Public Non-Traded BDCs Raise $4 Billion for the Third Consecutive Month
Shrewsbury, New Jersey, May 22, 2025 – Robert A. Stanger & Company, Inc., a nationally recognized leader in non-listed alternative investment products, has published its April 2025 issue of The Stanger Market Pulse, complete with fundraising data of all alternative investments offered via the retail pipeline. These include public non-traded REITs, public non-traded BDCs, interval funds, non-traded preferred stocks, Delaware statutory trusts, opportunity zone funds, private BDCs, private REITs and other private placements including infrastructure and private equity offerings. Stanger also published its Q1 2025 issue of The Stanger Chairman’s Report, which tracks the net fundraising of all NAV REITs and non-traded BDCs that are effective and currently conducting public offerings. In addition to tracking fundraising and redemptions, monthly aggregate NAVs and changes in NAV per share are included.
Alternative Investment fundraising totaled approximately $60.6 billion through April, reflecting a $180 billion annual run rate. Fundraising is led by non-traded business development companies at an estimated $16.8 billion, other private placements, including infrastructure and private equity offerings, at $13.7 billion and interval funds at $12.2 billion. Despite a month-over-month increase of 27.2%, fundraising in non-traded REITs is down 17.7% compared to this time last year overall. On the other hand, non-traded BDC fundraising is up an astounding 45.7% compared to this time last year.
According to Kevin T. Gannon, Chairman of Robert A. Stanger & Co., Inc., “Reflecting the generally high-yield of BDCs (10%), the regular reporting of NAV per share and the semi-liquid nature of the shares.”
Stanger’s survey of top sponsors tracks fundraising of all alternative investments offered via the retail pipeline including publicly registered non-traded REITs, non-traded business development companies, interval funds, non-traded preferred stock of traded REITs, Delaware statutory trusts, opportunity zone, and other private placement offerings.
According to Randy Sweetman, Executive Managing Director of Robert A. Stanger & Co., Inc., “The top fundraisers in the alternative investment space year-to-date are Blackstone ($10.8 billion), Cliffwater ($6.0 billion), Kohlberg Kravis Roberts & Co. ($5.1 billion), Ares Management Corporation ($4.7 billion) and Blue Owl Capital ($4.6 billion).
Non-traded NAV REITs have reported first quarter investor redemption results that revealed an increase to 3.4% of average aggregate NAV as compared to 2.3% the prior quarter.
According to Kevin T. Gannon, Chairman of Robert A. Stanger & Co., Inc, “The slightly elevated redemption level is well within the expected 5% cap imposed by most programs except Starwood which imposed a 1% cap on quarterly redemptions”.
NAV REIT redemptions for the first quarter of 2025 totaled $2.8 billion as compared to $1.9 billion in Q4 2024. Despite the increase, NAV REIT redemptions are down from the $4.1 billion redeemed the same time last year in Q1 2024. Non-traded BDC first quarter investor redemptions remained stable at 1.4% of average aggregate NAV with little to no change from the prior quarter and the same time last year. During the first quarter of 2025, the overall aggregate NAV of the non-traded BDC space soared past $100 billion as retail investors continue to shift their portfolio allocations to BDCs and other credit-oriented products with higher yields.
The Stanger Chairman’s Report is exclusively available as a supplement to subscribers of The Stanger Market Pulse. To request a copy of The Stanger Market Pulse, The Stanger Chairman’s Report, or for further information on all available Stanger Publications, please contact:
Gregory R. DiSalvo
732.389.3600
gdisalvo@rastanger.com
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About Robert A. Stanger & Co., Inc.
Robert A. Stanger & Co., Inc., founded in 1978, is a nationally recognized investment banking firm specializing in providing investment banking, financial advisory, fairness opinion and asset and securities valuation services to partnerships, real estate investment trusts and real estate advisory and management companies in support of strategic planning, capital formation and financings, mergers, acquisitions, reorganizations, and consolidations.
Stanger is also well known for its flagship publication, The Stanger Report, a nationally recognized comprehensive report focused on non-traded REIT and BDC investing, including aggregate market statistics, total returns by company and total return indices, fee structure comparisons, and profiles of current offerings; The Stanger Market Pulse, focused on public non-traded REIT, non-traded BDC and other alternative investment fundraising; The Stanger Chairman’s Report, focused on NAV REIT and non-traded BDC sales and redemptions; The Stanger Interval Fund Report, focused on non-traded interval fund investing, and The Stanger Digest, a newsletter providing a weekly update on industry activities.
Stanger’s newest publication, Stanger Privates, is a quarterly deep dive into over 100 Private Placement REITs and BDCs and available exclusively to Stanger Institutional Access subscribers.
For More Information:
Kevin T. Gannon | Chairman & CEO | (732) 389-3600
Robert A. Stanger & Co., Inc.
1129 Broad Street, Suite 201
Shrewsbury, NJ 07702
www.rastanger.com
Member: SIPC
