NexPoint DSTs 2026: Four Form Ds, $104M Sold, 8.75% Commission

The four DSTs, side by side

A Delaware statutory trust (DST) sells fractional interests, usually to accredited investors finishing a 1031 exchange. The sponsor files a Form D with the SEC when the first sale happens and, in NexPoint's case, amends it every few weeks as sales come in. That makes its filings a running record of money raised, which most sponsors' single, never-updated Form D is not. (For the general mechanics, see our DST guide.)

Source: latest Form D/A of each issuer on EDGAR (accessions 0002098911-26-000016, 0002094145-26-000015, 0002100839-26-000009, 0002154436-26-000004). "Share sold" and totals are our arithmetic; investors are positions, so one investor in two DSTs counts twice.

Two cautions. The dollars sold are as of the date each form was signed: Small Bay III's latest form is dated October 5, 2026 and Marina II's October 19, so these are not same-day numbers. And Form D does not describe the property. The forms name the issuer and the sponsor, not a building. The one property we can tie to a filing is Oasis: NexPoint's October 7, 2026 release says the offering comprised Oasis at Shingle Creek, “a Class A, garden-style multifamily community located in Kissimmee, Florida,” and that it raised “approximately $46.3 million in equity.”

Average size per investor position is also readable (our arithmetic): about $340,700 at Oasis, $329,000 at Small Bay III, $433,800 at Outlook and $246,400 at Marina II, against a stated minimum of $100,000 on each, which the forms say the issuer “may accept smaller investments in the Sponsor's sole discretion.”

How fast each one sold

NexPoint files often, so the amendments draw a sales curve. Oasis filed its first Form D on December 2, 2025 with $1,823,228 sold to 3 investors and finished at 100% on October 6, 2026, 333 days after the first sale (our arithmetic).

Source: Oasis Form D and D/A filings, accessions 0002098911-25-000001 through 0002098911-26-000016 (18 filings; 7 shown).

The pace is uneven, not a straight line. Oasis took in $5.3 million between February 18 and April 7, 2026, then $5.2 million between September 8 and September 23, and $1.5 million in the final two weeks (our arithmetic from the table). Small Bay III filed nothing between June 10 and August 25, 2026, then reported $6.3 million more between September 9 and October 6. Marina II is the fastest start: $1,489,664 on September 15, 2026, $5,063,066 on September 23, $9,274,422 on October 6 and $12,567,613 on October 19. Outlook is the slowest: 1 investor on January 28, 2026, 8 on April 28, 19 on June 30 and 28 on October 6, about eight months after its first sale.

None of this is a signal about quality. A fast sell-out says the offering found buyers; it does not say the property is good, and a slow one can reflect a large raise or a smaller broker network (Outlook lists 8 broker-dealers as sales compensation recipients, Oasis 23).

The load: 8.75% plus 3% to 4%

Item 12 of a Form D reports sales commissions; Item 16 reports the part of the offering's proceeds that goes to the sponsor's executive officers, directors or promoters. NexPoint's forms mark both as estimates. For commissions: “Sales Commissions include estimates of the maximum amount of Selling Commissions and Dealer Fees that may be paid.” For Item 16: “Item 16 is an estimate of offering expenses and acquisition/facilitation fees that may accrue to one or more Related Persons.”

Source: latest Form D/A of each DST. Percentages are our arithmetic on the total offering amount, not on the amount sold: dividing by a partly sold offering would overstate the load.

None of the four changed either figure in any of the 49 filings, even as the amount sold went from under $2 million to $46.3 million: they are a fixed dollar budget set at the start, not a percentage taken from each sale.

A worked example (our arithmetic). If the Marina II percentages applied to a $500,000 exchange equity investment, 8.75% is $43,750 of selling commission and 3.64% is about $18,200 of related-party payments, about $61,960 in all (12.39%). This applies the offering-level percentage to your money; the private placement memorandum's fee table, which we have not seen because it is not public, is what binds, and it may show a different total or a different base.

For comparison, our pages on Inland Private Capital (7.9% commission on its recent multifamily DSTs) and Capital Square (8.4%) put NexPoint at the top of the range for the sponsors we have read, and our ten-sponsor fee comparison lists NexPoint at 8.75%.

Thirty NexPoint DSTs on EDGAR: how the load moved

A full-text search of Form D and D/A filings for "NexPoint" from 2018 to October 28, 2026, plus each issuer's filing list, finds 30 DSTs (the two "NREA" trusts are earlier NexPoint Real Estate Advisors vehicles; NexPoint's IQHQ co-invest funds and NexPoint Homes Trust are not DSTs and are excluded). Treat 30 as "at least". Using each one's latest filing, they report $1,677,369,674 offered and $1,479,608,136 sold (our arithmetic).

Source: latest Form D or D/A of each NexPoint DST; percentages are our arithmetic on total offering amount. The 18 at 8.75% start with NexPoint Buffalo and Hughes DSTs (first Form Ds April 12, 2022).

Four of the 19 recent DSTs sit far above the others on Item 16, which is where a reader should look first: NexPoint Storage VI DST 13.54%, NexPoint Lodging I DST 13.01%, NexPoint Lodging II DST 10.39% and NexPoint Waterford DST 6.68%. The other 15 report between 1.92% and 3.80%. Storage VI also shows what an amendment can do: its first Form D (January 16, 2025) estimated commissions at $3,967,250 on a $45,340,000 offering (8.75%); its November 6, 2025 amendment, after it sold out, reports $2,949,212 (6.50%) while Item 16 stayed at $6,140,000. Our self-storage page quotes the January 2025 figure.

What else is still selling

Reading each issuer's last filing, three more NexPoint DSTs had unsold equity (the forms do not say whether the offering is still open; check the date):

Source: latest Form D/A of each DST; "Unsold" is our arithmetic. NexPoint Marina DST, the first Marina trust, reported $42,710,095 sold to 131 investors on July 22, 2026, 133 days after its March 11, 2026 first sale; Marina II followed with its first Form D on September 15, 2026.

What the filings do not tell you

• The property, the loan and the fee table. Form D has none of them. A DST's private placement memorandum has the leverage, the hold period, the asset-management and disposition fees and the full load, and it is given to accredited investors through a broker-dealer. The 8.75% and 3% to 4% above are SEC-form estimates, not the PPM's numbers.
• Whether the sales are real money. The "sold" box is the issuer's own number. The sums here are as reported, not audited.
• How a NexPoint DST ends. Several sponsors roll DSTs into a REIT; see what a DST-to-REIT 721 exchange does to your options. Ask what the plan is for each trust.

What a reader can do with this

1. Ask for the load in dollars on your equity and compare it with the PPM's fee table. A Form D total near 12% of the offering is a number to reconcile, not to accept or reject on sight.
2. Check the date of the last filing for the DST you are looking at. A trust at 25% sold on October 19 will have moved by the time you read this.
3. Use the pace as a question, not an answer. Why did Outlook take eight months to reach 28 investors, and what does a slower raise mean for the equity still to be placed?
4. Check your 1031 clock first. The deadlines run from the sale of your property, not from a Form D; our year-end 1031 timeline covers them.

FAQ

Sources, read and saved on October 28, 2026: Form D and D/A filings on EDGAR for NexPoint Marina II DST (CIK 0002154436), Oasis DST (0002098911), Small Bay III DST (0002094145) and Outlook DST (0002100839), every filing 2025-2026, and the first and latest Form D of 26 other NexPoint DSTs found by EDGAR full-text search; NexPoint's press release of October 7, 2026. Percentages, totals, dollar examples, medians and day counts are our arithmetic. Form D amounts are the issuer's own estimates and are not audited. This is analysis of public documents, not investment, legal or tax advice.