Canonical page: https://sequoia-research.com/writing/1031-exchange-dst-brokers-2026-how-to-compare-offering-access-across-firms Author: Sequoia Research Published: 2026-10-17T02:03:37.958Z Updated: 2026-10-17T02:03:37.958Z # 1031 Exchange DST Brokers (2026): How to Compare Offering Access Across Firms ## What Is This Article About? This article compares what selected DST firms say about their offering access in public sources available in 2026. It explains why a broad menu may differ from the choices a broker can offer to your account. A source comparison and fictional examples show how firm rules, fees, space in a deal, and timing can narrow that list. Readers will learn how to request a dated list they can use, with clear limits on what each firm has confirmed. ## Table of Contents - [Start by Defining Offering Access](#start-by-defining-offering-access) - [What Selected Firms Disclose About Access in 2026](#what-selected-firms-disclose-about-access-in-2026) - [Read the Realized Marketplace and Sponsor Claims Carefully](#read-the-realized-marketplace-and-sponsor-claims-carefully) - [Separate DST.com Access From Concorde Account Limits](#separate-dstcom-access-from-concorde-account-limits) - [Understand Capulent's Selling-Agreement Boundary](#understand-capulents-selling-agreement-boundary) - [Count Unique Offerings Before Comparing Menus](#count-unique-offerings-before-comparing-menus) - [Ask Which Sponsors and Programs the Firm Can Offer](#ask-which-sponsors-and-programs-the-firm-can-offer) - [Check the Representative, Account, and Investor Rules](#check-the-representative-account-and-investor-rules) - [Keep Document Access Separate From Approval](#keep-document-access-separate-from-approval) - [Confirm Capacity for the Exact Amount You Need](#confirm-capacity-for-the-exact-amount-you-need) - [Compare Costs and Conflicts Within the Available Menu](#compare-costs-and-conflicts-within-the-available-menu) - [Fit Access Checks Into the 1031 Exchange Schedule](#fit-access-checks-into-the-1031-exchange-schedule) - [Use Two Broker Lists Without Counting the Same Deal Twice](#use-two-broker-lists-without-counting-the-same-deal-twice) - [Build a Dated Offering-Access Request](#build-a-dated-offering-access-request) - [Frequently Asked Questions](#frequently-asked-questions) - [About Sequoia Research](#about-sequoia-research) - [Sources](#sources) ## Start by Defining Offering Access A Delaware statutory trust, or DST, can hold real estate in which investors buy interests. Offering access means more than seeing that property on a website. It can mean permission to read a summary, receive private documents, request an allocation, or submit a purchase through a firm. Those stages require different evidence. Ask which stage a person means when they say they have access. A sponsor relationship is one part of the path. A firm may have worked with a sponsor before without offering every new program from that sponsor. A particular offering may need its own review and selling arrangement. A professional may also face limits that do not apply to every colleague at the same firm. A large menu can therefore be useful without being a ready-made purchase list. The relevant question is which exact offerings remain available through the proposed relationship, for the investor's account and amount, at the time a decision is needed. A broad count cannot answer all of that. For research, use three separate lists. The first is the advertised universe. The second is the set the firm confirms it can offer through the named professional. The third is the set still under consideration after investor-specific checks. Preserve the reasons a program moves off the list rather than quietly deleting it. This article examines public access statements from Capulent, Concorde and its announced DST.com relationship, and Realized. It does not claim to test every firm's inventory or determine a best broker. No accounts were created, private documents requested, or allocations reserved as part of this review. The findings describe what the inspected sources disclose. Form CRS, the customer relationship summary, is a useful starting point because it describes a firm's services, fees, conflicts, and relationship limits. It does not replace the exact offering documents or an individual professional's review. Use it to understand the route through which the investment would be offered. [Investor.gov guide to Form CRS](https://www.investor.gov/CRS) ## What Selected Firms Disclose About Access in 2026 The following comparison was prepared from public sources reviewed on October 16, 2026. Dates beside forms refer to the forms themselves. They do not show when each sponsor link began. An undated page is labeled as such. The table is arranged by firm name, without a rank. | Firm or access route | Public access evidence | What remains investor-specific | | --- | --- | --- | | Capulent, LLC | January 1, 2026 Form CRS limits products to described types and issuers with selling agreements | Exact DST issuers on the current menu, offering terms, and the proposed transaction | | Concorde Investment Services / DST.com | March 30, 2026 affiliation announcement; DST.com advertises registration-based access to offerings from multiple sponsors | Concorde's disclosed representative, insurance, and certain offering-process limits; current capacity | | Realized Financial / Realized marketplace | Public marketplace asks visitors to register; June 30, 2025 Form CRS describes a limited real estate investment menu | Service type, account terms, investor review, representative access, and current offering status | Sources: [Capulent Form CRS](https://files.brokercheck.finra.org/crs_155155.pdf), [Concorde's DST.com announcement](https://www.concordeis.com/dst-com-joins-concorde-investment-services-launching-platform-for-dst-investors-and-advisor-business-development/), [Concorde Form CRS](https://www.concordeis.com/formcrs.pdf), [DST.com access page](https://www.dst.com/available-properties/), [Realized marketplace](https://www.realized1031.com/marketplace), and [Realized Financial Form CRS](https://www.realized1031.com/hubfs/common-files/disclosures/FormCRS.pdf). The sources establish different parts of an access process. They do not provide a common, audited count of available DSTs across the three firms. That missing comparison is not a zero for any firm. It means a matched count would require dated lists and a common definition. The legal names matter. A technology platform, broker-dealer, and advisory firm may use related branding while providing different services. Record the entity that would handle the account and the professional who would handle the transaction. Then compare the terms of that actual relationship. ## Read the Realized Marketplace and Sponsor Claims Carefully Realized's public marketplace invites registration and displays five examples under a heading that says the offerings have closed. The examples include CF Texas Multifamily Portfolio DST and Storage I DST. Those cards show historical examples; they are not evidence of capacity for a new purchase. The page also carries a January 2023 date beside one marketing section. [Realized marketplace](https://www.realized1031.com/marketplace) A separate Realized advisor page places a sponsor count of 42 in its 2021 company timeline. That is a dated growth claim. It does not establish 42 active sponsor relationships in October 2026 or a set of offerings open to every visitor. Ask for a current list if the breadth of sponsor access matters to your review. [Realized advisor page and timeline](https://www.realized1031.com/advisor) The firm's June 30, 2025 Form CRS describes a limited menu focused on real estate alternatives. It separates brokerage from non-discretionary advisory services and says proposed products may involve primary or secondary distributions. Those are service and product boundaries, not a guarantee that a particular DST is available. [Realized Financial Form CRS](https://www.realized1031.com/hubfs/common-files/disclosures/FormCRS.pdf) Ask the firm for a list tied to the account you plan to use. It should show each offering's sale status and the files needed for review. If the purchase would be a resale from an existing holder, ask for those sale terms. The price and minimum from the original raise may no longer apply to that purchase. A historical card can still be useful. It can show the types of properties a platform has displayed and the kinds of fields it uses. Keep that purpose separate from finding current capacity. A page can educate a visitor and still require a further step before it supports a purchase decision. ## Separate DST.com Access From Concorde Account Limits Concorde announced on March 30, 2026 that DST.com had joined its platform. The release describes an online path for investors to review inventory and connect with Concorde-affiliated professionals. It also describes an initial advisor beta group. This is evidence of the announced relationship, not a finding that every Concorde representative offers the same service. [Concorde's March 2026 announcement](https://www.concordeis.com/dst-com-joins-concorde-investment-services-launching-platform-for-dst-investors-and-advisor-business-development/) DST.com's public access page advertises offerings from multiple sponsors and directs users to register for details. The inspected page displays cards labeled with Bluerock, CORE, ExchangeRight, ERP, Inland, and Invesco. These visible labels describe the page we reviewed. We did not verify each card's capacity, terms, or availability to a particular account. [DST.com offering-access page](https://www.dst.com/available-properties/) Concorde's March 28, 2025 Form CRS adds important limits. It says some offerings may be unavailable because of insurance coverage, a representative's registrations, or the timing of a substantive relationship for certain Rule 506(b) offerings. A firm-level menu therefore may be broader than the set one person can offer to one investor. [Concorde relationship summary](https://www.concordeis.com/formcrs.pdf) The useful comparison is between the page and a confirmed account-level list. Ask which visible programs can be discussed through the assigned professional, which require further review, and which are unavailable. Request a reason for each limit. A restriction may concern the access route rather than the investment's merits. A new website account does not mean every investor check is done. A login may let you read more without giving the firm grounds to accept a purchase. Record these steps apart: access to files, review of the proposed choice, and acceptance of the purchase. One step does not prove the others. ## Understand Capulent's Selling-Agreement Boundary Capulent's January 1, 2026 Form CRS says its product menu is limited to specified product types and issuers with which it has selling agreements. It also distinguishes no minimum account balance from minimums that individual products may impose. Those statements define a boundary; they do not supply a dated roster of open DST programs. [Capulent Form CRS](https://files.brokercheck.finra.org/crs_155155.pdf) A selling agreement is relevant because a sponsor's existence does not mean every broker can place every offering. For an exact program, ask the firm to confirm its ability to offer the interest through the proposed professional. Keep the issuer name in that request. A general statement about working with a sponsor can leave the specific offering unresolved. The absence of a roster in the inspected summary should not be treated as a small menu. A relationship summary is designed to cover broad service terms. It may not list current programs. The correct response is to request the missing information, not invent a count or a rank from the page length. Ask whether a program is on the current menu, under review, previously offered, or outside the firm's range. Those categories help explain the answer. If it is outside the range, ask whether that reflects a firm policy, a missing agreement, a closed raise, or another stated reason. This is also a reminder to separate company research from product research. Confirming that a broker has a route to an issuer does not show that the property, debt, fees, or exit plan fit the investor. Access answers whether a path exists. The investment review answers whether the proposed use of that path makes sense. ## Count Unique Offerings Before Comparing Menus An advertised count can describe sponsors, properties, legal issuers, share classes, or website cards. Those are different units. Two classes of one DST may create two menu entries without creating two separate property portfolios. Several properties may also sit inside one trust. Use a legal offering identifier to remove duplicates before comparing lists. Retain class information in a separate field because costs and terms may differ by class. Do not erase those differences when combining duplicate rows. The goal is to know both the number of unique programs and the choices within each one. Here is a fictional example. Firm A displays eight entries representing five unique offerings. Firm B displays six entries representing six unique offerings. Three offerings appear on both lists. Together, the lists contain eight unique offerings: five plus six, minus the three shared offerings. The headline card count makes A look broader, eight to six. The unique-offering count makes B look broader, six to five. Neither count identifies the better firm or better investments. It simply shows why a count needs a defined unit. Now apply investor-specific checks. Suppose two offerings remain under consideration through A and three through B. One appears in both sets. There are four distinct choices left for continued review, not five. The shared offering may still have different account or service terms through the two routes. Keep a dated list behind every count. If a program closes tomorrow, today's eight-program universe is a historical snapshot. If a new class appears, the card count may rise without a new property or issuer. A clear record makes those changes easy to explain. ## Ask Which Sponsors and Programs the Firm Can Offer A sponsor logo is a useful lead, but it is incomplete evidence of access. Ask what the relationship covers. Does the firm have current offerings from that sponsor, a past relationship, a research relationship, or a plan to add programs later? Use the answer to label the record. For a sponsor that matters to your search, request the legal names of programs the firm can currently discuss. Ask whether that list includes every program from the sponsor or only selected ones. If only selected programs are available, ask how they were chosen and what further review remains. Avoid treating “open architecture” or “broad access” as a count. Those phrases need a definition. A platform can offer products from many companies while still applying commercial, legal, and review limits. The question is how those limits shape the menu presented to the investor. A helpful response names both included and excluded categories. A firm might be able to discuss certain property types but not a particular structure. Another might have a product on its firm-wide list that the proposed representative cannot offer. These are access facts worth knowing before reviewing hundreds of pages. Ask about any exclusive or restricted route for the exact offering. Do not assume exclusivity because one broker says the program is hard to find. Request the basis for the statement and the scope of the restriction. It may apply to a class, an allocation, a period, or a particular channel rather than the whole program. The aim is a useful map, not the largest possible menu. A shorter, well-defined list with current sources may save more research time than a long list of names with unknown status. Still assess the investments themselves; clear access information does not establish quality. ## Check the Representative, Account, and Investor Rules Confirm who will handle the transaction and in what role. A firm can offer both brokerage and advisory services while a given professional offers only one. The service type can affect fees, follow-up, and the product route. Record the arrangement rather than relying on the word adviser in casual conversation. Realized's public disclosures say its services are not offered in every state or through every listed broker or adviser. They also describe limits on where those people can do business. Check your state and the person who would serve you. A service shown on the firm's site may not apply to that person or place. [Realized disclosures](https://www.realized1031.com/disclosures) The issuer must also check who can buy. Rule 506(c) allows broad ads, called general solicitation, if its conditions are met. All buyers must be accredited investors, and the issuer must take reasonable steps to verify that status. Rule 506(b) bars general solicitation. A website login does not prove that either rule's terms have been met. Ask the firm which process applies. [SEC Rule 506(c) overview](https://www.sec.gov/resources-small-businesses/exempt-offerings/general-solicitation-rule-506c), [SEC Rule 506(b) overview](https://www.sec.gov/resources-small-businesses/exempt-offerings/private-placements-rule-506b) Do not assume there is one waiting period or one qualification form for every DST. The firm must apply the relevant rules and its procedures to the actual offering and investor. Ask early which information is needed, how it should be delivered securely, and who will confirm the result. The account's legal owner can matter too. An individual, trust, entity, or retirement account may require different records. Ask which name and account type the access confirmation covers. Approval to discuss a program with one person does not settle the documents needed for a different purchaser. Keep qualification separate from suitability and capacity. Meeting an entry standard does not establish that the investment is appropriate. It also does not reserve an amount. Several checks can be in progress at once, and each should have its own status. ## Keep Document Access Separate From Approval A downloadable private placement memorandum is a source for review. It is not proof that the firm has completed its investigation or that the sponsor has accepted the investor. Ask which stage the file has reached and what remains to be done. For the documents, record the issue date, supplements, and class. A broker may have received an earlier package that has since changed. Request the current set and an explanation of material changes. If two firms provide different versions, resolve that before comparing their summaries. For the firm's review, ask whether the offering is approved for the proposed route and whether any conditions remain. A statement that the sponsor is approved is not necessarily the same as an answer about the exact program. Keep those two questions in the request. FINRA says a member firm must conduct a reasonable investigation of a private placement it recommends. Its guidance also covers new material facts and warning signs. Ask what review supports the firm's proposed purchase. A claim about broad access does not show that the firm has done this work for that deal. [FINRA Regulatory Notice 23-08](https://www.finra.org/rules-guidance/notices/23-08) For your own review, list the open questions about income, debt, fees, resale limits, and the exit plan. An open raise should not erase those questions. A firm may approve a program for sale that still fails to meet your needs. Keep your own limits in view while you check access. Finally, identify the acceptance step. Which party reviews the subscription? What evidence shows acceptance? Are funding and final documents still outstanding? Ask the actual processing team rather than trying to infer acceptance from an online status label. ## Confirm Capacity for the Exact Amount You Need An offering can be open without having room for the amount you want. It can also have a minimum larger than the amount left. Request a dated capacity statement for the exact legal offering, class, and proposed subscription. Distinguish an indication from a reservation. An indication might say the sponsor expects room. A reservation may have conditions, an expiration time, or required documents. Ask what the stated status means and which party has authority to grant it. Keep the conditions beside the amount. Consider a fictional investor planning $450,000 across two programs. The plan assigns $250,000 to Oak and $200,000 to Pine. Later checks show only $150,000 indicated for Oak and $175,000 for Pine. The available indications total $325,000, leaving a $125,000 gap in the proposed plan. A third fictional program, Spruce, might have $125,000 indicated and a $100,000 minimum. Under those assumptions, $150,000 plus $175,000 plus $125,000 equals $450,000. That resolves only the arithmetic. It does not establish suitability, accepted reservations, compatible terms, or a successful exchange. Do not fill the gap with a program simply because it appears on a second broker's site. Check whether both brokers are referring to the same issuer capacity. Two screens showing $125,000 may describe one pool of remaining interests. Treating them as separate pools could double the apparent room. Ask how quickly the capacity statement can change and when it must be reconfirmed. If a hold expires, restore the status to unresolved until there is fresh evidence. A spreadsheet cell should not remain “confirmed” just because the original email is still in the folder. ## Compare Costs and Conflicts Within the Available Menu More access does not ensure a lower cost. The same offering may be sold through different classes or types of accounts. Compare the total cost and service terms for the purchase you plan to make. Two brokers may offer different terms even when they use the same program name. Capulent's Form CRS says its pay can vary by product, issuer, or sponsor. It describes added pay when it serves as managing broker-dealer. Ask which roles and payments apply to the deal being proposed. Do not assume that each product or person has the same conflict. [Capulent relationship summary](https://files.brokercheck.finra.org/crs_155155.pdf) Realized's Form CRS describes payments from some outside sponsors and managers, and the incentives they create. Concorde's summary also describes some third-party payments and added roles with issuers. Read these claims with the terms of the actual account and deal. The disclosures alone do not prove a breach of a rule or explain why a person chose one investment. [Realized Financial Form CRS](https://www.realized1031.com/hubfs/common-files/disclosures/FormCRS.pdf), [Concorde Form CRS](https://www.concordeis.com/formcrs.pdf) Request a side-by-side cost explanation for the same amount, class, and holding assumptions. Identify costs inside the offering and any charges outside it. Do not add a cost twice if it is already included. Ask who receives each payment and whether a different route changes it. Also compare what service the investor receives after purchase. A lower initial charge may come with a different account agreement or ongoing fee. A higher charge does not prove better support. The comparison needs the promised service scope and its price, not a general label such as premium access. Ask whether the professional can explain a comparable option that the firm cannot offer. They may have a legitimate limit on the menu. Knowing that limit lets the investor decide whether another source of research is needed before choosing from the available set. ## Fit Access Checks Into the 1031 Exchange Schedule Access research takes time. Waiting until a deadline is near can leave little room to resolve account setup, qualification, document versions, or capacity. Begin those questions while the broader investment review is underway, and let the exchange team set the controlling calendar. The IRS sets a 45-day period to identify replacement property in a deferred exchange. You generally must receive it within 180 days or by the tax-return due date, including extensions, whichever comes first. A broker's review or sponsor's hold does not replace those rules. Ask your exchange and tax team how they apply to your sale and purchase. [IRS Form 8824 instructions](https://www.irs.gov/instructions/i8824) A broker's internal target date can be earlier than a legal deadline. That can allow time for processing, corrections, or funding steps. Ask whether a date is a firm cutoff, a sponsor cutoff, a planning target, or a legal deadline. Record the time zone where a time of day matters. For a fictional schedule, suppose a team wants a complete package by October 20 and a capacity hold ends October 19. Finishing the package on October 20 would not meet that hold's stated timing. The conflict needs resolution before the plan relies on the reserved amount. No calculation of tax deadlines is involved in this example. Ask what happens if an offering closes or a document changes. The answer should name the next review step rather than promise that any substitute will work. A replacement program may change debt, cash requirements, risks, or identification questions. Those differences need review by the appropriate people. Keep the broker's access work connected to the qualified intermediary, or QI, and tax team without treating the roles as interchangeable. Access to a DST is one input to the exchange plan. It is not a determination that every requirement of the exchange has been met. ## Use Two Broker Lists Without Counting the Same Deal Twice A review of two or more firms can reveal different menus and services. It can also produce duplicate rows and files with dates that do not match. The next step may have no clear owner. Sort out the lists before asking firms to hold space in the same deal. In the earlier fictional example, Firm A's five unique programs are Cedar, Maple, Oak, Pine, and Willow. Firm B's six are Cedar, Elm, Maple, Pine, Spruce, and Yew. Cedar, Maple, and Pine are shared. The combined universe has eight programs, even though the two counts add to eleven. Suppose A's investor-specific review set is Oak and Pine. B's is Pine, Spruce, and Yew. The four distinct programs are Oak, Pine, Spruce, and Yew. Pine appears through two access routes. That may create a choice of service or class, but it does not create a second underlying investment. Use one row per legal offering and additional columns for the firms through which it can be considered. Record each route's class, fees, status, and source date. A shared name is a reason to compare the details, not a reason to assume the terms match. Before you submit a purchase or request a hold, name the person in charge of the file. Ask how the team will avoid duplicate requests. A second opinion should not lead to two purchase forms being sent by mistake. Make clear when you want advice and when you want someone to act. The resulting table should make the decision easier. It can show that one firm provides more distinct opportunities, another offers a relevant program on different terms, or neither has resolved a key access question. Those are narrower and more useful findings than declaring a winner from a marketing count. ## Build a Dated Offering-Access Request A good request can be short if it names the needed facts. Start with the exact account owner, proposed amount, broad property preferences, and relevant timing. Share personal qualification records only through the firm's approved secure process; the research request does not need to contain sensitive documents. Ask for the legal offering name, sponsor, and class. Request the current files, minimum, allowed purchase increments, and amount the firm says is open. What is the source date for that amount? Is it an estimate, a hold with conditions, or an accepted purchase? Ask who can confirm each status. Then ask about the access route. Can this professional offer it to this account in the relevant state? Is the specific offering approved through the firm? Does a selling agreement or other required arrangement apply? What investor checks remain, and what documents or decisions are needed next? Ask for a short reason when a program is not available. It may be closed, lack a selling agreement, or need more review. A limit may apply to the broker or account, or the deal may lack room for the purchase. If the answer is unclear, say so. Keep the firm's words and source. End with the comparison boundary. Ask whether the supplied list covers all currently available programs within the stated request or only selected recommendations. If the firm provides recommendations, ask how it narrowed the list. A shortlist can be valuable when its selection method is visible. Save the response with a review date and update it when facts change. The final record should show what the firm can support, what the investor can consider, and what still needs confirmation. That is the evidence needed to compare offering access across firms without confusing advertised breadth with an accepted purchase. ## Frequently Asked Questions ### Does a Broker With More DST Sponsors Have More Choices for Me? Possibly, but a sponsor count does not establish your available menu. Ask whether it covers current relationships, past activity, or all product types. Then request the exact offerings available through the proposed professional and account. Several sponsors may have no open program that fits the request. ### Does Website Registration Mean I Am Approved to Invest? No. Registration may provide information access. Investor checks, firm review, capacity, documents, and acceptance are separate steps. Ask which stage has been completed and which party confirms it. Do not infer purchase approval from the ability to view a private document. ### Can Two Brokers Offer the Same DST on Different Terms? They may offer different classes, accounts, or services. Check the legal issuer, class, cost, and amount you plan to buy. Two paths to the same DST may have different terms. A different price alone does not prove that you would own an interest in different property. ### Why Might One Representative Be Unable to Offer a Program on the Firm's Platform? The limit may concern the broker's registration or insurance, the account, or the way an offering is sold. Ask for the exact reason. Does it apply to you, the broker, or the program? A list for the whole firm does not prove that every person there can offer each item. ### Does a Sponsor Logo Prove a Current Selling Relationship? A logo alone does not show when two firms worked together or what they did. It may refer to a current deal, past work, or another link. Ask about the exact legal offering and class. A past link does not prove that space is open in a deal today. ### Are Public Marketplace Examples Always Open for Investment? No. Some pages expressly label examples as closed or completed. Read the status and date near each card. Even an advertised current listing still needs confirmation of terms and capacity for the proposed purchase. The Realized examples discussed here were publicly labeled as closed. ### Should I Add Capacity Shown by Two Brokers Together? Not without checking whether they refer to separate allocations. Both may be showing the same issuer's remaining pool. Identify the offering, class, source, and reservation terms. Counting two descriptions of the same capacity can make an allocation plan appear funded when it is not. ### What Is the Best Evidence of Useful Offering Access? Ask for a dated answer about the exact offering through the person and account you plan to use. It should name the files, terms, limits, space in the deal, and open checks. This is more useful than a broad slogan. The investment itself and the exchange still need review. ## About Sequoia Research Sequoia Research, LLC provides independent research on DSTs and other real estate investment offerings. This educational library helps readers compare source claims, understand research limits, and prepare focused questions for investment and exchange professionals. ## Sources - [Capulent Form CRS](https://files.brokercheck.finra.org/crs_155155.pdf), January 1, 2026. - [Concorde relationship summaries](https://www.concordeis.com/formcrs.pdf), March 28, 2025; brokerage and advisory entities are distinct. - [Concorde DST.com affiliation announcement](https://www.concordeis.com/dst-com-joins-concorde-investment-services-launching-platform-for-dst-investors-and-advisor-business-development/), March 30, 2026. - [DST.com public offering-access page](https://www.dst.com/available-properties/), undated page reviewed October 16, 2026; public card labels only, without account or capacity verification. - [Realized marketplace](https://www.realized1031.com/marketplace), undated page; a marketing section carries a January 2023 reference, and displayed examples are labeled closed. - [Realized advisor page](https://www.realized1031.com/advisor), undated page; the cited 42-sponsor claim appears in its 2021 timeline. - [Realized Financial Form CRS](https://www.realized1031.com/hubfs/common-files/disclosures/FormCRS.pdf), June 30, 2025. - [Realized disclosures](https://www.realized1031.com/disclosures), undated current page, reviewed October 16, 2026. - [Investor.gov Form CRS guide](https://www.investor.gov/CRS), current undated guide. - [SEC Rule 506(c) overview](https://www.sec.gov/resources-small-businesses/exempt-offerings/general-solicitation-rule-506c), originally June 21, 2024; last reviewed or updated March 17, 2026. - [SEC Rule 506(b) overview](https://www.sec.gov/resources-small-businesses/exempt-offerings/private-placements-rule-506b), originally June 13, 2024; last reviewed or updated September 21, 2026. - [FINRA Regulatory Notice 23-08](https://www.finra.org/rules-guidance/notices/23-08), May 9, 2023. - [IRS Form 8824 instructions](https://www.irs.gov/instructions/i8824), 2025 tax-year instructions, deferred-exchange timing section. All sources were accessed October 16, 2026. Company statements remain attributed disclosures. No live account inventory, private selling agreement, investor approval, or reserved allocation was verified. The Firm A/Firm B lists, dollar amounts, and operating dates are fictional examples, not actual offering terms or tax advice. ## Related Reading and Tools - [DST Brokers: How to Choose One for Your Investment Needs](https://sequoia-research.com/writing/dst-brokers-how-to-choose-one-for-your-investment-needs) - [Best DST 1031 Exchange Companies (2026): What a Meaningful Comparison Should Include](https://sequoia-research.com/writing/best-dst-1031-exchange-companies-2026-what-a-meaningful-comparison-should-include) - [DST Due Diligence: A Practical Checklist Before You Invest](https://sequoia-research.com/writing/dst-due-diligence-a-practical-checklist-before-you-invest)