1031 DST Market Census
The census counts every SEC Form D filing by a likely 1031 DST since 2009. 2026 Edition, version 1.3, is counted as of October 10, 2026.
Market
| Figure | Value |
|---|---|
| DST offerings filed since 2009 | 1,749 |
| Total offering amount stated on Form D | $68 billion |
| Reported sold | $39.7 billion |
| Investor commitments | 75,361 |
| Median trust's average commitment | $363,000 |
| Reported raised in the twelve months through September 2026 | $6.99 billion |
| New trusts launched in 2026 through October 10, 2026 | 137 |
| New trusts launched in the matching 2025 period through October 10, 2025 | 133 |
| Median minimum investment, 2025 vintage | $100,000 |
Sponsors
| Figure | Value |
|---|---|
| Sponsor names attributed in Form D filings | 146 |
| Sponsor names that launched exactly one trust | 62 |
Outcomes
| Figure | Value |
|---|---|
| Outcome records with a known result (sale, conversion, partial sale, foreclosure or distress) | 608 |
| Outcome records with a sponsor-published multiple | 162 |
| Median published multiple, as reported by sponsors Coverage: 162 of 608 outcome records with a known result. Data methodology. | 1.59× |
| Foreclosure or distress records with no published multiple | 40 |
| Median years to exit, mature trusts with a dated exit | 6.2 years |
| Median years to exit, dated sales and conversions | 4.8 years |
| Dated exits of every type except still-operating records, 2024 through October 10, 2026 | 149 |
Section 721
| Figure | Value |
|---|---|
| Trusts converted into a REIT through a Section 721 exchange, through October 10, 2026 | 73 |
| Dated Section 721 conversions, 2024 through October 10, 2026 | 31 |
Sales commissions
| Figure | Value |
|---|---|
| Median sales commission stated on Form D, as a percent of the offering amount, among offerings that state one Form D reports sales commissions and finders' fees only, not the full cost of a DST. Each offering's latest filing counts once. | 7% |
| Offerings whose latest Form D states a sales commission | 1,630 |
| Median sales commission stated on Form D, as a percent of the offering amount, among offerings that filed a Form D or amendment in 2026 through October 10, 2026 Each offering's latest 2026 filing counts once; filings whose stated compensation exceeds 15% of the offering are left out. | 6% |
| Offerings that filed a Form D or amendment in 2026 through October 10, 2026 and state a sales commission | 167 |
Edition history
| Edition as of | Offerings | Reported sold | Sponsor names attributed in Form D filings | Outcomes with a known result |
|---|---|---|---|---|
| · v1.0 | 1,723 | $38.5 billion | 153 | 542 |
| · v1.1 | 1,738 | $38.8 billion | 153 | 591 |
| · v1.3 | 1,749 | $39.7 billion | 146 | 608 |
Monthly releases
The Active market snapshot counts Active offerings today. This census counts every filing since 2009 as of its edition date; the two totals describe different populations.
Correction, October 2026: the August and September editions included a count of 51 trusts said to disclose a Section 721 exit option. It was a keyword match over trust names, descriptions and news coverage, not a count of disclosures, and has been retired. Earlier editions also described Form D offering amounts as registered capacity; Form D offerings are exempt from registration. Earlier values stay in the CSV as published.
From the November 2026 edition, filings whose stated sales compensation exceeds 15% of the offering are left out of commission medians, the same rule each offering's record applies; two filings are affected and the median is unchanged.
Research using the census
- The 1031 DST market, counted: what SEC filings show about fundraising, and how DSTs end
- DST Barometer, Q2 2026: $7.8 billion reported in SEC filings in the year to June 30, and 45 new trusts in the quarter
- 721 REIT conversions took one in five DST exits since 2024, and in 2026 distress has overtaken them
- The DST sponsor economy: 146 sponsor names have entered, over two in five never launched a second deal
- The DST map of America: one in six located 1031 properties sits in Texas