The first sale in AX Diversified Retail Portfolio, DST is dated July 17, 2026. Every Form D filed since reports a larger amount sold, and more investors, than the one before it. That is the plainest thing a Form D can say about demand, and it is close to the only thing this one says.
The Delaware Statutory Trust (DST) is sponsored by Apollo, carries a minimum investment of $25,000 against a ceiling of $89.52 million, and is offered under Rule 506(b), which bars general solicitation. It files under CIK 2146055.
Form D | Amount sold | % of ceiling | Investors |
|---|---|---|---|
July 31, 2026, initial | $1,142,216 | 1.3% | 1 |
August 27, 2026, amendment | $6,016,254 | 6.7% | 8 |
September 10, 2026, amendment | $14,772,450 | 16.5% | 25 |
Raise velocity is a pace metric Top1031 computes from the amendment dates themselves: the days from an offering's first sale to the filing that reports 50% of the ceiling sold, then the days to the filing that reports 90%. This offering sits below both marks, so both readings are censored. Censored is not slow. It means the clock is still running.
What exists instead is the frame the next amendment will be read against.
Benchmark | Days to 50% sold | Days to 90% sold |
|---|---|---|
AX Diversified Retail Portfolio, DST | not reached | not reached |
Apollo, prior programs (filing-level median) | 139 | 262 |
All tracked programs (filing-level median) | 15 | 15 |
That table carries caveats. The sponsor row rests on 3 programs, a median in name and a small handful in fact, and a handful can be moved by one unusual raise. Both medians are filing-level, computed across Form D filings with amendments included, so the 4,177 programs behind the market rows are not 4,177 distinct Trusts. The market rows also show the same figure at both thresholds, which the inputs do not explain, and neither pair describes any single program's path from one milestone to the next.
A Form D names no properties. This one is filed under the SEC's "Other Real Estate" category and the Trust's title says diversified retail; the document identifies no buildings, no tenants, no locations. It carries no performance figures; the PPM will state the distribution terms. No downward amendment has been filed, and the ceiling has held at the same figure since the initial document. No sponsor statement or coverage of this raise appears in the evidence assembled for this report. The amount sold is the filing's own figure, and filings lag subscriptions.
The next amendment is the only document that can turn this record into a pace. If it reports half the ceiling sold, there is a first real number to set beside the medians above, and the comparison becomes worth making. Before that, a Trust that fills is subscribed, not proven, and what the properties do for the people who bought into them sits outside the filing record entirely.