Two programs is a thin base for a sponsor median, and two is what Apollo has: 322 days to half the ceiling, 403 days to 90%. AX Essential Retail Portfolio, DST cleared both marks well inside those numbers. Against the wider field it was slow. The median across 2,927 programs with pace data is 21 days to half and 20 days to 90%.
Raise velocity is a pace metric Top1031 computes from the Form D amendment dates: the days from an offering's first sale to the point where reported sales cross half, and then 90%, of the stated ceiling. It measures how quickly equity arrived. It says nothing about the properties, the terms, or the eventual result for investors.
The first sale was recorded on November 25, 2025, and the initial Form D followed on December 11, 2025.
Filing date | Amount sold | Share of $91,520,000 ceiling | Investors |
|---|---|---|---|
December 11, 2025 | $6,731,493 | 7.4% | 2 |
January 21, 2026 | $20,293,892 | 22.2% | 17 |
February 17, 2026 | $27,921,232 | 30.5% | 26 |
March 4, 2026 | $39,352,589 | 43% | 31 |
March 25, 2026 | $44,776,430 | 48.9% | 42 |
April 13, 2026 | $48,460,229 | 53% | 52 |
April 30, 2026 | $57,439,268 | 62.8% | 68 |
May 21, 2026 | $67,269,864 | 73.5% | 82 |
June 11, 2026 | $69,315,095 | 75.7% | 89 |
July 9, 2026 | $77,577,897 | 84.8% | 103 |
August 14, 2026 | $89,380,983 | 97.7% | 113 |
Equity arrived in increments rather than in one block, and the investor count rose at every amendment. Nothing in the path reads as a single large subscription carrying the raise.
The ceiling never moved. It reads $91.52 million in the latest amendment exactly as it did in the first filing, with no downward amendment anywhere in the record. The minimum investment is $25,000.
The Trust claims the 506(b) exemption, which bars general solicitation. What set the pace, the filings do not say, and Apollo has issued no public statement on the raise that research surfaced.
What the Form D withholds is most of what a buyer would want. The asset class is filed as Other Real Estate; the document names no retail properties, no tenants, no locations. The PPM will state the distribution terms. A raise near its ceiling is subscribed, not proven. The next amendment either dates the close or shows the remainder still open.