DST October Sales Reach $773M, a Slight Decrease From September’s Year-to-Date High

The equity raise for Delaware statutory trust offerings in October 2025 was nearly $773 million, a 6.4% decrease from the year-to-date best month of $826.2 million raised in September. For the year, the equity raise was more than $6.65 billion as of Oct. 31, according to the latest data provided by Mountain Dell Consulting.

This was a 44.9% year-over-year increase from the approximately $4.59 billion raised at the end of October 2024.

With this significant increase, DST sales have already surpassed last year’s total raise of $5.66 billion as of Dec. 31, 2024, positioning the sector to meet Mountain Dell’s forecast of $7.5 billion by the end of 2025.

With approximately $1.38 billion in total equity raised (20.73% of the market share), Ares Real Estate Exchange was the leader in sales year-to-date. According to Mountain Dell, other sponsors rounding out the top five and representing the highest percent of market share through the end of October were:

Hines Real Estate Exchange with a total equity raise of approximately $643.2 million (9.67%);

Inland Private Capital Corporation with a year-to-date tally of approximately $536.1 million (8.06%);

ExchangeRight Real Estate with a year-to-date tally of approximately $490 million (7.36%); and

JLL Exchange with a year-to-date tally of approximately $373.7 million (5.62%).

The largest offering amounts for the month went to JLL Exchange with two industrial assets. JLLX Diversified 10 DST is a $268.2 million offering spanning Illinois, Kentucky, and Texas. The other is JLLX Glendale Distribution Center DST, a $99.8 million offering in Phoenix. The latter asset was acquired in July of this year.

As of the end of October, 51 active sponsors were offering 95 programs, according to Mountain Dell. Although retail took the No. 2 spot in September for available equity by type, multifamily and industrial were the most popular asset types this month, comprising 42% and 24% of all syndicated offerings, respectively.

The sector remains on pace to meet Mountain Dell’s forecast of $7.5 billion by the end of 2025. For context, DST sales in 2023 totaled $5.04 billion. In 2021, DST sponsors raised $7.2 billion. That record year was surpassed a year later when DSTs attracted approximately $9.2 billion in 2022.

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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