The month's largest ceiling, $167.34 million, sits with SW Florida Corp HQ Campus DST, a 506(b) filing carrying a $150,000 minimum whose Form D records no sales commission. Nothing else filed in September came near it, and nothing in September came near August, when one offering, ADREX Diversified 12 DST from Ares (ADREX), carried a $537.91 million ceiling by itself.
August produced twelve filings and $974.90 million of combined ceiling. The trailing six months average 13.2 filings and $837.56 million a month. September sits under both marks, which makes it one observation against that run and not a direction.
Kingsbarn Realty Capital was the only sponsor to file twice. KB Grandview, DST and KB Lincoln, DST are both commercial, both 506(c), and together the largest attributed total in the standings below at $93.25 million. Their minimums are the month's real outliers: $568,500 for Grandview, $364,000 for Lincoln, against $25,000 at HZ Seasons at Horsetooth Crossing DST and Senior Housing DST 12, and $1,000 at Cove Capital Investments' WAYNESBORO VA ECOMMERCE 126 DST, the same entry point Cove used on its three August filings.
Sponsor | Offerings | Combined ceiling | Trusts | Sales commission, % of ceiling |
|---|---|---|---|---|
Not attributed | 1 | $167,340,578 | SW Florida Corp HQ Campus DST | 0% |
Kingsbarn Realty Capital | 2 | $93,250,000 | KB Grandview, DST; KB Lincoln, DST | 2.2%; 4% |
Four Springs (FSX) | 1 | $58,930,000 | FSX Industrial 36 DST | 8.8% |
NexPoint | 1 | $48,968,013 | NexPoint Marina II DST | 8.7% |
ExchangeRight | 1 | $35,700,000 | ExchangeRight Net-Leased All-Cash 22 DST | 5% |
Hamilton Zanze | 1 | $30,800,000 | HZ Seasons at Horsetooth Crossing DST | 0% |
Bonaventure | 1 | $28,275,000 | Carlton at Greenbrier DST | 9% |
1031 CF Properties | 1 | $22,200,000 | Senior Housing DST 12 | 7% |
Cove Capital Investments | 1 | $13,552,181 | WAYNESBORO VA ECOMMERCE 126 DST | 6% |
A sponsor's place in that table is a function of the ceilings it filed in one month, nothing else. Cove, which filed the most offerings in August, filed the month's smallest ceiling here. Both filings that recorded no sales commission are 506(b), the exemption that does not permit general solicitation.
Segment | September offerings | September ceiling | August offerings | August ceiling |
|---|---|---|---|---|
Commercial | 5 | $201,432,181 | 6 | $172,914,542 |
Other Real Estate | 3 | $238,508,591 | 5 | $769,984,601 |
Residential | 2 | $59,075,000 | 1 | $32,000,000 |
506(c) | 6 | $216,207,181 | 7 | $145,519,537 |
506(b) | 3 | $233,840,578 | 4 | $801,524,606 |
506(c) with 3(c), 3(c)(5) claims | 1 | $48,968,013 | ||
506(b) with 3(c), 3(c)(5) claims | 1 | $27,855,000 |
Three 506(b) filings carried more combined ceiling in September than six 506(c) filings did, but that comparison depends entirely on treating NexPoint Marina II DST, whose 506(c) election also claims 3(c) and 3(c)(5), as a line of its own rather than as part of the 506(c) bucket. The "Other Real Estate" line is doing heavy work in both months: in September it holds the unattributed campus filing, NexPoint Marina II DST and a senior housing offering, which is to say the label describes what the Form D does not categorize rather than a sector.
Median term | September 2026 | August 2026 | Tracked universe |
|---|---|---|---|
Minimum investment | $100,000 | $100,000 | $100,000 |
Sales commission, % of ceiling | 5.5% | 6% | 6.5% |
Offering ceiling | $36,050,000 | $29,927,500 | $48,917,049 |
September's median filing was smaller than the median across the tracked filings, and its stated commission share lighter. The minimum did not move at all.
These counts, sums and medians are Top1031's own, derived from the Form D filings it tracks, and the medians are computed filing by filing rather than across unique Trusts. A Form D ceiling is the maximum an offering may accept, the amount a sponsor has told the SEC it may raise, not capital in the door. Where a sponsor is not yet attributed, the filing is reported in that category rather than assigned.
October's filings will show whether the campus offering's sponsor is identified, and whether one filing again accounts for most of a month's combined ceiling.