Canonical page: https://sequoia-research.com/writing/dst-due-diligence-ongoing-diligence-calendar
Author: Sequoia Research
Published: 2026-10-18T00:16:55.822Z
Updated: 2026-10-18T00:16:55.822Z
Interactive tool: https://sequoia-research.com/writing/dst-due-diligence-ongoing-diligence-calendar#research-tool

# DST Due Diligence: Ongoing Diligence Calendar

## What Is This Article About?

This calendar turns your entered report expectations, lease dates, debt events, and review plans into dated follow-up items. It keeps missing event dates visible and lets you record changed assumptions without inventing a deadline. The guide explains the calendar rules, the fictional example, and the history kept when you revise or pause an item. The tool works in your browser and sends no reminders or messages.

## Table of Contents

- [What the DST Review Calendar Does](#what-the-dst-review-calendar-does)
- [Set the Offering Scope and Review Window](#set-the-offering-scope-and-review-window)
- [Distinguish Sourced, Planned, and Unknown Dates](#distinguish-sourced-planned-and-unknown-dates)
- [Schedule Reports, Lease Events, and Debt Reviews](#schedule-reports-lease-events-and-debt-reviews)
- [Understand Monthly Dates and Lead Times](#understand-monthly-dates-and-lead-times)
- [Follow the Fictional Alder Calendar](#follow-the-fictional-alder-calendar)
- [Record Missing Information and Changed Assumptions](#record-missing-information-and-changed-assumptions)
- [Revise or Pause an Item Without Losing History](#revise-or-pause-an-item-without-losing-history)
- [Read the Calendar Counts and Export the File](#read-the-calendar-counts-and-export-the-file)
- [FAQ](#faq)
- [About Sequoia Research](#about-sequoia-research)
- [Sources](#sources)

## What the DST Review Calendar Does

A Delaware statutory trust, or DST, review can involve several dates with different meanings. A report may be expected next month. A lease may end next year. You may choose to ask a question two weeks before either date. This tool keeps the event and your planned follow-up separate.

You enter the facts, sources, and assumptions. The software generates a calendar from those entries. It does not read a lease, verify a loan date, search an investor portal, or decide whether a report is legally due. It also does not track whether you completed a follow-up. A past date means only that the entered planning date is before the review date.

The Financial Industry Regulatory Authority, or FINRA, discusses new material developments during an offering in its private-placement guidance. It also describes primary-record review and careful use of outside research. Those points concern covered firms and their duties. They support keeping evidence current, but this calendar is not a compliance program or a test of a firm's legal duties. [FINRA Regulatory Notice 23-08, May 9, 2023](https://www.finra.org/rules-guidance/notices/23-08).

Use short, non-sensitive source pointers. A file label, date, and page reference can identify a record without copying a private document into the tool. Enter role descriptions instead of private phone numbers or personal account details. Nothing is sent to the person you name.

## Set the Offering Scope and Review Window

Enter a calendar title and the exact offering or review scope. Include the class or other distinction that matters. Once you save the first item, the title and scope lock. A later event should not inherit the old findings under a different investment name. Export and start a new calendar if the identity needs to change.

The review date is your information cutoff. It must be a real date no later than today's UTC date, the time standard used by the tool. A source's checked date cannot be later than the date its version was recorded. Advancing the review date does not update any source on its own.

Choose the first and last follow-up dates to display. The window may cover up to 366 days, counting both endpoints. It may include dates before the review cutoff and dates in the future. Changing the window changes which planned follow-ups appear; it does not remove saved entries or their history.

After the first item is saved, use **Apply review date and window** to change these dates. Clear or save the event editor first. The tool rejects a review date earlier than retained version dates. This prevents a later recorded answer from appearing inside a file that claims an earlier information cutoff.

## Distinguish Sourced, Planned, and Unknown Dates

Choose **Date recorded from a source** when you have entered a date from a named record. The label describes your entry. The software has not confirmed the record or its interpretation. Include the source version and the date you checked it. If a clause has conditions, describe them in the question or assumption note.

Choose **User-chosen planning date** when the date is your own review target. For example, you might choose a monthly review of available reports. That does not mean the sponsor promised a report on that day. State the basis so the next reader can see the difference.

Choose **Event date unknown** when the relevant date is missing. Leave the event date and repeat end blank, use Once, and enter zero lead days. You may choose a separate follow-up date to request the missing information. If you leave that follow-up blank too, the item appears on the undated list instead of disappearing.

Every item needs a source or missing-information request reference, a checked date, a responsible role, and a question. An unknown date can cite your request log. The tool checks whether these fields are filled in, not whether the evidence is good enough. An invented placeholder should never be mistaken for a confirmed source.

## Schedule Reports, Lease Events, and Debt Reviews

Use the event type that best describes the item: report expectation, lease event, debt event, periodic review, or other. The categories organize the file; they do not change the legal meaning of a date. A lease-end date, notice date, and chosen review date are separate items if you need to track them separately.

For a known or planned event, enter its date and the number of calendar days before it when you want to follow up. The lead may be zero through 365 whole days. Zero places the follow-up on the event date. The tool does not supply a recommended lead time or account for how long a professional needs to respond.

You can repeat an item every one, three, six, or twelve months. You can also choose Once. Repeated dates are derived from your chosen interval, even when the first date came from a source. Do not treat all later generated dates as confirmed contract terms. Record any conditions that make a simple repeat plan incomplete.

A repeated item may have a last event date. This stops the series at that event boundary, not at the last follow-up date. A single event must leave that field blank. For an event with a known date, leave the separate unknown-date follow-up field blank so there is only one scheduling rule.

## Understand Monthly Dates and Lead Times

Each monthly date uses the original anchor day. If the target month lacks that day, the tool uses its last day. The next month returns to the original day where possible. An October 31 anchor therefore produces November 30, December 31, and January 31. It does not drift permanently to the thirtieth.

The same rule handles February. A January 31 monthly anchor reaches February 28 in 2027 and then March 31. In a leap year, February can reach the twenty-ninth. These are software calendar rules. They are not legal rules for a deadline stated in an agreement.

Lead time is subtracted after the event date is generated. A January 15, 2027 event with a thirty-day lead gives December 16, 2026. The tool uses calendar days, including weekends and holidays. It does not move a date to the next business day, choose a time zone for a contract, or add delivery time.

The display window filters by **follow-up date**. A follow-up can appear even if its event falls outside the window. An event inside the window can have an earlier follow-up that falls outside it. Check both columns before assuming the calendar omitted something. The export lists active items with no follow-ups in the selected window separately.

All input dates must be between 1900 and 2100. A lead that would push the first follow-up before 1900 is rejected. These bounds keep the software manageable. They do not define how far ahead an investor should plan or how long a record should be retained.

## Follow the Fictional Alder Calendar

The example contains four training items for an invented Alder DST review. Its review cutoff is October 17, 2026, and its window runs from October 1, 2026 through March 31, 2027. No real offering, investor, document, or company promise is represented.

The first item plans monthly report follow-ups. It starts with October 31, repeats monthly through March 31, and uses a seven-day lead. That creates six follow-up rows. The second item records an invented January 15 debt event with a thirty-day lead. The third has an unknown lease event date and a chosen October 20 request date. The fourth has a changed insurance assumption with no event or follow-up date yet.

| Item | Event date | Follow-up date |
| --- | --- | --- |
| Lease date request | Unknown | October 20, 2026 |
| Report plan | October 31, 2026 | October 24, 2026 |
| Report plan | November 30, 2026 | November 23, 2026 |
| Debt review | January 15, 2027 | December 16, 2026 |
| Report plan | December 31, 2026 | December 24, 2026 |
| Report plan | January 31, 2027 | January 24, 2027 |
| Report plan | February 28, 2027 | February 21, 2027 |
| Report plan | March 31, 2027 | March 24, 2027 |

The example has four active items and eight calendar rows. Six rows come from the report series, one from the debt review, and one from the missing-date request. Two event dates remain unknown. One of those items has a chosen request date; the other stays on the undated list. The changed-assumption count is one.

Nothing in these counts measures investment safety or review completion. The debt row can be scheduled while its source interpretation still needs a professional's attention. The unknown lease row is a request to learn a date, not a date for the lease event itself. The unscheduled insurance item remains visible because the user has not selected a follow-up date.

## Record Missing Information and Changed Assumptions

Each item has an assumption status: no change recorded, changed assumption recorded, or assumption unknown. Explain the status in the required note. “No change recorded” does not mean the terms have been verified or that nothing has changed outside your file.

If a report arrives with a different repair estimate, you might revise the relevant entry and explain which assumption needs another look. State the old source, the new source, and the open question briefly. The calendar will preserve the earlier version when you save the revision. It does not calculate the financial effect of that repair estimate.

A missing report needs a careful description. Its absence from your folder does not prove the issuer failed to deliver it or breached an obligation. It may have a different title, a different access route, or no confirmed delivery date. Record what you expected, where that expectation came from, and what you still need to establish.

The Securities and Exchange Commission's private-placement bulletin, updated September 21, 2026, describes limited disclosure and difficult resale among the risks of these investments. A well-organized calendar does not create rights to information or liquidity. Keep the underlying risks separate from your ability to schedule a follow-up. [SEC private-placement investor bulletin](https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins/private-placements-under-regulation-d-updated-investor-bulletin).

## Revise or Pause an Item Without Losing History

Choose **Revise** beside a saved item to load it into the editor. Change the relevant fields and state the reason for the new version. Saving appends a full snapshot. It does not overwrite the older version. The calendar uses the latest version for that item, while both download formats include all versions.

Use **Paused** to remove an item from the current calendar without removing its history. A pause requires a reason. Pausing is not the same as completing a task or resolving a concern. The item appears on the paused list and stays in the full export. To include it again, revise it to Active and clear the pause reason; the earlier reason remains in history.

Changing a recurrence anchor can change all generated dates for that item. Keep the reason clear. For example, explain that a new source supports a different first event date. Prior exported calendars can show what was planned at an earlier review, but this tool does not certify when an event actually happened.

Unsaved edits disable downloads and block a new calendar. Save the version or clear the editor. Editing a saved item also cancels an outdated replacement confirmation. Loading the example and starting a new calendar require an on-page confirmation. Cancel preserves the current record and editor. There is no automatic saving if you leave the page.

## Read the Calendar Counts and Export the File

The summary separates retained items, active items, paused items, saved versions, and generated calendar rows. A monthly series can produce several rows from one item. A revision adds history without adding a new item. Do not add these numbers together as if they counted the same thing.

The unknown-event count can overlap the undated count. An unknown event with a chosen request date belongs in the calendar. An unknown event without a request date belongs on the undated list. Active items with no follow-ups inside the selected window appear on the outside-window list. Paused items have their own list and do not inflate those active counts.

Download JSON for structured review or text for a readable copy. Both exports contain the chosen window, current entries, calendar rows, missing-date lists, and all saved versions. On the published page, use the separate **Save file** button after choosing Download. The file is prepared in the browser; it is not an invitation or a message to the responsible role.

Limits are thirty retained items, 180 saved versions, 150,000 UTF-8 bytes of entered history, and 600,000 bytes for either export. Longer notes and some characters use more bytes. A failed save preserves the prior record. Shorten the entry or use a separate calendar where needed. There is no import, calendar-account sync, or background reminder service.

## FAQ

### Does This Tool Send Reminders?

No. It displays planned dates and lets you download the record. It does not send email, add events to an outside calendar, or contact anyone named in the responsible-role field. If you use another reminder system, confirm what you enter there. This tool does not check that separate system.

### Can an Unknown Lease Date Still Have a Follow-Up?

Yes. Choose Event date unknown and enter a separate request date. The calendar keeps the event date blank and labels the row as a chosen follow-up. If you do not choose a request date, the item stays on the undated list. Neither route invents the missing lease term.

### Does a Source-Dated Entry Mean the Date Is Verified?

No. It means you selected that label and entered a source reference. The software validates the fields and calendar format. It does not read the source, interpret conditions, or establish that the date applies to the exact interest. Keep those checks with the relevant review role.

### Why Is an Event Outside the Window Shown?

The window selects follow-up dates. A thirty-day lead can bring a next-month event into this month's work list. Read the event and follow-up columns together. Conversely, an event inside the window may have a follow-up before the window. Its saved entry remains in the export.

### Does a Past Date Mean the Task Is Overdue?

No. The label only compares the follow-up date with your review date. The tool does not know whether the task was completed or whether a legal duty exists. Use the question and revision notes to record what you know. Do not treat the label as proof of a missed obligation.

### What Happens When I Pause a Monthly Item?

Its latest version stops producing current calendar rows. The earlier versions remain in both exports, and the paused item is listed separately. Pausing does not mark past tasks completed. You can revise it back to Active, clear the pause reason, and save a new version when it belongs in the plan again.

### Can I Change the Review Date Without Changing Evidence?

Yes, within the date checks. Applying a later review date changes the calendar's comparison point. It does not recheck sources or advance their checked dates. To record new evidence, revise the relevant item with its own reference, checked date, and reason. Earlier versions remain available in the full export.

## About Sequoia Research

Sequoia Research, LLC provides independent research on DSTs and other real estate investment offerings. This educational calendar helps readers organize evidence, follow-up questions, and changing assumptions. It does not establish legal deadlines, verify contract terms, or recommend an investment.

## Sources

- [FINRA Regulatory Notice 23-08](https://www.finra.org/rules-guidance/notices/23-08). May 9, 2023; checked October 17, 2026. Covered-firm guidance on offering developments, records, and outside research.
- [SEC Private Placements Under Regulation D](https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins/private-placements-under-regulation-d-updated-investor-bulletin). August 17, 2022; updated September 21, 2026; checked October 17, 2026. Limited disclosure and liquidity context.


## Related Reading and Tools

- [DST Due Diligence: A Practical Checklist Before You Invest](https://sequoia-research.com/writing/dst-due-diligence-a-practical-checklist-before-you-invest)
- [DST Due Diligence: How to Review the Sponsor Separately From the Property](https://sequoia-research.com/writing/dst-due-diligence-how-to-review-the-sponsor-separately-from-the-property)
- [Delaware Statutory Trust Reviews: How to Compare Investor Opinions With Offering Documents](https://sequoia-research.com/writing/delaware-statutory-trust-reviews-how-to-compare-investor-opinions-with-offering-documents)