Form D Raw Data - Electronic Filing Depository

EFDID: 489229EFD: Raw Data

Issuer: AX DG San Antonio, DST (0001979731) - D/A

Accession: 0001979731-25-000004 () (EDGAR Files) (Form D)

Edgar Posted: Jul. 2, 2025
EFD Posted: Jul. 2, 2025

- < edgarSubmission >

< schemaVersion > X0708 </ schemaVersion >

< submissionType > D/A </ submissionType >

< testOrLive > LIVE </ testOrLive >

- < primaryIssuer >

< cik > 0001979731 </ cik >

< entityName > AX DG San Antonio, DST </ entityName >

- < issuerAddress >

< street1 > 9 WEST 57TH STREET </ street1 >

< street2 > 42ND FLOOR </ street2 >

< city > NEW YORK </ city >

< stateOrCountry > NY </ stateOrCountry >

< stateOrCountryDescription > NEW YORK </ stateOrCountryDescription >

< zipCode > 10019 </ zipCode >

</ issuerAddress >

< issuerPhoneNumber > (212) 515-3200 </ issuerPhoneNumber >

< jurisdictionOfInc > DELAWARE </ jurisdictionOfInc >

- < issuerPreviousNameList >

< value > None </ value >

</ issuerPreviousNameList >

- < edgarPreviousNameList >

< value > None </ value >

</ edgarPreviousNameList >

< entityType > Other </ entityType >

< entityTypeOtherDesc > Delaware Statutory Trust </ entityTypeOtherDesc >

- < yearOfInc >

< withinFiveYears > true </ withinFiveYears >

< value > 2023 </ value >

</ yearOfInc >

</ primaryIssuer >

- < relatedPersonsList >

- < relatedPersonInfo >

- < relatedPersonName >

< firstName > N/A </ firstName >

< lastName > Apollo RE Exchange, LLC </ lastName >

</ relatedPersonName >

- < relatedPersonAddress >

< street1 > 9 West 57th Street </ street1 >

< street2 > 42nd Floor </ street2 >

< city > New York </ city >

< stateOrCountry > NY </ stateOrCountry >

< stateOrCountryDescription > NEW YORK </ stateOrCountryDescription >

< zipCode > 10019 </ zipCode >

</ relatedPersonAddress >

- < relatedPersonRelationshipList >

< relationship > Executive Officer </ relationship >

</ relatedPersonRelationshipList >

< relationshipClarification > Sponsor of the Issuer </ relationshipClarification >

</ relatedPersonInfo >

- < relatedPersonInfo >

- < relatedPersonName >

< firstName > N/A </ firstName >

< lastName > AX Manager, LLC </ lastName >

</ relatedPersonName >

- < relatedPersonAddress >

< street1 > 9 West 57th Street </ street1 >

< street2 > 42nd Floor </ street2 >

< city > New York </ city >

< stateOrCountry > NY </ stateOrCountry >

< stateOrCountryDescription > NEW YORK </ stateOrCountryDescription >

< zipCode > 10019 </ zipCode >

</ relatedPersonAddress >

- < relatedPersonRelationshipList >

< relationship > Executive Officer </ relationship >

</ relatedPersonRelationshipList >

< relationshipClarification > Manager and Signatory Trustee of the Issuer </ relationshipClarification >

</ relatedPersonInfo >

- < relatedPersonInfo >

- < relatedPersonName >

< firstName > N/A </ firstName >

< lastName > AX I Depositor, LLC </ lastName >

</ relatedPersonName >

- < relatedPersonAddress >

< street1 > 9 West 57th Street </ street1 >

< street2 > 42nd Floor </ street2 >

< city > New York </ city >

< stateOrCountry > NY </ stateOrCountry >

< stateOrCountryDescription > NEW YORK </ stateOrCountryDescription >

< zipCode > 10019 </ zipCode >

</ relatedPersonAddress >

- < relatedPersonRelationshipList >

< relationship > Executive Officer </ relationship >

</ relatedPersonRelationshipList >

< relationshipClarification > Depositor of the Issuer </ relationshipClarification >

</ relatedPersonInfo >

- < relatedPersonInfo >

- < relatedPersonName >

< firstName > Nari </ firstName >

< lastName > Na </ lastName >

</ relatedPersonName >

- < relatedPersonAddress >

< street1 > 9 West 57th Street </ street1 >

< street2 > 42nd Floor </ street2 >

< city > New York </ city >

< stateOrCountry > NY </ stateOrCountry >

< stateOrCountryDescription > NEW YORK </ stateOrCountryDescription >

< zipCode > 10019 </ zipCode >

</ relatedPersonAddress >

- < relatedPersonRelationshipList >

< relationship > Executive Officer </ relationship >

</ relatedPersonRelationshipList >

< relationshipClarification > Executive Officer of the Manager and Signatory Trustee of the Issuer </ relationshipClarification >

</ relatedPersonInfo >

- < relatedPersonInfo >

- < relatedPersonName >

< firstName > Scott </ firstName >

< lastName > Kleinman </ lastName >

</ relatedPersonName >

- < relatedPersonAddress >

< street1 > 9 West 57th Street </ street1 >

< street2 > 42nd Floor </ street2 >

< city > New York </ city >

< stateOrCountry > NY </ stateOrCountry >

< stateOrCountryDescription > NEW YORK </ stateOrCountryDescription >

< zipCode > 10019 </ zipCode >

</ relatedPersonAddress >

- < relatedPersonRelationshipList >

< relationship > Executive Officer </ relationship >

</ relatedPersonRelationshipList >

< relationshipClarification > Executive Officer of the Manager and Signatory Trustee of the Issuer </ relationshipClarification >

</ relatedPersonInfo >

- < relatedPersonInfo >

- < relatedPersonName >

< firstName > James </ firstName >

< lastName > Zelter </ lastName >

</ relatedPersonName >

- < relatedPersonAddress >

< street1 > 9 West 57th Street </ street1 >

< street2 > 42nd Floor </ street2 >

< city > New York </ city >

< stateOrCountry > NY </ stateOrCountry >

< stateOrCountryDescription > NEW YORK </ stateOrCountryDescription >

< zipCode > 10019 </ zipCode >

</ relatedPersonAddress >

- < relatedPersonRelationshipList >

< relationship > Executive Officer </ relationship >

</ relatedPersonRelationshipList >

< relationshipClarification > Executive Officer of the Manager and Signatory Trustee of the Issuer </ relationshipClarification >

</ relatedPersonInfo >

- < relatedPersonInfo >

- < relatedPersonName >

< firstName > Matthew </ firstName >

< lastName > Breitfelder </ lastName >

</ relatedPersonName >

- < relatedPersonAddress >

< street1 > 9 West 57th Street </ street1 >

< street2 > 42nd Floor </ street2 >

< city > New York </ city >

< stateOrCountry > NY </ stateOrCountry >

< stateOrCountryDescription > NEW YORK </ stateOrCountryDescription >

< zipCode > 10019 </ zipCode >

</ relatedPersonAddress >

- < relatedPersonRelationshipList >

< relationship > Executive Officer </ relationship >

</ relatedPersonRelationshipList >

< relationshipClarification > Executive Officer of the Manager and Signatory Trustee of the Issuer </ relationshipClarification >

</ relatedPersonInfo >

- < relatedPersonInfo >

- < relatedPersonName >

< firstName > Brian </ firstName >

< lastName > Carney </ lastName >

</ relatedPersonName >

- < relatedPersonAddress >

< street1 > 9 West 57th Street </ street1 >

< street2 > 42nd Floor </ street2 >

< city > New York </ city >

< stateOrCountry > NY </ stateOrCountry >

< stateOrCountryDescription > NEW YORK </ stateOrCountryDescription >

< zipCode > 10019 </ zipCode >

</ relatedPersonAddress >

- < relatedPersonRelationshipList >

< relationship > Executive Officer </ relationship >

</ relatedPersonRelationshipList >

< relationshipClarification > Executive Officer of the Manager and Signatory Trustee of the Issuer </ relationshipClarification >

</ relatedPersonInfo >

- < relatedPersonInfo >

- < relatedPersonName >

< firstName > Whitney </ firstName >

< lastName > Chatterjee </ lastName >

</ relatedPersonName >

- < relatedPersonAddress >

< street1 > 9 West 57th Street </ street1 >

< street2 > 42nd Floor </ street2 >

< city > New York </ city >

< stateOrCountry > NY </ stateOrCountry >

< stateOrCountryDescription > NEW YORK </ stateOrCountryDescription >

< zipCode > 10019 </ zipCode >

</ relatedPersonAddress >

- < relatedPersonRelationshipList >

< relationship > Executive Officer </ relationship >

</ relatedPersonRelationshipList >

< relationshipClarification > Executive Officer of the Manager and Signatory Trustee of the Issuer </ relationshipClarification >

</ relatedPersonInfo >

- < relatedPersonInfo >

- < relatedPersonName >

< firstName > Heather </ firstName >

< lastName > Glatter </ lastName >

</ relatedPersonName >

- < relatedPersonAddress >

< street1 > 9 West 57th Street </ street1 >

< street2 > 42nd Floor </ street2 >

< city > New York </ city >

< stateOrCountry > NY </ stateOrCountry >

< stateOrCountryDescription > NEW YORK </ stateOrCountryDescription >

< zipCode > 10019 </ zipCode >

</ relatedPersonAddress >

- < relatedPersonRelationshipList >

< relationship > Executive Officer </ relationship >

</ relatedPersonRelationshipList >

< relationshipClarification > Executive Officer of the Manager and Signatory Trustee of the Issuer </ relationshipClarification >

</ relatedPersonInfo >

- < relatedPersonInfo >

- < relatedPersonName >

< firstName > Benjamin </ firstName >

< lastName > Israel </ lastName >

</ relatedPersonName >

- < relatedPersonAddress >

< street1 > 9 West 57th Floor </ street1 >

< street2 > 42nd Floor </ street2 >

< city > New York </ city >

< stateOrCountry > NY </ stateOrCountry >

< stateOrCountryDescription > NEW YORK </ stateOrCountryDescription >

< zipCode > 10019 </ zipCode >

</ relatedPersonAddress >

- < relatedPersonRelationshipList >

< relationship > Executive Officer </ relationship >

</ relatedPersonRelationshipList >

< relationshipClarification > Executive Officer of the Manager and Signatory Trustee of the Issuer </ relationshipClarification >

</ relatedPersonInfo >

- < relatedPersonInfo >

- < relatedPersonName >

< firstName > Martin </ firstName >

< lastName > Kelly </ lastName >

</ relatedPersonName >

- < relatedPersonAddress >

< street1 > 9 West 57th Street </ street1 >

< street2 > 42nd Floor </ street2 >

< city > New York </ city >

< stateOrCountry > NY </ stateOrCountry >

< stateOrCountryDescription > NEW YORK </ stateOrCountryDescription >

< zipCode > 10019 </ zipCode >

</ relatedPersonAddress >

- < relatedPersonRelationshipList >

< relationship > Executive Officer </ relationship >

</ relatedPersonRelationshipList >

< relationshipClarification > Executive Officer of the Manager and Signatory Trustee of the Issuer </ relationshipClarification >

</ relatedPersonInfo >

- < relatedPersonInfo >

- < relatedPersonName >

< firstName > William </ firstName >

< lastName > Kuesel </ lastName >

</ relatedPersonName >

- < relatedPersonAddress >

< street1 > 9 West 57th Street </ street1 >

< street2 > 42nd Floor </ street2 >

< city > New York </ city >

< stateOrCountry > NY </ stateOrCountry >

< stateOrCountryDescription > NEW YORK </ stateOrCountryDescription >

< zipCode > 10019 </ zipCode >

</ relatedPersonAddress >

- < relatedPersonRelationshipList >

< relationship > Executive Officer </ relationship >

</ relatedPersonRelationshipList >

< relationshipClarification > Executive Officer of the Manager and Signatory Trustee of the Issuer </ relationshipClarification >

</ relatedPersonInfo >

- < relatedPersonInfo >

- < relatedPersonName >

< firstName > Mandee </ firstName >

< lastName > Lee </ lastName >

</ relatedPersonName >

- < relatedPersonAddress >

< street1 > 9 West 57th Street </ street1 >

< street2 > 42nd Floor </ street2 >

< city > New York </ city >

< stateOrCountry > NY </ stateOrCountry >

< stateOrCountryDescription > NEW YORK </ stateOrCountryDescription >

< zipCode > 10019 </ zipCode >

</ relatedPersonAddress >

- < relatedPersonRelationshipList >

< relationship > Executive Officer </ relationship >

</ relatedPersonRelationshipList >

< relationshipClarification > Executive Officer of the Manager and Signatory Trustee of the Issuer </ relationshipClarification >

</ relatedPersonInfo >

- < relatedPersonInfo >

- < relatedPersonName >

< firstName > Yael </ firstName >

< lastName > Levy </ lastName >

</ relatedPersonName >

- < relatedPersonAddress >

< street1 > 9 West 57th Street </ street1 >

< street2 > 42nd Floor </ street2 >

< city > New York </ city >

< stateOrCountry > NY </ stateOrCountry >

< stateOrCountryDescription > NEW YORK </ stateOrCountryDescription >

< zipCode > 10019 </ zipCode >

</ relatedPersonAddress >

- < relatedPersonRelationshipList >

< relationship > Executive Officer </ relationship >

</ relatedPersonRelationshipList >

< relationshipClarification > Executive Officer of the Manager and Signatory Trustee of the Issuer </ relationshipClarification >

</ relatedPersonInfo >

- < relatedPersonInfo >

- < relatedPersonName >

< firstName > Jessica </ firstName >

< lastName > Lomm </ lastName >

</ relatedPersonName >

- < relatedPersonAddress >

< street1 > 9 West 57th Street </ street1 >

< street2 > 42nd Floor </ street2 >

< city > New York </ city >

< stateOrCountry > NY </ stateOrCountry >

< stateOrCountryDescription > NEW YORK </ stateOrCountryDescription >

< zipCode > 10019 </ zipCode >

</ relatedPersonAddress >

- < relatedPersonRelationshipList >

< relationship > Executive Officer </ relationship >

</ relatedPersonRelationshipList >

< relationshipClarification > Executive Officer of the Manager and Signatory Trustee of the Issuer </ relationshipClarification >

</ relatedPersonInfo >

- < relatedPersonInfo >

- < relatedPersonName >

< firstName > Catherine </ firstName >

< lastName > Mullarney </ lastName >

</ relatedPersonName >

- < relatedPersonAddress >

< street1 > 9 West 57th Street </ street1 >

< street2 > 42nd Floor </ street2 >

< city > New York </ city >

< stateOrCountry > NY </ stateOrCountry >

< stateOrCountryDescription > NEW YORK </ stateOrCountryDescription >

< zipCode > 10019 </ zipCode >

</ relatedPersonAddress >

- < relatedPersonRelationshipList >

< relationship > Executive Officer </ relationship >

</ relatedPersonRelationshipList >

< relationshipClarification > Executive Officer of the Manager and Signatory Trustee of the Issuer </ relationshipClarification >

</ relatedPersonInfo >

- < relatedPersonInfo >

- < relatedPersonName >

< firstName > Katherine </ firstName >

< lastName > Newman </ lastName >

</ relatedPersonName >

- < relatedPersonAddress >

< street1 > 9 West 57th Street </ street1 >

< street2 > 42nd Floor </ street2 >

< city > New York </ city >

< stateOrCountry > NY </ stateOrCountry >

< stateOrCountryDescription > NEW YORK </ stateOrCountryDescription >

< zipCode > 10019 </ zipCode >

</ relatedPersonAddress >

- < relatedPersonRelationshipList >

< relationship > Executive Officer </ relationship >

</ relatedPersonRelationshipList >

< relationshipClarification > Executive Officer of the Manager and Signatory Trustee of the Issuer </ relationshipClarification >

</ relatedPersonInfo >

- < relatedPersonInfo >

- < relatedPersonName >

< firstName > Stuart </ firstName >

< lastName > Rothstein </ lastName >

</ relatedPersonName >

- < relatedPersonAddress >

< street1 > 9 West 57th Street </ street1 >

< street2 > 42nd Floor </ street2 >

< city > New York </ city >

< stateOrCountry > NY </ stateOrCountry >

< stateOrCountryDescription > NEW YORK </ stateOrCountryDescription >

< zipCode > 10019 </ zipCode >

</ relatedPersonAddress >

- < relatedPersonRelationshipList >

< relationship > Executive Officer </ relationship >

</ relatedPersonRelationshipList >

< relationshipClarification > Executive Officer of the Manager and Signatory Trustee of the Issuer </ relationshipClarification >

</ relatedPersonInfo >

- < relatedPersonInfo >

- < relatedPersonName >

< firstName > Stefanie </ firstName >

< lastName > Sundel </ lastName >

</ relatedPersonName >

- < relatedPersonAddress >

< street1 > 9 West 57th Street </ street1 >

< street2 > 42nd Floor </ street2 >

< city > New York </ city >

< stateOrCountry > NY </ stateOrCountry >

< stateOrCountryDescription > NEW YORK </ stateOrCountryDescription >

< zipCode > 10019 </ zipCode >

</ relatedPersonAddress >

- < relatedPersonRelationshipList >

< relationship > Executive Officer </ relationship >

</ relatedPersonRelationshipList >

< relationshipClarification > Executive Officer of the Manager and Signatory Trustee of the Issuer </ relationshipClarification >

</ relatedPersonInfo >

- < relatedPersonInfo >

- < relatedPersonName >

< firstName > Shari </ firstName >

< lastName > Verschell </ lastName >

</ relatedPersonName >

- < relatedPersonAddress >

< street1 > 9 West 57th Street </ street1 >

< street2 > 42nd Floor </ street2 >

< city > New York </ city >

< stateOrCountry > NY </ stateOrCountry >

< stateOrCountryDescription > NEW YORK </ stateOrCountryDescription >

< zipCode > 10019 </ zipCode >

</ relatedPersonAddress >

- < relatedPersonRelationshipList >

< relationship > Executive Officer </ relationship >

</ relatedPersonRelationshipList >

< relationshipClarification > Executive Officer of the Manager and Signatory Trustee of the Issuer </ relationshipClarification >

</ relatedPersonInfo >

- < relatedPersonInfo >

- < relatedPersonName >

< firstName > Johannes </ firstName >

< lastName > Worsoe </ lastName >

</ relatedPersonName >

- < relatedPersonAddress >

< street1 > 9 West 57th Street </ street1 >

< street2 > 42nd Floor </ street2 >

< city > New York </ city >

< stateOrCountry > NY </ stateOrCountry >

< stateOrCountryDescription > NEW YORK </ stateOrCountryDescription >

< zipCode > 10019 </ zipCode >

</ relatedPersonAddress >

- < relatedPersonRelationshipList >

< relationship > Executive Officer </ relationship >

</ relatedPersonRelationshipList >

< relationshipClarification > Executive Officer of the Manager and Signatory Trustee of the Issuer </ relationshipClarification >

</ relatedPersonInfo >

</ relatedPersonsList >

- < offeringData >

- < industryGroup >

< industryGroupType > Other Real Estate </ industryGroupType >

</ industryGroup >

- < issuerSize >

< revenueRange > Decline to Disclose </ revenueRange >

</ issuerSize >

- < federalExemptionsExclusions >

< item > 06b </ item >

< item > 3C </ item >

< item > 3C.5 </ item >

</ federalExemptionsExclusions >

- < typeOfFiling >

- < newOrAmendment >

< isAmendment > true </ isAmendment >

< previousAccessionNumber > 0001979731-25-000003 </ previousAccessionNumber >

</ newOrAmendment >

- < dateOfFirstSale >

< value > 2023-06-22 </ value >

</ dateOfFirstSale >

</ typeOfFiling >

- < durationOfOffering >

< moreThanOneYear > false </ moreThanOneYear >

</ durationOfOffering >

- < typesOfSecuritiesOffered >

< isEquityType > true </ isEquityType >

< isPooledInvestmentFundType > true </ isPooledInvestmentFundType >

</ typesOfSecuritiesOffered >

- < businessCombinationTransaction >

< isBusinessCombinationTransaction > false </ isBusinessCombinationTransaction >

< clarificationOfResponse />

</ businessCombinationTransaction >

< minimumInvestmentAccepted > 25000 </ minimumInvestmentAccepted >

- < salesCompensationList >

- < recipient >

< recipientName > Scott Spencer </ recipientName >

< recipientCRDNumber > 2384319 </ recipientCRDNumber >

< associatedBDName > Realized Financial, Inc. </ associatedBDName >

< associatedBDCRDNumber > 22333 </ associatedBDCRDNumber >

- < recipientAddress >

< street1 > 400 W. 15th Street </ street1 >

< street2 > Suite 700 </ street2 >

< city > Austin </ city >

< stateOrCountry > TX </ stateOrCountry >

< stateOrCountryDescription > TEXAS </ stateOrCountryDescription >

< zipCode > 78701 </ zipCode >

</ recipientAddress >

- < statesOfSolicitationList >

< state > CA </ state >

< description > CALIFORNIA </ description >

< state > NY </ state >

< description > NEW YORK </ description >

< state > WA </ state >

< description > WASHINGTON </ description >

< state > WI </ state >

< description > WISCONSIN </ description >

</ statesOfSolicitationList >

< foreignSolicitation > false </ foreignSolicitation >

</ recipient >

- < recipient >

< recipientName > Stephanie Elliott </ recipientName >

< recipientCRDNumber > 2476636 </ recipientCRDNumber >

< associatedBDName > Realized Financial, Inc. </ associatedBDName >

< associatedBDCRDNumber > 22333 </ associatedBDCRDNumber >

- < recipientAddress >

< street1 > 400 W. 15th Street </ street1 >

< street2 > Suite 700 </ street2 >

< city > Austin </ city >

< stateOrCountry > TX </ stateOrCountry >

< stateOrCountryDescription > TEXAS </ stateOrCountryDescription >

< zipCode > 78701 </ zipCode >

</ recipientAddress >

- < statesOfSolicitationList >

< state > AZ </ state >

< description > ARIZONA </ description >

< state > FL </ state >

< description > FLORIDA </ description >

< state > IL </ state >

< description > ILLINOIS </ description >

< state > MD </ state >

< description > MARYLAND </ description >

< state > MA </ state >

< description > MASSACHUSETTS </ description >

< state > NY </ state >

< description > NEW YORK </ description >

< state > PA </ state >

< description > PENNSYLVANIA </ description >

< state > TX </ state >

< description > TEXAS </ description >

< state > UT </ state >

< description > UTAH </ description >

</ statesOfSolicitationList >

< foreignSolicitation > false </ foreignSolicitation >

</ recipient >

- < recipient >

< recipientName > Gabriel Medina </ recipientName >

< recipientCRDNumber > 5061047 </ recipientCRDNumber >

< associatedBDName > Realized Financial, Inc. </ associatedBDName >

< associatedBDCRDNumber > 22333 </ associatedBDCRDNumber >

- < recipientAddress >

< street1 > 400 W. 15th Street </ street1 >

< street2 > Suite 700 </ street2 >

< city > Austin </ city >

< stateOrCountry > TX </ stateOrCountry >

< stateOrCountryDescription > TEXAS </ stateOrCountryDescription >

< zipCode > 78701 </ zipCode >

</ recipientAddress >

- < statesOfSolicitationList >

< state > CA </ state >

< description > CALIFORNIA </ description >

< state > TX </ state >

< description > TEXAS </ description >

</ statesOfSolicitationList >

< foreignSolicitation > false </ foreignSolicitation >

</ recipient >

- < recipient >

< recipientName > Michael Karalewich </ recipientName >

< recipientCRDNumber > 2910052 </ recipientCRDNumber >

< associatedBDName > Nationwide Planning Assoicates Inc. </ associatedBDName >

< associatedBDCRDNumber > 31029 </ associatedBDCRDNumber >

- < recipientAddress >

< street1 > 32-16 Broadway Avenue </ street1 >

< street2 > 2nd Floor </ street2 >

< city > Fair Lawn </ city >

< stateOrCountry > NJ </ stateOrCountry >

< stateOrCountryDescription > NEW JERSEY </ stateOrCountryDescription >

< zipCode > 07410 </ zipCode >

</ recipientAddress >

- < statesOfSolicitationList >

< state > NJ </ state >

< description > NEW JERSEY </ description >

< state > NY </ state >

< description > NEW YORK </ description >

</ statesOfSolicitationList >

< foreignSolicitation > false </ foreignSolicitation >

</ recipient >

- < recipient >

< recipientName > Brian Ragen </ recipientName >

< recipientCRDNumber > 1822796 </ recipientCRDNumber >

< associatedBDName > Concorde Investment Services, LLC </ associatedBDName >

< associatedBDCRDNumber > 151604 </ associatedBDCRDNumber >

- < recipientAddress >

< street1 > 3909 Research Park Drive </ street1 >

< street2 > Suite 200 </ street2 >

< city > Ann Arbor </ city >

< stateOrCountry > MI </ stateOrCountry >

< stateOrCountryDescription > MICHIGAN </ stateOrCountryDescription >

< zipCode > 48108 </ zipCode >

</ recipientAddress >

- < statesOfSolicitationList >

< state > CA </ state >

< description > CALIFORNIA </ description >

< state > FL </ state >

< description > FLORIDA </ description >

< state > NV </ state >

< description > NEVADA </ description >

</ statesOfSolicitationList >

< foreignSolicitation > false </ foreignSolicitation >

</ recipient >

- < recipient >

< recipientName > Ehud Gersten </ recipientName >

< recipientCRDNumber > 7066119 </ recipientCRDNumber >

< associatedBDName > Arkadios Capital </ associatedBDName >

< associatedBDCRDNumber > 282710 </ associatedBDCRDNumber >

- < recipientAddress >

< street1 > 2827 Peachtree Road NE </ street1 >

< street2 > Suite 510 </ street2 >

< city > Atlanta </ city >

< stateOrCountry > GA </ stateOrCountry >

< stateOrCountryDescription > GEORGIA </ stateOrCountryDescription >

< zipCode > 30305 </ zipCode >

</ recipientAddress >

- < statesOfSolicitationList >

< state > CA </ state >

< description > CALIFORNIA </ description >

</ statesOfSolicitationList >

< foreignSolicitation > false </ foreignSolicitation >

</ recipient >

- < recipient >

< recipientName > Lisa Garza </ recipientName >

< recipientCRDNumber > 2576056 </ recipientCRDNumber >

< associatedBDName > Concorde Investment Services, LLC </ associatedBDName >

< associatedBDCRDNumber > 151604 </ associatedBDCRDNumber >

- < recipientAddress >

< street1 > 3909 Research Park Drive </ street1 >

< street2 > Suite 200 </ street2 >

< city > Ann Arbor </ city >

< stateOrCountry > MI </ stateOrCountry >

< stateOrCountryDescription > MICHIGAN </ stateOrCountryDescription >

< zipCode > 48108 </ zipCode >

</ recipientAddress >

- < statesOfSolicitationList >

< state > AZ </ state >

< description > ARIZONA </ description >

</ statesOfSolicitationList >

< foreignSolicitation > false </ foreignSolicitation >

</ recipient >

- < recipient >

< recipientName > Jacob Driver </ recipientName >

< recipientCRDNumber > 7738978 </ recipientCRDNumber >

< associatedBDName > Concorde Investment Services, LLC </ associatedBDName >

< associatedBDCRDNumber > 151604 </ associatedBDCRDNumber >

- < recipientAddress >

< street1 > 100 East San Marcos Boulevard </ street1 >

< street2 > Suite 400 </ street2 >

< city > San Marcos </ city >

< stateOrCountry > CA </ stateOrCountry >

< stateOrCountryDescription > CALIFORNIA </ stateOrCountryDescription >

< zipCode > 92069 </ zipCode >

</ recipientAddress >

- < statesOfSolicitationList >

< state > CA </ state >

< description > CALIFORNIA </ description >

</ statesOfSolicitationList >

< foreignSolicitation > false </ foreignSolicitation >

</ recipient >

- < recipient >

< recipientName > Steve Fortunato </ recipientName >

< recipientCRDNumber > 7956338 </ recipientCRDNumber >

< associatedBDName > Realta Equities, Inc. </ associatedBDName >

< associatedBDCRDNumber > 23769 </ associatedBDCRDNumber >

- < recipientAddress >

< street1 > 1201 North Orange Street </ street1 >

< street2 > Suite 729 </ street2 >

< city > Wilmington </ city >

< stateOrCountry > DE </ stateOrCountry >

< stateOrCountryDescription > DELAWARE </ stateOrCountryDescription >

< zipCode > 19801 </ zipCode >

</ recipientAddress >

- < statesOfSolicitationList >

< state > IL </ state >

< description > ILLINOIS </ description >

</ statesOfSolicitationList >

< foreignSolicitation > false </ foreignSolicitation >

</ recipient >

</ salesCompensationList >

- < offeringSalesAmounts >

< totalOfferingAmount > 38670000 </ totalOfferingAmount >

< totalAmountSold > 38670000 </ totalAmountSold >

< totalRemaining > 0 </ totalRemaining >

< clarificationOfResponse > Regarding Item 11, the Issuer may accept smaller investments in the Issuer's sole discretion. </ clarificationOfResponse >

</ offeringSalesAmounts >

- < investors >

< hasNonAccreditedInvestors > false </ hasNonAccreditedInvestors >

< totalNumberAlreadyInvested > 59 </ totalNumberAlreadyInvested >

</ investors >

- < salesCommissionsFindersFees >

- < salesCommissions >

< dollarAmount > 2315000 </ dollarAmount >

< isEstimate > true </ isEstimate >

</ salesCommissions >

- < findersFees >

< dollarAmount > 0 </ dollarAmount >

< isEstimate > true </ isEstimate >

</ findersFees >

< clarificationOfResponse > Sales Commission include estimates of the maximum amount of Selling Commissions and Dealer Fees that may be paid. </ clarificationOfResponse >

</ salesCommissionsFindersFees >

- < useOfProceeds >

- < grossProceedsUsed >

< dollarAmount > 1065000 </ dollarAmount >

< isEstimate > true </ isEstimate >

</ grossProceedsUsed >

< clarificationOfResponse > Item 16 is an estimate of offering and organizational expenses that may accrue to one or more Related Persons. </ clarificationOfResponse >

</ useOfProceeds >

- < signatureBlock >

< authorizedRepresentative > false </ authorizedRepresentative >

- < signature >

< issuerName > AX DG San Antonio, DST </ issuerName >

< signatureName > /s/ Nari Na </ signatureName >

< nameOfSigner > Nari Na </ nameOfSigner >

< signatureTitle > Vice President of Manager and Signatory Trustee of Issuer </ signatureTitle >

< signatureDate > 2025-07-02 </ signatureDate >

</ signature >

</ signatureBlock >

</ offeringData >

</ edgarSubmission >