DST Fundraising Reaches $2.44 Billion in Q1 2026, Up 34% Year Over Year

Delaware statutory trust equity fundraising totaled approximately $2.44 billion in the first quarter of 2026, a 34% year-over-year increase from the approximately $1.82 billion raised through Q1 2025, according to data from Mountain Dell Consulting.

Equity raised for DST offerings in March 2026 reached approximately $843.1 million, a 34.8% increase from the nearly $625.4 million raised in March 2025. Mountain Dell has projected that DST sales could reach $10 billion to $11 billion by year-end.

With approximately $519.8 million in total equity raised (21.3% of the market share), Ares Real Estate Exchange led DST sales for the month. According to Mountain Dell, other sponsors rounding out the top five and representing the highest percent of market share through March were:

• Hines Real Estate Exchange with a total equity raise of approximately $275.6 million (11.3%);
• Blue Owl Real Estate Exchange with a year-to-date tally of approximately $222.2 million (9.1%);
• ExchangeRight Real Estate with a year-to-date tally of approximately $186.3 million (7.6%); and
• JLL Exchange, with a year-to-date tally of $123 million (5%).

Ares launched a massive $459.3 million industrial offering to top the month. AIREX Industrial 11 DST is comprised of properties in four states: Florida, Georgia, Ohio, and Texas. Additionally, Time Equities launched Octavia Town Square TIC, which seeks to raise $95.5 million from accredited investors. The related asset is located in Boynton Beach, Fla.

Industrial and multifamily were the most available equity assets by type at month’s end, comprising 37% and 32% 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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