The Form D KB Lincoln, DST filed with the SEC on September 2, 2026 is not the start of a raise. It reports one finished: a $36.4 million offering reported fully subscribed, to 30 investors, first sale dated July 31, 2026.
What the notice does not report is who sold it. It states a commission amount and names no broker-dealer, with finders' fees at $0. For a reader pricing load, that blank is as material as the percentage: the money went out, and the record does not say to whom. The Trust claimed Rule 506(c), under which general solicitation is permitted and every purchaser must be a verified accredited investor. That is a statement about what was allowed, not about how these interests actually moved.
The filing names no property. An issuer announcement published June 8, 2026 on KB Exchange Trust's site describes adding a TA travel center in Lincoln, Alabama to its DST portfolio; it does not use the Trust's formal name, so the pairing rests on the name and the dates rather than on any source stating it. Beyond a republication of the filing itself, a check of exact-name and CIK references across SEC, issuer, national and trade-press sources located no editorial coverage of the Trust. That check was not exhaustive.
Term | KB Lincoln, DST | Trailing-twelve-month DST filing median |
|---|---|---|
Offering amount | $36,400,000 | $48,917,049 |
Amount sold as of September 2, 2026 | $36,400,000 | |
Minimum investment | $364,000 | $100,000 |
Sales commissions | $1,465,000 | |
Commissions as % of maximum offering | 4.0% | 6.5% |
Exemption | Rule 506(c) | |
Signature | Jeffrey A. Pori, authorized signatory, September 2, 2026 |
Medians are per Form D filing by likely DST issuers over the trailing twelve months, including amendments, and are not unique-Trust medians.
Item 3 lists KB Exchange Properties, LLC, KB Lincoln MT, LLC and KB Lincoln Holdings, LLC as Promoters, with KB Lincoln Holdings also an Executive Officer alongside Kingsbarn Realty Capital, LLC, Kingsbarn Holdings Company, LLC, KB MT Holdings, LLC, KB Lincoln ST, LLC, Jeffrey Pori and Ray Jones. All of them share the Trust's Las Vegas address.
A 4% figure has surfaced before at this sponsor, measured against something else. The initial notice for KB Hollywood, DST stated commissions of up to 4% of the cash portion of interests and marked its commission dollar figure estimated; Lincoln's percentage runs against the maximum offering, and its commission carries no estimated flag. Same numeral, different denominators.
Top1031 publishes 10 Active Trusts for the Sponsor out of 227 published Active across the market, a basis that counts shown, non-delisted, active records and includes fully subscribed offerings. The Sponsor's current-offerings page, checked for the October 5, 2026 snapshot, displays Grandview, Lake Elmo and Hollywood; a Kingsbarn-affiliate page published October 1, 2026 adds KB Northbrook, DST. Lincoln is on neither.
KB Grandview, DST, a travel center in Grandview, Washington, filed its own Form D on September 17, 2026, reporting 22 investors and a commission figure marked estimated. Two notices from the same shop in the same month. Grandview is the one a reader can find on a web page; Lincoln's public record is the filing and nothing else.