<?xml version="1.0"?>
<edgarSubmission>

    <schemaVersion>X0708</schemaVersion>

    <submissionType>D/A</submissionType>

    <testOrLive>LIVE</testOrLive>

    <primaryIssuer>
        <cik>0002136591</cik>
        <entityName>IREX V Diversified Portfolio DST</entityName>
        <issuerAddress>
            <street1>2300 N. FIELD STEET</street1>
            <street2>SUITE 1200</street2>
            <city>DALLAS</city>
            <stateOrCountry>TX</stateOrCountry>
            <stateOrCountryDescription>TEXAS</stateOrCountryDescription>
            <zipCode>75201</zipCode>
        </issuerAddress>
        <issuerPhoneNumber>(972) 715-7400</issuerPhoneNumber>
        <jurisdictionOfInc>DELAWARE</jurisdictionOfInc>
        <issuerPreviousNameList>
            <value>None</value>
        </issuerPreviousNameList>
        <edgarPreviousNameList>
            <value>None</value>
        </edgarPreviousNameList>
        <entityType>Other</entityType>
        <entityTypeOtherDesc>Delaware Statutory Trust</entityTypeOtherDesc>
        <yearOfInc>
            <withinFiveYears>true</withinFiveYears>
            <value>2026</value>
        </yearOfInc>
    </primaryIssuer>

    <relatedPersonsList>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Stephanie</firstName>
                <lastName>Holder</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>2300 N. Field Street</street1>
                <street2>Suite 1200</street2>
                <city>Dallas</city>
                <stateOrCountry>TX</stateOrCountry>
                <stateOrCountryDescription>TEXAS</stateOrCountryDescription>
                <zipCode>75201</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Vice President &amp; Asst Secretary of the Manager of the Issuer</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>N/A</firstName>
                <lastName>Invesco Real Estate Exchange LLC</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>2300 N. Field Street</street1>
                <street2>Suite 1200</street2>
                <city>Dallas</city>
                <stateOrCountry>TX</stateOrCountry>
                <stateOrCountryDescription>TEXAS</stateOrCountryDescription>
                <zipCode>75201</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Sponsor of the Issuer</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>N/A</firstName>
                <lastName>Invesco DST Manager LLC</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>2300 N. Field Street</street1>
                <street2>Suite 1200</street2>
                <city>Dallas</city>
                <stateOrCountry>TX</stateOrCountry>
                <stateOrCountryDescription>TEXAS</stateOrCountryDescription>
                <zipCode>75201</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Manager and Signatory Trustee of the Issuer</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>N/A</firstName>
                <lastName>IREX Depositor LLC</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>2300 N. Field Street</street1>
                <street2>Suite 1200</street2>
                <city>Dallas</city>
                <stateOrCountry>TX</stateOrCountry>
                <stateOrCountryDescription>TEXAS</stateOrCountryDescription>
                <zipCode>75201</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Depositor of the Issuer</relationshipClarification>
        </relatedPersonInfo>
    </relatedPersonsList>

    <offeringData>
        <industryGroup>
            <industryGroupType>Commercial</industryGroupType>
        </industryGroup>
        <issuerSize>
            <revenueRange>Decline to Disclose</revenueRange>
        </issuerSize>
        <federalExemptionsExclusions>
            <item>06b</item>
        </federalExemptionsExclusions>
        <typeOfFiling>
            <newOrAmendment>
                <isAmendment>true</isAmendment>
                <previousAccessionNumber>0002136591-26-000007</previousAccessionNumber>
            </newOrAmendment>
            <dateOfFirstSale>
                <value>2026-05-08</value>
            </dateOfFirstSale>
        </typeOfFiling>
        <durationOfOffering>
            <moreThanOneYear>false</moreThanOneYear>
        </durationOfOffering>
        <typesOfSecuritiesOffered>
            <isEquityType>true</isEquityType>
        </typesOfSecuritiesOffered>
        <businessCombinationTransaction>
            <isBusinessCombinationTransaction>false</isBusinessCombinationTransaction>
            <clarificationOfResponse></clarificationOfResponse>
        </businessCombinationTransaction>
        <minimumInvestmentAccepted>250000</minimumInvestmentAccepted>
        <salesCompensationList>
            <recipient>
                <recipientName>Morgan Stanley</recipientName>
                <recipientCRDNumber>149777</recipientCRDNumber>
                <associatedBDName>None</associatedBDName>
                <associatedBDCRDNumber>None</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>2000 Westchester Avenue</street1>
                    <city>Purchase</city>
                    <stateOrCountry>NY</stateOrCountry>
                    <stateOrCountryDescription>NEW YORK</stateOrCountryDescription>
                    <zipCode>10577-2530</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>AL</state>
                    <description>ALABAMA</description>
                    <state>AR</state>
                    <description>ARKANSAS</description>
                    <state>CA</state>
                    <description>CALIFORNIA</description>
                    <state>CO</state>
                    <description>COLORADO</description>
                    <state>FL</state>
                    <description>FLORIDA</description>
                    <state>GA</state>
                    <description>GEORGIA</description>
                    <state>IL</state>
                    <description>ILLINOIS</description>
                    <state>KY</state>
                    <description>KENTUCKY</description>
                    <state>MD</state>
                    <description>MARYLAND</description>
                    <state>MN</state>
                    <description>MINNESOTA</description>
                    <state>MO</state>
                    <description>MISSOURI</description>
                    <state>NJ</state>
                    <description>NEW JERSEY</description>
                    <state>NY</state>
                    <description>NEW YORK</description>
                    <state>NC</state>
                    <description>NORTH CAROLINA</description>
                    <state>OH</state>
                    <description>OHIO</description>
                    <state>OK</state>
                    <description>OKLAHOMA</description>
                    <state>OR</state>
                    <description>OREGON</description>
                    <state>PA</state>
                    <description>PENNSYLVANIA</description>
                    <state>SC</state>
                    <description>SOUTH CAROLINA</description>
                    <state>TX</state>
                    <description>TEXAS</description>
                    <state>WA</state>
                    <description>WASHINGTON</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>Chad Kolinksy</recipientName>
                <recipientCRDNumber>6414638</recipientCRDNumber>
                <associatedBDName>World Investments, LLC</associatedBDName>
                <associatedBDCRDNumber>20626</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>500 North Franklin Turnpike</street1>
                    <street2>Suite 104</street2>
                    <city>Ramsey</city>
                    <stateOrCountry>NJ</stateOrCountry>
                    <stateOrCountryDescription>NEW JERSEY</stateOrCountryDescription>
                    <zipCode>07446</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>NY</state>
                    <description>NEW YORK</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>Dan L. Werry</recipientName>
                <recipientCRDNumber>4721789</recipientCRDNumber>
                <associatedBDName>Emerson Equity LLC</associatedBDName>
                <associatedBDCRDNumber>130032</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>9940 Research Drive</street1>
                    <street2>Suite 200</street2>
                    <city>Irvine</city>
                    <stateOrCountry>CA</stateOrCountry>
                    <stateOrCountryDescription>CALIFORNIA</stateOrCountryDescription>
                    <zipCode>92618</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>TN</state>
                    <description>TENNESSEE</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>Amr Tenney</recipientName>
                <recipientCRDNumber>5506866</recipientCRDNumber>
                <associatedBDName>Realized Financial, Inc.</associatedBDName>
                <associatedBDCRDNumber>22333</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>500 W. 13th Street</street1>
                    <city>Austin</city>
                    <stateOrCountry>TX</stateOrCountry>
                    <stateOrCountryDescription>TEXAS</stateOrCountryDescription>
                    <zipCode>78701</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>CA</state>
                    <description>CALIFORNIA</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>James Fanning</recipientName>
                <recipientCRDNumber>6377061</recipientCRDNumber>
                <associatedBDName>LPL Financial LLC</associatedBDName>
                <associatedBDCRDNumber>6413</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>4703 Boardwalk Dr Bldg B</street1>
                    <street2>Ste 1</street2>
                    <city>Fort Collins</city>
                    <stateOrCountry>CO</stateOrCountry>
                    <stateOrCountryDescription>COLORADO</stateOrCountryDescription>
                    <zipCode>80525</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>CO</state>
                    <description>COLORADO</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>Daniel Mackey</recipientName>
                <recipientCRDNumber>1859003</recipientCRDNumber>
                <associatedBDName>LPL Financial LLC</associatedBDName>
                <associatedBDCRDNumber>6413</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>4703 Boardwalk Dr Bldg B</street1>
                    <street2>Ste 1</street2>
                    <city>Fort Collins</city>
                    <stateOrCountry>CO</stateOrCountry>
                    <stateOrCountryDescription>COLORADO</stateOrCountryDescription>
                    <zipCode>80525</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>CO</state>
                    <description>COLORADO</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>Simon Brower</recipientName>
                <recipientCRDNumber>4496781</recipientCRDNumber>
                <associatedBDName>Realized Financial, Inc.</associatedBDName>
                <associatedBDCRDNumber>22333</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>500 W. 13th Street</street1>
                    <city>Austin</city>
                    <stateOrCountry>TX</stateOrCountry>
                    <stateOrCountryDescription>TEXAS</stateOrCountryDescription>
                    <zipCode>78701</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>ME</state>
                    <description>MAINE</description>
                    <state>TX</state>
                    <description>TEXAS</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>Sean D. Whalen</recipientName>
                <recipientCRDNumber>4000934</recipientCRDNumber>
                <associatedBDName>DAI Securities, LLC</associatedBDName>
                <associatedBDCRDNumber>36673</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>8 Pleasant Street</street1>
                    <street2>Unit 2B</street2>
                    <city>Natick</city>
                    <stateOrCountry>MA</stateOrCountry>
                    <stateOrCountryDescription>MASSACHUSETTS</stateOrCountryDescription>
                    <zipCode>01760</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>NM</state>
                    <description>NEW MEXICO</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>William Kinmonth</recipientName>
                <recipientCRDNumber>2896623</recipientCRDNumber>
                <associatedBDName>LPL Financial LLC</associatedBDName>
                <associatedBDCRDNumber>6413</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>634 Alpha Drive</street1>
                    <street2>Suite 500</street2>
                    <city>Pittsburgh</city>
                    <stateOrCountry>PA</stateOrCountry>
                    <stateOrCountryDescription>PENNSYLVANIA</stateOrCountryDescription>
                    <zipCode>15238</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>PA</state>
                    <description>PENNSYLVANIA</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>Michael Hughes</recipientName>
                <recipientCRDNumber>1161779</recipientCRDNumber>
                <associatedBDName>LPL Financial LLC</associatedBDName>
                <associatedBDCRDNumber>6413</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>1510 Fashion Island Blvd</street1>
                    <street2>Suite 380</street2>
                    <city>San Mateo</city>
                    <stateOrCountry>CA</stateOrCountry>
                    <stateOrCountryDescription>CALIFORNIA</stateOrCountryDescription>
                    <zipCode>94404</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>CA</state>
                    <description>CALIFORNIA</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
        </salesCompensationList>
        <offeringSalesAmounts>
            <totalOfferingAmount>97634409</totalOfferingAmount>
            <totalAmountSold>73771670</totalAmountSold>
            <totalRemaining>23862739</totalRemaining>
            <clarificationOfResponse>Regarding Item 11, the Issuer may accept smaller investments in the Issuer?s sole discretion.</clarificationOfResponse>
        </offeringSalesAmounts>
        <investors>
            <hasNonAccreditedInvestors>false</hasNonAccreditedInvestors>
            <totalNumberAlreadyInvested>69</totalNumberAlreadyInvested>
        </investors>
        <salesCommissionsFindersFees>
            <salesCommissions>
                <dollarAmount>5858064</dollarAmount>
                <isEstimate>true</isEstimate>
            </salesCommissions>
            <findersFees>
                <dollarAmount>0</dollarAmount>
                <isEstimate>true</isEstimate>
            </findersFees>
            <clarificationOfResponse>Sales Commissions include estimates of the maximum amount of Sales Commissions and Dealer Manager Fees that may be paid.</clarificationOfResponse>
        </salesCommissionsFindersFees>
        <useOfProceeds>
            <grossProceedsUsed>
                <dollarAmount>976344</dollarAmount>
                <isEstimate>true</isEstimate>
            </grossProceedsUsed>
            <clarificationOfResponse>Item 16 is an estimate of offering and organizational expenses and closing costs that may accrue to one or more Related Persons.</clarificationOfResponse>
        </useOfProceeds>
        <signatureBlock>
            <authorizedRepresentative>false</authorizedRepresentative>
            <signature>
                <issuerName>IREX V Diversified Portfolio DST</issuerName>
                <signatureName>/s/Stephanie Holder</signatureName>
                <nameOfSigner>Stephanie Holder</nameOfSigner>
                <signatureTitle>Vice President &amp; Asst Secretary of the Manager of the Issuer</signatureTitle>
                <signatureDate>2026-08-26</signatureDate>
            </signature>
        </signatureBlock>
    </offeringData>
</edgarSubmission>
