The first sale in FREX DB Series I DST was recorded on April 15, 2026. None of the filings since reports half the ceiling sold.
Raise velocity is a pace metric Top1031 computes from an offering's own Form D amendment dates: the days from the first sale to the amendment reporting 50% of the ceiling sold, and the days to the amendment reporting 90%. This raise has reached neither mark, so both fields are empty rather than large. The metric is censored. That is a statement about the clock, not about the offering.
The market figures exist, and they do not help here. Across 4,177 programs the median run from first sale to 50% of the ceiling sold is 15 days, and the median to 90% is also 15 days. Each median can only be taken over the filings that reached its own mark, so the two are computed over different sets of programs, and both are filing-level medians counting amendments rather than unique Trusts. The inputs behind them do not identify either cohort. A median in days cannot be set beside a field with no days in it, and pretending otherwise would be arithmetic dressed as analysis.
Fortress Real Estate Exchange has no earlier program in the record Top1031 tracks, so there is no sponsor pace to set beside this one. What a tracked record does not contain is not proof of absence; it means only that this raise, for now, has nothing of the sponsor's own to be measured against.
Filing | Date | Amount sold | % of ceiling | Investors |
|---|---|---|---|---|
May 7, 2026 | $100,000 | 0.2% | 1 | |
May 22, 2026 | $2,191,772 | 5.5% | 6 | |
June 23, 2026 | $2,731,772 | 6.8% | 9 | |
July 21, 2026 | $4,852,206 | 12.1% | 18 | |
August 25, 2026 | $6,398,579 | 15.9% | 24 | |
September 9, 2026 | $8,723,888 | 21.7% | 25 |
Every filing reports the same offering amount, $40.18 million, and amounts sold are as each filing states them, which can lag actual subscriptions.
In the most recent step the dollar total rose while the investor count moved far less. Form D reports cumulative totals and no ticket sizes, so the filing does not disclose what accounts for that step. Pace measures demand at a price, through one distribution channel, over one stretch of months, and it says nothing about the property.
The ceiling itself has not moved. A sponsor cutting the offering amount it once set registers in this metric as plainly as a fast raise does, and the record here carries no such amendment.
What the filing does not carry is most of what a buyer needs. The asset class is given as Other Real Estate and no property is named. The minimum investment is $25,000. The offering is filed under Rule 506(c), so the sponsor may solicit generally, and any tally of investors is a tally of who signed rather than of who was approached. Performance figures and distribution terms are not Form D content; those belong to the PPM.
The next amendment is where the metric turns. If one reports half the ceiling sold, this Trust gets a days-to-50 figure for the first time, and the pace stops being an empty field. Until then, a full subscription, whenever it arrives, would establish only that the equity was placed.