Canonical page: https://sequoia-research.com/writing/best-delaware-statutory-trust-companies-2026-comparing-experience-transparency-and-offering-quality
Author: Sequoia Research
Published: 2026-10-17T02:28:03.821Z
Updated: 2026-10-17T02:28:03.821Z

# Best Delaware Statutory Trust Companies (2026): Comparing Experience, Transparency, and Offering Quality

## What Is This Article About?

This article compares public evidence from Capital Square, ExchangeRight, and Inland across three areas: relevant experience, clear disclosure, and offering information. It shows what dated company documents support and which judgments still need more work. The selected offering examples are fully subscribed or closed, so they are research examples rather than a list of investments for sale. You will also learn how to test a company's claims without turning a large business, a polished report, or a full offering into a quality rating.

## Table of Contents

- [What This DST Company Comparison Can Establish](#what-this-dst-company-comparison-can-establish)
- [A Consistent Framework for Comparing DST Sponsors](#a-consistent-framework-for-comparing-dst-sponsors)
- [Capital Square, ExchangeRight, and Inland: Public Evidence](#capital-square-exchangeright-and-inland-public-evidence)
- [How to Test Relevant DST Sponsor Experience](#how-to-test-relevant-dst-sponsor-experience)
- [What Transparency Means in a DST Company Review](#what-transparency-means-in-a-dst-company-review)
- [Three Dated DST Offering Examples](#three-dated-dst-offering-examples)
- [How to Review DST Offering Quality](#how-to-review-dst-offering-quality)
- [Check Cash Flow After Costs and Reserves](#check-cash-flow-after-costs-and-reserves)
- [Compare Price, Debt, and Investor Equity](#compare-price-debt-and-investor-equity)
- [Read Conflicts and Oversight Alongside Experience](#read-conflicts-and-oversight-alongside-experience)
- [Turn Evidence Into a Written Comparison](#turn-evidence-into-a-written-comparison)
- [Questions to Send Before Reaching a Conclusion](#questions-to-send-before-reaching-a-conclusion)
- [FAQ](#faq)
- [About Sequoia Research](#about-sequoia-research)
- [Sources](#sources)

## What This DST Company Comparison Can Establish

A useful search for the best Delaware statutory trust companies should lead to evidence you can check. The answer cannot rest on which firm has the largest headline number. A company may have a long history and still offer a deal with weak cash flow. Another may publish detailed reports, yet own an asset that does not suit your needs.

This review uses a limited sample of three named firms. We selected them because their public materials let us examine different kinds of evidence. The sample is not a complete survey of the DST market, and inclusion is not an endorsement. We read the cited public sources on October 16, 2026. Each document keeps its own data or publication date.

The findings are specific. We can compare whether a source identifies a period, defines a measure, or describes a property. We can point out a missing item or a count that does not add up. We cannot use these pages alone to confirm every investor's return, inspect a private loan file, or rank the full quality of each sponsor's offerings.

A Delaware statutory trust, or DST, is the trust at the center of the investment structure. The company name used in a search may refer to a sponsor, a group of affiliates, or a broader real estate brand. Your review needs the exact issuer and the firms that will run the investment. Treat those names as separate entries until the documents show their roles.

Private investment evidence deserves care. The SEC warns that private placements can involve limited disclosure, long holding periods, and the risk of a total loss. Its updated bulletin also notes that offering memoranda generally are not reviewed by regulators. A professional-looking document therefore needs analysis; its format is not an approval. [SEC private placement bulletin](https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins/private-placements-under-regulation-d-updated-investor-bulletin)

This article uses three labels throughout the comparison. A **documented statement** is something the named source says. A **checked calculation** is arithmetic we can repeat from stated inputs. An **assessment** is a judgment that needs a stated reason and may change with new evidence. Keeping these labels apart makes a review much easier to challenge or update.

## A Consistent Framework for Comparing DST Sponsors

Use the same questions for every company, while allowing the underlying assets to differ. A rental housing program and a portfolio of stores may need different property tests. They should still face the same basic test: does the evidence support the claim being made?

| Review area | Question to answer | Evidence to seek | What the result can support |
|---|---|---|---|
| Relevant experience | Has this team managed this type of plan? | Named prior programs, roles, dates, and results | A view of experience tied to the proposed work |
| Transparency | Can a reader trace important claims? | Dated records, definitions, fees, methods, and corrections | A view of how well the supplied evidence can be checked |
| Offering quality | Do the asset, price, funding, and plan hold together? | Offering documents and the records behind their assumptions | A deal-specific assessment with stated limits |

Do not turn these areas into three points and add them up. A missing debt maturity date can matter more than a dozen well-designed charts. A clear disclosure of a large risk does not make that risk small. An experienced team may help explain a plan, but its history cannot fill a gap in the proposed investment's budget.

Set the rules before you compare firms. For example, you might require dated evidence for each material cash-flow input. You might also require a full list of programs within the chosen strategy, including those still held. These are your research standards. They are not legal requirements for every sponsor or proof that an offering has passed a regulator's review.

Apply a simple stop rule when evidence is missing. Mark the conclusion as pending, name the document needed, and explain why it could change the outcome. Do not silently replace missing information with an industry average. An average may be useful in a clearly labeled stress case. It cannot establish the actual loan, expenses, or reserve balance in a specific DST.

Use a separate column for source limits. This avoids phrases such as “verified track record” when the work consisted of reading a sponsor's own brochure. A precise entry might say: “Company table inspected; arithmetic checked; investor cash statements not obtained.” That sentence records both useful work and the boundary of the finding.

## Capital Square, ExchangeRight, and Inland: Public Evidence

The following table summarizes what the selected sources make possible. It compares the evidence available in those sources, not the firms' overall merits.

| Company | Public material examined | Useful research feature | Limit to carry into the review |
|---|---|---|---|
| Capital Square | Investment overview | Describes a property audit practice | The underlying audit reports were not inspected here |
| ExchangeRight | Track-record webpage and downloadable report | Provides program categories and method notes | Dates, populations, and outcome methods need to stay attached |
| Inland | Company overview and legal disclosures | Defines the scope of program counts and entity relationships | Group history does not establish every issuer's record |

### Capital Square: Follow the Audit Claim to the Report

Capital Square's investment page traces its launch to 2012. It says the firm engages independent auditors each year for cash-flow audits on DST properties and has done so since its founding. That is a specific practice worth asking about. This review confirms that the company makes the statement; it does not independently confirm the work performed or its findings. [Capital Square investment overview](https://capitalsq.com/real-estate-investment/)

Ask for the report relevant to the property and period you are reviewing. Read what the auditor examined, what was excluded, and who may rely on the work. An audit of historical cash flow should not be stretched into a claim that future rent, market value, or an exit price has been assured.

A useful follow-up is concrete: “Which report covers this property's most recent year, and how does its cash measure connect to the investor distribution schedule?” That question is more productive than asking whether the company is transparent in general.

### ExchangeRight: Preserve the Population and Method

ExchangeRight's webpage uses September 30, 2026, for its general statistics. Its 34 full-cycle offerings include 22 financed net-leased DSTs, six multifamily DSTs, three preferred equity or income funds, and three acquisition-note programs. That is a mixed population. The page also contains a count mismatch: active category rows sum to 100, while the displayed total is 101. The cause was not established in this review. [ExchangeRight track-record webpage](https://www.exchangeright.com/track-record/)

The linked PDF uses August 31, 2026, as its general data date. Its return notes explain the effect of different fee structures. They also state that certain net-leased portfolio results for investors selecting a 721 exchange use the Essential Income REIT's net asset value at the full-cycle date. Net asset value is a stated value measure; it is not the same evidence as cash paid out in a sale. [ExchangeRight track-record report](https://www.exchangeright.com/resources/investment-track-record.pdf)

These details support a focused request for matched dates, matched program types, and clear outcome definitions. The count mismatch needs a reconciliation. It does not, by itself, establish a broader finding about the firm's conduct or investment results.

### Inland: Keep Group History Separate From Program Results

Inland's company page reports 155 completed Section 1031 exchange programs within 670 completed programs as of December 31, 2025. Its completion definition can include an end to management by Inland Investments affiliates. Other triggers include a national share listing, a sale of all or substantially all assets, or a third-party merger in which the program does not survive. The count therefore should not be described as 670 DST cash exits. [Inland company overview](https://inland-investments.com/company)

Inland's legal disclosures also explain that group entities are separate legal entities and that relationships should not be implied from their shared presence on the site. This makes the entity name in an offering file a necessary part of the review. [Inland important disclosures](https://inland-investments.com/important-disclosures)

The research task is to identify the programs most relevant to the current issuer, team, and strategy. A broad corporate history supplies context. A smaller, well-defined set of comparable programs can supply more useful evidence about the work a particular team will perform.

## How to Test Relevant DST Sponsor Experience

Experience is most useful when you can connect it to the job ahead. Start with the proposed business plan. Will the manager collect rent under long leases, replace tenants, finish construction, improve older units, or prepare assets for a sale? Those jobs call for different evidence.

Then build a named list of prior programs. For each one, record the property type, purchase year, initial plan, manager, debt structure, and outcome to date. Separate programs sold from those still operating. Include difficult results in the requested list. Otherwise, the sample may show only the work that is easiest to promote.

Here is a fictional example. A firm supplies a list of 12 past programs. Seven were in a different property type or used a different strategy. Five match the proposed plan closely. Of those five, three remain under management and two have sold. A fair description is “five relevant programs, including two completed sales.” It would overstate the evidence to say the proposed strategy has 12 completed examples.

Next, connect people to their roles. A person may have worked at a firm during a successful sale without leading that sale. Ask who set the price, handled loan terms, ran the asset, and made the exit decision. Where the team has changed, record the dates. A record belongs to a defined group of people and entities over a defined period.

You do not need to dismiss experience earned elsewhere. You do need to label it accurately. “The executive led the property team at a prior employer” is different from “this sponsor completed the program.” Both may be useful facts once supported. They answer different questions about resources, control, and continuity.

Look for evidence of response as well as outcome. If a lease failed, what changed in the budget? If expenses rose, when did investors learn about it? A file that explains a problem and its response may reveal more about the team's process than a list of sale prices. Ask for the records behind the account, rather than relying on a polished story.

The SEC's performance bulletin cautions readers about selected favorable periods and results. It also explains why fees, methods, and market conditions matter. Use that guidance when choosing the set of prior programs you will examine. Past results remain evidence about the past; they do not predict the next deal's outcome. [SEC performance claims bulletin](https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins-47)

## What Transparency Means in a DST Company Review

For this comparison, transparency means that a reader can trace a material claim to a defined source and understand its limits. It does not mean that every document must sit on a public website. Some useful offering records may require an authorized access process. The review should record what was supplied, what was requested, and what remains missing.

Start with dates. A page retrieved this week may contain figures from last year. A new press release may cite an older operating result. Keep four fields where needed: document date, data date, retrieval date, and any later correction date. This prevents a recent website visit from making old facts appear current.

Next, test definitions. “Assets,” “capital raised,” “programs,” “properties,” and “investors” describe different things. A count of share classes can exceed a count of underlying programs. A value that includes sold assets differs from a current portfolio balance. Do not combine such measures until the source defines what each includes.

Check arithmetic before drawing conclusions. If rows and totals disagree, preserve the original values and ask for a reconciliation. Record the response as a separate dated item. Do not quietly repair the source and present the corrected figure as if the company had published it. Nor should one unresolved total become proof that every figure is wrong.

Review the quality of the answer, too. A useful reply identifies the period, shows the calculation, and explains the difference. A reply that only restates the headline leaves the question open. Keep that status visible, especially if the issue affects debt, cash flow, fees, or who receives sale proceeds.

Finally, test whether you can reproduce the key result. You might have enough records to confirm a fee calculation while still lacking the cash statements needed for a return calculation. Give each conclusion its own status. A single broad label such as “fully reviewed” can hide the exact areas where more work is needed.

## Three Dated DST Offering Examples

Recent announcements can identify assets and raise useful questions. They usually cannot settle the full investment review. Each example below was announced as fully subscribed or closed. None is presented as an available purchase as of the date of this article.

### Capital Square: A Build-for-Rent Property

Capital Square announced on April 1, 2026, that CS1031 The Villages at Miami Gardens BFR Housing, DST was fully subscribed. The release describes a 50-unit townhome community in Miami Gardens, Florida, and reports full occupancy at that time. These are attributed announcement facts. This review did not inspect the property's rent roll or tenant payment records. [Capital Square's April 2026 announcement](https://capitalsq.com/2026/04/capital-square-fully-subscribes-build-for-rent-dst-offering-near-miamis-hard-rock-stadium/)

The next question is what occupancy means for cash. How many tenants paid the full rent due? Were concessions in place? Which leases were near renewal? A unit can be occupied while its rent is unpaid. A property can also keep every unit occupied by offering terms that reduce net revenue. Those are review questions, not findings about this property.

### ExchangeRight: A Net-Leased Portfolio

ExchangeRight's September 1, 2026, release says Net-Leased Portfolio 74 DST was fully subscribed and closed to new investors. It describes 11 properties, a weighted-average lease term of 16.3 years, and $26.75 million of non-recourse debt. The stated loan-to-value ratio is 42.23%. We did not inspect the leases or loan documents behind those figures. [ExchangeRight's September 2026 announcement](https://www.exchangeright.com/news/exchangeright-fully-subscribes-6334-million-net-leased-portfolio-74-dst/)

A long average lease term prompts several questions. How is the average weighted? Are rents concentrated in one tenant group? Do leases contain early termination rights? Does the loan mature before many leases end? An average can be useful, but it does not show every contract or every pressure point.

### Inland: A Multifamily Offering

Inland's April 16, 2026, announcement reports the completed $83.6 million equity raise for Union Multifamily DST, sponsored by Inland Private Capital Corporation. It states that the offering was fully subscribed and closed. The described property, Summit Court Apartments in Union Township, New Jersey, has 393 apartment homes. The equity raise alone does not establish the purchase price or total debt. [Inland's April 2026 announcement](https://inland-investments.com/news/inland-completes-83.6-million-equity-raise-for-393-unit-luxury-multifamily-dst-in-new-jersey)

The follow-up work would connect the amount raised to the full funding budget. How much funded the property price? How much covered costs and reserves? Which expenses were due at closing, and which recur? Until those uses are known, dividing the raise by the apartment count would produce an equity-per-unit figure with very limited meaning.

## How to Review DST Offering Quality

Offering quality is a reasoned view of a specific deal. It asks whether the price, asset, debt, costs, and plan make sense together. The company review helps you decide where to look. The offering review tests what your money would own and what could go wrong.

Begin with the private placement memorandum, often called the PPM, and its current supplements. Use it as a map to the records behind key claims. A statement about rent points to leases and payment records. A claim about reserves points to the budget and cash balances. A debt summary points to the signed loan terms. A planned sale value points to the assumptions used to estimate that value.

The following is an original research worksheet. It is a way to organize questions, not a claim that every item has been reviewed for the three firms above.

| Part of the deal | First test | Evidence that could change the view |
|---|---|---|
| Asset income | Does rent collected support the stated income? | Payment history, vacancies, concessions, lease changes |
| Property costs | Does the budget include known obligations? | Tax notices, insurance terms, repairs, service contracts |
| Debt | Can the plan meet payments and maturity terms? | Loan agreement, amortization schedule, lender restrictions |
| Reserves | Is cash set aside for named uses? | Funded balances, planned spending, release conditions |
| Exit | What must happen for the plan to work? | Sale costs, value assumptions, debt payoff, control rights |

Ask which numbers are actual and which are estimates. An expense budget based on a recent contract has a different basis from an estimate copied from another property. Both may appear in the same table. The reader needs to know which is which.

Check the relationships between inputs. A plan that raises rents may also assume higher turnover costs. A reserve balance may fund work that helps support the rent plan. If the work is delayed, both the cash budget and the income forecast may need to change. Reviewing each row alone can miss these links.

A useful assessment states what would change your view. For example: “The rent plan appears supported by signed leases for the next period, but the renewal assumption remains open.” That is more informative than calling a property high quality without explaining the test.

## Check Cash Flow After Costs and Reserves

Trace cash through the budget before comparing a quoted distribution rate. The amount paid to investors is only one part of the investment's cash story. The property must also cover operating costs, debt payments, and other obligations.

Consider this fictional annual budget. It is a simplified teaching case, not a forecast for any named company.

| Cash-flow item | Amount |
|---|---:|
| Rent and other operating revenue collected | $2,400,000 |
| Property operating expenses | ($960,000) |
| Net operating income | $1,440,000 |
| Scheduled debt payments | ($840,000) |
| Reserve funding | ($180,000) |
| Other recurring cash costs | ($60,000) |
| Cash left for the modeled distribution | $360,000 |

Net operating income, or NOI, is revenue less property operating expenses in this example. It is not the cash left for investors. The remaining rows reduce that cash to $360,000. If the plan called for $420,000 in distributions, it would have a $60,000 gap under these assumptions.

An initial reserve could supply cash for a time if the governing terms permit that use. That would not change the property's recurring earnings. The review should identify the source of the payment and the effect on remaining reserves. A higher check is not proof that rent income improved.

Now reduce annual collected revenue by $120,000 and hold the other figures fixed. This is a stress case, not a prediction. Cash left falls from $360,000 to $240,000, a one-third decline. The example shows why a modest revenue change can have a larger effect on the cash remaining after fixed costs.

A real analysis would ask which costs might change along with revenue. It would also include timing, loan rules, and any other cash needs the simplified table leaves out. Make those limits visible. A stress case helps explain exposure; it does not assign a probability to the outcome.

Compare sponsor forecasts on the same basis. If one deducts reserves before showing distributable cash and another shows them elsewhere, the headline rates may not be comparable. Ask for a bridge from collected income to the amount available to pay investors. Keep any forecast, actual payment, and total-return figure in separate columns.

## Compare Price, Debt, and Investor Equity

A complete funding budget should balance. Cash coming into a deal must match the uses listed in the budget. A property price alone is not the full use of funds when the deal also has fees, closing costs, and reserves.

Suppose a fictional purchase has a $24 million property price, $1.2 million of costs, and $800,000 of initial reserves. Total uses are $26 million. If the loan supplies $14 million and investors supply $12 million, total sources also equal $26 million. The budget balances on those inputs.

That does not establish whether the price or costs are fair. It establishes a smaller point: the stated funding covers the stated uses. The next review can ask who receives each cost, which amounts are fixed, and how much investor cash reaches the property purchase. Do not give the deal a favorable rating merely because its arithmetic works.

Price can also be tested against property income. A capitalization rate, or cap rate, relates annual NOI to value. In a simplified valuation, value equals NOI divided by the cap rate. This is a sensitivity model, not an appraisal or a sale promise.

Take a separate fictional property with $1.2 million of annual NOI. At a 5% cap rate, its modeled value is $24 million. At 6%, with the same NOI, the modeled value is $20 million. That is a $4 million change in property value even though annual NOI stays the same.

If debt stays at $14 million, the simple value left after debt falls from $10 million to $6 million. The property value falls about 16.7%, while that residual value falls 40%. These figures exclude sale costs, taxes, amortization, prior cash flows, and other claims. They do not measure an investor's total return. They show how debt can magnify the effect of a value change on the amount left after debt.

Use the same discipline when reading a sponsor's exit case. Ask which income measure is used, what cap rate is assumed, when the loan must be repaid, and which costs come out of sale proceeds. A reputable name cannot resolve a funding gap or make a future buyer accept today's price.

## Read Conflicts and Oversight Alongside Experience

A company may use related firms for acquisition, asset management, property management, or distribution. Map those roles and the payments attached to them. The purpose is to see who does the work, who benefits from each decision, and who can challenge the decision.

For example, suppose a fictional sponsor affiliate sells a property to a new trust. The review would seek the affiliate's purchase price, the later transfer price, the services provided, and the approval process. A price difference may have an explanation. The reviewer needs evidence for that explanation rather than an assumption that the relationship is either harmless or improper.

Apply the same test to performance claims. Who prepared the numbers? Who checked them? What work did the checker actually perform? A third-party name on a report is useful only when its role and scope are clear. A valuation opinion, a legal opinion, and an audit address different questions.

FINRA's private-placement guidance calls for a recommending member's reasonable investigation of the issuer, management, assets, claims, and use of proceeds. It also addresses affiliate payments, material developments, and careful review of outside research. This article's public-source comparison does not establish that any firm's investigation is complete. [FINRA Regulatory Notice 23-08](https://www.finra.org/rules-guidance/notices/23-08)

Ask your financial professional to explain the deal review in terms you can understand. Which source resolved the largest concern? Which concern remains? Has a change since the original review been considered? A clear answer should identify the current offering and the evidence, rather than relying only on a long-standing relationship with the sponsor.

## Turn Evidence Into a Written Comparison

Write the conclusion in three layers. First state the source fact. Then explain its limit. Finally state the next question or your assessment. This makes it possible for another reader to see where judgment enters the review.

A fictional entry could read: “The supplied report lists five similar programs. Two have sold and three remain held. I need current operating records for the held programs before drawing a view about the full group.” This is more useful than “strong experience” because it names the population and the missing evidence.

Keep separate outcomes for each review area. You might conclude that experience is relevant, that disclosure has an unresolved gap, and that the offering's debt plan needs more work. There is no need to force those findings into one score. A serious gap should remain visible even when other areas look well supported.

In the actual sample here, the public sources support useful but limited findings. They let a reader identify a claimed audit practice, inspect methods and dates, and trace a group's program definitions. The offering releases supply selected asset facts. We have not obtained the full private files needed to compare the three offerings on a common underwriting basis. That evidence gap prevents an overall offering-quality ranking.

Record the date of your assessment and the reason to revisit it. A new supplement, a lease change, a revised loan term, or a corrected source could alter the conclusion. Keep the old finding with its date so a later reviewer can understand what changed. Quietly overwriting a figure can erase the reason for the original decision.

## Questions to Send Before Reaching a Conclusion

A good research request ties each question to a decision. Instead of asking for everything, identify the few records that could resolve the largest uncertainty. Ask for complete context when a selected example would not answer the question.

Useful requests include:

- “Please identify the prior programs with the same property type and business plan, including those still held.”
- “Which current team members led those programs, and what were their roles?”
- “Please provide the current source and method for this result, including its fee treatment.”
- “Please reconcile the reported total with the category rows and identify the correct data date.”
- “Which records support the rent, expense, debt, and reserve inputs in this offering?”
- “What has changed since the latest offering supplement or review report?”

Set a response date that leaves time to read the answer. Track each request as answered, partly answered, or open. A pile of attachments can still leave the core question unresolved. Note exactly which page or record answers it.

The final decision should reflect both what you learned and what remains uncertain. If a material gap cannot be resolved, preserve that fact in the written comparison. The evidence should determine the strength of the conclusion. The desire to finish a company ranking should not determine how much confidence you assign to it.

## FAQ

### Which Are the Best Delaware Statutory Trust Companies in 2026?

There is no overall winner established by this review. Capital Square, ExchangeRight, and Inland provide different public evidence that can support parts of a comparison. The private offering records needed for a common review of asset quality, price, debt, and costs were not obtained here. A defensible choice requires those deal-specific facts and a separate review of your needs.

### Is a Long Company History Enough to Show DST Experience?

No. Match the history to the entity, team, property type, and business plan under review. A broad group record may include different products and past teams. Ask for named programs and each person's role. Record both completed and still-held programs so the review does not depend only on selected exits.

### Does an Independent Audit Make a DST a Good Investment?

An audit can provide useful evidence within its stated scope. Read the actual report to learn the period, records, methods, and conclusions it covers. Do not assume it assures future rent, sale value, or investment results. This article inspected a company's statement about its audit practice, not its underlying audit reports.

### What Should I Do When Sponsor Numbers Do Not Match?

Preserve both figures, confirm their units and dates, and request a reconciliation. The mismatch may reflect a different population, timing, or an error. Do not guess which figure is right. Mark any conclusion that depends on it as pending until the difference is explained and supported.

### Does a Fully Subscribed Offering Prove Investment Quality?

No. Full subscription describes a fundraising status. It does not show whether the property was fairly priced, whether expenses will meet the budget, or what investors will earn. The three dated offering examples in this article were fully subscribed or closed. They are research examples and are not presented as current buying options.

### Why Compare Cash Flow After Reserves?

Reserve funding can reduce the cash available for current distributions while setting money aside for later needs. A comparison should show both uses. In the fictional annual budget above, NOI of $1.44 million leaves $360,000 after debt payments, reserve funding, and other recurring cash costs. The amounts describe different stages of the same budget.

### Can I Use Property Counts to Rank DST Sponsors?

A count helps describe scale only when its scope is clear. It may combine sold and held assets, several products, or work across related firms. It does not show price paid, debt risk, or investor results. Use it as one descriptive fact and ask how many of those properties match the strategy you are considering.

### What Is the Most Useful Next Step After a Public Company Review?

Choose the unresolved question most likely to change your view of the deal. Obtain the record behind it and ask your financial professional to explain the finding. Update your comparison with the source, date, and limit. Repeat that process for the other material gaps before treating a company profile as a basis for an investment decision.

## About Sequoia Research

Sequoia Research, LLC provides independent research on DSTs and other real estate investment offerings. This educational library explains how to read sources, compare investment claims, and identify questions that need further review.

## Sources

All sources were accessed October 16, 2026. Retrieval dates do not replace the dates shown in the documents.

- [Capital Square investment overview](https://capitalsq.com/real-estate-investment/) — undated current page; company history and stated audit practice.
- [ExchangeRight track-record webpage](https://www.exchangeright.com/track-record/) — general statistics as of September 30, 2026; category scope and count reconciliation issue.
- [ExchangeRight investment track-record report](https://www.exchangeright.com/resources/investment-track-record.pdf) — general statistics as of August 31, 2026; fee and valuation method notes.
- [Inland company overview](https://inland-investments.com/company) — cited program figures as of December 31, 2025; completion definition.
- [Inland important disclosures](https://inland-investments.com/important-disclosures) — undated current page; separate entity boundaries.
- [Capital Square Miami Gardens full-subscription announcement](https://capitalsq.com/2026/04/capital-square-fully-subscribes-build-for-rent-dst-offering-near-miamis-hard-rock-stadium/) — April 1, 2026.
- [ExchangeRight Net-Leased Portfolio 74 announcement](https://www.exchangeright.com/news/exchangeright-fully-subscribes-6334-million-net-leased-portfolio-74-dst/) — September 1, 2026.
- [Inland Union Multifamily DST announcement](https://inland-investments.com/news/inland-completes-83.6-million-equity-raise-for-393-unit-luxury-multifamily-dst-in-new-jersey) — April 16, 2026.
- [SEC private placement bulletin](https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins/private-placements-under-regulation-d-updated-investor-bulletin) — originally August 17, 2022; updated September 21, 2026.
- [SEC performance claims bulletin](https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins-47) — September 15, 2022; foundational guidance.
- [FINRA Regulatory Notice 23-08](https://www.finra.org/rules-guidance/notices/23-08) — May 9, 2023; reasonable-investigation guidance.


## Related Reading and Tools

- [How to Choose DST Sponsor: A Step-by-Step Research Checklist](https://sequoia-research.com/writing/how-to-choose-dst-sponsor-a-step-by-step-research-checklist)
- [Are DST Investments Safe in 2026? What Investors Should Understand About Risk](https://sequoia-research.com/writing/are-dst-investments-safe-in-2026-what-investors-should-understand-about-risk)
- [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)