Sponsor-reported, from SEC filings and cited sources.
Chapter 1
What the record shows
Four Springs TEN31 Xchange (FSX) sponsors Delaware statutory trust offerings assembled from creditworthy single-tenant industrial, retail and medical properties for investors completing Section 1031 exchanges. The sponsor says it was founded in 2014 and handles property screening, due diligence, underwriting, asset management and financial reporting on its own platform. A June 2025 term sheet identifies FSX as a subsidiary of Wheelhouse Capital Group, LLC following a spin-out from a private REIT that had financed DST property purchases. In a March 2024 release the sponsor reported completing more than $850 million in 1031 exchanges and other replacement-property offerings, and Top1031 counts 33 FSX-sponsored DST programs dating to 2014.
Sponsor-stated figures are as reported by the sponsor.Evidence 12345678910
Published Grade summary
Public records track 33 Programs over 11 yrs, with 12 seasoned and lifecycle-eligible: 5 sold with result unknown, 4 unknown and levered at age 7–10y, 1 unknown and debt-free at least 7y, 1 debt-free and still operating, and 1 resting on 721/UPREIT or open-web evidence. The outcome-disclosure ledger records 6 figures published, 0 acknowledged without a figure, and 0 silent, supported by 12 citations at proof depth 3. No material adverse events and 0 distress are documented, which is not evidence of safety.
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12Programs with an ending or 7+ years of history
0 of 12Programs with a documented problem
100%Finished Programs with a published result
YesPublishes its own track record
Chapter 2
Raising money now
Classified active by Top1031 from the SEC filings. That does not confirm an offering is still available to buy.
HHarm recordDocumented problems, weighed against everything at stake35% weight
LLifecycle outcomesHow programs old enough to finish actually ended25% weight
RMarket acceptanceHow each raise went against comparable offerings25% weight
TDisclosure candorWhether completed programs come with published results15% weight
Weighted blend35% H + 25% L + 25% R + 15% TThe published result applies the anti-washout ceilings, evidence gates, and adverse floors below after this blend. Top1031 does not publish an intermediate score.
AProven71 and above
BEstablished61–70
CUnproven50–60
DWarning36–49
FAdverseBelow 36
NRNot ratedRecord too small or identity under review
Ceilings
The result cannot exceed H + 10 or L + 15, so stronger sales evidence cannot wash out a weaker harm or lifecycle record.
Evidence gates
A and B require minimum proof depth, lifecycle history, and channel evidence. A also requires qualifying disclosure coverage.
Adverse floors
An Integrity alert sets an F floor. A dominant documented capital loss or multiple independent severe events sets D or lower.
Proof depth64.6Published-outcome coverage100%
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Published Grade historyOne published letter, unchanged since
B2026-Q3 · Moved from B. Binding constraints: proof depth below 4; H below 85; L below 55.
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Chapter 4
Programs on the record
A Program is the filing-level offering record associated with this sponsor. Published-result figures are shown only with sponsor attribution and adjacent sources.
Four Springs TEN31 Xchange, LLC says it was founded in 2014 and sponsors Delaware statutory trust programs holding credit single-tenant commercial properties 1. The sponsor describes its business as a real-estate investment and 1031-exchange syndication platform spanning industrial, retail and medical sectors, with property screening, due diligence, underwriting, asset management, property reviews and financial reporting performed on the platform 2. Its June 2025 FSX DST Inventory Fund term sheet identifies the company as a subsidiary of Wheelhouse Capital Group, LLC and states that FSX had recently spun out of a private REIT that previously provided capital to finance property purchases for the DST platform 3. In a March 2024 release, FSX reported completing more than $850 million in 1031 exchanges and other replacement-property offerings 4. Top1031's sponsor record identifies 33 FSX-sponsored DST programs, the earliest first filed in 2014 (FSC BJ Tilton NH, DST) and the most recent in 2026 (FSX Industrial 35 DST) 5.
Representative realized programs
FSC BJ Tilton NH, DST — retail property sold August 11, 2022 for $7,718,480 after an 8.25-year hold, with a 163.83% total return and 7.74% annualized return reported in FSX offering materials 6.
FSC MRC Odessa TX, DST — the MRC industrial facility in Odessa, Texas sold March 1, 2024 at a reported whole-property price of $13,400,000 after an 8.47-year hold 6; FSX announced the sale on March 4, 2024 and reported that investors realized a 178% total return 4.
FSC GM Lebanon IN, DST — industrial program exited through a 721 UPREIT transaction on May 31, 2026 at $11,280,875 after an 11.57-year hold, with a 142.34% total return reported in FSX offering materials 6.
Acquisitions and offering launches
On August 29, 2024, FSX announced the completion of $160 million in subscriptions across FSC Industrial Portfolio 27, DST and FSC Healthcare 28, DST, specifying $150 million for Industrial Portfolio 27 and $10.5 million for Healthcare 28 7. On July 7, 2025, the sponsor announced its acquisition of a controlled ground-lease interest in a 175,000-square-foot, 27.4-acre aviation complex at Miami-Opa Locka Executive Airport, fully leased to Jet Aviation, a General Dynamics subsidiary, under a long-term credit net lease 8. On December 10, 2025, FSX announced the launch of FSX Industrial 34, DST, a $98 million offering backed by two single-tenant NNN industrial facilities leased to Eaton Corporation and Carhartt, Inc. 9, and AltsWire reported the July 9, 2026 launch of FSX Industrial 35, DST, a $74.1 million Delaware statutory trust tied to a Georgia distribution facility 10. On August 14, 2026, FSX announced the acquisition of a 278,670-square-foot Amazon cross-dock sortation center in Appling, Georgia — leased to Amazon.com Services LLC and guaranteed by Amazon.com, Inc. — alongside the launch of FSX Industrial 36, DST, a $58.93 million all-cash offering 2.
Jet Aviation Inaugurates FBO At Miami-Opa Locka AirportAviation trade publication reports Jet Aviation held the grand opening of its new 27-acre FBO complex at Miami-Opa Locka Executive Airport on July 23, 2026, the property serving as collateral/leasehold for the Four Springs Aviation Infrastructure DST.
Four Springs Launches $74.1M Industrial DST Tied to Georgia Distribution FacilityFour Springs TEN31 Xchange, LLC launched FSX Industrial 35, DST, a $74.1 million Delaware statutory trust offering backed by a 798,000-square-foot purpose-built cross-dock distribution facility in Tifton, Georgia, leased long-term to Orgill Inc. under an absolute triple-net agreement.
Inside Ford's new Monroe packaging centerTrade coverage of Ford's Monroe Packaging Center (opened March 2024) on the same Laplaisance Road campus; describes consolidated aftermarket-parts distribution operations underpinning the DST tenancy.
