For wealth advisors evaluating Delaware Statutory Trust (DST) investments, the projected distribution rate is often a natural starting point.
But a distribution rate represents only one dimension of an investment.
What about leverage? Upfront costs? The relationship between property income and investor purchase price?
Blue Vault’s latest analysis of 73 open DST offerings from 42 sponsors illustrates why these additional metrics deserve attention.
The DST Market at a Glance
As of November 2, 2026, Blue Vault’s open DST dataset includes offerings across eight asset classes, with substantial variations in financial structures and investment objectives.
Three market-wide metrics provide an initial perspective:
| Market Metric | Median |
|---|---|
| Projected distribution rate | 5.04% |
| Loan-to-value (LTV) | 45.22% |
| Upfront cost percentage | 12.55% |
These medians describe different aspects of the market. They should not be interpreted as the metrics of one representative DST offering.
1. How Are Projected Distribution Rates Distributed?
Across the 73 open DST offerings:
Projected Distribution Rates
73 open DST offerings | November 2, 2026
0% — 3 offerings (4.1%)
Above 0% to below 5% — 29 offerings (39.7%)
5% to below 6% — 32 offerings (43.8%)
6% or higher — 9 offerings (12.3%)
Number of offerings. Bars start at zero and use the same scale; full track = 36 offerings.
Source: Blue Vault’s Alts Intelligence Portal. Data as of November 2, 2026. Counts represent 73 open DST offerings, not a ranking or investment recommendation. Percentages may not sum to 100% due to rounding. Projected distributions are not guaranteed and do not represent total investment returns.
More than four out of five open offerings report projected distributions above zero but below 6%.
However, the appropriate distribution level depends on an investor’s objectives and the structure of the investment.
A zero-distribution DST, for example, may serve a different purpose than an income-oriented DST. Neither should be evaluated solely through its distribution rate.
2. What Does Leverage Reveal?
LTV helps describe the financing structure underlying an investment.
Across the November 2 DST dataset, the median LTV is 45.22%.
Yet the amount of leverage employed varies substantially across the market.
Leverage Varies Across the DST Market
Loan-to-value (LTV) | 73 open DST offerings | November 2, 2026
0% to below 25% — 27 offerings
25% to below 50% — 30 offerings
50% to below 75% — 13 offerings
75% or higher — 3 offerings
Number of offerings. Bars start at zero and use the same scale; full track = 36 offerings.
Source: Blue Vault’s Alts Intelligence Portal. Data as of November 2, 2026. LTV bands include zero-leverage offerings. Counts represent open offerings, not a ranking of investment quality or risk.
This variation is important because two offerings with comparable projected distribution rates may use meaningfully different amounts of financing.
Leverage can affect available cash flow, refinancing exposure, and the investment’s sensitivity to changing property values.
But LTV alone does not tell an advisor everything about financing risk. Loan maturity, fixed versus variable interest rates, debt-service obligations, and other loan provisions must also be considered.
3. Why Do Upfront Costs Matter?
The projected distribution rate does not, by itself, reveal the upfront costs associated with a DST offering.
Blue Vault’s November 2 data shows a median reported upfront cost percentage of 12.55%.
The metric can help advisors better understand the relationship between the cost of acquiring a DST interest and the underlying property economics.
However, upfront costs should not automatically be interpreted as investor-paid fees. The reported metric may reflect multiple elements of an offering’s transaction structure.
Advisors should examine the underlying expense components and the methodology used to calculate the percentage.
4. What About Investor Cap Rates?
Investor capitalization rates offer another perspective on the economics of a DST investment.
Across the November 2 dataset, the median reported investor cap rate is approximately 5.22%.
An investor cap rate and projected distribution rate measure different things.
The cap rate provides an income-based perspective on the real estate investment, while the projected distribution rate describes anticipated cash distributions to investors.
The distinction is especially important when comparing offerings with different financing structures, reserves, expenses, and distribution strategies.
5. What Do These Findings Mean for Wealth Advisors?
The November 2 data supports an important conclusion:
A projected distribution rate is useful, but it is not a comprehensive measure of a DST offering’s economics or investment risk.
A more complete review should consider projected distributions alongside leverage, upfront costs, investor cap rates, asset class, financing terms, and available sponsor history.
And although aggregate market statistics provide valuable perspective, they cannot answer every offering-specific question.
Continue the Analysis in Blue Vault.
Which DST Offerings Are Behind the Market Statistics?
Blue Vault Intelligence provides eligible industry professionals with detailed information on individual DST offerings.
Subscribers can examine and compare:
- Projected distribution rates and cash-flow assumptions
- LTV, financing terms, and debt characteristics
- Reported upfront costs and investor cap rates
- Property types and offering structures
- Sponsor information and available historical performance metrics
Rather than evaluating offerings through isolated numbers, subscribers can examine multiple characteristics side by side.
Blue Vault Intelligence is available at no cost to eligible wealth advisors.
Sources & Methodology
Source: Blue Vault’s Alts Intelligence Portal. Data as of November 2, 2026.
The analysis includes 73 offerings identified as open in Blue Vault’s Alts Intelligence Portal. Each offering is counted once. Medians represent unweighted offering-level observations and should not be interpreted as capital-weighted market metrics. Percentage bands are constructed from the underlying reported data.
Projected distribution rates represent reported projections, not guaranteed payments. LTV represents Blue Vault’s reported financing ratio. Upfront cost percentages reflect Blue Vault’s recorded measure and do not necessarily represent fees paid directly by investors. Investor cap rates are based on the corresponding measure reported in the portal.
The information reflects a point-in-time snapshot and may change. Data includes information obtained from offering materials and sponsor disclosures, which Blue Vault does not guarantee. Historical sponsor performance is not a guarantee of future results.
This publication is intended as general market intelligence and does not constitute an offer to sell, a solicitation to buy, or a recommendation regarding any security. Investment suitability requires review of the applicable offering documents and individual investor circumstances.
