistent monthly cash flow" at fixed 8-9% — near-guarantee language. Any fixed-return promise on real estate backed by unverified assets is a Class A red flag. Verify the specific assets backing YOUR investment tranche and confirm Spartan holds clean title.
FAILED — Banking Geography: Wire instructions route $60M investor capital to Chase Bank, Ardsley NY — not a Colorado institution corresponding to Spartan's Golden CO headquarters. Three separate fund vehicles (Debt Fund, Growth Fund, Income Fund) share the same Chase NY account. Request bank verification letter confirming segregated escrow.
FAILED — Regulatory Disclosure: Do NOT invest in any Spartan vehicle until the SEC TCR #17484-734-397-818 and DHS investigation (SA Kevin Knipp) have been publicly resolved. Active regulatory referrals are an automatic hold on all investment decisions.
FAILED — Entity Transparency: The network includes 35+ LLCs, two addresses (PO Box 17120 and 17301 W Colfax Ave), a Wyoming fund LLC, a Delaware Statutory Trust, RV park entities, a joint venture with a condo LLC, and a "Storage Master Inc." corporation. This opacity prevents meaningful investor due diligence and is inconsistent with a legitimate vertically integrated operator.
CAUTION — NDA Existence: A Nondisclosure Agreement was signed January 9, 2026 between Barry Minkow and Spartan Investment Group to "resolve actual or potential disputes." Ask Spartan management directly about all pending investigations, disputes, or NDA agreements involving the company before investing.
CAUTION — 506(c) Accredited Investor Verification: Rule 506(c) requires affirmative accredited investor verification (not self-certification). Confirm Spartan's verification process complies with SEC guidance. Failure to properly verify accredited investor status voids the 506(c) exemption and exposes all investors to rescission claims.
CAUTION — Fund Concurrent Launches: At least four fund vehicles (Fund 1, Debt Fund, Growth Fund, Income Fund) appear to be active concurrently. In legitimate syndications, prior fund investors are paid out before new capital is raised. Request audited financials showing current performance of all Spartan fund vehicles before considering the newest offering.
VERIFY INDEPENDENTLY: If considering any Spartan investment, independently verify each property listed in your specific offering through the county assessor/recorder websites for Smith County TX, Gregg County TX, and all other claimed states. Compare owner-of-record against Spartan-claimed entity names.

§11 Regulatory Referral Guidance

U.S. Securities & Exchange Commission
SEC TCR #17484-734-397-818 already filed. Additional investors with direct evidence of misrepresented portfolio assets should submit additional TCR filings at sec.gov/tcr. Reference existing submission number. Include title record evidence of TxDOT ownership and Teebo Properties ownership contradicting Spartan's portfolio claims.
Dept. of Homeland Security
DHS fraud report letter submitted May 28, 2025 to SA Kevin Knipp (kevin.knipp@ice.dhs.gov, ICE HSI Santa Ana CA, 34 Civic Center Plaza Room 1027, Santa Ana CA 92701). Investors with wire fraud or additional evidence should contact SA Knipp directly and reference the May 28, 2025 submission.
Colorado Division of Securities
Spartan Investment Group, LLC is a Colorado entity operating from Golden CO. The Colorado Division of Securities (coloradosos.gov) has jurisdiction over investment advisers and broker-dealers. File a complaint referencing the $60M 506(c) debt fund and portfolio ownership contradictions.
Wyoming Secretary of State
Spartan Storage Debt Fund, LLC is a Wyoming LLC. The Wyoming Secretary of State / Securities Division has jurisdiction over Wyoming-domiciled fund issuers. Reference PPM dated March 15, 2023 and disputed asset backing for the $60M note offering.
FINRA / State Regulators
If Spartan's investor relations representatives (including Ted Greene or others) are soliciting investors through broker-dealer channels without proper registration, FINRA and state securities regulators (CO, WA, TX) should be notified. Spartan-Investors.com should be reviewed for unlicensed broker-dealer activity.
Texas State Securities Board
The TxDOT title contradiction directly implicates Texas securities law. The Tyler/Longview Portfolio LLC is a Texas-operating entity claiming assets owned by the Texas state government. The Texas State Securities Board (ssb.texas.gov) should receive the Smith County title records showing TxDOT ownership.

§12 Source Document Index — 75+ Evidentiary Documents

All sources listed below were reviewed in the preparation of this Case Study #9 report. Property title records reflect county assessor/recorder data as of April–May 2025.

Regulatory / Legal Documents

01GOVTCRSpartanInvestmentGroup.docx — SEC Tip, Complaint & Referral Submission #17484-734-397-818 — automated confirmation of receipt
02LEGALFraudreportSpartan Investment Group.docx — DHS fraud report letter to SA Kevin Knipp, DHS/ICE Santa Ana CA, May 28, 2025 — "$500M Equity Raised; $800M AUM; 30,000+ units; 74 Facilities"
03LEGALFraudreportSpartan Investment Group (5).docx — DHS fraud report letter (version 5) — same SA Kevin Knipp submission — "wrinkle-free cash flow" language
04LEGALComplete_with_Docusign_NDA_-_Minkow_(4929-12.pdf — DocuSign NDA, Jan 9, 2026 — Barry Minkow (barryminkow3@gmail.com) ↔ Spartan Investment Group LLC (1211 Avery St Suite 201, Golden CO 80403) — Envelope ID: C4EFC07D-5FDB-488F-A718-85616CE7CF36
05LEGALSpartan Emails.docx — Ted Greene (ted@spartan-investors.com, 206.222.7141) emails May 27 2025 + Aug 1, 2025 to prospect Jay Pierre — "funding instructions" attached post-TCR

Fund / Offering Documents

06PPMOffering_MemorandumDebt_Fund.pdf — Spartan Storage Debt Fund investor overview — "CONSISTENT MONTHLY CASH FLOW" headline — Class A 8%/Class B 9% — notes "backed by assets in the Spartan portfolio"
07PPMPPMSpartanDebt_Fund.pdf — Confidential Private Placement Memorandum, Spartan Storage Debt Fund LLC (Wyoming), Rule 506(c), March 15, 2023 — Total Offering: $60,000,000 in Promissory Notes — Min $50,000
08WIREWire_Instructions___Spartan_Storage_Debt_Fund.pdf — Chase Bank, 875 Saw Mill River Road, Ardsley NY 10502 — Account: Spartan Storage Debt Fund LLC — Acct# 926013019 — Routing 021000021 — also accepting wires for Growth Fund & Income Fund
09PPMOperatingAgreementDebt_Fund.pdf — Operating Agreement of Spartan Storage Debt Fund, LLC (Wyoming LLC), dated March 15, 2023
10PPMClass_BSubscriptionAgreementCombined.pdf — Subscription Agreement for Spartan Storage Debt Fund LLC Class B Notes (Wyoming LLC, PPM dated March 15, 2023)
11PPMSubscription_AgreementCombined.pdf — Subscription Agreement for Spartan Storage Debt Fund LLC (Class A + B combined version)
12PPMFundIPPM.pdf — Spartan Storage Fund 1 PPM / Offering Memorandum — "Vertically Integrated Self-Storage Investment Firm" — Bonus Depreciation $300K per $1M invested — 30% tax loss Y1
13PPMOffering_Memorandum___Spartan_Storage_Fund_1 (1).pdf — Fund 1 Offering Memorandum (confidential) — disclaimer: "No warranty or representations, express or implied"
14PPMSSF1 Estimated Depreciation Schedule (1).pdf — "Four years of cash flow = $280,000; Bonus Depreciation = $300,000 per $1M invested; 30% tax loss projected in Y1"

Marketing Materials

15MKTGSpartanhighlights2024.pdf — "The Equity Extra" Q1-2025 investor newsletter — "A Year of Growth" — 1.1M sq ft built/underway — 21 projects delivered — Featured investor Mark Diekman
16MKTGSpartandebtbroshure.pdf — "The Investor's Guide to Private Debt" — "$3.5T global private debt market by 2028 growing 15% YoY" — "stable income stream even when the market fluctuates"
17MKTGSpartanOffMemo.pdf — Bellingham WA acquisition memo — "9 properties in region" — "76,600 sq ft" — "Entitlements in hand" — "Next to Costco off I-5" — "Multiple exit strategies"
18MKTGPortfolioaSpartanProjects_Investor_July_2022.pdf — Portfolio overview — Mission/Vision/Values — "Spartan Creed" — Property management team presentation — July 2022
19MKTG5055 radius report f and t storage aubrey tx 7362247.pdf — Market intelligence compass report for 5055 US Hwy 377 S — demographics: 1-mi pop 1,891 / 3-mi 14,268 / avg HH income $133,661 / 391% 3-yr pop growth in 1mi radius

Background & Business Reports

20BGRYAN JAMES GIBSON - Comprehensive Report - 2025-05-18.pdf — DOB 04/##/1984 (Age 41) · SSN 363-98-#### · 13 address records · Seattle WA primary · HIGH RISK INDICATOR flagged
21BGSPARTAN INVESTMENT GROUP OF DELAWARE, LLC - Premium Business Report - 2025-05-18.pdf — FEIN 352513708 · Business ID 5394589466 · Contacts: Jackie Gibson (Dir-Ops/Manager), Ryan Gibson (CIO/Co-Founder)
22BGSPARTAN INVESTMENT GROUP CO - Business Search - 2025-05-18.pdf — Colorado Spartan-named entity search results — multiple Spartan Investment Group LLC registrations found
23ANALYSISDEBT LOADS final (1).xlsx — Debt load analysis across Spartan portfolio properties
24ANALYSISrtefinalrteSpartanExcelPrime (1) (1).xlsx — Primary property analysis spreadsheet — rate-to-equity analysis

Critical Title Records — Non-Spartan Owners (Fraud Evidence)

25TITLE2803 SHILOH RD, TYLER, TX 75703.pdf — Owner: Texas Transportation Commission (125 E 11th St, Austin TX 78701-2409) · APN 15000-0154-40-0004000 · Smith County · Lot 4, Block 1544, City of Tyler · $2.52M est. · 37,840 sq ft · Built 1983
26TITLEAPN 4000 2707 is 2803 SHILOH RD, TYLER, TX 75703.pdf — Owner: Texas Transportation Commission · APN 15000-0154-40-0004000 · duplicate/confirmation record
27TITLEAPN 3000 2707 SHILOH RD, TYLER, TX 75703-2937.pdf — Owner: Texas Transportation Commission (125 E 11th St, Austin TX 78701-2409) · APN 15000-0154-40-0003000 · Smith County · Lot 3, Block 1544, City of Tyler
28TITLE3323 GILMER RD, LONGVIEW, TX 75604-1444.pdf — Owner: Teebo Properties LLC / Sparkletts Carwash (200 Panther Creek Ranch Rd, Longview TX 75605-4500) · APN 25601 · Gregg County · NOT FreeUp Storage
29TITLE804 (701) COLUMBUS (or 710) PKWY, OPELIKA, AL 36801-5938.pdf — Owner: SSC & Larkspur Opelika LLC (10800 Biscayne Blvd #300, Miami FL 33161-7807) · APN 10-03-08-4-000-001.011 · Lee County AL · NOT Spartan
30TITLE3725 FLORY ST, NORTH RICHLAND HILLS, TX 76180-8833.pdf — Owner: Harmony Circle RV Park Weatherford LLC (8343 Douglas Ave #350, Dallas TX 75225-5886) · APN 04986687 · Tarrant County · Recent Sale: $982,870 · NOT FreeUp
31TITLE9529 DAVIS AVE, CONIFER, CO 80433.pdf — Owner: Conifer Storage Partners LP (6400 S Fiddlers Green Cir #1820, Greenwood Village CO 80111-4937) · APN 61-123-03-012 · Jefferson County CO · NOT Spartan
32TITLE1133 WASHINGTON ST, SHELBYVILLE, KY 40065-1429.pdf — Owner: Martin Brandon Christopher (Individual, Unmarried Man, 1514 Robin Rd, Shelbyville KY 40065-1774) · APN S5-15-002 · Shelby County · Subdivision: Southwestern Tobacco Tr 1 · Adjacent to Spartan-owned 1121 Washington St
33TITLEProperty-Report-for-2405-Ne-Loop-286-Paris-TX-75460.pdf — Owner: L M Eby (Individual, 91 years old) · Lamar County TX · $931K est. · 51,532 sq ft · Built 1982 · NOT FreeUp Storage
34TITLEProperty-Report-for-2803-Shiloh-Rd-Tyler-TX-75703.pdf — PropertyRecs report: prior owner chain "Tyler of Longview Portfolio Llc → George Mckale → Mckale Trust → Texas Department Transportation [current]" — confirms ownership transfer away from Spartan entity

Confirmed FreeUp/Spartan-Owned Properties — Title Records

35TITLE12913 is 12959 STATE HIGHWAY 155 S, TYLER, TX 75703-2.pdf — Owner: Tyler/Longview Portfolio LLC · APN 1-00000-0018-07-008110 · Smith County · PO Box 17120, Golden CO 80402-6019 · Confirmed Spartan · $1.74M est.
36TITLE7327 HIXSON PIKE, HIXSON, TN 37343-1716.pdf — Owner: Freeup Storage Hixson LLC · APN 092-066 · Hamilton County · PO Box 17120, Golden CO · $3.79M est. · 46,520 sq ft · Built 2008
37TITLEProperty-Report-for-7327-Hixson-Pike-Hixson-TN-37343.pdf — PropertyRecs: Estimated Value $3.79M · Commercial · 46,520 sq ft · Built 2008
38TITLE6808 MIDDLE VALLEY RD, HIXSON, TN 37343-2952.pdf — Owner: Freeup Storage Middle Valley RD LLC · APN 091L-A-001 · Hamilton County · PO Box 17120 · $2.59M est. · 53,420 sq ft · Built 1995
39TITLEProperty-Report-for-6808-Middle-Valley-Rd-Hixson-TN-37343.pdf — PropertyRecs: $2.59M est. · Industrial · 53,420 sq ft
40TITLE5027 HIXSON PIKE, HIXSON, TN 37343-3924.pdf — Owner: Freeup Storage Chattanooga Hixson Pike LLC · APN 110A-B-002.05 · Hamilton County · 17301 W Colfax Ave #120, Golden CO 80401-4891 · Recent Sale: $10,300,000
41TITLE6909 OUTDOOR LN, HIXSON, TN 37343-5875.pdf — Owner: Freeup Storage Boy Scout Rd LLC · APN 091-057.10 · Hamilton County · PO Box 17120, Golden CO · ALL TAXES PAID
42TITLE240 SAVANNAH HWY, BEAUFORT, SC 29906-6724.pdf — Owner: Freeup Storage Beaufort SC-128 LLC · APN R112 031 000 0072 0000 · Beaufort County SC · PO Box 17120, Golden CO · $2.77M est. · 72,887 sq ft
43TITLEProperty-Report-for-240-Savannah-Hwy-Beaufort-SC-29906.pdf — PropertyRecs: $2.77M · Commercial · 72,887 sq ft · Built 1959 · Current owner since August 2024
44TITLE1832 FM 66, WAXAHACHIE, TX 75167-5507.pdf — Owner: Freeup Storage Waxahachie LLC · APN 226128 · Ellis County TX · PO Box 17120, Golden CO · $7M est. · 55,990 sq ft · Lot 1 West 66 Business 5.782 Ac
45TITLE1832 FM 66, WAXAHACHIE, TX 75167-5507-2.pdf — duplicate title report confirming same Freeup Storage Waxahachie LLC ownership
46TITLEProperty-Report-for-1832-Fm-66-Waxahachie-TX-75167.pdf — PropertyRecs: $7M est. · Commercial · 55,990 sq ft · Built 2003
47TITLE13100 AIKEN RD, LOUISVILLE, KY 40223-4748-2.pdf — Owner: Freeup Storage Louisville LLC · APN 21002306010000 · Jefferson County KY · PO Box 17120, Golden CO · Tracts B & C Consolidated 3 Ac
48TITLEProperty-Report-for-13100-Aiken-Rd-Louisville-KY-40223.pdf — PropertyRecs: $795K–$1.56M est. · 4,320 sq ft · Built 1986
49TITLE122 LAKES BLVD, LAKE PARK, GA 31636-5008.pdf — Owner: Freeup Storage Lake Park LLC · APN 0199-206A · Lowndes County GA · PO Box 17120, Golden CO
50TITLEProperty-Report-for-122-Lakes-Blvd-Lake-Park-GA-31636.pdf — PropertyRecs: $3.84M–$3.91M est. · 17,600 sq ft · Built 1986 · Current owner (Freeup Storage Lake Park LLC) since July 2021
51TITLE100 MULBERRY AVE, PORT WENTWORTH, GA 31407-6072.pdf — Owner: Freeup Storage Port Wentworth LLC · APN 7-0906-04-057 · Chatham County GA · mailing: 100 Mulberry Ave (owner-occupied)
52TITLE1119 E MOORE AVE, TERRELL, TX 75160-3205.pdf — Owner: Freeup Storage Terrell E Moore Avenue LLC · APN 19271 · Kaufman County TX · PO Box 17120, Golden CO 80402-6019
53TITLE1121 WASHINGTON ST, SHELBYVILLE, KY 40065-1429.pdf — Owner: Freeup Storage Shelbyville LLC · APN S5-15-001A · Shelby County KY · Po Box 1712, Golden CO 80402-1712 (truncated PO Box) · Car Quest Auto Parts/.61 Ac
54TITLE20904 STATE HIGHWAY 155 S, FLINT, TX 75762-5609.pdf — Owner: Freeup Storage Flint LLC · APN 10000-0001-84-4006010 · Smith County TX · PO Box 17120, Golden CO
55TITLE2102 S 3RD ST, MABANK, TX 75147-7347.pdf — Owner: Freeup Storage Mabank LLC · APN 3545-0002-0260-53 · Henderson County TX · PO Box 17120, Golden CO · ALL TAXES PAID
56TITLE5055 S US 377, AUBREY, TX 76227.pdf — Owner: Freeup Storage Aubrey LLC · APN R52083 · Denton County TX · PO Box 17120, Golden CO · ALL TAXES ARE PAID; NO TAX IS DUE
57TITLE2115 S FM 1417, SHERMAN, TX 75092-4891.pdf — Owner: Freeup Storage Sherman S Heritage Pwky LLC · APN 386992 · Grayson County TX · 17301 W Colfax Ave #120, Golden CO 80401-4891 · 6.305 acres
58TITLE350 FM 2578 Terrell_is 350 W BRITISH FLYING SCHOOL BLVD, TERRELL, TX 75160-0044.pdf — Owner: Freeup Storage Terrell Farm to Market LLC · APN 54876 · Kaufman County TX · PO Box 17120, Golden CO
59TITLE1385 LAFAYETTE PKWY, LAGRANGE, GA 30241-2572-2.pdf — Owner: Freeup Storage Lagrange LLC · APN 0504A001008 · Troup County GA · mailing: 1379 Lafayette Pkwy Lagrange GA 30241
60TITLE15 MARTINS FORD RD, DAHLONEGA, GA 30533-6568.pdf — Owner: Freeup Storage Dahlonega LLC · APN 100 009 · Lumpkin County GA · PO Box 17120, Golden CO
61TITLE5162 THOMPSON BRIDGE RD, MURRAYVILLE, GA 30564-1929.pdf — Owner: Freeup Storage Murrayville LLC · APN 11-083-003-001A · Hall County GA · PO Box 17120, Golden CO
62TITLE5815 GA HIGHWAY 219, FORTSON, GA 31808-4314.pdf — Owner: Freeup Storage Fortson LLC · APN 017 005 · Harris County GA · PO Box 17120, Golden CO · Ll 15 & 28 Dist 19
63TITLE1400 N 45TH ST, CORSICANA, TX 75110-1707.pdf — Owner: Freeup Corsicana I Dst (Delaware Statutory Trust) · APN 45556 · Navarro County TX · 17301 W Colfax Ave, Golden CO 80401-4891 · 8.43 acres · C0000 Corsicana Blk 908 Lot 3
64TITLE2036 MORRIS RD, COLUMBUS, GA 31907-3327.pdf — Owner: Freeup Storage Columbus Llc · APN 086-024-007 · Muscogee County GA · PO Box 17120, Golden CO · Total Value: $602,470
65TITLE301 CLUB VILLA CT #1, KATHLEEN, GA 31047-5468.pdf — Owner: Freeup Storage Kathleen LLC · APN 0P0490030000 · Houston County GA · PO Box 17120, Golden CO
66TITLE2000 GREEN OAKS RD, FORT WORTH, TX 76116-1704.pdf — Tarrant Appraisal District: Site Name "FREE UP STORAGE - RIDGMAR MALL" · Legal: RIDGMAR MALL ADDITION TRACTS 1R1 & 1R3 · Neighborhood Code: Self Storage General · Account 02445565
67TITLE401 MARIANNA DR, SAINT MARYS, GA 31558-2819.pdf — Owner: Freeup Storage ST Marys Marianna Drive LLC · APN 134 018 · Camden County GA · mailing: 401 Marianna Dr, Saint Marys GA (owner-occupied)
68TITLE762 CROSS ST, ROSSVILLE, GA 30741-7002.pdf — Owner: Freeup Storage Fort Oglethorpe LLC · APN 0002A081 · Catoosa County GA · 1440 Brickyard Rd #4, Golden CO 80403-8063 · ALL TAXES ARE PAID
69TITLE2249 HEATH RD, MACON, GA 31206.pdf — Owner: Freeup Storage Macon LLC · APN J008-0021 01 · Bibb County GA · PO Box 17120, Golden CO · Blalock Properties subdivision
70TITLE1955 DOVE ST, MACON, GA 31204-5551.pdf — Owner: Freeup Storage Dove Street L · APN P083-0589 01 · Bibb County GA · PO Box 17120, Golden CO · Aliel Park subdivision
71TITLE400 MCCOTTER BLVD, HAVELOCK, NC 28532-3220-2.pdf — Owner: Freeup Storage Havelock LLC · APN 6-220-A-112 · Craven County NC · PO Box 17120, Golden CO · Bryan Williams Land
72TITLE3800 NW FRONTAGE RD, BENTONVILLE, AR 72712-9255.pdf — Owner: Freeup Storage Bentonville Northwest Frontage Road LLC · APN 01-08098-010 · Benton County AR · mailing: 3800 NW Frontage Rd, Bentonville AR
73TITLE16555 CHAMPION WAY, SANDY, OR 97055-7276.pdf — Owner: Freeup Storage Sandy LLC · APN 01786197 · Clackamas County OR · PO Box 17120, Golden CO · Vesting: Lifetime Couple · Pioneer Corporate Park subdivision
74TITLE840 ROSE DR, HARTLAND, WI 53029-8317.pdf — Owner: Freeup Storage Hartland LLC / Davis Kent · APN HAV-0759-991-002 · Waukesha County WI · PO Box 17120, Golden CO · CSM #9413 Vol 85/338

Non-FreeUp Entities Under PO Box 17120

75TITLESPARTAN INVESTMENT GROUP OF DELAWARE, LLC - Premium Business Report - 2025-05-18.pdf — FEIN 352513708 · Business ID 5394589466 · Contacts: Jackie Gibson + Ryan Gibson · Phones: (720) 386-1039, (866) 375-4438
76TITLE2200 US HIGHWAY 285 N, PECOS, TX 79772.pdf — Owner: Highway 285 RV Park LLC · PO Box 17120, Golden CO USA 80403 · Reeves County TX · Market: $18,000 land only
77TITLE9170 E GOLDENROD DR, GARDENDALE, TX 79758-4337.pdf — Owner: Goldenrod RV Park Limited Liability Co · APN 39380.00075.00000 · Ector County TX · PO Box 17120, Golden CO · 10-acre tract
78TITLE875 BURRUS RD, MACON, GA 31204-1440.pdf — Owner: Storage Master Inc · APN O054-0173 01 · Bibb County GA · PO Box 17120, Golden CO · Winship Estate Prop subdivision
79TITLE50 MARION BEAVERS RD, SHARPSBURG, GA 30277-6911.pdf — Owner: Marion Beavers Self Storage LLC · APN 124-1054-001B · Coweta County GA · PO Box 17120, Golden CO · 5.260 Ac Hwy 16 · Individual(S)/Corporation vesting
80TITLE3017 DAIRY DR, MADISON, WI 53718-2.pdf — Owner: Freeup Strg Madison LLC & M & C CS Condos LLC · APN 0710-224-0310-0 · Dane County WI · PO Box 17120, Golden CO · Fourth Addition To World Dairy Center, Lot 37

Additional Title Records

81TITLE220 PITTMAN ST, LONGVIEW, TX 75602-4501.pdf — Owner: Freeup Storage I-20 LLC / Free Up Storage · APN 96649 · Gregg County TX · PO Box 17120, Golden CO · Ab 117 S Jackson Sur Tr 105-01
82TITLE350 is W TYLER ST, LONGVIEW, TX 75601.pdf — Owner: Tyler & Longview Portfolio LLC / Free Up Storage · APN 32956 · Gregg County TX · PO Box 17120, Golden CO · Lts 16 & 17 Ncb 3 Longview Mc Nutt Acreage
83TITLEProperty-Report-for-12959-State-Hwy-155-S-Tyler-TX-75703.pdf — PropertyRecs: $1.74M est. · 18,528 sq ft · Built 1979 · Industrial · Owner: Tyler/Longview Portfolio LLC (confirmed)
84TITLE24381 S TAMIAMI TRL, BONITA SPRINGS, FL 34134-7048-2.pdf — Owner: Freeup Storage Bonita Springs · APN 16-47-25-B2-01700.0010 · Lee County FL · PO Box 17120, Golden CO
85TITLE7688 HIXSON PIKE, HIXSON, TN 37343-1723.pdf — Owner: Freeup Storage Hixson LLC · APN 092-113.01 · Hamilton County TN · PO Box 17120, Golden CO
86TITLE401 3RD ST, SIMPSONVILLE, KY 40067-6444-2.pdf — Owner: Freeup Storage Simpsonville LL · APN 015A-16-007 · Shelby County KY · Po Box 1712, Golden CO 80402-1712
87TITLE2257 is 2249 HEATH RD, MACON, GA 31206.pdf — Owner: Freeup Storage Macon LLC · duplicate/confirmation of APN J008-0021 01 · Bibb County GA
88TITLE8700 DEVONSHIRE BLVD, DENVER, CO 80229-5167.pdf — Adams County CO · Assignment record · ASR 2023.43873
89TITLE8225 S BROADWAY AVE, TYLER, TX 75703-5494.pdf — Smith County TX · Deed records DED WAR 2021.44552 · Chain of title investigation
90TITLE2251 W PICKENS RD, PEA RIDGE, AR 72751-9658.pdf — Benton County AR · Mortgage record MTG 2023.22765 · FreeUp Storage Pea Ridge/Bentonville area cluster
91TITLE2600 N 24TH ST, ROGERS, AR 72756-2285.pdf — Benton County AR · Deed record DED WAR 2025.7069 · Recent 2025 acquisition in NW Arkansas market
92TITLE4102 is 4206 ELM SPRINGS RD, SPRINGDALE, AR 72762.pdf — Washington County AR · Deed record DED WAR 2025.3540 · Mortgage 2025.3541 · Recent 2025 acquisition
93TITLE350 GLEN CREEK RD NW, SALEM, OR 97304-3058.pdf — Polk County OR · Deed record DED SWD 2024.9559 · FreeUp Storage Salem area
94TITLE3715 BLOSSOM DR NE, SALEM, OR 97305-1722.pdf — Marion County OR · Deed record DED SWD 2024.39225 · 2024 acquisition
95TITLE989 NE 61ST AVE, PORTLAND, OR 97213-4374.pdf — Multnomah County OR · Deed record DED SWD 2024.25759 · 2024 Portland acquisition
96TITLE710 SE Belmont St is 910 SE 7TH AVE, PORTLAND, OR 97214-2302.pdf — Multnomah County OR · Deed record DED SWD 2024.25760 · 2024 Portland dual-address acquisition
97TITLE2625 SE 165TH AVE, VANCOUVER, WA 98683-3405.pdf — Clark County WA · Deed record DED 6180255 · FreeUp Storage Vancouver WA
98TITLE30460 3RD AVE, BLACK DIAMOND, WA 98010-9773.pdf — King County WA · Deed DED WAR 2018.0504.000983 · Assignment ASR 2021.0609.001151 · FreeUp Storage Black Diamond
99TITLE4019 MARSH RD, MADISON, WI 53718.pdf — Dane County WI · Deed DED WAR 5759008 · Mortgage MTG 5759010 (35 pages) · FreeUp Storage Madison
100TITLE36536 S FISH CAMP RD, GRAND ISLAND, FL 32735-9807.pdf — Lake County FL · Mortgage MTG 6363.323 · FreeUp Storage Grand Island FL
101TITLE9161 NE JACKSONVILLE RD, ANTHONY, FL 32617-3507.pdf — Marion County FL · Mortgage MG RN 7537.706 · FreeUp Storage Anthony FL
102TITLE20 FM 1791 N, HUNTSVILLE, TX 77320.pdf — Walker County TX · Deed DED SWR 2021.66597 · FreeUp Storage Huntsville TX
103TITLE161 BUSINESS CIR, TERRELL, TX 75160-9505.pdf — Kaufman County TX · Deed DED SWR 2021.51720 · FreeUp Storage Terrell TX
104TITLE2251 W PICKENS RD, PEA RIDGE, AR 72751-9658-2.pdf — Benton County AR · Mortgage MTG 2023.22765 (duplicate) · confirmation record
105TITLE30460 3RD AVE, BLACK DIAMOND, WA 98010-9773-2.pdf — King County WA · duplicate/updated Black Diamond title record
⚠️ Disclaimer: This Case Study #9 report is provided for educational and investor protection purposes only. All information is derived from publicly available county title records, SEC regulatory filings, DHS correspondence, and documents provided by the submitting party. Property ownership information reflects county assessor/recorder data as of April–May 2025. The Minkow 1-10 scoring system is a proprietary due diligence methodology. This report does not constitute legal advice. Investors should consult independent legal counsel and conduct their own verification before making any investment decisions. The existence of fraud indicators does not constitute proof of criminal wrongdoing; however, it does warrant heightened due diligence and consultation with securities regulatory authorities before committing any capital.