Shrewsbury, New Jersey, February 7, 2025 – Robert A. Stanger & Company, Inc., a nationally recognized leader in non-listed alternative investments products, has published its Q4 2024 Non-Listed BDC edition of The Stanger Report, complete with year-end performance data, in-depth company profiles, and comprehensive insights on non-traded BDCs.
Non-traded BDCs saw a 55.6% year-over-year rise in aggregate NAV and a 10.0% increase quarter-over-quarter, closing the year at $95.9 billion. The Stanger NL BDC Total Return Index posted a 2.3% gain in Q4 2024, its tenth consecutive quarter of steady growth, bringing its full year return to 10.7%. These returns continue to trail their publicly traded BDC counterparts which delivered a 16.6% total return for the year.
“The non-traded BDC market, alongside other credit-focused investment products, continues to attract substantial retail capital," said Kevin T. Gannon, Chairman & CEO of Stanger. "Fundraising in 2024 surged 67% year-over-year, surpassing $35 billion. With $10 billion in new offerings going effective this year and another $6 billion registered in Q4 alone, the momentum remains strong. As we enter 2025, we expect continued growth, fueled by increasing demand for private credit strategies and attractive yields.”
PGIM Private Credit Fund led the non-traded BDC market in Q4 2024, topping both the 3-month (3.6%) and 1-year (14.0%) total return rankings. For longer-term performance, Blue Owl Credit Income Corp. remained the top-performing NL-BDC over three years, while Blue Owl Capital Corp. II edged out Q3 leader, MSC Income Fund, Inc. to claim the best five-year total return.
“MSC Income Fund, a traditional non-traded BDC, began trading on the NYSE on January 29, 2025,” stated Gregory R. DiSalvo, Managing Director at Stanger. “On February 6, its shares closed at $16.88, reflecting an 8.7% gain from the initial offering price of $15.53 and a 9.1% premium to its most recently reported NAV per share.”
To request a copy of The Stanger Report or for further information on all available Stanger Publications, please contact:
Gregory R. DiSalvo
732.389.3600
gdisalvo@rastanger.com
The Stanger NL BDC Total Return Index measures the performance of non-listed business development companies on a quarterly basis. Stanger began calculating the index on December 31, 2015, with a base level of 100. Perpetually offered, non-listed BDCs that update their NAVs no less frequently than monthly and that have a minimum of one calendar quarter of performance are included in the index. All other non-listed BDCs are generally added to the index in the quarter that their first NAV is announced. Non-listed BDCs are removed from the index upon listing, merger, or in the case of a liquidation by disposition of investments, upon conversion to a liquidation basis of accounting or announcement of the effectiveness of a plan of liquidation. Non-listed BDCs may also be removed from the index for other special circumstances. As of Q4 2024, the index currently includes 24 BDCs with a total of 48 separate share classes.
***
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 flagship publication, 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, focused on public non-traded REIT, non-traded BDC and other alternative investment fundraising; The Stanger Chairman’s Report, focused on NAV REIT and non-traded BDC sales and redemptions; The Stanger Interval Fund Report, focused on non-traded interval fund investing, and The Stanger Digest, a newsletter providing a weekly update on industry activities.
Stanger also recently launched Stanger Privates, a quarterly publication focused on Private Placement REITs and BDCs which is available exclusively to Stanger Institutional Access subscribers.
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
