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NAV BDCs Provide Record-Breaking Liquidity in Semi-Liquid Vehicles (Updated)

Stanger Publications

Stanger publishes the leading suite of insights and data covering the non-traded alternative investment landscape, spanning over 500 funds and $500B+ in alternative assets.

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April 2, 2026

Sponsors Return More Than $7.4 Billion to Investors So Far in Q1

Stanger has updated its previously published Press Release on March 25 after five additional NAV BDCs have reported Q1 2026 tender offer results. This includes both Blue Owl BDCs, Oaktree, Crescent, and John Hancock.

With approximately 96% of the market reporting, NAV BDC sponsors have delivered more than $7.4 billion in liquidity to investors so far in Q1 2026, up from the $5.8 billion previously reported. 

“With more than 96% of the market now reporting, NAV BDC sponsors have returned more than $7.4 billion to investors in Q1 — a record for the product type," stated Kevin T. Gannon, Chairman & CEO of Stanger. "Total redemption requests reached approximately $13.9 billion this quarter, reflecting significant investor demand. The fact that sponsors were able to deliver this level of liquidity within the defined program limits demonstrates exactly what these structures were built to do. As we saw with NAV REITs in 2022, elevated redemption periods are a feature of semi-liquid vehicles, not a flaw — and the data continues to bear that out.”

Reported Q1 2026 tender offer results for the full NAV BDC landscape are detailed in the table below:

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

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