DST Sales Reach Nearly $8.4B Through October, Up 26% From 2025

Delaware statutory trust sales totaled approximately $8.39 billion through October 2026, up 26% from the $6.65 billion raised through the same period in 2025, according to Mountain Dell Consulting.

DST sales totaled $918.45 million in October, a 9.56% increase from September’s $838.3 million. The year-to-date total is about $50 million lower than the sum of October’s sales and the $7.52 billion through-September figure AltsWire reported last month, based on Mountain Dell’s data at the time. Mountain Dell did not immediately respond to a request for comment on the difference.

The year-to-date total is in line with Mountain Dell’s projections. Last month, Taylor Garrett, president of Mountain Dell, told attendees at the Alternative & Direct Investment Securities Association (ADISA) annual conference to anticipate about $10.2 billion of equity by year’s end.

Ares Real Estate Exchange continues to lead DST sponsors in 2026, with approximately $1.62 billion in equity raised for a 19.35% market share.

Mountain Dell reported that the other sponsors rounding out the top five by market share through October were: Blue Owl Real Estate Exchange, which raised $731.3 million for an 8.72% share; ExchangeRight Real Estate, which raised approximately $694.7 million for an 8.28% share; Hines Real Estate Exchange, which raised $643.2 million for a 7.67% share; and JLL Exchange, which raised $450.4 million for a 5.37% share.

Hines Real Estate Exchange launched the month’s largest offering, HREX 10 DST. The DST seeks to raise approximately $725.2 million for multifamily properties spanning six states: California, Georgia, Illinois, Massachusetts, Rhode Island, and Tennessee. Last month, AltsWire reported on the closing of HREX 9 DST, which Hines said was its largest completed DST offering to date, at approximately $591 million.

Ares Real Estate Exchange also launched AIREX Portfolio 12 DST in October. It seeks to raise approximately $501.6 million from accredited investors and includes industrial properties in Florida, Illinois, Texas, and Washington, D.C.

Industrial and multifamily remained the most widely offered asset types, at 34% and 31% of all syndicated offerings, respectively. As of the end of October, 49 active sponsors were offering 98 programs.

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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