Perch Wealth Review 2026: Who Sells Its DSTs and What They Pay

What Perch Wealth is, according to the regulators

Perch Wealth is a marketing name, not a registered firm. Search FINRA BrokerCheck for “perch wealth” and no firm of that name comes back; the one hit, Arkadios Wealth Advisors, appears because “Perch Wealth” is one of its listed other names. That is not unusual for a team of independent representatives, and the website says so in its footer. What matters for a reader is which registered firms stand behind the name, because they hold the licenses, supervise the representatives and carry the disciplinary history.

Source: FINRA BrokerCheck and SEC IAPD records and Form ADV documents, read November 12, 2026; perchwealth.com read the same day. Counts of employees and assets are as the advisers report them.

The adviser story has a wrinkle. Arkadios Wealth Advisors' June 9, 2026 brochure says its advisers may use their own “trade names and logos” for marketing, and lists the business names in use; Perch is not among them, consistent with the team having moved to Realta in March 2025. Realta Investment Advisors' brochure says its “Financial Advisors may market under the Realta brand or under a business name of their choosing”, which is what Perch's footer describes. We could not tell which adviser, if either, holds a given Perch client's advisory account. Ask in writing.

Who gets paid when a Perch client buys a DST

Perch's pages do not say. The homepage and the 1031 solutions page carry no commission, fee or compensation statement beyond a risk line that “Costs associated with the transaction may impact investors' returns and may outweigh the tax benefits.” The documents that do speak are the registrants' and the DSTs' own.

• The adviser brochure names the conflict. Realta Investment Advisors says that when alternative investments are bought through its affiliated broker-dealer (Realta Equities, called “REI” in the brochure), the broker-dealer receives compensation “including sales concessions, marketing fees, expense reimbursement for educational compliance and due diligence, and/or sales conference sponsorships.” It adds that REI “requires prospective alternative investment sponsors to pay a due diligence fee and sign a selling agreement”, and that REI/RIA “solicits product sponsors to pay for RIA's annual compliance conference in exchange for such sponsors gaining preferential access to RIA's financial advisors.” On waiving concessions, it says “REI does not waive sales concessions.”
• The Form D names the recipients. Item 12 of each DST's Form D lists broker-dealers and individual representatives as sales compensation recipients and states one total of sales commissions for the whole offering. A name on that list means the person is compensated or will be, not that the person made a given sale, and the split between recipients is not on the form.
• The memorandum shows who funds it. The Form D states sales commissions as one dollar total for the offering. The offering memorandum's use-of-proceeds table shows how they are funded and what else is paid to the sponsor; we did not read the memoranda.

What 24 Form D offerings say

We started from the people. Perch's team page names 12 people; 6 of the 12 have a BrokerCheck record whose current firm is Realta Equities (a name match, our reading), 3 of them at the Perch office branch. We searched EDGAR for those people's CRD numbers and for the office street address as they appear in Item 12 of Form D, and read each filing. We then split the offerings into those that list Perch's own office address (29122 Rancho Viejo Road) and those where a Perch-team representative appears at another firm address (Emerson Equity's Irvine office in 2021-2022, Arkadios's Atlanta address, Realta's Wilmington headquarters branch). Only the first group proves a Perch office link on the face of the filing.

Source: 48 Form D and Form D/A filings on EDGAR that list a sales compensation recipient at 29122 Rancho Viejo Road; counts are ours. An offering appears in each year it was amended.

Source: latest Form D or Form D/A of each offering on EDGAR (accessions in the dataset). Offered, sold, investors and commission are for the whole offering and all sellers, not Perch's share; percentages are our arithmetic (Item 12 sales commissions divided by total offering amount). Median of the 11: 7.00%.

Three things to take from the table.

• Most of the 2025-2026 offerings come from three large sponsors' exchange platforms. BREX (Brookfield Real Estate Exchange), Blue Owl Real Estate Exchange and FREX (Fortress Real Estate Exchange) are named as the managing parent on the Form Ds. Our Blue Owl DST page and DST fee analysis cover the same family of Form Ds; that analysis puts the 2026 DST median at 7.00%, the same as this group's.
• The spread is wide and the table does not explain it. The 0.58% on DTW Air Cargo (a $480.2 million offering sold to 87 investors) and 2.54% on GSA CIS Camp Springs may not mean a low load: sponsors can pay selling costs through other lines, as our Kay Properties review noted for the same two offerings. At the other end, JWCM Republic Alamo Heights shows 10.27% and Fortress's FREX DB Series I shows 10.00%. Ask for the memorandum's use-of-proceeds table.
• Money in play (our arithmetic). On a $1,000,000 purchase, the median 7.0% would be $70,000 of the offering going to selling commissions; at 10.27% it would be $102,700. These are percentages of the whole offering, not what Perch keeps.

The other 13 offerings

The remaining 13 offerings name a Perch-team representative, but at a different address.

Source: Form D filings on EDGAR; percentages are our arithmetic. The Emerson-era rows tie to one Perch lead representative by BrokerCheck history, not to the Perch address.

Counting both groups by sponsor, Brookfield's BREX has 4 DSTs (3 at the Perch address), Carter Exchange 5, Apollo RE Exchange 3, Net Lease Capital Advisors 2, and Blue Owl, Fortress, Denholtz, JWCM and BT Columbia one each; the 2021-2022 Carter DSTs carry the highest uniform load in the set (9.25%). We make no claim that every offering a Perch client buys is in this list: the search starts from representatives we could identify, and a DST that names only a broker-dealer, or a representative we missed, is not here.

Perch's claims against the filings

A company page is the company's claim. Perch's three scale figures sit on two pages.

Source: perchwealth.com read November 12, 2026 (extraction tool; short phrases quoted exactly); Form D filings on EDGAR. Sums are ours.

The point is not that any one figure is false; it is that the page offers three different totals for what looks like the same thing, and the only independent record, Form D, cannot arbitrate between them. If placed equity matters to your choice, ask for the DST names and amounts in writing.

Realta Equities: the broker-dealer record

Perch's DST sales run through Realta Equities today, so its record is the firm-level record that applies. BrokerCheck lists 7 regulatory events, all final, no customer arbitrations, no pending matters.

Source: FINRA BrokerCheck report for Realta Equities, Inc. (CRD 23769), 39 pages, read November 12, 2026. The firm and the regulator each report some events; we use the regulator's description. Fines and penalties on the six events with an amount sum to $343,500 (our arithmetic).

None of the seven concerns a DST or 1031 exchange. They do concern supervision of private placements, of a representative's recommendations and of the firm's own advisers, which is the subject a client of a team that sells DSTs through it would want answered. The 2022 action involved limited partnerships sold in the same alternative-investment category. The Arkadios Capital and Emerson Equity records are shorter (2 events each); the Arkadios Wealth Advisors brochure notes a FINRA settlement by Arkadios Capital about supervisory procedures for certain exchange-traded products. We did not read the details of the Emerson and Arkadios events.

The people, in counts

Both BrokerCheck and Form D name individuals; we do not. What the counts show:

• 12 names appear on Perch's team page: a managing partner, a chief operating officer, seven vice presidents or associate vice presidents and three transaction coordinators. The page gives no registration status for anyone.
• 6 of the 12 match a BrokerCheck record currently at Realta Equities; 3 list the Perch office as their branch and 3 are at Realta's Wilmington headquarters branch. The other 6 we could not match (coordinators are usually unregistered).
• 2 people who appear on Form D at the Perch address carry one pending customer dispute each: one reported October 21, 2025, in which the claimant alleges failures of due diligence on several DST investments made between March 2022 and December 2023 (that person is now registered with another broker-dealer), and one reported April 7, 2026, seeking $200,000. Pending disputes are allegations. The first carries a statement from the representative contesting the claim.

What a reader can do with this

• Look up the person, not the name. Ask for the representative's full name and look them up on BrokerCheck, where the firm shows as Realta Equities (CRD 23769). Ask which adviser, if any, would hold your account.
• Ask who is paid on a specific DST. Request in writing, for each DST proposed: the sponsor, the Form D sales commission and Item 12 list, the use-of-proceeds table in the offering memorandum, and what Realta Equities and the representative receive. The brochure says REI does not waive sales concessions on alternatives.
• Compare against other sellers. The same offerings are sold by dozens of broker-dealers: Brookfield's BREX Briggs Form D lists 23 recipients at 14 firms (our count). Our Kay Properties review and DST fee analysis show how to compare, and our DST overview covers the structure and its illiquidity.
• Mind the 45 days. In a 1031 exchange you have 45 days to identify replacement property and 180 to close (the rules). The deadline is when a second opinion is cheapest and a sales process is fastest.

FAQ

All figures are from perchwealth.com (homepage, 1031 solutions, about and contact pages, read November 12, 2026 through an extraction tool; the site blocks automated downloads); the FINRA BrokerCheck report for Realta Equities, Inc. (CRD 23769), firm reports for Arkadios Capital and Emerson Equity LLC, and seven individual reports with identities withheld; SEC IAPD records, Form ADV Part 1 and Part 2A brochures for Arkadios Wealth Advisors LLC (October 29 and June 9, 2026) and Realta Investment Advisors, Inc. (August 6 and July 21, 2026); and 101 Form D and Form D/A filings on EDGAR for 24 offerings. We identified Perch's offerings by representatives' CRD numbers and by the Perch office address in Item 12, so an offering that names only a broker-dealer or a representative we could not identify is missing. Sums, medians and percentages are our arithmetic. This is analysis of public documents, not investment, legal or tax advice.