Related DST offerings
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A DST Has a Life Cycle, and the Directory Follows It
Every Trust on Top1031 sits somewhere on a life cycle: an offering is filed and opens to investors, it raises capital until it is fully subscribed, it holds the underlying property for a period of years, and eventually the sponsor sells the asset and winds the Trust down. An Active Trust's Raise Stage says where its raise stands, and a Historical Trust's Exit says what happened after it, both drawn from filings and disclosures [1].
Raise Stage: How Far Along an Active Offering Is
Raise Stage reads an Active offering's latest SEC Form D. The offering directory filters by it under "How far along". There are four values:
- Raising. The latest Form D reports some sales, under 90% of the offering amount.
- 90%+ reported sold. The latest Form D reports at least 90% sold. Filings can lag, so this does not confirm interests are still available.
- Just launched. The latest Form D reports no amount sold and was filed in the past six months.
- Amount sold not stated. The latest Form D reports no amount sold and was filed more than six months ago.
Each value describes what the filings show. None says anything about the sponsor or the property.
On an Active Trust's page, the offering size and the minimum investment are public. The amount sold, the share sold, the amount not yet sold, the investor count and the selling commissions open with free registration.
What "Fully Subscribed" Does and Doesn't Tell You
"Fully subscribed" means the offering has raised its target equity and closed to new investors. It says nothing about the underlying property's performance, because subscription status describes fundraising, not operating results. A Trust can be fully subscribed on the day it opens its doors to the last investor and still be years away from any disposition event.
How the Record Shows a Closing
The Form D and its amendments are the SEC record of how much an offering has sold. They are the sponsor's own numbers, and they can lag: a sponsor does not have to file an amendment just because more has sold. When the latest Form D reports the offering fully sold, the Trust moves to Historical.
"Fully subscribed" is a separate status. The directory marks an offering fully subscribed when a report outside the filings says so, such as a sponsor announcement or a trade-press report. The Trust's page then shows a "Sold out" status, with the report date when there is one and the date of the latest Form D. When the report is on the sponsor's own website, the page names the sponsor. When the page links that report, the link opens with free registration.
While its latest filing is inside the Active filing window, a fully subscribed offering is listed as "Recently fully subscribed", apart from Active, and is not counted as Active. After that, it moves to Historical.
Full-Cycle: When a Trust Closes for Good
"Historical" on the directory means the Trust is past its raise. What happened next is its Exit: still operating, sold, converted into a REIT, partly sold, foreclosed, distressed or not yet known. "Full cycle" is narrower: the property was sold or converted and the program ended. Full-cycle status is typically disclosed through a filing amendment, a sponsor announcement, or county-level deed records showing a disposition [1]. The directory keeps Historical Trusts, full-cycle or not, as a permanent record rather than removing them, because the historical count is part of what makes this directory complete.
Why Historical Trusts Don't Get a Map
Historical Trusts do not get a map. A Historical record describes an offering that is no longer raising, so the directory shows its address as part of the record rather than as a live listing.
Reading the Life Cycle as a Researcher
For a reader comparing current offerings, the practical use of these statuses is context: an active Trust under a sponsor platform with a long history of prior full-cycle exits is a different kind of data point than a first-time platform with no completed cycle yet. Both facts are visible on the directory precisely so a reader can weigh them without the site drawing a conclusion for them.
References
[1] https://www.sec.gov/edgar/search/
Frequently asked questions
Does 'fully subscribed' say anything about how the underlying property is performing?
No — fully subscribed describes fundraising status only. It does not indicate anything about occupancy, income, or eventual disposition value for the property.
Why doesn't a historical Trust show a map?
A Historical Trust is no longer raising, so the directory shows its address as part of the record rather than as a live listing with a map.
Where does full-cycle status come from?
Full-cycle status is drawn from filing amendments, sponsor disclosures, or public deed records showing the property was sold — the same evidentiary sources used everywhere else on the directory.