AX Diversified Retail Portfolio, DST admits investors at $25,000. Across the 230 active offerings in Top1031's directory, the trailing-twelve-month median minimum is $100,000. Apollo RE Exchange, LLC appears among the Trust's related persons, and Apollo describes Apollo Real Estate Exchange (AX), in material dated January 12, 2024, as a Delaware Statutory Trust (DST) platform and a program potentially using Sections 1031 and 721.
Selling compensation is stated at 6.5% of the maximum offering amount. The tracked median is 6.0%. The filing leaves the broker-dealer and salesperson disclosure empty, so the notice discloses the compensation without disclosing a recipient. The exemption claimed is Rule 506(b), which prohibits general solicitation and advertising.
The first sale is dated July 17, 2026, ahead of the notice.
Item | Detail |
|---|---|
Form D filed | July 31, 2026 |
Maximum offering amount | $89,517,000 |
Amount sold as of the filing date | $1,142,216 |
Investors to date | 1 |
Sales commissions stated | $5,817,000 |
Finders' fees | $0 |
Broker-dealers named | not stated |
Exemptions claimed | Rule 506(b); Investment Company Act 3(c), 3(c)(5) |
Issuer address | 9 West 57th Street, New York, NY 10019 |
Jurisdiction | Delaware |
Source |
The related-person list is long and uniform. Every name is carried under a single relationship, executive officer, and every name at the same Manhattan address. Stuart Rothstein and Benjamin Israel are identified in the Apollo Realty Income Solutions prospectus dated March 1, 2026 as that vehicle's board chair and chief operating officer; the evidence does not identify either as an officer of AX itself. Nari Na signed for the Trust as Vice President of the Manager and Signatory Trustee of the issuer.
What the roster does not include is a property. The title promises a diversified retail portfolio; the filing gives an industry code of Other Real Estate and stops. No address, no tenant, no state, no financing. Nor is there outside coverage to fill the gap: as of August 2, 2026, the only public appearance of this Trust beyond EDGAR is StreetInsider's reproduction of the notice itself, and no Apollo announcement of a DST or 1031 offering was identified in the 90-day period through August 2, 2026.
Three earlier AX funds appear on DTCC's Weekly Update dated January 2, 2026, which records alternative investment product live dates: AX DG San Antonio, DST Fund on April 24, 2025, AX DG St. Louis DST Fund on June 2, 2025, and Ax Essential Retail Portfolio, DST on November 25, 2025. AltsWire reported on July 16, 2025 that AX DG St. Louis, a Missouri asset sponsored by Apollo Real Estate Exchange, sought to raise more than $42.5 million. Top1031's directory counts 2 active Apollo offerings; the DTCC list records platform availability rather than which trusts are still raising, and neither record settles which of the earlier AX trusts has closed.
AX DG San Antonio and AX DG St. Louis took city names. Essential Retail Portfolio and this one take categories. Apollo's public materials name the platform and not its individual trusts, so the sequence surfaces only in the entity names on the filings themselves: the depositor here is AX IV Depositor, LLC.