DST Sales Top 2024 Total as Market Surges Through Q3

The equity raise for Delaware statutory trust offerings in September 2025 reached approximately $826.2 million, a nearly 50% increase from the approximately $552.6 million raised in August, according to the latest data from Mountain Dell Consulting. Through the third quarter of 2025, the equity raise for the year totaled approximately $5.76 billion, a 46.6% year-over-year increase from the approximately $3.93 billion raised at the end of September 2024.

With this significant increase, DSTs have already surpassed last year’s total raise of $5.66 billion as of Dec. 31, 2024, positioning the sector to meet Mountain Dell’s forecast of $7.5 billion by the end of 2025.

Industrial offerings remained the dominant property category, accounting for approximately $158.2 million, or about 43% of total equity raised during the period, across 21 programs, including Bluerock’s latest 1031 exchange/DST offering, known as BR Diversified Industrial Portfolio 6, or DIP 6. Retail contributed more than $86 million (23%) across 17 programs, while multifamily added approximately $73.9 million (20%) across 31 programs. Other sectors, including hospitality, office-medical, and senior housing, saw more modest inflows.

As of the end of September, 53 active sponsors were offering 93 active programs with available equity exceeding $2.28 billion, according to Mountain Dell.

The ranking of leading sponsors showed little change from prior months. Ares Real Estate Exchange remained in first place with nearly $1.14 billion raised year-to-date, holding about 20% of total market share.

Other sponsors rounding out the top five and representing the highest percentages of market share through the end of the third quarter were:

• Hines Real Estate Exchange with a total equity raise of approximately $611.3 million (10.6%);
• Inland Private Capital Corporation with about $484.2 million raised year to date (8.4%);
• ExchangeRight Real Estate with approximately $415.1 million raised so far this year (7.2%); and
• JLL Exchange with a roughly $305.7 million in 2025 equity (5.3%).

Collectively, the top five sponsors have raised more than half of all DST equity in 2025 to date.

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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