Current DST offerings provide important information about an investment available today. But when advisors evaluate a sponsor, the current offering is only part of the picture.
Historical sponsor information can add another layer of context: how many programs have closed, how many have gone full cycle, how completed programs have performed, and how much history is available to review.
Blue Vault has been organizing historical DST information identified in sponsor-issued materials and other available source documents to make that comparison easier.
What Blue Vault Identified
- 11 Sponsors with historical performance data available
- 8 sponsors with closed-program history available
- 9 sponsors with full-cycle history available
- 6 sponsors with both closed-program and full-cycle history available
What the Data Shows
- ExchangeRight, Madison Capital and Livingston Street Capital each show 100.0% of identified full-cycle DSTs breaking even after a 3% disposition cost; the depth of the identified history differs materially at 34, 34 and 4 full-cycle programs, respectively.
- Passco has 48 identified full-cycle programs, with 93.8% breaking even after the 3% disposition cost. Its closed-program dataset contains 52 programs, with 50.0% classified as performing under the Blue Vault closed-program methodology.
- Cantor Fitzgerald has 42 identified closed programs and 10 full-cycle programs. The corresponding metrics are 73.8% of closed DSTs performing and 80.0% of full-cycle DSTs breaking even after the 3% disposition cost.
- Inland has the largest identified full-cycle program count in this dataset at 105. Its full-cycle break-even metric is 44.3%.
- Only six sponsors in the reviewed universe have both closed-program and full-cycle historical data identified by Blue Vault, highlighting how uneven the depth of historical information remains across sponsors.
721 Destination REIT Context
For sponsors with an identified 721 destination REIT, Blue Vault can add a second layer of context by looking at the REIT’s operating and distribution-coverage data.
- ExchangeRight Essential Income REIT — Q2 2026 MFFO/AFFO payout ratio: 96.6%. Under Blue Vault methodology, a payout ratio of 100% or less indicates full distribution coverage.
- Cantor Fitzgerald Income Trust — Q2 2026 MFFO/AFFO payout ratio: 133.2%, which is above 100%.
Why Historical Sponsor Data Matters
DST due diligence often begins with the current offering — property, leverage, cap rate, projected distributions, market and exit structure. Those items matter. Historical sponsor information answers a different question: what has happened across prior programs and actual exits?
That history does not make future outcomes predictable, and a single percentage should never be treated as a complete assessment of a sponsor. It does, however, provide advisors with additional context beyond the terms of one current offering and makes differences in the depth of sponsor history easier to see.
Methodology & Definitions
Closed DSTs Performing: Calculated from the historical closed-program dataset as 100% minus the sponsor’s percentage of closed DSTs classified as underperforming.
Full-Cycle DSTs Breaking Even after 3%: Calculated as 100% minus the sponsor’s percentage of full-cycle DSTs that did not break even after applying a 3% disposition/sales cost. This is the Blue Vault full-cycle metric used in this release.
Not Provided: Blue Vault did not identify the applicable metric in the reviewed sponsor-issued materials/source documents. It does not mean the information does not exist.
NA: Used where Blue Vault has not identified an applicable 721 destination REIT or the REIT metric is not applicable in this analysis.
REIT MFFO/AFFO Payout Ratio: Q2 2026 quarter metric from the Blue Vault REIT dataset. A payout ratio of 100% or less indicates full distribution coverage under Blue Vault methodology.
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Important Context This analysis reflects information Blue Vault has identified from sponsor-issued materials and other available source documents. We believe it captures the majority of DST sponsors with disclosed closed-program and/or full-cycle performance data, but additional sponsor-issued information may exist that is not reflected here. The absence of a sponsor from this table should not be interpreted to mean that the sponsor has no such data. Blue Vault will continue to monitor for additional disclosures and update this analysis as appropriate. |
Blue Vault research is provided for informational and educational purposes only and should not be construed as investment advice. Historical performance is not indicative of future results.
