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DST Sales Hit $693M in May, YTD Pace Up 24% to $3.75B

By Mari Nicholson

Delaware statutory trust equity fundraising totaled approximately $3.75 billion through May 2026, a 23.75% increase from the roughly $3 billion raised through the same period in 2025, according to Mountain Dell Consulting.

DST sales in May totaled $693.4 million, a 2.7% increase from the previous month’s $675.2 million. Mountain Dell projects that DST sales could reach $10 billion to $11 billion by year-end.

With approximately $804.9 million in total equity raised (21.5% of the market share), Ares Real Estate Exchange led DST sales for the year, raising more than twice the capital of second-place Hines Real Estate Exchange, which raised approximately $400.6 million (10.7% of market share). According to Mountain Dell, other sponsors rounding out the top five by market share through May were:

  • Blue Owl Real Estate Exchange with a year-to-date tally of approximately $336.9 million (9%);
  • ExchangeRight Real Estate with a year-to-date tally of approximately $268.7 million (7.2%); and
  • Inland Private Capital Corporation, with a year-to-date tally of approximately $213.3 million (5.7%).

Blue Owl Real Estate Exchange put out the largest offering of the month with Blue Owl OREX VI DST spanning seven states – Alabama, Missouri, Oklahoma, Rhode Island, South Carolina, Virginia, and Wisconsin – and seeking to raise $342.9 million. Cantor Fitzgerald Investors’ CF Biscayne Multifamily DST also launched in May, seeking to raise $112.65 million from accredited investors for a multifamily property in Miami, Fla.

As of the end of May, 58 active sponsors were offering 100 programs, according to Mountain Dell. Industrial and multifamily were the most available equity assets by type at month’s end, comprising 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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