AX Diversified Retail Portfolio, DST recorded its first sale on July 17, 2026. Apollo filed the initial Form D later that month, and one amendment has followed it.
Form D filing | Date | Amount sold | Share of $89,517,000 ceiling |
|---|---|---|---|
Initial | July 31, 2026 | $1,142,216 | 1.3% |
Amendment | August 27, 2026 | $6,016,254 | 6.7% |
Top1031 measures raise velocity as the number of days from an offering's first sale to the filing that reports half the ceiling sold, and again to 90%. Both counts come from the Form D amendment dates and nothing else. This raise has cleared neither mark, so there is no velocity figure for it, and there will not be one until an amendment carries the sold total past half. Amount sold is whatever the filing states on the day it is filed; subscriptions in process do not appear until the next amendment, so the number on the page is a floor rather than a snapshot of demand in real time.
Days from first sale | This offering | Apollo median, 3 programs | Market median, 3,365 programs |
|---|---|---|---|
To 50% of ceiling | not reached | 139 | 18 |
To 90% of ceiling | not reached | 262 | 16 |
The two comparison columns carry very different weight, and the program counts in their headings say how much. At the 50% mark, Apollo's own history runs longer than the market median. Past that mark the market pair turns strange: its 90% median is stated below its 50% median, an ordering no single raise can follow. The computed inputs do not explain it, and the two market figures should not be read as one curve.
Pace measures demand, and only demand. A raise that fills quickly has found buyers; it has not thereby proved the property, the debt, the fees, or the eventual result for investors. A slow one has not disproved them either. The offering is filed under 506(b), which bars general solicitation, so subscriptions arrive through existing relationships rather than open marketing, and the minimum investment is $25,000.
The filing itself is thin on the underlying real estate, as Form D always is. It classifies the offering under Other Real Estate and names no properties, no locations, and no tenants; it carries no performance figures. The marketing title says diversified retail. The private placement memorandum is where the property schedule and the distribution terms live.
Both filings state the same offering amount. Apollo has not cut the ceiling, which is the other event this report exists to catch. The next amendment is the first document that could produce a pace figure, and only if it reports the raise past the halfway mark. Short of that, it will still show two things worth knowing: how much the sold total moved, and how many investors it took to move it.