Canonical page: https://sequoia-research.com/writing/delaware-statutory-trust-sponsors-how-to-read-an-auditor-s-opinion-in-context
Author: Sequoia Research
Published: 2026-10-17T10:19:59.955Z
Updated: 2026-10-17T10:19:59.955Z

# Delaware Statutory Trust Sponsors: How to Read an Auditor's Opinion in Context

## What Is This Article About?

This article shows how to read an auditor's report on a Delaware statutory trust (DST) sponsor or offering. We start with whose accounts it covers and which dates apply. We then explain the opinion and its limits. A public DST document and made-up cases show why the word audit needs context. Use this guide to prepare questions for an accountant who can review the full file.

## Table of Contents

- [Start With the Entity Named in the Audit Report](#start-with-the-entity-named-in-the-audit-report)
- [Match the Financial Statements to the Auditor's Report](#match-the-financial-statements-to-the-auditors-report)
- [Keep the Audit Period and Report Date Separate](#keep-the-audit-period-and-report-date-separate)
- [Distinguish an Audit From a Review or Compilation](#distinguish-an-audit-from-a-review-or-compilation)
- [Read the Opinion and Its Reasons Together](#read-the-opinion-and-its-reasons-together)
- [Check the Accounting Basis Before Comparing Numbers](#check-the-accounting-basis-before-comparing-numbers)
- [Use the Notes to Understand Sponsor Financial Statements](#use-the-notes-to-understand-sponsor-financial-statements)
- [Separate Financial Reporting From Control Assurance](#separate-financial-reporting-from-control-assurance)
- [Read Critical Audit Matters and Going-Concern Language](#read-critical-audit-matters-and-going-concern-language)
- [Compare Historical Results With Current Investment Claims](#compare-historical-results-with-current-investment-claims)
- [Prepare a Focused File for Your Accountant](#prepare-a-focused-file-for-your-accountant)
- [Frequently Asked Questions](#frequently-asked-questions)
- [About Sequoia Research](#about-sequoia-research)
- [Sources](#sources)

## Start With the Entity Named in the Audit Report

A sponsor's name on a presentation does not tell you whose financial statements were audited. The report may cover the sponsor, a parent company, a fund, a property owner, or another entity. Begin with the full legal name in the report. Then identify how that entity relates to the investment you are reviewing.

Suppose a fictional investor, Maya, is considering an interest in Alder Court DST. She receives financial statements for Linden Holdings LLC. Linden may own part of the sponsor's business. That link does not make the statements an audit of Alder Court. Maya needs a map of the entities before she decides what the report helps her understand.

Ask which entity owes the payment or duty that concerns you. If the concern is a sponsor support promise, identify the actual party making that promise. If the concern is property cash flow, identify whose statements contain the relevant rent and expenses. A master tenant may stand between residents and the trust. Keep its finances separate unless the documents explain otherwise.

The report may cover consolidated statements. These combine the named company with the entities included under its accounting rules. Do not guess the list from a common brand name. Ask where the notes describe the reporting group and whether the entity you care about is included. An omitted entity may have separate statements that need their own review.

A broader reporting group is not always more useful for a narrow question. A large parent's total cash balance may tell you little about cash available to one subsidiary. Limits on use, contracts, and separate debts may matter. The accountant can help identify which figures answer the question and which only describe the larger business.

Keep the purpose of the request beside the entity name. Maya might first want to understand the named support provider's finances. That differs from checking the trust's historical operations. A useful report for one task can leave the other task open.

Do not describe an entity mismatch as a false audit without evidence. The document may be valid and useful in its proper scope. The issue is that it does not yet answer the question asked. Record that gap and request the right document or a clear explanation of the connection.

## Match the Financial Statements to the Auditor's Report

Read the report with the statements and notes it identifies. A detached opinion page is a poor working file. It may leave you unable to see the figures, accounting basis, qualifications, or disclosures to which the opinion applies.

For audits under Public Company Accounting Oversight Board (PCAOB) standards, AS 3101 calls for the report to identify the company, statements, periods, and financial reporting framework. Its basic report also describes reasonable assurance and testing, rather than a check of every transaction. Those requirements apply within that standard's scope; a private DST report may use a different applicable framework. [PCAOB AS 3101, paragraphs .08–.10](https://pcaobus.org/oversight/standards/auditing-standards/details/AS3101).

Start a simple file index. List the report, each statement named in it, and the related notes. Add any schedule the report specifically covers. If a page is missing or unclear, mark it as missing instead of deciding it must be unimportant.

In an original fictional packet, Maya expects eight listed components. Seven are present, but the notes are absent. Receipt coverage is seven out of eight, or 87.5%. That number does not mean the financial position is 87.5% understood. The missing notes may explain the very balance she is trying to evaluate.

Check page numbers, entity names, and dates across the file. A report for one year should not be paired with statements from another year simply because the files arrived together. A change in page design may be harmless. A different entity or period needs an explanation before you treat the pages as one report.

Preserve the source and version. Record where the document came from, when it was received, and whether it is a final issued copy. If a later file replaces it, retain both and ask what changed. Avoid renaming every version “final” without a date or a clear record of which one is current.

When working with a scan, inspect important text on the page itself. Text extraction can miss a heading or combine columns incorrectly. Use the actual page to resolve a doubtful phrase. If the scan is unreadable, ask for a better copy rather than guessing from nearby words.

A firm logo, signature image, or report title helps identify the document but does not answer every question about its origin. Use a trusted source route to resolve concerns about the file. Do not send private investor data to an unfamiliar contact merely because that contact appears on a forwarded page.

## Keep the Audit Period and Report Date Separate

A report can be new to your inbox while describing an earlier period. Record the statement date, the period covered, the auditor's report date, and the date you obtained the file. Each answers a different question.

Consider this original fictional timeline. Alder's statements cover the year ended December 31, 2025. The report is dated March 20, 2026. Maya reads it on October 17, 2026. There are 79 elapsed calendar days from the year-end to the report date and 211 from the report date to Maya's review. The full gap from year-end to her review is 290 days.

Those time gaps are not a score for audit quality. They help Maya identify the period for which she needs later information. The report date is not a new balance-sheet date. Reading the report in October does not make its December balances current.

Ask what changed since the statements. A loan may have been refinanced, a property sold, a new support obligation signed, or a large payment made. Request later statements or a dated explanation relevant to the question. Do not assume that a later management update has the same audit status as the annual statements.

A package may include monthly figures through September 2026 next to a 2025 audit report. That layout does not extend the audit opinion to those nine later months. Identify any separate accountant's report covering the later figures. If none is supplied, retain the stated status of those figures without inventing assurance.

Compare like periods when measuring a trend. Six months of revenue cannot be compared directly with a full year's revenue as if both represented a year. A simple yearly estimate also needs a label and stated assumptions. Seasonal rent, unusual expenses, and acquisition dates can make a straight-line estimate misleading.

If an auditor's report uses more than one date, bring the exact wording to your accountant. Do not collapse the dates into the latest one or decide on your own that all work was extended to that date. The report's wording and the related event need to be read together.

The practical request is specific: which later records help bridge the gap for this entity and this decision? You do not need a promise that nothing changed. You need the best available evidence of the changes that could matter.

## Distinguish an Audit From a Review or Compilation

The word reviewed often appears in investment conversations without a clear meaning. A broker may have reviewed a package. A sponsor may have reviewed a budget. Neither statement proves that an accountant performed a formal review of the financial statements.

A September 30, 2023 written guide explains the levels of service. Its source is the American Institute of Certified Public Accountants (AICPA). A compilation provides no assurance. A review provides limited assurance, using inquiry and analytical work. An audit provides high, but not absolute, assurance and an opinion on the statements under the applicable reporting framework. [AICPA's written explanation of the three services](https://www.aicpa-cima.com/professional-insights/video/what-is-the-difference-among-a-compilation-review-and-audit).

Ask for the actual report rather than accepting a casual label. The report should let a qualified reader identify the service performed. A tax return, a property spreadsheet, and an accountant's report may all be useful. Shared numbers do not make them the same type of evidence.

In Maya's fictional file, one email calls the accounts reviewed. Another calls them audited. She should not choose the stronger label. She should ask which issued report supports each statement and correct the file index once the scope is clear.

The same discipline applies to work still in progress. An engagement letter describes agreed work. It does not prove that the work is finished or tell you the final conclusion. A promised future audit should remain listed as planned until a completed report is available.

Do not assume every private offering must supply the same report. Requirements and agreements differ. Ask a qualified professional what this investment must provide. Also ask whether the evidence meets your needs.

## Read the Opinion and Its Reasons Together

An opinion label is the beginning of the reading task. The reasons and limits matter just as much. Do not stop at the word qualified. It has a technical meaning here. It does not mean that the auditor simply has good credentials.

Under PCAOB AS 3105, a qualified opinion includes an exception to otherwise fair presentation. An adverse opinion says the statements do not fairly present the stated financial information under the relevant accounting rules. A disclaimer means the auditor does not express an opinion. The standard also explains that limits on evidence or audit scope can affect the report. [PCAOB AS 3105, paragraphs .01–.06](https://pcaobus.org/oversight/standards/auditing-standards/details/AS3105).

Keep the precise conclusion in your notes. Do not replace a disclaimer with “passed with concerns.” Do not treat a qualified opinion as an adverse opinion without reading the exception. Ask your accountant how the issue affects the figures. Then ask what it means for your decision.

For example, Maya may want to know whether the support provider has resources available for a stated obligation. If the report identifies a problem involving a major asset, that issue may be central to her question. If it involves a different item, the accountant still needs to explain its significance; Maya should not dismiss it based only on the item name.

An unqualified opinion is often called a clean opinion. In this context, it concerns fair presentation under the stated accounting framework. It is not a recommendation to buy the investment or a guarantee of a future distribution. Good reporting and a good investment outcome are separate questions.

Read every relevant paragraph and the referenced notes. A short favorable summary in a marketing email can omit important context. Ask for the complete issued report and preserve its wording when you prepare a summary for someone else.

Avoid a homemade point system that assigns four points to one opinion and three to another. That method hides the nature of the issue and can make unlike reports look comparable. A short explanation of the actual scope and concern is more useful than a single score.

## Check the Accounting Basis Before Comparing Numbers

The accounting basis describes the rules used to present the figures. Look for that basis in the report and notes. Some statements use generally accepted accounting principles, often called GAAP. Others use a different basis. Ask what the rules mean before you compare their numbers.

A current public DST disclosure makes this question concrete. The February 9, 2026 NewStar 17 Sweetwater Springs, DST memorandum says investors will not receive standard audited property financial reports. Printed page 62 instead describes a planned cash-basis audit and warns that its scope can make verification of certain operating reports difficult and costly. This article inspected the disclosure. We did not review a completed audit report. [NewStar memorandum, page 62](https://pcsalts.com/wp-content/uploads/2026/03/NewStar-NewStar-17-Sweetwater-DST-Private-Placement-Memorandum-PPM.pdf).

That example supports a question about scope. It does not show that an audit was completed or that the property figures are wrong. Nor does it set the terms for every NewStar offering. The actual report, when available, would need its own review.

Use an original simplified cash example to see why labels matter. A fictional property receives $1,200,000 and pays $900,000 during a year. The difference is $300,000. It also owes an $80,000 bill for work already done. The bill is paid the next year. The current-year receipts-minus-payments calculation has not deducted that unpaid bill.

The $300,000 difference does not tell Maya all amounts still owed. The next year starts with $300,000 of cash. Paying the invoice, with no other activity, leaves $220,000. The bill did not disappear because it was absent from the prior cash-payment total.

This is an illustration of payment timing, not a complete GAAP statement or a conversion between accounting systems. It omits other possible items, including depreciation, revenue timing, taxes, and capital costs. An accountant would need the full records and rules to compare the two bases.

Ask which obligations, restrictions, and noncash items appear in the supplied package and which require another record. A cash-based report can answer defined cash questions while leaving other questions open. Its usefulness depends on matching the work to the question, not on attaching a broad good-or-bad label.

## Use the Notes to Understand Sponsor Financial Statements

Treat the notes as part of the reading task, not as optional detail after the main tables. They can explain how a number was measured and which entities are included. They can also explain limits on its use. The number alone may not answer the investment question.

The Securities and Exchange Commission (SEC) staff's January 25, 2021 guide to Forms 10-K and 10-Q explains that financial statement notes help explain the figures. It also separates management's discussion from the financial statements. The SEC does not vouch for a filing's accuracy. Those are public-company filing concepts, not a claim that every private DST files a 10-K. [SEC staff guide to reading company reports](https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins/how-read).

Use the notes to build questions tied to your purpose. If a cash balance is central, ask what portion can be used for the obligation at issue. If a receivable matters, ask who owes it and when payment is due. Read what the notes say about whether it will be collected. A large total deserves a clear explanation of its parts.

In an original fictional statement, Linden has $10 million of reported assets and $6.5 million of liabilities. Reported equity is $3.5 million. That math does not establish a $3.5 million sale value for the business. It also does not prove that much cash is freely available or owed to investors.

Suppose the same fictional file shows $400,000 of receivables, including $100,000 due from an affiliate. The affiliate portion is 25% of the stated total. That proportion identifies a question about a specific balance. It does not prove the balance is uncollectible or that an improper transfer occurred.

Ask how a related-party balance fits the agreements. The answer may require a loan document, service contract, payment schedule, or later receipt. Keep the amount, counterparty, date, and source together. Do not replace them with a broad conclusion that every affiliate transaction is suspect.

Separate the financial statement from the promise made to investors. A supported cash balance does not create a promise to use that cash for another program. The agreement states the obligation. The financial records help you assess the party's resources. Those two reviews must be connected without being confused.

## Separate Financial Reporting From Control Assurance

A financial statement opinion has one purpose. An opinion on internal control over financial reporting has another. The control opinion concerns the checks that support reliable financial reports. Do not assume it covers every process, cyber risk, or investor-service task.

PCAOB AS 2201 explains the distinct objectives of an integrated audit and states that a material control weakness can exist even when the financial statements are not materially misstated. The cited page also flags amendments effective December 15, 2026; this article uses its current paragraphs .01–.06, read October 17. [PCAOB AS 2201](https://pcaobus.org/oversight/standards/auditing-standards/details/AS2201).

Ask whether the package contains a separate control opinion, a combined report, management's own assessment, or no such opinion. Read the actual scope. The auditor may describe considering controls. That does not alone mean the report gives an opinion on how well they work.

Consider an original fictional reporting problem. A draft records $300,000 of income. A missed $75,000 expense is then found and corrected, with no other changes. Final reported income is $225,000. Fixing the number and fixing the process that missed the expense are separate tasks.

A reviewer might still ask why the invoice was missed, who checks the process, and what evidence shows that the new check works. This example does not assign an audit opinion. It does not decide if the weakness meets a formal accounting definition. It shows why a corrected final number alone cannot answer every process question.

Keep conclusions narrow when comparing sponsors. One file may contain an explicit control opinion while another has only a financial statement report. That is a difference in supplied evidence. It does not prove the second sponsor's controls fail. Nor does it prove the first sponsor cannot make an error.

If payment or data security is the concern, ask what separate evidence covers that concern. The financial statement audit should not be stretched to answer a question outside its stated work. Your accountant can explain the boundary and help identify the right follow-up.

## Read Critical Audit Matters and Going-Concern Language

Some reports draw attention to areas that required especially difficult judgment. Read these passages with the relevant notes instead of treating every additional paragraph as a qualification of the opinion.

PCAOB AS 3101 describes critical audit matters as certain material accounts or disclosures that involved especially challenging, subjective, or complex auditor judgment. That discussion does not create a separate opinion on the matter. The requirement has exceptions. Not every DST report requires this section. [PCAOB AS 3101, paragraphs .05 and .11–.16](https://pcaobus.org/oversight/standards/auditing-standards/details/AS3101).

Ask what uncertainty or judgment affects the number being reviewed. If a report discusses a difficult estimate, ask which assumption matters and how the note explains it. Do not assume that identifying a difficult area means the auditor found a false number.

Going-concern language concerns the entity's ability to continue operating. PCAOB AS 2415 warns that an auditor is not predicting future events and that the absence of a substantial-doubt reference does not assure continued operation. Silence in a report therefore has limits. [PCAOB standards booklet, AS 2415 paragraph .04, page 273](https://pcaobus.org/standards/auditing/documents/auditing_standards_audits_fybeginning_on_or_after_december_15_2024.pdf).

If the report raises a concern about staying in business, ask your accountant to explain it. Review the plans and the evidence supporting them. A plan to refinance and a completed refinancing are different facts. So are hoped-for support and support required under a signed agreement.

In Maya's fictional file, management says it plans to raise $500,000. Only $200,000 has been received as of the stated review date. The remaining $300,000 is not current cash simply because it appears in the plan. This does not decide whether the plan will succeed; it keeps the present balance separate from the proposed remedy.

Do not reduce these passages to an automatic buy or sell signal. Their meaning depends on the entity, its debts, the investment terms, and the evidence. They deserve careful professional attention precisely because a short label cannot capture all of that context.

## Compare Historical Results With Current Investment Claims

An audit can help you understand past financial reports. It does not resolve the investment case today. Keep the report's conclusion separate from a sponsor's current projection, marketing statement, or explanation of future support.

Start by asking whether the two figures use the same entity, period, and definition. A property operating result, a trust cash balance, and an investor distribution are different measures. A comparison can be arithmetically correct yet answer the wrong question if it mixes them.

For an original fictional example, assume a trust forecast $200,000 of cash distributions for a stated year and actually paid $160,000 for that same year. The shortfall is $40,000, or 20% of the forecast. Both figures use the same cash measure and period. The comparison does not establish why the difference arose.

Now suppose someone points to $180,000 of accounting income and says the payment shortfall was only $20,000. That substitutes a different measure. The reviewer needs to trace income to cash and then to distributions. Only then can the figure help explain investor payments.

Ask who produced each number and what report covers it. The historical accounts may be audited, while the forecast is management's estimate. A forecast attached to an audited package does not automatically share the same assurance. Identify any separate report and its scope before saying the forecast was checked by the auditor.

Trace changes in the forecast as well. If an original distribution target of $200,000 is later reduced to $170,000, the $160,000 actual amount is $10,000 below the revised target, about 5.9%. It remains $40,000 below the original target. Both comparisons can be useful if their versions are clear.

Do not erase the original target just because a later version is easier to meet. Preserve the change date and the stated reason. A revised budget may reflect better information, an operating setback, or a changed plan. The file should show which explanation is supported rather than choose one without evidence.

The same rule applies to a claim that a sponsor is financially strong. Ask what that phrase is intended to mean for this investment. A past balance, an estimate of cash now available, and a binding support promise need different evidence. An audit report is one part of that assessment, not a substitute for all of it.

## Prepare a Focused File for Your Accountant

A useful handoff makes the question easy to find. Start with the exact entity, the investment relationship, and the decision you need to make. Attach the complete report and statements, the relevant agreement, and any later update that could change the analysis.

Write a short note that distinguishes confirmed facts from open questions. For example: the supplied report names Linden Holdings; the support agreement names Linden Support LLC; the relationship is described, but the file does not yet show which resources are available to the support entity. That is more useful than saying the sponsor is audited and therefore sound.

Give the accountant a small set of specific questions. Does the report cover the party whose resources matter? Does the accounting basis fit the comparison being made? Do the notes change the meaning of the key balance? What later information would affect the conclusion? Which issue belongs with legal counsel instead?

Keep a record of the response and its scope. A call answering one question should not close every item in the file. If the answer depends on a missing agreement or later statement, keep that dependency visible. Record what would need to arrive before the issue can be resolved.

For Maya, suppose there are six defined questions. Four receive supported answers, one receives a partial answer, and one remains unanswered. Four of six, about 66.7%, have supported answers under that definition. Counting the partial response as a fifth completed item would hide work still needed. The percentage measures this task list, not investment safety.

Avoid treating an accountant's limited discussion as a new audit or a formal assurance engagement unless that is actually the agreed service. Ask what work was performed and what conclusion can be used. Preserve the professional's stated limits when sharing the response with others.

The final research note should be short enough to use: what the report covers, what it does not settle, which figures matter, and what still needs review. A carefully scoped conclusion is more valuable than a broad statement that an investment passed an audit.

## Frequently Asked Questions

### Does an audited sponsor mean every sponsored DST has been audited?

No. Match the report to its named entity and the statements it covers. An audit of a parent or related fund does not automatically cover a separate trust. Ask how the entities connect and whether the actual trust or obligation is included. Keep any separate statements and reports in their own files.

### Does a clean audit opinion mean a DST is a good investment?

No. The opinion addresses financial reporting within its stated scope. Price, property risks, terms, your needs, and other facts also matter. A report can be useful without settling those questions. Do not turn an opinion label into a sponsor rating or a forecast of what investors will earn.

### What if the offering promises an audit but supplies no completed report?

Record the promise and ask what work is planned, which entity it covers, and when a report is expected. A planned engagement is not a completed report. Do not assign an opinion that has not been issued. Ask a qualified professional how the missing current evidence affects the decision at hand.

### Can I compare cash-basis figures directly with another sponsor's GAAP figures?

Not without understanding the differences and making an appropriate comparison. The figures may treat timing and other items differently. Ask an accountant to identify the basis, scope, and adjustments needed. A matching label such as income or cash available does not by itself establish that the numbers mean the same thing.

### Is a critical audit matter the same as a qualified opinion?

No. Read the actual opinion and the separate discussion. That discussion identifies an area of difficult judgment under the standard. It does not itself replace the opinion. Ask how the matter affects the investment question. Do not assume every report is required to contain this section.

### Does a financial statement audit prove that all payment controls work?

No. Identify any control opinion and read its scope separately. Also separate financial reporting controls from other work and security checks. A report should not be treated as approval of every payment instruction. If that is your concern, request evidence directed to the payment process itself.

### What should I do when two versions of the financial statements differ?

Preserve both versions and record their dates and sources. Ask which is the current issued version, what changed, and whether the auditor's report also changed. Do not silently replace a figure in an old summary. Your accountant can explain the significance and whether earlier conclusions need to be revisited.

### Should I ignore older audited statements once I receive newer management figures?

No. Each can contribute different evidence. Keep their periods and assurance status clear, then ask how the later figures connect to the earlier statements. A more recent date does not automatically provide stronger assurance. The relevant task is to understand what changed and how well the current claim is supported.

## About Sequoia Research

Sequoia Research, LLC provides independent research on DSTs and other real estate investment offerings. This educational library helps readers examine source documents, compare claims, and prepare focused questions for their advisers. Its articles do not provide an audit opinion or replace a qualified professional's review of a specific financial report.

## Sources

- [PCAOB AS 3101: The Auditor's Report When Expressing an Unqualified Opinion](https://pcaobus.org/oversight/standards/auditing-standards/details/AS3101), current standard page, especially paragraphs .05, .08–.10 and .11–.16; read October 17, 2026.
- [PCAOB AS 3105: Departures From Unqualified Opinions](https://pcaobus.org/oversight/standards/auditing-standards/details/AS3105), current standard page, paragraphs .01–.06; read October 17, 2026.
- [AICPA: What Is the Difference Between a Compilation, Review, and Audit?](https://www.aicpa-cima.com/professional-insights/video/what-is-the-difference-among-a-compilation-review-and-audit), September 30, 2023; written page read October 17, 2026; accompanying video not reviewed.
- [NewStar 17 Sweetwater Springs, DST private placement memorandum](https://pcsalts.com/wp-content/uploads/2026/03/NewStar-NewStar-17-Sweetwater-DST-Private-Placement-Memorandum-PPM.pdf), February 9, 2026; printed page 62 read and visually checked October 17, 2026.
- [SEC Staff: How to Read a 10-K/10-Q](https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins/how-read), January 25, 2021; public-company scope, read October 17, 2026.
- [PCAOB AS 2201: Integrated Audit of Internal Control and Financial Statements](https://pcaobus.org/oversight/standards/auditing-standards/details/AS2201), current paragraphs .01–.06; read October 17, 2026; page separately notes amendments effective December 15, 2026.
- [PCAOB Auditing Standards Booklet: AS 2415](https://pcaobus.org/standards/auditing/documents/auditing_standards_audits_fybeginning_on_or_after_december_15_2024.pdf), edition for fiscal years beginning on or after December 15, 2024; paragraph .04, printed page 273, read and visually checked October 17, 2026.


## Related Reading and Tools

- [Delaware Statutory Trust Sponsors: Sponsor Entity Map](https://sequoia-research.com/writing/delaware-statutory-trust-sponsors-sponsor-entity-map)
- [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)
- [Largest DST Sponsors (2026): What Size Actually Measures](https://sequoia-research.com/writing/largest-dst-sponsors-2026-what-size-actually-measures)