Form D Raw Data - Electronic Filing Depository

EFDID: 257951EFD: Raw Data

Issuer: ExchangeRight Net Leased Portfolio 20 DST (0001731895) - D/A

Accession: 0001731895-18-000002 () (EDGAR Files) (Form D)

Edgar Posted: Jun. 22, 2018
EFD Posted: Jun. 22, 2018

- < edgarSubmission >

< schemaVersion > X0708 </ schemaVersion >

< submissionType > D/A </ submissionType >

< testOrLive > LIVE </ testOrLive >

- < primaryIssuer >

< cik > 0001731895 </ cik >

< entityName > ExchangeRight Net Leased Portfolio 20 DST </ entityName >

- < issuerAddress >

< street1 > 1055 E. COLORADO BLVD., SUITE 310 </ street1 >

< city > PASADENA </ city >

< stateOrCountry > CA </ stateOrCountry >

< stateOrCountryDescription > CALIFORNIA </ stateOrCountryDescription >

< zipCode > 91101 </ zipCode >

</ issuerAddress >

< issuerPhoneNumber > 8553174448 </ issuerPhoneNumber >

< jurisdictionOfInc > DELAWARE </ jurisdictionOfInc >

- < issuerPreviousNameList >

< value > None </ value >

</ issuerPreviousNameList >

- < edgarPreviousNameList >

< value > None </ value >

</ edgarPreviousNameList >

< entityType > Business Trust </ entityType >

- < yearOfInc >

< withinFiveYears > true </ withinFiveYears >

< value > 2018 </ value >

</ yearOfInc >

</ primaryIssuer >

- < relatedPersonsList >

- < relatedPersonInfo >

- < relatedPersonName >

< firstName > David </ firstName >

< lastName > Fisher </ lastName >

</ relatedPersonName >

- < relatedPersonAddress >

< street1 > 1055 E. COLORADO BLVD., SUITE 310 </ street1 >

< city > Pasadena </ city >

< stateOrCountry > CA </ stateOrCountry >

< stateOrCountryDescription > CALIFORNIA </ stateOrCountryDescription >

< zipCode > 91101 </ zipCode >

</ relatedPersonAddress >

- < relatedPersonRelationshipList >

< relationship > Executive Officer </ relationship >

</ relatedPersonRelationshipList >

< relationshipClarification />

</ relatedPersonInfo >

- < relatedPersonInfo >

- < relatedPersonName >

< firstName > Joshua </ firstName >

< lastName > Ungerecht </ lastName >

</ relatedPersonName >

- < relatedPersonAddress >

< street1 > 1055 E. COLORADO BLVD., SUITE 310 </ street1 >

< city > Pasadena </ city >

< stateOrCountry > CA </ stateOrCountry >

< stateOrCountryDescription > CALIFORNIA </ stateOrCountryDescription >

< zipCode > 91101 </ zipCode >

</ relatedPersonAddress >

- < relatedPersonRelationshipList >

< relationship > Executive Officer </ relationship >

</ relatedPersonRelationshipList >

< relationshipClarification />

</ relatedPersonInfo >

- < relatedPersonInfo >

- < relatedPersonName >

< firstName > Warren </ firstName >

< lastName > Thomas </ lastName >

</ relatedPersonName >

- < relatedPersonAddress >

< street1 > 1055 E. COLORADO BLVD., SUITE 310 </ street1 >

< city > Pasadena </ city >

< stateOrCountry > CA </ stateOrCountry >

< stateOrCountryDescription > CALIFORNIA </ stateOrCountryDescription >

< zipCode > 91101 </ zipCode >

</ relatedPersonAddress >

- < relatedPersonRelationshipList >

< relationship > Executive Officer </ relationship >

</ relatedPersonRelationshipList >

< relationshipClarification />

</ relatedPersonInfo >

</ relatedPersonsList >

- < offeringData >

- < industryGroup >

< industryGroupType > Commercial </ industryGroupType >

</ industryGroup >

- < issuerSize >

< revenueRange > $1,000,001 - $5,000,000 </ revenueRange >

</ issuerSize >

- < federalExemptionsExclusions >

< item > 06b </ item >

</ federalExemptionsExclusions >

- < typeOfFiling >

- < newOrAmendment >

< isAmendment > true </ isAmendment >

< previousAccessionNumber > 0001731895-18-000001 </ previousAccessionNumber >

</ newOrAmendment >

- < dateOfFirstSale >

< value > 2018-02-23 </ value >

</ dateOfFirstSale >

</ typeOfFiling >

- < durationOfOffering >

< moreThanOneYear > false </ moreThanOneYear >

</ durationOfOffering >

- < typesOfSecuritiesOffered >

< isEquityType > true </ isEquityType >

</ typesOfSecuritiesOffered >

- < businessCombinationTransaction >

< isBusinessCombinationTransaction > false </ isBusinessCombinationTransaction >

< clarificationOfResponse />

</ businessCombinationTransaction >

< minimumInvestmentAccepted > 100000 </ minimumInvestmentAccepted >

- < salesCompensationList >

- < recipient >

< recipientName > Lighthouse Capital Group, LLC </ recipientName >

< recipientCRDNumber > 169135 </ recipientCRDNumber >

< associatedBDName > Joshua Ungerecht </ associatedBDName >

< associatedBDCRDNumber > 5183573 </ associatedBDCRDNumber >

- < recipientAddress >

< street1 > 1055 E. COLORADO BLVD., SUITE 310 </ street1 >

< city > Pasadena </ city >

< stateOrCountry > CA </ stateOrCountry >

< stateOrCountryDescription > CALIFORNIA </ stateOrCountryDescription >

< zipCode > 91101 </ zipCode >

</ recipientAddress >

- < statesOfSolicitationList >

< value > All States </ value >

</ statesOfSolicitationList >

< foreignSolicitation > false </ foreignSolicitation >

</ recipient >

- < recipient >

< recipientName > Capulent LLC </ recipientName >

< recipientCRDNumber > 155155 </ recipientCRDNumber >

< associatedBDName > Edward E. Fernandez </ associatedBDName >

< associatedBDCRDNumber > 2956661 </ associatedBDCRDNumber >

- < recipientAddress >

< street1 > 4144 N. 44th St. Suite 3 </ street1 >

< city > Phoenix </ city >

< stateOrCountry > AZ </ stateOrCountry >

< stateOrCountryDescription > ARIZONA </ stateOrCountryDescription >

< zipCode > 85018 </ zipCode >

</ recipientAddress >

- < statesOfSolicitationList >

< value > All States </ value >

</ statesOfSolicitationList >

< foreignSolicitation > false </ foreignSolicitation >

</ recipient >

- < recipient >

< recipientName > Concorde Investment Services </ recipientName >

< recipientCRDNumber > 151604 </ recipientCRDNumber >

< associatedBDName > Alan Lichtenstein </ associatedBDName >

< associatedBDCRDNumber > 1877017 </ associatedBDCRDNumber >

- < recipientAddress >

< street1 > 19500 Victory Parkway, Ste. 550 </ street1 >

< city > Livonia </ city >

< stateOrCountry > MI </ stateOrCountry >

< stateOrCountryDescription > MICHIGAN </ stateOrCountryDescription >

< zipCode > 48152 </ zipCode >

</ recipientAddress >

- < statesOfSolicitationList >

< value > All States </ value >

</ statesOfSolicitationList >

< foreignSolicitation > false </ foreignSolicitation >

</ recipient >

- < recipient >

< recipientName > Concorde Investment Services </ recipientName >

< recipientCRDNumber > 151604 </ recipientCRDNumber >

< associatedBDName > Bart Harrison </ associatedBDName >

< associatedBDCRDNumber > 1616987 </ associatedBDCRDNumber >

- < recipientAddress >

< street1 > 19500 Victory Parkway, Ste. 550 </ street1 >

< city > Livonia </ city >

< stateOrCountry > MI </ stateOrCountry >

< stateOrCountryDescription > MICHIGAN </ stateOrCountryDescription >

< zipCode > 48152 </ zipCode >

</ recipientAddress >

- < statesOfSolicitationList >

< value > All States </ value >

</ statesOfSolicitationList >

< foreignSolicitation > false </ foreignSolicitation >

</ recipient >

- < recipient >

< recipientName > Concorde Investment Services </ recipientName >

< recipientCRDNumber > 151604 </ recipientCRDNumber >

< associatedBDName > Gary Chapman </ associatedBDName >

< associatedBDCRDNumber > 5244594 </ associatedBDCRDNumber >

- < recipientAddress >

< street1 > 19500 Victory Parkway, Ste. 550 </ street1 >

< city > Luvibua </ city >

< stateOrCountry > MI </ stateOrCountry >

< stateOrCountryDescription > MICHIGAN </ stateOrCountryDescription >

< zipCode > 48152 </ zipCode >

</ recipientAddress >

- < statesOfSolicitationList >

< value > All States </ value >

</ statesOfSolicitationList >

< foreignSolicitation > false </ foreignSolicitation >

</ recipient >

- < recipient >

< recipientName > Concorde Investment Services </ recipientName >

< recipientCRDNumber > 151604 </ recipientCRDNumber >

< associatedBDName > Roger Bowlin </ associatedBDName >

< associatedBDCRDNumber > 1905652 </ associatedBDCRDNumber >

- < recipientAddress >

< street1 > 19500 Victory Parkway, Ste. 550 </ street1 >

< city > Luvibua </ city >

< stateOrCountry > MI </ stateOrCountry >

< stateOrCountryDescription > MICHIGAN </ stateOrCountryDescription >

< zipCode > 48152 </ zipCode >

</ recipientAddress >

- < statesOfSolicitationList >

< value > All States </ value >

</ statesOfSolicitationList >

< foreignSolicitation > false </ foreignSolicitation >

</ recipient >

- < recipient >

< recipientName > Emerson Equity </ recipientName >

< recipientCRDNumber > 130032 </ recipientCRDNumber >

< associatedBDName > Mike Culwell </ associatedBDName >

< associatedBDCRDNumber > 5989109 </ associatedBDCRDNumber >

- < recipientAddress >

< street1 > 155 Bovet Road, Ste. 725 </ street1 >

< city > San Mateo </ city >

< stateOrCountry > CA </ stateOrCountry >

< stateOrCountryDescription > CALIFORNIA </ stateOrCountryDescription >

< zipCode > 94402 </ zipCode >

</ recipientAddress >

- < statesOfSolicitationList >

< value > All States </ value >

</ statesOfSolicitationList >

< foreignSolicitation > false </ foreignSolicitation >

</ recipient >

- < recipient >

< recipientName > Emerson Equity </ recipientName >

< recipientCRDNumber > 130032 </ recipientCRDNumber >

< associatedBDName > Steve Arnold </ associatedBDName >

< associatedBDCRDNumber > 710263 </ associatedBDCRDNumber >

- < recipientAddress >

< street1 > 155 Bovet Road, Ste. 725 </ street1 >

< city > San Mateo </ city >

< stateOrCountry > CA </ stateOrCountry >

< stateOrCountryDescription > CALIFORNIA </ stateOrCountryDescription >

< zipCode > 94402 </ zipCode >

</ recipientAddress >

- < statesOfSolicitationList >

< value > All States </ value >

</ statesOfSolicitationList >

< foreignSolicitation > false </ foreignSolicitation >

</ recipient >

- < recipient >

< recipientName > Great Point Capital LLC </ recipientName >

< recipientCRDNumber > 114203 </ recipientCRDNumber >

< associatedBDName > Susan Gitt </ associatedBDName >

< associatedBDCRDNumber > 5580509 </ associatedBDCRDNumber >

- < recipientAddress >

< street1 > 200 W. Jackson #1000 </ street1 >

< city > Chicago </ city >

< stateOrCountry > IL </ stateOrCountry >

< stateOrCountryDescription > ILLINOIS </ stateOrCountryDescription >

< zipCode > 60606 </ zipCode >

</ recipientAddress >

- < statesOfSolicitationList >

< value > All States </ value >

</ statesOfSolicitationList >

< foreignSolicitation > false </ foreignSolicitation >

</ recipient >

- < recipient >

< recipientName > Great Point Capital LLC </ recipientName >

< recipientCRDNumber > 114203 </ recipientCRDNumber >

< associatedBDName > Robert Boggess </ associatedBDName >

< associatedBDCRDNumber > 5007422 </ associatedBDCRDNumber >

- < recipientAddress >

< street1 > 200 W. Jackson #1000 </ street1 >

< city > Chicago </ city >

< stateOrCountry > IL </ stateOrCountry >

< stateOrCountryDescription > ILLINOIS </ stateOrCountryDescription >

< zipCode > 60606 </ zipCode >

</ recipientAddress >

- < statesOfSolicitationList >

< value > All States </ value >

</ statesOfSolicitationList >

< foreignSolicitation > false </ foreignSolicitation >

</ recipient >

- < recipient >

< recipientName > International Assets Advisory LLC </ recipientName >

< recipientCRDNumber > 10645 </ recipientCRDNumber >

< associatedBDName > Keen Butcher </ associatedBDName >

< associatedBDCRDNumber > 2098675 </ associatedBDCRDNumber >

- < recipientAddress >

< street1 > 390 N. Orange Ave., Ste. 750 </ street1 >

< city > Orlando </ city >

< stateOrCountry > FL </ stateOrCountry >

< stateOrCountryDescription > FLORIDA </ stateOrCountryDescription >

< zipCode > 32801 </ zipCode >

</ recipientAddress >

- < statesOfSolicitationList >

< value > All States </ value >

</ statesOfSolicitationList >

< foreignSolicitation > false </ foreignSolicitation >

</ recipient >

- < recipient >

< recipientName > Investment Security Corporation </ recipientName >

< recipientCRDNumber > 47536 </ recipientCRDNumber >

< associatedBDName > Gary Leavitt </ associatedBDName >

< associatedBDCRDNumber > 712745 </ associatedBDCRDNumber >

- < recipientAddress >

< street1 > 24009 Ventura Blvd., Ste. 101 </ street1 >

< city > Calabasas </ city >

< stateOrCountry > CA </ stateOrCountry >

< stateOrCountryDescription > CALIFORNIA </ stateOrCountryDescription >

< zipCode > 91302 </ zipCode >

</ recipientAddress >

- < statesOfSolicitationList >

< state > AZ </ state >

< description > ARIZONA </ description >

< state > CA </ state >

< description > CALIFORNIA </ description >

< state > FL </ state >

< description > FLORIDA </ description >

< state > IL </ state >

< description > ILLINOIS </ description >

< state > MA </ state >

< description > MASSACHUSETTS </ description >

< state > MS </ state >

< description > MISSISSIPPI </ description >

< state > TX </ state >

< description > TEXAS </ description >

< state > UT </ state >

< description > UTAH </ description >

< state > WY </ state >

< description > WYOMING </ description >

</ statesOfSolicitationList >

< foreignSolicitation > false </ foreignSolicitation >

</ recipient >

- < recipient >

< recipientName > Investment Security Corporation </ recipientName >

< recipientCRDNumber > 47536 </ recipientCRDNumber >

< associatedBDName > John Butler </ associatedBDName >

< associatedBDCRDNumber > 1951436 </ associatedBDCRDNumber >

- < recipientAddress >

< street1 > 24009 Ventura Blvd., Ste. 101 </ street1 >

< city > Calabasas </ city >

< stateOrCountry > CA </ stateOrCountry >

< stateOrCountryDescription > CALIFORNIA </ stateOrCountryDescription >

< zipCode > 91302 </ zipCode >

</ recipientAddress >

- < statesOfSolicitationList >

< state > AZ </ state >

< description > ARIZONA </ description >

< state > CA </ state >

< description > CALIFORNIA </ description >

< state > FL </ state >

< description > FLORIDA </ description >

< state > IL </ state >

< description > ILLINOIS </ description >

< state > MA </ state >

< description > MASSACHUSETTS </ description >

< state > MS </ state >

< description > MISSISSIPPI </ description >

< state > TX </ state >

< description > TEXAS </ description >

< state > UT </ state >

< description > UTAH </ description >

< state > WY </ state >

< description > WYOMING </ description >

</ statesOfSolicitationList >

< foreignSolicitation > false </ foreignSolicitation >

</ recipient >

- < recipient >

< recipientName > LightPath Capital </ recipientName >

< recipientCRDNumber > 34617 </ recipientCRDNumber >

< associatedBDName > Leslie Pappas </ associatedBDName >

< associatedBDCRDNumber > 1735372 </ associatedBDCRDNumber >

- < recipientAddress >

< street1 > 515 Congress Ave., Ste. 315 </ street1 >

< city > Los Angeles </ city >

< stateOrCountry > CA </ stateOrCountry >

< stateOrCountryDescription > CALIFORNIA </ stateOrCountryDescription >

< zipCode > 90401 </ zipCode >

</ recipientAddress >

- < statesOfSolicitationList >

< state > AZ </ state >

< description > ARIZONA </ description >

< state > CA </ state >

< description > CALIFORNIA </ description >

< state > FL </ state >

< description > FLORIDA </ description >

< state > MA </ state >

< description > MASSACHUSETTS </ description >

< state > MN </ state >

< description > MINNESOTA </ description >

< state > NV </ state >

< description > NEVADA </ description >

< state > NY </ state >

< description > NEW YORK </ description >

< state > OR </ state >

< description > OREGON </ description >

< state > TX </ state >

< description > TEXAS </ description >

< state > WA </ state >

< description > WASHINGTON </ description >

</ statesOfSolicitationList >

< foreignSolicitation > false </ foreignSolicitation >

</ recipient >

- < recipient >

< recipientName > Lion Street Financial LLC </ recipientName >

< recipientCRDNumber > 165828 </ recipientCRDNumber >

< associatedBDName > Anthony Harrigan </ associatedBDName >

< associatedBDCRDNumber > 1817525 </ associatedBDCRDNumber >

- < recipientAddress >

< street1 > 515 Congress Ave, Ste. 2500 </ street1 >

< city > Austin </ city >

< stateOrCountry > TX </ stateOrCountry >

< stateOrCountryDescription > TEXAS </ stateOrCountryDescription >

< zipCode > 78701 </ zipCode >

</ recipientAddress >

- < statesOfSolicitationList >

< value > All States </ value >

</ statesOfSolicitationList >

< foreignSolicitation > false </ foreignSolicitation >

</ recipient >

- < recipient >

< recipientName > Lowell & Company </ recipientName >

< recipientCRDNumber > 24913 </ recipientCRDNumber >

< associatedBDName > Kathleen Williams-Price </ associatedBDName >

< associatedBDCRDNumber > 2450125 </ associatedBDCRDNumber >

- < recipientAddress >

< street1 > 4021 84th St., Ste. 100 </ street1 >

< city > Lubbock </ city >

< stateOrCountry > TX </ stateOrCountry >

< stateOrCountryDescription > TEXAS </ stateOrCountryDescription >

< zipCode > 79423 </ zipCode >

</ recipientAddress >

- < statesOfSolicitationList >

< state > AL </ state >

< description > ALABAMA </ description >

< state > CA </ state >

< description > CALIFORNIA </ description >

< state > CO </ state >

< description > COLORADO </ description >

< state > FL </ state >

< description > FLORIDA </ description >

< state > GA </ state >

< description > GEORGIA </ description >

< state > IL </ state >

< description > ILLINOIS </ description >

< state > KS </ state >

< description > KANSAS </ description >

< state > LA </ state >

< description > LOUISIANA </ description >

< state > MT </ state >

< description > MONTANA </ description >

< state > NM </ state >

< description > NEW MEXICO </ description >

< state > OK </ state >

< description > OKLAHOMA </ description >

< state > TX </ state >

< description > TEXAS </ description >

< state > VA </ state >

< description > VIRGINIA </ description >

</ statesOfSolicitationList >

< foreignSolicitation > false </ foreignSolicitation >

</ recipient >

- < recipient >

< recipientName > McDermott Investment Service LLC </ recipientName >

< recipientCRDNumber > 154926 </ recipientCRDNumber >

< associatedBDName > Troy Thomas </ associatedBDName >

< associatedBDCRDNumber > 4691720 </ associatedBDCRDNumber >

- < recipientAddress >

< street1 > One West Broad St., 11th Floor </ street1 >

< city > Bethlehem </ city >

< stateOrCountry > PA </ stateOrCountry >

< stateOrCountryDescription > PENNSYLVANIA </ stateOrCountryDescription >

< zipCode > 18018 </ zipCode >

</ recipientAddress >

- < statesOfSolicitationList >

< value > All States </ value >

</ statesOfSolicitationList >

< foreignSolicitation > false </ foreignSolicitation >

</ recipient >

- < recipient >

< recipientName > National Securities Corporation </ recipientName >

< recipientCRDNumber > 7569 </ recipientCRDNumber >

< associatedBDName > George Fiederlein </ associatedBDName >

< associatedBDCRDNumber > 6406594 </ associatedBDCRDNumber >

- < recipientAddress >

< street1 > 200 Vesey St. 25th Floor </ street1 >

< city > New York </ city >

< stateOrCountry > NY </ stateOrCountry >

< stateOrCountryDescription > NEW YORK </ stateOrCountryDescription >

< zipCode > 10281 </ zipCode >

</ recipientAddress >

- < statesOfSolicitationList >

< value > All States </ value >

</ statesOfSolicitationList >

< foreignSolicitation > false </ foreignSolicitation >

</ recipient >

- < recipient >

< recipientName > National Securities Corporation </ recipientName >

< recipientCRDNumber > 7569 </ recipientCRDNumber >

< associatedBDName > Joseph Kocsis </ associatedBDName >

< associatedBDCRDNumber > 2423884 </ associatedBDCRDNumber >

- < recipientAddress >

< street1 > 200 Vesey St. 25th Floor </ street1 >

< city > New York </ city >

< stateOrCountry > NY </ stateOrCountry >

< stateOrCountryDescription > NEW YORK </ stateOrCountryDescription >

< zipCode > 10281 </ zipCode >

</ recipientAddress >

- < statesOfSolicitationList >

< value > All States </ value >

</ statesOfSolicitationList >

< foreignSolicitation > false </ foreignSolicitation >

</ recipient >

- < recipient >

< recipientName > Newbridge Securities Corporation </ recipientName >

< recipientCRDNumber > 104065 </ recipientCRDNumber >

< associatedBDName > John Zaffarano </ associatedBDName >

< associatedBDCRDNumber > 6690551 </ associatedBDCRDNumber >

- < recipientAddress >

< street1 > 5200 Town Center Circle Tower One </ street1 >

< street2 > Ste. 306 </ street2 >

< city > Boca Raton </ city >

< stateOrCountry > FL </ stateOrCountry >

< stateOrCountryDescription > FLORIDA </ stateOrCountryDescription >

< zipCode > 33486 </ zipCode >

</ recipientAddress >

- < statesOfSolicitationList >

< value > All States </ value >

</ statesOfSolicitationList >

< foreignSolicitation > false </ foreignSolicitation >

</ recipient >

- < recipient >

< recipientName > Newbridge Securities Corporation </ recipientName >

< recipientCRDNumber > 104065 </ recipientCRDNumber >

< associatedBDName > Gilbert Sabatka </ associatedBDName >

< associatedBDCRDNumber > 1229982 </ associatedBDCRDNumber >

- < recipientAddress >

< street1 > 5200 Town Center Circle Tower One </ street1 >

< street2 > Ste. 306 </ street2 >

< city > Boca Raton </ city >

< stateOrCountry > FL </ stateOrCountry >

< stateOrCountryDescription > FLORIDA </ stateOrCountryDescription >

< zipCode > 33486 </ zipCode >

</ recipientAddress >

- < statesOfSolicitationList >

< value > All States </ value >

</ statesOfSolicitationList >

< foreignSolicitation > false </ foreignSolicitation >

</ recipient >

- < recipient >

< recipientName > NPB Financial Group LLC </ recipientName >

< recipientCRDNumber > 137743 </ recipientCRDNumber >

< associatedBDName > Greg Bernhardt </ associatedBDName >

< associatedBDCRDNumber > 703622 </ associatedBDCRDNumber >

- < recipientAddress >

< street1 > 3500 W. Olive Ave. #300 </ street1 >

< city > Burbank </ city >

< stateOrCountry > CA </ stateOrCountry >

< stateOrCountryDescription > CALIFORNIA </ stateOrCountryDescription >

< zipCode > 91505 </ zipCode >

</ recipientAddress >

- < statesOfSolicitationList >

< state > CA </ state >

< description > CALIFORNIA </ description >

</ statesOfSolicitationList >

< foreignSolicitation > false </ foreignSolicitation >

</ recipient >

- < recipient >

< recipientName > NPB Financial Group LLC </ recipientName >

< recipientCRDNumber > 137743 </ recipientCRDNumber >

< associatedBDName > Greg Meyer </ associatedBDName >

< associatedBDCRDNumber > 3088783 </ associatedBDCRDNumber >

- < recipientAddress >

< street1 > 3500 W. Olive Ave. #300 </ street1 >

< city > Burbabjk </ city >

< stateOrCountry > CA </ stateOrCountry >

< stateOrCountryDescription > CALIFORNIA </ stateOrCountryDescription >

< zipCode > 91505 </ zipCode >

</ recipientAddress >

- < statesOfSolicitationList >

< state > CA </ state >

< description > CALIFORNIA </ description >

</ statesOfSolicitationList >

< foreignSolicitation > false </ foreignSolicitation >

</ recipient >

- < recipient >

< recipientName > Primex </ recipientName >

< recipientCRDNumber > 29394 </ recipientCRDNumber >

< associatedBDName > Josh Slaybaugh </ associatedBDName >

< associatedBDCRDNumber > 4450485 </ associatedBDCRDNumber >

- < recipientAddress >

< street1 > 54 West 21st St., Ste. 1210 </ street1 >

< city > New York </ city >

< stateOrCountry > NY </ stateOrCountry >

< stateOrCountryDescription > NEW YORK </ stateOrCountryDescription >

< zipCode > 10010 </ zipCode >

</ recipientAddress >

- < statesOfSolicitationList >

< value > All States </ value >

</ statesOfSolicitationList >

< foreignSolicitation > false </ foreignSolicitation >

</ recipient >

- < recipient >

< recipientName > Sandlapper Securities LLC </ recipientName >

< recipientCRDNumber > 137906 </ recipientCRDNumber >

< associatedBDName > Chris Miller </ associatedBDName >

< associatedBDCRDNumber > 4044818 </ associatedBDCRDNumber >

- < recipientAddress >

< street1 > 800 E. North St. </ street1 >

< city > Greenville </ city >

< stateOrCountry > SC </ stateOrCountry >

< stateOrCountryDescription > SOUTH CAROLINA </ stateOrCountryDescription >

< zipCode > 29601 </ zipCode >

</ recipientAddress >

- < statesOfSolicitationList >

< value > All States </ value >

</ statesOfSolicitationList >

< foreignSolicitation > false </ foreignSolicitation >

</ recipient >

- < recipient >

< recipientName > Wealth Forge Securities LLC </ recipientName >

< recipientCRDNumber > 152550 </ recipientCRDNumber >

< associatedBDName > Betty Friant </ associatedBDName >

< associatedBDCRDNumber > 2122446 </ associatedBDCRDNumber >

- < recipientAddress >

< street1 > 6800 Paragon Place, Ste. 200 </ street1 >

< city > Richmond </ city >

< stateOrCountry > VA </ stateOrCountry >

< stateOrCountryDescription > VIRGINIA </ stateOrCountryDescription >

< zipCode > 23230 </ zipCode >

</ recipientAddress >

- < statesOfSolicitationList >

< value > All States </ value >

</ statesOfSolicitationList >

< foreignSolicitation > false </ foreignSolicitation >

</ recipient >

- < recipient >

< recipientName > Western International Securities </ recipientName >

< recipientCRDNumber > 39262 </ recipientCRDNumber >

< associatedBDName > Jason Lowther </ associatedBDName >

< associatedBDCRDNumber > 2606268 </ associatedBDCRDNumber >

- < recipientAddress >

< street1 > 70 S. Lake Ave. #700 </ street1 >

< city > Pasadena </ city >

< stateOrCountry > CA </ stateOrCountry >

< stateOrCountryDescription > CALIFORNIA </ stateOrCountryDescription >

< zipCode > 91101 </ zipCode >

</ recipientAddress >

- < statesOfSolicitationList >

< value > All States </ value >

</ statesOfSolicitationList >

< foreignSolicitation > false </ foreignSolicitation >

</ recipient >

- < recipient >

< recipientName > Western International Securities </ recipientName >

< recipientCRDNumber > 39262 </ recipientCRDNumber >

< associatedBDName > Lyndon Grey </ associatedBDName >

< associatedBDCRDNumber > 1789083 </ associatedBDCRDNumber >

- < recipientAddress >

< street1 > 70 S. Lake Ave. #700 </ street1 >

< city > CA </ city >

< stateOrCountry > CA </ stateOrCountry >

< stateOrCountryDescription > CALIFORNIA </ stateOrCountryDescription >

< zipCode > 91101 </ zipCode >

</ recipientAddress >

- < statesOfSolicitationList >

< value > All States </ value >

</ statesOfSolicitationList >

< foreignSolicitation > false </ foreignSolicitation >

</ recipient >

- < recipient >

< recipientName > Whitehall-Parker Securities Inc. </ recipientName >

< recipientCRDNumber > 10608 </ recipientCRDNumber >

< associatedBDName > Jim Lamont </ associatedBDName >

< associatedBDCRDNumber > 2846228 </ associatedBDCRDNumber >

- < recipientAddress >

< street1 > 477 Pacific Ave. #2 </ street1 >

< city > San Francisco </ city >

< stateOrCountry > CA </ stateOrCountry >

< stateOrCountryDescription > CALIFORNIA </ stateOrCountryDescription >

< zipCode > 94133 </ zipCode >

</ recipientAddress >

- < statesOfSolicitationList >

< state > AZ </ state >

< description > ARIZONA </ description >

< state > CA </ state >

< description > CALIFORNIA </ description >

< state > NV </ state >

< description > NEVADA </ description >

< state > TX </ state >

< description > TEXAS </ description >

< state > UT </ state >

< description > UTAH </ description >

</ statesOfSolicitationList >

< foreignSolicitation > false </ foreignSolicitation >

</ recipient >

- < recipient >

< recipientName > North Capital Private Securities Corp. </ recipientName >

< recipientCRDNumber > 154559 </ recipientCRDNumber >

< associatedBDName > Jason Conklin </ associatedBDName >

< associatedBDCRDNumber > 6653588 </ associatedBDCRDNumber >

- < recipientAddress >

< street1 > 623 E. Ft. Union Blvd. Ste. 101 </ street1 >

< city > Salt Lake City </ city >

< stateOrCountry > UT </ stateOrCountry >

< stateOrCountryDescription > UTAH </ stateOrCountryDescription >

< zipCode > 84047 </ zipCode >

</ recipientAddress >

- < statesOfSolicitationList >

< value > All States </ value >

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</ recipient >

- < recipient >

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< recipientCRDNumber > 154559 </ recipientCRDNumber >

< associatedBDName > Griffin Quick </ associatedBDName >

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< zipCode > 84047 </ zipCode >

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< value > All States </ value >

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- < recipient >

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< recipientCRDNumber > 154559 </ recipientCRDNumber >

< associatedBDName > Mathew Wilkins </ associatedBDName >

< associatedBDCRDNumber > 6729669 </ associatedBDCRDNumber >

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< city > Salt Lake City </ city >

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< stateOrCountryDescription > UTAH </ stateOrCountryDescription >

< zipCode > 84047 </ zipCode >

</ recipientAddress >

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< value > All States </ value >

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< foreignSolicitation > false </ foreignSolicitation >

</ recipient >

- < recipient >

< recipientName > North Capital Private Securities Corp. </ recipientName >

< recipientCRDNumber > 154559 </ recipientCRDNumber >

< associatedBDName > Brian Sigler </ associatedBDName >

< associatedBDCRDNumber > 5697700 </ associatedBDCRDNumber >

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< street1 > 623 E. Ft. Union Blvd. Ste. 101 </ street1 >

< city > Salt Lake City </ city >

< stateOrCountry > UT </ stateOrCountry >

< stateOrCountryDescription > UTAH </ stateOrCountryDescription >

< zipCode > 84047 </ zipCode >

</ recipientAddress >

- < statesOfSolicitationList >

< value > All States </ value >

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< foreignSolicitation > false </ foreignSolicitation >

</ recipient >

- < recipient >

< recipientName > Sandlapper Securities LLC </ recipientName >

< recipientCRDNumber > 137996 </ recipientCRDNumber >

< associatedBDName > David Kangas </ associatedBDName >

< associatedBDCRDNumber > 6591398 </ associatedBDCRDNumber >

- < recipientAddress >

< street1 > 800 E. North St. </ street1 >

< city > Greenville </ city >

< stateOrCountry > SC </ stateOrCountry >

< stateOrCountryDescription > SOUTH CAROLINA </ stateOrCountryDescription >

< zipCode > 29601 </ zipCode >

</ recipientAddress >

- < statesOfSolicitationList >

< value > All States </ value >

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< foreignSolicitation > false </ foreignSolicitation >

</ recipient >

- < recipient >

< recipientName > Sandlapper Securities LLC </ recipientName >

< recipientCRDNumber > 137996 </ recipientCRDNumber >

< associatedBDName > John Harvey </ associatedBDName >

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- < recipientAddress >

< street1 > 800 E. North St. </ street1 >

< city > Greenville </ city >

< stateOrCountry > SC </ stateOrCountry >

< stateOrCountryDescription > SOUTH CAROLINA </ stateOrCountryDescription >

< zipCode > 29601 </ zipCode >

</ recipientAddress >

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< value > All States </ value >

</ statesOfSolicitationList >

< foreignSolicitation > false </ foreignSolicitation >

</ recipient >

- < recipient >

< recipientName > Sandlapper Securities LLC </ recipientName >

< recipientCRDNumber > 137996 </ recipientCRDNumber >

< associatedBDName > Robin Naylor </ associatedBDName >

< associatedBDCRDNumber > 1392433 </ associatedBDCRDNumber >

- < recipientAddress >

< street1 > 800 E. North St. </ street1 >

< city > Greenville </ city >

< stateOrCountry > SC </ stateOrCountry >

< stateOrCountryDescription > SOUTH CAROLINA </ stateOrCountryDescription >

< zipCode > 29601 </ zipCode >

</ recipientAddress >

- < statesOfSolicitationList >

< value > All States </ value >

</ statesOfSolicitationList >

< foreignSolicitation > false </ foreignSolicitation >

</ recipient >

- < recipient >

< recipientName > Sandlapper Securities LLC </ recipientName >

< recipientCRDNumber > 137996 </ recipientCRDNumber >

< associatedBDName > Ryan Sherer </ associatedBDName >

< associatedBDCRDNumber > 5952617 </ associatedBDCRDNumber >

- < recipientAddress >

< street1 > 800 E. North St. </ street1 >

< city > Greenville </ city >

< stateOrCountry > SC </ stateOrCountry >

< stateOrCountryDescription > SOUTH CAROLINA </ stateOrCountryDescription >

< zipCode > 29601 </ zipCode >

</ recipientAddress >

- < statesOfSolicitationList >

< value > All States </ value >

</ statesOfSolicitationList >

< foreignSolicitation > false </ foreignSolicitation >

</ recipient >

- < recipient >

< recipientName > Wealth Forge Securities LLC </ recipientName >

< recipientCRDNumber > 152550 </ recipientCRDNumber >

< associatedBDName > Chay Lapin </ associatedBDName >

< associatedBDCRDNumber > 6275140 </ associatedBDCRDNumber >

- < recipientAddress >

< street1 > 6800 Paragon Place, Ste. 200 </ street1 >

< city > Richmond </ city >

< stateOrCountry > VA </ stateOrCountry >

< stateOrCountryDescription > VIRGINIA </ stateOrCountryDescription >

< zipCode > 23230 </ zipCode >

</ recipientAddress >

- < statesOfSolicitationList >

< value > All States </ value >

</ statesOfSolicitationList >

< foreignSolicitation > false </ foreignSolicitation >

</ recipient >

- < recipient >

< recipientName > Wealth Forge Securities LLC </ recipientName >

< recipientCRDNumber > 152550 </ recipientCRDNumber >

< associatedBDName > David Dahill </ associatedBDName >

< associatedBDCRDNumber > 6581024 </ associatedBDCRDNumber >

- < recipientAddress >

< street1 > 6800 Paragon Place, Ste. 200 </ street1 >

< city > Richmond </ city >

< stateOrCountry > VA </ stateOrCountry >

< stateOrCountryDescription > VIRGINIA </ stateOrCountryDescription >

< zipCode > 23230 </ zipCode >

</ recipientAddress >

- < statesOfSolicitationList >

< value > All States </ value >

</ statesOfSolicitationList >

< foreignSolicitation > false </ foreignSolicitation >

</ recipient >

- < recipient >

< recipientName > Wealth Forge Securities LLC </ recipientName >

< recipientCRDNumber > 152550 </ recipientCRDNumber >

< associatedBDName > Drew Reynolds </ associatedBDName >

< associatedBDCRDNumber > 6646813 </ associatedBDCRDNumber >

- < recipientAddress >

< street1 > 6800 Paragon Place, Ste. 200 </ street1 >

< city > Richmond </ city >

< stateOrCountry > VA </ stateOrCountry >

< stateOrCountryDescription > VIRGINIA </ stateOrCountryDescription >

< zipCode > 23230 </ zipCode >

</ recipientAddress >

- < statesOfSolicitationList >

< value > All States </ value >

</ statesOfSolicitationList >

< foreignSolicitation > false </ foreignSolicitation >

</ recipient >

- < recipient >

< recipientName > Wealth Forge Securities LLC </ recipientName >

< recipientCRDNumber > 152550 </ recipientCRDNumber >

< associatedBDName > Orrin Barrow </ associatedBDName >

< associatedBDCRDNumber > 6784158 </ associatedBDCRDNumber >

- < recipientAddress >

< street1 > 6800 Paragon Place, Ste. 200 </ street1 >

< city > Richmond </ city >

< stateOrCountry > VA </ stateOrCountry >

< stateOrCountryDescription > VIRGINIA </ stateOrCountryDescription >

< zipCode > 23230 </ zipCode >

</ recipientAddress >

- < statesOfSolicitationList >

< value > All States </ value >

</ statesOfSolicitationList >

< foreignSolicitation > false </ foreignSolicitation >

</ recipient >

- < recipient >

< recipientName > Wealth Forge Securities LLC </ recipientName >

< recipientCRDNumber > 152550 </ recipientCRDNumber >

< associatedBDName > Steve Haskell </ associatedBDName >

< associatedBDCRDNumber > 6864948 </ associatedBDCRDNumber >

- < recipientAddress >

< street1 > 6800 Paragon Place, Ste. 200 </ street1 >

< city > Richmond </ city >

< stateOrCountry > VA </ stateOrCountry >

< stateOrCountryDescription > VIRGINIA </ stateOrCountryDescription >

< zipCode > 23230 </ zipCode >

</ recipientAddress >

- < statesOfSolicitationList >

< value > All States </ value >

</ statesOfSolicitationList >

< foreignSolicitation > false </ foreignSolicitation >

</ recipient >

</ salesCompensationList >

- < offeringSalesAmounts >

< totalOfferingAmount > 32550000 </ totalOfferingAmount >

< totalAmountSold > 29693653 </ totalAmountSold >

< totalRemaining > 2856347 </ totalRemaining >

< clarificationOfResponse />

</ offeringSalesAmounts >

- < investors >

< hasNonAccreditedInvestors > false </ hasNonAccreditedInvestors >

< totalNumberAlreadyInvested > 0 </ totalNumberAlreadyInvested >

</ investors >

- < salesCommissionsFindersFees >

- < salesCommissions >

< dollarAmount > 2278500 </ dollarAmount >

< isEstimate > true </ isEstimate >

</ salesCommissions >

- < findersFees >

< dollarAmount > 0 </ dollarAmount >

</ findersFees >

< clarificationOfResponse />

</ salesCommissionsFindersFees >

- < useOfProceeds >

- < grossProceedsUsed >

< dollarAmount > 0 </ dollarAmount >

</ grossProceedsUsed >

< clarificationOfResponse />

</ useOfProceeds >

- < signatureBlock >

< authorizedRepresentative > false </ authorizedRepresentative >

- < signature >

< issuerName > ExchangeRight Net Leased Portfolio 20 DST </ issuerName >

< signatureName > /Warren Thomas/ </ signatureName >

< nameOfSigner > Warren Thomas </ nameOfSigner >

< signatureTitle > Manager </ signatureTitle >

< signatureDate > 2018-06-22 </ signatureDate >

</ signature >

</ signatureBlock >

</ offeringData >

</ edgarSubmission >