The current DST offerings directory on Top1031 organizes every active Delaware Statutory Trust offering by asset type, capital structure, and sponsor, and keeps that active slice clearly separate from a much larger historical record most competing sites never publish. Reading it correctly starts with knowing which cohort a given figure describes, drawn from SEC filing and Form D data.
TL;DR
- The current DST offerings directory separates Active offerings from a larger Historical Trust record.
- A smaller curated subset surfaces on public pages; the full tracked record is larger.
- A Sponsor Grade applies at the sponsor level only, so an individual active offering carries no grade of its own.
- Filtering by asset type and capital structure narrows the cohort before you open a single filing.
Why This Matters
An investor identifying replacement property inside the 45-day window is choosing among whatever DST offerings happen to be active on the day they look, not the full universe of trusts a sponsor has ever raised. The current DST offerings directory draws from SEC filing and Form D data, and reading it correctly means knowing which of several tracked cohorts a given number describes.
Mix up the cohorts and the comparison breaks before it starts. A sponsor's full tracked record since 2009 is not the same universe as its currently active count, and the curated subset shown on public pages is smaller still than the full Historical record. The 45-day rule is a filing deadline to plan around, not a reason to skip the distinction.
What You'll Need
- Confirmation of your accreditation status, since most DST offerings rely on Reg D exemptions under either Rule 506(b) or 506(c)
- A working sense of which asset type you want: multifamily, industrial, net lease, office, healthcare, or storage
- A preference, or at least a question, about capital structure: all-cash, leveraged, or zero-coupon
- Your identification deadline written down, so you're reading the directory against a real calendar, not an open-ended one
- Access to the underlying SEC filing or Private Placement Memorandum for any offering you take past the screening stage
The Steps
1. Separate Active From Historical First
Every Trust in Top1031's record sits in one of two states: Active or Historical. Active means the offering is currently raising capital under a live filing. Historical means the raise has closed, whether or not the underlying property has been sold.
Conflating the two inflates the apparent size of what's available today. If a page cites both an active count and a total tracked count in the same sentence, note which one applies to your identification window. The outcome of this step is a single number you can act on this week, not a lifetime archive total.
2. Note The As-Of Date Before You Compare Any Count
Active-cohort counts on the directory drift with every filing cycle. A number pulled in January 2026 will not match one pulled in June 2026, because offerings close and new ones file.
Check the as-of date stamped on the page before comparing it to anything you saw last month, or anything a sponsor's marketing deck cites. The common mistake here is treating a screenshot or a memory of a count as durable data.
3. Filter By Asset Type To Cut The Field
Asset type is the fastest lever for narrowing a broad cohort into something you can read filing by filing. Multifamily, industrial, net lease, office, healthcare, and storage behave differently on occupancy risk, lease length, and capital expenditure exposure.
Filter to the asset type tied to what you sold, or to the diversification you're working toward, before you open a single PPM. The result should be a shortlist measured in single digits, not dozens.
4. Sort By Capital Structure: All-Cash, Leveraged, Zero-Coupon
An all-cash DST carries no property-level debt, a leveraged DST does, and a zero-coupon structure defers current distributions in favor of appreciation at exit. Top1031 records this as a category — all-cash, leveraged, zero-coupon, or unknown — rather than as a numeric ratio. The all-cash DST offerings tracked in the current cohort behave differently on basis and exit mechanics than a leveraged trust with the same asset type. Sort by structure before you sort by sponsor name.
5. Read The Sponsor Grade At The Sponsor Level, Not The Trust Level
Top1031's A–F Sponsor Grade is calculated against a sponsor's tracked track record, never against a single Trust. An active offering from a graded sponsor does not itself carry that grade, and a new or ungradable sponsor shows NR rather than a low score.
The common mistake is reading a sponsor's letter grade as a rating on the specific offering in front of you. It is a bounded, comparative read on the sponsor's tracked history — not a suitability judgment and not a per-offering score.
6. Read Remaining Capital As A Record Field, Not A Signal To Rush
Remaining capital and Raise Stage are dated fields on each offering's filing record. They tell you how much of a raise is still open as of the page's as-of date, not whether to move faster than your own diligence allows.
The 45-day identification window is a real deadline — a reason to start the screening steps above earlier in your exchange timeline, not a reason to skip step 4 or step 5.
7. Cross-Check 506(b) Versus 506(c) Against Your Accreditation Path
Both exemptions are exempt from SEC registration, but they work differently. A 506(c) offering can advertise publicly, but every purchaser must be verified as accredited by a third party. A 506(b) offering prohibits general solicitation and permits an unlimited number of accredited investors plus up to 35 non-accredited but sophisticated investors.
Confirm which exemption an offering relies on before you assume you qualify. The result is knowing your documentation requirements before, not after, you've narrowed your shortlist.
8. Pull The Underlying Filing Before You Treat Anything As Final
The directory page is a starting point built from SEC filing and Form D data, not a substitute for the filing itself. Debt terms, specific leverage figures, and distribution mechanics live in the PPM and the capital structure disclosures, not in a summary card.
Reading the capital structure of a DST filing before you narrow further is the difference between screening on a label and screening on the actual disclosed terms.
Troubleshooting
The active count changed since last week. That's expected drift, not a data error. Active-cohort counts move every time a raise closes or a new offering files; check the as-of date rather than assuming the earlier number was more accurate.
An offering shows no Sponsor Grade at all. NR means the sponsor's tracked record doesn't yet support Top1031's grading methodology, not that the sponsor scored poorly. Consult the grade methodology page directly rather than reading NR as a low grade.
Two offerings from the same sponsor show different capital structures. That's normal. Capital structure is recorded at the Trust level, so a single sponsor can run an all-cash offering alongside a leveraged one at the same time. How debt is disclosed across the active DST cohort tracks with each offering, not with sponsor identity.
Minimum investment isn't listed consistently across offerings. Minimums are set per offering in the PPM, and they vary. Treat any minimum you see as belonging to that specific Trust's raise, not as a market-wide standard.
You can't find debt terms in the marketing summary. Marketing pages summarize; filings disclose. Debt encumbrance and its effect on investor basis at exit are terms that only appear in the underlying Form D and PPM documents.
Tools and Resources
- The Top1031 directory itself, filtered by asset type and capital structure before you open individual filings
- A working list of your 45-day identification deadline and the 180 days you have to complete the exchange
- The sponsor's own PPM and Form D filing for any offering that survives your shortlist
- The Top1031 Learn library for the underlying DST and 1031 mechanics referenced throughout this guide
What To Do Next
Once you've narrowed by asset type and structure, the next distinction worth understanding is how zero-coupon and all-cash DST structures differ on distribution timing and exit mechanics, since that choice affects cash flow through the entire hold period, not just at closing.
FAQ
What does the current DST offerings directory on Top1031 show?
Every currently Active Delaware Statutory Trust offering tracked from SEC filing and Form D data, organized by asset type, capital structure, and sponsor. It is a live, dated cohort, separate from Top1031's larger Historical Trust record.
How is Active different from Historical?
Active means the offering is currently raising capital under a live filing. Historical means the raise has closed, regardless of what happened to the underlying property afterward.
What does a Sponsor Grade mean for an individual DST offering?
A Sponsor Grade is calculated at the sponsor level against that sponsor's tracked record, never against a single Trust, and it is not a suitability judgment. An active offering from a graded sponsor doesn't inherit that grade as its own, and an ungradable sponsor shows NR rather than a low score.
What's the difference between 506(b) and 506(c) DST offerings?
Both are exempt from registration. A 506(c) offering can advertise publicly but requires third-party verification that every purchaser is accredited. A 506(b) offering prohibits general solicitation and allows unlimited accredited investors plus up to 35 non-accredited but sophisticated investors.
How often does the directory update?
As new SEC and Form D filings post, which means active counts drift continuously rather than on a fixed schedule. Always check the as-of date stamped on the page before comparing it to an earlier visit.
One Last Thing
The gap between Top1031's full tracked Historical record and the smaller subset shown on public pages is worth sitting with. Most of a sponsor's raised history exists in the tracked record whether or not it ever surfaces on a curated page, which means the fuller comparison an investor actually wants — sponsor by sponsor, structure by structure — sits one layer below whatever a lead-gen competitor decided was worth showing.