NexPoint Waterford DST recorded its first sale on May 4, 2026 and has amended its Form D repeatedly since. The raise is still short of half the ceiling, and half the ceiling is where the first pace milestone sits.
Raise velocity is a pace metric Top1031 computes from the amendment dates themselves: the days from the first sale to the filing that first reports half the ceiling sold, then to 90%. Until a raise crosses those marks there is no number, only a path. The Trust, a Delaware Statutory Trust (DST) claiming 506(c) with a $100,000 minimum, has this one:
Filing date | Amount sold | % of $31,360,817 ceiling | Investors |
|---|---|---|---|
$483,297 | 1.5% | 2 | |
$633,297 | 2.0% | 3 | |
$1,235,705 | 3.9% | 5 | |
$2,210,891 | 7.0% | 8 | |
$3,372,616 | 10.8% | 10 | |
$4,577,616 | 14.6% | 13 | |
$5,362,099 | 17.1% | 17 |
The amendments have arrived at a regular clip and every one of them has carried new money and new investors. Nothing here has stalled. Nothing here is quick either: the raise sits in single-digit millions against a ceiling several times that size, and the ceiling has not been cut, appearing at the same figure in every filing to date.
The comparison that frames the pace is NexPoint's own record. Top1031's Sponsor median across 23 tracked NexPoint programs is 118 days to half the ceiling and 189 days to 90%. The market median across 2,927 programs is 21 days to half. NexPoint's programs have historically taken far longer than the market to fill, which makes the Sponsor's own history, not the market's, the fairer yardstick for this Trust.
One note on Top1031's own numbers, since they are Top1031's: the completion ratio carried in the platform's velocity file reflects the August 11, 2026 amendment, and the August 25 filing supersedes it. Amount sold is whatever the most recent Form D says it is, reported as of that filing, and the filings do not state when the underlying subscriptions were accepted.
What the record cannot show is anything about the asset. The Form D describes it as "Other Real Estate" and stops there: no property, no debt terms, no lease structure, nothing about what the Sponsor later reports to holders. A raise that fills quickly is subscribed, not proven. A raise that fills slowly may reflect distribution channels, timing, or the size of the check being asked, and the filings state none of those things. Absent a Sponsor statement, the reason for this pace is not known.
The next amendment is the one to read. If it carries the raise past half the ceiling, the days-to-50% figure becomes computable and can be set beside the Sponsor's own median. If it does not, the same slow accumulation is itself the finding.