What our numbers mean — and what they don't.

Where the figures come from

Sources. Performance is compiled from sponsor-published full-cycle track records, offering materials, investor reporting, and public filings, and presented as reported by the sponsor. We do not audit, recalculate, or independently verify them.

Scope. Aggregate statistics reflect full-cycle (realized) programs — offerings acquired, operated, and ultimately sold — so total investor proceeds are known. Active and unrealized programs are excluded until they complete.

Coverage. Sponsor profiles span the institutional 1031 / DST universe we track; a subset are designated preferred sponsors, reflecting the depth of our diligence coverage. Figures are point-in-time, not continuously audited.

What each metric means

Full-Cycle Program

An offering that has been raised, deployed, operated, and exited, so the total return to investors is known. Active programs are excluded from realized averages.

Average Annual Return

The average annualized total return across a sponsor's full-cycle programs, as the sponsor reports it (some IRR, some yield + appreciation), net of fees, sponsor load, and program expenses. We do not reconcile to a single basis.

Equity Multiple (“x”)

Total cash returned divided by equity invested. 1.8x means $1.00 returned $1.80 over the hold. A multiple ignores time — read it alongside hold period.

Hold Period

Time from acquisition to exit, in years, averaged across realized programs. The hold is set by the sponsor's business plan, not the investor.

Success Rate

The share of full-cycle programs that returned at least an investor's original equity, as reported by the sponsor. Definitions differ; it measures avoidance of loss, not the size of gains.

AUM

The sponsor's reported total assets under management — a measure of scale and tenure, not of DST-program performance, and may include unrelated strategies.

Mean vs. Median

Where we lead with a mean we show the median alongside it. When the two diverge, the spread is the story — averages conceal dispersion, and dispersion is risk.

Turning many programs into one number

Aggregate statistics are computed across realized programs, generally equal-weighting each program unless stated as dollar-weighted. We report sponsor-universe and preferred-sponsor figures separately, and lead with the mean while disclosing the median. Because sponsors report on differing bases, treat these aggregates as directional context — not a precise, like-for-like benchmark, and never an expected return for any specific offering.

What these numbers are not

How a sponsor becomes “preferred”

A preferred sponsor is one whose platform, programs, and reporting we cover in depth. The designation reflects the breadth of our diligence relationship, not a rating, ranking, endorsement, or assurance about outcomes. Coverage considers tenure and multi-cycle history, transparency of reporting, asset/strategy focus, and structural and sponsor diligence. A sponsor's absence from the list is not a negative judgment.

Frequently asked