Shrewsbury, New Jersey, August 19, 2026 – Robert A. Stanger & Company, Inc., a nationally recognized leader in non-listed alternative investment products, has published the Q2 2026 edition of Stanger Privates. The report highlights diverging capital formation trends across private placement real estate and private credit, mirroring the pattern Stanger reported across publicly registered REITs and BDCs during the second quarter.
Private placement REIT and BDC aggregate NAV reached a combined $119.3 billion as of June 30, 2026, up 5.6% quarter-over-quarter and 39.0% year-over-year. Private placement REITs accounted for 28.5% of the $125.1 billion non-listed REIT market, while private placement BDCs represented 40.5% of the $206.6 billion non-listed BDC market.
Private placement REITs raised $4.8 billion during the first six months of 2026, up 11.8% from the $4.3 billion raised over the same period in 2025 and nearly 41% more than their publicly registered counterparts. Second quarter fundraising totaled $2.5 billion, a 15.1% year-over-year increase.
Investment performance remained consistently positive alongside strengthening fundraising. The Stanger Private NAV REIT Total Return Index gained 2.3% in Q2 and 10.1% over the trailing twelve months, while the Stanger Composite NAV REIT Total Return Index, which incorporates both publicly registered and private placement NAV REITs, gained 2.4% and 8.1%, respectively. All 18 private placement NAV REITs included in Stanger’s quarterly returns summary posted positive Q2 returns, ranging from 1.1% to 4.5%.
“Capital continues to rotate toward hard assets with low obsolescence, and private placement REITs continue to benefit from that shift,” said Kevin T. Gannon, Chairman & CEO of Stanger. “These vehicles have now outraised their publicly registered counterparts for seven consecutive quarters, highlighting their growing adoption across the market.”
Private placement BDC fundraising moved in the opposite direction amid heightened redemption pressure. These vehicles raised $6.9 billion through June 2026, down 18.5% from the $8.5 billion raised during the first half of 2025. Second quarter fundraising totaled $2.8 billion, a 34.3% decline from Q2 2025 and the lowest quarterly total since Q2 2023.
Redemption pressure remained elevated across private placement BDCs. Among the 26 funds conducting regular repurchase offers with aggregate NAV of at least $100 million, Q2 redemption requests equaled 6.7% of NAV. Sponsors met 53% of those requests and returned $1.3 billion to investors, with nine funds prorating and an estimated $1.1 billion left unmet. Including all private placement BDCs and those that have since reported Q3 activity, these vehicles have returned $2.6 billion to investors in 2026.
Early Q3 reporting offers a preliminary sign of moderation, but the sample remains limited. Seven private placement BDCs have reported to date, with repurchase requests equal to 4.5% of NAV versus 7.8% for those same funds in Q2. Four funds met 100% of requests and two received no requests. The remaining fund, with approximately $146 million in NAV, met 7% of requests.
“The private placement BDC market is following the same broad pattern we reported in the publicly registered market this quarter, though the magnitude is different,” Gannon added. “Fundraising has contracted, redemption demand is elevated, and proration is doing exactly what it was built to do — balancing liquidity for investors who want out against protection for those who remain. Early Q3 redemption data offers an encouraging initial read, but it remains too limited to call a turn in the liquidity cycle.”
As published in the Q2 2026 edition of Stanger Privates, private placement NAV REIT performance leaders across key time periods are summarized in the table below:
Availability
Stanger Privates is available exclusively to subscribers of the Institutional Access plan. For more information on all available 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 Stanger 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
