Dave Bulger

Vice President

O (855) 378-3443|C (561) 715-3235

E dbulger@carmonawealth.com

W carmonawealth.com

18 Formero Street, Rancho Mission Viejo, CA 92694

Investment underwriting report

Net-Leased Portfolio 75 DST

Complete offering, sponsor, fee and comparative analysis

Prepared

August 26, 2026

Offering Summary

Offering summary

Net-Leased Portfolio 75 DST is an $84,900,000 syndicated offering sponsored by ExchangeRight. The capital structure comprises $47,570,000 in equity and $37,330,000 in long-term fixed-rate debt, representing an offering LTV of 43.97%. The portfolio includes 6 single-tenant net-leased properties across 6 markets and 6 states, occupied by 5 tenants across 5 industries with a weighted-average lease term of 11.8 years. The financing is secured at a 5.12% fixed interest rate with a DSCR of 2.32. Year 1 projected cash distribution is 5%, with an average projected income of 5.3% over the full term. Total upfront offering fees and expenses amount to $3,387,760, with $2,318,521 established in aggregate reserves.

Capital raise

0.0% of the offering is closed

$47,570,000 still available

Closed$0 Reservations$0 Available$47,570,000

$0 of $47,570,000 placed

Total offering equity

$47,570,000

Closed equity

0.0% of offering

Current reservations

Pending subscription

Available equity

$47,570,000

Open for subscription

The sponsor is raising $47,570,000 in equity alongside $37,330,000 in debt financing to reach the total offering capitalization of $84,900,000. Target distributions start at 5% in Year 1 and project an average of 5.3% across the holding term. Total upfront loads include $3,387,760 in total fees and offering expenses.

Offering terms

Sector

Multifamily

Investment Category

DST

Projected First Year Cashflow

Avg. 5.3% over term

Min. Cash Investment

—

Min. 1031 Investment

—

Total Offering Price

$84,900,000

$589,583 per unit

Offering Debt

$37,330,000

5.12% · 11.8 Years Weighted-Average Lease Term

LTV

0.5%

On acquisition price

Units / Tenants

144

East Hanover, NJ

Property Age

The age of the properties is referenced only in general terms, noting that capital expenditures are not expected to be needed beyond minor, non-structural work when taking into account the age and condition of the properties, but no specific construction year or explicit age is provided.

The offering features a total capitalization of $84,900,000 supported by $47,570,000 of offering equity and $37,330,000 of fixed-rate debt at a 5.12% interest rate. Operations demonstrate strong debt service coverage with an underwritten DSCR of 2.32 and an offering LTV of 43.97%. Initial Year 1 cash flow is projected at 5%, expanding to an average of 5.3% over the term.

Strengths & considerations

Key strengths

Robust Debt Coverage
2.32 DSCR
Fixed-rate debt at 5.12% provides strong cash flow protection with an underwritten DSCR of 2.32.
Long-Term Lease Duration
11.8 Years
The portfolio features a weighted-average lease term of 11.8 years across 6 single-tenant net-leased properties.
Low Offering Leverage
43.97% LTV
Debt financing of $37,330,000 represents a conservative 43.97% LTV against the $84,900,000 offering price.

Key considerations

Upfront Load and Expenses
$3,387,760
Front-end fees and offering expenses total $3,387,760, reflecting a 5% load on the offering price.
Tenant Concentration
5 Tenants
The portfolio is distributed across 6 properties with 5 corporate tenants across 5 industries.
Undisclosed Property Ages
Not Disclosed
Specific construction years and historical ages for the underlying assets are not provided in the extracted documentation.

The portfolio benefits from a long weighted-average lease term of 11.8 years across 6 net-leased properties. Debt terms are favorable with fixed-rate financing at 5.12% and a strong DSCR of 2.32. Additionally, the sponsor ExchangeRight manages $7,200,000,000 in assets under management with extensive DST platform track record.

Sources, uses & fee assessment

Capital Sources

Offering Equity
56.0% of offering
$47.57M
Offering Debt
0.5% LTV on acq.
$37.33M

Where the Capital Goes

Acquisition Cost
92.0% of offering
$78.13M
Offering Expenses
4.0% of offering
$3.39M
Reserves
5.1% of offering
$4.31M

Total Offering

$84.90M

Equity $47.57M + debt $37.33M

Acquisition Cost

$78.13M

92.0% of offering to the property

Total Fees & Expenses

$3.39M

5.00% of offering

Reserves

$4.31M

5.1% of offering

Total offering proceeds of $84,900,000 consist of $47,570,000 in equity and $37,330,000 in debt, funding the $78,128,251 base acquisition cost, $2,318,521 in reserves, and $3,387,760 in front-end fees and offering expenses.

Risk read

Tone reflects relative strength, not a rating

Leverage & Debt Structure

Low LTV of 43.97% with fixed-rate debt

The loan of $37,330,000 is fixed at 5.12% with a strong DSCR of 2.32, minimizing refinancing and debt-service stress during the term.

Lease Term & Cash Flow

11.8-year weighted-average lease term

Net leases provide predictable revenue supporting a Year 1 cash flow of 5% and a full-term projected average of 5.3%.

Asset Diversification

6 properties across 6 states with 5 tenants

While geographically dispersed across 6 states, tenant count is limited to 5 single-tenant operators.

Fee Structure & Reserves

5% load with $2,318,521 in reserves

Upfront fees and expenses equal $3,387,760, balanced by $2,318,521 in upfront capital reserves including $1,205,054 for improvements.

Key considerations include the portfolio's concentration in 6 properties with 5 tenants, creating reliance on specific corporate occupants. Upfront costs include $3,387,760 in total fees and expenses alongside financing costs of $1,498,178. Individual property ages and construction years are not explicitly disclosed in the offering materials.

Calculated underwriting metrics

Syndicated Cap Rate

—

NOI ÷ offering price

Upfront Load on Offering

5.00%

Total fees ÷ offering price

Load on Equity

7.12%

Total fees ÷ offering equity

Premium / Discount

—

Offering price vs. appraised value

Offering vs. Acquisition

100.0%

Offering price ÷ acquisition price

Price per Unit

$589,583

Offering price ÷ 144 units

Projected distribution rate

Avg 5.15%

Yr 1Term avg.

Yr 1 5.00%Term avg. 5.30%

Distribution rates as extracted from the offering materials.

The equity requirement stands at $47,570,000 against a total acquisition cost of $78,128,251 and an offering price of $84,900,000. Upfront reserves total $2,318,521, which includes $1,205,054 for improvements, $705,053.5 for master tenant reserves, and $86,170 for lender requirements. Total offering front-end fees and expenses equal $3,387,760, representing a 5% load on the offering price.

Sponsor

ExchangeRight

ExchangeRight is a specialized net-lease DST and REIT sponsor with $7,200,000,000 in assets under management. The firm oversees more than 1,400 single-tenant properties across 47 states, emphasizing necessity-based retail and healthcare assets with long-term leases and investment-grade tenants.

Net Lease Specialist$7.2B AUMNational ReachFixed-Rate Debt

Portfolio

• ExchangeRight Net-Leased Portfolio 75 is described as a diversified portfolio of net-leased properties focused on necessity-based retail and healthcare, including 6 properties across 6 markets, with 5 tenants in 5 industries and 6 states. • ExchangeRight’s broader platform aggregates a necessity-based retail and healthcare portfolio diversified by single-tenant properties, strong locations, primarily investment-grade tenants, long-term net leases, and laddered, fixed-rate debt terms, currently stewarding more than 1,400 properties across 47 states.

Properties owned or managed

AUM

$7,200,000,000

Across all programs

DST programs

—

Prior DST offerings

AUM in DSTs

—

DST-held assets

Team

Hobby Lobby is estimated to employ about 50,000 individuals and has a 2025 estimated number of employees of 50,000, while FedEx Corporation has approximately 440,000 employees as of 2025.

Disclosed headcount

Sector focus

Multifamily

Stated strategy

View Sponsor Dossier

ExchangeRight serves as the sponsor, managing $7,200,000,000 in total and DST assets under management across more than 1,400 properties in 47 states. The sponsor maintains extensive experience aggregating necessity-based retail and healthcare single-tenant net-leased properties with primarily investment-grade tenants. Ongoing compensation includes an annual asset management fee of 0.40% of gross rental income and a 2.0% disposition fee.

Sponsor strengths

Established track record with $7,200,000,000 in DST and platform AUM
Portfolio includes over 1,400 properties across 47 states
Dedicated aggregation strategy focused on recession-resilient sectors

Sponsor concerns

Standard 2.0% disposition fee payable on exit
Front-end fees and allowances total $3,387,760

The Property

The property

6 Net-Leased Assets, 6 Markets, 11.8-Year WALT

$84,900,000 acquisition price

Net-Leased Portfolio 75 DST

single- tenant, net-leased properties

East Hanover, NJ

144 unitssingle- tenant, net-leased properties

$84,900,000

100.0% of portfolio

Seller: —
Property manager: ExchangeRight

Financing Terms

Financing consists of a $39,215,000 fixed-rate loan at 5.01% interest with a 46.93% LTV and a 2.06x debt service coverage ratio.

Leverage profile

Loan amount$37.33M44.0% of offering · 0.5% LTV

Offering equity$47.57M56.0% of offering

Loan Amount

$37,330,000

Term

11.8 Years Weighted-Average Lease Term

Interest Rate

5.12%

Fixed / Variable

Fixed-rate

Prepayment Penalty

—

DSCR

2.32

Acquisition LTV

0.5%

Offering LTV

43.97%

Strengths

Fixed-rate debt structure at 5.12%
Strong underwritten DSCR of 2.32

Concerns

Financing expenses total $1,498,178
Lender-required reserves total $86,170

Transaction Metrics

The asset is acquired for $79,352,943 at a 5% acquisition cap rate, with total acquisition cost reported at $73,086,065 excluding certain capitalized reserves.

Valuation ladder

Acquisition price$84.90M

Offering price$84.90M+0.0%

Cap rate spread & load

Upfront load on offering5.00%

Load on equity7.12%

Load net of reserves-1.09%

Acquisition Price

$84,900,000

Offering Price

$84,900,000

Appraised Value

—

Upfront Load

—

Load on Equity

—

Load on Offering Price

Acquisition Cap Rate

—

Syndicated Cap Rate

—

Premium / Discount

—

Appraisal / Offering %

—

Less Reserves %

—

Strengths

Weighted-average lease term of 11.8 years
Properties spread across 6 separate states

Concerns

Total front-end load of 5% on offering price
Total front-end fees of $3,387,760

Use of Proceeds

Uses of capital include the property purchase, $4,212,057 in improvement/lumped reserves, $1,116,013 in carry costs, and $3,392,775 in total offering expenses.

Total Fees & Expenses

$3,387,760

% of equity

7.12%

% of offering

5.00%

$2,318,521 including reserves (2.73% of offering)

Where the offering proceeds go

Acquisition Cost$78.13M92.0%

Offering Expenses$3.39M4.0%

Reserves$4.31M5.1%

Total fees & expenses

$3.39M

5.00% of offering

Offering expenses

$3.39M

3.99% of offering

Reserves held

$4.31M

5.08% of offering

Cost of Acquisition

Item	Amount	% Equity	% Offering
Title & Recording Costs	$330,000	0.69%	0.39%
Reserves (Lender Required)	$86,170	0.18%	0.10%
Reserves (Master Tenant)	$705,054	1.48%	0.83%
Reserves (Lumped)	$2,318,521	4.87%	2.73%
Reserves (Improvements)	$1,205,054	2.53%	1.42%
Loan & Lender Expenses	$25,000	0.05%	0.03%
Finance Expenses	$1,498,178	3.15%	1.76%
Total Acquisition Cost	$78,128,251	164.24%	92.02%
Total Acq. Cost (Reserves)	$81,512,240	171.35%	96.01%

Offering Expenses

Item	Amount	% Equity	% Offering
BD Due Diligence Allowance	$475,700	1.00%	0.56%
O&O Expenses	$142,710	0.30%	0.17%
Third Party DD	$48,000	0.10%	0.06%
Carry Costs	$105,000	0.22%	0.12%
Total Offering Expenses	$3,387,760	7.12%	3.99%
Total Fees / Expenses	$3,387,760	7.12%	3.99%
Total Upfront Fees (Reserves)	$2,318,521	4.87%	2.73%

Strengths

$2,318,521 funded into aggregate reserves
$1,205,054 allocated specifically for property improvements

Concerns

Total offering expenses equal $3,387,760
O&O expenses total $142,710

Sponsor Compensation

Disclosed fees include $510,025 in placement agent fees, $443,500 in BD marketing allowance, $221,750 in BD DD allowance, and $286,000 in O&O expenses.

Front-end fee composition

DST Admin & Accounting$0.01M0.02%

Total front-end sponsor compensation$3,387,760 3.99% of acq. cost

DST Admin & Accounting

$10,000

0.02%

Total Front-end Fees

$3,387,760

3.99%

Strengths

Asset management fee capped at 0.40% of gross rental income
Trust administration fee structured at $750 annually

Concerns

2.0% disposition fee upon asset sale
BD due diligence allowance of $475,700

Operating & Disposition Fees

The investment targets an average full-term income yield of 5.19% underpinned by master tenant and lender escrows totaling over $744,700.

Ongoing fee rates

Asset Mgmt Fee (annual)0.40%

Disposition Fee2.0%

Asset Mgmt Fee (annual)

0.40%

Master Tenant Income

Annual

Base Rent

Disposition Fee

2.0%

Trust Administration

$750

Strengths

Master tenant structure supported by $705,053.5 in dedicated reserves
Long-term net lease structures minimize operational burden

Concerns

Master tenant cash flow tied directly to base rental payments
Capital expenditure requirements beyond minor repairs not anticipated but dependent on tenant performance

Comparative Analysis

62Composite

Standing

8 of 57

Blended percentile across 14 extracted metrics.

Pricing

51st pct

Leverage

70th pct

Cost

84th pct

Ongoing

67th pct

Structure

28th pct

Percentile profile

Pricing

Price per unitMin $24KMed $284KMax $3290K$590K13th

Avg. distribution (term)Min 0.00%Med 5.05%Max 7.00%5.30%69th

Year 1 distributionMin 0.00%Med 4.51%Max 6.75%5.00%72nd

Leverage

Interest rateMin 3.91%Med 5.12%Max 9.11%5.12%50th

Offering LTVMin 0.00%Med 46.17%Max 77.78%43.97%60th

Acquisition LTVMin 0.00%Med 46.93%Max 84.00%0.50%77th

DSCRMin 1.00xMed 1.99xMax 3.38x2.32x82nd

Loan termMin 1 yrsMed 10 yrsMax 36 yrs11.8 yrs83rd

Cost

ReservesMin 0.11%Med 5.53%Max 18.84%9.07%77th

Total upfront loadMin 1.96%Med 7.50%Max 12.05%3.99%91st

Ongoing

Asset management feeMin 0.00%Med 0.30%Max 5.08%0.40%43rd

Disposition feeMin 1.00%Med 2.95%Max 7.50%2.00%91st

Structure

Hold periodMin 1 yrsMed 10 yrsMax 36 yrs11.8 yrs17th

Equity share of capitalMin 6.09%Med 100.00%Max 100.00%56.03%39th

Bar spans the cohort minimum (Min) to maximum (Max), labelled beneath with the cohort median (Med). Shaded band is the 25th–75th percentile, the tick is the median, and the dot is this offering.

Where the headline metrics fall in the cohort

Year 1 distribution

72nd pct

5.00%median 4.51%

Min 0.00%Med 4.51%Max 6.75%

Acquisition LTV

77th pct

0.50%median 46.93%

Min 0.00%Med 46.93%Max 84.00%

DSCR

82nd pct

2.32xmedian 1.99x

Min 1.00xMed 1.99xMax 3.38x

Interest rate

50th pct

5.12%median 5.12%

Min 3.91%Med 5.12%Max 9.11%

Total upfront load

91st pct

3.99%median 7.50%

Min 1.96%Med 7.50%Max 12.05%

Metric-by-metric comparison

Metric	This offering	Cohort median	25th–75th	Difference	Percentile
Price per unitPricing	$590K	$284K	$180K – $418K	+$306K	13th
Year 1 distributionPricing	5.00%	4.51%	4.40% – 5.00%	+0.49%	72nd
Avg. distribution (term)Pricing	5.30%	5.05%	4.75% – 5.32%	+0.25%	69th
Acquisition LTVLeverage	0.50%	46.93%	38.27% – 50.20%	−46.43%	77th
Offering LTVLeverage	43.97%	46.17%	2.67% – 49.80%	−2.20%	60th
DSCRLeverage	2.32x	1.99x	1.73x – 2.10x	+0.33x	82nd
Interest rateLeverage	5.12%	5.12%	5.00% – 5.48%	+0.00%	50th
Loan termLeverage	11.8 yrs	10 yrs	8.5 yrs – 10 yrs	+1.8 yrs	83rd
Total upfront loadCost	3.99%	7.50%	5.00% – 9.50%	−3.51%	91st
ReservesCost	9.07%	5.53%	1.67% – 8.66%	+3.54%	77th
Asset management feeOngoing	0.40%	0.30%	0.16% – 0.47%	+0.10%	43rd
Disposition feeOngoing	2.00%	2.95%	2.00% – 3.50%	−0.95%	91st
Equity share of capitalStructure	56.03%	100.00%	52.74% – 100.00%	−43.97%	39th
Hold periodStructure	11.8 yrs	10 yrs	8.5 yrs – 10 yrs	+1.8 yrs	17th

Closest comparables

Offering	Sponsor	Cap rate	LTV	DSCR	Load	Hold	Match
MCG Gainesville FL BTR DST	Madison Capital Group	—	—	1.74x	—	10 yrs	88%
CS1031 Cacema Townhomes DST	Capital Square Realty Advisors, LLC	5.32%	44.39%	2.10x	5.37%	10 yrs	84%
CS1031 Parkland Apartments DST	Capital Square	5.36%	40.99%	1.90x	5.90%	10 yrs	82%
BR Amira DST	Bluerock Value Exchange	5.64%	46.17%	1.80x	5.06%	10 yrs	82%
BREX Briggs MF DST	Brookfield Real Estate Exchange LLC	—	—	—	3.72%	—	82%
Griffin Capital Tulsa BTR DST	Griffin Capital Residential Partners Institutional Property Exchange, LLC	5.77%	46.50%	—	5.00%	10 yrs	82%
BR Parkview Multifamily DST	BVEX	5.81%	49.45%	1.91x	4.78%	10 yrs	81%
BREX Net Lease Data Center I DST	Brookfield Real Estate Exchange LLC	—	—	—	4.51%	2 yrs	81%

Match score is a normalised distance across the full extracted metric set — asset type, pricing, leverage, cost and structure all weighted equally.

Figures on this page are generated from automated extraction of offering documents and may contain errors or omissions. Verify every metric against the sponsor's offering materials before relying on it for an investment decision.