DST Sales Up 40% Year-Over-Year, 2025 on Pace for Best Year Since 2022

The equity raise for Delaware statutory trust offerings in August 2025 was approximately $552.6 million, more than an 8% increase from the nearly $511.4 million equity raised in July, according to the latest data provided by Mountain Dell Consulting. For the year, the equity raise was more than $4.86 billion as of Aug. 31. This was a 39.6% year-over-year increase from the approximately $3.48 billion raised at the end of August 2024.

Mountain Dell has forecasted a $7.5 billion capital raise by year’s end. For context, DSTs raised nearly $5.66 billion, as of Dec. 31, 2024. This was a significant 12% increase in equity raised compared to the low-end of the range $5.04 billion amassed in 2023. In 2021, for context, DST sponsors raised $7.2 billion. This record year was surpassed a year later when DSTs attracted approximately $9.2 billion in 2022.

With approximately $911.2 million in total equity raised (18.73% 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 August were:

Hines Real Estate Exchange with a total equity raise of approximately $543.4 million (11.17%);

Inland Private Capital Corporation with a year-to-date tally of approximately $427.4 million (8.79%);

ExchangeRight Real Estate with a year-to-date tally of approximately $341.5 million (7.02%); and

JLL Exchange with a year-to-date tally of approximately $305.7 million (6.28%).

The neck and neck rankings of ExchangeRight and JLL Exchange regularly fluctuate. This time, ExchangeRight surged, adding two retail assets during the month. The larger of the two is a $46.1 million DST spanning four states – Florida, Louisiana, Minnesota, and Vermont – named ER Net-Leased All-Cash 16 DST. The other is ER Essential Income 5 DST, a $38.1 million offering in Alabama, Indiana, Missouri, and Washington state.

Industrial and multifamily-focused programs were the largest equity offerings added by sponsors this month, according to Mountain Dell. This included BR Diversified Industrial Portfolio 6 DST, or DIP 6, a portfolio spanning three states – Florida and the Carolinas – sponsored by Bluerock and seeking to raise more than $71 million; and CF Orlando DST, a multifamily asset in Florida, sponsored by Cantor Fitzgerald and seeking to raise approximately $64.85 million.

As of the end of August, 46 active sponsors were offering 87 programs, according to Mountain Dell. Industrial and multifamily continued to be the most popular asset types, comprising 34% and 30% of all syndicated offerings, respectively. Days on market has also fallen nearly 14% from this time last year.

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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