PREP Net Lease Income Fund III, Inc.
Built from the SEC filing index the day the filing landed. The figures below are the issuer's own from Form D; AltStreet's analysis, sponsor link and data flags follow when the entity is enriched.
Raised
$19M
Investors
185
Min Invest
$50,000
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What this filing shows
·Every sentence is a value as filed on SEC Form D
PREP Net Lease Income Fund III, Inc. is a Maryland corporation that first filed a Form D on May 26, 2022 and most recently amended it on May 23, 2023 in the Other Real Estate industry group. The offering claims Rule 506(b) and covers equity. PREP Net Lease Income Fund III, Inc. reported $18,651,096 sold from 185 investors of a $200,000,000 total offering as of the Form D filed May 23, 2023. The offering relies on Rule 506(b), which permits sales to accredited investors and to no more than 35 non-accredited investors who meet a sophistication standard, and prohibits general solicitation. The filing reports no non-accredited investors. The minimum investment accepted from an outside investor is $50,000. The Form D names PREP Securities, LLC (CRD 188522), associated with None; American Portfolios Financial Services, Inc. (CRD 18487), associated with None; American Trust Investment Services, Inc. (CRD 3001), associated with None; Arkadios Capital (CRD 282710), associated with None and 9 others as recipients of sales compensation soliciting in all states. The issuer's address of record is 2750 Rasmussen Road, Suite 202, Park City, UT 84098.
Critical Disclosures
What the filings and the regulators have said about this entity that a reader should know first. Each line links to its source. The history, the same event across other issuers, and alerts are in the terminal.
Reporting lapsed · Form D · last filing May 23, 2023
Offering declared to continue beyond a year; annual amendment 13+ months overdue An issuer that stops filing is the case the going-concern flag cannot catch: the report that would have carried it was never filed.
EDGAR Filing Data
Form D — Primary Source
View on SEC.govFilings on Record
Every filing AltStreet's ledger holds for this CIK, newest first. Each opens the SEC archive folder.
In the Terminal
Filing events
0
none on file
Critical / warning
0 / 0
0 watch · 0 info
Statements extracted
0
none on file
NAV prints
0
none on file
Offering chains
1
dark
Investor
- 1 offering timeline: velocity, share raised, first-sale lag, stalled flags
Pro
- This issuer against its cohort: rank by velocity and share raised among offerings filed the same quarter
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Related Persons (Form D)
Executive officers, directors, and promoters listed on the SEC Form D filing. Source: SEC.gov.
Michael C. Phillips
Executive Officer, Director, Promoter · Park City, UT
Chief Executive Officer (of the Sponsor and the Issuer), Chairman of the Board, President, Director
Sara J. Brennan
Executive Officer, Director · Park City, UT
Chief Operating Officer (of the Sponsor and the Issuer), President of the Sponsor, Treasurer, Secretary, Director
PREP Property Group J. LLC
Executive Officer, Promoter · Park City, UT
Sponsor of the Issuer and owner of the Advisor
PREP NLI Advisor J. LLC
Executive Officer · Park City, UT
Advisor to the Issuer
Gregory L. Clark
Director · Park City, UT
Independent Director
Placement Agents and Sales Compensation (Form D)
Who the issuer reported paying to sell the securities (Form D Item 12), with the FINRA registration number the filer gave. Source: SEC.gov.
PREP Securities, LLCCRD 188522 on BrokerCheck
Associated broker-dealer: None · Park City, UT · Soliciting in all states
American Portfolios Financial Services, Inc.CRD 18487 on BrokerCheck
Associated broker-dealer: None · Holbrook, NY · Soliciting in all states
American Trust Investment Services, Inc.CRD 3001 on BrokerCheck
Associated broker-dealer: None · Whiting, IN · Soliciting in all states
Arkadios CapitalCRD 282710 on BrokerCheck
Associated broker-dealer: None · Atlanta, GA · Soliciting in all states
Ausdal Financial Partners, Inc.CRD 7995 on BrokerCheck
Associated broker-dealer: None · Davenport, IA · Soliciting in all states
Berthel Fisher & Company Financial Services, Inc.CRD 13609 on BrokerCheck
Associated broker-dealer: None · Cedar Rapids, IA · Soliciting in all states
Calton & Associates, Inc.CRD 20999 on BrokerCheck
Associated broker-dealer: None · Tampa, FL · Soliciting in all states
Centaurus Financial, Inc.CRD 30833 on BrokerCheck
Associated broker-dealer: None · Anaheim, CA · Soliciting in all states
DFPG Investments, LLCCRD 155576 on BrokerCheck
Associated broker-dealer: None · Sandy, UT · Soliciting in all states
IBN Financial Services, Inc.CRD 42360 on BrokerCheck
Associated broker-dealer: None · Liverpool, NY · Soliciting in AL, AR, AZ, CA, CO, CT, DC, DE, FL, GA, HI, IA, ID, IL, IN, KS, KY, LA, MA, MD, ME, MI, MN, MO, MS, NC, NE, NH, NJ, NM, NV, NY, OH, OK, OR, PA, RI, SC, SD, TX, UT, VA, VT, WA, WI
The Strategic Financial Alliance, Inc.CRD 126514 on BrokerCheck
Associated broker-dealer: None · Atlanta, GA · Soliciting in all states
Westpark Capital, Inc.CRD 39914 on BrokerCheck
Associated broker-dealer: None · Los Angeles, CA · Soliciting in all states
Coastal Equities, Inc.CRD 23769 on BrokerCheck
Associated broker-dealer: None · Wilmington, DE · Soliciting in all states
Questions About PREP Net Lease Income Fund III, Inc.
Each answer is built from the values on the SEC filing and the AltStreet ledger, not from the issuer's marketing.
What is PREP Net Lease Income Fund III, Inc.?
PREP Net Lease Income Fund III, Inc. is a Maryland corporation that filed a Form D with the SEC on May 23, 2023 in the Other Real Estate industry group. The filing claims Rule 506(b) for an offering of equity.
Is PREP Net Lease Income Fund III, Inc. legit?
AltStreet does not rate legitimacy; it reports the public record. PREP Net Lease Income Fund III, Inc. filed a Form D with the SEC on May 23, 2023 claiming Rule 506(b). A Form D is a notice of an exempt offering, not a review or approval of it. The newest notice reports $18,651,096 sold to 185 investors. AltStreet's enforcement record (SEC, FINRA and state actions) shows no action naming the issuer as of today. Before investing, confirm the filing on EDGAR, check the seller's registration on FINRA BrokerCheck, and read the offering documents, which a Form D does not include.
Is PREP Net Lease Income Fund III, Inc. registered with or approved by the SEC?
No. A Form D is a notice that an issuer is selling securities under an exemption from registration, and the SEC does not review, approve, or pass on the merits of the offering. The filing shows that PREP Net Lease Income Fund III, Inc. claimed Rule 506(b) and disclosed the items the form requires, such as the amount sold, the minimum investment, related persons, and anyone paid to sell the securities. It does not verify the issuer's claims or its business.
How much has PREP Net Lease Income Fund III, Inc. raised?
PREP Net Lease Income Fund III, Inc. reported $18,651,096 sold from 185 investors of a $200,000,000 total offering as of the Form D filed May 23, 2023.
Who can invest in PREP Net Lease Income Fund III, Inc.?
The offering relies on Rule 506(b), which permits sales to accredited investors and to no more than 35 non-accredited investors who meet a sophistication standard, and prohibits general solicitation. The filing reports no non-accredited investors. The minimum investment accepted from an outside investor is $50,000.
What is the minimum investment in PREP Net Lease Income Fund III, Inc.?
The Form D lists $50,000 as the minimum investment accepted from any outside investor as of May 23, 2023. Issuers can waive their own minimums, and the figure does not include fees.
Who is selling PREP Net Lease Income Fund III, Inc. and how are they paid?
The Form D names PREP Securities, LLC (CRD 188522), associated with None; American Portfolios Financial Services, Inc. (CRD 18487), associated with None; American Trust Investment Services, Inc. (CRD 3001), associated with None; Arkadios Capital (CRD 282710), associated with None and 9 others as recipients of sales compensation soliciting in all states.
Who is behind PREP Net Lease Income Fund III, Inc.?
The Form D lists 5 related persons: Michael C. Phillips, executive officer, director, promoter (Chief Executive Officer (of the Sponsor and the Issuer), Chairman of the Board, President, Director); Sara J. Brennan, executive officer, director (Chief Operating Officer (of the Sponsor and the Issuer), President of the Sponsor, Treasurer, Secretary, Director); PREP Property Group J. LLC, executive officer, promoter (Sponsor of the Issuer and owner of the Advisor); PREP NLI Advisor J. LLC, executive officer (Advisor to the Issuer); Gregory L. Clark, director (Independent Director). Form D Item 3 requires executive officers, directors, and promoters of the issuer to be listed.
Where is PREP Net Lease Income Fund III, Inc. located?
The issuer's address on its SEC filings is 2750 Rasmussen Road, Suite 202, Park City, UT 84098. Its phone number of record is 8336967737. It is organized under the laws of Maryland.
How long is the PREP Net Lease Income Fund III, Inc. offering open?
The issuer indicated that the offering is intended to last more than one year. An issuer must amend its Form D annually while a continuing offering stays open; 1 amendment is on record for this CIK.
What is PREP Net Lease Income Fund III, Inc.'s revenue?
The issuer declined to disclose its revenue range on the Form D, which the form permits.
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Data Methodology
Capital raise figures, investor counts, and filing dates are sourced directly from SEC EDGAR Form D primary documents via the SEC EDGAR submissions API and full-text search index. EDGAR entity profiles and deal-level data are reviewed by AltStreet analysts with backgrounds in corporate finance and securities law — cross-referenced against offering circulars, audited financial statements, and primary regulatory filings before publication. Platform-provided information, where present, is clearly labeled and does not affect EDGAR data or AltStreet editorial coverage. Platforms may request factual corrections for demonstrable inaccuracies by contacting [email protected]. This page does not constitute investment advice.