Recognizing the value of historical closed and full-cycle DST reporting.
When evaluating a DST offering, advisors examine projected distributions, financing, the property, and the sponsor’s proposed exit strategy. But another important question deserves attention:
What does the sponsor’s historical record show?
Blue Vault recognizes sponsors that make prior-program information available for review, contributing to a more transparent due diligence process.
Historical disclosure does not mean every program performed as projected. Some prior outcomes may fall short of expectations; others may exceed them. The value is that advisors have information they can examine instead of relying on projections alone.
An Updated Look at DST Sponsor History
Blue Vault’s October 15, 2026 historical DST datasets include 485 closed-program records and 334 full-cycle program records across 11 sponsors.
These figures reflect an increase in the historical records represented since Blue Vault’s October 6 analysis, What Can You Learn From a DST Sponsor’s History?
| Historical DST Data | October 6 Review |
October 15 Update |
|---|---|---|
| Sponsors represented | 11 | 11 |
| Closed DST program records | 440 | 485 |
| Full-cycle DST program records | 280 | 334 |
| Sponsors represented in both datasets | 6 | 7 |
Comparison of the historical program records reported in Blue Vault’s October 6 analysis and October 15 datasets. Changes reflect differences in dataset representation and do not necessarily indicate newly completed programs or newly disclosed information.
While the total number of sponsors remains unchanged, the updated datasets include 45 additional closed-program records and 54 additional full-cycle records. A seventh sponsor now has historical program records represented in both datasets.
Recognizing 11 Sponsors With Historical DST Information
The following table identifies the 11 sponsors represented in Blue Vault’s October 15 historical DST datasets and the number of closed and full-cycle program records associated with each.
| Sponsor | Closed DST Programs |
Full-Cycle DST Programs |
|---|---|---|
| Inland | 112 | 111 |
| ExchangeRight | 98 | 34 |
| Capital Square | 94 | 45 |
| Passco | 51 | 72 |
| Cantor Fitzgerald | 42 | 10 |
| NexPoint | 29 | — |
| Four Springs | 24 | 6 |
| AEI | 24 | — |
| Jones Lang LaSalle Incorporated | 11 | 18 |
| Madison Capital | — | 34 |
| Livingston Street Capital | — | 4 |
| Total | 485 | 334 |
Source: Blue Vault Closed DST File and Full Cycle DST File, October 15, 2026. Sponsors are ordered by closed-program record count, not investment performance or overall sponsor quality. A dash indicates no program records in that dataset. Counts describe dataset records and should not be added together as unique programs. Inclusion does not constitute a recommendation or endorsement.
Of the 11 sponsors, seven are represented in both datasets, two appear only in the closed-program data, and two only in the full-cycle data.
The distinction matters because closed and full-cycle histories provide different perspectives.
Closed DST programs are no longer accepting new investment but may still be operating. Their available records can help advisors examine historical distributions and other reported operating information.
Full-cycle DST programs have completed their investment cycles. Where sufficient information is available, these records may help advisors assess completed investment outcomes, including disposition results.
Having both types of information available can provide a broader view of a sponsor’s historical experience.
Why Historical Information Matters for Advisors
Historical reporting can help advisors compare projected and actual distributions, assess available full-cycle outcomes, and ask more informed questions about prior programs.
But the number of programs represented is only a starting point.
A sponsor with more historical records does not necessarily have better investment performance. Advisors must also consider what those records reveal, how outcomes vary across programs, and whether the information is sufficiently complete to support meaningful comparisons.
For example, advisors may want to investigate whether prior programs met their projected distribution rates, how consistently those results were achieved, and what investors ultimately received when programs completed their investment cycles.
These are different measures. Meeting a projected distribution rate does not, by itself, establish a favorable total investment return.
Historical information also provides context for discussions about a sponsor’s experience. Rather than relying solely on projections for a new offering, advisors can examine reported outcomes from previous programs and identify areas that warrant further due diligence.
Transparency Is a Starting Point, Not a Performance Rating
The broader significance of this updated historical dataset extends beyond the number of programs represented.
Making prior-program information available gives advisors an opportunity to examine actual results, including outcomes that did not meet original expectations.
Blue Vault recognizes the 11 sponsors represented in its October 15 historical DST datasets for making historical information available that contributes to this process.
At the same time, the datasets are not a complete inventory of the DST industry or every sponsor’s historical programs. A sponsor’s absence from these records does not establish that historical information is unavailable elsewhere.
For a broader discussion of how advisors can evaluate historical DST information, read Blue Vault’s earlier analysis: What Can You Learn From a DST Sponsor’s History?
Continue the Analysis in Blue Vault
Historical program counts help identify where information is available. The next step is examining the underlying records.
Within the Blue Vault portal, advisors can explore available closed and full-cycle DST information, evaluate reported performance measures, and compare historical program data as part of their due diligence process.
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Sources & Methodology
This analysis uses Blue Vault’s Closed DST File and Full Cycle DST File, each dated October 15, 2026. Historical information is generally based on sponsor offering materials reviewed by Blue Vault. The October 6 comparison uses the program counts published in Blue Vault’s October 6, 2026 analysis.
The October 15 table includes 11 sponsors represented in at least one historical dataset. Sponsors are ordered by the number of closed-program records represented. This ordering does not indicate investment performance, sponsor quality, or an endorsement.
Closed DST programs are closed to new investment but may still be operating. Full-cycle DST programs have completed their investment cycles. Counts represent records in the respective datasets and should not be combined to determine a unique program total. Changes in record counts between review dates do not necessarily indicate newly completed programs.
Coverage and metric availability vary, and not every sponsor or historical program may be represented. Information unavailable in the reviewed materials may exist elsewhere. The presence or absence of historical records should not be interpreted as evidence of favorable or unfavorable investment performance.
Blue Vault does not guarantee the completeness or accuracy of sponsor-provided information. This analysis is for informational and educational purposes and does not constitute investment advice or a recommendation of any sponsor or investment. Past performance is not indicative of future results.
