Canonical page: https://sequoia-research.com/writing/largest-dst-sponsors-2026-comparing-property-strategies-across-major-sponsors
Author: Sequoia Research
Published: 2026-10-18T06:26:46.554Z
Updated: 2026-10-18T06:26:46.554Z

# Largest DST Sponsors (2026): Comparing Property Strategies Across Major Sponsors

## What Is This Article About?

This article compares property strategies described by three large sponsors of Delaware statutory trust (DST) investments: Capital Square, ExchangeRight, and Inland. It uses selected public records available in October 2026, with each record's date and limits kept visible. Original examples then show how rent changes, lease terms, costs, location, and business plans can affect a strategy. The aim is to help you ask better questions about an offering without treating a sponsor's size as a common risk grade.

## Table of Contents

- [What the 2026 Sponsor Comparison Covers](#what-the-2026-sponsor-comparison-covers)
- [Capital Square, ExchangeRight, and Inland: Property Strategies](#capital-square-exchangeright-and-inland-property-strategies)
- [Separate Property Type From the Investment Plan](#separate-property-type-from-the-investment-plan)
- [Multifamily DST Research: Rent Changes and Turnover](#multifamily-dst-research-rent-changes-and-turnover)
- [Net-Lease DST Research: Contracts and Tenant Exposure](#net-lease-dst-research-contracts-and-tenant-exposure)
- [Compare Property Costs on the Same Basis](#compare-property-costs-on-the-same-basis)
- [DST Diversification: Look Through Property and Sponsor Counts](#dst-diversification-look-through-property-and-sponsor-counts)
- [Lease Terms, Debt Dates, and Planned Exits](#lease-terms-debt-dates-and-planned-exits)
- [Compare Operating Progress Across Property Sectors](#compare-operating-progress-across-property-sectors)
- [Build a Strategy Comparison for Your Own Portfolio](#build-a-strategy-comparison-for-your-own-portfolio)
- [Questions to Ask Before Choosing a DST Strategy](#questions-to-ask-before-choosing-a-dst-strategy)
- [FAQ](#faq)
- [About Sequoia Research](#about-sequoia-research)
- [Sources](#sources)

## What the 2026 Sponsor Comparison Covers

The largest DST sponsors can pursue very different sources of rent. A household renting an apartment, a retail company leasing a store, and a student renting a bed create different research questions. A large platform may serve more than one of these markets. Its size does not make the contracts, daily work, or exit plans alike.

The selected sample contains three established platforms with public strategy records. It is not a complete industry ranking. The scale observations below explain why the firms are included; they do not use a common valuation date or a common DST-only asset definition.

| Selected platform | Reported scale observation | Date and scope limit |
|---|---|---|
| Capital Square | Its current statistics panel displays more than $7 billion in assets under management | No as-of date appears beside that panel; the business includes more than DSTs. [Company page](https://capitalsq.com/about/) |
| ExchangeRight | Its homepage displays more than $7.8 billion in assets under management | The page dates its statistics September 30, 2026; this is a platform figure. [Company page](https://www.exchangeright.com/) |
| Inland's private-investment report | The report displays $13.4 billion in assets under management | December 31, 2025 data combines Inland Private Capital and Inland Venture Partners. [Portfolio overview](https://assets.inland-investments.com/files/pdf/Inland-Portfolio-Overview-Private-Placements.pdf?hsCtaAttrib=207994165001) |

Do not subtract these figures to estimate a sponsor's lead over a rival. The amount, covered entities, and date would first need to match. Here, the figures support a sample selection, not an ordered list of the industry's largest DST-only businesses.

The comparison also stops short of reviewing complete private offering packages. It does not confirm current investment capacity, inspect all leases, or determine whether any offering suits a particular investor. A sponsor page, a portfolio chart, and a closed-offering notice answer different questions. Each is used only for the question it can support.

The U.S. Securities and Exchange Commission (SEC) warns that private placements can provide less disclosure than registered offerings and can be hard to resell. Its investor bulletin was updated September 21, 2026. A public strategy overview therefore remains a starting point for document requests. [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)

## Capital Square, ExchangeRight, and Inland: Property Strategies

The clearest contrast in these selected records is between a stated housing focus, a long-term net-lease approach, and a wider mix of property sectors. That contrast describes the records reviewed. It does not claim that every offering follows one fixed formula.

### Capital Square: Housing Focus With Separate Business Platforms

Capital Square's investment page names multifamily apartments, build-for-rent single-family homes, and manufactured housing communities in Florida as its housing focus. It says its DST platform covers all three, while development work and partnerships focus on multifamily and build-for-rent. The distinction matters: development activity across a company should not be assigned to every DST that it sponsors. [Capital Square investment strategy](https://capitalsq.com/real-estate-investment/)

A specific public example adds detail. The New Braunfels offering page describes a 72-unit cottage community for residents age 55 and older. It reports late-stage initial lease-up and 91.7% leased as of September 2026. That is a dated leasing figure, not a finding about current occupied units, rent collected, or available offering interests. The page directs readers to their financial adviser for updated details. [New Braunfels offering page](https://capitalsq.com/offerings/texas-active-living-new-braunfels-dst/)

For a housing offering, useful questions include how often rents can change, what it costs to prepare a vacant home, and how much growth depends on filling empty space. An age limit or a particular home design can narrow the customer group. The effect needs local evidence; the label alone does not establish demand.

### ExchangeRight: Long-Term Net Leases and Several Funding Routes

ExchangeRight's September 1, 2026 announcement describes the closed Net-Leased Portfolio 74 DST. It reports 11 properties across 11 markets in nine states, a 16.3-year weighted-average lease term, and $26.75 million in non-recourse debt. The release describes a platform focused on net-leased properties backed primarily by corporate tenants in industrial, necessity-retail, and healthcare businesses. It also describes a potential future acquisition by its real estate investment trust (REIT), while saying the targeted exits are not guaranteed. [Closed Portfolio 74 announcement](https://www.exchangeright.com/news/exchangeright-fully-subscribes-6334-million-net-leased-portfolio-74-dst/)

The firm's homepage separately presents all-cash, financed, and REIT fast-track DST routes. Those are different funding or exit structures within a broader platform. A property sector should not be used as a shortcut for the amount of borrowing or an assured exit date. [ExchangeRight investment routes](https://www.exchangeright.com/)

For a net-lease offering, the next questions concern the actual rent payer, contract duties, lease end dates, and cost of finding a replacement tenant. A familiar store sign does not answer all four.

### Inland: A Broader Dated Property Mix

Inland's private-investment overview, published April 15, 2026, reports a December 31, 2025 sector mix. Selected shares are 28% multifamily, 14% self-storage, 13% student housing, and 9% build-to-rent. The report covers Inland Private Capital and Inland Venture Partners together, with other sectors also represented. Its chart is a historical portfolio snapshot, not a list of current DST offerings or a model allocation for new investors. [Inland portfolio overview](https://assets.inland-investments.com/files/pdf/Inland-Portfolio-Overview-Private-Placements.pdf?hsCtaAttrib=207994165001)

A separate April 16, 2026 release says Union Multifamily DST completed its equity raise and was closed. Inland Real Estate Investment Corporation made the announcement; Inland Private Capital sponsored the DST. The property has 393 apartments in Union Township, New Jersey, built in phases completed in 2018 and 2023. These facts illustrate one housing program within a broader business. They do not establish its current rent collection or offering capacity. [Union Multifamily closed-offering release](https://inlandgroup.com/press-room/news-release/inland-completes-836-million-equity-raise-393-unit-luxury-multifamily-dst)

A broad sponsor menu can make several strategies available to research. It does not give an investor exposure to all those sectors through a single interest. The purchased program still defines what that investor owns.

## Separate Property Type From the Investment Plan

Use three descriptions for each offering: property type, rent contract, and work still required. This separates the building from the way the investment expects to earn money.

Consider three fictional programs. Cedar Homes owns completed rental homes with most leases in place. Juniper Homes owns completed homes but needs to fill more empty units. Beacon Stores owns shops under long-term leases, with one large lease ending soon. All three own real estate, but their next major tasks differ.

| Fictional program | Property type | Main near-term task | Evidence that would test progress |
|---|---|---|---|
| Cedar Homes | Rental homes | Retain residents and control repair costs | Renewals, move-outs, rent collected, repair spending |
| Juniper Homes | Rental homes | Fill empty homes at workable net rents | New leases, concessions, move-ins, cash used during lease-up |
| Beacon Stores | Retail buildings | Resolve a large upcoming lease end | Signed renewal, replacement plan, tenant-work budget |

These descriptions are questions for research, not grades. A task can be manageable with enough money, time, and skill. A quiet-looking property can still have a large unresolved cost.

Avoid calling a completed building a completed business plan. Construction may be done while leasing, rent collection, or major repairs remain unfinished. Likewise, a property can be fully leased while a large tenant has a near-term right to leave. The building's status and the lease's status belong in separate fields.

Write the expected source of improvement in a sentence. For Juniper, that might be: “The plan needs vacant homes to produce collected rent after concessions.” For Beacon, it might be: “The plan needs a renewed lease without costs above the funded budget.” These statements make it easier to identify the evidence that could support or weaken the plan.

A corporate strategy can guide that work. It cannot replace it. The exact trust may have its own manager, master tenant, budget, and legal limits. Ask who controls each important task and which documents set those limits. A broad description such as “active management” is too vague to show what can actually be done in the offered structure.

## Multifamily DST Research: Rent Changes and Turnover

The chance to reset rents is only one part of a rental-housing plan. The timing of lease changes, concessions, empty days, and turnover costs can absorb part of the gain. Test those pieces together.

In this original fictional example, Cedar has 100 homes at $1,500 a month. Assume every home pays for all 12 months in the base case. Annual rent is $1.8 million. This simple starting case excludes other income and all costs.

Now suppose 40 homes renew on July 1 at 4% higher rent. The increase is $60 a month for six months on each of those homes. The first-year gain is $14,400:

**40 homes × $60 × 6 months = $14,400.**

Applying 4% to the full $1.8 million would produce $72,000. That would wrongly assume all homes received the increase for the full year. The actual modeled gain is 0.8% of base annual rent. After a full year at the new rates, the same 40 homes would add $28,800, if all else stayed the same.

Add a separate group of 10 homes that turns over. Assume each loses one month of $1,500 rent and requires $800 of work. Those two items cost $23,000 in this model: $15,000 of lost rent plus $8,000 of work. The gain from the July renewals is smaller by $8,600.

This is not a complete property forecast. It leaves out every other change, including new rents on the turnover homes. Its purpose is to show why a rent-growth claim needs a schedule. The same stated percentage can produce different cash results depending on when it starts and how much space it covers.

A concession needs the same care. Suppose a new lease calls for $1,600 monthly rent but gives one free month in a 12-month term. Before other charges, its total stated rent is $17,600, or about $1,466.67 a month over the term. Compare that effective amount with the prior lease, while keeping the actual payment dates. The advertised monthly rent alone hides the free period.

Ask the sponsor to separate renewals from new leases, occupied homes from signed leases, and billed rent from collected cash. Each distinction answers a different question. If a report changes definitions between quarters, rebuild the comparison before describing the result as growth.

## Net-Lease DST Research: Contracts and Tenant Exposure

Start with the contract rather than the shorthand label. A net lease may shift major expenses to a tenant, but the exact division of duties still needs review. The Office of the Comptroller of the Currency (OCC) notes in its commercial real estate handbook that net-lease labels lack universal definitions. Its guidance is written for banks, and it directs readers to the lease itself to determine who bears each cost. [OCC net-lease glossary](https://www.occ.treas.gov/publications-and-resources/publications/comptrollers-handbook/files/commercial-real-estate-lending/pub-ch-commercial-real-estate.pdf)

For an investor's research file, turn that into an expense map. Identify who pays property taxes, insurance, routine work, roof replacement, and tenant improvements. Add any reimbursement cap, payment delay, or dispute. A duty assigned on paper and cash received on time are separate facts.

In an invented lease, the owner first pays a $120,000 insurance bill. The tenant must reimburse $100,000 after a valid request. The owner's expected net cost is $20,000, but it needs $120,000 at the payment date. If reimbursement arrives later, the property needs enough cash to cover that gap. Do not add the $100,000 reimbursement to income while leaving out the expense it repays.

Legal identity is another part of the map. The store brand, lease tenant, and guarantor may be different entities. A guarantor is a party that promises support under stated terms. Determine what that promise covers and what can end it. A well-known parent company should not be treated as the payer unless the documents support that link.

Then test how much rent depends on one payer. Suppose Beacon has 10 buildings, four of which owe rent through the same legal tenant. Those four provide $480,000 of a total $1.2 million annual rent. The tenant represents 40% of the modeled rent, even if the buildings operate under different signs or sit in different states.

That is an exposure measure, not a forecast of lost rent. It does not say the tenant will fail or that every lease has the same protection. It tells the reviewer where a shared obligation deserves close reading.

Finally, consider the building without its current tenant. What work would a replacement need? Could the existing use continue? Who would fund empty months and new tenant work? A long lease can defer those questions, but a property plan still needs a way to address them.

## Compare Property Costs on the Same Basis

A strategy comparison should state which costs are included before comparing margins. One report may show rent before reimbursements. Another may combine rent and repaid expenses. A larger revenue number may reflect presentation rather than a stronger property.

Here is an original two-case model for Cedar. “Operating surplus” means rent less only the listed property costs. It excludes debt payments, capital work, reserves, trust costs, and investor fees. It is not cash available for distributions.

| Annual model line | Base case | Cost-and-rent case |
|---|---:|---:|
| Rent | $1,800,000 | $1,854,000 |
| Variable property costs | $360,000 | $374,400 |
| Other property costs | $540,000 | $594,000 |
| Operating surplus | $900,000 | $885,600 |

The second case increases rent by 3%, variable costs by 4%, and other costs by 10%. Rent rises $54,000. Combined costs rise $68,400. The surplus falls $14,400, or 1.6%. This is a chosen stress case, not a claim about current housing inflation or any named sponsor.

Now compare an invented contract in which scheduled rent stays flat at $1.2 million. Assume its listed owner costs rise from $80,000 to $100,000. Its similarly limited surplus falls from $1.12 million to $1.1 million, or about 1.79%. The two cases do not prove one sector is safer. Their starting costs, contracts, and stress assumptions differ.

The useful question is which assumptions drive each result. A housing model may depend on timely rent resets. A fixed-rent lease may depend on a tenant's duty and ability to pay certain expenses. Both can face costs that the short model omits.

Before comparing investor cash, extend each model through the same stages. Show property costs, financing, required reserves, trust expenses, and any other relevant deductions. Preserve different cost categories rather than forcing them into a false match. Mark an unavailable item as unknown. A blank does not become zero because the competing offering has a more detailed table.

If a cost moves from the property to a master tenant, identify the payer and support behind it. Moving a line between entities does not make the work free. The question is how the offered investment is exposed if that party cannot perform.

## DST Diversification: Look Through Property and Sponsor Counts

A portfolio can contain several sponsors and still depend on the same market, tenant, or source of demand. The Financial Industry Regulatory Authority (FINRA) describes concentration risk across investments, sectors, regions, and hard-to-sell assets. Its June 15, 2022 discussion supports looking beneath the number of holdings. [FINRA concentration-risk guidance](https://www.finra.org/investors/insights/concentration-risk)

For an original example, Lena plans a $600,000 allocation. She assigns $300,000 to housing, $180,000 to net-leased retail, and $120,000 to storage. Those amounts are 50%, 30%, and 20% of her proposed allocation. They are investment-cost weights for this example, not property-value or rent weights.

Suppose $360,000 of that same allocation is exposed to one metro area. That is a separate 60% geographic measure. Adding the 50% housing share to the 60% metro share would yield a meaningless 110% because the categories can overlap. A housing interest can also be in that metro.

Use a cross-table when both dimensions matter. If $240,000 of the housing allocation lies in the metro, that intersection is 40% of the full plan. The amount exposed to either housing or that metro is $420,000:

**$300,000 + $360,000 − $240,000 = $420,000, or 70%.**

This avoids counting the overlap twice. It still does not measure the chance of loss. The figures describe where money would be allocated under the chosen classification.

The same discipline applies to property counts. Two programs might each own five properties, but one property could account for most of a program's rent. Count exposure by a defined measure as well as by buildings. If exact shares are unavailable, say so. Do not divide equally merely to complete a chart.

Sponsor concentration deserves its own line. Several sectors under one sponsor can share staff, systems, and financing relationships. Several sponsors can own assets with the same underlying tenant or local demand. These are different dependencies; neither automatically cancels the other.

The practical output is a set of visible overlaps, with source dates. It is not a diversification score. A reviewer can then judge which exposures need more evidence and whether the proposed holdings fit with assets the household already owns.

## Lease Terms, Debt Dates, and Planned Exits

A long average lease term does not show when the largest cash risks occur. Ask for the underlying schedule and the weight used to calculate the average.

Take two fictional portfolios with a 12-year rent-weighted average remaining lease term. In Portfolio A, all rent comes from leases with 12 years left. In Portfolio B, half the rent comes from leases with five years left and half from leases with 19 years left. Both average 12 years:

**50% × 5 years + 50% × 19 years = 12 years.**

Yet Portfolio B has half its rent facing a lease end in year five. The average alone hides that event. This simple example treats rent weights as fixed and ignores options, early termination rights, and later changes. A real review must add those terms.

Compare the lease schedule with debt dates and major work. Suppose a fictional loan matures in year five, just as half the rent could expire. A roof project is also planned for that year. Three separate items now share a period when cash and decisions may be under pressure.

A sponsor's target sale in year four does not remove that cluster. Test what happens if the sale takes longer. The question is whether the plan has resources and legal paths for the delayed case, not whether the original calendar looked neat.

An exit involving a REIT adds another set of terms. Separate a possible transaction from a binding obligation to buy. Review pricing, conditions, approvals, choices available to investors, and the terms of any interest received. A plan to change ownership form does not by itself establish the date when an investor can receive cash.

Keep this research tied to the offered program. A sponsor may have completed similar transactions in the past, but the next program has its own assets and documents. Historical examples can identify questions to ask. They cannot fill a missing commitment in the current file.

## Compare Operating Progress Across Property Sectors

Progress measures should follow the plan. A housing lease-up needs different evidence from a leased warehouse or a property awaiting major work. Comparing them only by a headline occupancy number can hide the work that remains.

For an original example, Juniper has 80 homes. At one date, 60 are occupied. A later plan targets 72 occupied homes. That would move physical occupancy from 75% to 90%, a gain of 15 percentage points. It would also increase the occupied count by 20%. Both calculations are correct, but they answer different questions.

Do not describe the change as 15% growth in occupied homes. The denominator for that growth is the initial 60 homes. Nor should the target be presented as a result. Until supported by dated records, it remains a plan.

For a student-housing model, define whether the count is beds or units. A four-bedroom unit with one empty bed can be fully represented in a leased-unit count under one convention while still having a vacant bed. For storage, define whether occupancy uses spaces, area, or potential rent. These are questions about measurement; they are not claims that one convention is always used.

A completed-work count needs similar care. Suppose an original repair plan contains 12 equally sized tasks. Eight are reported finished, two are underway, and two have not started. That is eight completed tasks out of 12, or 66.67%. It is not necessarily 66.67% of dollars spent or risk resolved. One unfinished task may control whether several completed tasks can be used.

Add evidence of acceptance. Work marked complete by a contractor, accepted by the owner, and paid for can be three different stages. If a report combines them, request the detail needed for the investment decision.

For each strategy, choose a short group of measures that can disprove the plan as well as support it. A leasing plan needs cash after concessions, not just signed contracts. A lease-renewal plan needs terms and costs, not just a positive conversation. A cost-control plan needs comparable bills, not a smaller budget with work deferred.

## Build a Strategy Comparison for Your Own Portfolio

Start with the household need before sorting sponsor names. Write down when cash may be needed, which existing exposures are large, and what kinds of uncertainty the investor can accept. These are inputs for a professional review, not outputs supplied by the sponsor's size.

Suppose Lena's earlier $600,000 plan sits beside an existing $400,000 rental property in the same metro. For this simple example, both amounts use invested cost and exclude debt. The combined $1 million cost base would have $760,000 exposed to that metro: $360,000 in the proposed plan plus $400,000 already held. That is 76%, rather than the 60% shown by the new plan alone.

The result depends on the chosen base. Current values, debt exposure, and cash flow would create different measures. Do not mix one property's market value with another interest's original cost and call the total a clean portfolio weight.

Keep the current allocation and proposed allocation in separate columns. A suggestion is not yet an owned investment. If one proposed offering closes before the investor acts, remove it from the available-choice list and reopen any plan that depended on it. Do not quietly fill the gap with a different sector just to keep the total at $600,000.

For each candidate, keep a short record with the exact program name, source date, property strategy, main cash driver, and unresolved question. Add the person responsible for obtaining the answer. That record turns a broad comparison into a set of useful next steps.

A final choice may favor a narrower strategy, a broader mix, or no purchase from the reviewed sample. The work should make that choice easier to explain. It should not force a winner when current terms or household facts remain missing.

## Questions to Ask Before Choosing a DST Strategy

A good sponsor conversation moves from the broad label to the assumptions that matter for the exact program. Use these questions as a starting point, then tailor them to the documents.

- What property income is already in place, and what depends on new leases, renewals, or higher rents?
- Which party pays each major cost, and what cash is needed before any reimbursement arrives?
- Which tenant, guarantor, location, or employer links several properties together?
- How much rent faces a lease end or break right in each year?
- What debt dates, large repairs, or reserve needs occur near those lease events?
- Which exit steps are possible, which are planned, and which are binding under signed terms?
- What information would cause the current business plan to be revised?

Ask for the source behind the answer. A statement can be reasonable and still need a document, a date, or a clearer definition. Record which questions were answered and which remain open. An unanswered question is not proof of a defect, but it should remain visible when deciding whether the review is complete.

Finally, revisit the comparison after a material change. New debt terms, a tenant notice, or a revised capital budget can change the strategy's cash needs even when the sponsor and property type stay the same. Preserve the prior version so the reason for a changed decision can be traced.

## FAQ

### Do the Largest DST Sponsors Use the Same Property Strategy?

No single strategy should be assumed from size. The selected records in this article describe different property focuses and funding routes. Even within one sponsor, the exact offering can have a different lease schedule, cost burden, and plan. Compare program documents after using the sponsor's public strategy to frame the questions.

### Is Multifamily Better Than Net-Leased Retail for a DST Investor?

There is no universal answer. A housing plan may rely on rent resets, leasing work, and expense control. A net-lease plan may rely more on contract duties and a named rent payer. The specific price, costs, debt, tenant terms, and household needs matter. The examples here demonstrate how to ask questions, not which sector will perform best.

### Does a Sponsor's Sector Mix Describe My Investment?

Only if the offered interest actually gives you that same mix, which must be checked. A sponsor can own or manage several types of property while an investor buys an interest tied to one program. Keep the sponsor-wide chart separate from the actual holdings and weights in the proposed investment.

### Does a Long Weighted-Average Lease Term Remove Lease Risk?

No. The average can hide a large block of rent ending much earlier. Review each lease end, its share of rent, options, and any right to leave early. Then compare that schedule with debt dates and major work. Averages are useful summaries once the underlying events are understood.

### How Should I Compare Occupancy Across DST Property Types?

First identify the count and denominator: homes, beds, area, or another measure. Separate leased space, occupied space, billed rent, and collected cash. Use the same dates and definitions for a trend. Different measures can each be useful, but they should not be silently treated as interchangeable.

### Are the Named Offerings in This Article Available Now?

This article does not verify current capacity. Two cited announcements expressly describe closed offerings. A public property page can remain online after circumstances change. Obtain current, written information for the exact offering before relying on it as a candidate, and keep that access review separate from the property-strategy analysis.

### What Is the Most Useful Next Step After Comparing Sponsors?

Choose the exact program to research and write its expected cash driver in one sentence. Gather the current documents that test that sentence, including relevant lease, cost, debt, and timing information. Record gaps beside the claim they affect. This gives your advisers a focused file to review rather than a collection of broad sponsor statistics.

## About Sequoia Research

Sequoia Research, LLC provides independent research on DSTs and other real estate investment offerings. This educational library explains source records, investment structures, and research methods. The examples are for learning and do not make a personalized investment recommendation.

## Sources

All sources accessed October 17, 2026. Company statements are attributed; current public access does not confirm current offering capacity.

- [Capital Square About](https://capitalsq.com/about/): undated page; selected statistics panel inspected in October 2026.
- [Capital Square investment strategy](https://capitalsq.com/real-estate-investment/): undated current page; stated housing and business-platform focus.
- [Capital Square New Braunfels](https://capitalsq.com/offerings/texas-active-living-new-braunfels-dst/): leasing figure as of September 2026.
- [ExchangeRight homepage](https://www.exchangeright.com/): statistics as of September 30, 2026; public investment routes.
- [ExchangeRight Portfolio 74 release](https://www.exchangeright.com/news/exchangeright-fully-subscribes-6334-million-net-leased-portfolio-74-dst/): September 1, 2026; closed offering and bounded strategy facts.
- [Inland private-investment overview](https://assets.inland-investments.com/files/pdf/Inland-Portfolio-Overview-Private-Placements.pdf?hsCtaAttrib=207994165001): published April 15, 2026; data as of December 31, 2025; combined private platforms.
- [Inland Union Multifamily release](https://inlandgroup.com/press-room/news-release/inland-completes-836-million-equity-raise-393-unit-luxury-multifamily-dst): April 16, 2026; closed offering.
- [OCC Commercial Real Estate Lending](https://www.occ.treas.gov/publications-and-resources/publications/comptrollers-handbook/files/commercial-real-estate-lending/pub-ch-commercial-real-estate.pdf): March 2022; March 20, 2025 revision note; printed page 140, net-lease definition.
- [FINRA concentration-risk guidance](https://www.finra.org/investors/insights/concentration-risk): June 15, 2022.
- [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): August 17, 2022; updated September 21, 2026.


## Related Reading and Tools

- [Top DST Sponsors (2026): Which Criteria Should Drive a Comparison](https://sequoia-research.com/writing/top-dst-sponsors-2026-which-criteria-should-drive-a-comparison)
- [Delaware Statutory Trust Sponsors: Who They Are and What They Do](https://sequoia-research.com/writing/delaware-statutory-trust-sponsors-who-they-are-and-what-they-do)
- [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)