Twelve new DST offerings filed Form Ds in July 2026, carrying $371.95 million in combined ceilings. That sits below the recent run: the six months of filings Top1031 tracks averaged 14.8 new offerings and $995.62 million in combined ceilings a month. June alone brought 17 offerings and $963.01 million, and that June figure leaned heavily on one filing, Blue Owl Real Estate Exchange VI DST, at $342.91 million. Nothing filed in July came within range of it.
The largest single ceiling in July was AX Diversified Retail Portfolio, DST, at $89.52 million, filed by Apollo. ExchangeRight brought two offerings under 506(b), ExchangeRight Net-Leased All-Cash 21 DST and ExchangeRight Net-Leased Portfolio 76 DST. The next-largest single filing, Blackstone (BXREX)'s Eterno HoldCo DST, also claimed 506(b).
Cove Capital Investments filed more offerings than any other sponsor. Southfield Corporate 118 DST, Houston Small Bay 122 DST and Callahan FL Tractor 124 DST each carry a 6% selling commission, and together they trail the single filings from Apollo and from Blackstone (BXREX). The ranking below measures what sponsors may sell, not what they sell or how well.
Sponsor | Offerings | Combined ceiling |
|---|---|---|
Apollo | 1 | $89,517,000 |
ExchangeRight | 2 | $86,170,000 |
Blackstone (BXREX) | 1 | $54,951,483 |
Four Springs (FSX) | 1 | $35,740,000 |
Cove Capital Investments | 3 | $33,163,465 |
Secure Properties | 1 | $28,621,000 |
Peachtree Group | 1 | $23,444,592 |
Denholtz Wealth Exchange | 1 | $18,539,860 |
Not yet attributed | 1 | $1,800,000 |
The unattributed row is Four Corners Jefferson DST, a commercial offering at a 9% commission whose filer Top1031 has not yet matched to a known sponsor program. It is reported as unattributed rather than assigned.
Seven July offerings were coded Commercial, at $176.08 million; the five coded Other Real Estate carried more ceiling, $195.86 million. Read those labels as filing categories rather than a property census. Every Other Real Estate filing except the Apollo retail portfolio carries an industrial name, including Four Springs (FSX)'s FSX Industrial 35 DST, Secure Properties' Secure Net Lease Industrial II, DST, Denholtz Wealth Exchange's DX SB Industrial I DST and Peachtree Group's PG St. Louis Industrial DST, while Cove's Houston Small Bay 122 DST sits under Commercial. No July filing was coded Residential. June had two.
On exemption, the eight 506(c) offerings carried $141.31 million and the three straight 506(b) offerings carried $141.12 million. AX Diversified Retail Portfolio, DST sits apart, claiming 506(b) alongside Investment Company Act 3(c) exclusions, the only July filing to do so.
Median | July 2026 | June 2026 | Tracked universe |
|---|---|---|---|
Offering ceiling | $26,032,796 | $41,850,000 | $46,331,389 |
Minimum investment | $37,500 | $50,000 | $100,000 |
Selling commission, % of ceiling | 6% | 6% | 6% |
Both July medians came in under the universe. Minimums in the month ran from the $1,000 attached to each of Cove's three trusts to the $100,000 that ExchangeRight, Four Springs (FSX), Peachtree Group and Denholtz Wealth Exchange each set; Eterno HoldCo DST records no minimum investment and no selling commission. Commission held at the universe median, with 5% on both ExchangeRight offerings and on FSX Industrial 35 DST, and 9.5% on the Denholtz Wealth Exchange and Secure Properties filings.
A note on method: the counts, sums and medians here are Top1031's own, derived from the Form D filings it tracks, and they describe filings rather than the entire market. A ceiling is the maximum an offering may sell; where a filing states an amount sold, that is a separate figure and none is reported here.
One month is one month. July is a single data point below the trailing average, not a direction. August's filings, and the amendments that follow these twelve, are the next record of the pace and of any amounts sold.