SEC Filing Record

Offering Amount

$40.2M

$2.2M raised

Strategy

Other

Exemption

06c

Date Filed

May 22, 2026

0002126775-26-000002

View on SEC EDGAR →

37A Read

The DST structure (Depositary Share Trust) combined with a 06c exemption signals this is a continuation or successor vehicle designed to accommodate a specific LP base or tax treatment, likely allowing the manager to operate with reduced disclosure burden while maintaining access to certain institutional or foreign capital; no prior EDGAR filings from this manager suggest either a first-time fund raising or a deliberate off-EDGAR operating history.

David Hammerman as the sole named GP among four total GPs indicates a founder-led operation with distributed decision-making or advisory structures not disclosed in the filing; the absence of any prior SEC filings from this manager means LPs cannot cross-reference vintage performance, fund concentration, or GP compensation patterns across prior vehicles.

A May 2026 amendment filing on a fund still at 5% of target ($2M closed) points to either mid-raise adjustments to terms or investor base—potentially triggered by LP interest shifting post-Q1 2026 allocation cycles or changes to the fund's strategy that required an amended offering document rather than a fresh close.

Verify whether key-man language protects David Hammerman's role and what happens to GP economics if he departs, confirm whether the $40M target is final or subject to expansion through side letters, and determine if this DST structure carries borrowing covenants or tax-related restrictions that would affect distribution timing or portfolio leverage.

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Principals

Registered Manager

Fortress Real Estate Exchange LLC

General Partners & Executives

David Hammerman

FREX DB Series I DST