Shrewsbury, New Jersey, November 5, 2025 – Robert A. Stanger & Company, Inc., a nationally recognized leader in non-listed alternative investment products, has published its Q3 2025 Non-Listed BDC edition of The Stanger Report, complete with performance data, in-depth company profiles, and comprehensive insights on non-traded BDCs.
Aggregate net asset value for non-traded BDCs climbed to $127.0 billion in Q3, up more than 9% quarter-over-quarter and 45% year-over-year, reflecting the sustained momentum of private credit strategies amid a challenging interest rate environment. Over the past twelve months, fundraising reached $43.5 billion, concentrated among the top five sponsors – Blackstone, Blue Owl, Apollo, Ares, and HPS – accounting for more than 83% of total inflows.
Steady performance underscored the attraction of non-traded BDCs. The Stanger NL BDC Index gained 2.1% in Q3 and 8.6% over the past year, sharply outperforming the S&P BDC Total Return Index, which declined 5.9% in Q3 and managed only a 0.3% gain over the same 12-month period, mostly due to traded BDCs mean price to book value declining 7.5% year-over-year. Over longer horizons, public BDCs outperformed non-traded BDCs, returning 56.8% total return over the trailing three years and 106.1% total return over the trailing five years, compared to 33.1% total return and 57.9% total return for the Stanger Index, respectively. Despite lower total returns, non-traded BDCs continue to demonstrate greater NAV stability and markedly lower volatility.
“The private credit market remains the most coveted strategy among private wealth investors,” said Kevin T. Gannon, Chairman and CEO of Stanger. “With nearly $35 billion raised year-to-date, publicly registered non-traded BDCs are providing investors access to institutional-quality credit and capturing the lion’s share of new allocations. Including private-placement BDCs, total capital formation is on pace to exceed $60 billion by year-end, a clear signal that investors continue to favor flexible, income-oriented structures in today’s market.”
As published in the Q3 2025 Non-Listed BDC edition of The Stanger Report, performance leaders across key time periods are summarized in the table below:
For 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 Q3 2025, the index currently includes 25 BDCs with a total of 55 separate share classes.
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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
