The public record of ExchangeRight Net-Leased All-Cash 21 DST is one document: the Form D that Warren Thomas signed as Manager on July 29, 2026. No trade press. No local coverage. No release from Pasadena, where the executive officers named in the filing all sit at one address.
ExchangeRight publishes plenty otherwise. Its releases announced Essential Income 6 DST on May 19, 2026, Net-Leased Portfolio 72 DST on June 9, 2026, Net-Leased All-Cash 18 DST on June 18, 2026, Essential Income 7 DST on July 1, 2026, Net-Leased Portfolio 73 DST on July 14, 2026, and Essential Income 8 DST on July 27, 2026. As of July 30, 2026 no ExchangeRight release identifies any offering by name as open and accepting investors.
Item | As filed |
|---|---|
Offering amount | up to $43,390,000 |
Amount sold as of July 29, 2026 | $0, from 0 investors; date of first sale yet to occur |
Minimum investment | $100,000 |
Sales commissions | $2,169,500, as stated |
Entity type | Business Trust, Delaware |
Most of the terms are ordinary for the company they keep. The minimum matches the trailing-twelve-month median minimum across the tracked market exactly, and the ceiling sits below that market's median offering size. Sales commissions come to 5.0% of the maximum offering, against a 6.0% median for the same tracked period, and the Form D gives the dollar figure without saying whether it is a plan or a cap. The filing names Lighthouse Capital Group, LLC as broker-dealer and claims the Rule 506(b) exemption, which bars general solicitation and advertising and allows up to 35 non-accredited purchasers who meet sophistication requirements alongside accredited investors. The notice is not SEC approval and not a review of the offering's merits.
On the asset, the filing says one word: Commercial. No property, no tenant, no state, no lease term, no debt. "All-Cash" is the series title the Sponsor uses, not a disclosure of capital structure; the offering documents will state the leverage, the tenancy, and the distribution terms. Until it circulates, a reader has the size, the selling cost, and nothing about what the money buys.
The numbering does carry one signal. All-Cash 18 was announced fully subscribed on June 18, 2026, and the trust that filed on July 29, 2026 carries 21. The ExchangeRight announcements gathered for this report reach back to May 5, 2026, and none of them names an All-Cash offering between those two. Whether the intervening series were announced earlier, that record does not cover.