DST Sales Hit $7.52B Through September, Up 27% From 2025

Delaware statutory trust sales totaled approximately $7.52 billion through September 2026, up 27% from the $5.9 billion raised through the same period in 2025, according to Mountain Dell Consulting.

DST sales totaled $838.3 million in September, a 4.9% dip from August’s $888.1 million. Despite that decline, Taylor Garrett, president of Mountain Dell, told those attending the Alternative & Direct Investment Securities Association (ADISA) annual conference and trade show on Oct. 5 that “this year, we anticipate about $10.2 billion of equity. That’s the largest year we’ve ever had.”

With approximately $1.45 billion in total equity raised (19.3% market share), Ares Real Estate Exchange continues to top DST sales for 2026. Blue Owl Real Estate Exchange moved to the No. 2 spot with approximately $626.3 million (8.3% market share). Hines Real Estate Exchange, which previously held the No. 2 spot, fell to fourth.

Mountain Dell reported that the other sponsors rounding out the top five by market share through September were:

• ExchangeRight Real Estate, which raised approximately $620 million for an 8.2% share;
• Hines Real Estate Exchange, which raised $590.6 million for a 7.9% share; and
• JLL Exchange, which raised $430.4 million for a 5.7% share and pushed Inland Private Capital Corporation out of the No. 5 spot.

According to Mountain Dell, the average days on market, or DOM, for sponsors’ offerings fell by 106 days, from 309 days in 2025 to 203 days in 2026. The company also said that “the delta between average and median DOM is also on the decline, suggesting that more outliers (i.e., offerings with a very high number of days) are disappearing.”

Ares Real Estate Exchange launched the month’s largest offering, ADREX Diversified 12 DST. The DST seeks to raise more than $537.9 million for industrial properties spanning Arizona, Georgia, Illinois, Texas, and Washington, D.C.

Apollo Real Estate Exchange also launched AX BIG Industrial Portfolio I DST in September. It seeks to raise nearly $102.2 million from accredited investors and consists of properties in Kentucky and Ohio.

Industrial and multifamily remained the most available asset types at 39% and 22% of all syndicated offerings, respectively.

As of the end of September, 53 active sponsors were offering 104 programs. Mountain Dell said that “total available equity on the market rose 26% year over year, going from $2.3 billion across 94 programs this time in 2025 to $2.9 billion across the 104 active programs today.”

“The beauty of the DST program is the ability to diversify,” Garrett told the ADISA audience in Las Vegas. “This is oftentimes the largest investment someone is ever going to make. We see deals all the time where it’s 40%, 50%, 60% of somebody’s net worth. … You have to look at every investor in a very unique situation and make sure that they are going into the best product mix for them.”

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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