On May 15, 2022, US Masters Residential Property Fund is facing a shareholder revolt over plans to sell assets of the troubled real estate trust operated by the collapsed Dixon Advisory for a significant discount. In a letter sent on May 12, 2022, to URF chairman Stuart Nisbett, Raper Capital's Jeremy Raper describes the proposed Brooksville sale was a shambolic deal (that) fails the most basic test of any change of control transaction that is, it provides a far inferior outcome to simply maintaining the pre-deal status quo. Raper has accused management and the board of all manner of PR kabuki to portray this derisory deal as reasonable.

He claims the discount to net asset value is closer to 62 per cent because the company has factored in a haircut of $US55m for tax payments and debt adjustments that should actually count in unitholders' favor. Raper stated that he spoken with over 20 per cent of the register a hugely significant block given the fragmented nature of the ownership base all of whom have expressed similar anger at the announced deal and a willingness to vote against this transaction on its merits.