July 6, 2026
With approximately 99% of the market reporting, NAV BDC sponsors have delivered nearly $5.9 billion in liquidity to investors so far in Q2 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. Year-to-date, total redemptions met by NAV BDCs has exceeded $12.7 billion.
“While redemption requests in private credit remain elevated, sponsors are continuing to meet those requests within defined program limits,” said Kevin T. Gannon, Chairman & CEO of Stanger. “What we're watching is a rotation, not a retreat, with investors rebalancing out of credit and into HALO strategies. The semi-liquid structure allows them to do so on defined terms, protecting the investors who want to stay without forcing distressed sales inside the fund. That's the mechanism working exactly as intended.”
Reported Q2 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 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 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
