October 2, 2026
With approximately 98% of the NAV BDC market now reporting, sponsors have delivered nearly $5.6 billion in liquidity to investors in Q3 2026, bringing the year-to-date total to more than $18.2 billion. These updated figures incorporate six additional funds’ tender offer results since Stanger’s September 24 Press Release.
Included in the six additional funds are both Blue Owl BDCs. Blue Owl Credit Income Corp. and Blue Owl Technology Income Corp. reported Q3 2026 requests equal to 16.8% and 39.0% of shares outstanding, respectively, compared with 18.8% and 38.1%, respectively, in Q2. Combined, these two funds represent approximately 17% of the market.
Across the 19 NAV BDCs that have reported Q3 2026 tender offer results, redemption requests totaled $13.8 billion, or 11.5% of estimated tender offer NAV, down from 12.7% on a same-store basis in Q2 2026. These funds fulfilled approximately 40% of requests, leaving an estimated $8.2 billion unmet, compared with 37% and $9.8 billion, respectively, in Q2 2026.
“With nearly the full market now reporting, the results indicate that NAV BDC redemption demand may have peaked in the second quarter,” said Kevin T. Gannon, Chairman & CEO of Stanger. “Requests remain backlogged and persisting at several of the largest funds, but the decline in overall demand is encouraging. If that moderation continues, it would signal a move toward stabilization in the Stanger Liquidity Cycle. One quarter does not establish a trend, but sponsors continue to provide substantial liquidity as the market works through elevated redemption levels.”
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
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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 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
