Tool & guide

1031 Exchange DST Brokers: Reservation Status Board

By Sequoia ResearchPublished Read as Markdown

Reservation Status Board

Users record offering identifiers, written reservation conditions, expiration dates, responsible contacts, and confirmation evidence. The board distinguishes tentative interest, confirmed allocations, and items still requiring verification.

For an export, select Download in the tool, then Save file when it appears below. Your entries stay in your browser.

What Is This Article About?

This guide explains a tool for recording written evidence about a specific DST reservation request. It keeps the requested amount, reported status, written conditions, dates, and responsible contact together. You can save later snapshots without losing the earlier record. The board helps you prepare follow-up questions without creating a reservation or deciding whether an allocation is valid.

Table of Contents

What the Reservation Status Board Tracks

The board tracks your record of a particular request. It does not track all of a sponsor's unsold inventory. Enter the offering and class, your request reference, the amount requested, and the evidence received. If the source reports a hold for a different amount, keep both figures. The difference needs an answer rather than a silent correction.

A request can be tentative while you wait for written terms. A written hold may carry conditions. A contact may report a confirmed allocation while other steps remain before a purchase can take effect. Those descriptions answer different questions. The tool preserves the label you select and the supporting details you enter. It does not judge the source's authority.

One public agreement shows why these distinctions matter. Section 4.6 of Blue Owl's June 26, 2026 DST dealer manager agreement makes subscriptions subject to the applicable trust's acceptance and confirmation. It also addresses payment and the right to reject or cancel under its terms. This is a specific program document, not a universal definition of a DST reservation. Blue Owl filed dealer manager agreement

The board has no field that certifies subscription acceptance, funding, ownership, or investment suitability. Keep those later facts in the appropriate transaction records. A favorable reservation label does not show that the investment fits your needs. It also does not answer whether a person can legally commit the issuer or change the written terms.

Set the Offering and Request Identity

Start with a board label, a scope, and a review date. The scope describes whose requests or which comparison the board covers. Use a general label instead of a private account number. The label and scope lock after the first successful save. To change them, use Start new board and confirm the reset.

Each request needs three identity fields: an exact offering identifier, the class or interest, and your own request reference. Use enough detail to distinguish similar names and classes. The tool rejects the same three-part identity after cleaning up letter case and extra spaces. If the request is the same, add a snapshot to its saved record.

You may record two requests for the same offering when they have distinct references. That can help keep separate conversations visible. It does not prove the requests represent separate allocations. The board does not add their dollar amounts into an available-investment total. Confirm any overlap with the responsible parties before using those amounts in a plan.

The tool allows ten request records, with up to five snapshots each. A record's identity stays fixed when you add a snapshot. Its internal reference stays the same, and removing another record does not rename it. These limits keep the working board small enough to review. Download before starting a new board if you need a longer history.

Choose the Status Supported by Your Record

Tentative interest records a request or discussion without treating it as a written hold. Enter the requested amount and responsible contact. You can add a source and checked date together if useful. Leave the amount-from-written-status field blank. The result asks you to confirm whether a written hold or allocation exists.

Written hold needs a written source, the date you checked it, and the amount stated in that source. Enter the conditions and expiration wording as faithfully as possible. The status does not tell the tool whether the hold is enforceable, exclusive, or sufficient for the investor's next step. Those are questions for the actual documents and responsible parties.

Reported confirmed allocation has the same evidence requirements. The word “reported” matters: the tool records what you say the source states. It has not contacted anyone or inspected the document. A condition may still be open even when this status is selected. The two facts remain visible, and neither cancels out the other.

Released requires a written source and checked date for the reported release. A stated amount is optional in this state. Keep the release note and any follow-up in the record rather than changing the old snapshot to make it disappear. A released request does not become an active allocation because an older snapshot had a stronger label.

The status summary counts the latest saved snapshot for each request. The four status counts add to the request count. Earlier snapshots remain in the history, but they do not create extra current requests. The number of saved snapshots is shown separately so you can see how much history is retained.

Enter Amounts and Written Reservation Conditions

Enter requested and reported amounts in U.S. dollars without commas. Positive amounts up to $1 billion are accepted, with no more than two decimal places. Blank is permitted for the reported amount only where the status rules allow it. Zero does not stand in for an unknown amount. The tool compares amounts exactly to the cent.

The requested amount and amount in the source can differ. A written hold for $125,000 is not a $150,000 hold merely because that was the request. The board flags this mismatch but does not calculate how much another offering should receive. A larger reported amount also needs review. It may reflect a changed request, a different unit, or an entry error.

Use the written-conditions field for the actual terms or a clearly labeled summary. Include deadlines, required documents, payment conditions, release rights, and extension terms that the source provides. Keep exact time and time-zone wording here. The tool does not extract those terms from a file or decide whether you captured every condition.

Choose Not checked when the condition review is unfinished. Choose Open conditions when your record identifies work still needed. Choose Reported complete only when you have evidence for that statement. The last two choices require written conditions, a condition-evidence reference, and its checked date. A full set of fields is not proof that every legal or practical condition is satisfied.

The status source and condition evidence have separate fields because they may come from different records. An allocation notice may identify the amount, while a later checklist addresses document receipt. Keep both references and dates. Notes can hold conflicts or questions that the available status choices cannot capture.

The expiration choices are Not stated, Dated expiration, and Written no expiration. The last choice means your written source expressly says there is no expiration; it is not what you select when a date is missing. Both written choices require a status source, checked date, and the relevant wording in the conditions field.

A dated expiration also requires a real calendar date. The tool compares it with the board review date. It labels the recorded date as before, on, or after that review date. It does not convert time zones, run a live countdown, or determine that a legal right has ended. An exact cutoff time can matter even when the two dates match.

For example, a source might say October 16 at 3 p.m. in a named time zone. On an October 16 board, the result asks you to confirm the exact time and zone. It does not say you have the whole day. If the board date is October 17, it asks for reconfirmation. An extension or release provision might change the actual position.

“No expiration” also has limits. It does not mean the request can never be released or changed. Read the whole source for conditions, discretion, cancellation, and later notices. The board does not interpret those clauses. A contact's new message belongs in a new snapshot with its own evidence rather than an assumption that the first message still controls.

The board review date cannot be after today's date in UTC. Snapshot review dates cannot follow the board date, and evidence-check dates cannot follow the snapshot review date. A later snapshot cannot have an earlier review date than the prior snapshot. Expiration dates can be in the future. All dates must be real dates from 1900 through 2100.

Work Through the Fictional Reservation Example

Load fictional example to see four invented request records. Confirming that action replaces the current board. None describes a real investor, broker, offering, or allocation. The example's board review date is October 16, 2026. Its four records illustrate separate questions rather than four choices that should be combined into a purchase plan.

Willow has tentative interest for $100,000. No written allocation amount is entered. Its condition review is not checked and its expiration is not stated. The next step is to ask what written status, if any, exists. The absence of a written hold in this example does not establish that a real offering is unavailable.

Cedar has a $150,000 request and a written hold for $125,000. The $25,000 difference needs reconciliation. Its recorded expiration date is October 15, one calendar date before the board date. Signed forms are still pending. The board asks for reconfirmation, resolution of the conditions, and an answer about the amount. It does not conclude that a legal hold has expired.

Maple reports a $200,000 confirmed allocation against a $200,000 request. Its condition checklist is recorded complete. Its expiration date matches the board date, so the exact time and zone still need confirmation. This record shows how a reported allocation and completed-condition statement can coexist with an open timing question.

Pine records a released $75,000 request, with a written release source. Its earlier status is not invented. If you had an older snapshot, you could retain it before saving the release as a later snapshot. The example starts at release because that is the only history supplied.

The current counts are one tentative request, one written hold, one reported confirmed allocation, and one release. Three requests have condition review open, two have expiration not stated, one has a recorded date before the review date, and one has differing amounts. Those last four counts overlap. They are prompts for work, not separate groups of investments or a measure of investment risk.

Save Revisions and Review Current Questions

Use Add snapshot beside a saved request to record a change. The identity fields lock, while the latest snapshot fills the entry form as a starting point. Review every carried-forward field. A copied source may no longer support a changed amount or status. Saving a new date does not by itself make old evidence current.

When you save successfully, the tool appends the complete snapshot. Earlier snapshots remain unchanged. If you try to use a later evidence date than the snapshot date, change the identity, or break another rule, the save fails. The saved history remains intact. Correct the entry or clear it before reviewing the board again.

Unsaved entries block review and downloads. Any input change clears old results and disables export until a new review succeeds. This helps avoid sending an earlier result while looking at changed inputs. Loading the example, removing a request, and resetting the board use in-page confirmations. Cancel keeps the saved data; editing during a pending change cancels that pending change.

Removing a request removes all its retained snapshots. Download first if the history matters. The board purpose remains locked even if you remove every record. Starting a new board clears the records and unlocks that purpose. There is no automatic backup or hidden history of removed material.

Keep Reservation Records Separate From Exchange Compliance

A reservation record is not an exchange-identification form. The IRS's 2025 Form 8824 instructions describe written identification, a clear description, timing, and delivery or signing requirements. The board does not evaluate those requirements or send an identification notice. Have the qualified intermediary and tax professionals address the actual exchange steps. IRS Form 8824 instructions, line 5

A reserved amount also does not establish investment merit. The SEC's private-placement bulletin, updated September 21, 2026, discusses limited disclosure, illiquidity, and possible total loss. A quick response about an allocation does not resolve those issues. Keep investment review and transaction administration connected while preserving the separate questions each must answer. SEC private-placement bulletin

Download and Share the Evidence Record

After a successful review, download JSON or plain text to keep the board. Both formats contain every retained snapshot, including sources, dates, conditions, contacts, and notes. JSON also records the export time. That time tells you when the file was created, not when anyone issued a notice or accepted a subscription.

The tool stays in the current page. It has no automatic storage, upload, import, email, reminder, or source lookup. Leaving or reloading the page loses the working state. Keep your download with the original evidence and use your normal approved process if sharing it with a professional. The export preserves your entries; it does not authenticate them.

Frequently Asked Questions

Does This Tool Reserve an Investment for Me?

No. It records evidence you enter about a request. It sends nothing to a broker, sponsor, issuer, or intermediary. Use the actual transaction process to make a request, then record the response and conditions. A saved row is not proof that the recipient agreed to anything.

Is Reported Confirmed Allocation the Same as Subscription Acceptance?

No. The board does not establish acceptance, payment, issuance, or ownership. The actual documents define those steps. Its status label preserves what you report about an allocation so you can discuss it with the responsible contact. Keep separate evidence for any later transaction event.

What If the Expiration Date Is Missing?

Select Not stated and ask for the terms. Do not infer unlimited time from a blank field. Written no expiration requires an express statement and its source. Even that statement may sit alongside release or change conditions that need review. The tool cannot interpret the full agreement.

Can a Confirmed Allocation Still Have Open Conditions?

Yes. The status and condition review are separate entries. A source might report an allocation while forms or other steps remain. Record both facts and ask how they interact. The tool does not promote an incomplete record into an unconditional commitment or decide whether the source used the label correctly.

Why Are the Dollar Amounts Not Added Together?

Separate requests can overlap or refer to alternatives that will not all be used. A sum could imply more confirmed capacity than the evidence supports. The board compares requested and reported amounts within each record. Confirm overlap and actual purchase capacity outside the tool before using a combined figure.

Can I Change an Offering Name After Saving It?

The offering, class, and request reference are fixed. Add a new snapshot only for the same request. To correct an identity error, download the old record if needed, remove it, and enter the correct identity. The tool does not move old evidence to a renamed investment or merge two records.

Does a Complete Condition Review Remove Every Open Question?

No. It is a statement supported by the evidence you enter. An amount mismatch, unclear expiration, or later change can still require work. Read the source and the open questions together. Field validation checks entry rules; it cannot certify that the facts, legal meaning, or professional review are complete.

About Sequoia Research

Sequoia Research, LLC provides independent research on DSTs and other real estate investment offerings. This educational tool organizes reader-entered evidence. It does not verify reservations, provide a legal or tax opinion, recommend an investment, or create a right to purchase securities.

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