Shrewsbury, New Jersey, August 8, 2025 – Robert A. Stanger & Company, Inc., a nationally recognized leader in non-listed alternative investments products, today released its Q2 2025 Non-Listed BDC edition of The Stanger Report, complete with performance data, in-depth company profiles, and comprehensive insights on non-traded BDCs.
In the second quarter of 2025, the aggregate net asset value (NAV) of non-traded BDCs grew by 9.3% compared to Q1 2025 and by 47.6% year-over-year. The Stanger NL BDC Total Return Index has now recorded positive total returns in twelve consecutive quarters, and all but one over the past five years.
"Publicly registered, non-traded BDCs continue to dominate alternative investment capital formation, with more than $23 billion raised year-to-date,” said Kevin T. Gannon, Chairman and CEO of Robert A. Stanger & Company, Inc. “When including private placement BDCs, that figure exceeds $30 billion. Credit remains king, as these funds continue to deliver double-digit distribution rates to investors.”
FS Specialty Lending Fund led the non-traded BDC market in Q2 2025 for 3-month total returns at 4.8%. PGIM Private Credit Fund topped 1-year returns for the third consecutive quarter with a total return of 13.7%. Blue Owl Credit Income Corp. captured the 3-year total return lead at 12.7%, while Blue Owl Capital Corp. II once again led the 5-year rankings, more than doubling its next closest competitor.
“FS Specialty Lending Fund is planning a NYSE listing by year-end, believing its scale, management team experience, and portfolio construction position it well for the public markets,” said Gregory R. DiSalvo, Managing Director at Stanger. “The fund seeks to follow the recent success of MSC Income Fund, Inc., which listed its shares in January and traded above its pre-listing NAV for nearly six months before a market pullback in late July.”
To request a copy of The Stanger Report or for further information on all available Stanger Publications, please contact:
Gregory R. DiSalvo
732.389.3600
gdisalvo@rastanger.com
The Stanger NL BDC Total Return Index measures the performance of non-listed business development companies on a quarterly basis. Stanger began calculating the index on December 31, 2015, with a base level of 100. Perpetually offered, non-listed BDCs that update their NAVs no less frequently than monthly and that have a minimum of one calendar quarter of performance are included in the index. All other non-listed BDCs are generally added to the index in the quarter that their first NAV is announced. Non-listed BDCs are removed from the index upon listing, merger, or in the case of a liquidation by disposition of investments, upon conversion to a liquidation basis of accounting or announcement of the effectiveness of a plan of liquidation. Non-listed BDCs may also be removed from the index for other special circumstances. As of Q2 2025, the index currently includes 25 BDCs with a total of 52 separate share classes.
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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 Closed-End Fund Report, focused on non-traded interval fund and tender offer fund investing, and The Alt Street Journal, a weekly newsletter providing an update on industry activities.
Stanger also recently launched Stanger Privates, a quarterly publication focused on 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
