The first Form D for JWCM Vivian, DST, filed October 28, 2025, reported a first sale dated October 14, 2025. The amendment filed September 9, 2026 reports this Delaware Statutory Trust (DST) just short of half of a ceiling that has not changed since that first filing, and no amendment has revised that ceiling downward.
Raise velocity is a pace metric Top1031 computes from an offering's own amendment dates: the days from the first sale to the point where reported sales reach half the stated ceiling, and to the point where they reach 90% of it. A milestone not reached has no date. What this offering has, then, is an open count rather than a slow one, and the distinction matters when reading it against anything else.
The table below covers the filings that carry sold amounts, and the record as supplied skips a sequence number between the February and March entries.
Filing date | Amount sold | Investors | Share of ceiling |
|---|---|---|---|
$221,603 | 1 | 0.5% | |
$1,556,635 | 7 | 3.4% | |
$1,947,932 | 10 | 4.2% | |
$2,561,260 | 13 | 5.5% | |
$3,053,105 | 16 | 6.6% | |
$3,953,105 | 18 | 8.6% | |
$5,363,663 | 20 | 11.6% | |
$8,655,821 | 27 | 18.7% | |
$10,971,131 | 35 | 23.8% | |
$11,407,329 | 37 | 24.7% | |
$15,747,701 | 48 | 34.1% | |
$21,113,968 | 62 | 45.7% | |
$21,701,157 | 65 | 47% |
The benchmarks that frame that pace describe very different worlds.
Days to half the ceiling | Days to 90% | |
|---|---|---|
JWCM Vivian, DST | not yet reached | not yet reached |
JWCM Exchange I median | 228 | 301 |
Market median | 15 | 15 |
The sponsor benchmark rests on so few prior programs that its median is a midpoint rather than a pattern, and it should be read as one. The market benchmark rests on 4,177 programs, and its two figures are not points along a single path: they are separate medians, computed at the filing level so that amendments are counted rather than unique Trusts, and the composition behind each is not given here. The record gives JWCM Vivian neither milestone date, so neither sponsor median can be set beside it yet.
Pace measures demand as the filings report it, and nothing else. Amount sold is the figure the sponsor states as of each filing date and can lag what is actually in hand. A raise that fills fast is subscribed, not proven; a raise that fills slowly is a raise that filled slowly, and the filing record states no reason for either. The Form D describes the asset class only as Other Real Estate, sets a $25,000 minimum, and is filed under Rule 506(c), which permits the offering to be advertised. Property detail and distribution terms live in the PPM, not here.
The next amendment resolves one thing. Either reported sales cross half the ceiling, which fixes the first day count and makes the comparison above a matter of record, or they do not, and the count stays open for another filing. The amendments count dollars and investors. That is all they count.