June 2025 DST Fundraising Soars to Year-High

The equity raise for Delaware statutory trust offerings in June 2025 was approximately $630.28 million, a modest 1.7% increase from the $619.56 million equity raised in May but also the strongest month of the year, according to the latest data provided by Mountain Dell Consulting.

For the year, the equity raise was just over $3.68 billion as of June 30, 2025. This was nearly a 49.5% year-over-year increase from the approximate $2.46 billion raised at the end of June 2024. At the rate of current activity, the company has predicted the market being close to $7.5 billion in equity by year’s end.

To close out last year, DSTs raised nearly $5.66 billion, as of Dec. 31, 2024. This exceeded Mountain Dell Consulting’s $5.5 billion equity raise prediction for 2024 and 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 $661.1 million in total equity raised (18% 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 June 2025 were:

Inland Private Capital Corporation with a year-to-date tally of approximately $368.2 million (10%);

Hines Real Estate Exchange with a total equity raise of approximately $364.8 million (10%);

JLL Exchange with a year-to-date tally of approximately $305.7 million (8%); and

ExchangeRight Real Estate with a year-to-date tally of approximately $244 million (7%).

As in May, industrial-focused programs were again the largest offerings added by sponsors this month. They included AX DG St. Louis DST, a Missouri asset sponsored by Apollo Real Estate Exchange and seeking to raise more than $42.5 million, and DTW Air Cargo Logistics DST, an industrial asset in Romulus, Miss., sponsored by Net Lease Capital Advisors and seeking to raise nearly $73 million.

As of the end of June, 42 active sponsors were offering 82 programs, according to Mountain Dell. Industrial and multifamily continued to be the most popular asset types, comprising 46% and 22% 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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