DST fundraising reaches a record $7.8 billion in the year to June 30

Sponsors of securitized 1031 Delaware statutory trusts reported $7.8 billion of newly raised equity in the twelve months through June 30, 2026, per Top1031.com analysis of SEC filings: the fastest trailing-year pace in a filings record that begins in 2009, and more than any calendar year in that record. The caveat travels with the number. It is reconstructed from Form D filings, which sponsors amend roughly once a year, so a single quarter is lumpy and the first quarter tends to catch prior-year stragglers, shifting money forward into the window it lands in. On that basis, and only on that basis, the DST market has never reported raising money faster.

Finding 1The raise: past the boom's best year

The filings series puts the 2021–22 boom's peak at $6.25 billion reported in 2022 (the two years are best read as one boom, since amendment timing shifts some 2021 money into 2022). The rate-shock trough followed, with reported raise sagging to $4.19 billion in 2024 and bottoming at $0.75 billion in the second quarter of that year. The recovery since has been steep: $6.39 billion in 2025, the best calendar year on record, and $4.80 billion already reported in 2026 through August 7. The first quarter of 2026 was the largest single quarter in the series at $3.12 billion, though a portion of that is annual-amendment catch-up for money actually raised in 2025.

Those totals sit below what the industry's sales trackers report, and the gap is a matter of accounting rather than disagreement. Mountain Dell Consulting, which compiles sponsor-reported monthly sales, counted roughly $5.5 billion raised through July 2026, and in figures reported Aug. 6 put the market on pace for about $10 billion this year against its $9.4 billion count for 2022. Our series counts only equity a trust has written into a Form D, dated to the day the filing arrives; roughly 30% of trusts never amend after their first filing, so their raise stays recorded at zero. Read our numbers as the floor the public record can prove; the shape of the curve, not its height, is the finding.

The table's story is a two-year round trip: the 2023–24 slowdown was real but shallow, and the market exited it raising faster than it entered. (This series dates money to the calendar year of the filing that reported it; the Sponsor Economy report's vintage attribution assigns each trust's raise to its launch year and puts 2025 at $5.81 billion. Both are correct on their own basis.)

Finding 2The quarter itself: $1.32 billion, led by institutional platforms

Inside the trailing year, the second quarter of 2026 produced $1.32 billion of newly reported equity, across 107 filings from 72 trusts. Forty-five trusts made a first filing in the quarter, registering $3.19 billion of offering capacity, which is the supply now being sold into the second half.

Four of the quarter's five largest raisers were institutional platforms, led by JLL's JLLX Diversified 10 at $254 million; the exception, Net Lease Capital's service-center trust, is a pre-2019 specialist incumbent.

Three of the four sponsors behind those five trusts filed their first DST after 2019. That is the market's structural shift compressed into a single quarter: the largest pools of exchange money are landing with firms that entered this business in the past six years.

Finding 3Launches: 111 new trusts, and a $100,000 door

The forward pipeline confirms the acceleration. From January 1 through August 7, 111 new DSTs made their first SEC filing, against 83 over the same window in 2025, a 34% increase. The trusts themselves keep getting bigger and more exclusive: the median 2026 offering is $40.2 million, up from $35.2 million at the 2022 peak and roughly $8 million to $15 million through the mid-2010s, and the median minimum investment now stands at $100,000, four times the $25,000 that held from 2010 through 2020.

The checks have grown too, though not at the deals' pace. The median new investor commitment reported per filing was $430,000 in 2025, up 38% from $311,000 in 2020, a slower climb than the median offering's, which went from the $19 million to $24 million range of the late 2010s to $40.2 million this year. Dollar averages for 2026 run far above that median, but they are distorted by a handful of mega-trusts: Ares' exchange platform and Net Lease Capital together account for roughly $1.7 billion of first-quarter reported raise. One person can hold commitments in several trusts, so these are commitments, not unique investors.

Finding 4Who is raising it

The 2026 vintage so far spans 52 sponsors, but its top five have taken 62.5% of the vintage's reported equity, and the vintage's concentration index sits at 1,131, up from a 2023 low of 670. That reflects the mega-trust era: trusts with $100 million-plus offerings took 59% of 2025 vintage equity, versus 14% in 2018. The names driving it are the institutional arrivals. Across 2023–26 vintages, Ares' ADREX platform is the market's largest raiser at 16.5% of attributed equity, ahead of Net Lease Capital, Inland Private Capital, and JLL's exchange platform. The brand-name migration has not slowed: Nuveen filed its first DST in July 2025, and Blackstone filed its first DST, the $176 million BXREX Portfolio I, on October 31, 2025; it markets a built-in path to REIT conversion.

Finding 5The exit door at mid-year

That conversion path is the other half of the quarter's story. Of the 24 dated DST exit events so far in 2026, only 12 were property sales; 9 were Section 721 conversions into REIT operating units, which end the investor's 1031 chain, and 3 ended in foreclosure or documented distress.

Yearly counts are floors, since 31 of the 70 recorded conversions carry no resolvable date, but the direction is unambiguous.

What we're watching into Q3

• The record. 2026 needs to top 2025's $6.39 billion of filings-reported equity to claim the best calendar year on record; it stands at $4.80 billion with under five months left.
• The 721 share. Conversions are 9 of 24 dated 2026 exits so far. If that ratio holds through year-end, REIT conversion becomes a co-equal exit door, with everything that implies for exchangers' future 1031 options.
• The distress tail. Three dated foreclosure or distress events so far in 2026, after five in 2024 and four in 2025; so far the dated failures sit in older vintages breaking down at ages five to eleven, pre-rate-shock deals meeting the new environment. Whether the 2021–22 boom vintages fail early is still open: six of 377 have shown distress within four years, five of those classifications low-confidence, against none in the 678 fully observed exposures from 2013–20 vintages.
• Concentration. Whether the vintage top-5 share keeps climbing from 2023's low as $100 million-plus trusts from the institutional platforms absorb more of each year's equity.

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