Canonical page: https://sequoia-research.com/writing/delaware-statutory-trust-returns-performance-distribution-explorer
Author: Sequoia Research
Published: 2026-10-17T04:14:29.263Z
Updated: 2026-10-17T04:14:29.263Z
Interactive tool: https://sequoia-research.com/writing/delaware-statutory-trust-returns-performance-distribution-explorer#research-tool

# Delaware Statutory Trust Returns: Performance Distribution Explorer

## What Is This Article About?

This guide explains a tool for exploring a documented set of Delaware statutory trust returns. You enter or load program records, then see the middle value, low value, high value, and data coverage within groups that share the same stated basis. The guide shows why a missing result must stay separate from zero and why a forecast cannot stand in for a completed result. It also explains what these summaries can tell you about the entered records and what remains unknown about the wider market.

## Table of Contents

- [What the DST Returns Explorer Shows](#what-the-dst-returns-explorer-shows)
- [Prepare a Documented Performance Dataset](#prepare-a-documented-performance-dataset)
- [How Comparable Return Groups Are Formed](#how-comparable-return-groups-are-formed)
- [Read Medians, Ranges, and Coverage Counts](#read-medians-ranges-and-coverage-counts)
- [Work Through the Fictional Program Example](#work-through-the-fictional-program-example)
- [Check Missing Results and Selection Limits](#check-missing-results-and-selection-limits)
- [Load, Edit, and Save Your Dataset](#load-edit-and-save-your-dataset)
- [Use the Results in a DST Research Review](#use-the-results-in-a-dst-research-review)
- [Frequently Asked Questions](#frequently-asked-questions)
- [About Sequoia Research](#about-sequoia-research)
- [Sources](#sources)

## What the DST Returns Explorer Shows

The explorer summarizes values you supply. It does not pull returns from sponsor websites, review private accounts, or calculate an investor's return from cash flows. Its useful job comes after a reviewer has gathered records and identified what each number means.

You can enter one to 50 observations. Aim for one observation per program within a dataset. If a report gives three versions of the same program's return, choose the version needed for your review and explain that choice. Entering all three as separate programs would give that program extra influence.

A group receives a minimum, median, and maximum when at least one usable value is present. It also shows how many entered records have known values. Every record that lacks enough grouping detail stays in a separate list with reasons. An excluded row is still part of the saved file.

This is a description of an entered set. A median of 7% would not mean the next DST should earn 7%, or that a sponsor's full history earned that amount. The SEC urges readers to examine performance methods, costs, periods, and selective presentations. It also distinguishes historical results from hypothetical targets. [SEC: Performance Claims](https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins-47).

## Prepare a Documented Performance Dataset

Start with a short statement of scope. For example: “Completed apartment programs shown in the June report, checked against the listed source pages.” Say what made a program eligible and which records you could not obtain. A broad label such as “DST returns” tells the next reader too little.

The review cutoff is the latest date allowed for your source checks. The tool rejects a cutoff after today's UTC date. A source issue date cannot follow its check date or the cutoff. Those checks help catch mistyped dates; they do not prove that you read the source.

Each row needs a unique observation ID and a program name. Keep the ID stable when correcting a number. IDs ignore case and repeated spaces for duplicate detection. Two different IDs can still refer to the same program, so inspect the list for duplicates yourself.

Record the metric, its definition, cost treatment, status, and time period. Add a source reference with the relevant page or table. The source field may contain a document title or a link, but the tool does not open it. Keep account numbers and other private details out of shared exports.

Use the notes field for a brief explanation of limits. A note might say that the reported figure uses a remaining property value, excludes an outside account fee, or comes from a revised schedule. Notes remain in the export but do not change the grouping rules.

An unknown issue date is allowed and flagged. A source check date is required for grouping. This permits review of an undated document while preserving the fact that its publication date is unknown. Do not substitute the day you downloaded a file for the day it was issued.

## How Comparable Return Groups Are Formed

The tool forms groups from eight stated features: cohort, metric, return definition, cost category, cost details, completion status, result basis, and period mode. A cohort is the set you intend to compare, such as programs of one property type. Matching these fields is a mechanical test. You still need to decide whether the comparison makes economic sense.

Text matching removes extra spaces but preserves capital letters. “Apartment programs” and “apartment programs” therefore form different groups. Check inconsistent wording before reading a split as a real difference. Conversely, do not force different definitions into the same wording just to enlarge a group.

Four metric types are available: annualized internal rate of return, cumulative total return, annual cash distribution rate, and equity multiple. IRR is a return measure that uses the amounts and timing of cash flows. The explorer accepts a source-reported IRR; it does not reconstruct it. Enter 8 for 8%, or 1.4 for a 1.4-times equity multiple.

The cost category alone is insufficient. Two reports may both say “net” while one includes an account fee that the other leaves out. The cost-details field must also match. The SEC's fee bulletin distinguishes product costs from account and service costs and points readers to their respective disclosures. [SEC: How Fees and Expenses Affect Your Investment Portfolio](https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins/updated).

The default time mode requires the same start and end dates. Use it for fixed-period figures. A five-year cumulative return and a three-year cumulative return stay apart even if their percentages happen to match.

The second mode permits different dates for declared completed, realized, full-cycle annualized IRRs. All other group fields must still match. Each program's dates remain visible. This mode does not verify that every payment has occurred or make different holding periods equally risky. Select it only when your source supports the full-life definition.

A projection may have a future end date. A nonprojected record with an end date after the review cutoff stays outside groups. Completion and result basis are separate: an active program with a remaining valuation is not a completed cash result. Unknown choices also prevent grouping rather than being silently filled in.

## Read Medians, Ranges, and Coverage Counts

The median is the middle value after sorting. With an even number of known values, the tool averages the two middle values. That follows the standard definition in the NIST statistical handbook. [NIST: Measures of Location](https://www.itl.nist.gov/div898/handbook/eda/section3/eda351.htm).

Consider the invented values −2%, 0%, 8%, and 10%. The middle two are 0% and 8%, so the median is 4%. The minimum is −2% and the maximum is 10%. None of these figures is an equity-weighted portfolio return. Each entered program has equal weight in the ordering.

A very large program therefore counts once, just as a small program does. If your question concerns all investors' combined cash results, these summaries cannot answer it. That task needs the relevant dated cash flows and a suitable return method.

Coverage means known values divided by all entered records in that group. Four known values among five group records produce 80% coverage. This is known-value coverage inside your entered group. It is not proof that you captured 80% of a sponsor's offerings or 80% of invested dollars.

A blank number means unknown. A reported zero is a known number and enters the statistics. The tool displays no median when all values in a valid group are blank. With one known value, the minimum, median, and maximum are identical, and a note identifies the single observation.

Inputs allow up to six decimal places. An even-count median can use seven because it may fall halfway between two input values. Coverage displays up to one decimal place using ordinary half-up rounding. Extra digits reflect the arithmetic, not the reliability of the source.

The tool uses practical input limits. Percentage values can range from −100% to 10,000%, except cash distribution rates, which cannot be negative. Equity multiples range from zero to 1,000 times. These limits do not establish that a reported result is plausible. Do not alter an out-of-range source value to make the form accept it.

## Work Through the Fictional Program Example

The built-in example contains eight invented records. It uses no real sponsor's history. Load it, confirm the change, and select “Explore entered values” to see three groups and one excluded record.

| Program | Entered value | Treatment in the example |
|---|---:|---|
| Alder | −2% | Completed net full-cycle IRR group |
| Birch | 0% | Same group; zero is known |
| Cedar | 8% | Same group |
| Dogwood | 10% | Same group |
| Elm | Unknown | Same group; no value in statistics |
| Fir | 12% | Separate gross-cost group |
| Grove | 9% | Separate projected cumulative-return group |
| Hazel | 7% | Excluded because its return definition is missing |

The first group contains five records and four known values. Its median is 4%, its endpoints are −2% and 10%, and known-value coverage is 80%. Elm also has no source issue date, which appears as a separate flag. Its check date is present.

Fir cannot raise the first group's median because its cost basis differs. Grove remains separate because it is an active program's projected cumulative result for stated dates. Hazel supplies a number but lacks the meaning needed to place it in a group.

Across the dataset, eight rows contain seven supplied values. Seven rows have enough grouping evidence, but only six of those supply numeric values. One grouped row has an unknown value, and one row stays outside groups. The counts answer different questions and should not be collapsed into one completeness percentage.

As a separate teaching test, replace Elm's blank with 6%. The first group's values become −2%, 0%, 6%, 8%, and 10%. Its median becomes 6% and coverage becomes 100%. That change is valid only if you obtained evidence for Elm's figure. Filling the blank with an assumption would create a misleading result.

## Check Missing Results and Selection Limits

Missing values may matter more than the distance between two medians. In the original example, Elm's unknown result could alter the middle of the five-program set. The tool reports the four-value median without estimating Elm. It does not produce a confidence interval or claim that missing results resemble the known ones.

Now imagine a different source list with 20 completed programs, but your entered dataset contains only five. Even if all five have values, 100% known-value coverage describes those five rows. It says nothing by itself about the other 15. Keep the source list and the chosen subset together in your research file.

Also ask why programs finished. A completed-only set leaves active programs outside that set by design. A slow or troubled investment may remain active, while another has sold. The explorer will not infer whether that pattern exists in your source data. Completion status needs its own review.

FINRA's private-placement notice discusses member firms' duties and flags communications that highlight positive past results without presenting losses or poor results. A table produced here does not fulfill those firm duties or establish that a source is balanced. [FINRA Regulatory Notice 23-08](https://www.finra.org/rules-guidance/notices/23-08).

A projected exit date also does not make an active holding available for sale on that date. The SEC's updated private-placement bulletin describes resale limits and the possibility of an indefinite holding period. Keep that liquidity question separate from a distribution of reported return values. [SEC: Private Placements Under Regulation D](https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins/private-placements-under-regulation-d-updated-investor-bulletin).

## Load, Edit, and Save Your Dataset

You can type records into the form or load a JSON file. The example download supplies the expected layout. The tool also accepts its own prior exports. It reads their saved inputs and calculates fresh results; it does not trust a saved median in the imported file.

Imports are limited to 2 MiB of UTF-8 data and 50 rows. A valid import is staged for confirmation before it replaces current entries. Cancel leaves the current form intact. Invalid files also leave entries intact and show an error. If you change the form while a file is being read, that pending import cannot replace the newer work.

Changing any input clears old results and disables their export. Run the explorer again after edits. Removing a row, clearing the dataset, or loading the example requires an in-page confirmation. An edit cancels a pending change so an old confirmation cannot unexpectedly discard newer text.

Download the full dataset and results to preserve your work. The JSON includes input rows, source notes, group counts, numeric summaries, and excluded-record reasons. No automatic storage or change history is provided. Closing or refreshing the page can lose unsaved entries, so save a file before leaving.

## Use the Results in a DST Research Review

A useful review sentence names its boundaries: “Among four known, entered, completed net IRRs with the stated definition, the median was 4%; one additional group record lacked a value.” That is more informative than saying “DSTs returned 4%.”

Keep the original source documents beside the export. Record why fields were changed, especially when a corrected cost definition moves a record to a new group. The tool retains current entries only; a separate dated note is needed to explain changes across saved versions.

Use the result to choose the next research task. A small group may need more records. A large unknown count may need follow-up. Several cost groups may need a closer fee review. A narrow range may simply reflect a narrow selection rule. None of those patterns alone creates a sponsor ranking or a future return estimate.

## Frequently Asked Questions

### Does the explorer calculate my Delaware statutory trust return?

No. It summarizes reported values entered by the reader. It does not accept a full cash-flow ledger or calculate IRR, tax-adjusted returns, or a combined portfolio result. You must establish the source figure's meaning before using it.

### Why does a zero count while a blank does not?

Zero states a numeric result. Blank states that the value is unknown. Replacing a blank with zero changes the sorted list and can change its median. The explorer preserves that distinction in both its counts and its saved input rows.

### Can completed programs with different dates share a group?

Yes, in the completed full-cycle IRR mode. They must be declared completed, realized annualized IRRs with matching group definitions and cost details. Their individual dates remain visible. The tool does not establish that different property risks or market periods are equivalent.

### Does 100% coverage mean I have the sponsor's full record?

No. It means every entered record in that group has a value. The tool has no independent list of all programs and cannot know which programs you left out. State the population and selection limits in your dataset scope.

### Can I combine gross and net returns after subtracting a fee?

The explorer does not perform that conversion. A one-time fee and an annual fee affect cash flows differently, and a reported IRR may require a full recalculation. Keep separate definitions until you have a supported, consistent method and the required records.

### Will importing an old file preserve its old results?

It preserves validated inputs, then requires a fresh calculation. Saved summaries are ignored. You can keep the original file as a historical record outside the tool. A new export reflects the current inputs and calculation, with its own export timestamp.

## About Sequoia Research

Sequoia Research, LLC provides independent research on DSTs and other real estate investment offerings. This guide supports careful reading of performance data and its limits.

## Sources

- [NIST: Measures of Location](https://www.itl.nist.gov/div898/handbook/eda/section3/eda351.htm). Undated reference page; accessed October 16, 2026. Median definition only.
- [SEC: Performance Claims](https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins-47). September 15, 2022; accessed October 16, 2026.
- [SEC: How Fees and Expenses Affect Your Investment Portfolio](https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins/updated). July 23, 2025; accessed October 16, 2026.
- [FINRA Regulatory Notice 23-08](https://www.finra.org/rules-guidance/notices/23-08). May 9, 2023; accessed October 16, 2026. Member-firm obligations and communication context.
- [SEC: Private Placements Under Regulation D](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; accessed October 16, 2026.


## Related Reading and Tools

- [Delaware Statutory Trust Returns: Why Distribution Rates Are Only Part of the Story](https://sequoia-research.com/writing/delaware-statutory-trust-returns-why-distribution-rates-are-only-part-of-the-story)
- [Delaware Statutory Trust Fees: A Guide to Upfront, Ongoing, and Exit Costs](https://sequoia-research.com/writing/delaware-statutory-trust-fees-a-guide-to-upfront-ongoing-and-exit-costs)
- [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)