ExchangeRight Net-Leased All-Cash 22 DST marks its sales commissions as an estimate, and the Form D stops there. The estimate equals 5.0% of the maximum offering; the median across Form D filings from likely DST issuers in the trailing twelve months, amendments included and counted per filing rather than per unique Trust, is 6.5%. The notice does not say why the two differ, and no other document in the record does either. The firm named to earn the commission is Lighthouse Capital Group, LLC. The filing describes no affiliation between that firm and the Sponsor.
Six ExchangeRight Form D notices carry signature dates between April 23 and September 30, 2026: Net-Leased Portfolio 75 DST, Net-Leased All-Cash 20 DST, Net-Leased Portfolio 76 DST, Net-Leased All-Cash 21 DST, Essential Income 13 DST and this one. All six mark their commission figures as estimates. Each records its terms as of the date it was signed, and nothing in them speaks to any later date.
In the same months, the Sponsor's newsroom announced full subscriptions on a different set of trusts: Net-Leased Portfolio 73 DST on July 14, Essential Income 8 DST on July 27, Net-Leased All-Cash 19 DST on August 19, Net-Leased Portfolio 74 DST on September 1 and Essential Income 9 DST on September 8. None of them is among the six notices above. ExchangeRight is named on 22 Trusts carried as Active in Top1031's directory, against 227 published Active Trusts in all; that published count excludes delisted records and includes offerings already fully subscribed.
Item | Figure |
|---|---|
Trust | ExchangeRight Net-Leased All-Cash 22 DST |
Form D filed | September 30, 2026 |
Exemption claimed | Rule 506(b) |
Maximum offering | $35,700,000 |
Median maximum offering, tracked Form D filings, trailing twelve months | $48,917,049 |
Amount sold as of September 30, 2026 | $0 |
Date of first sale | Yet to occur, per the filing |
Investors | 0 |
Minimum investment | $100,000 |
Sales commissions, marked an estimate in the filing | $1,785,000 |
Finders' fees | $0 |
Broker-dealer | Lighthouse Capital Group, LLC |
Issuer | Delaware business trust, formed 2026 |
Principal office | 1055 E. Colorado Blvd., Suite 310, Pasadena, CA 91106 |
Two earlier notices in the same All-Cash line state $17.8 million for All-Cash 20 in May and $43.39 million for All-Cash 21 in July. The sizes move. The minimum on this one sits exactly at the median of that tracked cohort.
What the notice does not do is describe anything the Trust owns. Industry is recorded as Commercial and the interests as equity; the series title carries more product information than the fields do, and the property, the tenants and the capital structure are matters for the offering documents. The notice claims Rule 506(b), which bars general solicitation and advertising. A search on October 5, 2026 of official, press and filing-index sources located only republications of the notice itself, at StreetInsider, CapEdge, Stillhouse Data and SEC Info, and no separate press item naming All-Cash 22; other mentions may exist outside those sources.
Three names appear on all six notices: Joshua Ungerecht, David Fisher and Warren Thomas, each with Executive Officer checked and, as the filings display them, no text in the clarification field. Thomas signs this one, as he signs the others, under the title Manager. The series numbers climb; the signature block does not change.