Canonical page: https://sequoia-research.com/writing/top-dst-sponsors-vintage-matched-performance-comparator
Author: Sequoia Research
Published: 2026-10-18T03:32:36.081Z
Updated: 2026-10-18T03:32:36.081Z
Interactive tool: https://sequoia-research.com/writing/top-dst-sponsors-vintage-matched-performance-comparator#research-tool

# Top DST Sponsors: Vintage-Matched Performance Comparator

## What Is This Article About?

This guide explains a tool that compares a small set of completed program results under one stated method. You choose an acquisition period, strategy, and financing group, then enter records for two sponsor profiles. The tool shows cash multiples, sample sizes, and the reasons other records were excluded. It keeps unfinished programs visible without inventing their final results or naming a winning sponsor.

## Table of Contents

- [What a Vintage-Matched DST Comparison Measures](#what-a-vintage-matched-dst-comparison-measures)
- [Define the Sponsor Profiles and Acquisition Cohort](#define-the-sponsor-profiles-and-acquisition-cohort)
- [Use One Net Investor Cash Definition](#use-one-net-investor-cash-definition)
- [Enter Program Evidence and Dates](#enter-program-evidence-and-dates)
- [Understand Eligible and Excluded Records](#understand-eligible-and-excluded-records)
- [How Median and Pooled Cash Multiples Work](#how-median-and-pooled-cash-multiples-work)
- [Follow the Fictional Seven-Program Example](#follow-the-fictional-seven-program-example)
- [Read Small Samples and Unfinished Programs Carefully](#read-small-samples-and-unfinished-programs-carefully)
- [Edit, Add, Remove, and Export Records](#edit-add-remove-and-export-records)
- [FAQ](#faq)

## What a Vintage-Matched DST Comparison Measures

Vintage refers here to the period in which a program acquired its investment. A cohort is a group selected under written rules. This tool groups records by acquisition date, strategy, and financing at acquisition. It does not infer those facts from a sponsor's name or fetch them from a website.

DST means Delaware statutory trust. The tool can organize supplied program records for research about DST sponsors. It does not inspect an offering, verify tax treatment, or assess a particular investor's needs. Its summaries describe only the records that you enter and that meet its stated rules.

The single performance measure is a completed net investor cash multiple. It compares all cash returned with all investor capital contributed. It does not account for when the cash moved. A 1.4x multiple earned over four years is therefore not treated as an annual return or as equal in timing to 1.4x over eight years.

The SEC, or Securities and Exchange Commission, tells investors to examine how performance is calculated, including which fees are included. It also cautions that past results do not predict future results. This supports making the calculation's scope visible rather than relying on a headline number. [SEC performance-claims bulletin](https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins-47).

## Define the Sponsor Profiles and Acquisition Cohort

Enter exactly two sponsor profiles, labeled A and B in the form. Give each a distinct name and a clear legal and research scope. Labels that match after case, spacing, and Unicode normalization are rejected. The software does not resolve corporate identities or determine which entity should receive credit for a result.

Choose the acquisition window's start and end dates. Both endpoints are included. A program acquired on the first or last day can qualify. The start cannot follow the end, and the end cannot follow your review cutoff. Use real dates from 1900 through 2200.

Choose one strategy: net lease, multifamily, or other stated strategy. Then describe the exact strategy and cohort scope in the text field. A broad menu label is only a first filter. You must judge whether the supplied programs fit the more precise definition and record that judgment in the evidence check.

Choose either all-cash or debt-financed acquisitions. Each program has its own financing field. A record with a different choice or unknown financing stays in the file but falls outside the selected cohort. This is a simple grouping rule, not a judgment that one financing type is better.

The review cutoff cannot be later than the current date in Coordinated Universal Time, or UTC. Acquisition, exit, source, and checked dates cannot follow that cutoff. A cutoff is a limit on entered dates. It does not prove that you found the latest report or every program in the sponsor's history.

## Use One Net Investor Cash Definition

For each program, enter the initial investor contribution, all additional investor contributions, and all cash returned. The denominator is initial plus additional contributions. The numerator is cash actually returned after investment-level costs. Include both distributions and final cash proceeds once, under the same scope for every record.

This tool's definition excludes personal taxes and outside account or adviser costs. It also ignores inflation and payment timing. Do not mix an investor's net cash with property-level sale proceeds or gross revenue. If records cannot be reconciled to this common definition, leave their evidence check open and explain the gap.

Additional contributions require an explicit value. Enter zero if the source supports that no additional capital was contributed. A blank means unknown and blocks that record from the summary. The same rule applies to cash returned: a documented zero can represent a full loss, while a blank is missing information.

The initial contribution must be positive when entered. Each money field accepts up to $1 billion with at most two decimal places. Use plain numbers without currency signs or commas. Negative amounts, scientific notation, and extra decimal places are rejected. The tool preserves your entries when validation fails.

## Enter Program Evidence and Dates

You can enter one to twelve program records. Each needs a unique label and an A or B sponsor assignment. The label is required even if other facts are unknown. This keeps exclusions tied to an identifiable record. The file does not silently drop incomplete rows.

Enter the acquisition date, strategy, financing, and outcome status. Available statuses distinguish a completed all-cash exit, an ongoing program, units received without a cash exit, and an unknown outcome. Only the completed all-cash status can enter the performance summaries. A unit exchange is retained separately rather than valued as cash.

For a completed record, enter its cash-exit date. It cannot precede acquisition when both dates are present. The supporting source must be dated on or after the claimed exit for the record to qualify. A report that predates the final outcome cannot support a completed cash total in this tool.

Add a source reference, an exact location, the source date, and the date you checked it. The checked date cannot precede the source date. Then confirm that you checked identity, cohort facts, all contributions, and net cash under the common definition. This is your assertion, not a verification performed by the software.

FINRA, the Financial Industry Regulatory Authority, discusses critical review of material claims and primary records for covered firms examining private placements. A checked box in this tool does not perform that work or certify compliance. It records a manual step that should be supported by the research file. [FINRA Notice 23-08](https://www.finra.org/rules-guidance/notices/23-08).

## Understand Eligible and Excluded Records

The first gate asks whether a program matches the acquisition window, strategy, and financing. Missing or different facts produce scope exclusions. The second gate asks whether there is a supported completed all-cash outcome, known cash inputs, required source details, and a checked manual confirmation.

A record enters the summaries only when both gates pass. The output lists every exclusion and outcome gap. Several reasons can apply to one record. Do not add the number of reasons and call that the number of excluded programs; the tool counts excluded records separately.

Each sponsor summary shows entered records, cohort matches, eligible outcomes, records outside the cohort, and matched records without an eligible outcome. These categories explain how the sample became smaller. A matching ongoing program remains part of the cohort count while staying outside completed-performance calculations.

If a sponsor has no eligible records, its median, range, and pooled multiple are withheld. If it has one, those figures describe only that one observation and carry a warning. The tool indicates whether both sponsor profiles have at least one eligible observation. It never creates ranks, a winner, or a recommendation.

## How Median and Pooled Cash Multiples Work

For one program, divide returned cash by total contributed capital. If investors contributed $100,000 and received $120,000 in total, the cash multiple is 1.2x. That means total returned cash equals 1.2 times contributed capital. It is not a 120% profit or a 20% annual return.

The median treats each eligible program as one observation. Sort the exact cash ratios. With an odd count, choose the middle ratio. With an even count, average the two middle ratios. A program with more capital does not receive more weight in this median.

The pooled multiple uses a different method. Add eligible returned cash and divide by the sum of eligible contributed capital. This weights each program by its contributed capital. It can differ from the median even when every record is correct. The output shows both so that the difference stays visible.

The range shows the smallest and largest eligible cash multiples. These are observed endpoints in the entered sample, not limits on what another investment can achieve. The software retains exact ratios in structured exports and displays multiples rounded half up to four decimal places. Exact fraction arithmetic determines sorting and the median before rounding.

## Follow the Fictional Seven-Program Example

Load the example and confirm replacement of existing entries. It contains invented records for two invented sponsors. The selected acquisition period is January 1, 2019 through December 31, 2021. Strategy is net lease, and financing is debt financed. No example record describes an actual investment.

| Program | Initial Capital | Added Capital | Total Returned Cash | Treatment |
|---|---:|---:|---:|---|
| A1 | $100,000 | $0 | $120,000 | Eligible, 1.2x |
| A2 | $200,000 | $0 | $320,000 | Eligible, 1.6x |
| A3 | $150,000 | $0 | Unknown | In cohort, ongoing |
| B1 | $100,000 | $10,000 | $121,000 | Eligible, 1.1x |
| B2 | $100,000 | $0 | $150,000 | Eligible, 1.5x |
| B3 | $100,000 | $0 | $140,000 | Outside acquisition window |
| B4 | $100,000 | $0 | $130,000 | Different financing |

There are seven entered programs, five cohort matches, and four eligible completed outcomes. Three records are excluded from summaries. A3 is unfinished. B3 was acquired in 2022, outside the selected window. B4 used all-cash financing, which differs from the chosen debt-financed cohort.

Sponsor A's median is the average of 1.2x and 1.6x, or 1.4x. Its pooled multiple is $440,000 divided by $300,000, displayed as 1.4667x. A2's larger contribution gives it more influence in the pooled result, but it remains one observation in the median.

Sponsor B's median is the average of 1.1x and 1.5x, or 1.3x. Its pooled multiple is $271,000 divided by $210,000, displayed as 1.2905x. B1's extra $10,000 contribution belongs in the denominator. Ignoring it would change B1's result from 1.1x to an incorrect 1.21x under this definition.

These summaries do not prove that one sponsor is better. A has one unfinished matching program. B has two entered programs outside the chosen group. Both completed samples contain only two observations. The table is useful because it preserves those limits beside the arithmetic.

## Read Small Samples and Unfinished Programs Carefully

A matched acquisition period does not make every risk equal. Properties may differ in tenants, location, debt terms, fees, and holding period. The broad filters help define the file, but they cannot establish full comparability. Explain material differences in the cohort scope and each program's notes.

Completed programs may be a selected subset. A difficult program might remain open while others exit, or a newer program may simply need more time. Withholding its final multiple is correct, but it does not remove the program from the broader research question. Review the unfinished records before drawing conclusions from the completed sample.

The SEC's private-placement bulletin explains that disclosure can be limited and interests can be hard to resell. An incomplete public dataset should therefore be labeled as such. The comparator cannot determine how many programs are absent from the file or whether the supplied records represent the whole sponsor history. [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).

The tool performs no statistical significance test. It assigns no probability to future returns and makes no adjustment for different holding periods. A precise decimal is a calculation result, not a measure of confidence. Use the output to identify further research questions and to document the limits of the available sample.

## Edit, Add, Remove, and Export Records

Every edit clears old results and disables downloads until you rebuild. Changes to a program clear that program's manual check. Changes to sponsor identity, the common cohort-scope text, or the cutoff clear all checks. Changing the acquisition window or the strategy and financing filters retains source checks but still requires a new calculation.

Use Add program to create a blank record, up to twelve. Remove program asks for confirmation and keeps at least one row. Loading the example and clearing all entries also require confirmation inside the page. Cancel keeps the entries. New typing cancels a pending confirmation so it cannot later erase newer work.

Both downloads retain every entered program, not just the eligible cases. They include source fields, notes, exclusions, sample counts, definitions, and summaries. JSON is structured data; text is a readable copy. The full JSON must fit within 500,000 UTF-8 bytes, and individual fields have length limits. No upload or automatic import is provided.

Export before leaving the page. The tool does not save to an account or browser storage. Keep the output with the source records and review date. If the scope or evidence changes, create a new export and preserve the earlier version so another reader can understand why the sample or result changed.

## FAQ

### Does Vintage Mean the Year an Offering Was Advertised?

Here it means the entered acquisition date. Advertising, subscription, acquisition, and final closing can occur at different times. Use the acquisition event required by your research scope and document it. Do not replace a missing acquisition date with another date merely to make the record qualify.

### Is the Cash Multiple an Annualized Return?

No. It ignores the timing of contributions and payments. It also excludes personal taxes and outside account or adviser costs. It shows total net cash returned relative to all contributed investor capital under the stated definition. It is not an internal rate of return or an estimate of future performance.

### Why Does the Median Differ From the Pooled Multiple?

The median gives each program one observation. The pooled multiple weights programs by contributed capital. Larger programs can therefore influence the pooled figure more. Neither method automatically answers every research question. Read both with the included program list and the stated scope.

### Can I Enter Zero for a Completed Loss?

Yes, if the source supports zero total returned cash under the common definition. Enter a positive initial contribution and an explicit value for added contributions. Complete the other required evidence fields and manual check. A blank cash field remains unknown and does not enter the summary as zero.

### Why Are Units Received Excluded From Completed Cash Results?

Units are an ownership interest, not cash returned under this tool's definition. Their estimated value and possible future redemption require a different method. Keep the record and its notes in the file. Do not enter a unit valuation as completed cash merely to include it in the comparison.

### Does Passing the Filters Prove That Two Sponsors Are Comparable?

No. It shows that the entered records passed a narrow set of rules. The tool does not verify facts, measure every risk, or establish a complete market sample. Read the legal scope, property differences, dates, cash definition, and excluded records before relying on the summaries.

## About Sequoia Research

Sequoia Research, LLC provides independent research on DSTs and other real estate investment offerings. This educational library explains how to inspect sources, compare investment terms, and separate verified facts from open questions. This tool and guide provide general research education, not an individual investment, legal, or tax recommendation.

## Sources

- [SEC Investor Bulletin: Performance Claims](https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins-47), September 15, 2022; calculation, fee, and past-performance limits. Reviewed October 17, 2026.
- [FINRA Regulatory Notice 23-08](https://www.finra.org/rules-guidance/notices/23-08), May 9, 2023; covered-firm private-placement investigation. Reviewed October 17, 2026.
- [SEC Private Placements Under Regulation D](https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins/private-placements-under-regulation-d-updated-investor-bulletin), August 17, 2022, updated September 21, 2026; disclosure and resale limits. Reviewed October 17, 2026.