Shrewsbury, New Jersey, May 20, 2025 – Robert A. Stanger & Company, Inc., a nationally recognized leader in non-listed alternative investment products, today released its Q1 2025 edition of Stanger Privates. This issue introduces performance data for private placement mortgage NAV REITs, expanding on the private placement equity NAV REIT data featured in the Q4 2024 edition.
In Q1 2025, private placement REITs saw their aggregate NAV rise to $21.8 billion, an 11% quarter-over-quarter increase, while private placement BDCs experienced a 13% quarter-over-quarter increase, elevating their aggregate NAV to $63.5 billion. Fundraising activity in these private placement vehicles remained strong to start the year, with REITS raising $2.1 billion and BDCs raising $4.4 billion in Q1 2025.
“Private placement REITs and BDCs are steadily capturing a larger and larger share of the alternatives market, with private REITs now accounting for nearly 20% of NT-REITs aggregate NAV and private BDCs representing over 37% of NT-BDCs” said Kevin T. Gannon, Chairman and CEO of Robert A. Stanger & Company, Inc. “We anticipate that private placements will remain a key focus for new fund launches, particularly following the SEC’s March 2025 grant of multi-class exemptive relief to private BDCs, which enhances their structural flexibility and appeal to a broader investor base.”
Among the top performers in Q1, mortgage NAV REITs led the way, with Principal Credit Real Estate Income Trust and Starwood Credit Real Estate Income Trust ranking first and second, achieving total returns of 2.6% and 2.5%, respectively. Over the one-year period, Invesco Commercial Real Estate Finance Trust, another mortgage REIT, topped the list with a 10.6% total return.
Notably in Q1, Blue Owl Technology Finance Corp. completed its acquisition of Blue Owl Technology Finance Corp. II while Carlyle Secured Lending III was acquired by the NASDAQ-listed Carlyle Secured Lending.
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 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
