Delaware statutory trust fundraising climbs 27% to $7.5B through September

Delaware statutory trust equity fundraising reached $7.5 billion through September, up 27% from the $5.9 billion raised in the first nine months of 2025, according to Mountain Dell Consulting data reported by Bisnow. AltsWire first reported the numbers.

September equity raised for DSTs totaled $357 million, down from $461 million in September 2025, per Mountain Dell.

This publication's September coverage found DST fundraising had cleared $6.48 billion through August, a channel selling about $881 million a month. September's $357 million was below that run rate, and subtracting that August figure from the $7.5 billion year-to-date total implies about $1.02 billion for September.

Ares Real Estate Exchange has been the most active DST sponsor this year, raising just under $1.5 billion, or 19.3% of all equity in the category, according to Mountain Dell's September report. Blue Owl Capital ranks second at $626 million and ExchangeRight Real Estate third at $619 million. Hines Real Estate Exchange, which launched its DST platform in September 2022, has raised $590.6 million this year.

Together the four named sponsors raised roughly $3.3 billion, less than half the $7.5 billion total.

Industrial assets took the largest share of the equity at 39%, followed by multifamily at 22% and retail at 8%, per Mountain Dell. Industrial and multifamily combined account for 61% of the year's DST equity.

DSTs pool investor money into commercial property: individuals hold fractional interests while managers run the assets, and the pitch is deferral of capital gains taxes. That has drawn individuals, particularly aging baby boomers, and in turn more institutional investors building platforms to serve the demand, Bisnow reported.