March 25, 2026
Sponsors Return More Than $5.8 Billion to Investors So Far in Q1
With approximately 75% of the market reporting, NAV BDC sponsors have delivered more than $5.8 billion in liquidity to investors so far in Q1 2026, demonstrating the resilience of the semi-liquid vehicle structure even in the face of historically elevated redemption demand, according to Robert A. Stanger & Co., Inc.
NAV BDCs are structured with a quarterly redemption cap of 5% of shares outstanding, a feature recognized by the investment community. Where redemption demand has exceeded those limits, programs have either capped the redemptions at 5% and prorated payments to investors, or expanded capacity to meet demand. This structure is designed to protect investors remaining in the fund while also providing promised liquidity to those looking to rebalance their portfolios.
Q1 2026 has brought the first instance of proration for NAV BDCs and indicates that $2.1 billion of redemption requests have gone unfulfilled so far in Q1, with several large NAV BDCs still expected to report in the coming weeks. This includes both Blue Owl BDCs who in Q4 2025 combined to return more than $1.5 billion to investors.
“The $5.8 billion in liquidity provided to NAV BDC investors so far in Q1 is a testament to how these vehicles are designed,” stated Kevin T. Gannon, Chairman & CEO of Stanger. “Semi-liquid structures like NAV BDCs are built to accommodate investor redemptions within defined program limits, and that is exactly what we are seeing. The comparison to NAV REITs in 2022 is instructive — those vehicles navigated a similar period of elevated demand and demonstrated the efficacy of the product. The record liquidity delivered so far this quarter is the clearest evidence yet that these structures are working exactly as promised.”
Reported Q1 2026 tender offer results for the full NAV BDC landscape are detailed in the table below:
“Preliminary data from Private Placement BDCs indicates these vehicles are following a similar trend to their publicly registered counterparts — a meaningful signal as we track the market’s evolution,” said Gregory R. DiSalvo, Managing Director at Stanger. “Stanger continues to provide clients with the data and context needed to navigate these shifts. We look forward to incorporating Private Placement BDC data into the upcoming release of Stanger Privates, expected in early April for Institutional Access subscribers.”
For more information on the full suite of 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
