The Form D record for FSX Industrial 34, DST has two entries, and they sit on opposite sides of a finished raise. Four Springs (FSX) reported a first sale on December 15, 2025 in the Delaware Statutory Trust (DST) offering's original filing, then amended on August 14, 2026 to report the ceiling sold in full. Nothing was filed in between, and the ceiling itself never moved.
Filing | Filing date | Amount sold | Investors | Share of ceiling |
|---|---|---|---|---|
Form D | January 2, 2026 | $3,205,471 | 6 | 6.4% |
Amendment | August 14, 2026 | $50,200,000 | 108 | 100% |
Raise velocity, as Top1031 computes it, is the count of days from the first reported sale to the amendment that first shows half the ceiling sold (50%) and to the one that first shows most of it (90%). Here both readings land on the same filing: 242 days, twice. That figure dates the observation, not the demand. The half-way crossing happened somewhere in the months between the January filing and the August amendment, and the record does not say where. Amount sold is as each filing reports it and can lag the book.
The offering was filed under 506(c), which permits general solicitation, and sets a minimum investment of $100,000. The Form D selects Other Real Estate as its industry, notwithstanding the Industrial in the marketing title, and it names no property, no tenant, no location and no distribution terms, as Form D never does. No sponsor statement on the raise and no third-party coverage of it surfaced in research.
A filled ceiling is a demand fact and only that. It says the equity was placed with investors and their advisers. It says nothing about the asset behind the name, which the filing does not describe, and nothing about the eventual result for the people who subscribed. What is known next comes from what Four Springs reports about the property.