Canonical page: https://sequoia-research.com/writing/largest-dst-sponsors-public-history-coverage-calculator
Author: Sequoia Research
Published: 2026-10-18T07:01:41.491Z
Updated: 2026-10-18T07:01:41.491Z
Interactive tool: https://sequoia-research.com/writing/largest-dst-sponsors-public-history-coverage-calculator#research-tool

# Largest DST Sponsors: Public History Coverage Calculator

## What Is This Article About?

This guide explains a calculator for tracking public records across a defined group of Delaware statutory trust (DST) programs. You enter the program list, the records you found, and the limits of your search. The tool calculates separate operating-history and full-cycle coverage only when the entered program count matches your declared universe. It preserves missing evidence and earlier versions without turning disclosure into a sponsor-quality score.

## Table of Contents

- [What Public History Coverage Measures](#what-public-history-coverage-measures)
- [Define the DST Program Universe](#define-the-dst-program-universe)
- [Choose the Right Evidence Status](#choose-the-right-evidence-status)
- [How the Coverage Calculations Work](#how-the-coverage-calculations-work)
- [Work Through the Six-Program Example](#work-through-the-six-program-example)
- [Keep Source Dates and Search Limits Visible](#keep-source-dates-and-search-limits-visible)
- [Correct Records Without Erasing the Earlier Version](#correct-records-without-erasing-the-earlier-version)
- [Use the Results for Sponsor Research](#use-the-results-for-sponsor-research)
- [Save and Share the Complete Record](#save-and-share-the-complete-record)
- [FAQ](#faq)

## What Public History Coverage Measures

Coverage describes the share of a defined program group for which you have located a specified kind of public record. It answers a research-access question. It does not tell you whether the investment made money, whether all facts were disclosed, or whether a source is reliable.

A record can show a loss and still count as located. A program can have favorable results that you have not found. Keep the existence of a record separate from the outcome it describes. This calculator has no field for a return score and does not sort sponsors into ranks.

The Securities and Exchange Commission (SEC) warns that performance presentations can select favorable periods or investments while leaving others out. Its performance-claims bulletin also explains that historical results do not predict future performance. The calculator helps you describe the group you examined; it does not determine whether a presentation complies with any rule. [SEC performance-claims bulletin](https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins-47)

The tool does not browse the web, read files, or enter a portal. Every program, search result, date, and scope check is your statement. A percentage can be mathematically correct even when the underlying list is incomplete or wrongly classified. Read the source records as well as the number.

## Define the DST Program Universe

The universe is the group of programs included in the review. Give it a clear label and write an inclusion rule. For example, you might study six named programs from a dated sponsor list. Do not call that all sponsor programs unless the evidence supports that broader claim.

Enter the source and a useful locator. A page title alone may be too vague. Add the page, row, section, or saved version that identifies the list. State any excluded types, time periods, predecessor firms, or programs whose identity remains uncertain.

Define both record types in the same field. An operating-history record could be a dated property or program update. A full-cycle record could mean a final cash outcome covering the complete investment period. Those are choices for your review, not universal definitions imposed by the tool.

A sponsor may use a different completion definition. A continuing interest in another entity is not the same event as receiving final sale cash. Decide how the selected definition treats that event and explain it. The calculator cannot read the record and make that judgment for you.

Enter the universe measurement date, the date you read its source, and the review cutoff. The measurement date cannot follow the source read date. The read date cannot follow the cutoff, and the cutoff cannot follow today's UTC date. UTC is the common world time standard used by the tool.

Declare between one and 30 distinct programs. This number controls the count needed before percentages appear. After the first successful program save, the universe label, rule, source, dates, and size become fixed. Start a new board if the universe changes. That prevents a larger list from being silently compared with an earlier smaller one.

## Choose the Right Evidence Status

Each program has a fixed identity and membership reference. Use a legal name and another useful identifier when available. The membership reference should explain why that exact program belongs in the declared group. Similar brands or repeated property names do not establish the same identity.

The calculator prevents labels that match after differences in letter case and repeated spaces are removed. It does not detect two different labels for the same economic program. Resolve aliases before treating the active row count as a complete list.

Each row has separate operating-history and full-cycle fields. Choose one of five statuses for each type:

- **Not checked:** You have not entered a completed research step. Leave its evidence fields blank and its scope box unchecked.
- **Public record located:** You found a public record, but must still identify its source and check its fit.
- **No public record located in stated search:** The specified search did not locate a matching record. This is a limited search result, not proof of absence.
- **Access restricted:** The material is behind an access limit. That does not show whether the document exists or what it says.
- **Not applicable under stated definition:** Your written record definition excludes this type for this program. Give the reason.

All statuses other than Not checked require a reference, an explanation, and a read or search date. A located record also offers fields for its measurement and issue dates. Unknown dates may remain blank and will be flagged.

The scope box has a specific purpose. Check it only after matching the evidence to the exact program and the stated record definition. A located record without that check remains visible but does not enter the numerator. An unchecked not-applicable label does not remove a program from the denominator.

This box is a user review step. The software does not validate the source, authenticate the document, or certify the classification. Editing that record's fields clears the box so an earlier check does not carry forward unnoticed.

## How the Coverage Calculations Work

The calculator first compares active program rows with the declared universe size. If the counts do not match, it shows the gap and withholds percentages. Counts of entered evidence remain visible so you can see what still needs work.

Matching counts are necessary for this calculation, but they do not prove that the right programs were entered. A duplicated economic program under two names could fill the declared count while another program is missing. The membership review remains a human task.

For each record type, the calculation is:

**Coverage = user-checked public records located ÷ applicable programs × 100.**

The applicable denominator starts with all active programs. It excludes only the rows marked not applicable with a completed user scope check. An unchecked exclusion stays in the denominator. Not checked, restricted, and unsuccessful-search statuses also stay in it.

Operating and full-cycle coverage can therefore have different denominators. Always read the count alongside the percentage. Two out of six is not the same research result as two out of four, even though both show two records located.

A zero numerator with a positive denominator gives 0.00%. A zero applicable denominator gives no percentage. The latter means your entered definition excludes every active program for that record type. It does not mean zero coverage of an applicable group.

The tool also shows programs with either type of record and programs with both types. These use all active programs as the denominator once the universe count is complete. A program with both records is counted once in either and once in both. Do not add those percentages or add the two record-type percentages.

Percentages are rounded to two decimal places using integer counts. No asset, equity, or investor-dollar weighting is applied. One program is one row, regardless of size. If you need an exposure review, prepare it separately with its own definitions and sources.

## Work Through the Six-Program Example

Load the fictional example to see a completed six-program list. It contains no real sponsor, offering, or investment result. Each row represents one invented identity, with a separate record decision for each type.

| Program | Operating history | Full-cycle history |
| --- | --- | --- |
| H-1 | Located and scope-checked | Located and scope-checked |
| H-2 | Located and scope-checked | Not applicable, scope-checked |
| H-3 | Not located in stated search | Not located in stated search |
| H-4 | Restricted | Not checked |
| H-5 | Located, scope check missing | Not applicable, scope-checked |
| H-6 | Not checked | Located and scope-checked |

Operating history has two counted records among six applicable programs. Its coverage is 33.33%. H-5's located document is visible but does not count until the user checks that it matches the program and definition.

Full-cycle history also has two counted records. H-2 and H-5 have checked exclusions, leaving four applicable programs. Coverage is therefore 50.00%. The original explanations describe those two as active programs outside this example's final-cash-outcome definition.

H-1, H-2, and H-6 have at least one counted record type. Either-type coverage is three of six, or 50.00%. Only H-1 has both, so both-type coverage is one of six, or 16.67%. None of these numbers describes the chance of a profit.

If you later check H-5's operating record, its operating count rises to three of six, or 50.00%. Either-type coverage rises to four of six, or 66.67%. Both-type coverage remains one of six because H-5's full-cycle type is excluded in this example.

If you archive an incorrectly included program without adding its proper replacement, the active count drops below six. All percentages are then withheld. The tool keeps the old evidence, but it will not quietly shrink the declared universe to improve coverage.

## Keep Source Dates and Search Limits Visible

A report's measurement date and its publication date can differ. A source read date is different again. Record the dates you actually know. Do not copy your review date into an unknown issue-date field just to make the row look complete.

For a located record, a known measurement date cannot follow the date you read it. A known issue or update date must be on or after the measurement date and on or before the read date. Use the relevant update date for revised material. This tool records observations, not projected future reports.

The read or search date cannot follow the version's entry date. Entry must fall between the universe source read date and the cutoff. A new version cannot have an entry date earlier than the previous version. These checks catch date conflicts; they do not confirm the dates against an external source.

A search note should identify the route examined and its limits. Public site pages, regulator records, and a private portal are different sources. Do not label material public because an adviser can access it in a private account. If access is restricted, preserve that status and any follow-up question.

The SEC's private-placement bulletin, updated in September 2026, explains that these offerings provide less disclosure than registered offerings. Missing public material therefore needs careful interpretation. This calculator does not infer a disclosure violation from an empty search result. [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)

## Correct Records Without Erasing the Earlier Version

Use Revise beside a saved program to add a new version. The form copies the evidence but clears both scope checks. Enter a reason and review the fields before saving. Earlier versions remain in the board and in full exports.

The program label and membership reference stay fixed. If the identity itself was wrong, archive that row and add the correct identity. Archived labels remain reserved against exact normalized duplicates. If a correction requires changing the fixed membership reference for the same label, start a new board and retain the old export.

Archiving is a change in treatment, not deletion. State why the program no longer belongs in the selected universe. An archive reduces active rows but leaves the declared size unchanged. You can restore a row through another version if the evidence supports it.

A failed save leaves the saved board unchanged. Pending edits block calculation and downloads until you save or cancel them. This keeps the displayed result from appearing current while the form contains changes that were never added to the record.

## Use the Results for Sponsor Research

Use coverage gaps to plan the next request. A missing operating update, a restricted final report, and an unresolved identity need different follow-up steps. The table preserves those distinctions so the next reader can understand why a record did not count.

The Financial Industry Regulatory Authority (FINRA) discusses reasonable investigation and misleading or selectively chosen past-performance claims in its guidance for member firms recommending private placements. The calculator does not perform those duties or replace the firm's work. A completed board is a research record, not approval of an offering. [FINRA Regulatory Notice 23-08](https://www.finra.org/rules-guidance/notices/23-08)

When comparing boards, check whether both use the same definitions, period, access conditions, and program types. A group of completed programs is different from a group dominated by recent launches. More public records may reflect an older group, a broader search, or a different reporting practice.

## Save and Share the Complete Record

Download full JSON for a structured record or full text for a readable copy. Both include the complete universe, current rows, archives, earlier versions, calculations, and limits. Choosing a display filter does not remove the hidden record type from the export.

Data remains only in the open page. There is no automatic storage, import, account, or reminder. Reloading or leaving the page can lose the working board. Save an export before that happens. This tool does not import an export back into the form.

The board allows up to 40 program identities including archives and 120 saved versions. The declared active universe remains limited to 30. Saved data is limited to 180,000 UTF-8 bytes, and each export to 420,000 bytes. UTF-8 measures stored text size; some characters use more than one byte. Individual fields also enforce length limits.

## FAQ

### Does 100% Coverage Mean a Sponsor Is Safe?

No. It means the entered records meet your chosen coverage rules. They may contain losses, risks, or unresolved issues. The tool does not evaluate investment quality, source accuracy, or suitability for a household.

### Why Is My Percentage Withheld?

The active program count may not match the fixed declared universe. Complete or correct the list before interpreting a percentage. A zero applicable denominator also produces no percentage for that record type; the displayed reason explains which condition applies.

### Can a Missing Record Be Marked Not Applicable?

Only when your stated record definition supports that exclusion. Not finding a document is different from deciding the record type does not apply. Explain the exclusion and perform the scope check. Otherwise the program remains in the denominator.

### What Does a Missing Scope Check Do?

A located record without the check does not count as found. A not-applicable entry without the check does not reduce the denominator. Other entered facts remain visible. The check records your review, not verification by the software.

### Can One Document Support Both Record Types?

Yes, if it meets both written definitions for that exact program. Enter the reference and evidence separately in each type. The program still counts once in the either-type measure. The tool does not count unique documents or infer that one source covers both types.

### Does the Tool Search Sponsor Websites?

No. You perform the search and enter its results and limits. The tool has no live source lookup or private-portal access. A restricted record or unsuccessful public search should remain labeled that way, without a conclusion about the sponsor's results.

### What Happens When the Program Universe Changes?

Start a new board with the new source, definition, size, and dates. Preserve the prior export so the change can be explained. Revising evidence within the same fixed group is different from changing which programs belong in that group.

## About Sequoia Research

Sequoia Research, LLC provides independent research on DSTs and other real estate investment offerings. This library explains how to read source records, check calculations, and organize investment research questions.

## Sources

- [SEC Investor Bulletin: Performance Claims](https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins-47). September 15, 2022; staff investor education, not a new rule.
- [SEC private-placement investor 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.
- [FINRA Regulatory Notice 23-08](https://www.finra.org/rules-guidance/notices/23-08). May 9, 2023; covered member-firm investigation context.