The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM D

Notice of Exempt Offering of Securities
OMB APPROVAL
OMB Number: 3235-0076
Estimated average burden
hours per response: 4.00

1. Issuer's Identity

CIK (Filer ID Number) Previous Names
X None
Entity Type
0001757089
   Corporation
   Limited Partnership
   Limited Liability Company
   General Partnership
X Business Trust
   Other (Specify)

Name of Issuer
ExchangeRight Net Leased Portfolio 24 DST
Jurisdiction of Incorporation/Organization
DELAWARE
Year of Incorporation/Organization
   Over Five Years Ago
X Within Last Five Years (Specify Year) 2018
   Yet to Be Formed

2. Principal Place of Business and Contact Information

Name of Issuer
ExchangeRight Net Leased Portfolio 24 DST
Street Address 1 Street Address 2
1055 E. COLORADO BLVD., SUITE 310
City State/Province/Country ZIP/PostalCode Phone Number of Issuer
PASADENA CALIFORNIA 91106 8553174448

3. Related Persons

Last Name First Name Middle Name
Fisher David
Street Address 1 Street Address 2
1055 E. Colorado Blvd., Suite 310
City State/Province/Country ZIP/PostalCode
Pasadena CALIFORNIA 91106
Relationship: X Executive Officer    Director    Promoter

Clarification of Response (if Necessary):

Last Name First Name Middle Name
Ungerecht Joshua
Street Address 1 Street Address 2
1055 E. COLORADO BLVD., SUITE 310
City State/Province/Country ZIP/PostalCode
Pasadena CALIFORNIA 91106
Relationship: X Executive Officer    Director    Promoter

Clarification of Response (if Necessary):

Last Name First Name Middle Name
Thomas Warren
Street Address 1 Street Address 2
1055 E. COLORADO BLVD., SUITE 310
City State/Province/Country ZIP/PostalCode
Pasadena CALIFORNIA 91106
Relationship: X Executive Officer    Director    Promoter

Clarification of Response (if Necessary):

4. Industry Group

   Agriculture
Banking & Financial Services
   Commercial Banking
   Insurance
   Investing
   Investment Banking
   Pooled Investment Fund
Is the issuer registered as
an investment company under
the Investment Company
Act of 1940?
   Yes    No
   Other Banking & Financial Services
   Business Services
Energy
   Coal Mining
   Electric Utilities
   Energy Conservation
   Environmental Services
   Oil & Gas
   Other Energy
Health Care
   Biotechnology
   Health Insurance
   Hospitals & Physicians
   Pharmaceuticals
   Other Health Care
   Manufacturing
Real Estate
X Commercial
   Construction
   REITS & Finance
   Residential
   Other Real Estate
  
 Retailing
  
 Restaurants
Technology
   Computers
   Telecommunications
   Other Technology
Travel
   Airlines & Airports
   Lodging & Conventions
   Tourism & Travel Services
   Other Travel
  
 Other

5. Issuer Size

Revenue Range OR Aggregate Net Asset Value Range
   No Revenues    No Aggregate Net Asset Value
   $1 - $1,000,000    $1 - $5,000,000
X $1,000,001 - $5,000,000    $5,000,001 - $25,000,000
   $5,000,001 - $25,000,000    $25,000,001 - $50,000,000
   $25,000,001 - $100,000,000    $50,000,001 - $100,000,000
   Over $100,000,000    Over $100,000,000
   Decline to Disclose    Decline to Disclose
   Not Applicable    Not Applicable

6. Federal Exemption(s) and Exclusion(s) Claimed (select all that apply)

   Rule 504(b)(1) (not (i), (ii) or (iii))
   Rule 504 (b)(1)(i)
   Rule 504 (b)(1)(ii)
   Rule 504 (b)(1)(iii)
X Rule 506(b)
   Rule 506(c)
   Securities Act Section 4(a)(5)
   Investment Company Act Section 3(c)
   Section 3(c)(1)    Section 3(c)(9)  
   Section 3(c)(2)    Section 3(c)(10)
   Section 3(c)(3)    Section 3(c)(11)
   Section 3(c)(4)    Section 3(c)(12)
   Section 3(c)(5)    Section 3(c)(13)
   Section 3(c)(6)    Section 3(c)(14)
   Section 3(c)(7)

7. Type of Filing

   New Notice Date of First Sale 2018-11-08    First Sale Yet to Occur
X Amendment

8. Duration of Offering

Does the Issuer intend this offering to last more than one year?
   Yes X No

9. Type(s) of Securities Offered (select all that apply)

X Equity    Pooled Investment Fund Interests
   Debt    Tenant-in-Common Securities
   Option, Warrant or Other Right to Acquire Another Security    Mineral Property Securities
   Security to be Acquired Upon Exercise of Option, Warrant or Other Right to Acquire Security    Other (describe)

10. Business Combination Transaction

Is this offering being made in connection with a business combination transaction, such as a merger, acquisition or exchange offer?
   Yes X No

Clarification of Response (if Necessary):

11. Minimum Investment

Minimum investment accepted from any outside investor $100,000 USD

12. Sales Compensation

Recipient
Recipient CRD Number    None
Lighthouse Capital Group LLC 169135
(Associated) Broker or Dealer X None
(Associated) Broker or Dealer CRD Number X None
None None
Street Address 1 Street Address 2
1055 E. COLORADO BLVD., SUITE 310
City State/Province/Country ZIP/Postal Code
Pasadena CALIFORNIA 91106
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		 X All States
   Foreign/non-US
Recipient
Recipient CRD Number    None
B. B. Graham & Co Inc. 41533
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
Ryan Joyce 2889224
Street Address 1 Street Address 2
1700 West Katella Ave
City State/Province/Country ZIP/Postal Code
Orange CALIFORNIA 92867
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
TEXAS
Recipient
Recipient CRD Number    None
Calton & Associates, Inc. 20999
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
Bennett Ely 721298
Street Address 1 Street Address 2
2701 N. Rocky Point Dr., Ste 1000
City State/Province/Country ZIP/Postal Code
Tampa FLORIDA 33607
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		 X All States
   Foreign/non-US
Recipient
Recipient CRD Number    None
Cape Securities 7072
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
Peter Dorn 1089858
Street Address 1 Street Address 2
1600 Pennsylvania Avenue
City State/Province/Country ZIP/Postal Code
McDonough GEORGIA 30265
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		 X All States
   Foreign/non-US
Recipient
Recipient CRD Number    None
Capulent 155155
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
Edward E. Fernandez 2956661
Street Address 1 Street Address 2
4144 N 44th St, Ste 3
City State/Province/Country ZIP/Postal Code
Phoenix ARIZONA 85018
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		 X All States
   Foreign/non-US
Recipient
Recipient CRD Number    None
Center Street Securities, Inc. 26898
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
Michael Ecker 824193
Street Address 1 Street Address 2
2740 Old Elm Hill Pike, Suite 201
City State/Province/Country ZIP/Postal Code
Nashville TENNESSEE 37214
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		 X All States
   Foreign/non-US
Recipient
Recipient CRD Number    None
Concorde Investment Services 151604
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
Bart Harrison 1616987
Street Address 1 Street Address 2
19500 Victory Parkway, Ste. 550
City State/Province/Country ZIP/Postal Code
Luvibua MICHIGAN 48152
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		 X All States
   Foreign/non-US
Recipient
Recipient CRD Number    None
Concorde Investment Services 151604
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
Brion Norby 4577786
Street Address 1 Street Address 2
19500 Victory Parkway, Ste. 550
City State/Province/Country ZIP/Postal Code
Luvibua MICHIGAN 48152
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		 X All States
   Foreign/non-US
Recipient
Recipient CRD Number    None
Concorde Investment Services 151604
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
Frank Dunn 1075960
Street Address 1 Street Address 2
19500 Victory Parkway, Ste. 550
City State/Province/Country ZIP/Postal Code
Luvibua MICHIGAN 48152
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		 X All States
   Foreign/non-US
Recipient
Recipient CRD Number    None
Concorde Investment Services 151604
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
Gary Hughes 1700976
Street Address 1 Street Address 2
19500 Victory Parkway, Ste. 550
City State/Province/Country ZIP/Postal Code
Luvibua MICHIGAN 48152
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		 X All States
   Foreign/non-US
Recipient
Recipient CRD Number    None
Great Point Capital 114203
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
Susan Gitt 5580509
Street Address 1 Street Address 2
200 West Jackson Blvd., Suite 1000
City State/Province/Country ZIP/Postal Code
Chicago ILLINOIS 60606
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		 X All States
   Foreign/non-US
Recipient
Recipient CRD Number    None
Investment Security Corporation 47536
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
John Butler 1951436
Street Address 1 Street Address 2
24009 Ventura Blvd., Ste. 101
City State/Province/Country ZIP/Postal Code
Calabasas CALIFORNIA 91302
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
ARIZONA
CALIFORNIA
FLORIDA
ILLINOIS
MASSACHUSETTS
MISSISSIPPI
TEXAS
UTAH
WYOMING
Recipient
Recipient CRD Number    None
Lowell & Company 24913
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
Gayle Morgeson 1230450
Street Address 1 Street Address 2
4021 84th Street, Suite 100
City State/Province/Country ZIP/Postal Code
Lubbock TEXAS 79423
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
ALABAMA
CALIFORNIA
COLORADO
FLORIDA
GEORGIA
ILLINOIS
KANSAS
LOUISIANA
MISSOURI
NEW MEXICO
NORTH CAROLINA
OKLAHOMA
TEXAS
VIRGINIA
Recipient
Recipient CRD Number    None
Lowell & Company 24913
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
Bill Lowell 1158722
Street Address 1 Street Address 2
4021 84th Street, Suite 100
City State/Province/Country ZIP/Postal Code
Lubbock TEXAS 79423
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
ALABAMA
CALIFORNIA
COLORADO
FLORIDA
GEORGIA
ILLINOIS
KANSAS
LOUISIANA
MISSOURI
NEW MEXICO
NORTH CAROLINA
OKLAHOMA
TEXAS
VIRGINIA
Recipient
Recipient CRD Number    None
Madrona Financial Services 115753
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
Brain Evans 4004458
Street Address 1 Street Address 2
2911 Bond St Suite 200
City State/Province/Country ZIP/Postal Code
Everett WASHINGTON 98201
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		 X All States
   Foreign/non-US
Recipient
Recipient CRD Number    None
McDermott Investment Service, LLC 154926
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
Deb Schleining 2768752
Street Address 1 Street Address 2
44 East Broad St. Suite 216
City State/Province/Country ZIP/Postal Code
Bethlehem PENNSYLVANIA 18018
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		 X All States
   Foreign/non-US
Recipient
Recipient CRD Number    None
McDermott Investment Service, LLC 154926
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
Daniel Nemeth 6150953
Street Address 1 Street Address 2
44 East Broad St. Suite 216
City State/Province/Country ZIP/Postal Code
Bethlehem PENNSYLVANIA 18018
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		 X All States
   Foreign/non-US
Recipient
Recipient CRD Number    None
National Securities Corporation 7569
(Associated) Broker or Dealer X None
(Associated) Broker or Dealer CRD Number X None
None None
Street Address 1 Street Address 2
200 Vesey St. 25th Floor
City State/Province/Country ZIP/Postal Code
New York NEW YORK 10281
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		 X All States
   Foreign/non-US
Recipient
Recipient CRD Number    None
NPB Financial Group, LLC 137743
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
Greg Bernhardt 703622
Street Address 1 Street Address 2
3500 W. Olive Ave. #300
City State/Province/Country ZIP/Postal Code
Burbank CALIFORNIA 91505
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
CALIFORNIA
Recipient
Recipient CRD Number    None
NPB Financial Group, LLC 137743
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
Gary Benson 1182211
Street Address 1 Street Address 2
3500 W. Olive Ave. #300
City State/Province/Country ZIP/Postal Code
Burbank CALIFORNIA 91505
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
CALIFORNIA
Recipient
Recipient CRD Number    None
North Capital Private Securities Corp. 154559
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
Brian Sigler 5697700
Street Address 1 Street Address 2
10780 Santa Monica Blvd Suite 140
City State/Province/Country ZIP/Postal Code
Los Angeles CALIFORNIA 90025
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		 X All States
   Foreign/non-US
Recipient
Recipient CRD Number    None
North Capital Private Securities Corp. 154559
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
Griffin Quick 6672218
Street Address 1 Street Address 2
10780 Santa Monica Blvd Suite 140
City State/Province/Country ZIP/Postal Code
Los Angeles CALIFORNIA 90025
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		 X All States
   Foreign/non-US
Recipient
Recipient CRD Number    None
North Capital Private Securities Corp. 154559
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
Jason Conklin 6653588
Street Address 1 Street Address 2
10780 Santa Monica Blvd Suite 140
City State/Province/Country ZIP/Postal Code
Los Angeles CALIFORNIA 90025
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		 X All States
   Foreign/non-US
Recipient
Recipient CRD Number    None
Sandlapper Securities, LLC 137906
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
Chris Miller 4044818
Street Address 1 Street Address 2
800 E. North St.
City State/Province/Country ZIP/Postal Code
Greenville SOUTH CAROLINA 29601
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		 X All States
   Foreign/non-US
Recipient
Recipient CRD Number    None
Sandlapper Securities, LLC 137906
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
Toni Sutherland 2729672
Street Address 1 Street Address 2
800 E. North St.
City State/Province/Country ZIP/Postal Code
Greenville SOUTH CAROLINA 29601
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		 X All States
   Foreign/non-US
Recipient
Recipient CRD Number    None
SCF Securities 47275
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
Les Rosenblatt 2576802
Street Address 1 Street Address 2
155 E. Shaw Ave Suite 102
City State/Province/Country ZIP/Postal Code
Fresno CALIFORNIA 93710
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		 X All States
   Foreign/non-US
Recipient
Recipient CRD Number    None
SCF Securities 47275
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
David Robertson 3171797
Street Address 1 Street Address 2
155 E. Shaw Ave Suite 102
City State/Province/Country ZIP/Postal Code
Fresno CALIFORNIA 93710
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		 X All States
   Foreign/non-US
Recipient
Recipient CRD Number    None
TCM Securities 43559
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
Timothy Kulhanek 5696299
Street Address 1 Street Address 2
2230 Towne Lake Pkwy Bdg 800 Ste 130
City State/Province/Country ZIP/Postal Code
Woodstock GEORGIA 30189
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		 X All States
   Foreign/non-US
Recipient
Recipient CRD Number    None
The Strategic Financial Alliance, Inc. 126514
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
James Gambaccini 4619759
Street Address 1 Street Address 2
2200 Cenbury Parkway, Suite 500
City State/Province/Country ZIP/Postal Code
Atlanta GEORGIA 30345
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		 X All States
   Foreign/non-US
Recipient
Recipient CRD Number    None
Wealth Forge Securities, LLC 152550
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
Chay Lapin 6275140
Street Address 1 Street Address 2
6800 Paragon Place, Suite 200
City State/Province/Country ZIP/Postal Code
Richmond VIRGINIA 23230
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		 X All States
   Foreign/non-US
Recipient
Recipient CRD Number    None
Wealth Forge Securities, LLC 152550
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
David Dahill 6581024
Street Address 1 Street Address 2
6800 Paragon Place, Suite 200
City State/Province/Country ZIP/Postal Code
Richmond VIRGINIA 23230
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		 X All States
   Foreign/non-US
Recipient
Recipient CRD Number    None
Wealth Forge Securities, LLC 152550
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
Drew Reynolds 6646813
Street Address 1 Street Address 2
6800 Paragon Place, Suite 200
City State/Province/Country ZIP/Postal Code
Richmond VIRGINIA 23230
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		 X All States
   Foreign/non-US
Recipient
Recipient CRD Number    None
Western International Securities 39262
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
Jason Lowther 2606268
Street Address 1 Street Address 2
70 S Lake Avenue #700
City State/Province/Country ZIP/Postal Code
Pasadena CALIFORNIA 91101
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		 X All States
   Foreign/non-US
Recipient
Recipient CRD Number    None
Western International Securities 39262
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
Dan Beech 6169844
Street Address 1 Street Address 2
70 S Lake Avenue #700
City State/Province/Country ZIP/Postal Code
Pasadena CALIFORNIA 91101
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		 X All States
   Foreign/non-US

13. Offering and Sales Amounts

Total Offering Amount $44,870,000 USD
or    Indefinite
Total Amount Sold $0 USD
Total Remaining to be Sold $44,870,000 USD
or    Indefinite

Clarification of Response (if Necessary):

14. Investors

  
 Select if securities in the offering have been or may be sold to persons who do not qualify as accredited investors, and enter the number of such non-accredited investors who already have invested in the offering.
Regardless of whether securities in the offering have been or may be sold to persons who do not qualify as accredited investors, enter the total number of investors who already have invested in the offering:
94

15. Sales Commissions & Finder's Fees Expenses

Provide separately the amounts of sales commissions and finders fees expenses, if any. If the amount of an expenditure is not known, provide an estimate and check the box next to the amount.

Sales Commissions $3,140,900 USD
X Estimate
Finders' Fees $0 USD
   Estimate

Clarification of Response (if Necessary):

16. Use of Proceeds

Provide the amount of the gross proceeds of the offering that has been or is proposed to be used for payments to any of the persons required to be named as executive officers, directors or promoters in response to Item 3 above. If the amount is unknown, provide an estimate and check the box next to the amount.

$0 USD
   Estimate

Clarification of Response (if Necessary):

Signature and Submission

Please verify the information you have entered and review the Terms of Submission below before signing and clicking SUBMIT below to file this notice.

Terms of Submission

In submitting this notice, each issuer named above is:
  • Notifying the SEC and/or each State in which this notice is filed of the offering of securities described and undertaking to furnish them, upon written request, in the accordance with applicable law, the information furnished to offerees.*
  • Irrevocably appointing each of the Secretary of the SEC and, the Securities Administrator or other legally designated officer of the State in which the issuer maintains its principal place of business and any State in which this notice is filed, as its agents for service of process, and agreeing that these persons may accept service on its behalf, of any notice, process or pleading, and further agreeing that such service may be made by registered or certified mail, in any Federal or state action, administrative proceeding, or arbitration brought against the issuer in any place subject to the jurisdiction of the United States, if the action, proceeding or arbitration (a) arises out of any activity in connection with the offering of securities that is the subject of this notice, and (b) is founded, directly or indirectly, upon the provisions of:  (i) the Securities Act of 1933, the Securities Exchange Act of 1934, the Trust Indenture Act of 1939, the Investment Company Act of 1940, or the Investment Advisers Act of 1940, or any rule or regulation under any of these statutes, or (ii) the laws of the State in which the issuer maintains its principal place of business or any State in which this notice is filed.
  • Certifying that, if the issuer is claiming a Regulation D exemption for the offering, the issuer is not disqualified from relying on Rule 504 or Rule 506 for one of the reasons stated in Rule 504(b)(3) or Rule 506(d).

Each Issuer identified above has read this notice, knows the contents to be true, and has duly caused this notice to be signed on its behalf by the undersigned duly authorized person.

For signature, type in the signer's name or other letters or characters adopted or authorized as the signer's signature.

Issuer Signature Name of Signer Title Date
ExchangeRight Net Leased Portfolio 24 DST /Warren Thomas/ Warren Thomas Manager 2019-03-21

Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB number.

* This undertaking does not affect any limits Section 102(a) of the National Securities Markets Improvement Act of 1996 ("NSMIA") [Pub. L. No. 104-290, 110 Stat. 3416 (Oct. 11, 1996)] imposes on the ability of States to require information. As a result, if the securities that are the subject of this Form D are "covered securities" for purposes of NSMIA, whether in all instances or due to the nature of the offering that is the subject of this Form D, States cannot routinely require offering materials under this undertaking or otherwise and can require offering materials only to the extent NSMIA permits them to do so under NSMIA's preservation of their anti-fraud authority.