DST Sales Surpass $8.4 Billion in 2025, According to Mountain Dell
By Dec. 31, 2025, the total equity raised by Delaware statutory trust investments – more than $8.41 billion – had surpassed the $7.5 billion in sales that Mountain Dell Consulting had forecasted for the year.
Indeed, the $862.2 million raised in December was the highest capital raising month in 2025, surpassing September and October, which were also strong fundraising periods.
“It was an exciting last quarter. We have some pretty incredible sponsors continuing to enter the space and some dominance at the top from 721 programs,” said Taylor Garrett, president of Mountain Dell Consulting. “I think we will continue to see that number grow to the 60% range for 721-oriented programs and 40% on traditional DST programs.”
The $8.41 billion in 2025 sales represented an almost 49% year-over-year increase from the roughly $5.66 billion raised in 2024.
“My projection for DST sales in 2026 will be in the $10 to $11 billion range,” said Garrett. “With the continued growth from large banks, registered investment advisers and broker-dealers, as well as massive deals coming out that are in the $200 million to $600 million range, coupled with transactional volume picking up, sponsors having a slightly easier time making cap rates and interest rates moving a little bit in the right direction, we should see steady growth for the foreseeable future.”
The approximate $862.2 million in December fundraising was a 19.1% increase from the previous month’s $724 million.
With approximately $1.6 billion in total equity raised (19.08% of the market share), Ares Real Estate Exchange led 2025 DST sales. According to Mountain Dell, other sponsors rounding out the top five and representing the highest percent of market share through the end of the year were:
Hines Real Estate Exchange with a total equity raise of approximately $762.3 million (9.06%);
Inland Private Capital Corporation with a year-to-date tally of approximately $716.1 million (8.51%);
JLL Exchange with a year-to-date tally of approximately $673.7 million (8.01%); and
ExchangeRight Real Estate with a year-to-date tally of approximately $619.1 million (7.36%).
The largest debut offerings during the month were a pair of multifamily programs. First, Hines Real Estate Exchange added HREX 9 DST, a nearly $618.4 million offering with assets in Florida and Illinois; and Griffin Capital (Union – Kansas City, MO) DST, a nearly $59.9 million offering featuring a Class A multifamily community located in Kansas City’s Berkley Riverfront district and sponsored by Griffin Capital Company.
As of the end of December, 50 active sponsors were offering 89 programs, according to Mountain Dell. Multifamily and industrial were the most available equity assets by type at month’s end, comprising 58% and 14% of all syndicated offerings, respectively. Multifamily jumped from comprising 42% of assets in November due to Hines’s aforementioned HREX 9 DST, “the largest deal to ever hit the market,” said Garrett.
Garrett noted potential headwinds from underperforming assets and sponsors with properties purchased at peak pricing, which may be challenged by rising expenses and slower growth in traditionally vibrant markets. Still, Garrett remained largely optimistic.
“Looking forward, I think we are seeing more demand from wealth managers and from an aging investor demographic with highly appreciated real estate assets. They are likely going to be more keen on passive investments with high-quality sponsors and institutional quality real estate,” he concluded.
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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