Kingsbarn Realty Capital: Who Runs It, $1B Raised, DST Fees

Updated October 8, 2026 — no new Kingsbarn Form D since September 21; who runs the company, and the court record. We rechecked EDGAR for all 93 Kingsbarn issuers in the dataset and found no Form D or D/A after the KB Hollywood amendment of September 21, 2026 (accession 0001709409-26-000027), so the figures below stand. New on this page: the Form D "related persons" chain that shows who is at the top of Kingsbarn Realty Capital, the SEC registration of an affiliated adviser, and a section on the four federal civil cases that name Kingsbarn entities (none brought by a regulator; three are dismissed). We also corrected one line: Kingsbarn Real Estate Capital, LLC, which we described as the sponsor "until 2022", is still named as "Sponsor" on the September 2026 KB Hollywood filing.

Who is Kingsbarn Realty Capital, and who owns it?

Kingsbarn Realty Capital is a Las Vegas sponsor of Delaware statutory trusts (DSTs): trusts that own a property, usually with a loan, and sell fractional interests to accredited investors completing a 1031 exchange, so they can defer tax on a property they sold. Its Form Ds name Jeff Pori as chief executive and signer on most filings, and list Kingsbarn Realty Capital, LLC, Kingsbarn Holdings Company, LLC and KB Exchange Properties, LLC among the related persons. From 2018 to 2022 a second group of 15 DSTs was filed from Del Mar, California under Kingsbarn Real Estate Capital, LLC, with the same Jeff Pori named, and that name has not gone away: the KB Hollywood amendment signed September 18, 2026 still lists Kingsbarn Real Estate Capital, LLC as "Sponsor", with Kingsbarn Realty Capital, LLC as "Manager of the Sponsor". Other 2026 filings (KB Lincoln, KB Grandview) name KB Exchange Properties, LLC as Sponsor and Kingsbarn Realty Capital, LLC as "Parent of the Sponsor". We treat all of them as one sponsor family and mark which is which in the dataset. (Court cases that name Kingsbarn entities are in a separate section below, "Regulators and courts: what the public record shows".)

Who is at the top, according to the filings. On the two fund Form D amendments of 2026 (the Acquisition & Development Fund and the Travel Center Development Fund), the related persons are Kingsbarn Holdings Company, LLC ("Member and Manager of Kingsbarn Realty Capital, LLC"), Kingsbarn Realty Capital, LLC ("Member and Manager of Kingsbarn Funds, LLC"), Kingsbarn Funds, LLC, Jeffrey Pori ("Manager of Kingsbarn Holdings Company, LLC"), Philip Mader (Chief Investment Officer of Kingsbarn Realty Capital, LLC) and Ray Jones (General Counsel). All give the same Las Vegas address, 1645 Village Center Circle, Suite 200. A Form D lists who runs an offering; it does not list who owns the sponsor. A different filing does give a percentage: the Form ADV annual amendment of March 30, 2026 for Kingsbarn Capital Management, LLC, an investment adviser registered with the SEC since October 19, 2021, lists Jeff Allen Pori as owner and control person in the highest ownership band (75% or more). That firm is not the DST sponsor: it advises the Kingsbarn Dividend Opportunity ETF and reports $5,522,100 of regulatory assets under management.

Each DST is a separate private offering, and each files a short notice with the SEC called a Form D: total offering amount, how much has been sold and to how many investors, sales commissions, and the gross proceeds "used for payments to any of the persons required to be named as executive officers, directors or promoters" (Item 16; "related persons" below). It is not a prospectus, but it is the one public, comparable document for every DST a sponsor sells. The dataset is built by issuer name, so a Kingsbarn DST filed under another name would be missing: treat 86 as "at least".

How much, and when

Source: each DST's latest Form D or D/A on EDGAR; CrowdfundedWealth dataset. Grouped by the year of the first filing.

Two patterns. Before 2023, most Kingsbarn Form Ds were filed before the first sale and never updated (29 of the 86 still say the first sale is "yet to occur", and 76 were never amended), so the early "sold" column says almost nothing; the 2014-2017 dialysis-clinic DSTs, for instance, report no sales at all. From 2024 the filings are made after the money comes in: the 21 recent DSTs report $626.5 million sold, 68% of what they list. That makes 2024-2026 the first period where Kingsbarn's Form Ds measure something close to money raised, and the growth is plain: $146 million sold in 2024, $254 million in 2025 and $227 million in 2026 before October. The largest is KB Hollywood, DST: $126.5 million offered, $78.8 million sold to 77 investors as of its amendment of September 21, 2026.

The investors are large. Across the 21, reported sales divided by investors come to about $1.35 million each, and the Form D minimum is one of the trust's 100 interests (for KB Hollywood, $1,265,000). This is a product for people exchanging out of a substantial property, not for small savers.

The number to read first: the offering includes the loan

Kingsbarn's Form Ds describe the offering as "100 Class 1 beneficial interests in the Trust" at a set price each, and that price covers the whole property, including the trust's mortgage. Six filings state the equity in their commission note; for eight more, the note says the broker's commission is "up to 4%" of the cash or equity portion, so the commission reported on the form implies it.

Source: Form D clarification fields and our arithmetic (implied equity = reported sales commission ÷ 4%). The full list of 14 is in the dataset notes below.

This changes every percentage that follows. A fee that is 8% of the offering is 13% to 14% of your cash when the trust borrows about 40%. It also means the small-looking selling commission (median 2.34% of the offering on the recent deals) is in fact up to 4% of investors' cash, as the filings themselves say.

What the sponsor side is paid

Every recent Kingsbarn Form D explains its Item 16 figure in the same words: "Sponsor/its affiliate will receive financing and acquisition fee totaling" a stated sum "for structuring the offering and the property acquisition," plus a reimbursement of offering expenses. On all 21, Item 16 equals exactly that fee plus that reimbursement.

Sources: Form D filings, including KB Hollywood amendment 0001709409-26-000027 (September 21, 2026) and KB Shepherd 0001709409-25-000004 (March 4, 2025); every accession is in the dataset. Amounts are the sponsor's estimates. "Not measurable": the form states the commission as a share of the purchase price, or gives no base.

The trend in 2026 is down as a share of the offering (5.7% to 7.6% on the six 2026 filings), but these are still large sums: $78.1 million across the 21 recent DSTs, against $23.8 million of reported selling commissions. What the Form D does not say is how the fee is split between "financing" and "acquisition", or whether any Kingsbarn affiliate sold the property to the trust. The private placement memorandum has an estimated use-of-proceeds table and a conflicts section. Ask for both.

For scale, our read of Capital Square's 135 Form Ds found a median of 4.3% of the offering to related persons and an 8.5% selling commission; our comparison of ten DST sponsors' loads has the rest. Comparing percentages across sponsors only works if their offering amounts mean the same thing, so check whether a sponsor's figure includes the loan before you line them up.

Who sells them

The recent Form Ds say, in the sales-compensation note, that offers and sales "may be made via real estate brokers licensed in CA who are exempt from federal and state broker-dealer licensing requirements" (2024-2025 wording), or brokers licensed in California "who may qualify as intrastate broker-dealers and are not required to register as a broker-dealer", citing an SEC release (2026 wording). All 21 DSTs filed since 2024 carry this language; it first appears on KB Chicago Logistics in November 2023. MIT Associates, LLC, a broker-dealer, is also listed on five of them. Before 2023 the Form Ds named broker-dealers instead: Colorado Financial Service Corporation on the 2019-2021 healthcare DSTs (commissions of 7%-8.5% of the offering), and MIT Associates on most 2022 deals (usually 4%).

We are not saying this is improper; that is a legal question the Form D does not answer. What it means for you is practical. If the person offering you a Kingsbarn DST is not a registered representative of a FINRA member firm, the protections that come with one (the firm's due-diligence obligations on the offering, its supervision of the salesperson, and FINRA's arbitration forum) are not the ones you would be relying on. Ask the person selling it which firm they are registered with, and check the name on FINRA BrokerCheck before you sign.

The rest of the family: development and debt funds

Kingsbarn also files Form Ds for funds that are not DSTs. The ones with reported sales:

Two of the 2025 DSTs are named for travel centers (KB Houston Travel Center and KB Mankato Travel Center), and the development fund raising alongside them is named for travel centers too. The Form Ds do not say whether any DST bought a property that a Kingsbarn fund developed. If you are offered a Kingsbarn DST, that is the question to ask first, because when the seller and the buyer are on the same side, the price is the investment.

Regulators and courts: what the public record shows

We looked for SEC, FINRA, state and court records involving Kingsbarn Realty Capital, its DSTs or its affiliates. We found four federal civil cases, none brought by a regulator, and no regulatory action. The limits matter: we searched the SEC's full-text index for "Kingsbarn" among litigation releases (no hits), the SEC's adviser database (Kingsbarn Capital Management has no disclosure events flagged), FINRA BrokerCheck (no Kingsbarn broker-dealer appears) and CourtListener's index of federal dockets. We could not search Nevada or California regulators' enforcement records or state courts directly, and an empty search is not a clean bill of health. Ask the sponsor about pending matters, and check BrokerCheck for whoever sells you the interest.

Source: CourtListener docket pages (RECAP), retrieved October 8, 2026. We name only the business parties; the other cases involve private individuals, so we cite them by docket number. A docket shows what was filed, not who was right, and CourtListener's copy can lag the court's own system.

The trademark case is the only one with a business counterparty: KB Home, the plaintiff, sued six Kingsbarn-affiliated companies under the federal trademark statute (15 U.S.C. 1114). The docket shows it ended by joint stipulation of dismissal with prejudice; it does not say on what terms.

Before you put a 1031 exchange into a Kingsbarn DST

• Get the fee in dollars and as a share of your cash, from the memorandum's use-of-proceeds table: the financing and acquisition fee, the reimbursement, the commission, and any loan fees. The Form D gives you the totals; your equity is roughly 55%-65% of the offering on most recent deals.
• Ask who sold the property to the trust, and at what price relative to its last sale or appraisal.
• Ask who is selling it to you and whether they are registered with a FINRA broker-dealer; check BrokerCheck.
• Ask about the loan: amount, rate, maturity and whether it is fixed. A DST cannot easily refinance or raise new money; see what a DST-to-REIT 721 roll does to your exit for the usual endings.

FAQ

Dataset notes. Built from EDGAR on September 29, 2026 and rechecked on October 8, 2026 (no new Kingsbarn filings; two Florida "Mainstay Healthcare" Form Ds filed through the same filing agent are a different sponsor and are not included): every issuer named "KB ... DST" or "Kingsbarn ..." found by EDGAR company search, plus KB Travel Center Development Fund (found by full-text search); two "Skellig DST" funds from Dublin and Kingsbarn Parallel Income Fund LP (Richmond, Virginia; its filing names neither Jeff Pori nor any other officer who appears on the Kingsbarn filings) were excluded. For each issuer we parsed every Form D and D/A XML and kept the latest. The 14 DSTs with measurable equity are the six stated above plus KB Duluth, KB Lehigh Valley, KB Mankato Travel Center, KB Northbrook, KB Hollywood, KB Houston Travel Center, KB Kingsville and KB Kilgore (implied from the 4% commission). KB Bayou Crossing is left out: its note puts "$1,048,000" in the place of the equity, which equals 4% of its offering, so we cannot tell what it measures. Percentages, totals, medians, the grouping by year and the implied equity are our arithmetic; property types are read from names only. This is analysis of public documents, not investment, legal or tax advice.