What each source can and cannot tell you
An SEC Form D gives the issuer's own account of the offering. Sponsor disclosures and researched sources can add the property, the financing, and how a program ended.
Each has limits. A Form D says nothing about quality and does not confirm the offering is still open. Sponsors choose what they publish. Public records can lag events.
Top1031 labels which source a fact came from, and leaves a gap open rather than filling it with an estimate.
The SEC filing comes first
Top1031 reads Form D filings and amendments in the SEC's EDGAR system. A Form D can report the issuer's legal name, its CIK (the SEC's ID number for the filer), the offering size, the filing dates, how many investors have come in, and which Regulation D exemption is claimed.
Top1031 records the amount sold when the issuer reports it. Any remaining amount shown is arithmetic: the stated offering size minus the reported amount sold.
Form D values are preserved as reported by the issuer. A Form D is a notice, not an approval. A filing does not mean the SEC approved, endorsed, or verified an offering.
Projected returns are not treated as realized results. Top1031 does not estimate sponsor performance when no supported figure is available.
Then daily filing checks, then research
An automated process checks SEC EDGAR daily for new Form D filings and amendments. Related status fields are updated when the available evidence supports a change.
Research adds what a filing never carries: the sponsor name behind the filing entity, the asset type, the location, photos, financing details, and evidence of how a program ended. Coverage varies by field and record.
When a source does not report a value, Top1031 leaves it unestimated. When research is incomplete, a page may say that work is still in progress.
A pin drops on the map only when a cited source supports the address and showing it is permitted.
Made comparable, without losing the original
Sponsors file under many entity names. Those are grouped under one sponsor record, so a sponsor's whole history reads as one history. Property descriptions are sorted into eight asset types so offerings can be compared consistently.
Closed offerings are published once enough source research supports a reliable public record. Suspended offerings are left off the site.
How a program ended is classified from SEC filings, sponsor announcements, and credible reporting. Sponsor-published figures remain labeled “as reported by the sponsor” and are not presented as independently verified.
Corrections go back to the source
A correction is made to the underlying input and its citation, not to the page. When a filing is amended or a reliable source supports a change, Top1031 updates the relevant record.
That update can affect offering pages, sponsor records, data reports, and Sponsor Grades.
To suggest a correction, email data@top1031.com. Include the page URL, the change you are proposing, and a source that supports it.