The first sale in NexPoint Small Bay III DST is dated October 28, 2025 in the filings. It took 301 days from that date for an amendment to show half the ceiling sold: the August 25, 2026 filing puts the Delaware Statutory Trust (DST) at 51%. That is what 301 days measures here, and it is what Top1031 means by raise velocity - the days from the first reported sale to the first amendment showing half the offering sold, computed from the Form D amendments themselves.
Set against the Sponsor's own record, the run is long. NexPoint's median to half, across 23 programs, is 118 days; its median to 90% is 189 days. The market median to half is 15 days, a benchmark drawn from filings across 4,177 programs rather than a median of unique Trusts.
No downward amendment appears in the record. The ceiling in the most recent filing is the ceiling the first filing set.
Filing date | Amount sold | % of ceiling | Investors |
|---|---|---|---|
2025-11-07 | $1,148,406 | 2.3 | 3 |
2025-11-20 | $1,881,677 | 3.7 | 6 |
2025-12-02 | $4,393,408 | 8.7 | 9 |
2025-12-16 | $4,888,646 | 9.7 | 13 |
2025-12-22 | $5,572,103 | 11.1 | 16 |
2025-12-23 | $7,016,275 | 13.9 | 21 |
2026-01-06 | $7,616,275 | 15.1 | 22 |
2026-01-13 | $11,152,102 | 22.1 | 29 |
2026-01-27 | $13,099,688 | 26 | 35 |
2026-02-03 | $15,316,030 | 30.4 | 39 |
2026-02-18 | $16,748,796 | 33.2 | 46 |
2026-03-04 | $17,344,828 | 34.4 | 50 |
2026-04-28 | $19,984,608 | 39.7 | 63 |
2026-05-12 | $20,882,923 | 41.4 | 67 |
2026-05-19 | $21,716,927 | 43.1 | 71 |
2026-06-10 | $22,414,235 | 44.5 | 76 |
2026-08-25 | $25,712,141 | 51 | 91 |
2026-09-09 | $26,934,778 | 53.5 | 93 |
Ceiling of $50.38 million in every filing listed. The table carries the filings that report an amount sold; accessions 0002094145-26-000007 and 0002094145-26-000012 are absent from that path, so the spacing between rows is not a record of every filing made. Amounts are as each Form D reports them on its filing date, which can trail actual subscriptions.
The filings that document this pace document little else. The asset class entry reads Other Real Estate, and no property is identified - no address, no building, no market. The Form D record states no distribution terms and carries no commission figures. What it does state is a minimum investment of $100,000 and an exemption claim entered as 06c, 3C, 3C.5, which is the Rule 506(c) claim under the Securities Act together with the two Investment Company Act items. The terms of the Trust live in the PPM, not in this record.
So a slow raise is a slow raise. Form D asks nothing about why a raise moves at the speed it does, and these filings offer no explanation. Whether the back half of the ceiling fills faster than the front is unanswered by the record as it stands on September 9, 2026; the days-to-90% measure remains open until a filing shows that level or the offering closes below it.