Data

AX Essential Retail Portfolio First Reported Half Its Ceiling Sold After 139 Days

Apollo's Delaware Statutory Trust (DST) first reported more than 90% of its ceiling sold after 262 days, measured from the reported first sale.

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AX Essential Retail Portfolio, DST first reported more than half its offering ceiling sold 139 days after its reported first sale. It first reported more than 90% sold after 262 days.

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.