Public Non-Traded BDCs Set to Raise Over $40 Billion in 2025
Shrewsbury, New Jersey, November 25, 2025 – Robert A. Stanger & Company, Inc., a nationally recognized leader in non-listed alternative investment products, has published its October 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 Q3 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 inflows totaled approximately $165.7 billion through October, reflecting a $200 billion annual run rate. Fundraising is led by non-traded business development companies at an estimated $37.9 billion, other private placements, including infrastructure and private equity offerings, at $34.5 billion and interval funds at $33.2 billion. Despite a month-over-month increase of 18.7%, due in part to 721 UPREIT transactions, fundraising in non-traded REITs is down 2.7% as compared to this time last year overall. On the other hand, non-traded BDCs continue their record setting year with inflows up 29.4% as compared to this time last year.
According to Kevin T. Gannon, Chairman of Robert A. Stanger & Co., Inc., “Non-Traded BDCs through October have already surpassed the 2024 full year fundraising of $35 billion. Since Stanger began tracking these products in 2008, when the first non-traded BDCs became available in the retail channel, nearly $155 billion of flows have been captured. We expect 2025 capital formation in publicly registered non-traded BDCs to surpass $40 billion, a record for the space.”
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 ($23.4 billion), Cliffwater ($14.1 billion), Kohlberg Kravis Roberts & Co. ($13.9 billion), Ares Management Corporation ($13.0 billion) and Blue Owl Capital ($12.1 billion).
Non-traded NAV REITs have reported third quarter investor redemption results that revealed a slight decrease to 2.3% of average aggregate NAV as compared to 2.5% the prior quarter.
According to Kevin T. Gannon, Chairman of Robert A. Stanger & Co., Inc, “Non-Traded NAV REIT redemptions levels are well within the expected 5% quarterly cap imposed by most programs. After seven consecutive quarters of redemptions rates exceeding 4% of average aggregate NAV beginning in the fourth quarter of 2022, redemption requests and unsatisfied redemption queues have vastly subsided in 2025. With redemption pressures easing and underlying portfolio performance steadying, the non-traded REIT market is showing signs of stabilization.”
Non-traded BDC third quarter investor redemptions reported a decrease to 1.8% of average aggregate NAV as compared to 2.4% the prior quarter. During the third quarter of 2025, the overall aggregate NAV of the non-traded BDC space surpassed $125 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 industry leading publications: 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, a monthly deep-dive into alternative investment fundraising; The Stanger Chairman’s Report, focused on NAV REIT and non-traded BDC sales and redemptions; The Stanger Closed-End Fund Report, focused on non-traded interval fund and tender offer fund investing, Stanger Privates, a quarterly publication focused on Private Placement REITs and BDCs exclusively available to Stanger Institutional Access subscribers; and The Alt Street Journal, a weekly newsletter providing an update on industry activities.
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
