Data

One Ares Filing Carried $537.91 Million of August's $974.90 Million in New DST Ceilings

The month's median Delaware Statutory Trust (DST) offering ceiling, $29. 93 million, came in below the $48. 92 million median of Top1031's tracked universe.

Published Updated

August's dollar figure nearly matched the recent run on a lighter count. The trailing six-month averages in the Form D filings Top1031 tracks are 15.5 new offerings and $980.94 million of ceiling a month. August produced 12 offerings and $974.90 million. July also produced 12, carrying $371.95 million. Same count, different scale, and one month against one month.

ADREX Diversified 12 DST, sponsored by Ares (ADREX), came to market under 506(b) with selling commissions at 5% of ceiling. Its ceiling exceeds every other sponsor's August total in the table below. Form D does not ask a filer to name the property, and this filing names none: "Diversified" in the marketing title is the whole of what the record says about what the Trust holds.

Sponsor

Offerings

Combined ceiling

Ares (ADREX)

1

$537,906,336

Not yet attributed

2

$120,012,085

ExchangeRight

1

$107,600,000

Brookfield

1

$58,979,841

Peachtree Group

1

$48,204,995

Cove Capital Investments

3

$35,683,371

Bonaventure

1

$32,000,000

Syndicated Equities

1

$27,855,000

MDI Sponsor

1

$6,657,515

ExchangeRight brought one Trust instead of two and asked for more room: ExchangeRight Essential Income 13 DST carries a ceiling of $107.60 million, above the $86.17 million combined ceiling of the two offerings it filed in July, and prices selling commissions at 4% of ceiling. Brookfield's BREX Net Lease Data Center I DST, at $58.98 million, states 7%. Peachtree Group filed in both months, PG Cape Canaveral DST at $48.20 million following July's PG St. Louis Industrial DST at $23.44 million. Across August's filings, stated selling commissions run from 0% to 9% of ceiling.

Cove Capital Investments filed three offerings, as it did in July: two Essential industrial Trusts and Virginia Small Bay 121 DST, all 506(c), all coded Commercial, all at 6% commissions, with ceilings from $9.51 million to $16.21 million. All three set minimums of $1,000. No other August filing starts below $10,000. The highest minimum among the month's filings is the $500,000 on the Ares filing; the next highest is $150,000.

Two offerings are not yet attributed to a Sponsor. The larger, NLC Florida Healthcare Sciences DST, carries a ceiling of $97.04 million under 506(b) and states no selling commission; Bourbon Brothers Retail Properties, DST carries $22.97 million under 506(c) at 8.7%. Attribution is a research question Top1031 has not closed, not a judgment about either offering.

Grouping

Category

Offerings

Combined ceiling

Asset class

Commercial

6

$172,914,542

Asset class

Other Real Estate

5

$769,984,601

Asset class

Residential

1

$32,000,000

Exemption

506(b)

4

$801,524,606

Exemption

506(c)

7

$145,519,537

Exemption

506(b), 3(c), 3(c)(5)

1

$27,855,000

Structure split by size. The ceilings that made the month - Ares, ExchangeRight, the unattributed NLC filing, Brookfield - were all filed under 506(b), which bars general solicitation. The 506(c) offerings, the ones that may be advertised, were the smaller ones. Syndicated Equities took the month's third structural route with SE NG (GILBERT), DST, adding Investment Company Act exclusions to a 506(b) filing and stating no selling commission.

Aspire West End DST, from Bonaventure, at $32.00 million, was the month's only offering coded Residential; July's tracked filings carried none. One filing is one filing.

Median

August 2026

July 2026

Tracked universe

Offering ceiling

$29,927,500

$26,032,796

$48,917,049

Minimum investment

$100,000

$37,500

$100,000

Selling commission (% of ceiling)

6%

6%

6.5%

A word on what these numbers are. Every dollar figure here is a ceiling, the maximum an offering may sell under its filing, not capital raised; none of these filings reports an amount sold. The counts, sums and medians are Top1031's own, derived from the Form D filings it tracks, which is not the whole market and is not comparable to survey figures built from sponsor-reported equity. Asset class is the category the filer selected, which is why one "Other Real Estate" line holds a net lease data center, a healthcare sciences property and a diversified portfolio.