Canonical page: https://sequoia-research.com/writing/largest-dst-sponsors-sponsor-size-definition-comparator Author: Sequoia Research Published: 2026-10-17T01:36:46.382Z Updated: 2026-10-17T01:36:46.382Z Interactive tool: https://sequoia-research.com/writing/largest-dst-sponsors-sponsor-size-definition-comparator#research-tool # Largest DST Sponsors: Sponsor Size Definition Comparator ## What Is This Article About? This guide explains how to compare the definitions behind sponsor size figures. The tool records reported amounts, units, dates, scope, and source notes before grouping entries with matching fields. It keeps unclear figures out of those groups and preserves rounded amounts or lower bounds as labeled. A fictional example shows why converting millions to billions does not make unlike measures comparable. ## Table of Contents - [What the Sponsor Size Comparator Does](#what-the-sponsor-size-comparator-does) - [Choose the Metric and Keep Its Definition](#choose-the-metric-and-keep-its-definition) - [Enter Dollars, Millions, Billions, or Program Counts](#enter-dollars-millions-billions-or-program-counts) - [Preserve Rounded Figures and Lower Bounds](#preserve-rounded-figures-and-lower-bounds) - [Record Entity Scope and Product Scope](#record-entity-scope-and-product-scope) - [Set the Reporting Period and Source Reference](#set-the-reporting-period-and-source-reference) - [Understand Which Entries Form a Group](#understand-which-entries-form-a-group) - [Work Through the Fictional Size Comparison](#work-through-the-fictional-size-comparison) - [Resolve Missing Data and Repeated Names](#resolve-missing-data-and-repeated-names) - [Edit, Remove, and Export the Research Record](#edit-remove-and-export-the-research-record) - [Use the Result in a Sponsor Research Review](#use-the-result-in-a-sponsor-research-review) - [FAQ](#faq) - [About Sequoia Research](#about-sequoia-research) - [Sources](#sources) ## What the Sponsor Size Comparator Does The comparator helps organize a narrow question: do the figures in your research file use the same stated measure, scope, definition, and dates? It does not search for sponsor data or decide which sponsor is largest. You enter the source information and assess what it means. A research file can hold up to 30 saved entries. The tool converts supported dollar units into a common display. It then groups entries whose key fields match. A group is a starting point for checking comparability. It is not proof that the sources use the same accounting method or that their figures are accurate. Entries with missing or unclear fields stay in a separate section. The tool states what is missing rather than filling the gap. This can turn an uncertain company statistic into a focused follow-up request, such as asking whether reported assets include sold programs. There is no total, average, score, or ranking. The groups and entries remain in the order they first appear in your saved record. A large number does not move an entry to the top or earn it a stronger label. This design keeps the tool focused on definitions rather than investment selection. ## Choose the Metric and Keep Its Definition Select the measure used in the source. The choices are equity raised, assets under management, gross property value, transaction volume, program count, and other or unclear. These are broad categories. The written definition supplies the detail needed for a useful comparison. For assets, record whether the figure uses current estimated value, purchase cost, another stated method, or a mix. For equity, establish what money is counted and over what period. For program counts, explain whether the source counts active programs, completed programs, share classes, or another unit. Do not rewrite a broad source claim into a narrower measure. A total covering several real estate products should not become DST-only assets because that is the topic you are researching. If the source does not explain the distinction, leave the relevant scope unknown and use the note field to state the question. Public reporting shows why labels matter. ExchangeRight's track-record page states that its syndicated AUM total includes full-cycle offerings. Its table also uses a column for active offerings or share classes. Those labels should be preserved when evaluating the figures; they do not establish a count of unique active DSTs. The page dates its general statistics September 30, 2026. [ExchangeRight track-record page](https://www.exchangeright.com/track-record/). This guide uses that page only to illustrate definition choices. The tool's example contains invented figures and companies. It does not import ExchangeRight's data or endorse its claims. ## Enter Dollars, Millions, Billions, or Program Counts Enter the reported number without commas, signs, currency symbols, or words. Then choose its unit. Money entries support USD, USD millions, and USD billions. Program count uses Count and accepts a whole number. Other currencies are outside this version. The unit conversion is exact for supported inputs. A figure of 0.8 USD billions becomes USD 800,000,000.00. A figure of 800 USD millions becomes the same normalized amount. The original number and selected unit remain in the saved data, so the conversion can be checked later. The tool accepts up to two decimal places in the reported monetary number. It does not silently round an input with more decimals. If a source reports 0.001 billion, enter the equivalent 1 million after checking that conversion, or use dollars. Do not discard meaningful digits merely to fit the input. The largest normalized dollar amount accepted is USD 999,999,999,999.99. A program count can contain up to nine digits. These are input limits, not statements about the size of the DST market. A blank amount means unknown. Zero means a reported zero. The tool keeps those separate. A missing amount stays ungrouped; a zero amount can enter a group if all the other fields are complete. Neither entry proves that a source has been independently checked. ## Preserve Rounded Figures and Lower Bounds Choose the label that matches the source: exact reported amount, rounded amount, at least, more than, or unknown. “Exact reported amount” means you have entered it as stated. It does not mean the tool has audited the figure. A claim of more than $1 billion should not become an exact $1 billion balance. The tool shows the normalized reference amount with “More than” beside it. The same rule applies to an “at least” claim. Preserve the boundary language in the source note if there is any doubt about its meaning. A rounded figure is also different from an exact one. The tool does not infer a rounding range or an extra digit. It does not decide whether two rounded values are meaningfully different. Those questions require more information from the source. Precision labels do not separate otherwise matching definition groups. They remain visible for each entry within the group. This means one group can contain an exact stated figure, a rounded figure, and a lower bound. It does not mean those three figures can be sorted into a reliable largest-to-smallest order. For example, “more than $800 million” and “$900 million, rounded” do not establish which underlying amount is greater. The tool deliberately avoids that conclusion. A shared definition is only one part of a fair comparison. ## Record Entity Scope and Product Scope Enter a legal sponsor name when known, or make clear that the name is a placeholder. Then select the scope of the figure: sponsor legal entity, consolidated group, selected affiliates, or unknown. This field describes the coverage you read in the source, not a legal conclusion made by the tool. Use the written definition and notes to identify the covered entities when the broad category is not enough. Two entries labeled selected affiliates may still cover different sets of businesses. Matching the category does not prove that the organizational boundaries are equivalent. Product scope is separate. The choices are DST only, Section 1031 programs, all real estate, or unknown. A category for Section 1031 programs should not be silently treated as a count of DSTs. Keep other structures or mixed coverage visible in the definition. Inland's company page, for example, states that its figures cover Inland entities and that they are cumulative since inception except for AUM. The page gives December 31, 2025 as the data date. These are separate limits on entity coverage, time, and measurement. The tool does not transform that broad reporting into a current DST-only balance. [Inland company disclosures](https://inland-investments.com/company). The saved provider name becomes fixed. To change or correct it, add a new entry rather than carrying the old source record into a renamed entity. Export the old record first if you need it, then remove the earlier entry when appropriate. ## Set the Reporting Period and Source Reference Choose one of four period types: as of date, period total, cumulative since start, or unclear. An as-of figure uses the end-date field only. A period total or cumulative figure needs both a start and an end date to enter a group. If a source says “since inception” without a clear starting date, do not guess one from the firm's founding year. The measurement may cover a product launched later. Keep the start blank and explain the limit in a note until you have support for the date. Use the date covered by the figure, not simply the day you visited the website. A page read in October may report assets from June. Record the retrieval date in the source reference or note if it helps preserve the version you used. The tool checks whether entered dates are real calendar dates and whether the start comes before or on the end. It does not check source age, future dates against today's date, or whether the source actually covers the stated period. Those remain review tasks. Add a useful source reference: the publisher, title, version, page or section, and a URL when available. The field is stored as text. It does not open the source, retrieve a file, or test whether a link works. Keep the original record outside the tool. ## Understand Which Entries Form a Group A group requires matching metric, written definition, entity scope, product scope, period type, start date, and end date. The tool ignores differences in letter case and extra spaces in the written definition. It does not treat different wording as equivalent through interpretation. For example, “current gross property value” and “property value at cost” remain different definitions. So do “active programs” and “active offerings or share classes.” A human reviewer may later clarify or restate a definition, but the tool will not make that decision without an edit. Every grouped entry must also have a reported amount, a known precision label, and a source reference. The presence of those fields is a completeness check. A weak source does not become reliable because its title fits in the box. Sponsor names do not determine the group. Several sponsors can share a definition group. Several entries from one sponsor can also enter it, which triggers a warning to check duplicate records, source versions, and overlap. A group containing only one entry means no other saved entry matches its fields. It does not mean the sponsor is unusual in the market or that the measure is wrong. Your research file may simply be small or use different dates. ## Work Through the Fictional Size Comparison Load the example to see four invented records. The confirmation asks before replacing saved data. The companies, sources, and figures are fictional training entries, not claims about actual sponsors. Cedar reports 600 USD millions of gross property value. Harbor reports 0.8 USD billions. Both use the same written definition, sponsor-entity scope, DST-only product scope, and September 30, 2026 as-of date. Both are labeled rounded amounts. The tool groups them and displays USD 600,000,000.00 and USD 800,000,000.00. Meadow reports 900 USD millions with the same property definition and date. Its entity scope is consolidated group. It forms a separate one-entry group. Converting the amount to dollars does not remove the difference in entity coverage. Pine reports more than 1 USD billion of AUM but has no written definition or as-of date. It stays ungrouped with those two gaps named. The normalized reference number is retained, together with “More than.” The missing details do not become zero or an exact current balance. The result is two groups and one ungrouped entry. The first group contains two records and the second contains one. No totals are calculated and no sponsor is designated largest or best. The useful next step is to verify the matching definitions and seek the missing details for Pine. ## Resolve Missing Data and Repeated Names Read the gap list as a request for evidence. Unknown scope calls for a scope explanation. A missing basis calls for the measure's definition. A missing date calls for the reporting period. Adding a number alone will not fix those other gaps. If you save the same sponsor twice in one group, the tool warns about repeated identity. It matches names after ignoring case and extra spaces. It cannot detect different brand names that refer to the same entity, so check aliases yourself. Two same-sponsor entries may be two versions of one source. They may also be conflicting values or overlapping subsets. The tool does not choose which is authoritative or combine them. Keep notes on the difference and ask for the source history when needed. Be careful with regulatory filings as well. Form D separates the offering amount, amount sold, and amount remaining in Item 13. Its filing structure also distinguishes a new notice from an amendment. A filed amount should retain its specific meaning; repeated filings should not automatically be added into sponsor fundraising. [SEC Form D](https://www.sec.gov/files/formd.pdf). Do not interpret an ungrouped figure as a negative view of the sponsor. It describes missing comparison information in your record. The source may provide the answer elsewhere, or the measure may serve a purpose that differs from your question. ## Edit, Remove, and Export the Research Record Select Edit beside a saved entry to change its fields. The sponsor identity remains fixed. Save the edit to replace that entry, or cancel to leave the saved record intact. This version does not retain earlier versions of edited fields. While an entry has unsaved changes, other record actions and exports are blocked. An entry opened for editing must also be saved or canceled before export, even if no field has changed. This prevents a download from appearing to include an unfinished edit. Removing an entry, clearing the file, or loading the example requires an in-page confirmation. Cancel or Escape preserves the saved entries. There is no recycle bin inside the tool, so export before removing work you may need later. The JSON export contains every saved field, normalized amounts, grouping results, gap lists, and export time. The text export presents the comparison and ungrouped records in a readable form. Neither format can be imported back into this version. Save source documents separately and inspect the export after downloading it. On Writing, use the tool's Download control and then the Save file button below the frame. An input change clears a prepared download. Data stays in page memory; there is no automatic account storage, and refreshing or closing the page clears the working record. ## Use the Result in a Sponsor Research Review The result is a definition review, not a decision about investment quality. Use a group to identify entries that may support a more careful comparison. Check the source methods, organizational boundaries, and precision before drawing a conclusion from their amounts. Keep other research separate. Size does not supply the offering's fees, property risks, debt terms, investor outcomes, or fit with a household's needs. A complete definition can make a size claim easier to understand without making the proposed investment appropriate. Take the unresolved questions into a sponsor or broker discussion. Ask for the exact period, the entities included, and the method behind a number. A short, precise request is easier to answer than a broad question about which firm is biggest. ## FAQ ### Does the Tool Rank the Largest DST Sponsors? No. It groups entries with matching user-entered definitions and flags incomplete records. There is no size order, score, market total, or investment recommendation. The source evidence still needs review. ### Does Converting Billions to Dollars Make Figures Comparable? Only the unit changes. Product scope, entity scope, dates, and the definition still need to match. Gross property value and equity raised remain different measures after both are displayed in dollars. ### Why Is a Complete Entry Still in a Group by Itself? No other saved entry matches all of its grouping fields. The difference may be a date, definition, scope, or period type. One entry does not prove that the sponsor is unique in the wider market. ### Can Rounded and Exact Figures Appear Together? Yes, when the definition fields match. Their precision labels stay visible. A shared group does not establish a reliable numerical order, especially when a figure is a lower bound rather than an exact amount. ### What Happens When I Leave a Field Unknown? The record is saved if its entered values are valid, but missing grouping details keep it out of a group. The gap list explains what to resolve. A blank amount is not treated as a reported zero. ### Can I Restore a Saved Export? This version has no file-import feature. JSON and text preserve the research record for reading or work elsewhere. Export before closing the page or replacing entries, and keep the original source documents with the file. ## About Sequoia Research Sequoia Research, LLC provides independent research on DSTs and other real estate investment offerings. This educational tool helps readers preserve measurement definitions and identify gaps in sponsor research. ## Sources - [ExchangeRight track-record page](https://www.exchangeright.com/track-record/). General statistics dated September 30, 2026; accessed October 16, 2026. Used only for the meaning of stated labels, not performance or size rankings. - [Inland company page](https://inland-investments.com/company). Metrics dated December 31, 2025; accessed October 16, 2026. Used for entity scope and cumulative-versus-AUM distinctions. - [SEC Form D](https://www.sec.gov/files/formd.pdf). Form version May 2017; displayed OMB approval expires July 31, 2027; accessed October 16, 2026. Item 13 and notice/amendment fields support measurement and duplicate-record cautions.