The commission line reads $0, and so does the finders' fee line. NLC Florida Healthcare Sciences DST filed that Form D on August 25, 2026, a Delaware Statutory Trust (DST) seeking up to $97 million with nothing entered where the form asks what it costs to sell the interests. Across Form D filings from likely DST issuers in the trailing twelve months, amendments included, the median filing Top1031 tracks marks 6.5% of its maximum offering.
Term | NLC Florida Healthcare Sciences DST | Tracked median filing |
|---|---|---|
Maximum offering | $97,038,429 | $48,917,049 |
Minimum investment | $150,000 | $100,000 |
Amount sold as of August 25, 2026 | $0 |
What those zeros record is narrow. The form asks for sales commissions and finders' fees and nothing further about compensation, and this sponsor's other notices show money moving outside both boxes. The Government Lease Holdings 2 DST filing and the NLC Financial Service HQ DST filing each state that Clearview Trading Advisors, Inc. receives no sales commissions, then describe a 0.10% placement fee on the aggregate purchase price in the first and, in the second, an investor-vetting fee of up to 0.10% of the maximum transaction amount, plus a $5,000 monthly advisory fee in both. Those two filings also carried commission dollar amounts marked estimated. This one carries no commission dollars at all, and whether that figure was flagged as an estimate is not settled by the record at hand.
The raise proceeds under Rule 506(b), which bars general solicitation and advertising. That sets a limit on how interests may be offered; it does not establish that the buyers are people the sponsor or a broker already knows, and the exemption is not a description of the distribution channel. No broker-dealer appears in the filing record, and the minimum sits above the tracked median. How the interests are to be sold, the document does not say.
Two related persons are listed, Douglas Blough and Bruce MacDonald, each as an Executive Officer; MacDonald signed as Manager. The sponsor's About Us page identifies MacDonald as Co-Founder and President and Blough as Co-Founder and Chief Financial Officer. The sources part company on the sponsor itself: the public-record review found no sponsor entity confirmed for this Trust, while Top1031's directory record shows Net Lease Capital Advisors as confirmed. Top1031 relies on its own record, because the filing gives the issuer's care-of address as Net Lease Capital Advisors LLC in Nashua, New Hampshire and names the two officers who appear in the firm's other notices. What the review reports is the narrower fact: no entity is named in a sponsor role on the face of the document. Top1031 publishes 9 Active Trusts for the sponsor, within 229 published as Active across the market, a count that excludes delisted records and includes fully subscribed offerings.
The family splits along the exemption. NLC Health Investors DST and NLC VA 14 Raleigh Healthcare DST filed amendments on March 6, 2026 and July 2, 2026 and are identified in those filings as Rule 506(b) offerings; neither was counted as publicly marketed in the record consulted, which limited that label to the dated current-offerings page of Baker 1031 Investments. Government Lease Holdings 2 DST, filed under 506(c), sits on that page as of September 16, 2026, marked "Confirm Availability." NLC Financial Service HQ DST appears there under the same label, against its own offering page of August 5, 2026 describing it as "Available"; the later dated page governs.
The Trust's name is the only thing in the notice pointing toward an asset, and a name is not a disclosure. A review of the public record through September 18, 2026 located the filing, a same-day item on edgar.tools reporting a raise of $97 million in trust beneficial interests, and an Archer Investors page that shows "Florida Healthcare Sciences DST (in review)" in public view, with everything past the name behind a login.
Clearview Trading Advisors, Inc. is the one party the sponsor's other notices tie to placing interests, and in those filings its compensation sits in the text rather than the fee lines. Here no such party appears in the filing record at all. For a raise of this size, that is the conspicuous blank.