Correction (October 4, 2026): an earlier version used a market or sponsor median without establishing a DST-only comparison population. This version uses likely 1031 DST issuers.
NexPoint recorded the first sale in NexPoint Small Bay III DST on October 28, 2025. As of October 4, 2026, the most recent filing in the record, dated September 9, 2026, reports 53.5% of the offering amount sold.
What the Delaware Statutory Trust (DST) actually holds is not something a Form D describes. The filing gives the asset class as Other Real Estate and stops there: no property, no location, no tenancy, no debt. It sets a minimum investment of $100,000 and is filed under Rule 506(c).
Raise velocity is a pace metric Top1031 computes from the Form D amendment dates themselves: the days from the first reported sale to the amendment that first shows 50% of the stated offering amount, and then to the one that shows 90%. For this offering, only the first of the two exists.
Days to milestone | This offering | NexPoint (likely 1031 DST) | Market (likely 1031 DST) |
|---|---|---|---|
To 50% of ceiling | 301 | 118 | 107 |
To 90% of ceiling | not reported | 197 | 181 |
Programs in cohort | 23 | 864 as of October 4, 2026 |
To 50% of ceiling
This offering
301
NexPoint (likely 1031 DST)
118
Market (likely 1031 DST)
107
To 90% of ceiling
This offering
not reported
NexPoint (likely 1031 DST)
197
Market (likely 1031 DST)
181
Programs in cohort
This offering
NexPoint (likely 1031 DST)
23
Market (likely 1031 DST)
864 as of October 4, 2026
Small Bay III cleared the halfway mark well past both benchmarks, and by a wide margin rather than a near miss. The second milestone is not a slow number. It is an absent one, and the pace to 90% cannot be measured until an amendment carries it.
What the pace measures is demand: how quickly equity went in. It says nothing about the real estate, the financing, or the eventual result for investors, and a raise that fills is subscribed rather than proven. Amount sold is what each filing reports on the day it is filed, and it can lag subscriptions already in hand. No amendment has cut the ceiling, either: the record shows no downward amendment, and the offering amount in the first filing is unchanged through the latest. Nothing in a Form D explains a pace, and this record offers no reason for its own.
Filing date | Amount sold | % of ceiling | Investors |
|---|---|---|---|
November 7, 2025 | $1,148,406 | 2.3% | 3 |
November 20, 2025 | $1,881,677 | 3.7% | 6 |
December 2, 2025 | $4,393,408 | 8.7% | 9 |
December 16, 2025 | $4,888,646 | 9.7% | 13 |
December 22, 2025 | $5,572,103 | 11.1% | 16 |
December 23, 2025 | $7,016,275 | 13.9% | 21 |
January 6, 2026 | $7,616,275 | 15.1% | 22 |
January 13, 2026 | $11,152,102 | 22.1% | 29 |
January 27, 2026 | $13,099,688 | 26% | 35 |
February 3, 2026 | $15,316,030 | 30.4% | 39 |
February 18, 2026 | $16,748,796 | 33.2% | 46 |
March 4, 2026 | $17,344,828 | 34.4% | 50 |
April 28, 2026 | $19,984,608 | 39.7% | 63 |
May 12, 2026 | $20,882,923 | 41.4% | 67 |
May 19, 2026 | $21,716,927 | 43.1% | 71 |
June 10, 2026 | $22,414,235 | 44.5% | 76 |
August 25, 2026 | $25,712,141 | 51% | 91 |
September 9, 2026 | $26,934,778 | 53.5% | 93 |
November 7, 2025
Amount sold
$1,148,406
% of ceiling
2.3%
Investors
3
November 20, 2025
Amount sold
$1,881,677
% of ceiling
3.7%
Investors
6
December 2, 2025
Amount sold
$4,393,408
% of ceiling
8.7%
Investors
9
December 16, 2025
Amount sold
$4,888,646
% of ceiling
9.7%
Investors
13
December 22, 2025
Amount sold
$5,572,103
% of ceiling
11.1%
Investors
16
December 23, 2025
Amount sold
$7,016,275
% of ceiling
13.9%
Investors
21
January 6, 2026
Amount sold
$7,616,275
% of ceiling
15.1%
Investors
22
January 13, 2026
Amount sold
$11,152,102
% of ceiling
22.1%
Investors
29
January 27, 2026
Amount sold
$13,099,688
% of ceiling
26%
Investors
35
February 3, 2026
Amount sold
$15,316,030
% of ceiling
30.4%
Investors
39
February 18, 2026
Amount sold
$16,748,796
% of ceiling
33.2%
Investors
46
March 4, 2026
Amount sold
$17,344,828
% of ceiling
34.4%
Investors
50
April 28, 2026
Amount sold
$19,984,608
% of ceiling
39.7%
Investors
63
May 12, 2026
Amount sold
$20,882,923
% of ceiling
41.4%
Investors
67
May 19, 2026
Amount sold
$21,716,927
% of ceiling
43.1%
Investors
71
June 10, 2026
Amount sold
$22,414,235
% of ceiling
44.5%
Investors
76
August 25, 2026
Amount sold
$25,712,141
% of ceiling
51%
Investors
91
September 9, 2026
Amount sold
$26,934,778
% of ceiling
53.5%
Investors
93
The amendments are the only public clock on this raise, and the clock does not tick evenly: no filing in the sold path reports a new amount sold between March 4, 2026 and April 28, 2026, or between June 10, 2026 and August 25, 2026. The next filing either reports 90% and gives the second half of the pace a number, or it adds another increment and leaves the question where it sits.