Delaware statutory trust (DST) offerings saw a 5 percent increase in equity raised, with $619.6 million raised in May 2025, compared to $589.7 million in April, according to Mountain Dell Consulting.
Year-over-year, equity raised for DSTs was more than $3 billion, marking a 56.6 percent increase from the $1.9 billion of equity raised in May 2024.
“We are seeing a lot of 721 exchange-oriented activity with the larger sponsors that are in the space. It will depend on macroeconomic factors but if/when there is a sense of stability in the transaction markets with more consistent interest rates, I believe we will see more and more activity,” said Taylor Garrett, president of Mountain Dell Consulting, in a statement.
Ares Real Estate Exchange led in sales, year-to-date, followed by Inland Private Capital, JLL Exchange, Hines Real Estate and ExchangeRight Real Estate. The most popular asset types were industrial (33 percent) and multifamily (32 percent).
