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
0002085708
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
 JLLX Diversified 10, 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
 JLLX Diversified 10, DST
Street Address 1Street Address 2
 333 WEST WACKER DRIVE, SUITE 2300
 
CityState/Province/CountryZIP/Postal CodePhone No. of Issuer
 CHICAGO
 ILLINOIS
 
 60606
 3128974000 



3. Related Persons

Last NameFirst NameMiddle Name
JLL Exchange TRS, LLC
[none]
Street Address 1Street Address 2
 333 W Wacker Drive 
 Suite 2300
CityState/Province/CountryZIP/Postal Code
 Chicago
 ILLINOIS
 60606
 
Relationship:Checkbox not checkedExecutive OfficerCheckbox not checkedDirectorCheckbox checkedPromoter
Clarification of Response (if Necessary)
 


Last NameFirst NameMiddle Name
LaSalle Investment Management, Inc.
[none]
Street Address 1Street Address 2
 333 W Wacker Drive 
 Suite 2300
CityState/Province/CountryZIP/Postal Code
 Chicago
 ILLINOIS
 60606
 
Relationship:Checkbox not checkedExecutive OfficerCheckbox not checkedDirectorCheckbox checkedPromoter
Clarification of Response (if Necessary)
 


Last NameFirst NameMiddle Name
Falk
Gregory
A.
Street Address 1Street Address 2
 333 W Wacker Drive 
 Suite 2300
CityState/Province/CountryZIP/Postal Code
 Chicago
 ILLINOIS
 60606
 
Relationship:Checkbox checkedExecutive OfficerCheckbox not checkedDirectorCheckbox not checkedPromoter
Clarification of Response (if Necessary)
 




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 
2025-09-17
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$
 75000
USD

12. Sales Compensation
Recipient Recipient CRD NumberCheckbox not checkedNone
 LaSalle Investment Management Distributors, LLC
 157625
(Associated) Broker or DealerCheckbox checkedNone(Associated) Broker or Dealer CRD Number Checkbox checkedNone
  
  
Street Address 1      Street Address 2
333 W Wacker Drive
Suite 2300
City State/Province/CountryZIP/Postal Code
 Chicago
 ILLINOIS
 60606
State(s) of SolicitationCheckbox checkedAll StatesCheckbox not checkedForeign/Non-US
 
Recipient Recipient CRD NumberCheckbox not checkedNone
 VINCE TAT ON LEE
 5455223
(Associated) Broker or DealerCheckbox not checkedNone(Associated) Broker or Dealer CRD Number Checkbox not checkedNone
 COLDSTREAM SECURITIES, INC.
 46835
Street Address 1      Street Address 2
ONE 100TH AVENUE NE SUITE 102
 
City State/Province/CountryZIP/Postal Code
 BELLEVUE
 WASHINGTON
 98004
State(s) of SolicitationCheckbox not checkedAll StatesCheckbox not checkedForeign/Non-US
 
CALIFORNIA
FLORIDA
GEORGIA
ILLINOIS
MARYLAND
MASSACHUSETTS
NEW MEXICO
NEW YORK
NORTH CAROLINA
OREGON
TEXAS
WASHINGTON
Recipient Recipient CRD NumberCheckbox not checkedNone
 MICHAEL PARIS
 5087636
(Associated) Broker or DealerCheckbox not checkedNone(Associated) Broker or Dealer CRD Number Checkbox not checkedNone
 COMMONWEALTH FINANCIAL NETWORK
 8032
Street Address 1      Street Address 2
275 WYMAN STREET, STE. 400
 
City State/Province/CountryZIP/Postal Code
 WALTHAM
 MASSACHUSETTS
 02451
State(s) of SolicitationCheckbox checkedAll StatesCheckbox not checkedForeign/Non-US
 
Recipient Recipient CRD NumberCheckbox not checkedNone
 ERIC T WATSON
 4560069
(Associated) Broker or DealerCheckbox not checkedNone(Associated) Broker or Dealer CRD Number Checkbox not checkedNone
 COMMONWEALTH FINANCIAL NETWORK
 8032
Street Address 1      Street Address 2
275 WYMAN STREET, STE. 400
 
City State/Province/CountryZIP/Postal Code
 WALTHAM
 MASSACHUSETTS
 02451
State(s) of SolicitationCheckbox checkedAll StatesCheckbox not checkedForeign/Non-US
 
Recipient Recipient CRD NumberCheckbox not checkedNone
 JUSTIN T BITNER
 2657254
(Associated) Broker or DealerCheckbox not checkedNone(Associated) Broker or Dealer CRD Number Checkbox not checkedNone
 COMMONWEALTH FINANCIAL NETWORK
 8032
Street Address 1      Street Address 2
275 WYMAN STREET, STE. 400
 
City State/Province/CountryZIP/Postal Code
 WALTHAM
 MASSACHUSETTS
 02451
State(s) of SolicitationCheckbox checkedAll StatesCheckbox not checkedForeign/Non-US
 
Recipient Recipient CRD NumberCheckbox not checkedNone
 Concorde Investments Services, LLC
 151604
(Associated) Broker or DealerCheckbox checkedNone(Associated) Broker or Dealer CRD Number Checkbox checkedNone
  
  
Street Address 1      Street Address 2
3909 RESEARCH PARK DRIVE, SUITE 200
 
City State/Province/CountryZIP/Postal Code
 ANN ARBOR
 MICHIGAN
 48108
State(s) of SolicitationCheckbox checkedAll StatesCheckbox not checkedForeign/Non-US
 
Recipient Recipient CRD NumberCheckbox not checkedNone
 DAI SECURITIES LLC
 36673
(Associated) Broker or DealerCheckbox checkedNone(Associated) Broker or Dealer CRD Number Checkbox checkedNone
  
  
Street Address 1      Street Address 2
2800 CENTURY PARKWAY NE, SUITE 650
 
City State/Province/CountryZIP/Postal Code
 ATLANTA
 GEORGIA
 30345
State(s) of SolicitationCheckbox checkedAll StatesCheckbox not checkedForeign/Non-US
 
Recipient Recipient CRD NumberCheckbox not checkedNone
 BRIAN PERKINS
 5630932
(Associated) Broker or DealerCheckbox not checkedNone(Associated) Broker or Dealer CRD Number Checkbox not checkedNone
 EMERSON EQUITY LLC
 130032
Street Address 1      Street Address 2
155 BOVET ROAD, SUITE 725
 
City State/Province/CountryZIP/Postal Code
 SAN MATEO
 CALIFORNIA
 94402
State(s) of SolicitationCheckbox checkedAll StatesCheckbox not checkedForeign/Non-US
 
Recipient Recipient CRD NumberCheckbox not checkedNone
 KELLY CLYDE
 4825839
(Associated) Broker or DealerCheckbox not checkedNone(Associated) Broker or Dealer CRD Number Checkbox not checkedNone
 INDEPENDENT FINANCIAL GROUP, LLC
 7717
Street Address 1      Street Address 2
12671 HIGH BLUFF DRIVE, SUITE 200
 
City State/Province/CountryZIP/Postal Code
 SAN DIEGO
 CALIFORNIA
 92130
State(s) of SolicitationCheckbox checkedAll StatesCheckbox not checkedForeign/Non-US
 
Recipient Recipient CRD NumberCheckbox not checkedNone
 JOHN MCKEON
 5286647
(Associated) Broker or DealerCheckbox not checkedNone(Associated) Broker or Dealer CRD Number Checkbox not checkedNone
 INDEPENDENT FINANCIAL GROUP, LLC
 7717
Street Address 1      Street Address 2
12671 HIGH BLUFF DRIVE, SUITE 200
 
City State/Province/CountryZIP/Postal Code
 SAN DIEGO
 CALIFORNIA
 92130
State(s) of SolicitationCheckbox checkedAll StatesCheckbox not checkedForeign/Non-US
 
Recipient Recipient CRD NumberCheckbox not checkedNone
 MELISSA GREGORY GARRETT
 4979737
(Associated) Broker or DealerCheckbox not checkedNone(Associated) Broker or Dealer CRD Number Checkbox not checkedNone
 JANNEY MONTGOMERY SCOTT LLC
 463
Street Address 1      Street Address 2
1717 ARCH STREET
 
City State/Province/CountryZIP/Postal Code
 PHILADELPHIA
 PENNSYLVANIA
 19103
State(s) of SolicitationCheckbox checkedAll StatesCheckbox not checkedForeign/Non-US
 
Recipient Recipient CRD NumberCheckbox not checkedNone
 David Nathaniel Gaines
 7923185
(Associated) Broker or DealerCheckbox not checkedNone(Associated) Broker or Dealer CRD Number Checkbox not checkedNone
 JONES LANG LASALLE SECURITIES, LLC
 120738
Street Address 1      Street Address 2
200 EAST RANDOLPH DRIVE, 44TH FLOOR
 
City State/Province/CountryZIP/Postal Code
 CHICAGO
 ILLINOIS
 60601
State(s) of SolicitationCheckbox checkedAll StatesCheckbox not checkedForeign/Non-US
 
Recipient Recipient CRD NumberCheckbox not checkedNone
 LPL FINANCIAL LLC
 6413
(Associated) Broker or DealerCheckbox checkedNone(Associated) Broker or Dealer CRD Number Checkbox checkedNone
  
  
Street Address 1      Street Address 2
1055 LPL WAY
 
City State/Province/CountryZIP/Postal Code
 FOR MILL
 SOUTH CAROLINA
 29715
State(s) of SolicitationCheckbox checkedAll StatesCheckbox not checkedForeign/Non-US
 
Recipient Recipient CRD NumberCheckbox not checkedNone
 MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED
 7691
(Associated) Broker or DealerCheckbox checkedNone(Associated) Broker or Dealer CRD Number Checkbox checkedNone
  
  
Street Address 1      Street Address 2
ONE BRYANT PARK
 
City State/Province/CountryZIP/Postal Code
 NEW YORK
 NEW YORK
 10036
State(s) of SolicitationCheckbox checkedAll StatesCheckbox not checkedForeign/Non-US
 
Recipient Recipient CRD NumberCheckbox not checkedNone
 MORGAN STANLEY
 149777
(Associated) Broker or DealerCheckbox checkedNone(Associated) Broker or Dealer CRD Number Checkbox checkedNone
  
  
Street Address 1      Street Address 2
2000 WESTCHESTER AVENUE
 
City State/Province/CountryZIP/Postal Code
 PURCHASE
 NEW YORK
 10577
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 ST.
 
City State/Province/CountryZIP/Postal Code
 NEW YORK
 NEW YORK
 10281
State(s) of SolicitationCheckbox checkedAll StatesCheckbox not checkedForeign/Non-US
 
Recipient Recipient CRD NumberCheckbox not checkedNone
 BRIANNA NICOLE ARMSTRONG
 7570195
(Associated) Broker or DealerCheckbox not checkedNone(Associated) Broker or Dealer CRD Number Checkbox not checkedNone
 REALIZED FINANCIAL, INC.
 22333
Street Address 1      Street Address 2
500 W. 13TH STREET
 
City State/Province/CountryZIP/Postal Code
 AUSTIN
 TEXAS
 78701
State(s) of SolicitationCheckbox checkedAll StatesCheckbox not checkedForeign/Non-US
 
Recipient Recipient CRD NumberCheckbox not checkedNone
 DRAYTON LANDRUM HENDERSON
 5166286
(Associated) Broker or DealerCheckbox not checkedNone(Associated) Broker or Dealer CRD Number Checkbox not checkedNone
 ROBERT W. BAIRD & CO. INCORPORATED
 8158
Street Address 1      Street Address 2
777 E. WISCONSIN AVENUE
 
City State/Province/CountryZIP/Postal Code
 MILWAUKEE
 WISCONSIN
 53202
State(s) of SolicitationCheckbox checkedAll StatesCheckbox not checkedForeign/Non-US
 
Recipient Recipient CRD NumberCheckbox not checkedNone
 Luis-Diego Quiroz
 5673101
(Associated) Broker or DealerCheckbox not checkedNone(Associated) Broker or Dealer CRD Number Checkbox not checkedNone
 U.S. BANCORP INVESTMENTS, INC.
 17868
Street Address 1      Street Address 2
60 LIVINGSTON AVENUE, EP-MN-N2WC
 
City State/Province/CountryZIP/Postal Code
 SAINT PAUL
 MINNESOTA
 55107
State(s) of SolicitationCheckbox checkedAll StatesCheckbox not checkedForeign/Non-US
 
Recipient Recipient CRD NumberCheckbox not checkedNone
 Algernon Tu
 5771965
(Associated) Broker or DealerCheckbox not checkedNone(Associated) Broker or Dealer CRD Number Checkbox not checkedNone
 U.S. BANCORP INVESTMENTS, INC.
 17868
Street Address 1      Street Address 2
60 LIVINGSTON AVENUE, EP-MN-N2WC
 
City State/Province/CountryZIP/Postal Code
 SAINT PAUL
 MINNESOTA
 55107
State(s) of SolicitationCheckbox checkedAll StatesCheckbox not checkedForeign/Non-US
 



13. Offering and Sales Amounts
 
Total Offering Amount $
268270270
USDCheckbox not checkedIndefinite
Total Amount Sold $
255437566
USD
Total Remaining to be Sold $
12832704
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:
229
 
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$
18778919
USDCheckbox checkedEstimate
Finders' Fees$
0
USDCheckbox not 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.
 $ 
20120270
USDCheckbox checkedEstimate
Clarification of Response (if Necessary)
JLL Exchange TRS, LLC is required to pay approximately $20,120,270 in costs and expenses related to the offering and acquisition of the properties.

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
JLLX Diversified 10, DST/s/ Gregory A. FalkGregory A. FalkVice President of Signatory Trustee2026-04-14