DST Sales Reach $724M for November, $7.34B Year-to-Date

Delaware statutory trust investments will meet Mountain Dell Consulting’s forecast of $7.5 billion in equity raised by the end of 2025, having already bested the previous year’s $5.66 billion total.

As of Nov. 30, the total equity raised for DST offerings in 2025 reached approximately $7.34 billion, according to Mountain Dell’s latest data. This represents an almost 43% year-over-year increase from the roughly $5.14 billion raised by the end of November 2024.

For context, counting down the last days of 2025, DST sponsors raised $7.2 billion in 2021. That record year was surpassed a year later when DSTs attracted approximately $9.2 billion in 2022 but then, dramatically, DST sales hit a low $5.04 billion in 2023.

November Results

Despite the strong year-to-date performance, fundraising activity saw a minor sequential decrease in November 2025. The total equity raised for the month was just over $724 million, marking a 6.3% decrease from the previous month’s $773 million.

With approximately $1.42 billion in total equity raised (19.29% 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 November were:

Hines Real Estate Exchange with a total equity raise of approximately $687.5 million (9.36%);

Inland Private Capital Corporation with a year-to-date tally of approximately $647.1 million (8.81%);

ExchangeRight Real Estate with a year-to-date tally of approximately $550 million (7.49%); and

JLL Exchange with a year-to-date tally of approximately $433.7 million (5.91%).

The two largest debut offerings during the month were Blackstone Real Estate Exchange’s BXREX Portfolio I DST, a nearly $175.6 million multifamily offering with assets in Nevada and Texas; and IREX IV Industrial Portfolio DST, a nearly $94 million industrial offering in Florida and North Carolina, sponsored by Invesco Real Estate Exchange.

As of the end of November, 51 active sponsors were offering 92 programs, according to Mountain Dell. Multifamily and industrial were the most available equity assets by type at month’s end, comprising 42% and 24% 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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