DST Barometer, Q2 2026: $7.8 billion reported in SEC filings in the year to June 30, and 45 new trusts in the quarter

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 trailing figure was $6.99 billion through September. The March figure was $8.65 billion. Form D amendments can report several months of sales at once. In the twelve months through March 2026, the ten largest such filings reported $3.27 billion, 38% of the total, and 24 filings came more than a year after the trust's previous one. Which twelve months rank highest depends on how that timing is treated, so this series shows when sales were reported, not when they were made.

Finding 1The raise, measured by filing date

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 filing dates can move 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, and $6.01 billion already reported in 2026 through October 10. The first quarter of 2026 was the largest single quarter in the series at $3.12 billion, with $2.0 billion from two platforms; filing dates can trail subscriptions by months.

Those totals sit below what the industry's sales trackers report, because the two series count different things. Mountain Dell Consulting, whose monthly figures the trade press reports, 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 more than $9 billion it counted for 2022. Our series counts only equity a trust has written into a Form D, dated to the day the filing arrives; roughly 50% of trusts have only one filing; some never report a positive raise. 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 $6.24 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 that reported new sales from 46 trusts. Forty-five trusts made a first filing in the quarter, stating $3.19 billion of offering amounts on Form D, 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 financial-services headquarters 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.

Since the quarter closed

The third quarter closed September 30. From July 1 through September 30, 97 filings from 46 trusts reported $1.21 billion of new equity, and 34 trusts made a first filing, stating $1.85 billion of offering amounts on Form D. The largest reported raises were Blue Owl Real Estate Exchange VI at $202 million, AIREX Portfolio 10 at $109 million and ADREX Diversified 10 at $109 million. Second- and third-quarter filings ran 40% below the same quarters of 2025. Mountain Dell reports 2026 sales through September up 27%; because filings trail subscriptions, the two series can diverge within a year. This is the full Q3 filing window as filed so far, not a final subscription total.

Finding 3Launches: 137 new trusts, and a $100,000 door

The forward pipeline remains ahead of last year. From January 1 through October 10, 137 new DSTs made their first SEC filing, against 133 over the same window in 2025, a 3% increase. The median 2026 offering is $37.7 million, against $38.0 million in 2025. 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 $37.7 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 $2.0 billion of the first quarter's $3.12 billion. 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 55 sponsors, but its top five have taken 61.4% of the vintage's reported equity, and the vintage's concentration index sits at 1,053, up from a 2023 low of 825. That reflects the mega-trust era: trusts with $100 million-plus offerings took 60% 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 20.0% of attributed equity, ahead of Net Lease Capital (10.6%), JLL's exchange platform (9.5%) and Inland Private Capital (8.6%). The brand-name migration has not slowed: Nuveen filed its first DST in July 2025 and its second in April 2026, and Blackstone filed its first, the $176 million BXREX Portfolio I, on October 31, 2025, followed by a $187 million BXREX Portfolio II in May 2026.

Finding 5The exit door at mid-year

That conversion path is the other half of the quarter's story. Of the 48 dated DST exit events so far in 2026, only 17 were property sales; 11 were Section 721 conversions into REIT operating units, which end the investor's 1031 chain, and 12 ended in foreclosure or documented distress, more than in any full year in the exit record. The remaining 8 are partial sales or outcomes still unresolved.

Yearly counts are floors, since 31 of the 73 recorded conversions carry no resolvable date, but the direction is unambiguous: sales are now well under half of dated exits.

What we're watching into Q4

• Reported equity. Filings reported $6.39 billion in 2025 and $6.01 billion in 2026 through October 10; amendment timing affects the comparison.
• The 721 share. Conversions are 11 of 48 dated 2026 exits so far, 23%. If the share climbs back toward 2024's 31%, REIT conversion becomes a co-equal exit door, with everything that implies for exchangers' future 1031 options.
• The distress tail. Twelve dated foreclosure or distress events so far in 2026, after six in 2024 and five in 2025. Whether the 2021–22 boom vintages fail early is still open: three of 417 fully observed four-year exposures have shown distress, all three high-confidence classifications, against none in the 678 exposures from 2013–20 vintages.
• Concentration. The vintage top-5 share rose again from 2023's low; it is 61.4% so far in 2026 after 63.3% in 2025.

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