Cantor Fitzgerald DSTs: 52 Form D Offerings, $2.46 Billion Stated, 30 at a 5.00% Sales Commission

Which trusts are Cantor's, and how we counted

Cantor's DSTs are sold through Cantor Fitzgerald Investors, LLC, which the Form Ds name as the “Sponsor of the Issuer” (100 of the 126 filings; the earlier ones name Cantor Fitzgerald, L.P. or Cantor Fitzgerald). Each trust is a separate legal entity with its own name and SEC number: “CF Net Lease Portfolio ...”, “CF ... Multifamily DST”, “CF Livonia DST”, “CF WAG Portfolio DST”. We found them by searching EDGAR company names beginning “CF” for Form D filers ending in “DST” (54 issuers) and cross-checking with EDGAR full-text search for “Cantor Fitzgerald Investors” in Form D filings, which turned up no issuer outside the 54. Trusts Cantor sponsored under a different name would be missing; treat 52 as “at least.”

How the numbers were built, so you can repeat them:

• One row per issuer, from its latest Form D or D/A (by filing date). A DST can file ten times, and its first filing is usually “yet to occur,” so only the last one describes the offering. 126 distinct accessions were read; the SEC's index lists 132 because six shared filings appear under two issuers.
• Shared filings counted once. CF Net Lease Portfolio II and III filed an identical Form D under each name ($45,322,000), and so did Portfolio I and V ($42,598,000). That is why 54 issuers make 52 offerings.
• Amount sold is the form's “total amount sold,” and investors its “total number already invested.” A DST that reports $0 sold may simply never have updated its form; we label those “none reported,” not “unsold.”
• Percentages are our arithmetic: Item 12 (sales commissions) and Item 16 (gross proceeds used for payments to related persons) divided by the total offering amount. Both are marked as estimates on the form.
• One inconsistent filing is left as filed: CF Landings Multifamily DST's March 11, 2026 amendment reports 59 investors and $0 sold.

When Cantor filed, and how much

Source: each issuer's first Form D on EDGAR; CrowdfundedWealth dataset. Amounts are the offering ceilings stated on the form.

The 2021-2022 peak (18 offerings, $901.7M) was followed by a quiet 2023 and a rebuild: the three filed in 2026 so far total $252.8M and are led by CF Biscayne ($112,650,000, May 19, 2026), CF Fleetwood ($74,900,000, June 16, 2026) and CF Cupertino ($65,235,000, October 20, 2026). All three report the first sale as “yet to occur,” and none has been amended. The most recent amendment that reports a closing is CF Westshore Multifamily DST, filed November 2, 2026: $64,000,000 sold to 173 investors, 100% of its offering.

The sales commission: from 8.75% to a flat 5.00%

Source: CrowdfundedWealth dataset. Commission = Item 12 sales commissions ÷ total offering amount, each issuer's latest filing. Item 12 is marked an estimate on the form.

The change is the first thing to know: since 2021 Cantor's Form D commission is 5.00% on nearly every trust, where the 2017-2020 trusts show 6.00%, 8.50% or 8.75%. On a $1,000,000 exchange that is $50,000 at 5.00% against $87,500 at 8.75% (our arithmetic). Against the market, our 90-DST comparison of 2026 Form Ds found a median selling commission of 7.00%, which would be $70,000 on the same $1,000,000; Capital Square files at 8.4% to 8.5%, Passco at 7.65% since March 2025, and ExchangeRight at 5.00% or lower. Exceptions inside Cantor's own list: CF Summerfield Multifamily DST (2.87%, $1,095,000 on $38,100,000, with no explanation on the form), CF WAG Portfolio DST (4.75%) and CF Chisholm and CF Industry Multifamily DSTs (7.50% each, both first filed in January 2022). Finders' fees are $0 on 125 of the 126 filings; CF Bellevue's April 3, 2020 amendment shows $72, the same figure as its 72 investors, which looks like a typing slip.

The line that is not the commission: payments to related persons

Form D Item 16 asks how much of the gross proceeds is used for payments to the issuer's executive officers, directors and promoters. Cantor's wording on the CF Chestnut Street form is “Estimate of certain fees & expenses including Managing Broker-Dealer Fee, Marketing & Due Diligence Allowance, Offering & Organizational Expenses, Loan & Lender Expenses, Acquisition Fee & Closing Costs, which may accrue to one or more related persons.” That is a list of costs, not a profit figure, and it is not a statement about what the investor will earn.

Source: CrowdfundedWealth dataset; Item 16 ÷ total offering amount on each issuer's latest filing. “Period” is the year of the first Form D.

Two readings of this table are worth separating. In the 2017-2021 filings, Cantor's clarification field split Item 16 into what the depositor pays out and what it keeps. For CF Net Lease Portfolio II and III the form says the depositors “WILL BE RESP FOR PAYING CERTAIN FEES & COSTS OF APPROX $5,799,602. THE REMAINING $2,498,253 WILL BE RETAINED BY THE DEPOSITORS.” The retained part is 5.51% of that $45,322,000 offering (our arithmetic). Seven more filings do the same:

Source: Item 16 clarification text of each filing (accessions in the dataset). The “retained” percentage is our arithmetic. No filing from 2021 onward gives this split.

Since 2021 the clarification only lists categories (“Managing Broker-Dealer Fee, Marketing & Due Diligence Allowance ...”), so you cannot tell from the form how much stays with the sponsor. That matters for the sum a buyer wants: if Item 16 is entirely additive to the 5.00% commission, the maximum combined load on the 35 offerings first filed from 2021 has a median of 16.04%, up to 21.86% for CF Chestnut Street (5.00% + 16.86%, our arithmetic). Our cross-sponsor analysis added the two for the one fully sold Cantor trust whose clarification enumerates distinct costs, CF James Multifamily DST: $2,593,750 in commissions (5.00%) plus $6,290,392 (12.13%) on a fully sold $51,875,000 offering. Read these as ceilings the form itself calls estimates, not as what an investor lost.

One Item 16 entry is different in kind. The 2016 Form D of CF Retail Properties DST VI says: “That is the purchase price paid for the properties included $567,011, which the Seller paid to an Affiliate of the Sponsor for financial advisory services provided in connection with its sale of the properties.” That is 7.30% of its $7,767,870 offering.

What the forms say was sold

Source: CrowdfundedWealth dataset. “Investors” are investor positions summed across DSTs, not unique people. Reported sold is not a measure of money raised after the filing date.

The five partly sold ones are the useful warning about reading a Form D as an outcome. CF Westchester Multifamily DST's last amendment (February 21, 2024) shows $28,854,272 of $65,310,000 sold to 34 investors and has not been updated since. CF Hendry, Aurora and Railway (all last amended in 2020) and CF Summerfield (October 2021) are the same: partial numbers, then silence. Whether those trusts closed, were cut back or filled later is not in the SEC filing. Of the 11 reporting no sales, three are the 2026 filings above; CF Riverworks, Keller and Orlando (filed 2024-2025) have never been amended; so have CF Station, Mount Comfort and Wyatt (November 2020, January 2021 and April 2021) and the 2017 Net Lease I/V and VI forms. That is not evidence that nothing was sold. It is evidence that the Form D cannot tell you.

CF Net Lease Portfolio IV shows how a Form D can restart. It filed in September 2017 (“yet to occur,” $13,847,646), then filed again as a new Form D on December 21, 2021 for $21,620,000 with a first sale of December 7, 2021 and $9,388,132 sold to 20 investors, then amended on March 16, 2023 to $21,620,000 sold to 52 investors. The later forms name Cantor Fitzgerald Income Trust Operating Partnership, L.P. as depositor, the one place the Form Ds tie a DST to Cantor's non-traded REIT. Our CFIT review covers what happened when the REIT's operating partnership began exchanging DST interests for its own units in 2026, and our 721 exchange page compares that exit with other sponsors' programs.

All 52 offerings

Source: each issuer's latest Form D or D/A on EDGAR, read November 8, 2026; percentages are our arithmetic. Full filing links are in the dataset.

What a reader can do with this

• Ask for the load in dollars from the private placement memorandum. The Form D gives a 5.00% commission and an Item 16 estimate; the memorandum splits them into dealer-manager fees, acquisition and financing fees and reserves. Ask what part of Item 16 stays with the sponsor, as the 2017-2021 forms used to say.
• Check whether the trust you are offered has sold out. If its Form D says “yet to occur” or shows partial sales, ask the sponsor or your broker for the amount closed and the closing date. The form will not tell you.
• Ask who the broker-dealers are and what they are paid. Cantor Fitzgerald & Co. is listed on 47 of 52 and the median form lists 21 broker-dealers; whoever sells you a Cantor DST is paid out of the same 5.00%.
• Ask about the exit. A DST generally cannot raise new money or refinance freely; many end in a sale or a swap into an operating partnership's units. Read what a DST-to-REIT roll does to your exit and how a Delaware statutory trust works.
• Watch the clock. A 1031 exchange has 45 days to identify and 180 days to close (rules); a DST that is already sold out cannot take your money.

FAQ

All figures are from Form D and Form D/A filings on SEC EDGAR read on November 8, 2026 (54 issuers, 126 distinct accessions, XML saved). Percentages, medians, sums, vintage groupings and the combined commission-plus-Item-16 load are our arithmetic. The median sales commission across the 52 offerings is 5.00% of the offering amount. Trusts sponsored by Cantor under names that do not begin with “CF” would not be counted. This is analysis of public documents, not investment, legal or tax advice.