DST Fundraising Hits $6.48B Through August, Up 33% From 2025

Delaware statutory trust equity fundraising totaled approximately $6.48 billion through August 2026, more than a 33% increase from the $4.86 billion raised through the same period in 2025, according to Mountain Dell Consulting.

DST sales totaled $881.1 million in August, a 10.6% dip from July’s $985.1 million. Mountain Dell told AltsWire “linearly the industry is on track for $9.8 billion in total production this year,” and said there’s usually a run-up in the fourth quarter and that it anticipates a little more than $10 billion.

With approximately $1.3 billion in total equity raised (20.3% of market share), Ares Real Estate Exchange continues to lead DST sales for the year, more than doubling the second-highest fundraiser: Hines Real Estate Exchange at $590.6 million (9.1% of market share). Mountain Dell reported that the other sponsors rounding out the top five by market share through August were:

• Blue Owl Real Estate Exchange, at approximately $522.1 million, or 8.1% of the market;
• ExchangeRight Real Estate, which raised approximately $495.5 million for a 7.6% share; and
• Inland Private Capital Corporation with approximately $369.7 million and a 5.7% share.

According to Mountain Dell, the number of Regulation 506(c) deals surpassed that of 506(b) for the first time ever this year. Dollars raised, however, still leaned toward 506(b) deals.

Blackstone Real Estate Exchange launched the largest offering of the month with BXREX Portfolio II DST. The DST seeks to raise $187.3 million for two industrial properties in New Jersey and Pennsylvania. Its predecessor, Portfolio I DST, launched in December 2025 and raised $175.6 million.

ExchangeRight Real Estate also launched a $107.6 million industrial offering during the month. ER Essential Income 13 DST is raising equity for a Lakeville, Minn., property.

Industrial and multifamily remained the most available asset types at 33% and 23% of all syndicated offerings, respectively.

As of the end of August, 52 active sponsors were offering 97 programs, up 11.5% from the 87 programs available a year earlier, Mountain Dell said. Still, the firm told AltsWire that supply at the end of the month fell to approximately $2.7 billion, “nearly 20% below the year’s average and suggesting deals have started syndicating at a faster rate in the third quarter as compared to the prior two quarters.”

Located in the Salt Lake City region, Mountain Dell Consulting is a consulting and research firm focused on real estate-oriented investment programs. It has sourced and compiled data on the securitized 1031 exchange market since 2003.

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