FORM D
Notice of Exempt Offering of Securities

UNITED STATES SECURITIES
AND EXCHANGE COMMISSION
Washington, D.C.

OMB APPROVAL
OMB Number: 3235-0076
Estimated Average burden hours per response: 4.0
1. Issuer's Identity
CIK (Filer ID Number)Previous Name(s)Checkbox checkedNoneEntity Type
0002075636
Radio button not checkedCorporation
Radio button not checked Limited Partnership
Radio button not checked Limited Liability Company
Radio button not checked General Partnership
Radio button not checked Business Trust
Radio button checkedOther
Statutory Trust
 
Name of Issuer
 AIREX Portfolio 9 DST
Jurisdiction of Incorporation/Organization
DELAWARE 
Year of Incorporation/Organization
Radio button not checkedOver Five Years Ago
Radio button checkedWithin Last Five Years (Specify Year)
2025
Radio button not checkedYet to Be Formed
 
  
  
 
2. Principal Place of Business and Contact Information
Name of Issuer
 AIREX Portfolio 9 DST
Street Address 1Street Address 2
 1200 17TH STREET
 SUITE 2900
CityState/Province/CountryZIP/Postal CodePhone No. of Issuer
 DENVER
 COLORADO
 
 80202
 720-528-4044 



3. Related Persons

Last NameFirst NameMiddle Name
Ares Industrial Real Estate Exchange LLC
N/A
Street Address 1Street Address 2
 1200 17th Street 
 Suite 2900
CityState/Province/CountryZIP/Postal Code
 Denver
 COLORADO
 80202
 
Relationship:Checkbox checkedExecutive OfficerCheckbox not checkedDirectorCheckbox not checkedPromoter
Clarification of Response (if Necessary)
Sponsor of the Issuer


Last NameFirst NameMiddle Name
AIREX Portfolio 9 Manager LLC
N/A
Street Address 1Street Address 2
 1200 17th Street 
 Suite 2900
CityState/Province/CountryZIP/Postal Code
 Denver
 COLORADO
 80202
 
Relationship:Checkbox checkedExecutive OfficerCheckbox not checkedDirectorCheckbox not checkedPromoter
Clarification of Response (if Necessary)
Manager/Signatory Trustee


Last NameFirst NameMiddle Name
AIREX Portfolio 9 TRS LLC
N/A
Street Address 1Street Address 2
 1200 17th Street 
 Suite 2900
CityState/Province/CountryZIP/Postal Code
 Denver
 COLORADO
 80202
 
Relationship:Checkbox checkedExecutive OfficerCheckbox not checkedDirectorCheckbox not checkedPromoter
Clarification of Response (if Necessary)
Depositor of the Issuer




4. Industry Group
 Radio button not checkedAgriculture
Banking & Financial Services
 Radio button not checked Commercial Banking
 Radio button not checked Insurance
 Radio button not checkedInvesting
 Radio button not checked Investment Banking
 Radio button not checked Pooled Investment Fund

 Radio button not checkedOther Banking & Financial Services
Radio button not checked Business Services
Energy
 Radio button not checked Coal Mining
 Radio button not checked Electric Utilities
 Radio button not checked Energy Conservation
 Radio button not checked Environmental Services
 Radio button not checked Oil & Gas
 Radio button not checked Other Energy
Health Care
 Radio button not checked Biotechnology
 Radio button not checked Health Insurance
 Radio button not checked Hospitals & Physicians
 Radio button not checked Pharmaceuticals
 Radio button not checked Other Health Care
   
   
   
  
Radio button not checked Manufacturing
Real Estate
 Radio button not checkedCommercial
 Radio button not checkedConstruction
 Radio button not checkedREITS & Finance
 Radio button not checkedResidential
Radio button checkedOther Real Estate
Radio button not checked Retailing
Radio button not checkedRestaurants
Technology
Radio button not checked Computers
Radio button not checked Telecommunications
Radio button not checked Other Technology
Travel
Radio button not checked Airlines & Airports
Radio button not checked Lodging & Conventions
Radio button not checked Tourism & Travel Services
Radio button not checked Other Travel
Radio button not checkedOther

  
   
5. Issuer Size
Revenue RangeAggregate Net Asset Value Range
Radio button not checkedNo RevenuesRadio button not checked No Aggregate Net Asset Value
Radio button not checked $1 - $1,000,000Radio button not checked$1 - $5,000,000
Radio button not checked $1,000,001 - $5,000,000Radio button not checked $5,000,001 - $25,000,000
Radio button not checked$5,000,001 - $25,000,000Radio button not checked $25,000,001 - $50,000,000
Radio button not checked$25,000,001 - $100,000,000Radio button not checked $50,000,001 - $100,000,000
Radio button not checked Over $100,000,000Radio button not checked Over $100,000,000
Radio button checked Decline to Disclose Radio button not checkedDecline to Disclose
Radio button not checked Not ApplicableRadio button not checked Not Applicable

 
6. Federal Exemption(s) and Exclusion(s) Claimed (select all that apply)
Checkbox not checkedRule 504(b)(1) (not (i), (ii)
or (iii))		Checkbox checkedRule 506(b)      
Checkbox not checkedRule 504 (b)(1)(i) Checkbox not checkedRule 506(c)
Checkbox not checkedRule 504 (b)(1)(ii) Checkbox not checkedSecurities Act Section 4(a)(5)
Checkbox not checkedRule 504 (b)(1)(iii)Checkbox not checkedInvestment Company Act Section 3(c)
 
 

7. Type of Filing
Checkbox not checked New Notice Date of First Sale 
2025-07-14
Checkbox not checked First Sale Yet to Occur
Checkbox checked Amendment


 
 
8. Duration of Offering
Does the Issuer intend this offering to last more than one year? Radio button not checked Yes Radio button checked No
 
 
9. Type(s) of Securities Offered (select all that apply)
Checkbox not checkedPooled Investment Fund InterestsCheckbox checkedEquity
Checkbox not checkedTenant-in-Common Securities Checkbox not checkedDebt
Checkbox not checkedMineral Property SecuritiesCheckbox not checkedOption, Warrant or Other Right to Acquire Another Security
Checkbox not checkedSecurity to be Acquired Upon Exercise of Option, Warrant or Other Right to Acquire SecurityCheckbox not checkedOther (describe)
 
 
 
10. Business Combination Transaction
Is this offering being made in connection with a business combination transaction, such as a merger, acquisition or exchange offer? Radio button not checked Yes Radio button checked No
Clarification of Response (if Necessary)
 
 
 
11. Minimum Investment
Minimum investment accepted from any outside investor$
 500000
USD

12. Sales Compensation
Recipient Recipient CRD NumberCheckbox not checkedNone
 Ares Management Capital Markets LLC
 166219
(Associated) Broker or DealerCheckbox checkedNone(Associated) Broker or Dealer CRD Number Checkbox checkedNone
  
  
Street Address 1      Street Address 2
1200 17th Street
Suite 2900
City State/Province/CountryZIP/Postal Code
 Denver
 COLORADO
 80202
State(s) of SolicitationCheckbox checkedAll StatesCheckbox not checkedForeign/Non-US
 
Recipient Recipient CRD NumberCheckbox not checkedNone
 RBC Capital Markets, LLC
 31194
(Associated) Broker or DealerCheckbox checkedNone(Associated) Broker or Dealer CRD Number Checkbox checkedNone
  
  
Street Address 1      Street Address 2
200 Vesey Street
 
City State/Province/CountryZIP/Postal Code
 New York
 NEW YORK
 10281
State(s) of SolicitationCheckbox not checkedAll StatesCheckbox not checkedForeign/Non-US
 
ALASKA
CALIFORNIA
FLORIDA
KANSAS
MONTANA
Recipient Recipient CRD NumberCheckbox not checkedNone
 J.P. Morgan Securities LLC
 79
(Associated) Broker or DealerCheckbox checkedNone(Associated) Broker or Dealer CRD Number Checkbox checkedNone
  
  
Street Address 1      Street Address 2
270 Park Avenue
 
City State/Province/CountryZIP/Postal Code
 New York
 NEW YORK
 10017
State(s) of SolicitationCheckbox not checkedAll StatesCheckbox not checkedForeign/Non-US
 
CALIFORNIA
FLORIDA
OHIO
RHODE ISLAND
TEXAS
Recipient Recipient CRD NumberCheckbox not checkedNone
 UBS Financial Services Inc.
 8174
(Associated) Broker or DealerCheckbox checkedNone(Associated) Broker or Dealer CRD Number Checkbox checkedNone
  
  
Street Address 1      Street Address 2
1200 Harbor Blvd.
 
City State/Province/CountryZIP/Postal Code
 Weehawken
 NEW JERSEY
 07086
State(s) of SolicitationCheckbox not checkedAll StatesCheckbox not checkedForeign/Non-US
 
ALASKA
CALIFORNIA
COLORADO
CONNECTICUT
DELAWARE
FLORIDA
GEORGIA
LOUISIANA
MASSACHUSETTS
NEW JERSEY
NEW YORK
SOUTH CAROLINA
TEXAS
VIRGINIA
Recipient Recipient CRD NumberCheckbox not checkedNone
 &Partners
 3767
(Associated) Broker or DealerCheckbox checkedNone(Associated) Broker or Dealer CRD Number Checkbox checkedNone
  
  
Street Address 1      Street Address 2
40 Burton Hills Blvd.
Suite 350
City State/Province/CountryZIP/Postal Code
 Nashville
 TENNESSEE
 37215
State(s) of SolicitationCheckbox not checkedAll StatesCheckbox not checkedForeign/Non-US
 
SOUTH CAROLINA
Recipient Recipient CRD NumberCheckbox not checkedNone
 Signature Estate Securities, LLC
 18923
(Associated) Broker or DealerCheckbox checkedNone(Associated) Broker or Dealer CRD Number Checkbox checkedNone
  
  
Street Address 1      Street Address 2
2121 Avenue of Stars
Suite 1600
City State/Province/CountryZIP/Postal Code
 Los Angeles
 CALIFORNIA
 90067
State(s) of SolicitationCheckbox not checkedAll StatesCheckbox not checkedForeign/Non-US
 
CALIFORNIA
Recipient Recipient CRD NumberCheckbox not checkedNone
 BOK Financial Securities, Inc.
 17530
(Associated) Broker or DealerCheckbox checkedNone(Associated) Broker or Dealer CRD Number Checkbox checkedNone
  
  
Street Address 1      Street Address 2
One Williams Center
Plaza Southeast
City State/Province/CountryZIP/Postal Code
 Tulsa
 OKLAHOMA
 74171
State(s) of SolicitationCheckbox not checkedAll StatesCheckbox not checkedForeign/Non-US
 
OKLAHOMA
Recipient Recipient CRD NumberCheckbox not checkedNone
 Rockefeller Financial LLC
 291361
(Associated) Broker or DealerCheckbox checkedNone(Associated) Broker or Dealer CRD Number Checkbox checkedNone
  
  
Street Address 1      Street Address 2
45 Rockefeller Plaza
Floor 5
City State/Province/CountryZIP/Postal Code
 New York
 NEW YORK
 10111
State(s) of SolicitationCheckbox not checkedAll StatesCheckbox not checkedForeign/Non-US
 
GEORGIA



13. Offering and Sales Amounts
 
Total Offering Amount $
114950000
USDCheckbox not checkedIndefinite
Total Amount Sold $
114950000
USD
Total Remaining to be Sold $
0
USDCheckbox not checkedIndefinite
Clarification of Response (if Necessary)
  
 
14. Investors

Checkbox not checkedSelect if securities in the offering have been or may be sold to persons who do not qualify as accredited investors,
Number of such non-accredited investors who already have invested in the offering
   
  Regardless of whether securities in the offering have been or may be sold to persons who do not qualify as accredited investors, enter the total number of investors who already have invested in the offering:
60
 
15. Sales Commissions & Finders’ Fees Expenses
Provide separately the amounts of sales commissions and finders' fees expenses, if any. If the amount of an expenditure is not known, provide an estimate and check the box next to the amount.
Sales Commissions$
6333333
USDCheckbox checkedEstimate
Finders' Fees$
0
USDCheckbox checkedEstimate
Clarification of Response (if Necessary)
 
 

16. Use of Proceeds
Provide the amount of the gross proceeds of the offering that has been or is proposed to be used for payments to any of the persons required to be named as executive officers, directors or promoters in response to Item 3 above. If the amount is unknown, provide an estimate and check the box next to the amount.
 $ 
5383333
USDCheckbox checkedEstimate
Clarification of Response (if Necessary)
Estimate includes Dealer Manager Fee, Facilitation Fee and Organizational Exp. and RE Transaction Cost Allowance that may accrue to one or more related persons.

Signature and Submission
 
Please verify the information you have entered and review the Terms of Submission below before signing and clicking SUBMIT below to file this notice.
Terms of Submission 
 In submitting this notice, each Issuer named above is: 
 
  • Notifying the SEC and/or each State in which this notice is filed of the offering of securities described and undertaking to furnish them, upon written request, the information furnished to offerees.
  • Irrevocably appointing each of the Secretary of the SEC and, the Securities Administrator or other legally designated officer of the State in which the Issuer maintains its principal place of business and any State in which this notice is filed, as its agents for service of process, and agreeing that these persons may accept service on its behalf, of any notice, process or pleading, and further agreeing that such service may be made by registered or certified mail, in any Federal or state action, administrative proceeding, or arbitration brought against it in any place subject to the jurisdiction of the United States, if the action, proceeding or arbitration (a) arises out of any activity in connection with the offering of securities that is the subject of this notice, and (b) is founded, directly or indirectly, upon the provisions of:  (i) the Securities Act of 1933, the Securities Exchange Act of 1934, the Trust Indenture Act of 1939, the Investment Company Act of 1940, or the Investment Advisers Act of 1940, or any rule or regulation under any of these statutes, or (ii) the laws of the State in which the issuer maintains its principal place of business or any State in which this notice is filed.
  • Certifying that, if the issuer is claiming a Regulation D exemption for the offering, the issuer is not disqualified from relying on Rule 504 or Rule 506 for one of the reasons stated in Rule 504(b)(3) or Rule 506(d).
 
Each Issuer identified above has read this notice, knows the contents to be true, and has duly caused this notice to be signed on its behalf by the undersigned duly authorized person.
For signature, type in the signer's name or other letters or characters adopted or authorized as the signer's signature.
 
IssuerSignatureName of SignerTitleDate
AIREX Portfolio 9 DSTStefanie SommersStefanie SommersManaging Director and Associate General Counsel2026-03-11