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April DST Sales Fall Nearly 20% From March High; Ares Leads YTD With 21.3% Share

By Mari Nicholson

April DST Sales Fall Nearly 20% From March High; Ares Leads YTD With 21.3% Share

Delaware statutory trust equity fundraising totaled approximately $3.07 billion through April 2026, a 27.4% increase from the approximately $2.41 billion raised through the same period in 2025, according to Mountain Dell Consulting. This was even as monthly fundraising cooled in April.

DST sales in April 2026 totaled $675.2 million, a nearly 20% decrease from the previous month’s year-to-date high of $843.1 million. Mountain Dell has projected that DST sales could reach $10 billion to $11 billion by year-end.

With approximately $653.8 million in total equity raised (21.3% of the market share), Ares Real Estate Exchange led DST sales for the year, raising nearly twice the capital of second-place Hines, which raised approximately $329.2 million (10.7% of market share). According to Mountain Dell, other sponsors rounding out the top five and representing the highest percent of market share through April were:

  • Blue Owl Real Estate Exchange with a year-to-date tally of approximately $299.9 million (9.8%);
  • ExchangeRight Real Estate with a year-to-date tally of approximately $225.2 million (7.3%); and
  • Inland Private Capital Corporation, with a year-to-date tally of approximately $182.8 million (nearly 6%).

Nuveen Real Estate Exchange‘s NREX II DST, the largest offering of the month, debuted at $116.6 million and spans three states: Georgia, Pennsylvania, and Utah. Brookfield Real Estate Exchange’s BREX Net Lease Industrial I DST also launched in April, seeking to raise approximately $80.06 million from accredited investors for an industrial property in Everett, Mass.

Industrial and multifamily were the largest asset classes at month’s end, accounting for 34% and 31% of all syndicated offerings, respectively.

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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