ExchangeRight Real Estate, LLC
Unclaimed63/100 · Mixed evidence
Public-record listing · US (via broker-dealers) · https://www.exchangeright.com
Unclaimed listing. This firm has not registered or claimed this page. Everything here comes from public records and the firm’s own public website, as of 2026-10-15.
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What they do
Large net-lease DST sponsor (claims $7.8B AUM). Affiliated FINRA broker-dealer has no disclosures. Many DST Form Ds on EDGAR. Plaintiff law firms advertise 'investor loss investigations' and a 2026 FINRA claim reportedly targets a selling broker over an ExchangeRight DST; federal suits found are ADA/contract matters, not fraud.
Public-record summary. Category: 1031 / DST sponsor (S12). Fees: In private placement memoranda (not public); fund-level fees in ExchangeRight Income Fund SEC filings.
Strategies offered
- Like-Kind Exchanges Public record source
Evidence score
63/100 · Mixed evidence59 of 94 applicable points = 63. Rubric v1.1 (2026-10-17). Retrieved 2026-10-15.
26 points are pending because the item could not be checked from public records. If every pending item were verified, the score could reach up to 90 (limited by caps or by items that don't apply). How this is calculated.
| Category | Points | |
|---|---|---|
| Regulatory record (weight 25) | 17 / 25 | |
| Tax-controversy record (weight 20) | 20 / 20 | |
| Litigation & complaints (weight 15) | 11 / 15 | |
| Transparency (weight 15) | 4 / 15 | |
| Substance & verifiability (weight 15) | 5 / 11 | |
| Structure quality (weight 10) | 2 / 8 |
Red flags
No red flags (RF1-RF13) were triggered by the public evidence reviewed.
Evidence by item
Each line shows the points awarded, how it was checked and a source link where one exists.
Regulatory record · 17 / 25
| Item | Points | Status | Evidence |
|---|---|---|---|
| R1 Registration status verified for firm and soliciting individuals where required (BD/IA/state; insurance producer if relevant) | 5 / 5 | VERIFIED | ExchangeRight Securities, LLC (CRD 283430) active FINRA member, SEC-registered, 52 state registrations. source |
| R2 No SEC/FINRA disciplinary events for the firm (10-yr lookback) | 8 / 8 | VERIFIED (nothing found) | BrokerCheck: no disclosures for ExchangeRight Securities. source |
| R3 No disciplinary events for principals/control persons (10-yr lookback) | 0 / 6 | UNVERIFIED | Principal names are common (e.g., 'a principal'); individual BrokerCheck reports not attributable without CRDs. BD has no firm disclosures. source |
| R4 No state securities-regulator or state AG actions against firm/principals | 4 / 4 | VERIFIED (nothing found) | No state securities/AG action found by web search. Not exhaustive. |
| R5 Named licensed professionals (CPA/attorney/EA) in good standing | 0 / 2 | UNVERIFIED | Licensed-professional good standing needs state CPA board / bar lookups for named individuals; not performed in this initial review. |
Tax-controversy record · 20 / 20
| Item | Points | Status | Evidence |
|---|---|---|---|
| T1 Strategy is not a listed transaction / transaction of interest and not a current Dirty Dozen theme | 8 / 8 | VERIFIED | Sec. 1031 exchange into DST interests (Rev. Rul. 2004-86) not listed; not a 2026 Dirty Dozen theme. source |
| T2 No DOJ Tax Division injunctions / IRC ยงยง6700, 6701 promoter cases against firm or principals | 6 / 6 | VERIFIED (nothing found) | No DOJ promoter case found. source |
| T3 No adverse Tax Court / appellate opinions involving the sponsor's prior deals | 4 / 4 | VERIFIED (nothing found) | Only appellate hit is a 2026 Ohio board-of-revision property-valuation case (not a tax-shelter ruling). source |
| T4 Provides clear reportable-transaction disclosure guidance (Form 8886/8918) where applicable | 2 / 2 | VERIFIED | Strategy is not a listed transaction/TOI, so Form 8886/8918 guidance is N/A-justified (rubric: 2 = clear or N/A-justified). source |
Litigation & complaints · 11 / 15
| Item | Points | Status | Evidence |
|---|---|---|---|
| L1 No material civil fraud/misrepresentation litigation (firm, principals, affiliates) | 6 / 6 | VERIFIED (nothing found) | Federal cases found are ADA accessibility suits (Malsack v. ExchangeRight NLP 13 DST, E.D. Wis. 2025; NLP 30 DST, 2026) and contract disputes; none alleging fraud/misrepresentation against the sponsor. source |
| L2 Complaint pattern reasonable (BBB, state AG, CFPB where relevant) | 2 / 4 | PARTIAL | BBB profile rated A+. However, multiple plaintiff law firms advertise ExchangeRight DST 'investor loss investigations', and a reported 2026 FINRA claim against a selling broker involves an ExchangeRight DST (NLP 48). Treated as a moderate, unresolved complaint signal. source |
| L3 No bankruptcy/insolvency pattern among principals or affiliates | 3 / 3 | VERIFIED (nothing found) | No sponsor bankruptcy found (hits are tenant bankruptcies, e.g., Bed Bath & Beyond). source |
| L4 Entities in good standing with Secretary of State; legal entity names match marketing | 0 / 2 | UNVERIFIED | Secretary of State good-standing not checked: state portals checked use CAPTCHA (e.g., SC businessfilings.sc.gov); not bypassed. Needs a manual lookup or paid registry pull. |
Transparency · 4 / 15
| Item | Points | Status | Evidence |
|---|---|---|---|
| X1 Fees and total costs published or provided in writing before commitment | 2 / 4 | PARTIAL | Fund-level fees in ExchangeRight Income Fund SEC filings; DST-level fees only in PPMs (not public). Partial. source |
| X2 Offering documents available before commitment; Form D on EDGAR where applicable | 2 / 4 | PARTIAL | Form D filings for DSTs on EDGAR (234 full-text hits); PPMs not public, so consistency with docs not checked (rubric: 2). source |
| X3 Names tax counsel / opinion issuer and allows direct verification | 0 / 4 | UNVERIFIED | Tax counsel not identified publicly. |
| X4 Discloses audit/examination and claim history of prior deals | 0 / 3 | UNVERIFIED | Audit/examination and claim history of prior deals is not in public records; would need firm disclosure. |
Substance & verifiability · 5 / 11
| Item | Points | Status | Evidence |
|---|---|---|---|
| V1 Underlying assets independently verifiable (e.g., interconnection agreements, utility records, deeds, dated site evidence) | 3 / 6 | PARTIAL | Track-record document and SEC filings list properties/tenants; not confirmed against county records. source |
| V2 Placed-in-service / completion evidence for prior projects | n/a | Not applicable | Sponsor acquires existing, operating net-leased properties; no construction/placed-in-service milestone. |
| V3 Appraisals by independent credentialed appraisers (not promoter-selected) | 0 / 3 | UNVERIFIED | Appraisal practice not public. |
| V4 Pre-tax economic substance: investment case exists apart from tax benefits | 2 / 2 | VERIFIED | Rental income from net leases reported in SEC filings (pre-tax economics independent of the 1031 deferral). source |
Structure quality · 2 / 8
| Item | Points | Status | Evidence |
|---|---|---|---|
| Q1 Independent legal opinion (not solely promoter-paid boilerplate) | 0 / 4 | UNVERIFIED | DST tax opinions (if any) are in PPMs, not public. |
| Q2 Tax insurance verified directly with named carrier/broker (policy exists, scope understood) | n/a | Not applicable | No tax-insurance claim. |
| Q3 Fees reasonable relative to comparable offerings | 0 / 2 | UNVERIFIED | Needs a written fee comparison set of >=3 comparable offerings; not built in this initial review. |
| Q4 No guaranteed outcomes, benefit multiples or 'audit-proof' claims | 2 / 2 | VERIFIED | No guarantee language; site states 'There is no guarantee that any offering will achieve its investment objectives including; tax benefits...'. Performance claims ('100% of All Offerings Meeting or Exceeding Cash Flow Projections') are not tax guarantees. source |
Questions to ask this firm
- Principal CRDs for individual BrokerCheck review.
- Outcome of the reported FINRA claims involving its DSTs.
About these scores. Scores reflect only publicly available evidence found as of the retrieval date shown, scored with the same rubric for every firm. They are not an endorsement, rating of quality, accusation or statement about any person. Items we could not check from public records earn no points and are marked Unverified; a firm can supply proof to update them. How we score · Request a correction
Complaints
0 complaints under review · 0 substantiated · 0 with a response from the firm.
Complaints are an allegation until a reviewer decides. We show only the category and status, never the complainant’s identity, the description or any documents. Private complaints are counted but not itemized. The firm can respond by claiming this listing.
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Verification and listing notice
"Verified" means our staff checked the identity, business-registration, and credential details listed against the sources named, on the date shown. It is not an endorsement, rating, or recommendation. Firm- and advisor-reported information is their own statement. Listings are alphabetical; payment never affects order, scores, or warnings.