Sponsor-reported, from SEC filings and cited sources.
Chapter 1
What the record shows
Cove Capital Investments is a Delaware Statutory Trust sponsor that provides accredited investors with debt-free, all-cash real estate offerings for 1031 exchanges and direct cash investment. As of March 31, 2026, the firm reported more than $1.083 billion in offerings, 134 portfolio properties, more than 4.1 million square feet of sponsored real estate, 2,721 investors, and more than $201.8 million in capital returned since inception. Sponsor-reported full-cycle sales span multifamily, industrial distribution and net-lease data center properties, and its 2025 and 2026 acquisitions included small-bay and net-lease industrial buildings in Texas and Alabama plus retail centers in Kansas and Louisiana.
Sponsor-stated figures are as reported by the sponsor.Evidence 12345678910
Published Grade summary
Public records track 97 Programs, with 13 lifecycle-eligible and 8 seasoned, across a 7 yrs span and 0 distress events documented. Among the 13: 7 sold with result unknown, 5 debt-free and unknown at age at least 7y, and 1 debt-free and still operating; the outcome-disclosure ledger records 7 with a figure published, 0 acknowledged without a figure, and 0 silent. Support rests on 57 citations at proof depth 4; an absence of documented adverse events is not evidence of safety.
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13Programs with an ending or 7+ years of history
0 of 13Programs with a documented problem
100%Finished Programs with a published result
YesPublishes its own track record
Chapter 2
Raising money now
Classified active by Top1031 from the SEC filings. That does not confirm an offering is still available to buy.
HHarm recordDocumented problems, weighed against everything at stake35% weight
LLifecycle outcomesHow programs old enough to finish actually ended25% weight
RMarket acceptanceHow each raise went against comparable offerings25% weight
TDisclosure candorWhether completed programs come with published results15% weight
Weighted blend35% H + 25% L + 25% R + 15% TThe published result applies the anti-washout ceilings, evidence gates, and adverse floors below after this blend. Top1031 does not publish an intermediate score.
AProven71 and above
BEstablished61–70
CUnproven50–60
DWarning36–49
FAdverseBelow 36
NRNot ratedRecord too small or identity under review
Ceilings
The result cannot exceed H + 10 or L + 15, so stronger sales evidence cannot wash out a weaker harm or lifecycle record.
Evidence gates
A and B require minimum proof depth, lifecycle history, and channel evidence. A also requires qualifying disclosure coverage.
Adverse floors
An Integrity alert sets an F floor. A dominant documented capital loss or multiple independent severe events sets D or lower.
Proof depth72.6Published-outcome coverage100%
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Published Grade historyOne published letter, unchanged since
B2026-Q3 · Moved from B. Binding constraints: proof depth below 4; L below 55; Sales strength cannot exceed the lifecycle record by more than 15 points.
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Chapter 4
Programs on the record
A Program is the filing-level offering record associated with this sponsor. Published-result figures are shown only with sponsor attribution and adjacent sources.
Per Cove Capital's press release, the all-cash/debt-free distribution facility DST in Elk Grove Village, IL (also referenced as Airport Distribution 21 DST / Cove E-Commerce Distribution DST) went full cycle delivering a 121.08% total return and 12.37% annualized return to accredited investors.
Cove Capital Investments identifies itself as a Delaware Statutory Trust sponsor company providing accredited investors access to debt-free investment options for 1031 exchanges and direct cash investments 1. As of March 31, 2026, the sponsor reported more than $1.083 billion in offerings, 134 portfolio properties, more than 4.1 million square feet of sponsored real estate, 2,721 investors, and more than $201.8 million in capital returned since inception 1. Top1031's sponsor record tracks 97 Cove program entities, with first filing years spanning 2018 through 2026 2.
Reported full-cycle results
Cove reports a 5.10% average annualized return across its full-cycle debt-free DST offerings as of March 31, 2026, and states that the figure is subject to change 1. Program-level outcomes reported by the sponsor include Cove Missoula Multifamily Debt-Free DST, a Missoula, Montana apartment property sold for $8,140,000 at a stated 149.21% total return and 18.29% average annualized return 3; Cove Dulles Distribution Debt Free DST, an industrial net-lease distribution facility sold for $8,150,000 at a stated 126.44% total return and 8.67% average annualized return 4; and Cove Tacoma Data Center Debt Free DST, a net-lease data center whose $9,800,000 sale Cove announced on December 15, 2021, with a stated 116.9% total return and 5.57% annualized return 56.
Dated program activity
On April 30, 2026, Cove announced the acquisition of a 23,018-square-foot distribution facility in Mobile, Alabama, subject to a 10-year net lease, for Essential Net Lease Industrial 114 DST in a 100% debt-free transaction; on May 20, 2026, it announced the debt-free acquisition of Saddle Creek Crossing, a 110,061-square-foot retail center in Wichita, Kansas, for Cove Kansas Retail DST 109 7. On May 1, 2026, Cove announced that Cove Ponder Small Bay Industrial 101 DST had been fully subscribed after raising $18,695,430 of equity 8. On August 18, 2026, the sponsor announced it had completed the all-cash purchase of a 29,000-square-foot retail property in Shreveport, Louisiana to form Shreveport Opportunity 120 DST 9. Earlier, on July 16, 2025, Cove announced the acquisition of a recently constructed small-bay industrial asset in Wylie, Texas, completing the formation of Dallas MSA Small Bay Industrial 91 DST 10.
Cove Essential Net Lease Industrial 93 DSTSponsor product page lists the Clinton, OK brand-new 2024 8,026 sq ft Frito-Lay distribution trust as fully subscribed, 0% leverage, $100K minimum, debt-free.
Los Angeles Investor Snags San Antonio Apartments In 170-Unit DealHoodline reports Cove's separate 170-unit Ellington acquisition and, as background, identifies the earlier Alamo Ranch deal as a $27.2 million DST tied to an 83-home build-to-rent community on San Antonio's Northwest Side.
Logistics Warehouse Worker - PepsiCo - Walla Walla, WAJob posting dated July 28, 2026 for a Logistics Warehouse Worker at PepsiCo's Walla Walla, WA 99362 facility, the underlying property of the Industrial 99 DST, indicating the facility is operational and actively staffing.
