September 24, 2026
With approximately 77% of the market reporting, NAV BDC sponsors have delivered nearly $4.5 billion in liquidity to investors so far in Q3 2026, according to Robert A. Stanger & Company, Inc. Year-to-date, total redemptions met by NAV BDCs have exceeded $17.1 billion.
Across the 13 NAV BDCs that have reported Q3 2026 tender offer results, redemption requests totaled $9.6 billion, or 10.1% of estimated tender offer NAV, down from 11.2% on a same-store basis in Q2 2026. These funds fulfilled approximately 47% of requests, leaving an estimated $5.1 billion unmet, compared with 43% and $6.2 billion, respectively, in Q2 2026.
The eight NAV BDCs yet to report Q3 2026 results represent approximately $28 billion of estimated NAV and include Blue Owl Credit Income Corp. and Blue Owl Technology Income Corp., which received Q2 2026 requests equal to 18.8% and 38.1% of NAV, respectively.
“Redemption demand is easing across most reporting funds, but at several of the largest, requests remain backlogged and persisting,” said Kevin T. Gannon, Chairman & CEO of Stanger. “Sponsors continue to deliver substantial liquidity within defined program limits, and a sustained decline in demand would mark an important step in the Stanger Liquidity Cycle. With eight funds still to report, it is too soon to conclude that the broader market has turned a corner, but the direction is encouraging. In the meantime, the structure is functioning exactly as designed – balancing the needs of redeeming investors with those of investors who wish to remain.”
The latest reported tender offer results for NAV BDCs, including Q3 2026 results where available, are detailed in the table below:
For more information on the full suite of Stanger Publications, please visit our website or contact:
Gregory R. DiSalvo
(732) 389-3600
gdisalvo@rastanger.com
***
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 Stanger 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
