Four Springs
Sponsor Overview
Four Springs TEN31 Xchange is a Long Island, NY-based net-lease DST sponsor. Since 2008 the team has acquired $1.3B+ of net-lease real estate with 99%+ rent collection and sponsored 49 investment programs (including 31 DSTs and an affiliated REIT, Pilothouse Real Estate Trust, formerly Four Springs Capital Trust). The 6 modern full-cycle DSTs (TEN31 era, 2022-2026) delivered avg 151% Total Return (~1.51x EM) over 8.4 years with 100% success. One DST — Gander Mountain — experienced tenant bankruptcy in 2017 and was eventually absorbed by the sponsor's own REIT in a complex workout. The 18 legacy FSCL programs (2009-2012) were almost entirely rolled UP into the captive REIT rather than sold to third parties.
Sponsor Notes
- Net-lease commercial properties (industrial, medical office, retail)
- Dominant asset class: industrial (13 of 24 current DSTs)
- Captive REIT backstop (Pilothouse REIT) for difficult exits
- Tight alignment between projected and actual distribution rates
Sponsor Overview
Firm Name
Four Springs
Headquarters
Lake Success, NY
Year Founded
2007
Assets Under Management (AUM)
$1.3B+
Preferred Sponsor
No
Performance
Full-Cycle DSTs
24
Average Annual Return
7.05%
Average Equity Multiple
1.47x
Average Hold Period
3.33 Years
Success Rate
100.00%
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Past performance is not indicative of future results. Performance data reflects outcomes of prior offerings and should not be expected to recur in current or future investments, which may result in partial or total loss of principal.
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