Both compensation lines on SW Florida Corp HQ Campus DST's Form D read zero. The Trust, a Delaware Statutory Trust (DST) formed in 2026, put the notice on the record on September 17, 2026 to claim an exemption from registration. That is the whole function of the document: it is not SEC approval, and not a review of the offering's merits.
The filing's sales-compensation clarification states the Clearview arrangement in the conditional, as something that may be paid rather than something that is. The offering is exempt under Rule 506(b), which bars general solicitation and advertising. That tells you how the Trust may not be marketed. It establishes nothing about who distributes the interests, and nothing about whether the purchasers are people the sponsor or the broker already knows.
Against the market, the commission line comes to 0.0% of the maximum offering; the median across Form D filings for likely DST issuers in the trailing twelve months, amendments included and counted per filing rather than per unique Trust, is 6.5%.
Term | As filed | Tracked median, trailing twelve months |
|---|---|---|
Maximum offering amount | $167,340,578 | $48,917,049 |
Minimum investment | $150,000 | $100,000 |
Both dollar terms sit above that cohort median.
No interests had sold when the notice went in, and the Trust reported the first sale as yet to occur. The filing also marks the offering as one intended to last more than one year. It states no reason for that, and nothing elsewhere in the record supplies one.
The address on the filing is a care-of address at Net Lease Capital Advisors LLC, 10 Tara Boulevard, Suite 501, Nashua, New Hampshire. Bruce S. MacDonald signed as Manager on September 15, 2026; he and Douglas Blough are each listed as an Executive Officer related person, and the related-person clarification is not readable in the rendered filing, so what it says is unknown. On the company's own About page the two are Co-Founder and President and Co-Founder and Chief Financial Officer. The same pair, the same Manager signature and the same Clearview clarification appear on NLC Florida Healthcare Sciences DST's Form D, filed August 25, 2026, also under Rule 506(b), also with nothing sold.
Neither filing identifies a property. The industry field on this one reads "Other Real Estate." The only thing placing either trust in Florida is its name.
Two Top1031 surfaces disagree about whose offering this is. The directory carries the Trust under Net Lease Capital Advisors as a confirmed attribution, while the table of largest DST offerings, as of September 24, 2026, listed the issuer as unattributed. This report follows the directory record, because the sponsor record is the surface where attribution is set and because the care-of address, the signer and both related persons point to the same firm. The Form D itself does not state a sponsor relationship.
Nine offerings sit in the Active column of that sponsor record. Active is a filing status there, a Form D within the prior 15 months, with delisted records excluded from the published count, and it is not a statement that interests can still be bought; the market-wide published figure of 227 Active Trusts rests on the same basis and includes fully subscribed offerings. Baker 1031's page for NLC Financial Service HQ DST, updated August 5, 2026, describes that offering as closed while the directory still carries it as Active. The totals around the nine do not line up either: the sponsor record states 25 programs, and the NLC Florida Healthcare Sciences DST offering page states 23 total. Nine is the figure both carry.
A search for coverage of this offering located only filing pickups: the SEC index, StreetInsider on September 17, 2026, and edgar.tools the same day. Nothing within that scope named the property, a tenant or a lease. The sponsor's Active column reads as a lease-credit roster: government tenants, healthcare, an Amazon robotic fulfillment center, a Dollar General portfolio.
One thing the zero does not do is declare itself final. The Form D checkbox that would mark a compensation figure as an estimate is not legible in the rendered document, so the filing's defining number arrives without its own status attached.