When an Offering Closes
A Delaware Statutory Trust (DST) offering does not stay open indefinitely. Once a sponsor has raised the full amount of equity a program's private placement memorandum authorizes, the offering closes to new investors and its Raise Stage on this directory moves from Active to Fully Subscribed. From that point, no additional interests are sold under that offering, regardless of how many investors are still searching for a replacement property.
Why the Timing Matters
An investor completing a 1031 exchange is working against two fixed federal deadlines: 45 days to identify replacement property and 180 days to close on it. An offering that reaches Fully Subscribed during that window is no longer an eligible identification target — the investor has to substitute a different offering or a different type of replacement property before the clock runs out. This is why Raise Stage functions as a time-sensitive filter, distinguishing offerings still open to identify from ones already closed.
How the Record Shows a Closing
A DST interest offering is typically sold under a Regulation D exemption, and the sponsor's Form D filing — including any amendments filed as more of the offering is sold — is the public record of how much of the authorized raise was actually placed [1]. A "fully subscribed" announcement from a sponsor is a claim about that same raise; it is not itself SEC-verified, which is why this directory treats Raise Stage as a status field with its own evidence rather than folding it into a performance claim.
[1]: https://www.sec.gov/resources-small-businesses/capital-raising-building-blocks/what-form-d
Frequently asked questions
What does "Fully Subscribed" mean for a DST offering?
It means the sponsor has raised the full amount of equity authorized for that offering, and the offering is closed to new investors — no additional interests are being sold.
Does a DST offering accept new investors after it becomes Fully Subscribed?
No. Once an offering reaches Fully Subscribed, it stops accepting new investors; only offerings with an Active Raise Stage remain open to identify within the 45-day exchange window.