Shrewsbury, New Jersey, May 7, 2025 – Robert A. Stanger & Company, Inc., a nationally recognized leader in non-listed alternative investments products, today released its Q1 2025 Non-Listed BDC edition of The Stanger Report, complete with performance data, in-depth company profiles, and comprehensive insights on non-traded BDCs.
In Q1 2025, the aggregate NAV of non-traded BDCs crossed the $100 billion threshold for the first time, reaching $106.4 billion as of March 31, 2025. Just a year ago, the aggregate NAV of non-traded BDCs was $68.6 billion, a year-over-year increase of 55.1%. Non-traded BDCs have now had eleven consecutive quarters of positive total returns, returning 1.8% for the quarter and 9.5% over the past year. In comparison, traded BDCs recorded a 3-month return of 0.9% and a 1-year return of 11.0%; however, recent market volatility surrounding "Liberation Day” led to a 6.7% decline for traded BDCs in the month of April.
“Non-traded BDCs continue to deliver investors steady returns, particularly during turbulent periods, sharply contrasting the volatility seen by their public counterparts across recent and historical market conditions,” said Kevin T. Gannon, Chairman and CEO of Robert A. Stanger & Company, Inc. “This disparity has been evident over the past five years, from the dramatic Q1 2020 downturn to a significant correction in 2022, and most recently with the turbulence of April this year. Clearly the resilience of non-traded BDCs has fueled investor confidence, propelling the space past $100 billion in NAV and pacing toward $48 billion in capital formation for 2025.”
PGIM Private Credit Fund led the non-traded BDC market in Q1 2025, topping both the 3-month (3.4%) and 1-year (14.2%) total return rankings for the second consecutive quarter. For longer-term performance, HPS Corporate Lending Fund narrowly edged last quarter’s three-year returns leader, Blue Owl Credit Income Corporation, while Blue Owl Capital Corp. II remained atop the five-year total return rankings.
“All 22 non-listed BDCs delivered positive 1-year total returns through Q1 2025, with all but one achieving positive quarterly total returns to start the year,” said Gregory R. DiSalvo, Managing Director at Robert A. Stanger & Company, Inc. “Significant market developments for the first quarter include Antares Private Credit Fund going effective in February, MSC Income Fund’s successful NYSE listing on January 29th, and FS Specialty Lending Fund’s planned NYSE listing by year-end 2025.”
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 Q1 2025, the index currently includes 25 BDCs with a total of 50 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 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’s newest publication, Stanger Privates, is a quarterly deep dive into over 100 Private Placement REITs and BDCs and 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
