Shrewsbury, New Jersey, April 9, 2026 – Robert A. Stanger & Company, Inc., a nationally recognized leader in non-listed alternative investment products, has published the Q4 2025 edition of Stanger Privates. Building on the REIT Preview published on February 13, which featured year-end private placement REIT data, this issue now includes year-end private placement BDC data and introduces expanded coverage of private placement BDC redemption activity for the first time.
The non-listed BDC market crossed the $200 billion milestone in aggregate NAV in Q4 2025, reaching $203.9 billion, with private placement BDCs now accounting for 35.7% of the space. Meanwhile, private placement REITs continue to expand their market share, now representing 25.1% of the $120.5 billion non-listed REIT universe.
With redemptions dominating the conversation around publicly registered NAV BDCs in recent months, Stanger has expanded this edition of Stanger Privates to include unparalleled coverage of private placement BDC redemption activity. Published for the first time, this data gives clients the ability to track how private placement sponsors are managing similar dynamics to their publicly registered counterparts.
With 19 private placement BDCs now reporting Q1 2026 tender offer results — including 7 of the 15 largest by aggregate NAV — early data shows redemption trends that mirror the publicly registered NAV BDC market. These 19 funds, representing $27.5 billion in aggregate NAV, returned $1.2 billion to investors in Q1, with five funds prorating redemption requests and an estimated $431 million in requests going unfulfilled. Overall, 74% of Q1 redemption requests were met across reporting private placement BDCs.
As Stanger reported on April 2, publicly registered NAV BDCs returned more than $7.4 billion to investors in Q1 2026, with approximately $6.5 billion in unmet requests. The emergence of similar dynamics in the private placement space underscores the breadth of investor demand across the full non-listed BDC landscape.
"The Q1 redemption data from private placement BDCs confirms what we have been tracking on the publicly registered side — investor demand for liquidity is broad-based across the non-listed BDC market," stated Kevin T. Gannon, Chairman & CEO of Stanger. "What is notable is how consistently the semi-liquid structure is functioning across both segments. Sponsors are delivering liquidity within defined program limits, and where demand exceeds those limits, proration is working exactly as intended. As more private placement BDCs report in the coming quarters, we expect this data to become an essential resource for understanding the full scope of redemption activity across the non-listed BDC landscape."
Availability
Stanger Privates is available exclusively to subscribers of the Institutional Access plan. For more information or for a full list of available publications and reports, contact Gregory R. DiSalvo, at 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
