Inland Private Capital DSTs, From 1,579 Form D Filings: $8.67 Billion Sold, a Load Back Up to 7.9%, and the Zero-Coupon Deals

Who IPC is, and why its Form Ds are unusually useful

Inland Private Capital Corporation is the Inland group's sponsor of Delaware statutory trusts (DSTs): trusts that own a property or portfolio and sell fractional interests to accredited investors completing a 1031 exchange. Its Form Ds are signed from Oak Brook, Illinois; Keith Lampi is named on most of them, and Inland Securities Corporation, the group's broker-dealer, is listed on most next to a long selling group of outside firms (Concorde Investment Services, Centaurus Financial and Cambridge Investment Research are the most frequent).

A Form D is the short notice every private offering files with the SEC: offering amount, amount sold, number of investors, sales commissions, and the proceeds used "for payments to any of the persons required to be named as executive officers, directors or promoters" (Item 16; "related persons" below). Most DST sponsors file it once and never update it, so the "sold" box says little. IPC files an amendment as sales come in, until the offering is fully sold. That is why this dataset is close to a record of money raised, not a list of ceilings. It is built from full-text search for "Inland Private Capital", so treat 215 as "at least".

How much, and when

Source: each DST's latest Form D or D/A on EDGAR; CrowdfundedWealth dataset. Investor positions are summed per DST, so one investor in three DSTs counts three times.

The peak was 2022: 18 DSTs and $1.58 billion, led by IPC Industrial Portfolio DST ($275.9 million from 546 investors) and Diversified Residential Portfolio III DST ($209.3 million). After the rate shock, 2023 fell to $264 million. IPC has filed fewer, larger deals since: four in 2025 and one so far in 2026. By property type (read from the names), multifamily is the largest by far (54 DSTs, $2.71 billion), then self-storage ($923 million), student housing ($782 million) and senior living ($648 million).

The load, and how it has moved

Source: CrowdfundedWealth dataset; percentages are of the offering amount. Arizona Healthcare DST is excluded from the commission median: its Form D reports $130,760,200 of sales commissions on a $26,152,407 offering, which cannot be right.

IPC's Form Ds describe the commission as "estimates of the maximum amount of Selling Commissions, Dealer Fees and Placement Agent Fees that may be paid." The recent multifamily deals are back at the top of IPC's range: 7.9% on Union Multifamily DST, Inland Jersey City Multifamily DST and Inland Long Island Residential DST, and 7.98% on Inland Oklahoma Student Housing DST. On a $500,000 exchange, 7.9% is about $39,500 of selling cost inside the offering, before the related-party payments. For comparison, Capital Square's Form Ds show 8.4%-8.5%, and our ten-sponsor comparison put IPC's band at 7.90%-8.90% on the deals it sampled.

The Zero Coupon DSTs

Sixteen IPC DSTs are named "Zero Coupon" (pharmacies from 2012, then offices, fulfillment centers and a lab). The 15 that report a related-party figure sold $272.6 million (Zero Coupon Essential Portfolio II DST reports none), and their estimated payments to related persons are much higher than the rest: a median of 24.1% of the offering, against 6.4% for IPC's other DSTs.

Sources: latest Form D or D/A of each DST (accessions in the dataset). The amounts are the sponsor's estimates.

The filings list what is inside the figure: on Zero Coupon OH Fulfillment, "the Dealer Fee, Acquisition Fee, Operational and Organizational Expenses, Placement Agent Fee, and Reimbursement of Acquisition and Financing Costs." So part of it is selling cost paid to Inland's own broker-dealer, and part is sponsor fees. The name refers to the financing: in a zero-coupon DST the loan typically accrues rather than pays interest, so the equity is a smaller slice of the property and investors may receive little cash along the way; the Form D itself does not give the loan, so we cannot tell you the fees as a share of the property. Ask for the use-of-proceeds table and the loan terms, and ask what you are expected to receive in cash each year, if anything.

Where IPC DSTs go next: the ALT REIT

IPC also sponsors the IPC Alternative Real Estate Income Trust, which has been rolling DSTs into its operating partnership in exchange for units. That operating partnership filed its own Form D (IPC Alternative Real Estate Operating Partnership, LP: $77.3 million to 114 investors, March 2026), and so did Inland ALT Senior Living DST (2025). If you hold an IPC DST, our read of the ALT REIT's filings shows what a roll-up does to your exit, and what a DST-to-REIT 721 roll does to your options covers the general case.

Before you put a 1031 exchange into an IPC DST

• Ask for the load in dollars on your equity: selling commission, dealer and placement fees, acquisition fee and reimbursements, from the memorandum's use-of-proceeds table. The Form D gives the two totals; on recent deals, about 7.9% plus about 6%.
• On any Zero Coupon DST, ask for the loan terms and the expected cash distributions, and why a quarter of the offering goes to related persons.
• Ask how much is left and when it closes. IPC's amendments tell you: Inland Long Island Residential DST was at 43% of its offering on September 2, 2026.
• Know the exit, including whether a roll-up into the ALT REIT is contemplated for the property you are buying.

FAQ

Dataset notes. Built from EDGAR on September 29, 2026: full-text search of Form D and D/A filings for "Inland Private Capital" returned 1,579 filings from 231 issuers; InPoint Commercial Real Estate Income (an Inland REIT, not an IPC program) and two Wingspan Inland Marine funds (unrelated) were excluded, leaving 215 DSTs and 13 other IPC programs (opportunity-zone funds, self-storage redevelopment, the ALT REIT operating partnership and others, $530.7 million sold). For each issuer we parsed every Form D XML and kept the latest; two were checked by hand (IPC Industrial Portfolio DST, 0001932376-24-000001; Inland Long Island Residential DST, 0002113730-26-000013). Percentages, totals, medians and groupings are our arithmetic; property types come from names only. This is analysis of public documents, not investment, legal or tax advice.